Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BHRB	BURKE HERBERT FINL SVCS CORP	459,176 (+50.5%)	$33M (+73.6%)	6.8%	$65.97	—	COM	12135Y108
CCB	COASTAL FINL CORP WA	429,702 (+57.1%)	$33.31M (+60.0%)	6.8%	$60.01	—	COM NEW	19046P209
SFST	SOUTHERN FIRST BANCSHARES	662,860 (+9.1%)	$40.5M (+22.3%)	8.3%	$39.12	—	COM	842873101
TOWN	TOWNEBANK PORTSMOUTH VA	273,028 (+218.6%)	$9.895M (+242.9%)	2.0%	$36.03	—	COM	89214P109
FBK	FB FINL CORP	121,731 (+1635.0%)	$6.738M (+1749.0%)	1.4%	$55.54	—	COM	30257X104
OCFC	OCEANFIRST FINL CORP	1,347,421 (+19.4%)	$26.32M (+29.3%)	5.4%	$18.19	—	COM	675234108
BY	BYLINE BANCORP INC	238,671 (+32.1%)	$8.988M (+57.6%)	1.8%	$29.07	—	COM	124411109
USCB	USCB FINANCIAL HOLDINGS INC	1,052,333 (+2.7%)	$21.53M (+13.3%)	4.4%	$12.66	—	CLASS A COM	90355N101
SSB	SOUTHSTATE BK CORP	17,658 (+135.4%)	$1.764M (+154.2%)	0.4%	$100.32	—	COM	84472E102
EQBK	EQUITY BANCSHARES INC	66,518 (+1.6%)	$3.259M (+12.1%)	0.7%	$46.35	—	COM CL A	29460X109

Exited Positions (4)

COSO COASTALSOUTH BANCSHARES INC 1.2%

Value $5.941M Shares 241,595 Est. Cost $21.58 Unrealized —

UVSP UNIVEST FINANCIAL CORPORATIO 1.0%

Value $4.748M Shares 138,587 Est. Cost $20.99 Unrealized —

NBTB NBT BANCORP INC 0.5%

Value $2.67M Shares 62,711 Est. Cost $41.63 Unrealized —

EWBC EAST WEST BANCORP INC 0.1%

Value $317K Shares 2,972 Est. Cost $90.20 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COSO	COASTALSOUTH BANCSHARES INC	241,595	$5.941M	1.2%	$21.58	—	—	19058X207
UVSP	UNIVEST FINANCIAL CORPORATIO	138,587	$4.748M	1.0%	$20.99	—	—	915271100
NBTB	NBT BANCORP INC	62,711	$2.67M	0.5%	$41.63	—	—	628778102
EWBC	EAST WEST BANCORP INC	2,972	$317K	0.1%	$90.20	—	—	27579R104

Decreased Positions (17)

FVCB FVCBANKCORP INC 1.0%

Value $4.859M (-74.2%) Shares 277,658 (-77.6%) Est. Cost $12.86 Unrealized —

FIGR FIGURE TECHNOLOGY SOLUTIO 1.6%

Value $7.628M (-39.4%) Shares 248,388 (-33.0%) Est. Cost $40.30 Unrealized —

EBC EASTERN BANKSHARES INC 0.3%

Value $1.408M (-75.1%) Shares 63,315 (-78.1%) Est. Cost $14.96 Unrealized —

BANC BANC OF CALIFORNIA INC 0.6%

Value $2.972M (-54.0%) Shares 145,478 (-60.4%) Est. Cost $17.13 Unrealized —

QCRH QCR HLDGS INC 7.8%

Value $38.04M (+8.7%) Shares 390,758 (-4.6%) Est. Cost $61.90 Unrealized —

ALRS ALERUS FINL CORP 2.2%

Value $10.56M (-20.8%) Shares 339,518 (-39.6%) Est. Cost $19.62 Unrealized —

ONB OLD NATL BANCORP IND 4.0%

Value $19.65M (-11.0%) Shares 758,834 (-24.1%) Est. Cost $22.25 Unrealized —

OBK ORIGIN BANCORP INC 3.1%

Value $14.91M (+18.7%) Shares 291,493 (-3.8%) Est. Cost $37.03 Unrealized —

BCAL CALIFORNIA BANCORP 7.1%

Value $34.5M (+7.0%) Shares 1,655,639 (-9.0%) Est. Cost $14.47 Unrealized —

NBHC NATIONAL BK HLDGS CORP 5.1%

Value $24.72M (+9.7%) Shares 556,478 (-3.3%) Est. Cost $39.73 Unrealized —

VLY VALLEY NATL BANCORP 4.6%

Value $22.33M (+9.2%) Shares 1,524,356 (-8.4%) Est. Cost $10.39 Unrealized —

AVBH AVIDBANK HLDGS INC 4.5%

Value $21.76M (+7.8%) Shares 658,705 (-7.0%) Est. Cost $23.70 Unrealized —

MVBF MVB FINL CORP 1.1%

Value $5.301M (+13.6%) Shares 182,719 (-2.8%) Est. Cost $17.43 Unrealized —

CNOB CONNECTONE BANCORP INC 1.2%

Value $5.798M (+8.0%) Shares 173,400 (-13.6%) Est. Cost $25.52 Unrealized —

CIVB CIVISTA BANCSHARES INC 3.0%

Value $14.57M (+3.0%) Shares 516,376 (-16.8%) Est. Cost $20.96 Unrealized —

HBAN HUNTINGTON BANCSHARES INC 2.9%

Value $14.04M (+2.8%) Shares 791,923 (-9.2%) Est. Cost $17.83 Unrealized —

FMBH FIRST MID BANCSHARES INC 1.6%

Value $7.595M (-0.6%) Shares 157,934 (-14.9%) Est. Cost $27.25 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FVCB	FVCBANKCORP INC	277,658 (-77.6%)	$4.859M (-74.2%)	1.0%	$12.86	—	COM	36120Q101
FIGR	FIGURE TECHNOLOGY SOLUTIO	248,388 (-33.0%)	$7.628M (-39.4%)	1.6%	$40.30	—	COM CL A	349381103
EBC	EASTERN BANKSHARES INC	63,315 (-78.1%)	$1.408M (-75.1%)	0.3%	$14.96	—	COM	27627N105
BANC	BANC OF CALIFORNIA INC	145,478 (-60.4%)	$2.972M (-54.0%)	0.6%	$17.13	—	COM	05990K106
QCRH	QCR HLDGS INC	390,758 (-4.6%)	$38.04M (+8.7%)	7.8%	$61.90	—	COM	74727A104
ALRS	ALERUS FINL CORP	339,518 (-39.6%)	$10.56M (-20.8%)	2.2%	$19.62	—	COM	01446U103
ONB	OLD NATL BANCORP IND	758,834 (-24.1%)	$19.65M (-11.0%)	4.0%	$22.25	—	COM	680033107
OBK	ORIGIN BANCORP INC	291,493 (-3.8%)	$14.91M (+18.7%)	3.1%	$37.03	—	COM	68621T102
BCAL	CALIFORNIA BANCORP	1,655,639 (-9.0%)	$34.5M (+7.0%)	7.1%	$14.47	—	COM	84252A106
NBHC	NATIONAL BK HLDGS CORP	556,478 (-3.3%)	$24.72M (+9.7%)	5.1%	$39.73	—	CL A	633707104
VLY	VALLEY NATL BANCORP	1,524,356 (-8.4%)	$22.33M (+9.2%)	4.6%	$10.39	—	COM	919794107
AVBH	AVIDBANK HLDGS INC	658,705 (-7.0%)	$21.76M (+7.8%)	4.5%	$23.70	—	COM	05368J103
MVBF	MVB FINL CORP	182,719 (-2.8%)	$5.301M (+13.6%)	1.1%	$17.43	—	COM	553810102
CNOB	CONNECTONE BANCORP INC	173,400 (-13.6%)	$5.798M (+8.0%)	1.2%	$25.52	—	COM	20786W107
CIVB	CIVISTA BANCSHARES INC	516,376 (-16.8%)	$14.57M (+3.0%)	3.0%	$20.96	—	COM NO PAR	178867107
HBAN	HUNTINGTON BANCSHARES INC	791,923 (-9.2%)	$14.04M (+2.8%)	2.9%	$17.83	—	COM	446150104
FMBH	FIRST MID BANCSHARES INC	157,934 (-14.9%)	$7.595M (-0.6%)	1.6%	$27.25	—	COM	320866106

Unchanged Positions (6)

EFSC ENTERPRISE FINL SVCS CORP 3.8%

Value $18.62M Shares 282,702 Est. Cost $52.10 Unrealized —

VABK VIRGINIA NATL BK CHRLOTSVLE 2.7%

Value $13.26M Shares 298,750 Est. Cost $34.27 Unrealized —

CBNA CHAIN BRIDGE BANCORP INC 0.7%

Value $3.501M Shares 83,256 Est. Cost $24.12 Unrealized —

FLG FLAGSTAR FINANCIAL INC 0.2%

Value $1.203M Shares 80,531 Est. Cost $10.59 Unrealized —

CBFV CB FINL SVCS INC 0.2%

Value $916K Shares 24,166 Est. Cost $17.91 Unrealized —

FNWD FINWARD BANCORP 0.8%

Value $3.661M Shares 99,543 Est. Cost $41.10 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EFSC	ENTERPRISE FINL SVCS CORP	282,702	$18.62M	3.8%	$52.10	—	COM	293712105
VABK	VIRGINIA NATL BK CHRLOTSVLE	298,750	$13.26M	2.7%	$34.27	—	COM	928031103
CBNA	CHAIN BRIDGE BANCORP INC	83,256	$3.501M	0.7%	$24.12	—	CL A	15746L100
FLG	FLAGSTAR FINANCIAL INC	80,531	$1.203M	0.2%	$10.59	—	COM NEW	649445400
CBFV	CB FINL SVCS INC	24,166	$916K	0.2%	$17.91	—	COM	12479G101
FNWD	FINWARD BANCORP	99,543	$3.661M	0.8%	$41.10	—	COM	31812F109