Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GDOT	Green Dot Corp	1,214,680 (+62.2%)	$16.41M (+95.3%)	3.9%	$12.69	—	—	39304D102
ASLE	AERSALE CORP	4,439,008 (+11.4%)	$28.05M (+13.2%)	6.6%	$6.64	—	—	00810F106
NFBK	NORTHFIELD BANCORP INC DEL COM	869,575 (+12.0%)	$12.81M (+21.8%)	3.0%	$12.79	—	—	66611T108
BYFC	BROADWAY FINANCIAL CORP/DE	547,529 (+15.3%)	$5.289M (+53.5%)	1.3%	$6.95	—	—	111444709

Exited Positions (8)

SWKH SWK HLDGS CORP COM 4.0%

Value $16.93M Shares 995,256 Est. Cost $14.68 Unrealized —

BHF BRIGHTHOUSE FINANCIAL INC 4.0%

Value $16.77M Shares 280,000 Est. Cost $63.88 Unrealized —

AL Air Lease Corp 0.6%

Value $2.536M Shares 39,051 Est. Cost $47.22 Unrealized —

FBIZ FIRST BUS FINL SVCS INC WIS COM 0.4%

Value $1.601M Shares 29,685 Est. Cost $21.63 Unrealized —

WSBK WINCHESTER BANCORP INC 0.1%

Value $312K Shares 24,586 Est. Cost $9.47 Unrealized —

NSTS NSTS BANCORP INC 0.1%

Value $311K Shares 26,664 Est. Cost $11.12 Unrealized —

VABK VIRGINIA NATIONAL BANKSHARES 0.1%

Value $220K Shares 5,769 Est. Cost $40.50 Unrealized —

AUBN AUBURN NATL BANCORP COM 0.1%

Value $218K Shares 9,151 Est. Cost $25.29 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SWKH	SWK HLDGS CORP COM	995,256	$16.93M	4.0%	$14.68	—	—	78501P203
BHF	BRIGHTHOUSE FINANCIAL INC	280,000	$16.77M	4.0%	$63.88	—	—	10922N103
AL	Air Lease Corp	39,051	$2.536M	0.6%	$47.22	—	—	00912X302
FBIZ	FIRST BUS FINL SVCS INC WIS COM	29,685	$1.601M	0.4%	$21.63	—	—	319390100
WSBK	WINCHESTER BANCORP INC	24,586	$312K	0.1%	$9.47	—	—	97269D103
NSTS	NSTS BANCORP INC	26,664	$311K	0.1%	$11.12	—	—	6293JP109
VABK	VIRGINIA NATIONAL BANKSHARES	5,769	$220K	0.1%	$40.50	—	—	928031103
AUBN	AUBURN NATL BANCORP COM	9,151	$218K	0.1%	$25.29	—	—	050473107

Decreased Positions (11)

WLFC Willis Lease Finance Corp 35.9%

Value $151M (+31.4%) Shares 661,998 (-2.3%) Est. Cost $66.15 Unrealized —

RBKB RHINEBECK BANCORP INC 2.3%

Value $9.556M (-38.7%) Shares 552,076 (-45.4%) Est. Cost $8.53 Unrealized —

WASH Washington Trust Bancorp Inc 0.2%

Value $700K (-87.4%) Shares 19,199 (-88.5%) Est. Cost $27.90 Unrealized —

AER AERCAP HOLDINGS NV SHS 7.0%

Value $29.45M (-9.8%) Shares 202,000 (-15.1%) Est. Cost $106.77 Unrealized —

NODK NI HOLDINGS INC 5.8%

Value $24.38M (+14.5%) Shares 1,552,020 (-6.1%) Est. Cost $15.31 Unrealized —

PBFS PIONEER BANCORP INC/NY 7.4%

Value $31.1M (+7.8%) Shares 1,821,973 (-12.1%) Est. Cost $10.86 Unrealized —

PROV PROVIDENT FINL HLDGS INC COM 1.0%

Value $4.112M (-10.4%) Shares 239,094 (-16.0%) Est. Cost $16.95 Unrealized —

SNFCA SECURITY NATL FINL CORP CL A NEW 4.8%

Value $20.43M (-2.0%) Shares 2,108,648 (-4.1%) Est. Cost $5.79 Unrealized —

PDLB PONCE FINANCIAL GROUP INC 8.0%

Value $33.88M (+1.2%) Shares 1,698,960 (-15.2%) Est. Cost $10.45 Unrealized —

BSBK BOGOTA FINANCIAL CORP 0.9%

Value $3.825M (-8.9%) Shares 423,562 (-14.2%) Est. Cost $9.57 Unrealized —

PKBK PARKE BANCORP INC 2.2%

Value $9.371M (-0.9%) Shares 282,593 (-15.1%) Est. Cost $19.79 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WLFC	Willis Lease Finance Corp	661,998 (-2.3%)	$151M (+31.4%)	35.9%	$66.15	—	—	970646105
RBKB	RHINEBECK BANCORP INC	552,076 (-45.4%)	$9.556M (-38.7%)	2.3%	$8.53	—	—	762093102
WASH	Washington Trust Bancorp Inc	19,199 (-88.5%)	$700K (-87.4%)	0.2%	$27.90	—	—	940610108
AER	AERCAP HOLDINGS NV SHS	202,000 (-15.1%)	$29.45M (-9.8%)	7.0%	$106.77	—	—	N00985106
NODK	NI HOLDINGS INC	1,552,020 (-6.1%)	$24.38M (+14.5%)	5.8%	$15.31	—	—	65342T106
PBFS	PIONEER BANCORP INC/NY	1,821,973 (-12.1%)	$31.1M (+7.8%)	7.4%	$10.86	—	—	723561106
PROV	PROVIDENT FINL HLDGS INC COM	239,094 (-16.0%)	$4.112M (-10.4%)	1.0%	$16.95	—	—	743868101
SNFCA	SECURITY NATL FINL CORP CL A NEW	2,108,648 (-4.1%)	$20.43M (-2.0%)	4.8%	$5.79	—	—	814785309
PDLB	PONCE FINANCIAL GROUP INC	1,698,960 (-15.2%)	$33.88M (+1.2%)	8.0%	$10.45	—	—	732344106
BSBK	BOGOTA FINANCIAL CORP	423,562 (-14.2%)	$3.825M (-8.9%)	0.9%	$9.57	—	—	097235105
PKBK	PARKE BANCORP INC	282,593 (-15.1%)	$9.371M (-0.9%)	2.2%	$19.79	—	—	700885106

Unchanged Positions (5)

ALRS ALERUS FINANCIAL CORP 3.1%

Value $12.97M Shares 417,108 Est. Cost $21.17 Unrealized —

CBFV CB FINL SVCS INC COM 1.5%

Value $6.507M Shares 171,696 Est. Cost $28.15 Unrealized —

SHFS SHF HOLDINGS INC 0.0%

Value $74,000 Shares 308,000 Est. Cost $2.54 Unrealized —

MGYR MAGYAR BANCORP INC COM 1.2%

Value $4.998M Shares 286,394 Est. Cost $10.87 Unrealized —

SSBI SUMMIT STATE BANK 1.1%

Value $4.803M Shares 354,229 Est. Cost $7.60 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALRS	ALERUS FINANCIAL CORP	417,108	$12.97M	3.1%	$21.17	—	—	01446U103
CBFV	CB FINL SVCS INC COM	171,696	$6.507M	1.5%	$28.15	—	—	12479G101
SHFS	SHF HOLDINGS INC	308,000	$74,000	0.0%	$2.54	—	—	824430300
MGYR	MAGYAR BANCORP INC COM	286,394	$4.998M	1.2%	$10.87	—	—	55977T208
SSBI	SUMMIT STATE BANK	354,229	$4.803M	1.1%	$7.60	—	—	866264203