Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (46 quarters reported)
$158M in Q2 2013 → $422M 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 |
|---|---|---|---|---|
| Willis Lease Finance Corp | 35.9% | Trimmed 2.3% | 661,998 | $151M |
| Ponce Financial Group Inc | 8.0% | Trimmed 15% | 1,698,960 | $33.9M |
| PB Pioneer Bancorp Inc/ny | 7.4% | Trimmed 12% | 1,821,973 | $31.1M |
| AH Aercap Holdings Nv Shs | 7.0% | Trimmed 15% | 202,000 | $29.4M |
| Aersale Corp | 6.6% | Added 11% | 4,439,008 | $28.1M |
| Ni Holdings Inc | 5.8% | Trimmed 6.1% | 1,552,020 | $24.4M |
| SN Security Natl Finl Corp Cl A New | 4.8% | Trimmed 4.1% | 2,108,648 | $20.4M |
| Green Dot Corp | 3.9% | Added 62% | 1,214,680 | $16.4M |
| Alerus Financial Corp | 3.1% | Unchanged | 417,108 | $13M |
| NB Northfield Bancorp Inc Del Com | 3.0% | Added 12% | 869,575 | $12.8M |
| Rhinebeck Bancorp Inc | 2.3% | Trimmed 45% | 552,076 | $9.56M |
| Parke Bancorp Inc | 2.2% | Trimmed 15% | 282,593 | $9.37M |
| Oppfi Inc | 1.8% | New | 764,445 | $7.59M |
| CF Cb Finl Svcs Inc Com | 1.5% | Added 0.1% | 171,696 | $6.51M |
| BF Broadway Financial Corp/de | 1.3% | Added 15% | 547,529 | $5.29M |
| MB Magyar Bancorp Inc Com | 1.2% | Added 0.9% | 286,394 | $5M |
| SS Summit State Bank | 1.1% | Unchanged | 354,229 | $4.8M |
| FN First Northern Community Ban | 1.0% | New | 244,872 | $4.39M |
| PF Provident Finl Hldgs Inc Com | 1.0% | Trimmed 16% | 239,094 | $4.11M |
| Bogota Financial Corp | 0.9% | Trimmed 14% | 423,562 | $3.83M |
| Washington Trust Bancorp Inc | 0.2% | Trimmed 88% | 19,199 | $700K |
| Shf Holdings Inc | 0.0% | Unchanged | 308,000 | $74K |
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 |
|---|---|---|---|---|
| SH Swk Hldgs Corp Com | Exited | −995,256 | −$16.9M | — |
| Brighthouse Financial Inc | Exited | −280,000 | −$16.8M | — |
| Rhinebeck Bancorp Inc | Trimmed | −458,344 | −$7.93M | 2.3% |
| Oppfi Inc | New | +764,445 | +$7.59M | 1.8% |
| Green Dot Corp | Added | +465,874 | +$6.29M | 3.9% |
| Ponce Financial Group Inc | Trimmed | −305,000 | −$6.08M | 8.0% |
| Washington Trust Bancorp Inc | Trimmed | −147,286 | −$5.37M | 0.2% |
| AH Aercap Holdings Nv Shs | Trimmed | −36,000 | −$5.25M | 7.0% |
| FN First Northern Community Ban | New | +244,872 | +$4.39M | 1.0% |
| PB Pioneer Bancorp Inc/ny | Trimmed | −250,000 | −$4.27M | 7.4% |
Showing the 10 largest of 27 changes.
quarter ended March 31, 2026 · filed April 28, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AL Air Lease Corp | Trimmed | −409,350 | −$26.6M | 0.6% |
| Brighthouse Financial Inc | New | +280,000 | +$16.8M | 4.2% |
| NB Northfield Bancorp Inc Del Com | New | +776,630 | +$10.5M | 2.6% |
| Green Dot Corp | New | +748,806 | +$8.4M | 2.1% |
| Bankfinancial Corp | Exited | −491,747 | −$5.9M | — |
| Aersale Corp | Added | +664,487 | +$4.13M | 6.1% |
| AH Aercap Holdings Nv Shs | Added | +29,500 | +$4.05M | 8.1% |
| Avidia Bancorp Inc | Exited | −222,361 | −$3.74M | — |
| Ponce Financial Group Inc | Added | +147,979 | +$2.47M | 8.3% |
| SH Swk Hldgs Corp Com | Added | +141,802 | +$2.41M | 4.2% |
Showing the 10 largest of 24 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Willis Lease Finance Corp | Added | +71,222 | +$9.66M | 25.2% |
| Ponce Financial Group Inc | Trimmed | −400,000 | −$6.54M | 8.3% |
| Bankfinancial Corp | Trimmed | −508,253 | −$6.1M | 1.6% |
| Washington Trust Bancorp Inc | New | +166,485 | +$4.92M | 1.4% |
| Aersale Corp | Added | +528,071 | +$3.75M | 6.5% |
| Alerus Financial Corp | Added | +148,760 | +$3.35M | 2.5% |
| Beacon Financial Corp | Exited | −133,121 | −$3.16M | — |
| FB Fb Bancorp Inc | Exited | −254,832 | −$3.06M | — |
| SH Swk Hldgs Corp Com | Added | +120,299 | +$2.07M | 4.0% |
| PB Pioneer Bancorp Inc/ny | Added | +149,773 | +$2.02M | 7.5% |
Showing the 10 largest of 24 changes.
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Eastern Bankshares Inc | Exited | −487,760 | −$7.45M | — |
| Aersale Corp | Trimmed | −681,846 | −$5.58M | 6.5% |
| Willis Lease Finance Corp | Added | +39,085 | +$5.36M | 23.5% |
| Timberland Bancorp Inc | Exited | −171,401 | −$5.35M | — |
| Avidia Bancorp Inc | New | +328,766 | +$4.91M | 1.4% |
| Brookline Bancorp Inc | Exited | −420,926 | −$4.44M | — |
| AH Aercap Holdings Nv Shs | Added | +31,000 | +$3.75M | 7.1% |
| Beacon Financial Corp | New | +133,121 | +$3.16M | 0.9% |
| Oak Valley Bancorp | Exited | −113,840 | −$3.1M | — |
| PB Pioneer Bancorp Inc/ny | Trimmed | −206,361 | −$2.7M | 7.0% |
Showing the 10 largest of 32 changes.
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PB Provident Bancorp Inc | Exited | −1,138,538 | −$13.1M | — |
| Willis Lease Finance Corp | Added | +32,680 | +$4.67M | 22.8% |
| FB Fb Bancorp Inc | Added | +302,157 | +$3.4M | 1.0% |
| PB Pioneer Bancorp Inc/ny | Trimmed | −230,000 | −$2.77M | 7.1% |
| AL Air Lease Corp | Added | +39,051 | +$2.28M | 7.4% |
| CF Cb Finl Svcs Inc Com | Added | +77,809 | +$2.22M | 1.4% |
| Aersale Corp | Added | +353,222 | +$2.12M | 5.9% |
| Aar Corp | Exited | −34,462 | −$1.93M | — |
| SH Swk Hldgs Corp Com | Trimmed | −93,305 | −$1.38M | 2.9% |
| Shf Holdings Inc | Exited | −278,342 | −$1.19M | — |
Showing the 10 largest of 32 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Shf Holdings Inc | Trimmed | −5,271,359 | −$22.6M | 0.3% |
| AL Air Lease Corp | New | +409,350 | +$19.8M | 5.4% |
| AH Aercap Holdings Nv Shs | New | +172,500 | +$17.6M | 4.8% |
| Aersale Corp | Added | +1,541,724 | +$11.5M | 6.4% |
| Bm Technologies Inc | Exited | −1,130,898 | −$5.53M | — |
| Willis Lease Finance Corp | Added | +30,032 | +$4.74M | 23.2% |
| Eastern Bankshares Inc | Trimmed | −122,796 | −$2.01M | 2.3% |
| Aar Corp | New | +34,462 | +$1.93M | 0.5% |
| CF Cb Finl Svcs Inc Com | Added | +65,494 | +$1.86M | 0.8% |
| CP Central Plains Bancshares In | Trimmed | −123,792 | −$1.85M | 0.2% |
Showing the 10 largest of 32 changes.
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Willis Lease Finance Corp | Trimmed | −65,000 | −$13.5M | 30.3% |
| WF Wells Fargo & Co New Com | Exited | −200,000 | −$11.3M | — |
| Aersale Corp | New | +1,577,974 | +$9.94M | 2.9% |
| Hmn Financial Inc | Exited | −327,555 | −$9.14M | — |
| Bm Technologies Inc | New | +1,130,898 | +$5.53M | 1.6% |
| Finwise Bancorp | Exited | −268,737 | −$4.19M | — |
| Ni Holdings Inc | Added | +239,316 | +$3.76M | 6.1% |
| Brookline Bancorp Inc | Trimmed | −317,122 | −$3.74M | 1.6% |
| Alerus Financial Corp | New | +179,563 | +$3.46M | 1.0% |
| FB First Bus Finl Svcs Inc Wis Com | Trimmed | −57,149 | −$2.65M | 1.3% |
Showing the 10 largest of 32 changes.
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ni Holdings Inc | Added | +566,033 | +$8.88M | 5.3% |
| South Plains Financial Inc | Trimmed | −242,127 | −$8.21M | 0.4% |
| Willis Lease Finance Corp | Trimmed | −52,500 | −$7.81M | 26.1% |
| NC Northeast Community Bancorp | Exited | −264,665 | −$4.72M | — |
| SF Sound Finl Bancorp Inc Com | Exited | −93,969 | −$4.04M | — |
| Eastern Bankshares Inc | Trimmed | −234,259 | −$3.84M | 3.4% |
| FB First Bus Finl Svcs Inc Wis Com | Trimmed | −63,781 | −$2.91M | 2.2% |
| SN Security Natl Finl Corp Cl A New | Added | +289,032 | +$2.66M | 5.8% |
| PB Pioneer Bancorp Inc/ny | Added | +226,906 | +$2.49M | 7.8% |
| Enterprise Bancorp Inc/ma | Exited | −99,529 | −$2.48M | — |
Showing the 10 largest of 32 changes.
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