Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OSBC	Old Second Bancorp, Inc.	2,158,694	$31.32M	2.5%	$7.88	+67.9%	Common	680277100
TFIN	Triumph Bancorp, Inc.	331,418	$31.16M	2.4%	$25.53	+285.6%	Common	89679E300
FFWM	First Foundation Inc.	1,164,567	$28.29M	2.2%	$14.93	+67.4%	Common	32026V104
FNBT	FineMark Holdings, Inc.	834,244	$27.74M	2.2%	$30.43	+13.0%	Common	31788B108
PGC	Peapack-Gladstone Financial Corporation	797,890	$27.73M	2.2%	$19.83	+80.4%	Common	704699107
AMBZ	American Business Bank	599,363	$25.28M	2.0%	$28.80	+41.9%	Common	02475L105
—	CrossFirst Bankshares, Inc.	1,590,289	$25.06M	2.0%	$12.80	—	Common	22766M109
MYFW	First Western Financial, Inc.	740,253	$23.14M	1.8%	$16.77	+93.6%	Common	33751L105
—	Lakeland Bancorp, Inc.	1,373,241	$22.93M	1.8%	$14.39	—	Common	511637100
UNTY	Unity Bancorp, Inc.	791,370	$22.14M	1.7%	$11.96	+124.7%	Common	913290102
HBT	HBT Financial, Inc.	1,205,937	$21.92M	1.7%	$15.65	+21.6%	Common	404111106
FRST	Primis Financial Corporation	1,455,093	$20.34M	1.6%	$11.57	+10.2%	Common	74167B109
OBT	Orange County Bancorp	478,164	$19.13M	1.5%	$15.46	+31.8%	Common	68417L107
CBAN	Colony Bankcorp Inc.	974,744	$18.2M	1.4%	$15.54	+1.4%	Common	19623P101
CNOB	ConnectOne Bancorp, Inc.	562,204	$18M	1.4%	$15.11	+95.4%	Common	20786W107
BRBS	Blue Ridge Bankshares, Inc.	1,177,277	$17.86M	1.4%	$12.67	+18.9%	Common	095825105
—	Santa Cruz County Bank	705,016	$17.63M	1.4%	$472.92	—	Common	801827106
SMBK	SmartFinancial, Inc.	679,185	$17.37M	1.4%	$19.86	+33.4%	Common	83190L208
MBWM	Mercantile Bank Corporation	490,158	$17.36M	1.4%	$14.28	+126.9%	Common	587376104
SFST	Southern First Bancshares, Inc.	332,514	$16.91M	1.3%	$24.12	+138.0%	Common	842873101
FBIZ	First Business Financial Services	514,871	$16.89M	1.3%	$17.27	+68.5%	Common	319390100
—	California BanCorp	730,950	$16.82M	1.3%	$296.49	—	Common	13005U101
MCB	Metropolitan Bank Holding Corp.	163,061	$16.59M	1.3%	$43.70	+135.3%	Common	591774104
BY	Byline Bancorp, Inc.	619,923	$16.54M	1.3%	$16.13	+58.5%	Common	124411109
FRBA	First Bank	1,142,453	$16.25M	1.3%	$8.40	+58.9%	Common	31931U102
INBK	First Internet Bancorp	362,460	$15.59M	1.2%	$24.12	+100.7%	Common	320557101
MCBI	Mountain Commerce Bancorp	487,254	$15.06M	1.2%	$20.18	+41.1%	Common	624004107
MNSB	MainStreet Bancshares, Inc.	591,579	$14.38M	1.1%	$13.66	+67.7%	Common	56064Y100
MRBK	Meridian Bank	432,344	$13.87M	1.1%	$7.09	+111.5%	Common	58958P104
CZWI	Citizens Community Bancorp, Inc.	906,129	$13.69M	1.1%	$8.62	+60.1%	Common	174903104
BANC	Banc of California, Inc.	692,412	$13.4M	1.1%	$18.28	-1.4%	Common	05990K106
TCBI	Texas Capital Bancshares, Inc.	229,405	$13.15M	1.0%	$62.78	+1.8%	Common	88224Q107
—	Enterprise Bancorp, Inc.	318,821	$12.79M	1.0%	$26.92	—	Common	293668109
HTBK	Heritage Commerce Corp	1,117,054	$12.57M	1.0%	$8.35	+43.7%	Common	426927109
MPB	Mid Penn Bank	464,127	$12.44M	1.0%	$24.12	+5.8%	Common	59540G107
AVBH	Avidbank Holdings, Inc.	457,725	$11.83M	0.9%	$18.26	+43.0%	Common	05368J103
SBNC	Southern BancShares (N.C.), Inc.	1,995	$11.59M	0.9%	$2433.28	+130.6%	Common	842243107
BCAL	Southern California Bancorp	743,760	$11.45M	0.9%	$9.36	+63.4%	Common	84252A106
ISTR	Investar Holding Corporation	572,699	$10.93M	0.9%	$18.98	+2.0%	Common	46134L105
—	Southern States Bancshares, Inc.	446,322	$10.3M	0.8%	$19.25	—	Common	843878307
—	Spirit of Texas Bancshares, Inc.	374,798	$9.85M	0.8%	$20.19	—	Common	84861D103
OBK	Origin Bancorp Inc.	227,542	$9.623M	0.8%	$38.81	+12.9%	Common	68621T102
—	Cambridge Bancorp	112,351	$9.55M	0.7%	$55.54	—	Common	132152109
BWFG	Bankwell Financial Group, Inc.	280,623	$9.493M	0.7%	$21.36	+43.0%	Common	06654A103
PBAM	Private Bancorp of America, Inc.	315,097	$9.466M	0.7%	$19.28	+54.7%	Common	74274F100
BSVN	Bank7 Corp	385,000	$9.086M	0.7%	$21.61	+1.0%	Common	06652N107
—	Limestone Bancorp, Inc.	422,577	$8.832M	0.7%	$15.13	—	Common	53262L105
SHBI	Shore Bancshares, Inc.	429,185	$8.79M	0.7%	$13.33	+54.0%	Common	825107105
FNRN	First Northern Community Bancorp	849,116	$8.661M	0.7%	$7.85	+13.2%	Common	335925103
—	Allegiance Bancshares, Inc.	192,475	$8.6M	0.7%	$28.49	—	Common	01748H107
MFGI	Merchants Financial Group, Inc.	107,728	$8.564M	0.7%	$15.34	+52.6%	Common	588538108
FCCO	First Community Corporation	400,522	$8.491M	0.7%	$14.98	+25.5%	Common	319835104
—	Fentura Financial, Inc.	298,149	$8.318M	0.7%	$16.84	—	Common	314645102
PSBQ	PSB Holdings, Inc.	317,506	$8.255M	0.6%	$22.97	+14.0%	Common	69360N108
MBIN	Merchants Bancorp	297,566	$8.147M	0.6%	$16.94	+68.4%	Common	58844R108
—	Centric Financial Corporation	816,073	$8.12M	0.6%	$9.84	—	Common	15641J101
—	Malvern Bancorp, Inc.	489,959	$7.893M	0.6%	$16.27	—	Common	561409103
CCNE	CNB Financial Corporation	294,957	$7.763M	0.6%	$18.50	+28.4%	Common	126128107
FSRL	First Reliance Bancshares, Inc.	736,627	$7.256M	0.6%	$7.20	+38.2%	Common	33615Q100
DCOM	Dime Community Bancshares, Inc	203,277	$7.027M	0.6%	$23.82	+25.5%	Common	25432X102
—	Bank of Princeton	243,052	$7.012M	0.6%	$3902.37	—	Common	064520109
ARBV	American Riviera Bancorp	332,224	$6.837M	0.5%	$18.79	0.0%	Common	02933K103
SABK	South Atlantic Bancshares, Inc.	423,608	$6.769M	0.5%	$494.12	-96.8%	Common	83636T104
—	MPB BHC, Inc.	325,058	$6.722M	0.5%	$18.61	—	Common	55317L105
RCBC	River City Bank	24,867	$6.714M	0.5%	$16.31	+67.3%	Common	76803X106
—	1st Capital Bancorp	427,770	$6.63M	0.5%	$9.65	—	Common	319427100
ENVA	Enova International, Inc.	174,214	$6.615M	0.5%	$30.98	+29.7%	Common	29357K103
PMHG	Prime Meridian Holding Company	239,276	$6.496M	0.5%	$19.00	+37.1%	Common	74164R107
FBK	FB Financial Corp.	143,678	$6.382M	0.5%	$30.91	+35.6%	Common	30257X104
TCBX	Third Coast Bancshares	275,000	$6.353M	0.5%	$26.86	-11.3%	Common	88422P109
—	Bay Community Bancorp	834,706	$6.302M	0.5%	$5.87	—	Common	072205107
WTBFB	W.T.B. Financial Corporation	16,207	$6.223M	0.5%	$193.72	+102.0%	Common	929334209
—	Northway Financial, Inc.	168,138	$6.053M	0.5%	$25.26	—	Common	667270201
PFLC	Pacific Financial Corporation	509,205	$6.034M	0.5%	$5.42	+75.9%	Common	694275108
ALRS	Alerus Financial Corporation	208,000	$5.749M	0.5%	$16.34	+52.7%	Common	01446U103
EQBK	Equity Bancshares, Inc.	172,926	$5.587M	0.4%	$21.92	+39.9%	Common	29460X109
SPFI	South Plains Financial, Inc.	209,919	$5.58M	0.4%	$17.65	+60.3%	Common	83946P107
BFST	Business First Bancshares, Inc.	228,003	$5.547M	0.4%	$21.33	+13.3%	Common	12326C105
—	Level One Bancorp, Inc.	137,279	$5.482M	0.4%	$24.47	—	Common	52730D208
FGFH	Foresight Financial Group, Inc.	161,181	$5.48M	0.4%	$22.21	+39.4%	Common	345526107
OVLY	Oak Valley Bancorp	296,960	$5.479M	0.4%	$13.29	+38.3%	Common	671807105
USCB	USCB Financial Holdings Inc.	375,000	$5.374M	0.4%	$13.82	+2.0%	Common	90355N101
—	Codorus Valley Bancorp, Inc.	242,321	$5.331M	0.4%	$1537.30	—	Common	192025104
FRBKQ	Republic First Bancorp, Inc.	1,003,081	$5.176M	0.4%	$4.91	-2.0%	Common	760416107
CSHX	Cashmere Valley Bank	73,567	$5.131M	0.4%	$34.79	+80.3%	Common	14756K102
ORPB	Oregon Pacific Bancorp	606,386	$5.027M	0.4%	$5.50	+48.3%	Common	686040205
—	Traditions Bancorp, Inc.	222,235	$4.967M	0.4%	$21.99	—	Common	89269L102
FSBC	Five Star Bancorp	175,000	$4.953M	0.4%	$22.57	+18.8%	Common	33830T103
FXNC	First National Corporation	223,120	$4.686M	0.4%	$16.37	+18.9%	Common	32106V107
QNBC	QNB Corp.	124,526	$4.6M	0.4%	$32.69	+13.3%	Common	74726N107
FVCB	First Virginia Community Bank	216,606	$4.495M	0.4%	$9.72	+67.9%	Common	36120Q101
CCB	CCB Financial	91,922	$4.205M	0.3%	$25.27	+92.5%	Common	19046P209
SAMG	Silvercrest Asset Management Group Inc.	203,286	$4.157M	0.3%	$14.11	+26.5%	Common	828359109
—	Professional Holding Corp.	178,887	$4.036M	0.3%	$15.76	—	Common	743139107
UBAB	United Bancorporation of Alabama, Inc.	137,700	$3.993M	0.3%	$20.82	+31.7%	Common	90944R100
BSRR	Sierra Bancorp	158,354	$3.956M	0.3%	$12.40	+82.9%	Common	82620P102
BCBP	BCB Bancorp, Inc.	214,748	$3.919M	0.3%	$8.04	+74.5%	Common	055298103
FCOB	1st Colonial Bancorp	335,444	$3.874M	0.3%	$8.42	+28.2%	Common	319716106
WRIV	White River Bancshares Company	47,227	$3.825M	0.3%	$44.28	-8.4%	Common	96445A108
GLXYEUR	Galaxy Digital	219,950	$3.75M	0.3%	$17.99	—	Common	G37092106
COSO	CoastalSouth Bancshares, Inc.	204,249	$3.676M	0.3%	$10.11	—	Common	19058X207
SOUB	SouthPoint Bancshares, Inc.	104,826	$3.671M	0.3%	$18.32	—	Common	844647107
CBWA	Commencement Bancorp, Inc.	274,060	$3.67M	0.3%	$9.86	+32.9%	Common	20051D107
PBNK	Pinnacle Bank	272,682	$3.613M	0.3%	$7.76	+74.6%	Common	72346K107
TRCY	Tri City Bankshares Corporation	172,141	$3.601M	0.3%	$19.04	—	Common	895364107
WBBW	Westbury Bancorp, Inc.	108,131	$3.589M	0.3%	$18.39	+76.0%	Common	95727P106
SSBI	Summit State Bank	209,850	$3.588M	0.3%	$9.00	+65.2%	Common	866264203
—	Sterling Bancorp, Inc.	502,061	$3.565M	0.3%	$7346.68	—	Common	85917W102
MVBF	MVB Financial Corp.	85,733	$3.558M	0.3%	$15.84	+125.9%	Common	553810102
MVLY	Mission Valley Bancorp	234,190	$3.548M	0.3%	$8.26	+78.4%	Common	60520E104
GNRV	Grand River Commerce, Inc.	497,738	$3.484M	0.3%	$5.18	+36.9%	Common	386441109
TRVR	Two Rivers Financial Group, Inc.	78,629	$3.381M	0.3%	$23.72	+69.2%	Common	90206L106
—	Beach Bancorp, Inc.	900,000	$3.375M	0.3%	$3.65	—	Common	07332T100
—	GrandSouth Bancorporation	117,885	$3.36M	0.3%	$14.53	—	Common	386627301
BWB	Bridgewater Bancshares, Inc.	197,652	$3.297M	0.3%	$11.64	+49.6%	Common	108621103
—	First Bancshares, Inc.	96,179	$3.237M	0.3%	$2289.58	—	Common	318916103
BAFN	BayFirst Financial Corp.	133,593	$3.079M	0.2%	$24.30	-14.9%	Common	07279B104
—	Pioneer Bancshares, Inc	97,000	$2.91M	0.2%	$18.79	—	Common	72357G102
BOTJ	Bank of the James Financial Group, Inc.	192,296	$2.863M	0.2%	$9.00	+52.1%	Common	470299108
FRAF	Franklin Financial Services Corp.	84,796	$2.86M	0.2%	$25.72	+12.4%	Common	353525108
CCNB	Coastal Carolina Bancshares, Inc.	251,992	$2.772M	0.2%	$7.12	+53.6%	Common	190435107
SBNY	Signature Bank	9,200	$2.7M	0.2%	$240.14	—	Common	82669G104
PPBB	Peoples Bancorp	11,934	$2.53M	0.2%	$201.41	+6.9%	Common	70979X107
—	Pacific West Bank	185,715	$2.461M	0.2%	$16.00	—	Common	69506W202
—	Salisbury Bancorp, Inc.	43,336	$2.458M	0.2%	$50.79	—	Common	795226109
SBCF	Seacoast Banking Corporation of Florida	68,095	$2.385M	0.2%	$14.90	+144.1%	Common	811707801
SICPQ	Silvergate Capital Corporation	15,320	$2.307M	0.2%	$115.92	+6.7%	Common	82837P408
MLGF	Malaga Financial Corporation	90,100	$2.275M	0.2%	$18.53	0.0%	Common	561046103
—	Voyager Digital	417,315	$2.228M	0.2%	$13.07	—	Common	92919V108
BLHK	Blueharbor Bank	156,430	$2.198M	0.2%	$12.49	+7.5%	Common	095613105
FMCB	Farmers & Merchants Bancorp	2,283	$2.169M	0.2%	$708.71	+24.1%	Common	307795104
FCPB	First Capital Bancshares, Inc.	240,600	$2.141M	0.2%	$5.86	+53.7%	Common	31941G101
CCBC	Chino Commercial Bancorp	167,179	$2.123M	0.2%	$9.99	+6.7%	Common	16957L102
—	McHenry Bancorp, Inc.	60,000	$2.07M	0.2%	$0.10	—	Common	580683100
ESBS	ES Bancshares, Inc.	374,045	$2.02M	0.2%	$4.70	+14.2%	Common	296049109
CYFL	Century Financial Corporation	68,434	$2.013M	0.2%	$11.64	+104.6%	Common	15652L102
RRBI	Red River Bancshares, Inc.	36,743	$1.944M	0.2%	$49.15	+5.6%	Common	75686R202
—	First Southern Bank	196,250	$1.884M	0.1%	$7.90	—	Common	33650R104
—	Veritex Holdings, Inc.	48,000	$1.832M	0.1%	$30.07	—	Common	923451108
CZBC	Citizens Bancorp	111,634	$1.814M	0.1%	$11.25	+29.6%	Common	172950107
WEX	WEX Inc.	9,955	$1.776M	0.1%	$167.38	-2.6%	Common	96208T104
—	First Citrus Bancorporation, Inc.	54,401	$1.741M	0.1%	$24.31	—	Common	31959T102
PPBN	Pinnacle Bankshares Corporation	70,393	$1.675M	0.1%	$16.31	+31.2%	Common	72345E102
VABK	Virginia National Bankshares Corp.	48,357	$1.668M	0.1%	$28.77	+24.3%	Common	928031103
RVSB	Riverview Bancorp, Inc.	219,007	$1.654M	0.1%	$4.65	+46.1%	Common	769397100
EFSI	Eagle Financial Services Inc.	46,620	$1.653M	0.1%	$19.94	+51.4%	Common	26951R104
CMHF	Community Heritage Financial Inc.	64,558	$1.601M	0.1%	$22.22	+6.8%	Common	20370L103
—	Cornerstone Financial Corporation	150,000	$1.593M	0.1%	$10.01	—	Common	21925G201
TBBK	The Bancorp, Inc.	54,092	$1.532M	0.1%	$26.85	+7.3%	Common	05969A105
—	American National Bankshares Inc.	39,092	$1.473M	0.1%	$37.25	—	Common	027745108
BORT	Bank of Botetourt	49,824	$1.405M	0.1%	$22.94	+10.0%	Common	063907208
CYVF	Crystal Valley Financial	20,600	$1.38M	0.1%	$46.63	+27.0%	Common	22941P100
—	Synovus Financial Corp.	27,657	$1.355M	0.1%	$31.92	—	Common	87161C501
PFS	Provident Financial Services, Inc.	57,141	$1.337M	0.1%	$10.18	+91.5%	Common	74386T105
LC	LendingClub Corp.	82,053	$1.295M	0.1%	$24.77	-25.2%	Common	52603A208
BKOR	Oak Ridge Financial Services, Inc.	66,364	$1.291M	0.1%	$7.87	+126.6%	Common	671768109
—	Village Bank and Trust Financial Corp.	22,838	$1.256M	0.1%	$21.38	—	Common	92705T200
CYSM	Community Bancorp of Santa Maria	106,443	$1.224M	0.1%	$9.46	+13.7%	Common	20344R103
—	SVB Financial Group	2,027	$1.134M	0.1%	$646.90	—	Common	78486Q101
CBNK	Capital Bancorp, Inc.	49,122	$1.123M	0.1%	$12.02	+92.8%	Common	139737100
—	CapStar Financial Holdings, Inc.	52,770	$1.112M	0.1%	$19.91	—	Common	14070T102
—	Community Financial Corporation	26,732	$1.081M	0.1%	$20.63	—	Common	20368X101
CNBW	CNB Corporation	14,348	$1.076M	0.1%	$61.21	-2.7%	Common	12612R105
—	CBTX, Inc.	32,700	$1.014M	0.1%	$18.16	—	Common	12481V104
—	Surrey Bancorp	63,785	$1.005M	0.1%	$11.40	—	Common	86888W105
—	Studio Bank	74,074	$1M	0.1%	$13.50	—	Common	86389R100
IIIV	i3 Verticals, Inc.	35,300	$983K	0.1%	$22.74	+8.4%	Common	46571Y107
LWCL	Lewis & Clark Bancorp	24,788	$967K	0.1%	$4.18	+62.5%	Common	52757L109
PCLB	Pinnacle Bancshares, Inc.	24,065	$941K	0.1%	$18.54	+85.0%	Common	722903101
—	Community First Bancorporation	113,744	$919K	0.1%	$6.72	—	Common	203916101
—	BTRS Holdings Inc.	104,645	$783K	0.1%	$9.39	—	Common	11778X104
PTBS	Potomac Bancshares, Inc.	41,492	$747K	0.1%	$11.64	+42.8%	Common	737643106
BMRC	Bank of Marin Bancorp	20,969	$735K	0.1%	$28.72	+6.0%	Common	063425102
EFSC	Enterprise Financial Services Corp	14,384	$681K	0.1%	$40.72	+10.4%	Common	293712105
LOB	Live Oak Bancshares	12,750	$649K	0.1%	$61.92	+3.3%	Common	53803X105
LPRO	Open Lending Corporation	34,220	$647K	0.1%	$23.42	-18.1%	Common	68373J104
AMFC	AMB Financial Corp.	24,600	$640K	0.1%	$8.50	+189.9%	Common	001984103
FFMH	First Farmers and Merchants Corporation	16,488	$557K	0.0%	$30.80	-1.0%	Common	320148109
NIC	Nicolet Bankshares, Inc.	5,837	$546K	0.0%	$73.78	+22.3%	Common	65406E102
—	Paya Holdings Inc.	85,104	$499K	0.0%	$6.20	—	Common	70434P103
PAYO	Payoneer Global Inc	103,050	$460K	0.0%	$7.43	-32.0%	Common	70451X104
LFGP	Ledyard Financial Group, Inc.	17,374	$424K	0.0%	$18.50	+34.7%	Common	523338101
—	Nuvei Corp	5,500	$413K	0.0%	$64.91	—	Common	67079A102
NCNO	nCino, Inc.	9,260	$379K	0.0%	$60.65	-24.5%	Common	63947X101
SBKO	Summit Bank Group, Inc.	22,593	$333K	0.0%	$12.01	+23.4%	Common	86603R100
EGBN	Eagle Bancorp, Inc.	5,805	$331K	0.0%	$21.10	+135.5%	Common	268948106
JMSB	John Marshall Bank	13,400	$293K	0.0%	$21.49	0.0%	Common	47805L101
—	TriState Capital Holdings, Inc.	8,022	$267K	0.0%	$11.97	—	Common	89678F100
FNWD	Finward Bancorp	4,543	$210K	0.0%	$39.09	+8.8%	Common	31812F109
FOUR	Shift4 Payments	2,880	$178K	0.0%	$52.74	0.0%	Common	82452J109