Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (27 quarters reported)
$107M in Q4 2019 → $140M 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 |
|---|---|---|---|---|
| AH Avidbank Hldgs Inc | 16.5% | Trimmed 33% | 700,818 | $23.1M |
| FN First Northn Cmnty Bancorp | 14.7% | New | 1,150,060 | $20.6M |
| EF Eagle Finl Svcs Inc | 8.5% | Trimmed 46% | 287,575 | $11.9M |
| Meridian Corp | 7.7% | Trimmed 54% | 538,390 | $10.8M |
| First Northwest Bancorp | 7.1% | Added 0.1% | 925,038 | $10M |
| Investar Holding Corp | 6.9% | Trimmed 61% | 322,428 | $9.67M |
| BO Bank Of The James Finl Gp In | 6.1% | Trimmed 13% | 334,491 | $8.6M |
| PF Provident Finl Hldgs Inc | 4.6% | Added 1.2% | 369,973 | $6.43M |
| BH Burke Herbert Finl Svcs Corp | 4.4% | Trimmed 66% | 84,248 | $6.15M |
| Coastalsouth Bancshares Inc | 4.3% | Trimmed 80% | 225,211 | $6.09M |
| Cf Bankshares Inc | 3.7% | Trimmed 75% | 159,824 | $5.26M |
| FC First Carolina Finl Svcs Inc | 3.6% | New | 377,228 | $4.99M |
| HB Hanover Bancorp Inc | 2.4% | Trimmed 72% | 144,216 | $3.39M |
| Colony Bankcorp Inc | 2.4% | Trimmed 92% | 166,465 | $3.34M |
| WF Waterstone Finl Inc Md | 1.5% | Trimmed 66% | 98,910 | $2.05M |
| Princeton Bancorp Inc | 1.4% | Added 25% | 53,218 | $2.02M |
| Mainstreet Bancshares Inc | 0.8% | Trimmed 88% | 47,432 | $1.19M |
| Bcb Bancorp Inc | 0.8% | New | 100,903 | $1.08M |
| Riverview Bancorp Inc | 0.7% | New | 169,041 | $918K |
| Finward Bancorp | 0.5% | New | 20,976 | $771K |
| AN Ames Natl Corp | 0.4% | Trimmed 98% | 16,768 | $543K |
| AN Auburn Natl Bancorp | 0.3% | New | 17,806 | $481K |
| TC Texas Community Bancshares I | 0.3% | Unchanged | 20,894 | $370K |
| VN Virginia Natl Bk Chrlotsvle | 0.2% | Trimmed 13% | 7,374 | $327K |
| CF Cb Finl Svcs Inc | 0.2% | Trimmed 21% | 8,083 | $311K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Colony Bankcorp Inc | Trimmed | −1,898,421 | −$38.1M | 2.4% |
| Carter Bankshares Inc | Exited | −1,502,119 | −$35M | — |
| CW Community West Bancshares Ne | Exited | −1,362,205 | −$31.7M | — |
| Coastalsouth Bancshares Inc | Trimmed | −875,293 | −$23.7M | 4.3% |
| AN Ames Natl Corp | Trimmed | −666,482 | −$21.6M | 0.4% |
| FN First Natl Corp Va | Exited | −774,119 | −$20.8M | — |
| FN First Northn Cmnty Bancorp | New | +1,150,060 | +$20.6M | 14.7% |
| Parke Bancorp Inc | Exited | −700,349 | −$19.9M | — |
| Fvcbankcorp Inc | Exited | −1,275,574 | −$19.4M | — |
| FC First Cmnty Corp S C | Exited | −595,521 | −$17.4M | — |
Showing the 10 largest of 67 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OF Orrstown Finl Svcs Inc | Exited | −899,016 | −$31.8M | — |
| BH Burke Herbert Finl Svcs Corp | Added | +173,758 | +$10.8M | 2.6% |
| MB Metropolitan Bk Hldg Corp | New | +125,601 | +$10.5M | 1.8% |
| Shore Bancshares Inc | Trimmed | −496,745 | −$9.28M | 1.3% |
| FF Franklin Finl Svcs Corp | Exited | −175,570 | −$8.81M | — |
| Mainstreet Bancshares Inc | Trimmed | −382,990 | −$8.5M | 1.4% |
| FI Financial Instns Inc | Exited | −254,501 | −$7.93M | — |
| Colony Bankcorp Inc | Added | +353,673 | +$7.06M | 7.0% |
| TF Truist Finl Corp | New | +153,100 | +$7.04M | 1.2% |
| AN Ames Natl Corp | Added | +244,554 | +$6.9M | 3.3% |
Showing the 10 largest of 71 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CF Choiceone Finl Svcs Inc | Exited | −1,093,522 | −$31.7M | — |
| OF Orrstown Finl Svcs Inc | Trimmed | −553,994 | −$19.6M | 6.0% |
| California Bancorp | Trimmed | −1,025,962 | −$19.2M | 1.0% |
| Colony Bankcorp Inc | Added | +1,067,540 | +$19M | 5.7% |
| MB Metropolitan Bk Hldg Corp | Exited | −215,083 | −$16.1M | — |
| Coastalsouth Bancshares Inc | Added | +581,656 | +$13.5M | 4.2% |
| IH Investar Hldg Corp | Added | +416,145 | +$11.1M | 3.5% |
| BF Bankwell Finl Group Inc | Exited | −177,321 | −$7.85M | — |
| FF Franklin Finl Svcs Corp | Trimmed | −156,016 | −$7.83M | 1.6% |
| Wesbanco Inc | Exited | −223,648 | −$7.14M | — |
Showing the 10 largest of 84 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AH Avidbank Hldgs Inc | New | +1,042,169 | +$26.6M | 4.8% |
| California Bancorp | Trimmed | −888,277 | −$14.8M | 3.9% |
| FI Financial Instns Inc | Trimmed | −524,459 | −$14.3M | 1.6% |
| EB Eagle Bancorp Inc Md | Trimmed | −503,389 | −$10.2M | 0.5% |
| AU Atlantic Un Bankshares Corp | Exited | −321,400 | −$10.1M | — |
| Carter Bankshares Inc | Added | +454,650 | +$8.82M | 3.6% |
| BF Bv Finl Inc | Trimmed | −544,936 | −$8.78M | 0.9% |
| Coastalsouth Bancshares Inc | New | +378,141 | +$8.25M | 1.5% |
| OF Orrstown Finl Svcs Inc | Added | +194,270 | +$6.6M | 8.9% |
| MB Metropolitan Bk Hldg Corp | Added | +85,449 | +$6.39M | 2.9% |
Showing the 10 largest of 104 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OF Orrstown Finl Svcs Inc | Trimmed | −499,108 | −$15.9M | 7.9% |
| OP Old Pt Financial Corporation | Exited | −319,682 | −$9.57M | — |
| FC First Cmnty Corp S C | Added | +368,747 | +$8.99M | 2.7% |
| Cf Bankshares Inc | Added | +344,642 | +$8.26M | 2.0% |
| AU Atlantic Un Bankshares Corp | Added | +262,200 | +$8.2M | 2.0% |
| FI Financial Instns Inc | Added | +299,574 | +$7.69M | 4.3% |
| HB Hanover Bancorp Inc | New | +292,273 | +$6.69M | 1.3% |
| Fvcbankcorp Inc | Added | +529,675 | +$6.25M | 1.7% |
| OC Orange Cnty Bancorp Inc | New | +240,308 | +$6.21M | 1.2% |
| CF Choiceone Finl Svcs Inc | Trimmed | −212,691 | −$6.1M | 6.4% |
Showing the 10 largest of 107 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Shore Bancshares Inc | Trimmed | −2,258,029 | −$30.6M | 2.4% |
| CF Choiceone Finl Svcs Inc | Added | +879,547 | +$25.3M | 9.7% |
| BH Burke Herbert Finl Svcs Corp | Trimmed | −433,109 | −$24.3M | 0.3% |
| EB Eagle Bancorp Inc Md | Trimmed | −882,452 | −$18.5M | 2.1% |
| Colony Bankcorp Inc | Trimmed | −812,771 | −$13.1M | 2.7% |
| FU First Utd Corp | Exited | −278,788 | −$9.4M | — |
| EF Eagle Finl Svcs Inc | New | +271,364 | +$8.9M | 2.2% |
| California Bancorp | Trimmed | −600,957 | −$8.61M | 8.6% |
| CF Chemung Finl Corp | Exited | −158,652 | −$7.74M | — |
| Primis Financial Corp | Trimmed | −717,678 | −$7.01M | 0.4% |
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 |
|---|---|---|---|---|
| EB Eagle Bancorp Inc Md | Added | +1,012,182 | +$26.3M | 6.5% |
| FC Firstsun Cap Bancorp | Exited | −325,035 | −$13.8M | — |
| OF Orrstown Finl Svcs Inc | Trimmed | −279,850 | −$10.2M | 11.0% |
| FI Financial Instns Inc | Added | +297,904 | +$8.13M | 1.7% |
| Primis Financial Corp | Added | +650,820 | +$7.59M | 2.0% |
| CF Chemung Finl Corp | Trimmed | −154,269 | −$7.53M | 1.5% |
| OP Old Point Finl Corp | Added | +263,026 | +$6.85M | 1.8% |
| FN First Natl Corp | Added | +269,124 | +$6.19M | 4.0% |
| Shore Bancshares Inc | Trimmed | −361,031 | −$5.72M | 9.2% |
| BR Blue Ridge Bankshares Inc Va | Exited | −1,987,097 | −$5.56M | — |
Showing the 10 largest of 83 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OF Orrstown Finl Svcs Inc | Added | +1,252,356 | +$45M | 14.5% |
| CV Codorus Vy Bancorp Inc | Exited | −961,275 | −$23.1M | — |
| FC Firstsun Cap Bancorp | New | +325,035 | +$13.8M | 3.1% |
| California Bancorp | Added | +925,904 | +$13.7M | 8.9% |
| CF Choiceone Finl Svcs Inc | New | +354,630 | +$11M | 2.4% |
| IH Investar Hldg Corp | Exited | −583,146 | −$8.98M | — |
| PB Peoples Bancorp N C Inc | Trimmed | −344,659 | −$8.75M | 0.1% |
| California Bancorp Inc | Exited | −352,690 | −$7.58M | — |
| CF Chemung Finl Corp | Trimmed | −133,524 | −$6.41M | 3.3% |
| EB Eagle Bancorp Inc Md | New | +264,471 | +$5.97M | 1.3% |
Showing the 10 largest of 77 changes.
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