Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PGC	Peapack-Gladstone Financial Corporation	939,691	$29.02M	2.2%	$17.97	+47.6%	Common	704699107
FRST	Primis Financial Corporation	1,903,974	$27.68M	2.1%	$11.54	0.0%	Common	74167B109
FFWM	First Foundation Inc.	1,092,748	$25.64M	1.9%	$14.06	+50.7%	Common	32026V104
TFIN	Triumph Bancorp, Inc.	326,818	$25.29M	1.9%	$24.76	+180.9%	Common	89679E300
AMBZ	American Business Bank	623,735	$24.95M	1.9%	$28.22	+24.0%	Common	02475L105
SFST	Southern First Bancshares, Inc.	505,186	$23.68M	1.8%	$24.12	+80.9%	Common	842873101
BY	Byline Bancorp, Inc.	1,038,301	$21.96M	1.7%	$16.13	+7.6%	Common	124411109
HBT	HBT Financial, Inc.	1,232,637	$21.1M	1.6%	$15.65	+3.7%	Common	404111106
—	CrossFirst Bankshares, Inc.	1,520,289	$20.96M	1.6%	$12.76	—	Common	22766M109
OSBC	Old Second Bancorp, Inc.	1,565,994	$20.69M	1.6%	$5.94	+84.6%	Common	680277100
FBIZ	First Business Financial Services	772,088	$19.09M	1.4%	$15.28	+29.4%	Common	319390100
—	Level One Bancorp, Inc.	738,356	$19.04M	1.4%	$24.47	—	Common	52730D208
—	Lakeland Bancorp, Inc.	1,090,726	$19.01M	1.4%	$12.36	—	Common	511637100
MBWM	Mercantile Bank Corporation	557,908	$18.11M	1.4%	$13.34	+88.8%	Common	587376104
HTBK	Heritage Commerce Corp	1,434,882	$17.53M	1.3%	$8.35	+19.9%	Common	426927109
—	Sandy Spring Bancorp Inc.	401,672	$17.45M	1.3%	$26.83	—	Common	800363103
FRBA	First Bank	1,420,210	$17.28M	1.3%	$8.26	+20.3%	Common	31931U102
UNTY	Unity Bancorp, Inc.	785,603	$17.28M	1.3%	$10.86	+71.8%	Common	913290102
MYFW	First Western Financial, Inc.	654,107	$16.36M	1.2%	$15.20	+37.8%	Common	33751L105
—	Santa Cruz County Bank	312,204	$16.23M	1.2%	$1034.28	—	Common	801827106
CNOB	ConnectOne Bancorp, Inc.	620,727	$15.73M	1.2%	$15.11	+35.5%	Common	20786W107
MNSB	MainStreet Bancshares, Inc.	739,199	$15.35M	1.2%	$13.66	+28.6%	Common	56064Y100
WTBFB	W.T.B. Financial Corporation	39,853	$15.34M	1.2%	$193.72	+92.2%	Common	929334209
ISTR	Investar Holding Corporation	729,119	$14.98M	1.1%	$18.98	-1.0%	Common	46134L105
—	Boston Private Financial Holdings, Inc.	1,118,854	$14.9M	1.1%	$10.27	—	Common	101119105
—	Spirit of Texas Bancshares, Inc.	660,705	$14.74M	1.1%	$20.19	—	Common	84861D103
SMBK	SmartFinancial, Inc.	669,919	$14.5M	1.1%	$19.11	+10.4%	Common	83190L208
—	Reliant Bancorp, Inc.	496,761	$14.27M	1.1%	$12945.04	—	Common	75956B101
—	First Choice Bancorp	584,269	$14.2M	1.1%	$20248.48	—	Common	31948P104
BCAL	Southern California Bancorp	953,061	$13.72M	1.0%	$9.27	+42.9%	Common	84252A106
BRBS	Blue Ridge Bankshares, Inc.	611,312	$13.41M	1.0%	$10.89	+7.6%	Common	095825105
—	TriState Capital Holdings, Inc.	578,721	$13.35M	1.0%	$11.45	—	Common	89678F100
—	California BanCorp	739,810	$13.18M	1.0%	$307.18	—	Common	13005U101
CZWI	Citizens Community Bancorp, Inc.	1,047,303	$13M	1.0%	$8.62	+19.9%	Common	174903104
PBAM	Private Bancorp of America, Inc.	540,909	$12.98M	1.0%	$19.28	+6.5%	Common	74274F100
—	1st Constitution Bancorp	725,163	$12.77M	1.0%	$12.55	—	Common	31986N102
AVBH	Avidbank Holdings, Inc.	578,904	$12.74M	1.0%	$18.12	+7.0%	Common	05368J103
—	Pacific Mercantile Bancorp	1,412,512	$12.57M	1.0%	$7.35	—	Common	694552100
MRBK	Meridian Bank	481,219	$12.51M	0.9%	$7.09	+32.7%	Common	58958P104
—	Malvern Bancorp, Inc.	653,699	$12.17M	0.9%	$16.27	—	Common	561409103
INBK	First Internet Bancorp	343,398	$12.1M	0.9%	$23.71	+41.0%	Common	320557101
PFS	Provident Financial Services, Inc.	535,468	$11.93M	0.9%	$10.18	+56.5%	Common	74386T105
—	Enterprise Bancorp, Inc.	362,464	$11.79M	0.9%	$26.35	—	Common	293668109
—	Codorus Valley Bancorp, Inc.	640,167	$11.79M	0.9%	$1537.30	—	Common	192025104
—	First Bancshares, Inc.	300,201	$10.99M	0.8%	$2289.58	—	Common	318916103
OBK	Origin Bancorp Inc.	256,761	$10.89M	0.8%	$38.81	-9.4%	Common	68621T102
—	Suncrest Bank	847,306	$10.8M	0.8%	$2292.14	—	Common	86723G109
SBNC	Southern BancShares (N.C.), Inc.	2,111	$10.07M	0.8%	$1948.99	+118.0%	Common	842243107
FNRN	First Northern Community Bancorp	945,226	$9.996M	0.8%	$7.82	+10.2%	Common	335925103
EGBN	Eagle Bancorp, Inc.	185,087	$9.848M	0.7%	$21.10	+86.9%	Common	268948106
SHBI	Shore Bancshares, Inc.	549,229	$9.348M	0.7%	$10.28	+49.8%	Common	825107105
MFGI	Merchants Financial Group, Inc.	133,013	$9.318M	0.7%	$14.77	+34.1%	Common	588538108
MBIN	Merchants Bancorp	206,378	$8.655M	0.7%	$11.14	+97.8%	Common	58844R108
DCOM	Dime Community Bancshares, Inc	284,562	$8.577M	0.7%	$23.82	0.0%	Common	25432X102
PFLC	Pacific Financial Corporation	646,096	$8.399M	0.6%	$5.42	+57.9%	Common	694275108
MCBI	Mountain Commerce Bancorp	347,813	$8.278M	0.6%	$17.41	+13.9%	Common	624004107
BFST	Business First Bancshares, Inc.	344,754	$8.25M	0.6%	$21.33	-7.0%	Common	12326C105
—	Fentura Financial, Inc.	351,970	$8.201M	0.6%	$16.15	—	Common	314645102
FSRL	First Reliance Bancshares, Inc.	826,166	$8.179M	0.6%	$7.20	+23.5%	Common	33615Q100
MCB	Metropolitan Bank Holding Corp.	161,161	$8.116M	0.6%	$41.83	+9.9%	Common	591774104
BWFG	Bankwell Financial Group, Inc.	300,793	$8.106M	0.6%	$20.66	-2.0%	Common	06654A103
FRBKQ	Republic First Bancorp, Inc.	2,119,376	$7.99M	0.6%	$4.91	-30.2%	Common	760416107
—	Bank of Princeton	274,061	$7.844M	0.6%	$10373.38	—	Common	064520109
—	Allegiance Bancshares, Inc.	192,475	$7.803M	0.6%	$28.49	—	Common	01748H107
—	Cambridge Bancorp	90,596	$7.639M	0.6%	$48.33	—	Common	132152109
OBT	Orange County Bancorp	243,181	$7.478M	0.6%	$13.04	+11.0%	Common	68417L107
—	Centric Financial Corporation	791,343	$7.439M	0.6%	$9.85	—	Common	15641J101
—	Synovus Financial Corp.	152,726	$6.987M	0.5%	$31.92	—	Common	87161C501
EQBK	Equity Bancshares, Inc.	254,172	$6.964M	0.5%	$21.92	+9.1%	Common	29460X109
FNBT	FineMark Holdings, Inc.	227,305	$6.819M	0.5%	$25.96	+4.4%	Common	31788B108
—	Limestone Bancorp, Inc.	429,712	$6.811M	0.5%	$15.08	—	Common	53262L105
—	1st Capital Bancorp	484,503	$6.444M	0.5%	$9.57	—	Common	319427100
FCCO	First Community Corporation	314,944	$6.283M	0.5%	$14.14	+13.9%	Common	319835104
ALRS	Alerus Financial Corporation	208,000	$6.194M	0.5%	$16.34	+50.9%	Common	01446U103
—	Riverview Financial Corporation	580,263	$6.064M	0.5%	$4402.24	—	Common	76940Q105
CSHX	Cashmere Valley Bank	97,600	$5.954M	0.5%	$34.79	+45.5%	Common	14756K102
—	TGR Financial, Inc.	460,195	$5.89M	0.4%	$12.45	—	Common	87243P108
RCBC	River City Bank	24,667	$5.821M	0.4%	$16.31	+19.0%	Common	76803X106
—	Bay Community Bancorp	826,007	$5.782M	0.4%	$5.85	—	Common	072205107
FGFH	Foresight Financial Group, Inc.	178,934	$5.626M	0.4%	$21.88	+27.0%	Common	345526107
PSBQ	PSB Holdings, Inc.	222,563	$5.62M	0.4%	$21.66	+7.2%	Common	69360N108
—	Bank of Commerce Holdings	438,090	$5.586M	0.4%	$7.54	—	Common	06424J103
CCNE	CNB Financial Corporation	219,160	$5.394M	0.4%	$16.92	+20.4%	Common	126128107
WBBW	Westbury Bancorp, Inc.	182,631	$5.251M	0.4%	$18.17	+47.0%	Common	95727P106
SABK	South Atlantic Bancshares, Inc.	423,608	$5.232M	0.4%	$494.12	-97.6%	Common	83636T104
—	Northway Financial, Inc.	178,117	$5.21M	0.4%	$24.76	—	Common	667270201
BCBP	BCB Bancorp, Inc.	374,649	$5.17M	0.4%	$8.04	+25.9%	Common	055298103
QNBC	QNB Corp.	148,464	$5.104M	0.4%	$32.14	+3.1%	Common	74726N107
SAMG	Silvercrest Asset Management Group Inc.	349,037	$5.019M	0.4%	$14.11	+4.2%	Common	828359109
—	York Traditions Bank	240,599	$4.86M	0.4%	$278.99	—	Common	987159100
SPFI	South Plains Financial, Inc.	209,919	$4.769M	0.4%	$17.65	+18.1%	Common	83946P107
BSRR	Sierra Bancorp	177,432	$4.755M	0.4%	$11.13	+85.5%	Common	82620P102
—	Community Financial Corporation	138,732	$4.752M	0.4%	$20.63	—	Common	20368X101
PBNK	Pinnacle Bank	375,179	$4.54M	0.3%	$7.76	+39.5%	Common	72346K107
FCOB	1st Colonial Bancorp	455,658	$4.525M	0.3%	$8.40	+10.9%	Common	319716106
ENVA	Enova International, Inc.	126,300	$4.481M	0.3%	$29.93	0.0%	Common	29357K103
—	Kentucky Bancshares, Inc.	115,424	$4.323M	0.3%	$28.85	—	Common	491203105
SBCF	Seacoast Banking Corporation of Florida	118,542	$4.296M	0.3%	$14.90	+134.0%	Common	811707801
—	Meridian Interstate Bancorp	232,570	$4.284M	0.3%	$16.56	—	Common	58958U103
ORPB	Oregon Pacific Bancorp	677,586	$4.276M	0.3%	$5.50	+11.6%	Common	686040205
CBWA	Commencement Bancorp, Inc.	326,933	$4.25M	0.3%	$9.80	+22.7%	Common	20051D107
—	American Riviera Bank	221,877	$4.105M	0.3%	$3028.06	—	Common	02932A106
GNRV	Grand River Commerce, Inc.	509,738	$3.95M	0.3%	$5.18	+15.5%	Common	386441109
—	West Suburban Bancorp, Inc.	7,380	$3.919M	0.3%	$36346.38	—	Common	956152409
—	NorthWest Indiana Bancorp	91,584	$3.911M	0.3%	$29.89	—	Common	667516108
BWB	Bridgewater Bancshares, Inc.	237,652	$3.838M	0.3%	$11.64	+26.8%	Common	108621103
—	County Bancorp, Inc.	157,399	$3.773M	0.3%	$22.80	—	Common	221907108
—	Veritex Holdings, Inc.	114,306	$3.74M	0.3%	$24.39	—	Common	923451108
MVLY	Mission Valley Bancorp	304,542	$3.685M	0.3%	$8.26	+31.9%	Common	60520E104
BKOR	Oak Ridge Financial Services, Inc.	231,341	$3.667M	0.3%	$7.87	+69.6%	Common	671768109
OVLY	Oak Valley Bancorp	210,904	$3.617M	0.3%	$8.63	+95.8%	Common	671807105
—	American River Bankshares	217,688	$3.55M	0.3%	$10.56	—	Common	029326105
FRAF	Franklin Financial Services Corp.	112,419	$3.505M	0.3%	$25.72	-6.9%	Common	353525108
FBK	FB Financial Corp.	78,178	$3.476M	0.3%	$21.47	+77.8%	Common	30257X104
—	Pilot Bancshares, Inc.	846,429	$3.386M	0.3%	$3.17	—	Common	721530103
—	Beach Bancorp, Inc.	900,000	$3.375M	0.3%	$3.65	—	Common	07332T100
—	Sevier County Bancshares, Inc.	217,675	$3.343M	0.3%	$12.65	—	Common	81817P206
UBAB	United Bancorporation of Alabama, Inc.	111,200	$3.225M	0.2%	$19.25	+21.8%	Common	90944R100
FVCB	First Virginia Community Bank	184,606	$3.197M	0.2%	$8.58	+53.4%	Common	36120Q101
TRVR	Two Rivers Financial Group, Inc.	90,379	$3.187M	0.2%	$19.43	+58.4%	Common	90206L106
—	SouthCrest Financial Group, Inc.	302,161	$3.173M	0.2%	$6.25	—	Common	84129X107
MPB	Mid Penn Bank	118,172	$3.168M	0.2%	$20.71	+1.9%	Common	59540G107
—	Southern States Bancshares, Inc.	232,143	$3.134M	0.2%	$14.50	—	Common	843878109
WRIV	White River Bancshares Company	44,025	$3.06M	0.2%	$44.58	-27.1%	Common	96445A108
BOTJ	Bank of the James Financial Group, Inc.	215,934	$3.045M	0.2%	$8.66	+28.2%	Common	470299108
—	Pioneer Bancshares, Inc	97,000	$3.007M	0.2%	$18.79	—	Common	72357G102
PMHG	Prime Meridian Holding Company	147,043	$2.941M	0.2%	$16.55	+5.3%	Common	74164R107
LWCL	Lewis & Clark Bancorp	90,388	$2.873M	0.2%	$4.18	+28.4%	Common	52757L109
COSO	CoastalSouth Bancshares, Inc.	204,249	$2.859M	0.2%	$10.11	—	Common	19058X207
—	Metro Phoenix Bank Inc.	212,767	$2.809M	0.2%	$11.72	—	Common	59165E106
—	Professional Holding Corp.	150,000	$2.756M	0.2%	$15.10	—	Common	743139107
—	Severn Bancorp, Inc.	227,500	$2.753M	0.2%	$12.10	—	Common	81811M100
—	Bank of Fincastle	892,972	$2.741M	0.2%	$2.09	—	Common	062113105
SOUB	SouthPoint Bancshares, Inc.	104,826	$2.725M	0.2%	$18.32	—	Common	844647107
SSBI	Summit State Bank	164,063	$2.678M	0.2%	$7.62	+64.4%	Common	866264203
PPBB	Peoples Bancorp	14,737	$2.638M	0.2%	$201.41	-18.1%	Common	70979X107
—	First Home Bancorp, Inc.	89,062	$2.618M	0.2%	$27.81	—	Common	32050L105
PPBN	Pinnacle Bankshares Corporation	99,386	$2.56M	0.2%	$15.56	+34.7%	Common	72345E102
TRCY	Tri City Bankshares Corporation	133,223	$2.551M	0.2%	$17.67	—	Common	895364107
CYFL	Century Financial Corporation	104,346	$2.452M	0.2%	$11.64	+65.9%	Common	15652L102
CCNB	Coastal Carolina Bancshares, Inc.	300,492	$2.431M	0.2%	$7.12	+8.3%	Common	190435107
—	Pacific West Bank	185,715	$2.424M	0.2%	$16.00	—	Common	69506W202
MVBF	MVB Financial Corp.	69,145	$2.337M	0.2%	$10.99	+124.2%	Common	553810102
UBSI	United Bankshares	60,018	$2.315M	0.2%	$26.85	+36.6%	Common	909907107
—	Sterling Bancorp, Inc.	403,245	$2.282M	0.2%	$9145.59	—	Common	85917W102
—	FNS Bancshares, Inc.	23,950	$2.251M	0.2%	$72.99	—	Common	30253F107
CZBC	Citizens Bancorp	122,749	$2.14M	0.2%	$11.25	+29.5%	Common	172950107
—	LendingClub Corp.	127,053	$2.099M	0.2%	$16.52	—	Common	52603a208
CCBC	Chino Commercial Bancorp	149,733	$2.066M	0.2%	$9.96	-12.9%	Common	16957L102
—	GrandSouth Bancorporation	100,767	$2.051M	0.2%	$12.75	—	Common	386627301
CYSM	Community Bancorp of Santa Maria	164,048	$1.959M	0.1%	$9.46	+6.9%	Common	20344R103
UVSP	Univest Financial Corporation	66,952	$1.914M	0.1%	$27.49	-7.8%	Common	915271100
RRBI	Red River Bancshares, Inc.	33,334	$1.867M	0.1%	$48.87	+9.3%	Common	75686R202
FCPB	First Capital Bancshares, Inc.	240,600	$1.756M	0.1%	$5.86	+24.0%	Common	31941G101
ESBS	ES Bancshares, Inc.	361,445	$1.681M	0.1%	$4.67	-3.7%	Common	296049109
CMHF	Community Heritage Financial Inc.	79,474	$1.574M	0.1%	$22.42	-16.8%	Common	20370L103
CCB	CCB Financial	59,672	$1.565M	0.1%	$16.55	+49.4%	Common	19046P209
AMFC	AMB Financial Corp.	78,750	$1.496M	0.1%	$8.50	+96.5%	Common	001984103
EFSI	Eagle Financial Services Inc.	46,620	$1.491M	0.1%	$19.94	+26.2%	Common	26951R104
—	First Southern Bank	196,250	$1.452M	0.1%	$7.90	—	Common	33650R104
FMCB	Farmers & Merchants Bancorp	1,771	$1.378M	0.1%	$686.80	+2.2%	Common	307795104
CBNK	Capital Bancorp, Inc.	69,222	$1.335M	0.1%	$12.02	+28.1%	Common	139737100
—	McHenry Bancorp, Inc.	15,000,000	$1.275M	0.1%	$0.10	—	Common	580683100
BORT	Bank of Botetourt	42,005	$1.159M	0.1%	$22.47	-8.6%	Common	063907208
WSBC	WesBanco, Inc.	31,934	$1.152M	0.1%	$37.35	-11.9%	Common	950810101
MOFG	MidWestOne Financial Group, Inc.	36,600	$1.134M	0.1%	$34.18	-16.8%	Common	598511103
CYVF	Crystal Valley Financial	19,600	$1.132M	0.1%	$46.33	+6.4%	Common	22941P100
RVSB	Riverview Bancorp, Inc.	158,288	$1.097M	0.1%	$3.52	+50.5%	Common	769397100
PCLB	Pinnacle Bancshares, Inc.	36,367	$1.095M	0.1%	$18.54	+35.2%	Common	722903101
MBCN	Middlefield Banc Corp.	50,159	$1.051M	0.1%	$17.81	+7.0%	Common	596304204
—	CBTX, Inc.	32,700	$1.005M	0.1%	$18.16	—	Common	12481V104
CNBW	CNB Corporation	13,323	$989K	0.1%	$61.27	-6.3%	Common	12612R105
VABK	Virginia National Bankshares Corp.	30,962	$940K	0.1%	$25.07	+19.1%	Common	928031103
—	Village Bank and Trust Financial Corp.	22,838	$914K	0.1%	$21.38	—	Common	92705T200
—	Fauquier Bancshares, Inc.	40,586	$864K	0.1%	$13.93	—	Common	312059108
SICPQ	Silvergate Capital Corporation	5,700	$810K	0.1%	$118.62	0.0%	Common	82837P408
—	Surrey Bancorp	63,785	$804K	0.1%	$11.40	—	Common	86888W105
PTBS	Potomac Bancshares, Inc.	57,405	$750K	0.1%	$11.64	-1.1%	Common	737643106
—	Community First Bancorporation	107,744	$726K	0.1%	$6.68	—	Common	203916101
—	First Citrus Bancorporation, Inc.	27,695	$692K	0.1%	$17.86	—	Common	31959T102
SBNY	Signature Bank	2,600	$588K	0.0%	$226.15	—	Common	82669G104
LFGP	Ledyard Financial Group, Inc.	23,249	$578K	0.0%	$18.50	+19.3%	Common	523338101
—	Voyager Digital	16,354	$425K	0.0%	$25.99	—	Common	92919V108
FFMH	First Farmers and Merchants Corporation	12,500	$406K	0.0%	$30.90	-6.6%	Common	320148109
BLHK	Blueharbor bank	26,790	$332K	0.0%	$11.18	+0.0%	Common	095613105
—	Nuvei Corp	5,500	$331K	0.0%	$60.18	—	Common	67079A102
—	Howard Bancorp, Inc.	18,037	$297K	0.0%	$18.68	—	Common	442496105
—	Provident Bancorp, Inc.	19,086	$275K	0.0%	$14.41	—	Common	74383L105
FFIC	Flushing Financial Corporation	12,877	$273K	0.0%	$10.51	+51.0%	Common	343873105
FXNC	First National Corporation	13,385	$233K	0.0%	$5.34	+188.4%	Common	32106V107
—	Town and Country Financial Corporation	10,914	$231K	0.0%	$10.82	—	Common	892039108
SBKO	Summit Bank Group, Inc.	13,900	$231K	0.0%	$10.45	0.0%	Common	86603R100
ECNCF	ECN Capital Corporation	36,000	$224K	0.0%	$2.18	0.0%	Common	26829L107
—	CapStar Financial Holdings, Inc.	9,268	$160K	0.0%	$14.78	—	Common	14070T102
GLXYEUR	Galaxy Digital	5,250	$108K	0.0%	$20.57	—	Common	G37092106
LOB	Live Oak Bancshares	1,500	$103K	0.0%	$52.47	0.0%	Common	53803X105
—	Heritage Southeast Bancorporation, Inc.	1,401	$21,000	0.0%	$14.99	—	Common	42727V105