FJ Capital Management LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MS	MORGAN STANLEY	74,759	$13,272	1.5%	$166.47	0.0%	COM NEW	617446448
XZO	EXZEO GROUP INC	237,856	$5,768	0.6%	$19.02	0.0%	COM SHS	30234F101
CVBF	CVB FINL CORP	275,132	$5,117	0.6%	$18.94	0.0%	COM	126600105
TCBK	TRICO BANCSHARES	92,492	$4,381	0.5%	$45.89	0.0%	COM	896095106
WLTH	WEALTHFRONT CORP	314,187	$4,270	0.5%	$13.20	0.0%	COM	947002101
LXP	LXP INDUSTRIAL TRUST	83,499	$4,140	0.5%	$49.58	—	COM	529043408
HYNE	HOYNE BANCORP INC	261,000	$3,782	0.4%	$13.87	0.0%	COM	44326H107
ETOR	ETORO GROUP LTD	104,861	$3,684	0.4%	$38.62	0.0%	SHS CL A	G32089107
MKTX	MARKETAXESS HLDGS INC	20,252	$3,671	0.4%	$169.50	0.0%	COM	57060D108
PHM	PULTE GROUP INC	31,075	$3,644	0.4%	$122.44	0.0%	COM	745867101
SKY	CHAMPION HOMES INC	35,462	$2,997	0.3%	$78.80	0.0%	COM	830830105
EZPW	EZCORP INC	133,526	$2,593	0.3%	$18.85	0.0%	CL A NON VTG	302301106
CSWC	CAPITAL SOUTHWEST CORP	92,685	$2,053	0.2%	$20.45	0.0%	COM	140501107
CTO	CTO RLTY GROWTH INC NEW	89,709	$1,652	0.2%	$18.41	—	COM	22948Q101
ALRS	ALERUS FINL CORP	67,134	$1,512	0.2%	$21.62	0.0%	COM	01446U103
FBP	FIRST BANCORP P R	66,625	$1,381	0.2%	$20.61	0.0%	COM NEW	318672706
BOW	BOWHEAD SPECIALTY HLDGS INC	39,317	$1,122	0.1%	$26.53	0.0%	COM SHS	10240L102
SKT	TANGER INC	27,829	$929	0.1%	$33.37	—	COM	875465106
DX	DYNEX CAP INC	63,085	$884	0.1%	$14.01	—	COM	26817Q886
EGP	EASTGROUP PPTYS INC	4,789	$853	0.1%	$178.14	—	COM	277276101
DLR	DIGITAL RLTY TR INC	5,391	$834	0.1%	$163.13	0.0%	COM	253868103
LADR	LADDER CAP CORP	66,561	$732	0.1%	$10.99	—	CL A	505743104
FICO	FAIR ISAAC CORP	423	$715	0.1%	$1721.38	0.0%	COM	303250104
BXMT	BLACKSTONE MTG TR INC	31,685	$606	0.1%	$19.13	—	COM CL A	09257W100
KKR	KKR & CO INC	4,308	$549	0.1%	$124.29	0.0%	COM	48251W104
AXS	AXIS CAP HLDGS LTD	4,914	$526	0.1%	$99.34	0.0%	SHS	G0692U109
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,041	$523	0.1%	$497.53	0.0%	CL B NEW	084670702
PLMR	PALOMAR HLDGS INC	3,864	$521	0.1%	$122.07	0.0%	COM	69753M105
NTST	NETSTREIT CORP	29,197	$515	0.1%	$17.64	—	COM	64119V303
PGR	PROGRESSIVE CORP	2,204	$502	0.1%	$212.34	0.0%	COM	743315103
VTR	VENTAS INC	6,390	$494	0.1%	$74.98	0.0%	COM	92276F100
SHOP	SHOPIFY INC	3,036	$489	0.1%	$160.56	0.0%	CL A SUB VTG SHS	82509L107
SYBT	STOCK YDS BANCORP INC	6,351	$412	0.0%	$67.20	0.0%	COM	861025104
PSTL	POSTAL REALTY TRUST INC	23,481	$379	0.0%	$16.14	—	CL A	73757R102
BX	BLACKSTONE INC	2,057	$317	0.0%	$151.46	0.0%	COM	09260D107
ARX	ACCELERANT HOLDINGS	17,973	$294	0.0%	$14.08	0.0%	CL A	G00894108
NP	NEPTUNE INS HLDGS INC	9,923	$289	0.0%	$26.30	0.0%	CL A	64073B103
COF	CAPITAL ONE FINL CORP	1,192	$289	0.0%	$222.19	0.0%	COM	14040H105
BWIN	THE BALDWIN INSURANCE GRP IN	10,454	$251	0.0%	$25.47	0.0%	COM CL A	05589G102
BFH	BREAD FINANCIAL HOLDINGS INC	2,717	$201	0.0%	$65.65	0.0%	COM	018581108
HPP	HUDSON PAC PPTYS INC	14,534	$157	0.0%	$10.83	—	COM	444097406

Increased Positions (25)

SSB SOUTHSTATE BK CORP 8.4%

Value ($000) $76,515 (+46.6%) Shares 813,033 (+54.0%) Est. Cost $95.00 Unrealized -3.3%

WAL WESTERN ALLIANCE BANCORP 4.0%

Value ($000) $36,375 (+139.2%) Shares 432,672 (+146.7%) Est. Cost $79.12 Unrealized +1.9%

HBNC HORIZON BANCORP INC 2.0%

Value ($000) $18,382 (+333.8%) Shares 1,083,840 (+309.5%) Est. Cost $16.43 Unrealized +0.8%

FRME FIRST MERCHANTS CORP 2.6%

Value ($000) $23,750 (+113.8%) Shares 633,668 (+115.0%) Est. Cost $37.94 Unrealized -3.0%

SKWD SKYWARD SPECIALTY INS GROUP 0.8%

Value ($000) $7,397 (+510.7%) Shares 144,736 (+468.3%) Est. Cost $47.44 Unrealized +1.3%

SBCF SEACOAST BKG CORP FLA 4.7%

Value ($000) $42,784 (+16.2%) Shares 1,361,677 (+12.5%) Est. Cost $26.37 Unrealized +18.2%

NMRK NEWMARK GROUP INC 0.8%

Value ($000) $7,265 (+367.2%) Shares 418,973 (+402.5%) Est. Cost $17.24 Unrealized +1.5%

SF STIFEL FINL CORP 0.8%

Value ($000) $7,325 (+148.5%) Shares 58,497 (+125.2%) Est. Cost $116.03 Unrealized +3.1%

CME CME GROUP INC 0.6%

Value ($000) $5,240 (+259.6%) Shares 19,187 (+255.8%) Est. Cost $270.10 Unrealized +0.2%

USB US BANCORP DEL 2.2%

Value ($000) $19,926 (+18.5%) Shares 373,433 (+7.3%) Est. Cost $45.61 Unrealized +6.8%

AII AMERICAN INTEGRITY INS GROUP 0.4%

Value ($000) $3,197 (+1171.3%) Shares 153,491 (+1261.6%) Est. Cost $22.00 Unrealized +1.1%

RPC P10 INC 0.5%

Value ($000) $4,488 (+164.7%) Shares 457,474 (+193.6%) Est. Cost $10.65 Unrealized -4.7%

GL GLOBE LIFE INC 0.5%

Value ($000) $4,904 (+32.8%) Shares 35,065 (+35.8%) Est. Cost $129.99 Unrealized +4.2%

AKR ACADIA RLTY TR 0.6%

Value ($000) $5,086 (+23.0%) Shares 247,622 (+20.7%) Est. Cost $19.68 Unrealized —

FR FIRST INDL RLTY TR INC 0.3%

Value ($000) $2,659 (+53.7%) Shares 46,421 (+38.1%) Est. Cost $53.07 Unrealized —

KINS KINGSTONE COS INC 0.1%

Value ($000) $1,317 (+116.8%) Shares 78,256 (+89.3%) Est. Cost $14.83 Unrealized +2.1%

MRP MILLROSE PPTYS INC 0.2%

Value ($000) $1,612 (+63.2%) Shares 53,978 (+83.6%) Est. Cost $29.13 Unrealized —

ADC AGREE RLTY CORP 0.3%

Value ($000) $2,584 (+31.3%) Shares 35,873 (+29.5%) Est. Cost $73.51 Unrealized —

CURB CURBLINE PPTYS CORP 0.1%

Value ($000) $1,123 (+86.0%) Shares 48,374 (+78.7%) Est. Cost $22.70 Unrealized —

HQY HEALTHEQUITY INC 0.1%

Value ($000) $1,242 (+56.4%) Shares 13,556 (+61.8%) Est. Cost $94.73 Unrealized +1.1%

RGA REINSURANCE GRP OF AMERICA I 0.5%

Value ($000) $4,753 (+10.1%) Shares 23,361 (+4.0%) Est. Cost $185.79 Unrealized +4.1%

ELME ELME COMMUNITIES 0.1%

Value ($000) $940 (+82.9%) Shares 54,049 (+77.2%) Est. Cost $17.10 Unrealized —

NIC NICOLET BANKSHARES INC 0.3%

Value ($000) $2,477 (+16.9%) Shares 20,421 (+29.6%) Est. Cost $130.80 Unrealized -3.5%

SPNT SIRIUSPOINT LTD 0.2%

Value ($000) $1,551 (+27.4%) Shares 70,841 (+5.3%) Est. Cost $18.78 Unrealized +6.8%

ACIW ACI WORLDWIDE INC 0.1%

Value ($000) $861 (+6.6%) Shares 17,999 (+17.6%) Est. Cost $48.44 Unrealized +0.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SSB	SOUTHSTATE BK CORP	813,033 (+54.0%)	$76,515 (+46.6%)	8.4%	$95.00	-3.3%	COM	84472E102
WAL	WESTERN ALLIANCE BANCORP	432,672 (+146.7%)	$36,375 (+139.2%)	4.0%	$79.12	+1.9%	COM	957638109
HBNC	HORIZON BANCORP INC	1,083,840 (+309.5%)	$18,382 (+333.8%)	2.0%	$16.43	+0.8%	COM	440407104
FRME	FIRST MERCHANTS CORP	633,668 (+115.0%)	$23,750 (+113.8%)	2.6%	$37.94	-3.0%	COM	320817109
SKWD	SKYWARD SPECIALTY INS GROUP	144,736 (+468.3%)	$7,397 (+510.7%)	0.8%	$47.44	+1.3%	COM	830940102
SBCF	SEACOAST BKG CORP FLA	1,361,677 (+12.5%)	$42,784 (+16.2%)	4.7%	$26.37	+18.2%	COM NEW	811707801
NMRK	NEWMARK GROUP INC	418,973 (+402.5%)	$7,265 (+367.2%)	0.8%	$17.24	+1.5%	CL A	65158N102
SF	STIFEL FINL CORP	58,497 (+125.2%)	$7,325 (+148.5%)	0.8%	$116.03	+3.1%	COM	860630102
CME	CME GROUP INC	19,187 (+255.8%)	$5,240 (+259.6%)	0.6%	$270.10	+0.2%	COM	12572Q105
USB	US BANCORP DEL	373,433 (+7.3%)	$19,926 (+18.5%)	2.2%	$45.61	+6.8%	COM NEW	902973304
AII	AMERICAN INTEGRITY INS GROUP	153,491 (+1261.6%)	$3,197 (+1171.3%)	0.4%	$22.00	+1.1%	COM	026948109
RPC	P10 INC	457,474 (+193.6%)	$4,488 (+164.7%)	0.5%	$10.65	-4.7%	COM CL A	69376K106
GL	GLOBE LIFE INC	35,065 (+35.8%)	$4,904 (+32.8%)	0.5%	$129.99	+4.2%	COM	37959E102
AKR	ACADIA RLTY TR	247,622 (+20.7%)	$5,086 (+23.0%)	0.6%	$19.68	—	COM SH BEN INT	004239109
FR	FIRST INDL RLTY TR INC	46,421 (+38.1%)	$2,659 (+53.7%)	0.3%	$53.07	—	COM	32054K103
KINS	KINGSTONE COS INC	78,256 (+89.3%)	$1,317 (+116.8%)	0.1%	$14.83	+2.1%	COM	496719105
MRP	MILLROSE PPTYS INC	53,978 (+83.6%)	$1,612 (+63.2%)	0.2%	$29.13	—	COM CL A	601137102
ADC	AGREE RLTY CORP	35,873 (+29.5%)	$2,584 (+31.3%)	0.3%	$73.51	—	COM	008492100
CURB	CURBLINE PPTYS CORP	48,374 (+78.7%)	$1,123 (+86.0%)	0.1%	$22.70	—	COM	23128Q101
HQY	HEALTHEQUITY INC	13,556 (+61.8%)	$1,242 (+56.4%)	0.1%	$94.73	+1.1%	COM	42226A107
RGA	REINSURANCE GRP OF AMERICA I	23,361 (+4.0%)	$4,753 (+10.1%)	0.5%	$185.79	+4.1%	COM NEW	759351604
ELME	ELME COMMUNITIES	54,049 (+77.2%)	$940 (+82.9%)	0.1%	$17.10	—	SH BEN INT	939653101
NIC	NICOLET BANKSHARES INC	20,421 (+29.6%)	$2,477 (+16.9%)	0.3%	$130.80	-3.5%	COM	65406E102
SPNT	SIRIUSPOINT LTD	70,841 (+5.3%)	$1,551 (+27.4%)	0.2%	$18.78	+6.8%	COM	G8192H106
ACIW	ACI WORLDWIDE INC	17,999 (+17.6%)	$861 (+6.6%)	0.1%	$48.44	+0.2%	COM	004498101

Exited Positions (55)

FFWM FIRST FNDTN INC 1.3%

Value ($000) $11,461 Shares 2,057,660 Est. Cost $5.25 Unrealized +6.7%

BAC BANK AMERICA CORP 1.2%

Value ($000) $11,165 Shares 216,409 Est. Cost $48.34 Unrealized +8.9%

PB PROSPERITY BANCSHARES INC 1.1%

Value ($000) $9,620 Shares 144,985 Est. Cost $67.67 Unrealized -1.0%

MBIN MERCHANTS BANCORP IND 1.0%

Value ($000) $9,450 Shares 297,156 Est. Cost $37.76 Unrealized -13.2%

BUSE FIRST BUSEY CORP 0.9%

Value ($000) $8,473 Shares 366,020 Est. Cost $22.15 Unrealized +4.8%

STT STATE STR CORP 0.9%

Value ($000) $7,889 Shares 68,000 Est. Cost $110.08 Unrealized +8.1%

MHO M/I HOMES INC 0.9%

Value ($000) $7,735 Shares 53,553 Est. Cost $135.28 Unrealized -2.3%

FAF FIRST AMERICAN FINL CORP 0.8%

Value ($000) $7,625 Shares 118,691 Est. Cost $62.08 Unrealized +0.4%

SCHW CHARLES SCHWAB CORP 0.8%

Value ($000) $7,318 Shares 76,650 Est. Cost $94.54 Unrealized +0.2%

MCY MERCURY GENL CORP NEW 0.8%

Value ($000) $7,087 Shares 83,592 Est. Cost $67.27 Unrealized +29.0%

AMT AMERICAN TOWER CORP NEW 0.7%

Value ($000) $6,745 Shares 3,507 Est. Cost $197.02 Unrealized -8.5%

TMHC TAYLOR MORRISON HOME CORP 0.7%

Value ($000) $5,933 Shares 89,887 Est. Cost $59.15 Unrealized +3.4%

WD WALKER & DUNLOP INC 0.6%

Value ($000) $5,198 Shares 62,168 Est. Cost $79.32 Unrealized -11.1%

BRO BROWN & BROWN INC 0.5%

Value ($000) $4,487 Shares 47,837 Est. Cost $108.24 Unrealized -23.0%

TOL TOLL BROTHERS INC 0.4%

Value ($000) $4,042 Shares 29,258 Est. Cost $130.53 Unrealized +4.0%

ICE INTERCONTINENTAL EXCHANGE IN 0.4%

Value ($000) $3,900 Shares 23,146 Est. Cost $177.73 Unrealized -12.1%

RDN RADIAN GROUP INC 0.4%

Value ($000) $3,555 Shares 98,159 Est. Cost $34.42 Unrealized +1.0%

— LXP INDUSTRIAL TRUST 0.4%

Value ($000) $3,535 Shares 394,529 Est. Cost $8.96 Unrealized —

ABR ARBOR REALTY TRUST INC 0.4%

Value ($000) $3,280 Shares 268,673 Est. Cost $12.21 Unrealized —

C CITIGROUP INC 0.4%

Value ($000) $3,245 Shares 31,975 Est. Cost $94.11 Unrealized +10.1%

ARI APOLLO COML REAL EST FIN INC 0.3%

Value ($000) $3,038 Shares 299,904 Est. Cost $9.88 Unrealized —

RYAN RYAN SPECIALTY HOLDINGS INC 0.3%

Value ($000) $2,695 Shares 47,822 Est. Cost $59.24 Unrealized -7.4%

HLI HOULIHAN LOKEY INC 0.3%

Value ($000) $2,435 Shares 11,860 Est. Cost $166.54 Unrealized +10.0%

SLM SLM CORP 0.2%

Value ($000) $2,195 Shares 79,309 Est. Cost $31.21 Unrealized -12.1%

BFC BANK FIRST CORP 0.2%

Value ($000) $2,143 Shares 17,662 Est. Cost $123.55 Unrealized +2.8%

PECO PHILLIPS EDISON & CO INC 0.2%

Value ($000) $1,640 Shares 47,768 Est. Cost $34.34 Unrealized —

O REALTY INCOME CORP 0.2%

Value ($000) $1,633 Shares 26,865 Est. Cost $56.92 Unrealized +0.8%

AON AON PLC 0.2%

Value ($000) $1,489 Shares 4,176 Est. Cost $361.49 Unrealized -3.4%

HOMB HOME BANCSHARES INC 0.1%

Value ($000) $1,194 Shares 42,191 Est. Cost $29.04 Unrealized -4.5%

— ANYWHERE REAL ESTATE INC 0.1%

Value ($000) $1,143 Shares 107,971 Est. Cost $10.59 Unrealized —

UCB UNITED CMNTY BKS BLAIRSVLE G 0.1%

Value ($000) $1,041 Shares 33,214 Est. Cost $31.28 Unrealized -1.3%

CUZ COUSINS PPTYS INC 0.1%

Value ($000) $992 Shares 34,262 Est. Cost $29.69 Unrealized —

SLF SUN LIFE FINANCIAL INC. 0.1%

Value ($000) $980 Shares 16,324 Est. Cost $60.14 Unrealized +0.5%

HRTG HERITAGE INSURANCE HLDGS INC 0.1%

Value ($000) $950 Shares 37,745 Est. Cost $22.71 Unrealized +19.0%

BEN FRANKLIN RESOURCES INC 0.1%

Value ($000) $722 Shares 31,236 Est. Cost $21.82 Unrealized +3.9%

CG CARLYLE GROUP INC 0.1%

Value ($000) $671 Shares 10,696 Est. Cost $54.34 Unrealized +3.6%

CUBE CUBESMART 0.1%

Value ($000) $619 Shares 15,225 Est. Cost $40.66 Unrealized —

GCMG GCM GROSVENOR INC 0.1%

Value ($000) $612 Shares 50,728 Est. Cost $12.19 Unrealized -7.0%

BHF BRIGHTHOUSE FINL INC 0.1%

Value ($000) $539 Shares 10,158 Est. Cost $56.21 Unrealized +4.5%

NNN NNN REIT INC 0.1%

Value ($000) $492 Shares 11,568 Est. Cost $42.57 Unrealized —

HUM HUMANA INC 0.0%

Value ($000) $446 Shares 1,716 Est. Cost $261.21 Unrealized +0.0%

AJG GALLAGHER ARTHUR J & CO 0.0%

Value ($000) $425 Shares 1,371 Est. Cost $300.20 Unrealized -12.0%

HFBL HOME FED BANCORP INC LA NEW 0.0%

Value ($000) $342 Shares 24,866 Est. Cost $12.28 Unrealized +26.6%

— PARAMOUNT GROUP INC 0.0%

Value ($000) $307 Shares 46,975 Est. Cost $6.54 Unrealized —

PK PARK HOTELS & RESORTS INC 0.0%

Value ($000) $261 Shares 23,519 Est. Cost $11.08 Unrealized —

ACIC AMERICAN COASTAL INS CORP 0.0%

Value ($000) $259 Shares 22,756 Est. Cost $10.24 Unrealized +11.0%

BRX BRIXMOR PPTY GROUP INC 0.0%

Value ($000) $254 Shares 9,164 Est. Cost $27.68 Unrealized —

KRC KILROY RLTY CORP 0.0%

Value ($000) $232 Shares 5,499 Est. Cost $42.25 Unrealized —

ADP AUTOMATIC DATA PROCESSING IN 0.0%

Value ($000) $231 Shares 787 Est. Cost $297.80 Unrealized -11.1%

UNH UNITEDHEALTH GROUP INC 0.0%

Value ($000) $222 Shares 643 Est. Cost $374.94 Unrealized -10.1%

HLNE HAMILTON LANE INC 0.0%

Value ($000) $217 Shares 1,612 Est. Cost $150.85 Unrealized -16.6%

GPN GLOBAL PMTS INC 0.0%

Value ($000) $195 Shares 2,353 Est. Cost $83.75 Unrealized -4.1%

QNST QUINSTREET INC 0.0%

Value ($000) $135 Shares 8,720 Est. Cost $15.88 Unrealized -9.1%

SHO SUNSTONE HOTEL INVS INC NEW 0.0%

Value ($000) $123 Shares 13,116 Est. Cost $9.37 Unrealized —

BDN BRANDYWINE RLTY TR 0.0%

Value ($000) $114 Shares 27,281 Est. Cost $4.17 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FFWM	FIRST FNDTN INC	2,057,660	$11,461	1.3%	$5.25	+6.7%	—	32026V104
BAC	BANK AMERICA CORP	216,409	$11,165	1.2%	$48.34	+8.9%	—	060505104
PB	PROSPERITY BANCSHARES INC	144,985	$9,620	1.1%	$67.67	-1.0%	—	743606105
MBIN	MERCHANTS BANCORP IND	297,156	$9,450	1.0%	$37.76	-13.2%	—	58844R108
BUSE	FIRST BUSEY CORP	366,020	$8,473	0.9%	$22.15	+4.8%	—	319383204
STT	STATE STR CORP	68,000	$7,889	0.9%	$110.08	+8.1%	—	857477103
MHO	M/I HOMES INC	53,553	$7,735	0.9%	$135.28	-2.3%	—	55305B101
FAF	FIRST AMERICAN FINL CORP	118,691	$7,625	0.8%	$62.08	+0.4%	—	31847R102
SCHW	CHARLES SCHWAB CORP	76,650	$7,318	0.8%	$94.54	+0.2%	—	808513105
MCY	MERCURY GENL CORP NEW	83,592	$7,087	0.8%	$67.27	+29.0%	—	589400100
AMT	AMERICAN TOWER CORP NEW	3,507	$6,745	0.7%	$197.02	-8.5%	—	03027X100
TMHC	TAYLOR MORRISON HOME CORP	89,887	$5,933	0.7%	$59.15	+3.4%	—	87724P106
WD	WALKER & DUNLOP INC	62,168	$5,198	0.6%	$79.32	-11.1%	—	93148P102
BRO	BROWN & BROWN INC	47,837	$4,487	0.5%	$108.24	-23.0%	—	115236101
TOL	TOLL BROTHERS INC	29,258	$4,042	0.4%	$130.53	+4.0%	—	889478103
ICE	INTERCONTINENTAL EXCHANGE IN	23,146	$3,900	0.4%	$177.73	-12.1%	—	45866F104
RDN	RADIAN GROUP INC	98,159	$3,555	0.4%	$34.42	+1.0%	—	750236101
—	LXP INDUSTRIAL TRUST	394,529	$3,535	0.4%	$8.96	—	—	529043101
ABR	ARBOR REALTY TRUST INC	268,673	$3,280	0.4%	$12.21	—	—	038923108
C	CITIGROUP INC	31,975	$3,245	0.4%	$94.11	+10.1%	—	172967424
ARI	APOLLO COML REAL EST FIN INC	299,904	$3,038	0.3%	$9.88	—	—	03762U105
RYAN	RYAN SPECIALTY HOLDINGS INC	47,822	$2,695	0.3%	$59.24	-7.4%	—	78351F107
HLI	HOULIHAN LOKEY INC	11,860	$2,435	0.3%	$166.54	+10.0%	—	441593100
SLM	SLM CORP	79,309	$2,195	0.2%	$31.21	-12.1%	—	78442P106
BFC	BANK FIRST CORP	17,662	$2,143	0.2%	$123.55	+2.8%	—	06211J100
PECO	PHILLIPS EDISON & CO INC	47,768	$1,640	0.2%	$34.34	—	—	71844V201
O	REALTY INCOME CORP	26,865	$1,633	0.2%	$56.92	+0.8%	—	756109104
AON	AON PLC	4,176	$1,489	0.2%	$361.49	-3.4%	—	G0403H108
HOMB	HOME BANCSHARES INC	42,191	$1,194	0.1%	$29.04	-4.5%	—	436893200
—	ANYWHERE REAL ESTATE INC	107,971	$1,143	0.1%	$10.59	—	—	75605Y106
UCB	UNITED CMNTY BKS BLAIRSVLE G	33,214	$1,041	0.1%	$31.28	-1.3%	—	90984P303
CUZ	COUSINS PPTYS INC	34,262	$992	0.1%	$29.69	—	—	222795502
SLF	SUN LIFE FINANCIAL INC.	16,324	$980	0.1%	$60.14	+0.5%	—	866796105
HRTG	HERITAGE INSURANCE HLDGS INC	37,745	$950	0.1%	$22.71	+19.0%	—	42727J102
BEN	FRANKLIN RESOURCES INC	31,236	$722	0.1%	$21.82	+3.9%	—	354613101
CG	CARLYLE GROUP INC	10,696	$671	0.1%	$54.34	+3.6%	—	14316J108
CUBE	CUBESMART	15,225	$619	0.1%	$40.66	—	—	229663109
GCMG	GCM GROSVENOR INC	50,728	$612	0.1%	$12.19	-7.0%	—	36831E108
BHF	BRIGHTHOUSE FINL INC	10,158	$539	0.1%	$56.21	+4.5%	—	10922N103
NNN	NNN REIT INC	11,568	$492	0.1%	$42.57	—	—	637417106
HUM	HUMANA INC	1,716	$446	0.0%	$261.21	+0.0%	—	444859102
AJG	GALLAGHER ARTHUR J & CO	1,371	$425	0.0%	$300.20	-12.0%	—	363576109
HFBL	HOME FED BANCORP INC LA NEW	24,866	$342	0.0%	$12.28	+26.6%	—	43708L108
—	PARAMOUNT GROUP INC	46,975	$307	0.0%	$6.54	—	—	69924R108
PK	PARK HOTELS & RESORTS INC	23,519	$261	0.0%	$11.08	—	—	700517105
ACIC	AMERICAN COASTAL INS CORP	22,756	$259	0.0%	$10.24	+11.0%	—	910710102
BRX	BRIXMOR PPTY GROUP INC	9,164	$254	0.0%	$27.68	—	—	11120U105
KRC	KILROY RLTY CORP	5,499	$232	0.0%	$42.25	—	—	49427F108
ADP	AUTOMATIC DATA PROCESSING IN	787	$231	0.0%	$297.80	-11.1%	—	053015103
UNH	UNITEDHEALTH GROUP INC	643	$222	0.0%	$374.94	-10.1%	—	91324P102
HLNE	HAMILTON LANE INC	1,612	$217	0.0%	$150.85	-16.6%	—	407497106
GPN	GLOBAL PMTS INC	2,353	$195	0.0%	$83.75	-4.1%	—	37940X102
QNST	QUINSTREET INC	8,720	$135	0.0%	$15.88	-9.1%	—	74874Q100
SHO	SUNSTONE HOTEL INVS INC NEW	13,116	$123	0.0%	$9.37	—	—	867892101
BDN	BRANDYWINE RLTY TR	27,281	$114	0.0%	$4.17	—	—	105368203

Decreased Positions (40)

LNKB LINKBANCORP INC 0.5%

Value ($000) $4,931 (-76.9%) Shares 596,930 (-80.1%) Est. Cost $6.43 Unrealized +16.3%

WBS WEBSTER FINL CORP 2.7%

Value ($000) $24,216 (-34.8%) Shares 384,743 (-38.4%) Est. Cost $54.78 Unrealized +8.4%

WSBC WESBANCO INC 1.3%

Value ($000) $11,539 (-44.8%) Shares 347,136 (-46.9%) Est. Cost $31.81 Unrealized +1.6%

INDB INDEPENDENT BK CORP MASS 1.9%

Value ($000) $16,847 (-35.7%) Shares 230,533 (-39.1%) Est. Cost $62.60 Unrealized +12.6%

QCRH QCR HOLDINGS INC 1.2%

Value ($000) $11,070 (-33.5%) Shares 132,898 (-39.6%) Est. Cost $52.78 Unrealized +49.0%

THG HANOVER INS GROUP INC 0.8%

Value ($000) $6,841 (-42.8%) Shares 37,427 (-43.1%) Est. Cost $165.64 Unrealized +8.1%

IBCP INDEPENDENT BK CORP MICH 1.4%

Value ($000) $12,527 (-26.5%) Shares 385,088 (-30.0%) Est. Cost $15.30 Unrealized +107.7%

JLL JONES LANG LASALLE INC 0.4%

Value ($000) $3,962 (-47.5%) Shares 11,774 (-53.5%) Est. Cost $202.97 Unrealized +54.4%

FVCB FVCBANKCORP INC 0.0%

Value ($000) $224 (-92.2%) Shares 16,116 (-92.7%) Est. Cost $12.01 Unrealized +6.0%

PFSI PENNYMAC FINL SVCS INC NEW 0.4%

Value ($000) $3,766 (-41.0%) Shares 28,562 (-44.6%) Est. Cost $107.45 Unrealized +18.0%

OSBC OLD SECOND BANCORP INC ILL 3.9%

Value ($000) $35,678 (+7.5%) Shares 1,829,665 (-4.7%) Est. Cost $11.90 Unrealized +56.3%

NLY ANNALY CAPITAL MANAGEMENT IN 0.2%

Value ($000) $1,621 (-56.7%) Shares 72,486 (-60.9%) Est. Cost $19.81 Unrealized —

HCI HCI GROUP INC 0.4%

Value ($000) $3,646 (-35.8%) Shares 19,019 (-35.7%) Est. Cost $132.21 Unrealized +42.5%

CINF CINCINNATI FINL CORP 0.6%

Value ($000) $5,363 (-24.1%) Shares 32,836 (-26.5%) Est. Cost $144.97 Unrealized +11.2%

TOWN TOWNEBANK PORTSMOUTH VA 0.7%

Value ($000) $6,093 (-20.8%) Shares 182,586 (-17.9%) Est. Cost $33.36 Unrealized +0.9%

WELL WELLTOWER INC 0.4%

Value ($000) $3,893 (-24.2%) Shares 20,975 (-27.3%) Est. Cost $103.96 Unrealized +79.4%

ZION ZIONS BANCORPORATION N A 1.5%

Value ($000) $13,998 (-7.7%) Shares 239,124 (-10.8%) Est. Cost $53.63 Unrealized +1.5%

EXR EXTRA SPACE STORAGE INC 0.0%

Value ($000) $245 (-82.2%) Shares 1,884 (-80.7%) Est. Cost $140.76 Unrealized -4.1%

ARES ARES MANAGEMENT CORPORATION 0.0%

Value ($000) $252 (-81.0%) Shares 1,557 (-81.2%) Est. Cost $159.10 Unrealized -2.6%

ONB OLD NATL BANCORP IND 1.8%

Value ($000) $15,997 (-6.2%) Shares 717,018 (-7.7%) Est. Cost $20.78 Unrealized +3.8%

AHR AMERICAN HEALTHCARE REIT INC 0.3%

Value ($000) $2,391 (-26.9%) Shares 50,798 (-34.8%) Est. Cost $29.33 Unrealized —

JHG JANUS HENDERSON GROUP PLC 0.1%

Value ($000) $575 (-59.7%) Shares 12,090 (-62.3%) Est. Cost $39.28 Unrealized +12.6%

TSLX SIXTH STREET SPECIALTY LENDI 0.1%

Value ($000) $1,269 (-39.5%) Shares 58,423 (-36.4%) Est. Cost $24.05 Unrealized -9.3%

WPC WP CAREY INC 0.1%

Value ($000) $456 (-63.0%) Shares 7,091 (-61.2%) Est. Cost $66.58 Unrealized —

SYF SYNCHRONY FINANCIAL 0.0%

Value ($000) $393 (-65.2%) Shares 4,706 (-70.3%) Est. Cost $56.04 Unrealized +36.2%

MAA MID-AMER APT CMNTYS INC 0.2%

Value ($000) $1,544 (-30.4%) Shares 11,112 (-30.0%) Est. Cost $152.37 Unrealized -12.7%

HTGC HERCULES CAPITAL INC 0.4%

Value ($000) $3,199 (-17.1%) Shares 169,984 (-16.7%) Est. Cost $19.05 Unrealized -5.3%

EBC EASTERN BANKSHARES INC 1.9%

Value ($000) $17,082 (-3.6%) Shares 926,841 (-5.1%) Est. Cost $16.30 Unrealized +11.8%

VOYA VOYA FINANCIAL INC 0.3%

Value ($000) $2,631 (-19.2%) Shares 35,315 (-18.8%) Est. Cost $71.68 Unrealized +1.2%

EPRT ESSENTIAL PPTYS RLTY TR INC 0.1%

Value ($000) $524 (-53.7%) Shares 17,665 (-53.5%) Est. Cost $30.19 Unrealized —

V VISA INC 0.1%

Value ($000) $689 (-44.3%) Shares 1,965 (-45.8%) Est. Cost $335.00 Unrealized +1.6%

MA MASTERCARD INCORPORATED 0.1%

Value ($000) $607 (-43.6%) Shares 1,064 (-43.8%) Est. Cost $573.47 Unrealized -2.5%

CNO CNO FINL GROUP INC 0.2%

Value ($000) $1,659 (-19.3%) Shares 39,063 (-24.9%) Est. Cost $37.91 Unrealized +7.1%

TPG TPG INC 0.0%

Value ($000) $217 (-62.3%) Shares 3,405 (-66.1%) Est. Cost $59.03 Unrealized -0.0%

JMSB JOHN MARSHALL BANCORP INC 0.9%

Value ($000) $8,255 (-3.1%) Shares 412,945 (-3.9%) Est. Cost $18.70 Unrealized +5.3%

PLD PROLOGIS INC. 0.1%

Value ($000) $730 (-26.6%) Shares 5,722 (-34.2%) Est. Cost $108.29 Unrealized +14.4%

GABC GERMAN AMERN BANCORP INC 0.5%

Value ($000) $4,271 (-3.4%) Shares 109,019 (-3.2%) Est. Cost $39.43 Unrealized -1.0%

MRX MAREX GROUP PLC 0.3%

Value ($000) $3,115 (-3.2%) Shares 81,199 (-15.1%) Est. Cost $39.35 Unrealized -13.7%

FHI FEDERATED HERMES INC 0.0%

Value ($000) $228 (-9.9%) Shares 4,383 (-10.2%) Est. Cost $49.91 Unrealized +0.8%

JXN JACKSON FINANCIAL INC 0.0%

Value ($000) $292 (-2.1%) Shares 2,737 (-7.1%) Est. Cost $92.07 Unrealized +7.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LNKB	LINKBANCORP INC	596,930 (-80.1%)	$4,931 (-76.9%)	0.5%	$6.43	+16.3%	COM	53578P105
WBS	WEBSTER FINL CORP	384,743 (-38.4%)	$24,216 (-34.8%)	2.7%	$54.78	+8.4%	COM	947890109
WSBC	WESBANCO INC	347,136 (-46.9%)	$11,539 (-44.8%)	1.3%	$31.81	+1.6%	COM	950810101
INDB	INDEPENDENT BK CORP MASS	230,533 (-39.1%)	$16,847 (-35.7%)	1.9%	$62.60	+12.6%	COM	453836108
QCRH	QCR HOLDINGS INC	132,898 (-39.6%)	$11,070 (-33.5%)	1.2%	$52.78	+49.0%	COM	74727A104
THG	HANOVER INS GROUP INC	37,427 (-43.1%)	$6,841 (-42.8%)	0.8%	$165.64	+8.1%	COM	410867105
IBCP	INDEPENDENT BK CORP MICH	385,088 (-30.0%)	$12,527 (-26.5%)	1.4%	$15.30	+107.7%	COM NEW	453838609
JLL	JONES LANG LASALLE INC	11,774 (-53.5%)	$3,962 (-47.5%)	0.4%	$202.97	+54.4%	COM	48020Q107
FVCB	FVCBANKCORP INC	16,116 (-92.7%)	$224 (-92.2%)	0.0%	$12.01	+6.0%	COM	36120Q101
PFSI	PENNYMAC FINL SVCS INC NEW	28,562 (-44.6%)	$3,766 (-41.0%)	0.4%	$107.45	+18.0%	COM	70932M107
OSBC	OLD SECOND BANCORP INC ILL	1,829,665 (-4.7%)	$35,678 (+7.5%)	3.9%	$11.90	+56.3%	COM	680277100
NLY	ANNALY CAPITAL MANAGEMENT IN	72,486 (-60.9%)	$1,621 (-56.7%)	0.2%	$19.81	—	COM NEW	035710839
HCI	HCI GROUP INC	19,019 (-35.7%)	$3,646 (-35.8%)	0.4%	$132.21	+42.5%	COM	40416E103
CINF	CINCINNATI FINL CORP	32,836 (-26.5%)	$5,363 (-24.1%)	0.6%	$144.97	+11.2%	COM	172062101
TOWN	TOWNEBANK PORTSMOUTH VA	182,586 (-17.9%)	$6,093 (-20.8%)	0.7%	$33.36	+0.9%	COM	89214P109
WELL	WELLTOWER INC	20,975 (-27.3%)	$3,893 (-24.2%)	0.4%	$103.96	+79.4%	COM	95040Q104
ZION	ZIONS BANCORPORATION N A	239,124 (-10.8%)	$13,998 (-7.7%)	1.5%	$53.63	+1.5%	COM	989701107
EXR	EXTRA SPACE STORAGE INC	1,884 (-80.7%)	$245 (-82.2%)	0.0%	$140.76	-4.1%	COM	30225T102
ARES	ARES MANAGEMENT CORPORATION	1,557 (-81.2%)	$252 (-81.0%)	0.0%	$159.10	-2.6%	CL A COM STK	03990B101
ONB	OLD NATL BANCORP IND	717,018 (-7.7%)	$15,997 (-6.2%)	1.8%	$20.78	+3.8%	COM	680033107
AHR	AMERICAN HEALTHCARE REIT INC	50,798 (-34.8%)	$2,391 (-26.9%)	0.3%	$29.33	—	COM SHS	398182303
JHG	JANUS HENDERSON GROUP PLC	12,090 (-62.3%)	$575 (-59.7%)	0.1%	$39.28	+12.6%	ORD SHS	G4474Y214
TSLX	SIXTH STREET SPECIALTY LENDI	58,423 (-36.4%)	$1,269 (-39.5%)	0.1%	$24.05	-9.3%	COM	83012A109
WPC	WP CAREY INC	7,091 (-61.2%)	$456 (-63.0%)	0.1%	$66.58	—	COM	92936U109
SYF	SYNCHRONY FINANCIAL	4,706 (-70.3%)	$393 (-65.2%)	0.0%	$56.04	+36.2%	COM	87165B103
MAA	MID-AMER APT CMNTYS INC	11,112 (-30.0%)	$1,544 (-30.4%)	0.2%	$152.37	-12.7%	COM	59522J103
HTGC	HERCULES CAPITAL INC	169,984 (-16.7%)	$3,199 (-17.1%)	0.4%	$19.05	-5.3%	COM	427096508
EBC	EASTERN BANKSHARES INC	926,841 (-5.1%)	$17,082 (-3.6%)	1.9%	$16.30	+11.8%	COM	27627N105
VOYA	VOYA FINANCIAL INC	35,315 (-18.8%)	$2,631 (-19.2%)	0.3%	$71.68	+1.2%	COM	929089100
EPRT	ESSENTIAL PPTYS RLTY TR INC	17,665 (-53.5%)	$524 (-53.7%)	0.1%	$30.19	—	COM	29670E107
V	VISA INC	1,965 (-45.8%)	$689 (-44.3%)	0.1%	$335.00	+1.6%	COM CL A	92826C839
MA	MASTERCARD INCORPORATED	1,064 (-43.8%)	$607 (-43.6%)	0.1%	$573.47	-2.5%	CL A	57636Q104
CNO	CNO FINL GROUP INC	39,063 (-24.9%)	$1,659 (-19.3%)	0.2%	$37.91	+7.1%	COM	12621E103
TPG	TPG INC	3,405 (-66.1%)	$217 (-62.3%)	0.0%	$59.03	-0.0%	COM CL A	872657101
JMSB	JOHN MARSHALL BANCORP INC	412,945 (-3.9%)	$8,255 (-3.1%)	0.9%	$18.70	+5.3%	COM	47805L101
PLD	PROLOGIS INC.	5,722 (-34.2%)	$730 (-26.6%)	0.1%	$108.29	+14.4%	COM	74340W103
GABC	GERMAN AMERN BANCORP INC	109,019 (-3.2%)	$4,271 (-3.4%)	0.5%	$39.43	-1.0%	COM	373865104
MRX	MAREX GROUP PLC	81,199 (-15.1%)	$3,115 (-3.2%)	0.3%	$39.35	-13.7%	ORD	G5S37H101
FHI	FEDERATED HERMES INC	4,383 (-10.2%)	$228 (-9.9%)	0.0%	$49.91	+0.8%	CL B	314211103
JXN	JACKSON FINANCIAL INC	2,737 (-7.1%)	$292 (-2.1%)	0.0%	$92.07	+7.4%	COM CL A	46817M107

Unchanged Positions (22)

MOFG MIDWESTONE FINL GROUP INC NE 3.4%

Value ($000) $30,716 Shares 797,816 Est. Cost $28.46 Unrealized +28.1%

SFST SOUTHERN FIRST BANCSHARES 4.6%

Value ($000) $41,588 Shares 807,223 Est. Cost $36.36 Unrealized +31.9%

EQBK EQUITY BANCSHARES INC 6.0%

Value ($000) $54,727 Shares 1,225,687 Est. Cost $32.25 Unrealized +32.1%

HTB HOMETRUST BANCSHARES INC 8.0%

Value ($000) $72,721 Shares 1,693,553 Est. Cost $25.96 Unrealized +59.0%

RBB RBB BANCORP 3.4%

Value ($000) $31,195 Shares 1,511,408 Est. Cost $21.76 Unrealized -9.7%

BCAL CALIFORNIA BANCORP 2.6%

Value ($000) $23,741 Shares 1,271,636 Est. Cost $15.14 Unrealized +20.8%

SMBC SOUTHERN MO BANCORP INC 2.0%

Value ($000) $17,792 Shares 300,944 Est. Cost $35.34 Unrealized +55.8%

AVBC AVIDIA BANCORP INC 0.9%

Value ($000) $8,359 Shares 497,258 Est. Cost $15.09 Unrealized +3.6%

HWBK HAWTHORN BANCSHARES INC 0.7%

Value ($000) $6,652 Shares 190,710 Est. Cost $22.02 Unrealized +45.3%

CBNA CHAIN BRIDGE BANCORP INC 1.1%

Value ($000) $10,177 Shares 293,788 Est. Cost $23.85 Unrealized +35.5%

AMG AFFILIATED MANAGERS GROUP IN 0.1%

Value ($000) $737 Shares 2,557 Est. Cost $220.39 Unrealized +17.3%

UMBF UMB FINL CORP 0.3%

Value ($000) $3,054 Shares 26,549 Est. Cost $115.25 Unrealized -1.7%

APAM ARTISAN PARTNERS ASSET MGMT 0.1%

Value ($000) $1,024 Shares 25,129 Est. Cost $38.79 Unrealized +4.9%

IVT INVENTRUST PPTYS CORP 0.4%

Value ($000) $3,509 Shares 124,373 Est. Cost $28.62 Unrealized —

FOUR SHIFT4 PMTS INC 0.0%

Value ($000) $215 Shares 3,409 Est. Cost $92.96 Unrealized -24.0%

DAVE DAVE INC 0.0%

Value ($000) $403 Shares 1,820 Est. Cost $182.42 Unrealized +17.9%

FSFG FIRST SVGS FINL GROUP INC 0.3%

Value ($000) $2,915 Shares 91,479 Est. Cost $16.95 Unrealized +82.6%

EQR EQUITY RESIDENTIAL 0.1%

Value ($000) $1,131 Shares 17,935 Est. Cost $64.02 Unrealized -5.2%

GEN GEN DIGITAL INC 0.0%

Value ($000) $235 Shares 8,661 Est. Cost $29.71 Unrealized -9.6%

BNL BROADSTONE NET LEASE INC 0.0%

Value ($000) $257 Shares 14,817 Est. Cost $17.09 Unrealized —

FIS FIDELITY NATL INFORMATION SV 0.0%

Value ($000) $373 Shares 5,609 Est. Cost $73.18 Unrealized -10.3%

UHT UNIVERSAL HEALTH RLTY INCOME 0.0%

Value ($000) $369 Shares 9,409 Est. Cost $39.87 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MOFG	MIDWESTONE FINL GROUP INC NE	797,816	$30,716	3.4%	$28.46	+28.1%	COM	598511103
SFST	SOUTHERN FIRST BANCSHARES	807,223	$41,588	4.6%	$36.36	+31.9%	COM	842873101
EQBK	EQUITY BANCSHARES INC	1,225,687	$54,727	6.0%	$32.25	+32.1%	COM CL A	29460X109
HTB	HOMETRUST BANCSHARES INC	1,693,553	$72,721	8.0%	$25.96	+59.0%	COM	437872104
RBB	RBB BANCORP	1,511,408	$31,195	3.4%	$21.76	-9.7%	COM	74930B105
BCAL	CALIFORNIA BANCORP	1,271,636	$23,741	2.6%	$15.14	+20.8%	COM	84252A106
SMBC	SOUTHERN MO BANCORP INC	300,944	$17,792	2.0%	$35.34	+55.8%	COM	843380106
AVBC	AVIDIA BANCORP INC	497,258	$8,359	0.9%	$15.09	+3.6%	COMMON STOCK	05369T100
HWBK	HAWTHORN BANCSHARES INC	190,710	$6,652	0.7%	$22.02	+45.3%	COM	420476103
CBNA	CHAIN BRIDGE BANCORP INC	293,788	$10,177	1.1%	$23.85	+35.5%	CL A	15746L100
AMG	AFFILIATED MANAGERS GROUP IN	2,557	$737	0.1%	$220.39	+17.3%	COM	008252108
UMBF	UMB FINL CORP	26,549	$3,054	0.3%	$115.25	-1.7%	COM	902788108
APAM	ARTISAN PARTNERS ASSET MGMT	25,129	$1,024	0.1%	$38.79	+4.9%	CL A	04316A108
IVT	INVENTRUST PPTYS CORP	124,373	$3,509	0.4%	$28.62	—	COM NEW	46124J201
FOUR	SHIFT4 PMTS INC	3,409	$215	0.0%	$92.96	-24.0%	CL A	82452J109
DAVE	DAVE INC	1,820	$403	0.0%	$182.42	+17.9%	CLASS A COM NEW	23834J201
FSFG	FIRST SVGS FINL GROUP INC	91,479	$2,915	0.3%	$16.95	+82.6%	COM	33621E109
EQR	EQUITY RESIDENTIAL	17,935	$1,131	0.1%	$64.02	-5.2%	SH BEN INT	29476L107
GEN	GEN DIGITAL INC	8,661	$235	0.0%	$29.71	-9.6%	COM	668771108
BNL	BROADSTONE NET LEASE INC	14,817	$257	0.0%	$17.09	—	COM	11135E203
FIS	FIDELITY NATL INFORMATION SV	5,609	$373	0.0%	$73.18	-10.3%	COM	31620M106
UHT	UNIVERSAL HEALTH RLTY INCOME	9,409	$369	0.0%	$39.87	—	SH BEN INT	91359E105