Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (4 quarters reported)
$316M in Q3 2025 → $391M 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 |
|---|---|---|---|---|
| Metropolitan Bank Holding Corp. | 16.8% | Trimmed 13% | 664,884 | $65.7M |
| Amerant Bancorp Inc. | 13.1% | Trimmed 11% | 2,007,283 | $51.2M |
| Equity Bancshares, Inc. | 12.7% | Trimmed 15% | 1,017,214 | $49.8M |
| T Townebank | 9.5% | Trimmed 33% | 1,021,404 | $37M |
| Uscb Financial Holdings, Inc. | 9.4% | Trimmed 2.7% | 1,806,286 | $37M |
| Avidbank Holdings, Inc. | 8.9% | Unchanged | 1,050,918 | $34.7M |
| Newtekone, Inc. | 8.7% | Unchanged | 2,307,692 | $34.2M |
| FB First Bank | 7.4% | Unchanged | 1,631,437 | $28.9M |
| Primis Financial Corp. | 5.1% | Unchanged | 1,217,531 | $19.9M |
| Coastalsouth Bancshares, Inc. | 4.7% | Trimmed 40% | 691,367 | $18.6M |
| Midland States Bancorp, Inc. | 3.5% | Unchanged | 438,500 | $13.7M |
| Peoples Bancorp Inc. | 0.2% | Unchanged | 15,689 | $603K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 3 quarters.
quarter ended June 30, 2026 · filed August 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| T Townebank | Trimmed | −496,739 | −$18M | 9.5% |
| Coastalsouth Bancshares, Inc. | Trimmed | −467,844 | −$12.6M | 4.7% |
| Metropolitan Bank Holding Corp. | Trimmed | −100,000 | −$9.88M | 16.8% |
| Equity Bancshares, Inc. | Trimmed | −177,149 | −$8.68M | 12.7% |
| Amerant Bancorp Inc. | Trimmed | −250,000 | −$6.38M | 13.1% |
| Uscb Financial Holdings, Inc. | Trimmed | −50,000 | −$1.02M | 9.4% |
quarter ended March 31, 2026 · filed May 06, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| T Townebank | New | +1,518,143 | +$51.1M | 13.2% |
| Coastalsouth Bancshares, Inc. | Added | +440,000 | +$10.8M | 7.3% |
| Flushing Financial Corporation | Exited | −675,000 | −$10.2M | — |
| Midland States Bancorp, Inc. | New | +438,500 | +$9.78M | 2.5% |
| FB First Bank | Trimmed | −200,000 | −$3.2M | 6.7% |
| Amerant Bancorp Inc. | Trimmed | −58,306 | −$1.29M | 12.8% |
| Equity Bancshares, Inc. | Trimmed | −22,851 | −$1.01M | 13.7% |
quarter ended December 31, 2025 · filed February 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| First Internet Bancorp | Exited | −209,372 | −$4.7M | — |
| Uscb Financial Holdings, Inc. | Trimmed | −179,623 | −$3.31M | 10.7% |
| FB First Bank | Trimmed | −200,000 | −$3.29M | 9.4% |
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