Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CPBI	CENTRAL PLAINS BANCSHARES IN	406,874 (+10.9%)	$7.743M (+23.3%)	4.4%	$14.51	—	COM	15486W100
CLST	CATALYST BANCORP INC	364,085 (+28.9%)	$6.011M (+28.5%)	3.4%	$14.46	—	COMMON STOCK	14888L101

Exited Positions (3)

IBRX IMMUNITYBIO INC 0.4%

Value $614K Shares 80,000 Est. Cost $5.88 Unrealized —

SRBK SR BANCORP INC 0.2%

Value $338K Shares 20,000 Est. Cost $8.66 Unrealized —

WHLR WHEELER REAL ESTATE INVT TR 0.0%

Value $17,615 Shares 19,029 Est. Cost $0.93 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IBRX	IMMUNITYBIO INC	80,000	$614K	0.4%	$5.88	—	—	45256X103
SRBK	SR BANCORP INC	20,000	$338K	0.2%	$8.66	—	—	85227J106
WHLR	WHEELER REAL ESTATE INVT TR	19,029	$17,615	0.0%	$0.93	—	—	963025762

Decreased Positions (7)

— WHEELER REAL ESTATE INVT TR 4.1%

Value $7.105M (+39.0%) Shares 710,466 (-3.4%) Est. Cost $3.05 Unrealized —

— WHEELER REAL ESTATE INVT TR 41.0%

Value $71.42M (+0.9%) Shares 865,721 (-2.0%) Est. Cost $35.00 Unrealized —

NBBK NB BANCORP INC 0.6%

Value $1.056M (-22.9%) Shares 50,000 (-23.1%) Est. Cost $13.61 Unrealized —

FSBW FS BANCORP INC 1.7%

Value $3.038M (+9.3%) Shares 70,000 (-2.8%) Est. Cost $22.45 Unrealized —

NECB NORTHEAST CMNTY BANCORP INC 1.6%

Value $2.774M (+6.0%) Shares 100,000 (-9.1%) Est. Cost $10.11 Unrealized —

AVBC AVIDIA BANCORP INC 0.4%

Value $735K (-6.6%) Shares 35,000 (-12.5%) Est. Cost $15.09 Unrealized —

BVFL BV FINL INC 1.0%

Value $1.694M (-1.6%) Shares 80,000 (-11.1%) Est. Cost $10.31 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	WHEELER REAL ESTATE INVT TR	710,466 (-3.4%)	$7.105M (+39.0%)	4.1%	$3.05	—	CV PFD SER B	963025309
—	WHEELER REAL ESTATE INVT TR	865,721 (-2.0%)	$71.42M (+0.9%)	41.0%	$35.00	—	7% SR NT 31	963025804
NBBK	NB BANCORP INC	50,000 (-23.1%)	$1.056M (-22.9%)	0.6%	$13.61	—	COM	63945M107
FSBW	FS BANCORP INC	70,000 (-2.8%)	$3.038M (+9.3%)	1.7%	$22.45	—	COM	30263Y104
NECB	NORTHEAST CMNTY BANCORP INC	100,000 (-9.1%)	$2.774M (+6.0%)	1.6%	$10.11	—	COM	664121100
AVBC	AVIDIA BANCORP INC	35,000 (-12.5%)	$735K (-6.6%)	0.4%	$15.09	—	COMMON STOCK	05369T100
BVFL	BV FINL INC	80,000 (-11.1%)	$1.694M (-1.6%)	1.0%	$10.31	—	COM NEW	05603E208

Unchanged Positions (13)

LSBK LAKE SHORE BANCORP INC 7.9%

Value $13.78M Shares 773,675 Est. Cost $12.64 Unrealized —

HFBL HOME FED BANCORP INC LA NEW 1.0%

Value $1.679M Shares 80,000 Est. Cost $13.38 Unrealized —

SFBC SOUND FINL BANCORP INC 10.1%

Value $17.68M Shares 410,019 Est. Cost $22.79 Unrealized —

AGQ PROSHARES TR II 0.2%

Value $272K Shares 4,000 Est. Cost $119.51 Unrealized —

FDSB FIFTH DIST BANCORP INC 0.7%

Value $1.298M Shares 80,000 Est. Cost $11.04 Unrealized —

ECBK ECB BANCORP INC 0.2%

Value $402K Shares 20,000 Est. Cost $14.18 Unrealized —

PDLB PONCE FINANCIAL GROUP INC 0.2%

Value $399K Shares 20,000 Est. Cost $10.61 Unrealized —

MBBC MARATHON BANCORP INC 0.2%

Value $306K Shares 20,000 Est. Cost $9.97 Unrealized —

KFS KINGSWAY CORP 20.1%

Value $35.05M Shares 3,363,450 Est. Cost $4.64 Unrealized —

FBLA FB BANCORP INC 0.2%

Value $301K Shares 20,000 Est. Cost $12.15 Unrealized —

PFG PRINCIPAL FINANCIAL GROUP IN 0.0%

Value $58,956 Shares 547 Est. Cost $33.68 Unrealized —

MGYR MAGYAR BANCORP INC 0.4%

Value $698K Shares 40,000 Est. Cost $10.77 Unrealized —

MET METLIFE INC 0.0%

Value $5,077 Shares 60 Est. Cost $31.21 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LSBK	LAKE SHORE BANCORP INC	773,675	$13.78M	7.9%	$12.64	—	COM	510704109
HFBL	HOME FED BANCORP INC LA NEW	80,000	$1.679M	1.0%	$13.38	—	COM	43708L108
SFBC	SOUND FINL BANCORP INC	410,019	$17.68M	10.1%	$22.79	—	COM	83607A100
AGQ	PROSHARES TR II	4,000	$272K	0.2%	$119.51	—	ULTRA SILVER NEW	74347W353
FDSB	FIFTH DIST BANCORP INC	80,000	$1.298M	0.7%	$11.04	—	COM	316926104
ECBK	ECB BANCORP INC	20,000	$402K	0.2%	$14.18	—	COM	26828M106
PDLB	PONCE FINANCIAL GROUP INC	20,000	$399K	0.2%	$10.61	—	COMMON STOCK	732344106
MBBC	MARATHON BANCORP INC	20,000	$306K	0.2%	$9.97	—	COM NEW	565759206
KFS	KINGSWAY CORP	3,363,450	$35.05M	20.1%	$4.64	—	COM NEW	496904202
FBLA	FB BANCORP INC	20,000	$301K	0.2%	$12.15	—	COM	31425A109
PFG	PRINCIPAL FINANCIAL GROUP IN	547	$58,956	0.0%	$33.68	—	COM	74251V102
MGYR	MAGYAR BANCORP INC	40,000	$698K	0.4%	$10.77	—	COM	55977T208
MET	METLIFE INC	60	$5,077	0.0%	$31.21	—	COM	59156R108