Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SSB	SOUTHSTATE BANK	778,627	$72.04M	8.1%	$95.00	+6.2%	COM	84472E102
HTB	HOMETRUST BANCSHARES	1,554,425	$66.3M	7.5%	$25.96	+67.9%	COM	437872104
NIC	NICOLET BANKSHARES	306,381	$45.53M	5.1%	$142.77	+0.6%	COM	65406E102
SFST	SOUTHERN FIRST BANCSHARES	807,223	$43.99M	5.0%	$36.36	+55.4%	COM	842873101
EQBK	EQUITY BANCSHARES CL A	921,074	$40.9M	4.6%	$32.25	+43.6%	COM CL A	29460X109
BCAL	CALIFORNIA BANCORP	2,054,534	$36.41M	4.1%	$16.48	+13.2%	COM	84252A106
EBC	EASTERN BANKSHARES	1,741,864	$34.07M	3.8%	$18.24	+12.1%	COM	27627N105
RBB	RBB BANCORP	1,511,408	$32.3M	3.6%	$21.76	-0.8%	COM	74930B105
OSBC	OLD SECOND BANCORP	1,505,102	$30.34M	3.4%	$11.90	+70.4%	COM	680277100
FRME	FIRST MERCHANTS	711,425	$27.55M	3.1%	$38.15	+4.5%	COM	320817109
SBCF	SEACOAST BANKING OF FLORIDA	906,053	$27.44M	3.1%	$26.37	+26.8%	COM	811707801
HBNC	HORIZON BANCORP	1,291,208	$21.4M	2.4%	$16.62	+6.2%	COM	440407104
TOWN	TOWNEBANK	559,772	$18.85M	2.1%	$34.85	+2.1%	COM	89214P109
HBAN	HUNTINGTON BANCSHARES	1,116,816	$17.48M	2.0%	$17.89	0.0%	COM	446150104
BKU	BANKUNITED	380,554	$17.19M	1.9%	$47.82	0.0%	COM	06652K103
CVBF	CVB FINL	851,426	$16.51M	1.9%	$19.67	+1.8%	COM	126600105
ONB	OLD NATIONAL BANCORP	717,018	$15.85M	1.8%	$20.78	+16.3%	COM	680033107
SMBC	SOUTHERN MISSOURI BANCORP	202,427	$12.94M	1.5%	$35.34	+76.9%	COM	843380106
INDB	INDEPENDENT BANK GROUP MA	165,653	$12.46M	1.4%	$62.60	+27.7%	COM	453836108
NTRS	NORTHERN TR	79,026	$11.03M	1.2%	$146.90	0.0%	COM	665859104
ABCB	AMERIS BANCORP	134,868	$10.52M	1.2%	$81.04	0.0%	COM	03076K108
CBNA	CHAIN BRIDGE BANCORP CL A	293,788	$10.25M	1.2%	$23.85	+45.4%	COM CL A	15746L100
XZO	EXZEO GROUP	682,440	$10.01M	1.1%	$19.20	+0.5%	COM	30234F101
AVBC	AVIDIA BANCORP	497,258	$9.781M	1.1%	$15.09	+18.7%	COM	05369T100
JLL	JONES LANG LASALLE	31,881	$9.702M	1.1%	$286.88	+17.1%	COM	48020Q107
BAC	BANK OF AMERICA	189,376	$9.232M	1.0%	$53.66	0.0%	COM	060505104
MS	MORGAN STANLEY	56,089	$9.231M	1.0%	$166.47	+7.9%	COM	617446448
WSBC	WESBANCO	243,843	$8.41M	0.9%	$31.81	+11.8%	COM	950810101
JMSB	JOHN MARSHALL BANCORP	412,273	$8.361M	0.9%	$18.70	+7.9%	COM	47805L101
CFG	CITIZENS FINL GROUP	125,939	$7.553M	0.9%	$63.11	0.0%	COM	174610105
IBCP	INDEPENDENT BANK MICH	203,607	$6.78M	0.8%	$15.30	+127.5%	COM	453838609
HWBK	HAWTHORN BANCSHARES	190,710	$6.425M	0.7%	$22.02	+53.2%	COM	420476103
SYBT	STOCK YARDS BANCORP	92,849	$6.155M	0.7%	$68.09	+0.1%	COM	861025104
SFBS	SERVISFIRST BANCSHARES	79,906	$5.82M	0.7%	$81.81	0.0%	COM	81768T108
SCHW	CHARLES SCHWAB	61,883	$5.816M	0.7%	$100.12	0.0%	COM	808513105
HCI	HCI GROUP	37,287	$5.765M	0.6%	$148.32	+11.3%	COM	40416E103
VIRT	VIRTU FINL CL A	125,790	$5.532M	0.6%	$37.41	0.0%	COM CL A	928254101
PLMR	PALOMAR HLDGS	45,433	$5.429M	0.6%	$126.46	+0.3%	COM	69753M105
AMTB	AMERANT BANCORP CL A	245,913	$5.42M	0.6%	$21.50	0.0%	COM CL A	023576101
CNO	CNO FINL GROUP	131,679	$5.407M	0.6%	$41.06	+3.2%	COM	12621E103
USB	U S BANCORP	98,115	$5.103M	0.6%	$45.61	+24.2%	COM	902973304
UMBF	UMB FINL	43,740	$4.933M	0.6%	$119.11	+5.0%	COM	902788108
ESNT	ESSENT GROUP	75,024	$4.384M	0.5%	$62.56	0.0%	COM	G3198U102
PHM	PULTEGROUP	35,719	$4.201M	0.5%	$123.61	+6.3%	COM	745867101
SKWD	SKYWARD SPECIALTY INSURANCE GROUP	94,379	$4.122M	0.5%	$47.44	-3.6%	COM	830940102
HTGC	HERCULES CAPITAL	277,666	$4.101M	0.5%	$18.45	-5.1%	COM	427096508
OMF	ONEMAIN HLDGS	75,795	$4.054M	0.5%	$63.23	0.0%	COM	68268W103
THG	HANOVER INSURANCE GROUP	22,535	$3.906M	0.4%	$165.64	+4.9%	COM	410867105
WELL	WELLTOWER	19,277	$3.811M	0.4%	$103.96	+79.8%	COM SH BEN INT	95040Q104
HYNE	HOYNE BANCORP	261,000	$3.778M	0.4%	$13.87	+3.7%	COM	44326H107
DLR	DIGITAL RLTY TR	20,829	$3.754M	0.4%	$157.13	-1.3%	COM	253868103
NDAQ	NASDAQ	42,372	$3.597M	0.4%	$91.74	0.0%	COM	631103108
MAIN	MAIN STREET CAPITAL	67,667	$3.584M	0.4%	$61.52	0.0%	COM	56035L104
NLY	ANNALY CAPITAL MGMT	165,250	$3.495M	0.4%	$20.56	—	COM	035710839
EQIX	EQUINIX	3,563	$3.493M	0.4%	$764.11	0.0%	COM	29444U700
IVT	INVENTRUST PPTYS	111,953	$3.41M	0.4%	$28.62	—	COM	46124J201
EGBN	EAGLE BANCORP	126,895	$3.156M	0.4%	$25.04	0.0%	COM	268948106
BXMT	BLACKSTONE MORTGAGE TR CL A	160,596	$3.075M	0.3%	$19.15	—	COM CL A	09257W100
ECPG	ENCORE CAPITAL GROUP	40,732	$2.856M	0.3%	$56.63	0.0%	COM	292554102
QCRH	QCR HLDGS	32,601	$2.786M	0.3%	$52.78	+68.5%	COM	74727A104
AHR	AMERICAN HEALTHCARE REIT	58,592	$2.763M	0.3%	$31.70	—	COM	398182303
PNC	PNC FINL SERVICES GROUP	12,467	$2.594M	0.3%	$224.93	0.0%	COM	693475105
AUB	ATLANTIC UNION BANKSHARES	72,243	$2.582M	0.3%	$38.77	0.0%	COM	04911A107
FR	FIRST INDL RLTY TR	42,501	$2.459M	0.3%	$53.07	—	COM SH BEN INT	32054K103
ADC	AGREE RLTY	31,696	$2.389M	0.3%	$73.51	—	COM	008492100
CTO	CTO RLTY GROWTH	116,343	$2.151M	0.2%	$18.43	—	COM	22948Q101
MSIF	MSC INCOME FUND	171,058	$2.083M	0.2%	$13.06	0.0%	COM	55374X208
AKR	ACADIA RLTY TR	106,677	$2.04M	0.2%	$19.68	—	COM SH BEN INT	004239109
HOOD	ROBINHOOD MARKETS CL A	29,263	$2.028M	0.2%	$95.75	0.0%	COM CL A	770700102
BEN	FRANKLIN RES	85,724	$2.025M	0.2%	$26.36	0.0%	COM	354613101
AXS	AXIS CAPITAL HLDGS	19,825	$2.01M	0.2%	$102.20	+0.9%	COM	G0692U109
RGA	REINSURANCE GROUP OF AMERICA	9,722	$1.985M	0.2%	$185.79	+11.8%	COM	759351604
UNM	UNUM GROUP	26,346	$1.924M	0.2%	$75.56	0.0%	COM	91529Y106
TOL	TOLL BROTHERS	11,874	$1.62M	0.2%	$149.96	0.0%	COM	889478103
EGP	EASTGROUP PPTYS	7,930	$1.468M	0.2%	$180.89	—	COM	277276101
SNDA	SONIDA SENIOR LIVING	45,472	$1.466M	0.2%	$32.91	0.0%	COM	140475203
DAVE	DAVE CL A	8,280	$1.441M	0.2%	$186.80	+0.7%	COM CL A	23834J201
GL	GLOBE LIFE	10,347	$1.44M	0.2%	$129.99	+9.1%	COM	37959E102
BRX	BRIXMOR PPTY GROUP	46,798	$1.348M	0.2%	$28.80	—	COM	11120U105
MAA	MID-AMERICA APARTMENT COMMUNITIES	10,932	$1.335M	0.2%	$152.37	-8.7%	COM SH BEN INT	59522J103
FCFS	FIRSTCASH HLDGS	5,491	$1.032M	0.1%	$173.44	0.0%	COM	33768G107
EFC	ELLINGTON FINL	81,687	$968K	0.1%	$11.85	—	COM	28852N109
SPNT	SIRIUSPOINT	44,143	$951K	0.1%	$18.78	+9.0%	COM	G8192H106
HQY	HEALTHEQUITY	11,210	$937K	0.1%	$94.73	-12.2%	COM	42226A107
TRU	TRANSUNION	12,424	$860K	0.1%	$78.92	0.0%	COM	89400J107
ELS	EQUITY LIFESTYLE PPTYS	13,239	$826K	0.1%	$62.42	—	COM SH BEN INT	29472R108
COF	CAPITAL ONE FINL	4,276	$780K	0.1%	$222.95	+0.1%	COM	14040H105
MA	MASTERCARD CL A	1,518	$758K	0.1%	$563.17	-4.3%	COM CL A	57636Q104
SBRA	SABRA HEALTH CARE REIT	38,225	$735K	0.1%	$19.23	—	COM SH BEN INT	78573L106
CURB	CURBLINE PPTYS	24,653	$636K	0.1%	$22.70	—	COM	23128Q101
PSTL	POSTAL RLTY TR CL A	33,921	$630K	0.1%	$16.88	—	COM CL A	73757R102
V	VISA CL A	2,020	$611K	0.1%	$334.84	-1.7%	COM CL A	92826C839
FHI	FEDERATED HERMES CL B	10,359	$587K	0.1%	$52.00	+3.0%	COM CL B	314211103
SYF	SYNCHRONY FINL	8,591	$584K	0.1%	$65.19	+17.0%	COM	87165B103
EFSC	ENTERPRISE FINL SERVICES	10,182	$551K	0.1%	$57.58	0.0%	COM	293712105
EPRT	ESSENTIAL PPTYS RLTY TR	17,665	$536K	0.1%	$30.19	—	COM SH BEN INT	29670E107
NP	NEPTUNE INSURANCE HLDGS CL A	21,769	$527K	0.1%	$25.05	-4.2%	COM CL A	64073B103
SPG	SIMON PPTY GROUP	2,639	$492K	0.1%	$183.97	0.0%	COM SH BEN INT	828806109
RHP	RYMAN HOSPITALITY PPTYS	5,333	$492K	0.1%	$92.27	—	COM SH BEN INT	78377T107
ACIW	ACI WORLDWIDE	11,949	$490K	0.1%	$48.44	-11.5%	COM	004498101
VRE	VERIS RESIDENTIAL	24,246	$458K	0.1%	$18.87	—	COM	554489104
CUBE	CUBESMART	12,089	$443K	0.0%	$36.65	—	COM SH BEN INT	229663109
SIGI	SELECTIVE INSURANCE GROUP	5,663	$427K	0.0%	$84.23	0.0%	COM	816300107
CDP	COPT DEFENSE PPTYS	13,900	$425K	0.0%	$30.60	—	COM	22002T108
MKL	MARKEL GROUP	202	$387K	0.0%	$2077.98	0.0%	COM	570535104
UHT	UNIVERSAL HEALTH RLTY INCOME TR	9,409	$381K	0.0%	$39.87	—	COM SH BEN INT	91359E105
GNW	GENWORTH FINL	46,118	$374K	0.0%	$8.65	0.0%	COM	37247D106
JHG	JANUS HENDERSON GROUP PLC	7,224	$371K	0.0%	$39.28	+23.4%	ORD	G4474Y214
HLNE	HAMILTON LANE CL A	3,634	$361K	0.0%	$135.66	0.0%	COM CL A	407497106
XHR	XENIA HOTELS & RESORTS	23,462	$348K	0.0%	$14.83	—	COM	984017103
CG	CARLYLE GROUP	7,055	$341K	0.0%	$58.97	0.0%	COM	14316J108
BNL	BROADSTONE NET LEASE	14,817	$271K	0.0%	$17.09	—	COM	11135E203
BFH	BREAD FINL HLDGS	3,466	$260K	0.0%	$67.42	+9.6%	COM	018581108
VOYA	VOYA FINL	3,501	$239K	0.0%	$71.68	+5.1%	COM	929089100
VTR	VENTAS	2,842	$232K	0.0%	$74.98	+3.1%	COM SH BEN INT	92276F100
JXN	JACKSON FINL CL A	2,148	$227K	0.0%	$92.07	+24.8%	COM CL A	46817M107
PYPL	PAYPAL HLDGS	4,977	$225K	0.0%	$50.08	0.0%	COM	70450Y103
EQR	EQUITY RESIDENTIAL	3,770	$223K	0.0%	$64.02	-3.1%	COM SH BEN INT	29476L107
TRV	TRAVELERS COMPANIES	754	$220K	0.0%	$288.51	0.0%	COM NEW	89417E109
NTST	NETSTREIT	10,966	$206K	0.0%	$17.64	—	COM	64119V303
GPN	GLOBAL PAYMENTS	3,046	$205K	0.0%	$74.91	0.0%	COM	37940X102
GCMG	GCM GROSVENOR CL A	17,747	$174K	0.0%	$11.39	0.0%	COM CL A	36831E108
SVC	SERVICE PPTYS TR	94,090	$127K	0.0%	$1.36	—	COM SH BEN INT	81761L102
SHO	SUNSTONE HOTEL INVESTORS	13,200	$119K	0.0%	$9.01	—	COM	867892101
BHR	BRAEMAR HOTELS & RESORTS	41,436	$97,789	0.0%	$2.36	—	COM	10482B101
RPC	RIDGEPOST CAPITAL CL A	11,107	$80,637	0.0%	$10.65	-6.1%	COM CL A	69376K106