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| # | Issuer | Value | Shares | % Portfolio |
|---|---|---|---|---|
| 1 | COLONY BANKCORP INC | $41.2M | 2064886 | 6.99% |
| 2 | CARTER BANKSHARES INC | $35.0M | 1502119 | 5.94% |
| 3 | COMMUNITY WEST BANCSHARES NE | $31.7M | 1362205 | 5.38% |
| 4 | AVIDBANK HLDGS INC | $29.8M | 1046582 | 5.06% |
| 5 | COASTALSOUTH BANCSHARES INC | $27.1M | 1100504 | 4.59% |
| 6 | INVESTAR HOLDING CORP | $22.6M | 827389 | 3.82% |
| 7 | MERIDIAN CORP | $22.3M | 1175301 | 3.78% |
| 8 | FIRST NATL CORP VA | $20.8M | 774119 | 3.53% |
| 9 | PARKE BANCORP INC | $19.9M | 700349 | 3.37% |
| 10 | FVCBANKCORP INC | $19.4M | 1275574 | 3.28% |
| 11 | AMES NATL CORP | $19.3M | 683250 | 3.27% |
| 12 | EAGLE FINL SVCS INC | $18.6M | 532199 | 3.16% |
| 13 | CF BANKSHARES INC | $17.8M | 639378 | 3.02% |
| 14 | FIRST CMNTY CORP S C | $17.4M | 595521 | 2.95% |
| 15 | BURKE HERBERT FINL SVCS CORP | $15.3M | 246421 | 2.60% |
| 16 | LINKBANCORP INC | $14.9M | 1781185 | 2.52% |
| 17 | OAK VY BANCORP OAKDALE CALIF | $13.3M | 411189 | 2.26% |
| 18 | MID PENN BANCORP INC | $11.8M | 367386 | 2.00% |
| 19 | EAGLE BANCORP MONT INC | $11.4M | 551952 | 1.93% |
| 20 | HANOVER BANCORP INC | $11.3M | 521651 | 1.91% |
| 21 | NATIONAL BANKSHARES INC VA | $10.5M | 288567 | 1.78% |
| 22 | METROPOLITAN BK HLDG CORP | $10.5M | 125601 | 1.77% |
| 23 | PRIMIS FINANCIAL CORP | $9.7M | 731358 | 1.65% |
| 24 | OHIO VY BANC CORP | $9.6M | 219663 | 1.63% |
| 25 | TIMBERLAND BANCORP INC | $9.1M | 230328 | 1.54% |
| 26 | MAINSTREET BANCSHARES INC | $8.5M | 384802 | 1.45% |
| 27 | FIRST NORTHWEST BANCORP | $8.0M | 924268 | 1.36% |
| 28 | BANK OF THE JAMES FINL GP IN | $7.9M | 385498 | 1.35% |
| 29 | SHORE BANCSHARES INC | $7.9M | 421457 | 1.33% |
| 30 | PEOPLES BANCORP N C INC | $7.6M | 194918 | 1.29% |
| 31 | PLUMAS BANCORP | $7.2M | 148183 | 1.23% |
| 32 | TRUIST FINL CORP | $7.0M | 153100 | 1.19% |
| 33 | UNITED SEC BANCSHARES CALIF | $7.0M | 664342 | 1.18% |
| 34 | TOWNEBANK PORTSMOUTH VA | $6.8M | 200884 | 1.15% |
| 35 | BUSINESS FIRST BANCSHARES IN | $6.2M | 231075 | 1.06% |
| 36 | PROVIDENT FINL HLDGS INC | $5.9M | 365632 | 1.00% |
| 37 | EAGLE BANCORPORATION INC | $5.3M | 212341 | 0.90% |
| 38 | WATERSTONE FINL INC MD | $5.3M | 291191 | 0.89% |
| 39 | CNB FINL CORP PA | $4.7M | 163521 | 0.80% |
| 40 | PROSPERITY BANCSHARES INC | $4.7M | 69500 | 0.79% |
| 41 | PINNACLE FINL PARTNERS INC | $2.2M | 25600 | 0.37% |
| 42 | JOHN MARSHALL BANCORP INC | $2.2M | 108178 | 0.37% |
| 43 | WESTERN NEW ENG BANCORP INC | $1.7M | 129357 | 0.28% |
| 44 | PRINCETON BANCORP INC | $1.4M | 42485 | 0.24% |
| 45 | UMB FINL CORP | $1.2M | 10500 | 0.20% |
| 46 | SOUTHSTATE BK CORP | $1.2M | 12600 | 0.20% |
| 47 | HUNTINGTON BANCSHARES INC | $1.1M | 70100 | 0.19% |
| 48 | BANK OF MARIN BANCORP | $1.1M | 41834 | 0.18% |
| 49 | OLD NATL BANCORP IND | $1.0M | 47000 | 0.18% |
| 50 | WESBANCO INC | $1.0M | 30100 | 0.18% |
Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.