Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OSBC	Old Second Bancorp, Inc.	2,178,694	$29.15M	2.6%	$7.88	+71.8%	Common	680277100
FNBT	FineMark Holdings, Inc.	834,244	$24.23M	2.2%	$30.43	+3.9%	Common	31788B108
AMBZ	American Business Bank	605,363	$24.18M	2.2%	$28.90	+36.6%	Common	02475L105
FFWM	First Foundation Inc.	1,164,567	$23.85M	2.2%	$14.93	+43.2%	Common	32026V104
UNTY	Unity Bancorp, Inc.	894,342	$23.68M	2.1%	$13.63	+94.1%	Common	913290102
PGC	Peapack-Gladstone Financial Corporation	775,890	$23.04M	2.1%	$19.83	+57.1%	Common	704699107
HBT	HBT Financial, Inc.	1,195,937	$21.37M	1.9%	$15.65	+12.3%	Common	404111106
—	CrossFirst Bankshares, Inc.	1,590,289	$20.99M	1.9%	$12.80	—	Common	22766M109
—	Lakeland Bancorp, Inc.	1,421,241	$20.78M	1.9%	$14.39	—	Common	511637100
TFIN	Triumph Bancorp, Inc.	331,418	$20.73M	1.9%	$25.53	+177.5%	Common	89679E300
FRST	Primis Financial Corporation	1,471,093	$20.05M	1.8%	$11.57	+0.7%	Common	74167B109
MYFW	First Western Financial, Inc.	728,386	$19.8M	1.8%	$16.77	+85.8%	Common	33751L105
OBT	Orange County Bancorp	488,069	$18.53M	1.7%	$15.53	+22.3%	Common	68417L107
FBIZ	First Business Financial Services	573,371	$17.88M	1.6%	$18.60	+62.8%	Common	319390100
BRBS	Blue Ridge Bankshares, Inc.	1,133,261	$17.36M	1.6%	$12.67	+6.1%	Common	095825105
SMBK	SmartFinancial, Inc.	679,185	$16.41M	1.5%	$19.86	+25.1%	Common	83190L208
FRBA	First Bank	1,142,453	$15.97M	1.4%	$8.40	+57.0%	Common	31931U102
MBWM	Mercantile Bank Corporation	490,158	$15.66M	1.4%	$14.28	+98.0%	Common	587376104
SFST	Southern First Bancshares, Inc.	348,324	$15.18M	1.4%	$25.09	+81.2%	Common	842873101
MCBI	Mountain Commerce Bancorp	552,195	$14.91M	1.3%	$21.00	+29.3%	Common	624004107
BY	Byline Bancorp, Inc.	608,923	$14.49M	1.3%	$16.13	+41.1%	Common	124411109
—	Santa Cruz County Bank	673,906	$14.46M	1.3%	$472.92	—	Common	801827106
CBAN	Colony Bankcorp Inc.	941,072	$14.2M	1.3%	$15.54	-5.7%	Common	19623P101
MNSB	MainStreet Bancshares, Inc.	621,372	$14.15M	1.3%	$14.09	+59.8%	Common	56064Y100
INBK	First Internet Bancorp	377,467	$13.9M	1.3%	$24.69	+55.8%	Common	320557101
CNOB	ConnectOne Bancorp, Inc.	562,204	$13.75M	1.2%	$15.11	+63.4%	Common	20786W107
—	California BanCorp	693,203	$13.36M	1.2%	$296.49	—	Common	13005U101
MRBK	Meridian Bank	432,344	$13.1M	1.2%	$7.09	+89.4%	Common	58958P104
AVBH	Avidbank Holdings, Inc.	645,697	$12.91M	1.2%	$19.50	+15.5%	Common	05368J103
TCBI	Texas Capital Bancshares, Inc.	244,405	$12.87M	1.2%	$62.22	-13.8%	Common	88224Q107
MPB	Mid Penn Bank	472,827	$12.75M	1.2%	$24.11	-2.1%	Common	59540G107
ISTR	Investar Holding Corporation	572,699	$12.54M	1.1%	$18.98	+7.9%	Common	46134L105
CZWI	Citizens Community Bancorp, Inc.	899,054	$12.43M	1.1%	$8.62	+43.6%	Common	174903104
BANC	Banc of California, Inc.	692,412	$12.2M	1.1%	$18.28	-9.2%	Common	05990K106
MCB	Metropolitan Bank Holding Corp.	163,061	$11.32M	1.0%	$43.70	+88.2%	Common	591774104
BCAL	Southern California Bancorp	723,760	$10.92M	1.0%	$9.36	+59.9%	Common	84252A106
—	Enterprise Bancorp, Inc.	318,821	$10.26M	0.9%	$26.92	—	Common	293668109
HTBK	Heritage Commerce Corp	947,954	$10.13M	0.9%	$8.35	+34.0%	Common	426927109
—	Southern States Bancshares, Inc.	446,322	$10.04M	0.9%	$19.25	—	Common	843878307
SBNC	Southern BancShares (N.C.), Inc.	1,895	$9.001M	0.8%	$2433.28	+112.2%	Common	842243107
—	Cambridge Bancorp	108,528	$8.975M	0.8%	$55.54	—	Common	132152109
OBK	Origin Bancorp Inc.	227,542	$8.829M	0.8%	$38.81	+1.5%	Common	68621T102
BSVN	Bank7 Corp	385,000	$8.793M	0.8%	$21.61	-1.5%	Common	06652N107
PBAM	Private Bancorp of America, Inc.	299,097	$8.668M	0.8%	$19.28	+54.1%	Common	74274F100
BWFG	Bankwell Financial Group, Inc.	273,623	$8.496M	0.8%	$21.36	+42.2%	Common	06654A103
MFGI	Merchants Financial Group, Inc.	323,184	$8.241M	0.7%	$22.28	+15.6%	Common	588538108
CCNE	CNB Financial Corporation	331,476	$8.018M	0.7%	$18.91	+17.7%	Common	126128107
—	Centric Financial Corporation	799,073	$7.927M	0.7%	$9.84	—	Common	15641J101
—	Malvern Bancorp, Inc.	482,459	$7.753M	0.7%	$16.27	—	Common	561409103
SHBI	Shore Bancshares, Inc.	415,586	$7.688M	0.7%	$13.33	+48.2%	Common	825107105
—	Bank of Princeton	278,218	$7.64M	0.7%	$3412.59	—	Common	064520109
FNRN	First Northern Community Bancorp	817,016	$7.549M	0.7%	$7.85	+4.7%	Common	335925103
PSBQ	PSB Holdings, Inc.	317,506	$7.461M	0.7%	$22.97	+9.9%	Common	69360N108
—	Fentura Financial, Inc.	298,149	$7.454M	0.7%	$16.84	—	Common	314645102
FCCO	First Community Corporation	388,211	$7.442M	0.7%	$14.98	+17.3%	Common	319835104
—	Limestone Bancorp, Inc.	399,878	$7.362M	0.7%	$15.13	—	Common	53262L105
—	Allegiance Bancshares, Inc.	192,475	$7.268M	0.7%	$28.49	—	Common	01748H107
MBIN	Merchants Bancorp	301,566	$6.837M	0.6%	$17.02	+37.7%	Common	58844R108
FSRL	First Reliance Bancshares, Inc.	731,627	$6.768M	0.6%	$7.20	+32.5%	Common	33615Q100
SABK	South Atlantic Bancshares, Inc.	423,608	$6.418M	0.6%	$494.12	-96.9%	Common	83636T104
ARBV	American Riviera Bancorp	351,724	$6.296M	0.6%	$18.71	-7.1%	Common	02933K103
TCBX	Third Coast Bancshares	281,774	$6.171M	0.6%	$26.77	-13.2%	Common	88422P109
PMHG	Prime Meridian Holding Company	241,776	$6.117M	0.6%	$19.05	+29.3%	Common	74164R107
—	Bay Community Bancorp	694,206	$5.866M	0.5%	$5.87	—	Common	072205107
RCBC	River City Bank	22,917	$5.729M	0.5%	$16.31	+58.1%	Common	76803X106
SFNC	Simmons First National Corp	268,494	$5.708M	0.5%	$24.28	0.0%	Common	828730200
—	MPB BHC, Inc.	325,058	$5.689M	0.5%	$18.61	—	Common	55317L105
FBK	FB Financial Corp.	141,678	$5.557M	0.5%	$30.91	+22.6%	Common	30257X104
—	1st Capital Bancorp	415,120	$5.189M	0.5%	$9.65	—	Common	319427100
WTBFB	W.T.B. Financial Corporation	15,257	$5.185M	0.5%	$193.72	+87.3%	Common	929334209
—	Codorus Valley Bancorp, Inc.	227,321	$5.117M	0.5%	$1537.30	—	Common	192025104
OVLY	Oak Valley Bancorp	296,960	$5.108M	0.5%	$13.29	+31.6%	Common	671807105
—	Northway Financial, Inc.	168,138	$5.095M	0.5%	$25.26	—	Common	667270201
PFLC	Pacific Financial Corporation	494,205	$5.066M	0.5%	$5.42	+63.5%	Common	694275108
EQBK	Equity Bancshares, Inc.	172,926	$5.043M	0.5%	$21.92	+35.0%	Common	29460X109
—	Traditions Bancorp, Inc.	222,235	$5M	0.5%	$21.99	—	Common	89269L102
ALRS	Alerus Financial Corporation	208,000	$4.952M	0.4%	$16.34	+34.8%	Common	01446U103
FGFH	Foresight Financial Group, Inc.	161,181	$4.893M	0.4%	$22.21	+33.4%	Common	345526107
BFST	Business First Bancshares, Inc.	228,003	$4.859M	0.4%	$21.33	-5.2%	Common	12326C105
DCOM	Dime Community Bancshares, Inc	162,777	$4.826M	0.4%	$23.82	+15.2%	Common	25432X102
—	Beach Bancorp, Inc.	900,000	$4.5M	0.4%	$3.65	—	Common	07332T100
USCB	USCB Financial Holdings Inc.	375,000	$4.328M	0.4%	$13.82	-4.2%	Common	90355N101
FXNC	First National Corporation	223,120	$4.072M	0.4%	$16.37	+9.7%	Common	32106V107
FSBC	Five Star Bancorp	153,000	$4.042M	0.4%	$22.57	+4.8%	Common	33830T103
ORPB	Oregon Pacific Bancorp	606,386	$4.032M	0.4%	$5.50	+32.0%	Common	686040205
FRBKQ	Republic First Bancorp, Inc.	1,003,081	$3.822M	0.3%	$4.91	-13.1%	Common	760416107
—	Hanover Bancorp Inc.	185,000	$3.781M	0.3%	$20.44	—	Common	410710206
UBAB	United Bancorporation of Alabama, Inc.	137,700	$3.648M	0.3%	$20.82	+26.4%	Common	90944R100
PBNK	Pinnacle Bank	277,682	$3.54M	0.3%	$7.85	+67.3%	Common	72346K107
BSRR	Sierra Bancorp	161,544	$3.51M	0.3%	$12.53	+52.9%	Common	82620P102
CCB	CCB Financial	91,922	$3.504M	0.3%	$25.27	+58.9%	Common	19046P209
QNBC	QNB Corp.	126,526	$3.479M	0.3%	$32.70	+1.5%	Common	74726N107
COSO	CoastalSouth Bancshares, Inc.	204,249	$3.393M	0.3%	$10.11	—	Common	19058X207
SAMG	Silvercrest Asset Management Group Inc.	203,286	$3.336M	0.3%	$14.11	+40.8%	Common	828359109
WRIV	White River Bancshares Company	43,413	$3.304M	0.3%	$44.28	-10.0%	Common	96445A108
CSHX	Cashmere Valley Bank	59,887	$3.249M	0.3%	$34.79	+53.6%	Common	14756K102
FVCB	First Virginia Community Bank	171,436	$3.228M	0.3%	$9.72	+62.4%	Common	36120Q101
SOUB	SouthPoint Bancshares, Inc.	104,826	$3.209M	0.3%	$18.32	—	Common	844647107
BWB	Bridgewater Bancshares, Inc.	197,652	$3.19M	0.3%	$11.64	+37.9%	Common	108621103
TRCY	Tri City Bankshares Corporation	172,141	$3.167M	0.3%	$19.04	—	Common	895364107
GNRV	Grand River Commerce, Inc.	496,938	$3.156M	0.3%	$5.18	+31.1%	Common	386441109
SSBI	Summit State Bank	206,850	$3.148M	0.3%	$9.00	+61.3%	Common	866264203
CBWA	Commencement Bancorp, Inc.	272,860	$3.122M	0.3%	$9.86	+20.3%	Common	20051D107
—	GrandSouth Bancorporation	97,885	$3.054M	0.3%	$14.53	—	Common	386627301
FCOB	1st Colonial Bancorp	271,644	$3.04M	0.3%	$8.42	+35.4%	Common	319716106
SPFI	South Plains Financial, Inc.	125,319	$3.025M	0.3%	$17.65	+38.5%	Common	83946P107
TRVR	Two Rivers Financial Group, Inc.	78,629	$2.949M	0.3%	$23.72	+54.4%	Common	90206L106
—	Pioneer Bancshares, Inc	97,000	$2.91M	0.3%	$18.79	—	Common	72357G102
—	Sterling Bancorp, Inc.	502,061	$2.862M	0.3%	$7346.68	—	Common	85917W102
MVLY	Mission Valley Bancorp	204,642	$2.763M	0.2%	$8.26	+67.1%	Common	60520E104
MVBF	MVB Financial Corp.	85,733	$2.667M	0.2%	$15.84	+113.2%	Common	553810102
—	Professional Holding Corp.	130,261	$2.612M	0.2%	$15.76	—	Common	743139107
CCNB	Coastal Carolina Bancshares, Inc.	251,992	$2.606M	0.2%	$7.12	+50.6%	Common	190435107
FRAF	Franklin Financial Services Corp.	84,796	$2.557M	0.2%	$25.72	+5.1%	Common	353525108
PPBB	Peoples Bancorp	11,934	$2.506M	0.2%	$201.41	+6.4%	Common	70979X107
—	Pacific West Bank	185,715	$2.461M	0.2%	$16.00	—	Common	69506W202
BAFN	BayFirst Financial Corp.	133,593	$2.325M	0.2%	$24.30	-28.2%	Common	07279B104
BLHK	Blueharbor Bank	161,283	$2.258M	0.2%	$12.52	+8.7%	Common	095613105
BOTJ	Bank of the James Financial Group, Inc.	168,741	$2.194M	0.2%	$9.00	+35.9%	Common	470299108
—	McHenry Bancorp, Inc.	60,000	$2.07M	0.2%	$34.50	—	Common	580683209
MLGF	Malaga Financial Corporation	90,100	$2.033M	0.2%	$18.53	-4.5%	Common	561046103
WBBW	Westbury Bancorp, Inc.	67,031	$1.977M	0.2%	$18.39	+68.0%	Common	95727P106
BCBP	BCB Bancorp, Inc.	114,496	$1.95M	0.2%	$8.04	+86.9%	Common	055298103
ESBS	ES Bancshares, Inc.	374,045	$1.945M	0.2%	$4.70	+12.0%	Common	296049109
FCPB	First Capital Bancshares, Inc.	240,600	$1.925M	0.2%	$5.86	+42.5%	Common	31941G101
CYFL	Century Financial Corporation	68,323	$1.92M	0.2%	$11.64	+116.6%	Common	15652L102
—	First Southern Bank	196,250	$1.764M	0.2%	$7.90	—	Common	33650R104
CCBC	Chino Commercial Bancorp	148,079	$1.718M	0.2%	$9.99	-1.7%	Common	16957L102
—	First Citrus Bancorporation, Inc.	39,001	$1.716M	0.2%	$24.31	—	Common	31959T102
—	First Bancshares, Inc.	58,979	$1.687M	0.2%	$2289.58	—	Common	318916103
SBCF	Seacoast Banking Corporation of Florida	50,395	$1.665M	0.2%	$14.90	+124.2%	Common	811707801
EFSI	Eagle Financial Services Inc.	46,620	$1.652M	0.1%	$19.94	+54.0%	Common	26951R104
SBNY	Signature Bank	9,200	$1.649M	0.1%	$240.14	—	Common	82669G104
—	Cornerstone Financial Corporation	150,000	$1.613M	0.1%	$10.01	—	Common	21925G201
WEX	WEX Inc.	9,955	$1.549M	0.1%	$167.38	-2.2%	Common	96208T104
PPBN	Pinnacle Bankshares Corporation	70,393	$1.548M	0.1%	$16.31	+23.6%	Common	72345E102
RVSB	Riverview Bancorp, Inc.	229,007	$1.507M	0.1%	$4.72	+30.0%	Common	769397100
CNBW	CNB Corporation	14,348	$1.406M	0.1%	$61.21	-5.3%	Common	12612R105
—	Veritex Holdings, Inc.	48,000	$1.404M	0.1%	$30.07	—	Common	923451108
BORT	Bank of Botetourt	49,824	$1.374M	0.1%	$22.94	+9.5%	Common	063907208
CMHF	Community Heritage Financial Inc.	64,558	$1.372M	0.1%	$22.22	+0.4%	Common	20370L103
CZBC	Citizens Bancorp	102,434	$1.356M	0.1%	$11.25	+17.1%	Common	172950107
—	American National Bankshares Inc.	39,092	$1.353M	0.1%	$37.25	—	Common	027745108
VABK	Virginia National Bankshares Corp.	39,357	$1.239M	0.1%	$28.77	+14.0%	Common	928031103
BKOR	Oak Ridge Financial Services, Inc.	66,364	$1.234M	0.1%	$7.87	+120.0%	Common	671768109
CYSM	Community Bancorp of Santa Maria	106,443	$1.096M	0.1%	$9.46	+3.7%	Common	20344R103
CBNK	Capital Bancorp, Inc.	49,122	$1.066M	0.1%	$12.02	+75.7%	Common	139737100
TBBK	The Bancorp, Inc.	54,092	$1.056M	0.1%	$26.85	-20.1%	Common	05969A105
—	Village Bank and Trust Financial Corp.	22,838	$1.051M	0.1%	$21.38	—	Common	92705T200
—	CapStar Financial Holdings, Inc.	52,770	$1.035M	0.1%	$19.91	—	Common	14070T102
ENVA	Enova International, Inc.	35,514	$1.024M	0.1%	$30.98	+6.8%	Common	29357K103
—	Salisbury Bancorp, Inc.	43,336	$1.023M	0.1%	$50.79	—	Common	795226109
CYVF	Crystal Valley Financial	16,800	$1.008M	0.1%	$46.63	+24.2%	Common	22941P100
—	Studio Bank	74,074	$1M	0.1%	$13.50	—	Common	86389R100
—	Synovus Financial Corp.	27,657	$997K	0.1%	$31.92	—	Common	87161C501
—	Community Financial Corporation	26,732	$986K	0.1%	$20.63	—	Common	20368X101
IIIV	i3 Verticals, Inc.	35,300	$883K	0.1%	$22.74	+10.9%	Common	46571Y107
—	Community First Bancorporation	113,744	$872K	0.1%	$6.72	—	Common	203916101
—	CBTX, Inc.	32,700	$869K	0.1%	$18.16	—	Common	12481V104
—	Surrey Bancorp	61,785	$866K	0.1%	$11.40	—	Common	86888W105
SICPQ	Silvergate Capital Corporation	15,320	$820K	0.1%	$115.92	-19.6%	Common	82837P408
—	SVB Financial Group	2,027	$801K	0.1%	$646.90	—	Common	78486Q101
LNKB	LinkBancorp	79,000	$735K	0.1%	$9.30	—	Common	53578P105
PTBS	Potomac Bancshares, Inc.	41,492	$711K	0.1%	$11.64	+37.9%	Common	737643106
RRBI	Red River Bancshares, Inc.	11,299	$611K	0.1%	$49.15	+8.0%	Common	75686R202
FFMH	First Farmers and Merchants Corporation	21,488	$559K	0.1%	$29.75	-11.7%	Common	320148109
—	Paya Holdings Inc.	85,104	$559K	0.1%	$6.20	—	Common	70434P103
—	BTRS Holdings Inc.	104,645	$521K	0.0%	$9.39	—	Common	11778X104
LOB	Live Oak Bancshares	12,750	$432K	0.0%	$61.92	-33.2%	Common	53803X105
NIC	Nicolet Bankshares, Inc.	5,593	$405K	0.0%	$73.78	+6.1%	Common	65406E102
PAYO	Payoneer Global Inc	103,050	$404K	0.0%	$7.43	-40.0%	Common	70451X104
LPRO	Open Lending Corporation	34,220	$350K	0.0%	$23.42	-42.8%	Common	68373J104
SBKO	Summit Bank Group, Inc.	22,593	$311K	0.0%	$12.01	+20.6%	Common	86603R100
JMSB	John Marshall Bank	13,400	$302K	0.0%	$21.49	+15.7%	Common	47805L101
NCNO	nCino, Inc.	9,260	$286K	0.0%	$60.65	-41.8%	Common	63947X101
AMFC	AMB Financial Corp.	12,862	$284K	0.0%	$8.50	+169.4%	Common	001984103
—	Nuvei Corp	5,500	$199K	0.0%	$64.91	—	Common	67079A102
—	Voyager Digital	417,315	$184K	0.0%	$13.07	—	Common	92919V108
EFSC	Enterprise Financial Services Corp	4,384	$182K	0.0%	$40.72	+0.7%	Common	293712105
FOUR	Shift4 Payments	2,880	$95,000	0.0%	$52.74	-10.5%	Common	82452J109
LFGP	Ledyard Financial Group, Inc.	4,659	$95,000	0.0%	$18.50	+19.8%	Common	523338101
PCLB	Pinnacle Bancshares, Inc.	2,500	$85,000	0.0%	$18.54	+73.0%	Common	722903101
LWCL	Lewis & Clark Bancorp	729	$26,000	0.0%	$4.18	+63.8%	Common	52757L109