Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FNBT	FineMark Holdings, Inc.	864,516	$28.53M	2.1%	$30.43	+5.2%	Common	31788B108
AMBZ	American Business Bank	656,660	$27.71M	2.0%	$28.80	+38.0%	Common	02475L105
PGC	Peapack-Gladstone Financial Corporation	829,251	$25.77M	1.9%	$17.97	+73.7%	Common	704699107
FFWM	First Foundation Inc.	1,092,748	$24.6M	1.8%	$14.06	+62.5%	Common	32026V104
SFST	Southern First Bancshares, Inc.	477,186	$24.41M	1.8%	$24.12	+114.4%	Common	842873101
TFIN	Triumph Bancorp, Inc.	326,818	$24.27M	1.8%	$24.76	+244.1%	Common	89679E300
BY	Byline Bancorp, Inc.	964,108	$21.82M	1.6%	$16.13	+28.9%	Common	124411109
FRST	Primis Financial Corporation	1,413,443	$21.57M	1.6%	$11.54	+10.0%	Common	74167B109
HBT	HBT Financial, Inc.	1,232,637	$21.46M	1.6%	$15.65	+13.4%	Common	404111106
—	CrossFirst Bankshares, Inc.	1,520,289	$20.9M	1.5%	$12.76	—	Common	22766M109
OSBC	Old Second Bancorp, Inc.	1,667,679	$20.68M	1.5%	$6.34	+97.1%	Common	680277100
BRBS	Blue Ridge Bankshares, Inc.	1,071,081	$18.77M	1.4%	$12.43	+16.5%	Common	095825105
UNTY	Unity Bancorp, Inc.	843,603	$18.6M	1.4%	$11.55	+80.7%	Common	913290102
FBIZ	First Business Financial Services	671,447	$18.18M	1.3%	$15.28	+52.9%	Common	319390100
FRBA	First Bank	1,319,334	$17.86M	1.3%	$8.26	+44.5%	Common	31931U102
MYFW	First Western Financial, Inc.	679,117	$17.58M	1.3%	$15.63	+70.8%	Common	33751L105
—	Level One Bancorp, Inc.	637,412	$17.4M	1.3%	$24.47	—	Common	52730D208
MNSB	MainStreet Bancshares, Inc.	737,470	$16.65M	1.2%	$13.66	+45.6%	Common	56064Y100
MBWM	Mercantile Bank Corporation	548,157	$16.55M	1.2%	$13.34	+101.5%	Common	587376104
—	Boston Private Financial Holdings, Inc.	1,118,854	$16.5M	1.2%	$10.27	—	Common	101119105
SMBK	SmartFinancial, Inc.	669,919	$16.09M	1.2%	$19.11	+23.2%	Common	83190L208
HTBK	Heritage Commerce Corp	1,434,882	$15.97M	1.2%	$8.35	+42.5%	Common	426927109
ISTR	Investar Holding Corporation	696,642	$15.95M	1.2%	$18.98	+16.4%	Common	46134L105
—	Santa Cruz County Bank	312,204	$15.31M	1.1%	$1034.28	—	Common	801827106
CNOB	ConnectOne Bancorp, Inc.	578,197	$15.13M	1.1%	$15.11	+55.9%	Common	20786W107
—	First Choice Bancorp	480,423	$14.63M	1.1%	$20248.48	—	Common	31948P104
—	Spirit of Texas Bancshares, Inc.	632,481	$14.45M	1.1%	$20.19	—	Common	84861D103
—	California BanCorp	768,259	$14.37M	1.1%	$296.49	—	Common	13005U101
CZWI	Citizens Community Bancorp, Inc.	1,047,303	$14.33M	1.1%	$8.62	+42.2%	Common	174903104
—	Lakeland Bancorp, Inc.	806,050	$14.09M	1.0%	$12.36	—	Common	511637100
—	Reliant Bancorp, Inc.	496,761	$13.78M	1.0%	$12945.04	—	Common	75956B101
WTBFB	W.T.B. Financial Corporation	35,053	$13.67M	1.0%	$193.72	+102.9%	Common	929334209
—	1st Constitution Bancorp	640,092	$13.24M	1.0%	$12.55	—	Common	31986N102
SBNC	Southern BancShares (N.C.), Inc.	2,515	$13.08M	1.0%	$2433.28	+104.0%	Common	842243107
—	Enterprise Bancorp, Inc.	397,672	$13.02M	1.0%	$26.92	—	Common	293668109
MRBK	Meridian Bank	476,767	$12.52M	0.9%	$7.09	+52.4%	Common	58958P104
PBAM	Private Bancorp of America, Inc.	506,909	$12.45M	0.9%	$19.28	+27.5%	Common	74274F100
—	Pacific Mercantile Bancorp	1,412,512	$12.15M	0.9%	$7.35	—	Common	694552100
—	Malvern Bancorp, Inc.	657,699	$12.13M	0.9%	$16.27	—	Common	561409103
—	TriState Capital Holdings, Inc.	594,721	$12.13M	0.9%	$11.70	—	Common	89678F100
PFS	Provident Financial Services, Inc.	499,468	$11.43M	0.8%	$10.18	+86.5%	Common	74386T105
AVBH	Avidbank Holdings, Inc.	481,904	$11.4M	0.8%	$18.12	+27.9%	Common	05368J103
—	First Bancshares, Inc.	295,201	$11.05M	0.8%	$2289.58	—	Common	318916103
—	Sandy Spring Bancorp Inc.	249,650	$11.02M	0.8%	$26.83	—	Common	800363103
INBK	First Internet Bancorp	349,319	$10.82M	0.8%	$23.89	+42.1%	Common	320557101
FNRN	First Northern Community Bancorp	956,489	$10.76M	0.8%	$7.83	+18.3%	Common	335925103
BCAL	Southern California Bancorp	734,351	$10.65M	0.8%	$9.27	+49.8%	Common	84252A106
—	Suncrest Bank	722,771	$10.48M	0.8%	$2292.14	—	Common	86723G109
OBK	Origin Bancorp Inc.	227,542	$9.661M	0.7%	$38.81	+11.8%	Common	68621T102
—	Codorus Valley Bancorp, Inc.	473,659	$9.492M	0.7%	$1537.30	—	Common	192025104
MCBI	Mountain Commerce Bancorp	361,820	$9.48M	0.7%	$17.65	+33.6%	Common	624004107
MCB	Metropolitan Bank Holding Corp.	153,061	$9.217M	0.7%	$41.83	+44.5%	Common	591774104
DCOM	Dime Community Bancshares, Inc	260,662	$8.763M	0.6%	$23.82	+18.3%	Common	25432X102
FRBKQ	Republic First Bancorp, Inc.	2,109,276	$8.416M	0.6%	$4.91	-18.2%	Common	760416107
OBT	Orange County Bancorp	244,640	$8.318M	0.6%	$13.04	+24.8%	Common	68417L107
—	Fentura Financial, Inc.	319,400	$8.304M	0.6%	$16.15	—	Common	314645102
SHBI	Shore Bancshares, Inc.	492,583	$8.251M	0.6%	$10.28	+64.8%	Common	825107105
FSRL	First Reliance Bancshares, Inc.	826,166	$8.179M	0.6%	$7.20	+37.6%	Common	33615Q100
MBIN	Merchants Bancorp	206,378	$8.098M	0.6%	$11.14	+136.9%	Common	58844R108
PFLC	Pacific Financial Corporation	643,096	$8.052M	0.6%	$5.42	+82.8%	Common	694275108
MFGI	Merchants Financial Group, Inc.	110,513	$8.012M	0.6%	$14.77	+43.8%	Common	588538108
—	Centric Financial Corporation	811,073	$7.908M	0.6%	$9.84	—	Common	15641J101
—	Cambridge Bancorp	95,096	$7.892M	0.6%	$49.97	—	Common	132152109
OVLY	Oak Valley Bancorp	428,830	$7.792M	0.6%	$13.29	+34.0%	Common	671807105
BFST	Business First Bancshares, Inc.	323,850	$7.432M	0.5%	$21.33	-0.7%	Common	12326C105
—	Limestone Bancorp, Inc.	445,154	$7.407M	0.5%	$15.13	—	Common	53262L105
—	Allegiance Bancshares, Inc.	192,475	$7.399M	0.5%	$28.49	—	Common	01748H107
BWFG	Bankwell Financial Group, Inc.	260,623	$7.204M	0.5%	$20.66	+19.7%	Common	06654A103
CSHX	Cashmere Valley Bank	94,267	$6.901M	0.5%	$34.79	+73.2%	Common	14756K102
FCCO	First Community Corporation	341,264	$6.894M	0.5%	$14.36	+19.0%	Common	319835104
—	Synovus Financial Corp.	152,726	$6.702M	0.5%	$31.92	—	Common	87161C501
EQBK	Equity Bancshares, Inc.	217,926	$6.645M	0.5%	$21.92	+31.1%	Common	29460X109
RCBC	River City Bank	24,867	$6.596M	0.5%	$16.31	+57.1%	Common	76803X106
—	1st Capital Bancorp	469,503	$6.573M	0.5%	$9.57	—	Common	319427100
—	Riverview Financial Corporation	575,019	$6.572M	0.5%	$4402.24	—	Common	76940Q105
—	Bay Community Bancorp	834,706	$6.377M	0.5%	$5.87	—	Common	072205107
—	SouthCrest Financial Group, Inc.	516,429	$6.326M	0.5%	$8.74	—	Common	84129X107
EGBN	Eagle Bancorp, Inc.	112,810	$6.326M	0.5%	$21.10	+114.1%	Common	268948106
PSBQ	PSB Holdings, Inc.	240,663	$6.317M	0.5%	$21.95	+16.4%	Common	69360N108
—	TGR Financial, Inc.	460,195	$6.213M	0.5%	$12.45	—	Common	87243P108
SABK	South Atlantic Bancshares, Inc.	423,608	$6.142M	0.5%	$494.12	-97.2%	Common	83636T104
FBK	FB Financial Corp.	163,678	$6.108M	0.4%	$30.42	+26.9%	Common	30257X104
ALRS	Alerus Financial Corporation	208,000	$6.034M	0.4%	$16.34	+62.6%	Common	01446U103
QNBC	QNB Corp.	167,553	$6.032M	0.4%	$32.57	+10.3%	Common	74726N107
—	Northway Financial, Inc.	192,992	$6.021M	0.4%	$25.26	—	Common	667270201
FGFH	Foresight Financial Group, Inc.	187,934	$5.92M	0.4%	$22.21	+30.0%	Common	345526107
—	West Suburban Bancorp, Inc.	7,380	$5.786M	0.4%	$36346.38	—	Common	956152409
MPB	Mid Penn Bank	208,172	$5.714M	0.4%	$21.89	+7.1%	Common	59540G107
—	Bank of Commerce Holdings	368,816	$5.54M	0.4%	$7.54	—	Common	06424J103
CCNE	CNB Financial Corporation	239,160	$5.458M	0.4%	$17.27	+22.5%	Common	126128107
—	County Bancorp, Inc.	157,399	$5.345M	0.4%	$22.80	—	Common	221907108
WBBW	Westbury Bancorp, Inc.	186,631	$5.319M	0.4%	$18.39	+55.2%	Common	95727P106
SAMG	Silvercrest Asset Management Group Inc.	349,037	$5.25M	0.4%	$14.11	+7.3%	Common	828359109
—	American Riviera Bank	272,500	$5.236M	0.4%	$2469.10	—	Common	02932A106
PBNK	Pinnacle Bank	371,179	$5.104M	0.4%	$7.76	+71.1%	Common	72346K107
—	Pilot Bancshares, Inc.	846,429	$5.079M	0.4%	$3.17	—	Common	721530103
—	Traditions Bancorp, Inc.	230,499	$5.048M	0.4%	$21.90	—	Common	89269L102
BSRR	Sierra Bancorp	197,427	$5.025M	0.4%	$12.27	+82.3%	Common	82620P102
ENVA	Enova International, Inc.	146,614	$5.016M	0.4%	$30.66	+14.8%	Common	29357K103
SPFI	South Plains Financial, Inc.	209,919	$4.855M	0.4%	$17.65	+30.0%	Common	83946P107
BCBP	BCB Bancorp, Inc.	359,649	$4.837M	0.4%	$8.04	+33.6%	Common	055298103
ORPB	Oregon Pacific Bancorp	677,586	$4.648M	0.3%	$5.50	+28.0%	Common	686040205
—	Southern States Bancshares, Inc.	232,143	$4.643M	0.3%	$14.50	—	Common	843878109
TRVR	Two Rivers Financial Group, Inc.	116,791	$4.561M	0.3%	$22.94	+52.3%	Common	90206L106
CBWA	Commencement Bancorp, Inc.	322,933	$4.456M	0.3%	$9.80	+34.2%	Common	20051D107
FCOB	1st Colonial Bancorp	463,158	$4.261M	0.3%	$8.42	+15.5%	Common	319716106
FSBC	Five Star Bancorp	175,000	$4.226M	0.3%	$22.57	0.0%	Common	33830T103
TRCY	Tri City Bankshares Corporation	172,141	$4.08M	0.3%	$19.04	—	Common	895364107
—	American River Bankshares	217,688	$3.914M	0.3%	$10.56	—	Common	029326105
PMHG	Prime Meridian Holding Company	169,243	$3.893M	0.3%	$17.04	+18.8%	Common	74164R107
—	Meridian Interstate Bancorp	189,570	$3.879M	0.3%	$16.56	—	Common	58958U103
BKOR	Oak Ridge Financial Services, Inc.	226,680	$3.858M	0.3%	$7.87	+88.8%	Common	671768109
—	Bank of Princeton	133,211	$3.819M	0.3%	$10373.38	—	Common	064520109
MVLY	Mission Valley Bancorp	264,542	$3.796M	0.3%	$8.26	+57.8%	Common	60520E104
BOTJ	Bank of the James Financial Group, Inc.	233,341	$3.733M	0.3%	$9.00	+46.6%	Common	470299108
GNRV	Grand River Commerce, Inc.	509,738	$3.696M	0.3%	$5.18	+41.0%	Common	386441109
—	MPB BHC, Inc.	212,767	$3.67M	0.3%	$17.25	—	Common	55317L105
SOUB	SouthPoint Bancshares, Inc.	104,826	$3.538M	0.3%	$18.32	—	Common	844647107
COSO	CoastalSouth Bancshares, Inc.	204,249	$3.472M	0.3%	$10.11	—	Common	19058X207
SBCF	Seacoast Banking Corporation of Florida	101,095	$3.452M	0.3%	$14.90	+144.7%	Common	811707801
WRIV	White River Bancshares Company	44,025	$3.434M	0.3%	$44.58	-19.4%	Common	96445A108
—	Veritex Holdings, Inc.	96,206	$3.407M	0.3%	$24.39	—	Common	923451108
—	Beach Bancorp, Inc.	900,000	$3.375M	0.2%	$3.65	—	Common	07332T100
BWB	Bridgewater Bancshares, Inc.	207,652	$3.354M	0.2%	$11.64	+43.8%	Common	108621103
—	Sevier County Bancshares, Inc.	217,675	$3.343M	0.2%	$12.65	—	Common	81817P206
PPBB	Peoples Bancorp	14,737	$3.316M	0.2%	$201.41	+8.9%	Common	70979X107
—	Pioneer Bancshares, Inc	97,000	$3.309M	0.2%	$18.79	—	Common	72357G102
UBAB	United Bancorporation of Alabama, Inc.	111,200	$3.308M	0.2%	$19.25	+36.4%	Common	90944R100
—	Community Financial Corporation	95,332	$3.289M	0.2%	$20.63	—	Common	20368X101
FXNC	First National Corporation	163,385	$3.281M	0.2%	$15.43	+5.8%	Common	32106V107
MVBF	MVB Financial Corp.	75,983	$3.241M	0.2%	$13.24	+171.9%	Common	553810102
FNWD	Finward Bancorp	71,791	$3.213M	0.2%	$39.09	0.0%	Common	31812F109
FVCB	First Virginia Community Bank	184,606	$3.186M	0.2%	$8.58	+62.4%	Common	36120Q101
—	Voyager Digital	185,365	$3.164M	0.2%	$17.86	—	Common	92919V108
—	BayFirst Financial Corp.	133,593	$3.157M	0.2%	$26.42	—	Common	32050L105
FRAF	Franklin Financial Services Corp.	97,519	$3.115M	0.2%	$25.72	-1.9%	Common	353525108
LWCL	Lewis & Clark Bancorp	90,388	$3.073M	0.2%	$4.18	+43.3%	Common	52757L109
—	GrandSouth Bancorporation	117,885	$2.947M	0.2%	$14.53	—	Common	386627301
SSBI	Summit State Bank	187,137	$2.908M	0.2%	$8.28	+56.5%	Common	866264203
—	Bank of Fincastle	892,972	$2.902M	0.2%	$2.09	—	Common	062113105
—	Pacific West Bank	185,715	$2.879M	0.2%	$16.00	—	Common	69506W202
PPBN	Pinnacle Bankshares Corporation	111,844	$2.785M	0.2%	$16.31	+36.4%	Common	72345E102
—	Severn Bancorp, Inc.	230,000	$2.737M	0.2%	$12.10	—	Common	81811M100
—	Professional Holding Corp.	150,000	$2.703M	0.2%	$15.10	—	Common	743139107
CCNB	Coastal Carolina Bancshares, Inc.	297,742	$2.635M	0.2%	$7.12	+19.5%	Common	190435107
CYFL	Century Financial Corporation	104,346	$2.609M	0.2%	$11.64	+77.7%	Common	15652L102
CCBC	Chino Commercial Bancorp	179,680	$2.605M	0.2%	$9.99	+1.7%	Common	16957L102
GLXYEUR	Galaxy Digital	131,386	$2.478M	0.2%	$18.93	—	Common	G37092106
—	LendingClub Corp.	127,053	$2.303M	0.2%	$16.52	—	Common	52603a208
SBNY	Signature Bank	9,200	$2.26M	0.2%	$240.14	—	Common	82669G104
—	Salisbury Bancorp, Inc.	43,336	$2.201M	0.2%	$50.79	—	Common	795226109
SYBT	Stock Yards Bancorp, Inc.	42,038	$2.139M	0.2%	$51.67	0.0%	Common	861025104
VABK	Virginia National Bankshares Corp.	53,357	$2.075M	0.2%	$28.77	+17.8%	Common	928031103
CMHF	Community Heritage Financial Inc.	90,874	$2.068M	0.2%	$22.22	-6.1%	Common	20370L103
FMCB	Farmers & Merchants Bancorp	2,283	$1.968M	0.1%	$708.71	+10.7%	Common	307795104
CZBC	Citizens Bancorp	111,634	$1.959M	0.1%	$11.25	+34.4%	Common	172950107
—	Sterling Bancorp, Inc.	403,245	$1.835M	0.1%	$9145.59	—	Common	85917W102
FCPB	First Capital Bancshares, Inc.	240,600	$1.805M	0.1%	$5.86	+27.9%	Common	31941G101
ESBS	ES Bancshares, Inc.	361,445	$1.789M	0.1%	$4.67	+1.8%	Common	296049109
UVSP	Univest Financial Corporation	66,952	$1.766M	0.1%	$27.49	+2.2%	Common	915271100
—	First Southern Bank	196,250	$1.766M	0.1%	$7.90	—	Common	33650R104
CCB	CCB Financial	59,672	$1.704M	0.1%	$16.55	+77.0%	Common	19046P209
RRBI	Red River Bancshares, Inc.	33,334	$1.684M	0.1%	$48.87	+11.1%	Common	75686R202
EFSI	Eagle Financial Services Inc.	46,620	$1.59M	0.1%	$19.94	+40.8%	Common	26951R104
AMFC	AMB Financial Corp.	78,750	$1.457M	0.1%	$8.50	+106.5%	Common	001984103
CBNK	Capital Bancorp, Inc.	69,222	$1.416M	0.1%	$12.02	+66.9%	Common	139737100
CYSM	Community Bancorp of Santa Maria	122,048	$1.416M	0.1%	$9.46	+17.2%	Common	20344R103
BORT	Bank of Botetourt	42,005	$1.407M	0.1%	$22.47	+11.9%	Common	063907208
—	McHenry Bancorp, Inc.	15,000,000	$1.275M	0.1%	$0.10	—	Common	580683100
CYVF	Crystal Valley Financial	20,600	$1.267M	0.1%	$46.63	+12.5%	Common	22941P100
PCLB	Pinnacle Bancshares, Inc.	36,367	$1.236M	0.1%	$18.54	+47.2%	Common	722903101
SICPQ	Silvergate Capital Corporation	10,600	$1.201M	0.1%	$116.14	-2.5%	Common	82837P408
—	Village Bank and Trust Financial Corp.	22,838	$1.186M	0.1%	$21.38	—	Common	92705T200
CNBW	CNB Corporation	14,348	$1.177M	0.1%	$61.21	-1.3%	Common	12612R105
WSBC	WesBanco, Inc.	31,934	$1.138M	0.1%	$37.35	+0.4%	Common	950810101
RVSB	Riverview Bancorp, Inc.	158,288	$1.122M	0.1%	$3.52	+70.8%	Common	769397100
—	Surrey Bancorp	63,785	$934K	0.1%	$11.40	—	Common	86888W105
PTBS	Potomac Bancshares, Inc.	57,405	$910K	0.1%	$11.64	+4.8%	Common	737643106
—	First Citrus Bancorporation, Inc.	28,945	$897K	0.1%	$18.43	—	Common	31959T102
—	CBTX, Inc.	32,700	$893K	0.1%	$18.16	—	Common	12481V104
—	Community First Bancorporation	113,744	$842K	0.1%	$6.72	—	Common	203916101
BLHK	Blueharbor Bank	49,774	$660K	0.0%	$11.91	+7.1%	Common	095613105
LFGP	Ledyard Financial Group, Inc.	23,249	$634K	0.0%	$18.50	+37.7%	Common	523338101
UBSI	United Bankshares	16,118	$588K	0.0%	$26.85	+46.4%	Common	909907107
LOB	Live Oak Bancshares	8,800	$519K	0.0%	$60.99	+2.9%	Common	53803X105
—	BancorpSouth, Inc.	16,878	$478K	0.0%	$28.32	—	Common	05971J102
—	Nuvei Corp	5,500	$450K	0.0%	$60.18	—	Common	67079A102
FFMH	First Farmers and Merchants Corporation	12,500	$421K	0.0%	$30.90	-6.5%	Common	320148109
ECNCF	ECN Capital Corporation	53,300	$400K	0.0%	$2.30	+10.3%	Common	26829L107
—	CapStar Financial Holdings, Inc.	14,268	$292K	0.0%	$16.77	—	Common	14070T102
—	Howard Bancorp, Inc.	18,037	$291K	0.0%	$18.68	—	Common	442496105
—	Town and Country Financial Corporation	10,914	$273K	0.0%	$10.82	—	Common	892039108
SBKO	Summit Bank Group, Inc.	17,375	$267K	0.0%	$11.17	+25.5%	Common	86603R100
FFIC	Flushing Financial Corporation	2,459	$53,000	0.0%	$10.51	+66.7%	Common	343873105
—	Heritage Southeast Bancorporation, Inc.	1,401	$36,000	0.0%	$14.99	—	Common	42727V105