MALTESE CAPITAL MANAGEMENT LLC Diversified Active

CIK: 0001040762 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $563,474 (100.0% shares, 0.0% debt)

Holdings (107)

New Positions (6)

CBC CENTRAL BANCOMPANY 1.6%

Value ($000) $8,890 Shares 368,567 Est. Cost $23.43 Unrealized 0.0%

CBK COMMERCIAL BANCGROUP INC 0.7%

Value ($000) $3,889 Shares 158,350 Est. Cost $24.55 Unrealized 0.0%

SMBC SOUTHERN MO BANCORP INC 0.6%

Value ($000) $3,554 Shares 60,110 Est. Cost $55.04 Unrealized 0.0%

RJF RAYMOND JAMES FINL INC 0.5%

Value ($000) $2,730 Shares 17,000 Est. Cost $160.93 Unrealized 0.0%

LCNB LCNB CORP 0.1%

Value ($000) $336 Shares 20,500 Est. Cost $15.59 Unrealized 0.0%

BEN FRANKLIN RESOURCES INC 0.0%

Value ($000) $239 Shares 10,000 Est. Cost $22.66 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CBC	CENTRAL BANCOMPANY	368,567	$8,890	1.6%	$23.43	0.0%	COM CL A	152413100
CBK	COMMERCIAL BANCGROUP INC	158,350	$3,889	0.7%	$24.55	0.0%	COM	20112C106
SMBC	SOUTHERN MO BANCORP INC	60,110	$3,554	0.6%	$55.04	0.0%	COM	843380106
RJF	RAYMOND JAMES FINL INC	17,000	$2,730	0.5%	$160.93	0.0%	COM	754730109
LCNB	LCNB CORP	20,500	$336	0.1%	$15.59	0.0%	COM	50181P100
BEN	FRANKLIN RESOURCES INC	10,000	$239	0.0%	$22.66	0.0%	COM	354613101

Increased Positions (33)

FRST PRIMIS FINANCIAL CORP 2.5%

Value ($000) $14,279 (+37.7%) Shares 1,026,500 (+4.0%) Est. Cost $10.76 Unrealized +4.0%

SSB SOUTHSTATE BK CORP 3.1%

Value ($000) $17,599 (+24.9%) Shares 187,000 (+31.2%) Est. Cost $95.55 Unrealized -3.9%

FITB FIFTH THIRD BANCORP 0.8%

Value ($000) $4,406 (+295.6%) Shares 94,125 (+276.5%) Est. Cost $42.78 Unrealized +2.0%

AVBH AVIDBANK HLDGS INC 1.4%

Value ($000) $8,101 (+44.4%) Shares 305,000 (+38.6%) Est. Cost $24.28 Unrealized +6.9%

CTBI COMMUNITY TR BANCORP INC 0.6%

Value ($000) $3,108 (+270.3%) Shares 55,000 (+266.7%) Est. Cost $54.96 Unrealized -0.2%

FFWM FIRST FNDTN INC 2.7%

Value ($000) $15,215 (+17.2%) Shares 2,470,000 (+6.0%) Est. Cost $5.92 Unrealized -5.4%

ONB OLD NATL BANCORP IND 0.5%

Value ($000) $3,012 (+256.5%) Shares 135,000 (+250.8%) Est. Cost $21.40 Unrealized +0.8%

FFBC FIRST FINL BANCORP OH 1.0%

Value ($000) $5,702 (+58.5%) Shares 227,917 (+59.9%) Est. Cost $24.16 Unrealized +2.6%

IBOC INTERNATIONAL BANCSHARES COR 1.7%

Value ($000) $9,554 (+27.0%) Shares 143,800 (+31.4%) Est. Cost $48.52 Unrealized +38.1%

NP NEPTUNE INS HLDGS INC 0.7%

Value ($000) $4,009 (+100.5%) Shares 137,500 (+37.5%) Est. Cost $21.72 Unrealized +21.1%

EWBC EAST WEST BANCORP INC 1.3%

Value ($000) $7,061 (+39.6%) Shares 62,824 (+32.3%) Est. Cost $75.37 Unrealized +39.5%

BY BYLINE BANCORP INC 1.4%

Value ($000) $7,725 (+29.6%) Shares 265,000 (+23.3%) Est. Cost $25.84 Unrealized +8.2%

UBSI UNITED BANKSHARES INC WEST V 1.0%

Value ($000) $5,472 (+43.5%) Shares 142,500 (+39.0%) Est. Cost $37.70 Unrealized -1.2%

CCNE CNB FINL CORP PA 2.3%

Value ($000) $12,863 (+11.1%) Shares 491,500 (+2.8%) Est. Cost $24.13 Unrealized +4.7%

CADE CADENCE BANK 0.4%

Value ($000) $2,131 (+89.2%) Shares 49,750 (+65.8%) Est. Cost $37.12 Unrealized +6.2%

ACNB ACNB CORP 0.6%

Value ($000) $3,199 (+43.3%) Shares 66,164 (+30.5%) Est. Cost $43.34 Unrealized +8.3%

TOWN TOWNEBANK PORTSMOUTH VA 0.8%

Value ($000) $4,422 (+24.8%) Shares 132,500 (+29.3%) Est. Cost $34.59 Unrealized -2.7%

BK BANK NEW YORK MELLON CORP 0.4%

Value ($000) $2,264 (+51.6%) Shares 19,500 (+42.3%) Est. Cost $91.85 Unrealized +20.3%

FCCO FIRST CMNTY CORP S C 1.3%

Value ($000) $7,487 (+10.7%) Shares 252,500 (+5.3%) Est. Cost $18.94 Unrealized +48.5%

IBCP INDEPENDENT BK CORP MICH 1.0%

Value ($000) $5,481 (+14.2%) Shares 168,500 (+8.7%) Est. Cost $28.58 Unrealized +11.2%

UNTY UNITY BANCORP INC 1.5%

Value ($000) $8,223 (+8.4%) Shares 159,000 (+2.4%) Est. Cost $33.18 Unrealized +49.8%

CARE CARTER BANKSHARES INC 1.4%

Value ($000) $7,781 (+8.6%) Shares 395,800 (+7.3%) Est. Cost $17.63 Unrealized +5.7%

MRBK MERIDIAN CORPORATION 0.1%

Value ($000) $607 (+382.3%) Shares 34,523 (+333.2%) Est. Cost $15.29 Unrealized +1.1%

OPBK OP BANCORP 0.7%

Value ($000) $3,796 (+12.6%) Shares 268,867 (+11.0%) Est. Cost $10.30 Unrealized +32.7%

HBAN HUNTINGTON BANCSHARES INC 0.6%

Value ($000) $3,343 (+13.9%) Shares 192,708 (+13.4%) Est. Cost $12.07 Unrealized +34.9%

MBBC MARATHON BANCORP INC 0.3%

Value ($000) $1,764 (+25.2%) Shares 145,100 (+7.4%) Est. Cost $10.05 Unrealized +11.1%

SFST SOUTHERN FIRST BANCSHARES 0.3%

Value ($000) $1,476 (+31.2%) Shares 28,644 (+12.3%) Est. Cost $43.30 Unrealized +10.8%

PEBK PEOPLES BANCORP N C INC 0.3%

Value ($000) $1,808 (+19.5%) Shares 49,958 (+1.2%) Est. Cost $26.55 Unrealized +21.3%

SBCF SEACOAST BKG CORP FLA 0.3%

Value ($000) $1,414 (+24.2%) Shares 45,000 (+20.3%) Est. Cost $29.45 Unrealized +5.8%

BCOW 1895 Bancorp Of Wisconsin, Inc. 0.4%

Value ($000) $2,529 (+10.1%) Shares 225,838 (+9.1%) Est. Cost $11.03 Unrealized -1.7%

CRBG COREBRIDGE FINL INC 0.4%

Value ($000) $2,112 (+5.4%) Shares 70,000 (+12.0%) Est. Cost $33.37 Unrealized -8.4%

AFBI AFFINITY BANCSHARES INC 0.2%

Value ($000) $1,152 (+9.2%) Shares 56,439 (+5.5%) Est. Cost $17.85 Unrealized +9.7%

MGYR MAGYAR BANCORP INC 0.7%

Value ($000) $4,191 (+1.5%) Shares 242,553 (+1.4%) Est. Cost $11.41 Unrealized +49.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FRST	PRIMIS FINANCIAL CORP	1,026,500 (+4.0%)	$14,279 (+37.7%)	2.5%	$10.76	+4.0%	COM	74167B109
SSB	SOUTHSTATE BK CORP	187,000 (+31.2%)	$17,599 (+24.9%)	3.1%	$95.55	-3.9%	COM	84472E102
FITB	FIFTH THIRD BANCORP	94,125 (+276.5%)	$4,406 (+295.6%)	0.8%	$42.78	+2.0%	COM	316773100
AVBH	AVIDBANK HLDGS INC	305,000 (+38.6%)	$8,101 (+44.4%)	1.4%	$24.28	+6.9%	COM	05368J103
CTBI	COMMUNITY TR BANCORP INC	55,000 (+266.7%)	$3,108 (+270.3%)	0.6%	$54.96	-0.2%	COM	204149108
FFWM	FIRST FNDTN INC	2,470,000 (+6.0%)	$15,215 (+17.2%)	2.7%	$5.92	-5.4%	COM	32026V104
ONB	OLD NATL BANCORP IND	135,000 (+250.8%)	$3,012 (+256.5%)	0.5%	$21.40	+0.8%	COM	680033107
FFBC	FIRST FINL BANCORP OH	227,917 (+59.9%)	$5,702 (+58.5%)	1.0%	$24.16	+2.6%	COM	320209109
IBOC	INTERNATIONAL BANCSHARES COR	143,800 (+31.4%)	$9,554 (+27.0%)	1.7%	$48.52	+38.1%	COM	459044103
NP	NEPTUNE INS HLDGS INC	137,500 (+37.5%)	$4,009 (+100.5%)	0.7%	$21.72	+21.1%	CL A	64073B103
EWBC	EAST WEST BANCORP INC	62,824 (+32.3%)	$7,061 (+39.6%)	1.3%	$75.37	+39.5%	COM	27579R104
BY	BYLINE BANCORP INC	265,000 (+23.3%)	$7,725 (+29.6%)	1.4%	$25.84	+8.2%	COM	124411109
UBSI	UNITED BANKSHARES INC WEST V	142,500 (+39.0%)	$5,472 (+43.5%)	1.0%	$37.70	-1.2%	COM	909907107
CCNE	CNB FINL CORP PA	491,500 (+2.8%)	$12,863 (+11.1%)	2.3%	$24.13	+4.7%	COM	126128107
CADE	CADENCE BANK	49,750 (+65.8%)	$2,131 (+89.2%)	0.4%	$37.12	+6.2%	COM	12740C103
ACNB	ACNB CORP	66,164 (+30.5%)	$3,199 (+43.3%)	0.6%	$43.34	+8.3%	COM	000868109
TOWN	TOWNEBANK PORTSMOUTH VA	132,500 (+29.3%)	$4,422 (+24.8%)	0.8%	$34.59	-2.7%	COM	89214P109
BK	BANK NEW YORK MELLON CORP	19,500 (+42.3%)	$2,264 (+51.6%)	0.4%	$91.85	+20.3%	COM	064058100
FCCO	FIRST CMNTY CORP S C	252,500 (+5.3%)	$7,487 (+10.7%)	1.3%	$18.94	+48.5%	COM	319835104
IBCP	INDEPENDENT BK CORP MICH	168,500 (+8.7%)	$5,481 (+14.2%)	1.0%	$28.58	+11.2%	COM NEW	453838609
UNTY	UNITY BANCORP INC	159,000 (+2.4%)	$8,223 (+8.4%)	1.5%	$33.18	+49.8%	COM	913290102
CARE	CARTER BANKSHARES INC	395,800 (+7.3%)	$7,781 (+8.6%)	1.4%	$17.63	+5.7%	COM NEW	146103106
MRBK	MERIDIAN CORPORATION	34,523 (+333.2%)	$607 (+382.3%)	0.1%	$15.29	+1.1%	COM	58958P104
OPBK	OP BANCORP	268,867 (+11.0%)	$3,796 (+12.6%)	0.7%	$10.30	+32.7%	COM	67109R109
HBAN	HUNTINGTON BANCSHARES INC	192,708 (+13.4%)	$3,343 (+13.9%)	0.6%	$12.07	+34.9%	COM	446150104
MBBC	MARATHON BANCORP INC	145,100 (+7.4%)	$1,764 (+25.2%)	0.3%	$10.05	+11.1%	COM NEW	565759206
SFST	SOUTHERN FIRST BANCSHARES	28,644 (+12.3%)	$1,476 (+31.2%)	0.3%	$43.30	+10.8%	COM	842873101
PEBK	PEOPLES BANCORP N C INC	49,958 (+1.2%)	$1,808 (+19.5%)	0.3%	$26.55	+21.3%	COM	710577107
SBCF	SEACOAST BKG CORP FLA	45,000 (+20.3%)	$1,414 (+24.2%)	0.3%	$29.45	+5.8%	COM NEW	811707801
BCOW	1895 Bancorp Of Wisconsin, Inc.	225,838 (+9.1%)	$2,529 (+10.1%)	0.4%	$11.03	-1.7%	NON 13F SECURITY	28253R105
CRBG	COREBRIDGE FINL INC	70,000 (+12.0%)	$2,112 (+5.4%)	0.4%	$33.37	-8.4%	COM	21871X109
AFBI	AFFINITY BANCSHARES INC	56,439 (+5.5%)	$1,152 (+9.2%)	0.2%	$17.85	+9.7%	COM	00832E103
MGYR	MAGYAR BANCORP INC	242,553 (+1.4%)	$4,191 (+1.5%)	0.7%	$11.41	+49.1%	COM	55977T208

Exited Positions (23)

BLK BLACKROCK INC 1.3%

Value ($000) $7,078 Shares 6,071 Est. Cost $1021.52 Unrealized +6.6%

JHG JANUS HENDERSON GROUP PLC 0.7%

Value ($000) $4,006 Shares 90,000 Est. Cost $35.02 Unrealized +26.3%

MBWM MERCANTILE BK CORP 0.7%

Value ($000) $3,690 Shares 82,000 Est. Cost $44.45 Unrealized +3.2%

AUB ATLANTIC UN BANKSHARES CORP 0.6%

Value ($000) $3,247 Shares 92,000 Est. Cost $27.78 Unrealized +21.9%

KKR KKR & CO INC 0.5%

Value ($000) $3,060 Shares 23,550 Est. Cost $141.65 Unrealized -12.3%

IROQ IF BANCORP INC 0.4%

Value ($000) $2,523 Shares 97,500 Est. Cost $16.35 Unrealized +59.2%

HTBK HERITAGE COMM CORP 0.4%

Value ($000) $2,494 Shares 251,175 Est. Cost $9.38 Unrealized +15.7%

BAM BROOKFIELD ASSET MANAGMT LTD 0.4%

Value ($000) $2,357 Shares 41,386 Est. Cost $52.48 Unrealized +1.9%

CMA COMERICA INC 0.3%

Value ($000) $1,884 Shares 27,500 Est. Cost $66.25 Unrealized +20.7%

ARES ARES MANAGEMENT CORPORATION 0.3%

Value ($000) $1,599 Shares 10,000 Est. Cost $145.22 Unrealized +6.7%

CG CARLYLE GROUP INC 0.3%

Value ($000) $1,568 Shares 25,000 Est. Cost $61.48 Unrealized -8.5%

SFNC SIMMONS 1ST NATL CORP 0.3%

Value ($000) $1,559 Shares 81,322 Est. Cost $19.96 Unrealized -7.2%

COFS CHOICEONE FINL SVCS INC 0.2%

Value ($000) $1,314 Shares 45,359 Est. Cost $27.26 Unrealized +7.6%

— Merchants Bancorp 8.25 Non-Cumulative Perpetual Preferred Stock, Series D 0.2%

Value ($000) $1,292 Shares 52,000 Est. Cost $25.15 Unrealized —

BLSH BULLISH 0.2%

Value ($000) $1,228 Shares 19,300 Est. Cost $61.33 Unrealized -20.6%

FFIC FLUSHING FINL CORP 0.2%

Value ($000) $1,210 Shares 87,626 Est. Cost $11.54 Unrealized +30.1%

— TC Bancshares, Inc. 0.2%

Value ($000) $1,048 Shares 49,900 Est. Cost $14.74 Unrealized —

AX AXOS FINANCIAL INC 0.2%

Value ($000) $847 Shares 10,000 Est. Cost $87.15 Unrealized -5.5%

PFS PROVIDENT FINL SVCS INC 0.1%

Value ($000) $719 Shares 37,280 Est. Cost $18.52 Unrealized +2.7%

CBAN COLONY BANKCORP INC 0.1%

Value ($000) $652 Shares 38,329 Est. Cost $15.41 Unrealized +9.1%

— Merchants Bancorp 7.625 Non-Cumulative Perpetual Preferred Stock, Series E 0.1%

Value ($000) $508 Shares 22,000 Est. Cost $25.30 Unrealized —

OBT ORANGE CNTY BANCORP INC 0.0%

Value ($000) $200 Shares 7,921 Est. Cost $24.41 Unrealized +7.6%

TRST TRUSTCO BK CORP N Y 0.0%

Value ($000) $182 Shares 5,000 Est. Cost $31.83 Unrealized +24.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BLK	BLACKROCK INC	6,071	$7,078	1.3%	$1021.52	+6.6%	—	09290D101
JHG	JANUS HENDERSON GROUP PLC	90,000	$4,006	0.7%	$35.02	+26.3%	—	G4474Y214
MBWM	MERCANTILE BK CORP	82,000	$3,690	0.7%	$44.45	+3.2%	—	587376104
AUB	ATLANTIC UN BANKSHARES CORP	92,000	$3,247	0.6%	$27.78	+21.9%	—	04911A107
KKR	KKR & CO INC	23,550	$3,060	0.5%	$141.65	-12.3%	—	48251W104
IROQ	IF BANCORP INC	97,500	$2,523	0.4%	$16.35	+59.2%	—	44951J105
HTBK	HERITAGE COMM CORP	251,175	$2,494	0.4%	$9.38	+15.7%	—	426927109
BAM	BROOKFIELD ASSET MANAGMT LTD	41,386	$2,357	0.4%	$52.48	+1.9%	—	113004105
CMA	COMERICA INC	27,500	$1,884	0.3%	$66.25	+20.7%	—	200340107
ARES	ARES MANAGEMENT CORPORATION	10,000	$1,599	0.3%	$145.22	+6.7%	—	03990B101
CG	CARLYLE GROUP INC	25,000	$1,568	0.3%	$61.48	-8.5%	—	14316J108
SFNC	SIMMONS 1ST NATL CORP	81,322	$1,559	0.3%	$19.96	-7.2%	—	828730200
COFS	CHOICEONE FINL SVCS INC	45,359	$1,314	0.2%	$27.26	+7.6%	—	170386106
—	Merchants Bancorp 8.25 Non-Cumulative Perpetual Preferred Stock, Series D	52,000	$1,292	0.2%	$25.15	—	—	58844R884
BLSH	BULLISH	19,300	$1,228	0.2%	$61.33	-20.6%	—	G16910120
FFIC	FLUSHING FINL CORP	87,626	$1,210	0.2%	$11.54	+30.1%	—	343873105
—	TC Bancshares, Inc.	49,900	$1,048	0.2%	$14.74	—	—	87224V108
AX	AXOS FINANCIAL INC	10,000	$847	0.2%	$87.15	-5.5%	—	05465C100
PFS	PROVIDENT FINL SVCS INC	37,280	$719	0.1%	$18.52	+2.7%	—	74386T105
CBAN	COLONY BANKCORP INC	38,329	$652	0.1%	$15.41	+9.1%	—	19623P101
—	Merchants Bancorp 7.625 Non-Cumulative Perpetual Preferred Stock, Series E	22,000	$508	0.1%	$25.30	—	—	58844R850
OBT	ORANGE CNTY BANCORP INC	7,921	$200	0.0%	$24.41	+7.6%	—	68417L107
TRST	TRUSTCO BK CORP N Y	5,000	$182	0.0%	$31.83	+24.5%	—	898349204

Decreased Positions (60)

WAL WESTERN ALLIANCE BANCORP 0.9%

Value ($000) $5,044 (-68.6%) Shares 60,000 (-67.6%) Est. Cost $58.31 Unrealized +38.3%

USB US BANCORP DEL 0.8%

Value ($000) $4,669 (-66.0%) Shares 87,500 (-69.2%) Est. Cost $45.96 Unrealized +6.0%

MTB M & T BK CORP 1.4%

Value ($000) $8,160 (-48.4%) Shares 40,500 (-49.4%) Est. Cost $149.28 Unrealized +27.3%

AMTB AMERANT BANCORP INC 2.1%

Value ($000) $11,560 (-38.0%) Shares 592,500 (-38.7%) Est. Cost $21.75 Unrealized -14.9%

FHN FIRST HORIZON CORPORATION 0.8%

Value ($000) $4,601 (-55.8%) Shares 192,500 (-58.2%) Est. Cost $13.34 Unrealized +66.3%

C CITIGROUP INC 2.7%

Value ($000) $15,461 (-27.2%) Shares 132,500 (-36.7%) Est. Cost $50.27 Unrealized +106.2%

MIAX MIAMI INTL HLDGS INC 0.3%

Value ($000) $1,716 (-73.4%) Shares 38,675 (-75.8%) Est. Cost $36.58 Unrealized +21.9%

IVZ INVESCO LTD 0.4%

Value ($000) $2,504 (-65.3%) Shares 95,335 (-69.7%) Est. Cost $17.94 Unrealized +35.6%

FSUN FIRSTSUN CAP BANCORP 0.5%

Value ($000) $2,823 (-58.4%) Shares 75,000 (-57.1%) Est. Cost $39.73 Unrealized -8.3%

WSBC WESBANCO INC 1.6%

Value ($000) $9,141 (-28.8%) Shares 275,000 (-31.6%) Est. Cost $30.77 Unrealized +5.1%

MCHB MECHANICS BANCORP 1.8%

Value ($000) $10,057 (-25.5%) Shares 687,400 (-32.2%) Est. Cost $13.54 Unrealized +2.6%

COF CAPITAL ONE FINL CORP 1.3%

Value ($000) $7,113 (-31.7%) Shares 29,347 (-40.1%) Est. Cost $185.52 Unrealized +19.8%

FSBC FIVE STAR BANCORP 1.0%

Value ($000) $5,725 (-35.9%) Shares 160,000 (-42.3%) Est. Cost $22.59 Unrealized +52.2%

ZION ZIONS BANCORPORATION N A 1.1%

Value ($000) $6,147 (-32.1%) Shares 105,000 (-34.4%) Est. Cost $41.52 Unrealized +31.2%

MOFG MIDWESTONE FINL GROUP INC NE 2.3%

Value ($000) $13,090 (+27.3%) Shares 340,000 (-6.4%) Est. Cost $27.24 Unrealized +33.8%

NBHC NATIONAL BK HLDGS CORP 2.4%

Value ($000) $13,399 (-16.2%) Shares 352,500 (-14.9%) Est. Cost $35.36 Unrealized +6.0%

CIVB CIVISTA BANCSHARES INC 0.6%

Value ($000) $3,318 (-42.5%) Shares 149,315 (-47.4%) Est. Cost $19.34 Unrealized +13.1%

WT WISDOMTREE INC 0.1%

Value ($000) $427 (-84.7%) Shares 35,000 (-82.5%) Est. Cost $9.36 Unrealized +29.1%

FCNCA FIRST CTZNS BANCSHARES INC D 1.7%

Value ($000) $9,463 (-18.8%) Shares 4,409 (-32.3%) Est. Cost $1208.74 Unrealized +55.8%

WABC WESTAMERICA BANCORPORATION 0.6%

Value ($000) $3,252 (-38.9%) Shares 68,000 (-36.2%) Est. Cost $43.10 Unrealized +9.9%

EFSI EAGLE FINL SVCS INC 0.9%

Value ($000) $5,139 (-28.5%) Shares 129,149 (-32.0%) Est. Cost $32.53 Unrealized +13.8%

EFSC ENTERPRISE FINL SVCS CORP 0.5%

Value ($000) $3,000 (-35.3%) Shares 55,559 (-30.6%) Est. Cost $42.19 Unrealized +29.6%

JPM JPMORGAN CHASE & CO. 0.9%

Value ($000) $4,838 (-25.2%) Shares 15,014 (-26.8%) Est. Cost $191.76 Unrealized +61.4%

WBS WEBSTER FINL CORP 2.6%

Value ($000) $14,476 (-9.4%) Shares 230,000 (-14.4%) Est. Cost $49.13 Unrealized +20.8%

BAC BANK AMERICA CORP 1.5%

Value ($000) $8,314 (-15.2%) Shares 151,156 (-20.4%) Est. Cost $37.38 Unrealized +40.9%

RNST RENASANT CORP 0.7%

Value ($000) $4,139 (-26.4%) Shares 117,521 (-22.9%) Est. Cost $33.23 Unrealized +6.6%

USCB USCB FINANCIAL HOLDINGS INC 0.5%

Value ($000) $3,091 (-32.4%) Shares 167,800 (-36.0%) Est. Cost $14.10 Unrealized +26.7%

KEY KEYCORP 0.7%

Value ($000) $3,818 (-27.0%) Shares 185,000 (-33.9%) Est. Cost $15.66 Unrealized +18.0%

CBNK CAPITAL BANCORP INC MD 0.4%

Value ($000) $2,474 (-36.0%) Shares 87,829 (-27.5%) Est. Cost $18.22 Unrealized +56.7%

FISI FINANCIAL INSTNS INC 0.8%

Value ($000) $4,520 (-21.2%) Shares 145,000 (-31.3%) Est. Cost $24.95 Unrealized +17.2%

ISTR INVESTAR HLDG CORP 0.8%

Value ($000) $4,600 (-20.4%) Shares 172,138 (-30.8%) Est. Cost $13.69 Unrealized +79.6%

WFC WELLS FARGO CO NEW 1.0%

Value ($000) $5,452 (-16.1%) Shares 58,500 (-24.5%) Est. Cost $59.54 Unrealized +45.5%

COLB COLUMBIA BKG SYS INC 1.2%

Value ($000) $6,848 (-12.9%) Shares 245,000 (-19.8%) Est. Cost $24.03 Unrealized +11.7%

QCRH QCR HOLDINGS INC 1.9%

Value ($000) $10,854 (-8.5%) Shares 130,300 (-17.0%) Est. Cost $57.75 Unrealized +36.2%

HBCP HOME BANCORP INC 0.4%

Value ($000) $2,185 (-30.9%) Shares 37,802 (-35.0%) Est. Cost $24.12 Unrealized +129.2%

VLY VALLEY NATL BANCORP 0.9%

Value ($000) $5,069 (-16.1%) Shares 434,000 (-23.9%) Est. Cost $10.40 Unrealized +6.7%

JCAP JEFFERSON CAPITAL INC 0.9%

Value ($000) $5,175 (-15.8%) Shares 231,630 (-35.0%) Est. Cost $18.49 Unrealized +9.3%

SCHW SCHWAB CHARLES CORP 0.9%

Value ($000) $4,996 (-16.3%) Shares 50,000 (-20.0%) Est. Cost $84.11 Unrealized +12.6%

CFG CITIZENS FINL GROUP INC 1.0%

Value ($000) $5,549 (-14.5%) Shares 95,000 (-22.2%) Est. Cost $40.78 Unrealized +31.4%

UMBF UMB FINL CORP 1.3%

Value ($000) $7,478 (-11.0%) Shares 65,000 (-8.5%) Est. Cost $92.67 Unrealized +22.2%

CCBG CAPITAL CITY BK GROUP INC 0.4%

Value ($000) $2,129 (-29.7%) Shares 50,000 (-30.9%) Est. Cost $30.32 Unrealized +36.9%

WRIV White River Bancshares Co 0.2%

Value ($000) $916 (-45.2%) Shares 18,500 (-48.6%) Est. Cost $24.50 Unrealized +93.3%

CHYM CHIME FINL INC 1.6%

Value ($000) $9,269 (+8.7%) Shares 368,263 (-12.9%) Est. Cost $32.75 Unrealized -35.1%

— Banc of California 7.75 Non-Cumulative Perpetual Preferred Stock, Series A 0.3%

Value ($000) $1,511 (-31.3%) Shares 60,000 (-31.8%) Est. Cost $23.22 Unrealized —

INDB INDEPENDENT BK CORP MASS 0.8%

Value ($000) $4,641 (-12.3%) Shares 63,500 (-17.0%) Est. Cost $63.26 Unrealized +11.5%

WNEB WESTERN NEW ENG BANCORP INC 0.4%

Value ($000) $2,081 (-22.1%) Shares 164,888 (-25.9%) Est. Cost $8.93 Unrealized +33.5%

WTFC WINTRUST FINL CORP 0.5%

Value ($000) $2,657 (-15.5%) Shares 19,000 (-19.9%) Est. Cost $104.03 Unrealized +27.8%

PFBC PREFERRED BK LOS ANGELES CA 1.1%

Value ($000) $6,118 (-6.6%) Shares 64,788 (-10.6%) Est. Cost $57.50 Unrealized +62.1%

ABCB AMERIS BANCORP 1.6%

Value ($000) $9,024 (-4.6%) Shares 121,500 (-5.8%) Est. Cost $36.66 Unrealized +102.4%

HOMB HOME BANCSHARES INC 0.3%

Value ($000) $1,428 (-22.4%) Shares 51,400 (-20.9%) Est. Cost $23.12 Unrealized +20.0%

— FLAGSTAR BANK NATIONAL ASSOC 0.3%

Value ($000) $1,888 (-16.9%) Shares 47,149 (-17.3%) Est. Cost $33.61 Unrealized —

PCB PCB BANCORP 0.4%

Value ($000) $2,086 (-14.2%) Shares 96,363 (-16.7%) Est. Cost $17.96 Unrealized +20.1%

BBT BEACON FINANCIAL CORP. 1.0%

Value ($000) $5,801 (+6.2%) Shares 220,000 (-4.5%) Est. Cost $26.88 Unrealized -7.2%

FMBH FIRST MID ILL BANCSHARES INC 0.5%

Value ($000) $2,730 (-9.9%) Shares 70,000 (-12.5%) Est. Cost $35.42 Unrealized +6.5%

HOPE HOPE BANCORP INC 0.2%

Value ($000) $1,151 (-9.7%) Shares 105,000 (-11.2%) Est. Cost $11.24 Unrealized -4.1%

FVCB FVCBANKCORP INC 0.0%

Value ($000) $254 (-29.0%) Shares 18,287 (-33.8%) Est. Cost $11.83 Unrealized +7.6%

AVBC AVIDIA BANCORP INC 0.1%

Value ($000) $643 (-10.3%) Shares 38,250 (-20.3%) Est. Cost $15.09 Unrealized +3.6%

HBNC HORIZON BANCORP INC 2.4%

Value ($000) $13,441 (-0.3%) Shares 792,500 (-5.8%) Est. Cost $13.11 Unrealized +26.4%

BKU BANKUNITED INC 0.3%

Value ($000) $1,560 (+2.2%) Shares 35,000 (-12.5%) Est. Cost $21.81 Unrealized +88.4%

SF STIFEL FINL CORP 0.8%

Value ($000) $4,583 (+0.1%) Shares 36,600 (-9.3%) Est. Cost $92.04 Unrealized +29.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WAL	WESTERN ALLIANCE BANCORP	60,000 (-67.6%)	$5,044 (-68.6%)	0.9%	$58.31	+38.3%	COM	957638109
USB	US BANCORP DEL	87,500 (-69.2%)	$4,669 (-66.0%)	0.8%	$45.96	+6.0%	COM NEW	902973304
MTB	M & T BK CORP	40,500 (-49.4%)	$8,160 (-48.4%)	1.4%	$149.28	+27.3%	COM	55261F104
AMTB	AMERANT BANCORP INC	592,500 (-38.7%)	$11,560 (-38.0%)	2.1%	$21.75	-14.9%	CL A	023576101
FHN	FIRST HORIZON CORPORATION	192,500 (-58.2%)	$4,601 (-55.8%)	0.8%	$13.34	+66.3%	COM	320517105
C	CITIGROUP INC	132,500 (-36.7%)	$15,461 (-27.2%)	2.7%	$50.27	+106.2%	COM NEW	172967424
MIAX	MIAMI INTL HLDGS INC	38,675 (-75.8%)	$1,716 (-73.4%)	0.3%	$36.58	+21.9%	COM	59356Q108
IVZ	INVESCO LTD	95,335 (-69.7%)	$2,504 (-65.3%)	0.4%	$17.94	+35.6%	SHS	G491BT108
FSUN	FIRSTSUN CAP BANCORP	75,000 (-57.1%)	$2,823 (-58.4%)	0.5%	$39.73	-8.3%	COM	33767U107
WSBC	WESBANCO INC	275,000 (-31.6%)	$9,141 (-28.8%)	1.6%	$30.77	+5.1%	COM	950810101
MCHB	MECHANICS BANCORP	687,400 (-32.2%)	$10,057 (-25.5%)	1.8%	$13.54	+2.6%	CL A	43785V102
COF	CAPITAL ONE FINL CORP	29,347 (-40.1%)	$7,113 (-31.7%)	1.3%	$185.52	+19.8%	COM	14040H105
FSBC	FIVE STAR BANCORP	160,000 (-42.3%)	$5,725 (-35.9%)	1.0%	$22.59	+52.2%	COM	33830T103
ZION	ZIONS BANCORPORATION N A	105,000 (-34.4%)	$6,147 (-32.1%)	1.1%	$41.52	+31.2%	COM	989701107
MOFG	MIDWESTONE FINL GROUP INC NE	340,000 (-6.4%)	$13,090 (+27.3%)	2.3%	$27.24	+33.8%	COM	598511103
NBHC	NATIONAL BK HLDGS CORP	352,500 (-14.9%)	$13,399 (-16.2%)	2.4%	$35.36	+6.0%	CL A	633707104
CIVB	CIVISTA BANCSHARES INC	149,315 (-47.4%)	$3,318 (-42.5%)	0.6%	$19.34	+13.1%	COM NO PAR	178867107
WT	WISDOMTREE INC	35,000 (-82.5%)	$427 (-84.7%)	0.1%	$9.36	+29.1%	COM	97717P104
FCNCA	FIRST CTZNS BANCSHARES INC D	4,409 (-32.3%)	$9,463 (-18.8%)	1.7%	$1208.74	+55.8%	CL A	31946M103
WABC	WESTAMERICA BANCORPORATION	68,000 (-36.2%)	$3,252 (-38.9%)	0.6%	$43.10	+9.9%	COM	957090103
EFSI	EAGLE FINL SVCS INC	129,149 (-32.0%)	$5,139 (-28.5%)	0.9%	$32.53	+13.8%	COM	26951R104
EFSC	ENTERPRISE FINL SVCS CORP	55,559 (-30.6%)	$3,000 (-35.3%)	0.5%	$42.19	+29.6%	COM	293712105
JPM	JPMORGAN CHASE & CO.	15,014 (-26.8%)	$4,838 (-25.2%)	0.9%	$191.76	+61.4%	COM	46625H100
WBS	WEBSTER FINL CORP	230,000 (-14.4%)	$14,476 (-9.4%)	2.6%	$49.13	+20.8%	COM	947890109
BAC	BANK AMERICA CORP	151,156 (-20.4%)	$8,314 (-15.2%)	1.5%	$37.38	+40.9%	COM	060505104
RNST	RENASANT CORP	117,521 (-22.9%)	$4,139 (-26.4%)	0.7%	$33.23	+6.6%	COM	75970E107
USCB	USCB FINANCIAL HOLDINGS INC	167,800 (-36.0%)	$3,091 (-32.4%)	0.5%	$14.10	+26.7%	CLASS A COM	90355N101
KEY	KEYCORP	185,000 (-33.9%)	$3,818 (-27.0%)	0.7%	$15.66	+18.0%	COM	493267108
CBNK	CAPITAL BANCORP INC MD	87,829 (-27.5%)	$2,474 (-36.0%)	0.4%	$18.22	+56.7%	COM	139737100
FISI	FINANCIAL INSTNS INC	145,000 (-31.3%)	$4,520 (-21.2%)	0.8%	$24.95	+17.2%	COM	317585404
ISTR	INVESTAR HLDG CORP	172,138 (-30.8%)	$4,600 (-20.4%)	0.8%	$13.69	+79.6%	COM	46134L105
WFC	WELLS FARGO CO NEW	58,500 (-24.5%)	$5,452 (-16.1%)	1.0%	$59.54	+45.5%	COM	949746101
COLB	COLUMBIA BKG SYS INC	245,000 (-19.8%)	$6,848 (-12.9%)	1.2%	$24.03	+11.7%	COM	197236102
QCRH	QCR HOLDINGS INC	130,300 (-17.0%)	$10,854 (-8.5%)	1.9%	$57.75	+36.2%	COM	74727A104
HBCP	HOME BANCORP INC	37,802 (-35.0%)	$2,185 (-30.9%)	0.4%	$24.12	+129.2%	COM	43689E107
VLY	VALLEY NATL BANCORP	434,000 (-23.9%)	$5,069 (-16.1%)	0.9%	$10.40	+6.7%	COM	919794107
JCAP	JEFFERSON CAPITAL INC	231,630 (-35.0%)	$5,175 (-15.8%)	0.9%	$18.49	+9.3%	COM	47248R103
SCHW	SCHWAB CHARLES CORP	50,000 (-20.0%)	$4,996 (-16.3%)	0.9%	$84.11	+12.6%	COM	808513105
CFG	CITIZENS FINL GROUP INC	95,000 (-22.2%)	$5,549 (-14.5%)	1.0%	$40.78	+31.4%	COM	174610105
UMBF	UMB FINL CORP	65,000 (-8.5%)	$7,478 (-11.0%)	1.3%	$92.67	+22.2%	COM	902788108
CCBG	CAPITAL CITY BK GROUP INC	50,000 (-30.9%)	$2,129 (-29.7%)	0.4%	$30.32	+36.9%	COM	139674105
WRIV	White River Bancshares Co	18,500 (-48.6%)	$916 (-45.2%)	0.2%	$24.50	+93.3%	NON 13F SECURITY	96445A108
CHYM	CHIME FINL INC	368,263 (-12.9%)	$9,269 (+8.7%)	1.6%	$32.75	-35.1%	COM SHS CL A	16935C109
—	Banc of California 7.75 Non-Cumulative Perpetual Preferred Stock, Series A	60,000 (-31.8%)	$1,511 (-31.3%)	0.3%	$23.22	—	NON 13F SECURITY	05990K841
INDB	INDEPENDENT BK CORP MASS	63,500 (-17.0%)	$4,641 (-12.3%)	0.8%	$63.26	+11.5%	COM	453836108
WNEB	WESTERN NEW ENG BANCORP INC	164,888 (-25.9%)	$2,081 (-22.1%)	0.4%	$8.93	+33.5%	COM	958892101
WTFC	WINTRUST FINL CORP	19,000 (-19.9%)	$2,657 (-15.5%)	0.5%	$104.03	+27.8%	COM	97650W108
PFBC	PREFERRED BK LOS ANGELES CA	64,788 (-10.6%)	$6,118 (-6.6%)	1.1%	$57.50	+62.1%	COM NEW	740367404
ABCB	AMERIS BANCORP	121,500 (-5.8%)	$9,024 (-4.6%)	1.6%	$36.66	+102.4%	COM	03076K108
HOMB	HOME BANCSHARES INC	51,400 (-20.9%)	$1,428 (-22.4%)	0.3%	$23.12	+20.0%	COM	436893200
—	FLAGSTAR BANK NATIONAL ASSOC	47,149 (-17.3%)	$1,888 (-16.9%)	0.3%	$33.61	—	UNIT 05/07/2051	64944P307
PCB	PCB BANCORP	96,363 (-16.7%)	$2,086 (-14.2%)	0.4%	$17.96	+20.1%	COM	69320M109
BBT	BEACON FINANCIAL CORP.	220,000 (-4.5%)	$5,801 (+6.2%)	1.0%	$26.88	-7.2%	COM	084680107
FMBH	FIRST MID ILL BANCSHARES INC	70,000 (-12.5%)	$2,730 (-9.9%)	0.5%	$35.42	+6.5%	COM	320866106
HOPE	HOPE BANCORP INC	105,000 (-11.2%)	$1,151 (-9.7%)	0.2%	$11.24	-4.1%	COM	43940T109
FVCB	FVCBANKCORP INC	18,287 (-33.8%)	$254 (-29.0%)	0.0%	$11.83	+7.6%	COM	36120Q101
AVBC	AVIDIA BANCORP INC	38,250 (-20.3%)	$643 (-10.3%)	0.1%	$15.09	+3.6%	COMMON STOCK	05369T100
HBNC	HORIZON BANCORP INC	792,500 (-5.8%)	$13,441 (-0.3%)	2.4%	$13.11	+26.4%	COM	440407104
BKU	BANKUNITED INC	35,000 (-12.5%)	$1,560 (+2.2%)	0.3%	$21.81	+88.4%	COM	06652K103
SF	STIFEL FINL CORP	36,600 (-9.3%)	$4,583 (+0.1%)	0.8%	$92.04	+29.9%	COM	860630102

Unchanged Positions (8)

EQBK EQUITY BANCSHARES INC 2.6%

Value ($000) $14,698 Shares 329,173 Est. Cost $37.88 Unrealized +12.5%

— Investar Holding Corporation 6.5 Ser A Conv Pfd 1.1%

Value ($000) $6,362 Shares 238,091 Est. Cost $24.69 Unrealized —

NPB NORTHPOINTE BANCSHARES INC. 1.1%

Value ($000) $6,376 Shares 380,000 Est. Cost $14.31 Unrealized +18.3%

ECBK ECB BANCORP INC 0.1%

Value ($000) $791 Shares 45,500 Est. Cost $14.18 Unrealized +17.1%

WLFC WILLIS LEASE FIN CORP 0.2%

Value ($000) $1,368 Shares 10,083 Est. Cost $14.76 Unrealized +776.7%

BWB BRIDGEWATER BANCSHARES INC 0.5%

Value ($000) $3,085 Shares 176,000 Est. Cost $12.26 Unrealized +41.6%

EQFN Equitable Financial Corp. 0.4%

Value ($000) $2,236 Shares 147,513 Est. Cost $9.95 Unrealized +53.5%

ESQ ESQUIRE FINL HLDGS INC 0.4%

Value ($000) $2,041 Shares 20,000 Est. Cost $24.82 Unrealized +307.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EQBK	EQUITY BANCSHARES INC	329,173	$14,698	2.6%	$37.88	+12.5%	COM CL A	29460X109
—	Investar Holding Corporation 6.5 Ser A Conv Pfd	238,091	$6,362	1.1%	$24.69	—	NON 13F SECURITY	46134L303
NPB	NORTHPOINTE BANCSHARES INC.	380,000	$6,376	1.1%	$14.31	+18.3%	COM SHS	66661N886
ECBK	ECB BANCORP INC	45,500	$791	0.1%	$14.18	+17.1%	COM	26828M106
WLFC	WILLIS LEASE FIN CORP	10,083	$1,368	0.2%	$14.76	+776.7%	COM	970646105
BWB	BRIDGEWATER BANCSHARES INC	176,000	$3,085	0.5%	$12.26	+41.6%	COM	108621103
EQFN	Equitable Financial Corp.	147,513	$2,236	0.4%	$9.95	+53.5%	NON 13F SECURITY	29448T105
ESQ	ESQUIRE FINL HLDGS INC	20,000	$2,041	0.4%	$24.82	+307.3%	COM	29667J101