Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (19 quarters reported)
$110M in Q4 2021 → $143M 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 |
|---|---|---|---|---|
| Firstsun Capital Bancorp | 31.3% | New | 1,151,160 | $44.6M |
| Beacon Financial Corp | 13.3% | Unchanged | 623,747 | $19M |
| PG Peapack Gladstone Finl Corp | 12.5% | Unchanged | 378,416 | $17.9M |
| Meridian Corp | 9.1% | Unchanged | 651,298 | $13M |
| Western New England Bancorp | 8.7% | Unchanged | 865,565 | $12.4M |
| Oceanfirst Financial Corp | 8.6% | Unchanged | 627,333 | $12.3M |
| Sb Financial Group Inc | 4.3% | Trimmed 11% | 243,628 | $6.16M |
| Third Coast Bancshares Inc | 4.1% | Trimmed 7.6% | 146,474 | $5.92M |
| WA Western Alliance Bancorp | 4.1% | Unchanged | 70,602 | $5.8M |
| Virginia National Bankshares | 4.0% | Unchanged | 128,953 | $5.72M |
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 |
|---|---|---|---|---|
| Firstsun Capital Bancorp | New | +1,151,160 | +$44.6M | 31.3% |
| First Foundation Inc | Exited | −6,768,343 | −$39.9M | — |
| Commerce Bancshares Inc | Exited | −712,590 | −$35.1M | — |
| Citizens Financial Group | Exited | −275,500 | −$16.5M | — |
| UB Us Bancorp | Exited | −100,000 | −$5.2M | — |
| Baycom Corp | Exited | −26,393 | −$785K | — |
| Sb Financial Group Inc | Trimmed | −30,535 | −$772K | 4.3% |
| Third Coast Bancshares Inc | Trimmed | −11,995 | −$485K | 4.1% |
quarter ended March 31, 2026 · filed April 28, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Commerce Bancshares Inc | New | +712,590 | +$35.1M | 18.8% |
| Oceanfirst Financial Corp | New | +627,333 | +$11.3M | 6.1% |
| Webster Financial Corp | Exited | −139,577 | −$8.78M | — |
| Bankfinancial Corp | Exited | −645,000 | −$7.74M | — |
| Third Coast Bancshares Inc | New | +158,469 | +$5.99M | 3.2% |
| German American Bancorp | Exited | −148,837 | −$5.83M | — |
| WA Western Alliance Bancorp | New | +70,602 | +$5M | 2.7% |
| Baycom Corp | New | +26,393 | +$785K | 0.4% |
quarter ended December 31, 2025 · filed January 27, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Linkbancorp Inc | Exited | −448,946 | −$3.2M | — |
| Civista Bancshares Inc | Exited | −99,979 | −$2.03M | — |
| Sb Financial Group Inc | Trimmed | −4,659 | −$104K | 4.2% |
quarter ended September 30, 2025 · filed October 20, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Southern States Bancshares | Exited | −792,326 | −$28.8M | — |
| Glacier Bancorp Inc | Exited | −366,667 | −$15.8M | — |
| Civista Bancshares Inc | New | +99,979 | +$2.03M | 1.4% |
| Sb Financial Group Inc | Trimmed | −73,993 | −$1.43M | 3.8% |
| German American Bancorp | Trimmed | −15,027 | −$590K | 4.2% |
| Linkbancorp Inc | Trimmed | −54 | −$385 | 2.3% |
quarter ended June 30, 2025 · filed July 30, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Glacier Bancorp Inc | New | +366,667 | +$15.8M | 9.0% |
| FB First Bancshares Inc Miss | Exited | −239,493 | −$8.1M | — |
| Webster Financial Corp | New | +139,577 | +$7.62M | 4.4% |
| UB Us Bancorp | New | +100,000 | +$4.53M | 2.6% |
| BH Berkshire Hills Bancorp Inc | Added | +93,258 | +$2.34M | 8.9% |
| Southern States Bancshares | Trimmed | −56,176 | −$2.04M | 16.5% |
quarter ended March 31, 2025 · filed May 01, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BH Berkshire Hills Bancorp Inc | Added | +304,376 | +$7.94M | 8.9% |
| GA German Amern Bancorp Inc | New | +163,864 | +$6.14M | 3.9% |
| FC First Cmnty Corp S C | Exited | −113,138 | −$2.72M | — |
| Cf Bankshares Inc | Exited | −87,371 | −$2.23M | — |
quarter ended December 31, 2024 · filed February 11, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FF First Fndtn Inc | Added | +3,870,000 | +$24M | 27.1% |
| FF First Financial Northwest In | Exited | −503,467 | −$11.3M | — |
| UB Us Bancorp Del | Exited | −233,608 | −$10.7M | — |
| PB Peoples Bancorp N C Inc | Exited | −272,089 | −$6.91M | — |
| FW First Westn Finl Inc | Exited | −249,226 | −$4.98M | — |
| FC First Cmnty Corp S C | Trimmed | −139,447 | −$3.35M | 1.8% |
| WN Western New Eng Bancorp Inc | Trimmed | −295,910 | −$2.72M | 5.1% |
| FB First Bancshares Inc Miss | Trimmed | −26,083 | −$913K | 5.4% |
| BH Berkshire Hills Bancorp Inc | Added | +9,333 | +$265K | 4.1% |
| PF Peapack-gladstone Finl Corp | Added | +1,200 | +$38.5K | 7.8% |
Showing the 10 largest of 11 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FF First Fndtn Inc | Added | +1,551,861 | +$9.68M | 11.1% |
| WF Wintrust Finl Corp | Exited | −69,533 | −$6.85M | — |
| RF Regions Financial Corp New | Exited | −290,439 | −$5.82M | — |
| TC Texas Cap Bancshares Inc | Exited | −28,309 | −$1.73M | — |
| FS First Svgs Finl Group Inc | Exited | −83,155 | −$1.48M | — |
| FC First Cmnty Corp S C | Trimmed | −39,413 | −$845K | 3.3% |
| PB Peoples Bancorp N C Inc | Trimmed | −24,462 | −$621K | 4.2% |
| WN Western New Eng Bancorp Inc | Trimmed | −100 | −$850 | 6.1% |
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