Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NAVI	NAVIENT CORPORATION	1,590,727 (+710.8%)	$13.54M (+743.5%)	2.8%	$9.01	—	COM	63938C108
UPST	UPSTART HLDGS INC	161,490 (+707.4%)	$5.722M (+1015.3%)	1.2%	$36.02	—	COM	91680M107
PRG	PROG HOLDINGS INC	162,194 (+29.3%)	$7.56M (+110.0%)	1.6%	$36.53	—	COM NPV	74319R101
VOYA	VOYA FINANCIAL INC	156,385 (+2.0%)	$14.16M (+35.2%)	3.0%	$73.41	—	COM	929089100
BCS	BARCLAYS PLC	513,345 (+2.7%)	$13.79M (+30.4%)	2.9%	$9.65	—	ADR	06738E204
CG	CARLYLE GROUP INC	282,425 (+47.7%)	$11.89M (+28.5%)	2.5%	$34.05	—	COM	14316J108
CBNA	CHAIN BRIDGE BANCORP INC	219,365 (+4.8%)	$9.224M (+26.3%)	1.9%	$24.61	—	CL A	15746L100
ESQ	ESQUIRE FINL HLDGS INC	100,896 (+2.6%)	$12.02M (+13.7%)	2.5%	$40.49	—	COM	29667J101
OSBC	OLD SECOND BANCORP INC DEL	359,730 (+2.3%)	$8.389M (+18.4%)	1.8%	$13.83	—	COM	680277100
BANC	BANC OF CALIFORNIA INC	358,765 (+2.5%)	$7.33M (+19.2%)	1.5%	$13.86	—	COM	05990K106
GROW	U S GLOBAL INVS INC	1,121,593 (+7.7%)	$3.499M (+35.5%)	0.7%	$2.61	—	CL A	902952100
CBK	COMMERCIAL BANCGROUP INC	129,375 (+2.2%)	$4.178M (+26.9%)	0.9%	$25.88	—	COM	20112C106
INBK	FIRST INTERNET BANCORP	78,990 (+2.4%)	$2.196M (+39.6%)	0.5%	$31.75	—	COM	320557101
OPBK	OP BANCORP	270,878 (+2.8%)	$4.06M (+15.9%)	0.9%	$10.88	—	COM	67109R109
CBNK	CAPITAL BANCORP INC MD	91,790 (+2.3%)	$3.224M (+20.8%)	0.7%	$28.38	—	COM	139737100
JXN	JACKSON FINANCIAL INC	113,795 (+7.4%)	$11.65M (+4.0%)	2.4%	$35.02	—	COM CL A	46817M107
FISV	FISERV INC	250,235 (+10.3%)	$12.27M (-3.0%)	2.6%	$64.19	—	COM	337738108
BWB	BRIDGEWATER BANCSHARES INC	97,067 (+2.5%)	$2.042M (+21.8%)	0.4%	$17.77	—	COM	108621103
WSBC	WESBANCO INC	61,565 (+1.9%)	$2.403M (+15.3%)	0.5%	$33.31	—	COM	950810101
PBFS	PIONEER BANCORP INC MD	45,400 (+2.1%)	$775K (+25.3%)	0.2%	$11.32	—	COM	723561106
OBT	ORANGE CNTY BANCORP INC	22,020 (+2.1%)	$810K (+17.4%)	0.2%	$25.07	—	COM	68417L107

Exited Positions (25)

NBN NORTHEAST BK PORTLAND ME 1.9%

Value $8.818M Shares 78,473 Est. Cost $45.57 Unrealized —

VRTS VIRTUS INVT PARTNERS INC 1.7%

Value $7.955M Shares 59,210 Est. Cost $175.44 Unrealized —

MCHB MECHANICS BANCORP 0.8%

Value $3.754M Shares 254,501 Est. Cost $10.66 Unrealized —

JNJ JOHNSON & JOHNSON 0.7%

Value $3.548M Shares 14,515 Est. Cost $197.01 Unrealized —

GL GLOBE LIFE INC 0.6%

Value $2.923M Shares 21,000 Est. Cost $135.45 Unrealized —

ETN EATON CORP PLC 0.6%

Value $2.861M Shares 8,000 Est. Cost $354.39 Unrealized —

MRK MERCK & CO INC 0.6%

Value $2.824M Shares 23,475 Est. Cost $93.24 Unrealized —

GOOGL ALPHABET INC 0.6%

Value $2.64M Shares 9,180 Est. Cost $285.60 Unrealized —

CBOE CBOE GLOBAL MKTS INC 0.5%

Value $2.53M Shares 9,000 Est. Cost $248.74 Unrealized —

AEM AGNICO EAGLE MINES LTD 0.5%

Value $2.507M Shares 12,349 Est. Cost $167.85 Unrealized —

XOM EXXON MOBIL CORP 0.5%

Value $2.426M Shares 14,301 Est. Cost $115.49 Unrealized —

LFUS LITTELFUSE INC 0.5%

Value $2.375M Shares 7,000 Est. Cost $254.62 Unrealized —

REGN REGENERON PHARMACEUTICALS 0.5%

Value $2.318M Shares 3,000 Est. Cost $678.68 Unrealized —

CACI CACI INTL INC 0.5%

Value $2.175M Shares 4,000 Est. Cost $565.09 Unrealized —

ABCB AMERIS BANCORP 0.4%

Value $2.027M Shares 25,996 Est. Cost $74.22 Unrealized —

MSFT MICROSOFT CORP 0.4%

Value $2.016M Shares 5,445 Est. Cost $495.62 Unrealized —

PNR PENTAIR PLC 0.4%

Value $1.742M Shares 20,000 Est. Cost $106.73 Unrealized —

SYF SYNCHRONY FINANCIAL 0.4%

Value $1.7M Shares 25,000 Est. Cost $52.15 Unrealized —

PJT PJT PARTNERS INC 0.4%

Value $1.677M Shares 12,000 Est. Cost $170.86 Unrealized —

JOE ST JOE CO 0.3%

Value $1.57M Shares 25,000 Est. Cost $56.01 Unrealized —

BFST BUSINESS FIRST BANCSHARES IN 0.2%

Value $897K Shares 33,168 Est. Cost $22.99 Unrealized —

CLBK COLUMBIA FINL INC 0.2%

Value $841K Shares 48,015 Est. Cost $16.91 Unrealized —

HPE HEWLETT PACKARD ENTERPRISE C 0.1%

Value $500K Shares 21,000 Est. Cost $22.65 Unrealized —

GPI GROUP 1 AUTOMOTIVE INC 0.0%

Value $204K Shares 618 Est. Cost $395.45 Unrealized —

GIPR GENERATION INCOME PPTYS INC 0.0%

Value $69,432 Shares 270,375 Est. Cost $1.67 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NBN	NORTHEAST BK PORTLAND ME	78,473	$8.818M	1.9%	$45.57	—	—	66405S100
VRTS	VIRTUS INVT PARTNERS INC	59,210	$7.955M	1.7%	$175.44	—	—	92828Q109
MCHB	MECHANICS BANCORP	254,501	$3.754M	0.8%	$10.66	—	—	43785V102
JNJ	JOHNSON & JOHNSON	14,515	$3.548M	0.7%	$197.01	—	—	478160104
GL	GLOBE LIFE INC	21,000	$2.923M	0.6%	$135.45	—	—	37959E102
ETN	EATON CORP PLC	8,000	$2.861M	0.6%	$354.39	—	—	G29183103
MRK	MERCK & CO INC	23,475	$2.824M	0.6%	$93.24	—	—	58933Y105
GOOGL	ALPHABET INC	9,180	$2.64M	0.6%	$285.60	—	—	02079K305
CBOE	CBOE GLOBAL MKTS INC	9,000	$2.53M	0.5%	$248.74	—	—	12503M108
AEM	AGNICO EAGLE MINES LTD	12,349	$2.507M	0.5%	$167.85	—	—	008474108
XOM	EXXON MOBIL CORP	14,301	$2.426M	0.5%	$115.49	—	—	30231G102
LFUS	LITTELFUSE INC	7,000	$2.375M	0.5%	$254.62	—	—	537008104
REGN	REGENERON PHARMACEUTICALS	3,000	$2.318M	0.5%	$678.68	—	—	75886F107
CACI	CACI INTL INC	4,000	$2.175M	0.5%	$565.09	—	—	127190304
ABCB	AMERIS BANCORP	25,996	$2.027M	0.4%	$74.22	—	—	03076K108
MSFT	MICROSOFT CORP	5,445	$2.016M	0.4%	$495.62	—	—	594918104
PNR	PENTAIR PLC	20,000	$1.742M	0.4%	$106.73	—	—	G7S00T104
SYF	SYNCHRONY FINANCIAL	25,000	$1.7M	0.4%	$52.15	—	—	87165B103
PJT	PJT PARTNERS INC	12,000	$1.677M	0.4%	$170.86	—	—	69343T107
JOE	ST JOE CO	25,000	$1.57M	0.3%	$56.01	—	—	790148100
BFST	BUSINESS FIRST BANCSHARES IN	33,168	$897K	0.2%	$22.99	—	—	12326C105
CLBK	COLUMBIA FINL INC	48,015	$841K	0.2%	$16.91	—	—	197641103
HPE	HEWLETT PACKARD ENTERPRISE C	21,000	$500K	0.1%	$22.65	—	—	42824C109
GPI	GROUP 1 AUTOMOTIVE INC	618	$204K	0.0%	$395.45	—	—	398905109
GIPR	GENERATION INCOME PPTYS INC	270,375	$69,432	0.0%	$1.67	—	—	37149D204

Decreased Positions (32)

HOOD ROBINHOOD MKTS INC 8.5%

Value $40.7M (+39.6%) Shares 405,825 (-3.5%) Est. Cost $9.94 Unrealized —

VCTR VICTORY CAP HLDGS INC DEL 0.5%

Value $2.431M (-71.4%) Shares 28,921 (-77.7%) Est. Cost $37.59 Unrealized —

XYZ BLOCK INC 0.2%

Value $882K (-75.4%) Shares 11,610 (-80.5%) Est. Cost $63.76 Unrealized —

UBS UBS GROUP AG 3.6%

Value $17.18M (+15.6%) Shares 346,600 (-8.8%) Est. Cost $43.75 Unrealized —

IBKR INTERACTIVE BROKERS GROUP IN 0.5%

Value $2.524M (-45.3%) Shares 29,000 (-57.8%) Est. Cost $53.99 Unrealized —

UMBF UMB FINL CORP 3.9%

Value $18.48M (+12.7%) Shares 129,450 (-11.0%) Est. Cost $77.59 Unrealized —

SF STIFEL FINL CORP 0.3%

Value $1.256M (-58.1%) Shares 18,000 (-55.6%) Est. Cost $105.85 Unrealized —

WEX WEX INC 1.3%

Value $6.053M (-19.7%) Shares 42,899 (-12.9%) Est. Cost $137.78 Unrealized —

WAL WESTERN ALLIANCE BANCORP 2.0%

Value $9.505M (-12.1%) Shares 115,630 (-24.3%) Est. Cost $72.19 Unrealized —

DELL DELL TECHNOLOGIES INC 0.3%

Value $1.64M (+149.7%) Shares 3,800 (-5.0%) Est. Cost $43.87 Unrealized —

V VISA INC 0.2%

Value $818K (-54.0%) Shares 2,385 (-59.5%) Est. Cost $278.91 Unrealized —

AMP AMERIPRISE FINL INC 3.4%

Value $16.03M (-5.3%) Shares 34,951 (-8.3%) Est. Cost $473.37 Unrealized —

FFBC 1ST FINL BANCORP 2.2%

Value $10.68M (+8.4%) Shares 315,590 (-10.6%) Est. Cost $25.43 Unrealized —

PRI PRIMERICA INC 2.8%

Value $13.37M (-5.7%) Shares 47,036 (-16.9%) Est. Cost $261.47 Unrealized —

SLM SLM CORP 2.5%

Value $11.87M (+6.7%) Shares 457,729 (-11.9%) Est. Cost $18.01 Unrealized —

GNW GENWORTH FINL INC 0.4%

Value $1.748M (-29.4%) Shares 184,575 (-39.5%) Est. Cost $7.68 Unrealized —

CUBI CUSTOMERS BANCORP INC 2.7%

Value $12.74M (-4.2%) Shares 161,030 (-15.9%) Est. Cost $54.96 Unrealized —

FCNCA FIRST CTZNS BANCSHARES INC D 3.9%

Value $18.64M (-2.9%) Shares 8,958 (-12.0%) Est. Cost $1009.52 Unrealized —

GPN GLOBAL PMTS INC 3.1%

Value $14.57M (-3.3%) Shares 200,745 (-10.3%) Est. Cost $87.74 Unrealized —

OFG OFG BANCORP 2.7%

Value $12.87M (+3.4%) Shares 262,255 (-14.8%) Est. Cost $26.12 Unrealized —

AX AXOS FINANCIAL INC 3.4%

Value $16.21M (+2.0%) Shares 166,475 (-10.9%) Est. Cost $59.99 Unrealized —

CNOB CONNECTONE BANCORP INC 2.3%

Value $10.93M (+2.9%) Shares 326,782 (-17.7%) Est. Cost $24.37 Unrealized —

PKW INVESCO EXCHANGE TRADED FD T 0.2%

Value $810K (-24.6%) Shares 5,717 (-30.1%) Est. Cost $68.48 Unrealized —

FBIZ FIRST BUSINESS FINL SVCS INC 0.2%

Value $1.127M (-15.8%) Shares 17,835 (-28.1%) Est. Cost $27.28 Unrealized —

VTRS VIATRIS INC 0.0%

Value $159K (-54.7%) Shares 10,036 (-61.5%) Est. Cost $10.89 Unrealized —

TFSL TFS FINL CORP 2.1%

Value $9.853M (+2.0%) Shares 556,030 (-19.2%) Est. Cost $13.79 Unrealized —

ALRS ALERUS FINL CORP 0.4%

Value $1.692M (+5.0%) Shares 54,420 (-19.9%) Est. Cost $21.86 Unrealized —

OSG OCTAVE SPECIALTY GROUP INC 0.0%

Value $131K (+31.1%) Shares 20,935 (-2.3%) Est. Cost $6.11 Unrealized —

MDY STATE STR SPDR S&P MIDCAP 40 0.3%

Value $1.234M (-1.3%) Shares 1,755 (-13.5%) Est. Cost $541.13 Unrealized —

DCOM DIME COML BANCSHARES INC 0.7%

Value $3.169M (+0.3%) Shares 77,968 (-16.6%) Est. Cost $23.33 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 0.9%

Value $4.332M (-0.1%) Shares 20,361 (-9.9%) Est. Cost $135.68 Unrealized —

UNTY UNITY BANCORP INC 0.4%

Value $1.841M (+0.1%) Shares 31,370 (-11.6%) Est. Cost $30.80 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HOOD	ROBINHOOD MKTS INC	405,825 (-3.5%)	$40.7M (+39.6%)	8.5%	$9.94	—	COM CL A	770700102
VCTR	VICTORY CAP HLDGS INC DEL	28,921 (-77.7%)	$2.431M (-71.4%)	0.5%	$37.59	—	COM CL A	92645B103
XYZ	BLOCK INC	11,610 (-80.5%)	$882K (-75.4%)	0.2%	$63.76	—	CL A	852234103
UBS	UBS GROUP AG	346,600 (-8.8%)	$17.18M (+15.6%)	3.6%	$43.75	—	SHS	H42097107
IBKR	INTERACTIVE BROKERS GROUP IN	29,000 (-57.8%)	$2.524M (-45.3%)	0.5%	$53.99	—	COM CL A	45841N107
UMBF	UMB FINL CORP	129,450 (-11.0%)	$18.48M (+12.7%)	3.9%	$77.59	—	COM	902788108
SF	STIFEL FINL CORP	18,000 (-55.6%)	$1.256M (-58.1%)	0.3%	$105.85	—	COM	860630102
WEX	WEX INC	42,899 (-12.9%)	$6.053M (-19.7%)	1.3%	$137.78	—	COM	96208T104
WAL	WESTERN ALLIANCE BANCORP	115,630 (-24.3%)	$9.505M (-12.1%)	2.0%	$72.19	—	COM	957638109
DELL	DELL TECHNOLOGIES INC	3,800 (-5.0%)	$1.64M (+149.7%)	0.3%	$43.87	—	CL C	24703L202
V	VISA INC	2,385 (-59.5%)	$818K (-54.0%)	0.2%	$278.91	—	COM CL A	92826C839
AMP	AMERIPRISE FINL INC	34,951 (-8.3%)	$16.03M (-5.3%)	3.4%	$473.37	—	COM	03076C106
FFBC	1ST FINL BANCORP	315,590 (-10.6%)	$10.68M (+8.4%)	2.2%	$25.43	—	COM	320209109
PRI	PRIMERICA INC	47,036 (-16.9%)	$13.37M (-5.7%)	2.8%	$261.47	—	COM	74164M108
SLM	SLM CORP	457,729 (-11.9%)	$11.87M (+6.7%)	2.5%	$18.01	—	COM	78442P106
GNW	GENWORTH FINL INC	184,575 (-39.5%)	$1.748M (-29.4%)	0.4%	$7.68	—	COM SHS	37247D106
CUBI	CUSTOMERS BANCORP INC	161,030 (-15.9%)	$12.74M (-4.2%)	2.7%	$54.96	—	COM	23204G100
FCNCA	FIRST CTZNS BANCSHARES INC D	8,958 (-12.0%)	$18.64M (-2.9%)	3.9%	$1009.52	—	CL A	31946M103
GPN	GLOBAL PMTS INC	200,745 (-10.3%)	$14.57M (-3.3%)	3.1%	$87.74	—	COM	37940X102
OFG	OFG BANCORP	262,255 (-14.8%)	$12.87M (+3.4%)	2.7%	$26.12	—	COM	67103X102
AX	AXOS FINANCIAL INC	166,475 (-10.9%)	$16.21M (+2.0%)	3.4%	$59.99	—	COM	05465C100
CNOB	CONNECTONE BANCORP INC	326,782 (-17.7%)	$10.93M (+2.9%)	2.3%	$24.37	—	COM	20786W107
PKW	INVESCO EXCHANGE TRADED FD T	5,717 (-30.1%)	$810K (-24.6%)	0.2%	$68.48	—	BUYBACK ACHIEV	46137V308
FBIZ	FIRST BUSINESS FINL SVCS INC	17,835 (-28.1%)	$1.127M (-15.8%)	0.2%	$27.28	—	COM	319390100
VTRS	VIATRIS INC	10,036 (-61.5%)	$159K (-54.7%)	0.0%	$10.89	—	COM	92556V106
TFSL	TFS FINL CORP	556,030 (-19.2%)	$9.853M (+2.0%)	2.1%	$13.79	—	COM	87240R107
ALRS	ALERUS FINL CORP	54,420 (-19.9%)	$1.692M (+5.0%)	0.4%	$21.86	—	COM	01446U103
OSG	OCTAVE SPECIALTY GROUP INC	20,935 (-2.3%)	$131K (+31.1%)	0.0%	$6.11	—	COM NEW	023139884
MDY	STATE STR SPDR S&P MIDCAP 40	1,755 (-13.5%)	$1.234M (-1.3%)	0.3%	$541.13	—	UTSER1 S&PDCRP	78467Y107
DCOM	DIME COML BANCSHARES INC	77,968 (-16.6%)	$3.169M (+0.3%)	0.7%	$23.33	—	COM	25432X102
RSP	INVESCO EXCHANGE TRADED FD T	20,361 (-9.9%)	$4.332M (-0.1%)	0.9%	$135.68	—	S&P500 EQL WGT	46137V357
UNTY	UNITY BANCORP INC	31,370 (-11.6%)	$1.841M (+0.1%)	0.4%	$30.80	—	COM	913290102

Unchanged Positions (13)

COMP COMPASS INC 7.0%

Value $33.33M Shares 2,703,151 Est. Cost $11.75 Unrealized —

HOOD ROBINHOOD MKTS INC 2.5%

Value $11.8M Shares 404,100 Est. Cost $9.94 Unrealized —

KINS KINGSTONE COS INC 1.3%

Value $5.969M Shares 313,652 Est. Cost $6.63 Unrealized —

IWN ISHARES TR 0.1%

Value $525K Shares 2,375 Est. Cost $135.78 Unrealized —

RJF RAYMOND JAMES FINL INC 0.3%

Value $1.407M Shares 9,253 Est. Cost $165.39 Unrealized —

HIPO HIPPO HLDGS INC 0.1%

Value $500K Shares 17,700 Est. Cost $29.74 Unrealized —

VTI VANGUARD INDEX FDS 0.1%

Value $287K Shares 775 Est. Cost $289.81 Unrealized —

AAPL APPLE INC 0.1%

Value $306K Shares 1,056 Est. Cost $234.51 Unrealized —

JPM JPMORGAN CHASE & CO 0.1%

Value $242K Shares 740 Est. Cost $228.03 Unrealized —

META META PLATFORMS INC 0.2%

Value $1.172M Shares 2,080 Est. Cost $256.28 Unrealized —

CASH PATHWARD FINANCIAL INC 0.2%

Value $729K Shares 8,369 Est. Cost $77.82 Unrealized —

— PGIM GLOBAL HIGH YIELD FD FO 0.0%

Value $230K Shares 19,000 Est. Cost $13.41 Unrealized —

— KKR INCOME OPPORTUNITIES FD 0.0%

Value $125K Shares 11,102 Est. Cost $16.83 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COMP	COMPASS INC	2,703,151	$33.33M	7.0%	$11.75	—	CL A	20464U100
HOOD	ROBINHOOD MKTS INC	404,100	$11.8M	2.5%	$9.94	—	PUT	770700102
KINS	KINGSTONE COS INC	313,652	$5.969M	1.3%	$6.63	—	COM	496719105
IWN	ISHARES TR	2,375	$525K	0.1%	$135.78	—	RUS 2000 VAL ETF	464287630
RJF	RAYMOND JAMES FINL INC	9,253	$1.407M	0.3%	$165.39	—	COM	754730109
HIPO	HIPPO HLDGS INC	17,700	$500K	0.1%	$29.74	—	COM NEW	433539202
VTI	VANGUARD INDEX FDS	775	$287K	0.1%	$289.81	—	TOTAL STK MKT	922908769
AAPL	APPLE INC	1,056	$306K	0.1%	$234.51	—	COM	037833100
JPM	JPMORGAN CHASE & CO	740	$242K	0.1%	$228.03	—	COM	46625H100
META	META PLATFORMS INC	2,080	$1.172M	0.2%	$256.28	—	CL A	30303M102
CASH	PATHWARD FINANCIAL INC	8,369	$729K	0.2%	$77.82	—	COM	59100U108
—	PGIM GLOBAL HIGH YIELD FD FO	19,000	$230K	0.0%	$13.41	—	COM	69346J106
—	KKR INCOME OPPORTUNITIES FD	11,102	$125K	0.0%	$16.83	—	COM	48249T106