Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$1.12B in Q2 2013 → $605M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Old Second Bancorp, Inc. | 4.0% | Added 0.5% | 1,034,143 | $24.1M |
| PB Private Bancorp Of America, Inc. | 3.8% | Added 1.3% | 313,859 | $23.2M |
| Avidbank Holdings, Inc. | 3.6% | Added 0.5% | 668,100 | $22.1M |
| Unity Bancorp, Inc. | 3.6% | Trimmed 1.3% | 370,469 | $21.7M |
| FC First Carolina Financial Services, Inc. | 2.9% | New | 1,338,750 | $17.7M |
| California Bancorp. | 2.8% | Trimmed 1.8% | 816,155 | $17M |
| AB American Business Bank | 2.8% | Trimmed 6.8% | 229,173 | $16.7M |
| FB First Bank | 2.5% | Unchanged | 864,205 | $15.3M |
| West Coast Community Bancorp | 2.5% | Added 9.0% | 301,420 | $15.1M |
| Metropolitan Bank Holding Corp. | 2.4% | Added 3.5% | 147,221 | $14.5M |
| Primis Financial Corporation | 2.4% | Unchanged | 872,961 | $14.3M |
| Merchants Bancorp | 2.4% | Added 1.4% | 285,062 | $14.3M |
| Mainstreet Bancshares, Inc. | 2.2% | Added 2.8% | 545,679 | $13.5M |
| Peapack-gladstone Financial Corporation | 2.1% | Unchanged | 273,947 | $13M |
| Texas Capital Bancshares, Inc. | 2.0% | Unchanged | 119,762 | $12.4M |
| First Western Financial, Inc. | 1.8% | Trimmed 1.7% | 342,404 | $11M |
| Alerus Financial Corporation | 1.8% | Unchanged | 349,165 | $10.9M |
| Banc Of California, Inc. | 1.8% | Unchanged | 519,738 | $10.6M |
| Connectone Bancorp, Inc. | 1.7% | Unchanged | 310,195 | $10.4M |
| First Business Financial Services, Inc. | 1.7% | Trimmed 1.8% | 163,224 | $10.3M |
| Southern First Bancshares, Inc. | 1.6% | Trimmed 5.2% | 162,655 | $9.94M |
| Alpine Banks Of Colorado | 1.6% | Unchanged | 204,321 | $9.8M |
| Firstsun Capital Bancorp | 1.5% | Added 41% | 238,031 | $9.23M |
| Investar Holding Corporation | 1.5% | Unchanged | 306,896 | $9.19M |
| TB Triumph Bancorp, Inc. | 1.5% | Unchanged | 117,136 | $8.94M |
| Colony Bankcorp Inc. | 1.5% | Added 5.2% | 441,478 | $8.87M |
| Coastal Carolina Bancshares, Inc. | 1.4% | Added 5.4% | 492,071 | $8.28M |
| MB Meridian Bank | 1.3% | Added 3.6% | 382,533 | $7.66M |
| Mercantile Bank Corporation | 1.2% | Unchanged | 131,160 | $7.53M |
| Cnb Financial Corporation | 1.2% | Unchanged | 222,375 | $7.5M |
| MP Mid Penn Bank | 1.2% | Unchanged | 207,982 | $7.25M |
| Business First Bancshares, Inc. | 1.2% | Unchanged | 234,257 | $7.2M |
| Orange County Bancorp, Inc. | 1.1% | Trimmed 5.8% | 186,035 | $6.84M |
| Third Coast Bancshares | 1.1% | Unchanged | 169,064 | $6.83M |
| Blue Ridge Bankshares, Inc. | 1.1% | Unchanged | 1,889,033 | $6.67M |
| Community West Bancshares | 1.1% | New | 240,606 | $6.46M |
| Bank7 Corp | 1.0% | Unchanged | 128,519 | $6.29M |
| Burke & Herbert Financial Services | 1.0% | New | 82,374 | $5.92M |
| Princeton Bancorp, Inc. | 1.0% | Unchanged | 153,926 | $5.84M |
| SB Studio Bank | 0.9% | Unchanged | 429,056 | $5.64M |
| RC River City Bank | 0.9% | Added 26% | 128,354 | $5.58M |
| FR First Reliance Bancshares, Inc. | 0.9% | Trimmed 13% | 297,472 | $5.48M |
| Bankwell Financial Group, Inc. | 0.9% | Trimmed 6.2% | 90,423 | $5.31M |
| BO Bank Of San Francisco | 0.8% | Added 1.7% | 117,072 | $5.09M |
| White River Bancshares Company | 0.8% | Unchanged | 89,000 | $4.86M |
| Smartfinancial, Inc. | 0.8% | Trimmed 35% | 97,626 | $4.58M |
| Citizens Community Bancorp, Inc. | 0.8% | Trimmed 5.3% | 195,055 | $4.56M |
| First Internet Bancorp | 0.7% | Unchanged | 162,176 | $4.51M |
| SA South Atlantic Bancshares, Inc. | 0.7% | Trimmed 2.1% | 175,596 | $4.48M |
| Community Heritage Financial Inc. | 0.7% | Unchanged | 125,424 | $4.47M |
| Amerant Bancorp Inc. | 0.7% | Trimmed 3.3% | 174,000 | $4.44M |
| Five Star Bancorp | 0.7% | Unchanged | 85,919 | $4.18M |
| SB Summit Bank Group, Inc. | 0.7% | Trimmed 3.1% | 184,501 | $4.11M |
| FC First Capital Bancshares, Inc. | 0.7% | Trimmed 11% | 318,995 | $4.05M |
| OP Oregon Pacific Bancorp | 0.7% | Unchanged | 361,932 | $4.05M |
| Sierra Bancorp | 0.7% | Trimmed 12% | 99,255 | $4.05M |
| Fvcbankcorp Inc. | 0.6% | Unchanged | 214,088 | $3.75M |
| BB Blueharbor Bank | 0.6% | Trimmed 9.3% | 87,402 | $3.71M |
| Pinnacle Financial Partners Inc. | 0.6% | Added 64% | 35,800 | $3.61M |
| Mvb Financial Corp. | 0.6% | Added 27% | 116,010 | $3.37M |
Showing top 60 of 92 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FC First Carolina Financial Services, Inc. | New | +1,338,750 | +$17.7M | 2.9% |
| MC Mountain Commerce Bancorp | Exited | −351,330 | −$8M | — |
| Community West Bancshares | New | +240,606 | +$6.46M | 1.1% |
| Burke & Herbert Financial Services | New | +82,374 | +$5.92M | 1.0% |
| US United Security Bankshares | Exited | −532,316 | −$5.59M | — |
| CB Commerce Bancshares, Inc. Mo | Exited | −86,774 | −$4.27M | — |
| First Northern Community Bancorp | Exited | −234,181 | −$3.72M | — |
| Linkbancorp | Exited | −401,593 | −$3.35M | — |
| Home Bancshares, Inc. | New | +112,099 | +$3.2M | 0.5% |
| Firstsun Capital Bancorp | Added | +69,542 | +$2.7M | 1.5% |
Showing the 10 largest of 62 changes.
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FH Finemark Holdings, Inc. | Exited | −219,426 | −$8.35M | — |
| Fb Financial Corp. | Trimmed | −98,000 | −$5.09M | 0.3% |
| Prime Meridian Holding Company | Exited | −76,418 | −$4.33M | — |
| BO Bank Of San Francisco | New | +115,072 | +$4.32M | 0.8% |
| CB Commerce Bancshares, Inc. Mo | New | +86,774 | +$4.27M | 0.8% |
| FB First Bank | Added | +205,766 | +$3.29M | 2.6% |
| Alerus Financial Corporation | Added | +134,198 | +$3.18M | 1.5% |
| Old Second Bancorp, Inc. | Added | +123,953 | +$2.5M | 3.9% |
| Mainstreet Bancshares, Inc. | Added | +108,960 | +$2.42M | 2.2% |
| Connectone Bancorp, Inc. | Added | +82,400 | +$2.21M | 1.5% |
Showing the 10 largest of 65 changes.
quarter ended December 31, 2025 · filed February 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FH Finemark Holdings, Inc. | Trimmed | −165,739 | −$6.31M | 1.7% |
| First Busey Corporation | Trimmed | −256,152 | −$6.09M | 0.4% |
| Veritex Holdings, Inc. | Exited | −157,895 | −$5.29M | — |
| Choiceone Financial Services, Inc. | Exited | −135,435 | −$3.92M | — |
| RC River City Bank | Added | +88,211 | +$3.87M | 0.9% |
| Unity Bancorp, Inc. | Trimmed | −65,749 | −$3.4M | 3.8% |
| Merchants Bancorp | Trimmed | −96,228 | −$3.28M | 1.6% |
| Mainstreet Bancshares, Inc. | Trimmed | −151,392 | −$3.08M | 1.7% |
| Dime Community Bancshares, Inc. | Exited | −97,948 | −$2.92M | — |
| Financial Institutions, Inc. | Exited | −104,000 | −$2.83M | — |
Showing the 10 largest of 75 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Southern States Bancshares, Inc. | Exited | −382,380 | −$13.9M | — |
| Fb Financial Corp. | New | +178,496 | +$9.95M | 1.7% |
| FH Finemark Holdings, Inc. | Trimmed | −150,100 | −$6.09M | 2.7% |
| Primis Financial Corporation | Trimmed | −476,666 | −$5.01M | 1.6% |
| MP Mid Penn Bank | Trimmed | −167,804 | −$4.81M | 1.0% |
| EB Enterprise Bancorp, Inc. | Exited | −103,375 | −$4.1M | — |
| Peapack-gladstone Financial Corporation | Trimmed | −147,300 | −$4.07M | 1.5% |
| Unity Bancorp, Inc. | Trimmed | −83,000 | −$4.06M | 3.8% |
| First Northern Community Bancorp | Trimmed | −292,350 | −$3.72M | 0.9% |
| First Business Financial Services, Inc. | Trimmed | −70,953 | −$3.64M | 1.7% |
Showing the 10 largest of 82 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Southern States Bancshares, Inc. | Trimmed | −281,104 | −$10.2M | 2.1% |
| AB American Business Bank | Trimmed | −134,375 | −$5.73M | 2.2% |
| Metropolitan Bank Holding Corp. | Trimmed | −73,200 | −$5.12M | 1.7% |
| Princeton Bancorp, Inc. | Trimmed | −161,502 | −$4.93M | 0.7% |
| Choiceone Financial Services, Inc. | Trimmed | −167,946 | −$4.82M | 0.6% |
| BF Bremer Financial Corporation | Exited | −41,667 | −$4.81M | — |
| FH Finemark Holdings, Inc. | Trimmed | −114,907 | −$4.74M | 3.3% |
| Hanover Bancorp Inc. | Exited | −192,329 | −$4.22M | — |
| Unity Bancorp, Inc. | Trimmed | −80,726 | −$3.8M | 3.7% |
| UB United Bancorporation Of Alabama, Inc. | Trimmed | −67,339 | −$3.55M | 0.3% |
Showing the 10 largest of 96 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FF Fentura Financial, Inc. | Exited | −291,164 | −$13.1M | — |
| Crossfirst Bankshares, Inc. | Exited | −638,098 | −$9.67M | — |
| First Busey Corporation | New | +430,929 | +$9.31M | 1.2% |
| Choiceone Financial Services, Inc. | New | +303,381 | +$8.73M | 1.2% |
| TB Traditions Bancorp, Inc. | Exited | −249,795 | −$7.05M | — |
| Old Second Bancorp, Inc. | Trimmed | −331,500 | −$5.52M | 2.8% |
| Orange County Bancorp, Inc. | Added | +195,607 | +$4.58M | 1.3% |
| Unity Bancorp, Inc. | Trimmed | −110,100 | −$4.48M | 3.2% |
| FB First Bank | Trimmed | −296,143 | −$4.39M | 2.3% |
| Texas Capital Bancshares, Inc. | Trimmed | −52,000 | −$3.88M | 1.8% |
Showing the 10 largest of 92 changes.
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BC Bay Community Bancorp | Exited | −480,244 | −$6.46M | — |
| Unity Bancorp, Inc. | Trimmed | −125,000 | −$5.45M | 3.4% |
| Crossfirst Bankshares, Inc. | Trimmed | −325,992 | −$4.94M | 1.1% |
| Smartfinancial, Inc. | Trimmed | −152,280 | −$4.72M | 1.2% |
| Sierra Bancorp | Trimmed | −142,552 | −$4.12M | 0.7% |
| Third Coast Bancshares | Trimmed | −117,478 | −$3.99M | 1.2% |
| TB Triumph Bancorp, Inc. | Trimmed | −41,349 | −$3.76M | 2.2% |
| 1C 1st Capital Bancorp | Exited | −250,658 | −$3.51M | — |
| Bank7 Corp | Trimmed | −73,100 | −$3.41M | 1.2% |
| First Business Financial Services, Inc. | Trimmed | −68,183 | −$3.16M | 1.7% |
Showing the 10 largest of 80 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| California Bancorp. | Added | +1,048,281 | +$15.5M | 2.3% |
| California Bancorp | Exited | −659,297 | −$14.2M | — |
| Provident Financial Services, Inc. | Exited | −567,451 | −$8.14M | — |
| Crossfirst Bankshares, Inc. | Trimmed | −408,690 | −$6.82M | 1.7% |
| Cambridge Bancorp | Exited | −71,044 | −$4.9M | — |
| BF Bremer Financial Corporation | New | +41,667 | +$4.17M | 0.5% |
| Old Second Bancorp, Inc. | Trimmed | −221,400 | −$3.45M | 3.0% |
| Unity Bancorp, Inc. | Trimmed | −101,000 | −$3.44M | 3.1% |
| Amerant Bancorp Inc. | New | +160,000 | +$3.42M | 0.4% |
| MP Mid Penn Bank | Trimmed | −97,275 | −$2.9M | 1.2% |
Showing the 10 largest of 95 changes.
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