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| # | Issuer | Value | Shares | % Portfolio |
|---|---|---|---|---|
| 1 | QCR HLDGS INC | $35.0M | 409706 | 8.16% |
| 2 | SOUTHERN FIRST BANCSHARES | $33.1M | 607405 | 7.72% |
| 3 | CALIFORNIA BANCORP | $32.1M | 1809267 | 7.47% |
| 4 | NATIONAL BK HLDGS CORP | $22.5M | 575676 | 5.26% |
| 5 | OLD NATL BANCORP IND | $22.1M | 999484 | 5.15% |
| 6 | COASTAL FINL CORP WA | $20.8M | 273602 | 4.85% |
| 7 | VALLEY NATL BANCORP | $20.4M | 1664984 | 4.77% |
| 8 | OCEANFIRST FINL CORP | $20.4M | 1128352 | 4.75% |
| 9 | AVIDBANK HLDGS INC | $20.2M | 708491 | 4.71% |
| 10 | BURKE HERBERT FINL SVCS CORP | $19.0M | 305189 | 4.43% |
| 11 | USCB FINANCIAL HOLDINGS INC | $19.0M | 1024738 | 4.43% |
| 12 | FVCBANKCORP INC | $18.8M | 1239133 | 4.39% |
| 13 | ENTERPRISE FINL SVCS CORP | $15.3M | 282496 | 3.56% |
| 14 | CIVISTA BANCSHARES INC | $14.2M | 620875 | 3.30% |
| 15 | HUNTINGTON BANCSHARES INC | $13.7M | 872320 | 3.18% |
| 16 | ALERUS FINL CORP | $13.3M | 562229 | 3.11% |
| 17 | FIGURE TECHNOLOGY SOLUTIO | $12.6M | 370933 | 2.94% |
| 18 | ORIGIN BANCORP INC | $12.6M | 302990 | 2.93% |
| 19 | FIRST MID BANCSHARES INC | $7.6M | 185478 | 1.78% |
| 20 | BANC OF CALIFORNIA INC | $6.5M | 367538 | 1.51% |
| 21 | COASTALSOUTH BANCSHARES INC | $5.9M | 241595 | 1.39% |
| 22 | BYLINE BANCORP INC | $5.7M | 180642 | 1.33% |
| 23 | EASTERN BANKSHARES INC | $5.6M | 285489 | 1.30% |
| 24 | CONNECTONE BANCORP INC | $5.2M | 194043 | 1.21% |
| 25 | UNIVEST FINANCIAL CORPORATIO | $4.7M | 138587 | 1.11% |
| 26 | MVB FINL CORP | $4.7M | 187919 | 1.09% |
| 27 | FINWARD BANCORP | $3.6M | 99543 | 0.84% |
| 28 | EQUITY BANCSHARES INC | $2.9M | 65468 | 0.68% |
| 29 | CHAIN BRIDGE BANCORP INC | $2.9M | 83256 | 0.68% |
| 30 | TOWNEBANK PORTSMOUTH VA | $2.9M | 85706 | 0.67% |
| 31 | NBT BANCORP INC | $2.7M | 62711 | 0.62% |
| 32 | FLAGSTAR FINANCIAL INC | $1.1M | 80531 | 0.25% |
| 33 | SOUTHSTATE BK CORP | $694K | 7501 | 0.16% |
| 34 | VIRGINIA NATL BK CHRLOTSVLE | $379K | 9922 | 0.09% |
| 35 | FB FINL CORP | $364K | 7016 | 0.08% |
| 36 | EAST WEST BANCORP INC | $317K | 2972 | 0.07% |
| 37 | CB FINL SVCS INC | $166K | 4852 | 0.04% |
Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.