# EDGAR Filing Document

**Accession Number:** 0001599170
**File Stem:** 0001420506-23-000305
**Filing Date:** 2023-2
**Character Count:** 13641
**Document Hash:** 802b6601ed9d1b73db54dcd4a2f5661e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-23-000305.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001420506-23-000305

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FJ Capital Management LLC
- **CENTRAL INDEX KEY:** 0001599170
- **IRS NUMBER:** 261588525
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15840
- **FILM NUMBER:** 23604876

**BUSINESS ADDRESS:**
- **STREET 1:** 7901 JONES BRANCH DR.
- **STREET 2:** SUITE 210
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102
- **BUSINESS PHONE:** (703) 875-8378

**MAIL ADDRESS:**
- **STREET 1:** 7901 JONES BRANCH DR.
- **STREET 2:** SUITE 210
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** FJ Capital Management LLC<br>**Address:** 7901 Jones Branch Dr.<br>Suite 210<br>MCLEAN, VA 22102

**Form 13F File Number:** 028-15840

**CRD Number (if applicable):** 000158049

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Andrew Jose<br>**Title:** Co-Founder and Managing Partner<br>**Phone:** (703) 875-8378

**Signature, Place, and Date of Signing:**

Andrew Jose Co-Founder and Managing Partner  MCLEAN, VA  02-09-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 89

**Form 13F Information Table Value Total:** $844484387

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AGNC INVT CORP | COM | 00123Q104 | BBG000TJ8XZ7 | 1136916 | 109847 | SH |  | SOLE |  | 109847 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 | BBG000BVMGF2 | 1491193 | 10997 | SH |  | SOLE |  | 10997 | 0 | 0 |
| AMERICAN FINL GROUP INC OHIO | COM | 025932104 | BBG000DPKKK0 | 759708 | 5534 | SH |  | SOLE |  | 5534 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 | BBG000BBDZG3 | 823701 | 13025 | SH |  | SOLE |  | 13025 | 0 | 0 |
| AMERICAN NATL BANKSHARES INC | COM | 027745108 | BBG000BG8NR3 | 14549349 | 393971 | SH |  | SOLE |  | 393971 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 | BBG000B9XYV2 | 824135 | 3890 | SH |  | SOLE |  | 3890 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 | BBG0068KVV91 | 398115 | 5817 | SH |  | SOLE |  | 5817 | 0 | 0 |
| AVIDXCHANGE HOLDINGS INC | COM | 05368X102 | BBG012MBDFZ9 | 453105 | 45584 | SH |  | SOLE |  | 45584 | 0 | 0 |
| BANK7 CORP | COM | 06652N107 | BBG00LV100N0 | 2782234 | 108681 | SH |  | SOLE |  | 108681 | 0 | 0 |
| BAYCOM CORP | COM | 07272M107 | BBG00FWKRBS2 | 1230587 | 64836 | SH |  | SOLE |  | 64836 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 | BBG000BD1HP2 | 731506 | 10080 | SH |  | SOLE |  | 10080 | 0 | 0 |
| CAMBRIDGE BANCORP | COM | 132152109 | BBG000C2D195 | 22060404 | 265596 | SH |  | SOLE |  | 265596 | 0 | 0 |
| CAPSTAR FINL HLDGS INC | COM | 14070T102 | BBG00CW88W83 | 7016654 | 397319 | SH |  | SOLE |  | 397319 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 | BBG000BH3F20 | 200913 | 6733 | SH |  | SOLE |  | 6733 | 0 | 0 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 | BBG000QH56C1 | 565995 | 4511 | SH |  | SOLE |  | 4511 | 0 | 0 |
| CHEMUNG FINL CORP | COM | 164024101 | BBG000BHQ7B3 | 4243204 | 92505 | SH |  | SOLE |  | 92505 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 | BBG000BR14K5 | 573560 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| CITIZENS CMNTY BANCORP INC M | COM | 174903104 | BBG000NFKDB7 | 11447676 | 951594 | SH |  | SOLE |  | 951594 | 0 | 0 |
| CNB FINL CORP PA | COM | 126128107 | BBG000BKPZC4 | 13777217 | 579118 | SH |  | SOLE |  | 579118 | 0 | 0 |
| CODORUS VY BANCORP INC | COM | 192025104 | BBG000BRYD38 | 16413527 | 689644 | SH |  | SOLE |  | 689644 | 0 | 0 |
| COMMUNITY WEST BANCSHARES | COM | 204157101 | BBG000JF5K69 | 1397360 | 93344 | SH |  | SOLE |  | 93344 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 | BBG000DQTXY6 | 594475 | 6669 | SH |  | SOLE |  | 6669 | 0 | 0 |
| DYNEX CAP INC | COM | 26817Q886 | BBG000FBJQM6 | 530946 | 41741 | SH |  | SOLE |  | 41741 | 0 | 0 |
| EASTERN BANKSHARES INC | COM | 27627N105 | BBG00W9KWXC4 | 27055642 | 1568443 | SH |  | SOLE |  | 1568443 | 0 | 0 |
| EQUITY BANCSHARES INC | COM CL A | 29460X109 | BBG000QKJS40 | 33715211 | 1031993 | SH |  | SOLE |  | 1031993 | 0 | 0 |
| ESSA BANCORP INC | COM | 29667D104 | BBG000R3PVY0 | 21559754 | 1033050 | SH |  | SOLE |  | 1033050 | 0 | 0 |
| ESSENT GROUP LTD | COM | G3198U102 | BBG0058YL7G9 | 533822 | 13730 | SH |  | SOLE |  | 13730 | 0 | 0 |
| EVANS BANCORP INC | COM NEW | 29911Q208 | BBG000CB1FM2 | 14584717 | 390070 | SH |  | SOLE |  | 390070 | 0 | 0 |
| FIRST BANCSHARES INC MS | COM | 318916103 | BBG000BHWFN5 | 48704687 | 1521546 | SH |  | SOLE |  | 1521546 | 0 | 0 |
| FIRST SVGS FINL GROUP INC | COM | 33621E109 | BBG000FPK736 | 6250200 | 312510 | SH |  | SOLE |  | 312510 | 0 | 0 |
| FIRST WESTN FINL INC | COM | 33751L105 | BBG000BK7L26 | 10394753 | 369263 | SH |  | SOLE |  | 369263 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 | BBG000BBHXQ3 | 759439 | 4028 | SH |  | SOLE |  | 4028 | 0 | 0 |
| GOLUB CAP BDC INC | COM | 38173M102 | BBG000PXNF64 | 694624 | 52783 | SH |  | SOLE |  | 52783 | 0 | 0 |
| HAWTHORN BANCSHARES INC | COM | 420476103 | BBG000BHQP32 | 1504808 | 69123 | SH |  | SOLE |  | 69123 | 0 | 0 |
| HERCULES CAPITAL INC | COM | 427096508 | BBG000C2R8K2 | 586532 | 44367 | SH |  | SOLE |  | 44367 | 0 | 0 |
| HERITAGE COMM CORP | COM | 426927109 | BBG000C48437 | 36457408 | 2804416 | SH |  | SOLE |  | 2804416 | 0 | 0 |
| HMN FINL INC | COM | 40424G108 | BBG000D93RD8 | 6048887 | 283453 | SH |  | SOLE |  | 283453 | 0 | 0 |
| HOME BANCORP INC | COM | 43689E107 | BBG000J31X35 | 26581001 | 664027 | SH |  | SOLE |  | 664027 | 0 | 0 |
| HOMETRUST BANCSHARES INC | COM | 437872104 | BBG002CV5W70 | 34986873 | 1447533 | SH |  | SOLE |  | 1447533 | 0 | 0 |
| HORIZON BANCORP INC | COM | 440407104 | BBG000BJ3LL2 | 8834392 | 585835 | SH |  | SOLE |  | 585835 | 0 | 0 |
| INDEPENDENT BK CORP MICH | COM NEW | 453838609 | BBG000BLN9N0 | 31829411 | 1330661 | SH |  | SOLE |  | 1330661 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | BBG000LV0836 | 1340501 | 18528 | SH |  | SOLE |  | 18528 | 0 | 0 |
| LADDER CAP CORP | CL A | 505743104 | BBG005RVGZ41 | 1116900 | 111245 | SH |  | SOLE |  | 111245 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 | BBG000BN5HF7 | 591780 | 6539 | SH |  | SOLE |  | 6539 | 0 | 0 |
| LIMESTONE BANCORP INC | COM | 53262L105 | BBG000QD4533 | 9382262 | 384204 | SH |  | SOLE |  | 384204 | 0 | 0 |
| LINKBANCORP INC | COM | 53578P105 | BBG00M69LH40 | 12463952 | 1333043 | SH |  | SOLE |  | 1333043 | 0 | 0 |
| M/I HOMES INC | COM | 55305B101 | BBG000BL9MZ4 | 343533 | 7439 | SH |  | SOLE |  | 7439 | 0 | 0 |
| MAIN STR CAP CORP | COM | 56035L104 | BBG000BXT422 | 760209 | 20574 | SH |  | SOLE |  | 20574 | 0 | 0 |
| MARKEL CORP | COM | 570535104 | BBG000FC7366 | 747017 | 567 | SH |  | SOLE |  | 567 | 0 | 0 |
| MID PENN BANCORP INC | COM | 59540G107 | BBG000BB7F65 | 16133510 | 538322 | SH |  | SOLE |  | 538322 | 0 | 0 |
| MIDLAND STATES BANCORP INC | COM | 597742105 | BBG000G2ZK31 | 36259768 | 1362125 | SH |  | SOLE |  | 1362125 | 0 | 0 |
| MIDWESTONE FINL GROUP INC NE | COM | 598511103 | BBG000BQVV88 | 4272312 | 134561 | SH |  | SOLE |  | 134561 | 0 | 0 |
| NATIONAL BK HLDGS CORP | CL A | 633707104 | BBG003D8Y833 | 6818874 | 162084 | SH |  | SOLE |  | 162084 | 0 | 0 |
| OLD NATL BANCORP IND | COM | 680033107 | BBG000KFW1C2 | 2466227 | 137165 | SH |  | SOLE |  | 137165 | 0 | 0 |
| OLD POINT FINL CORP | COM | 680194107 | BBG000BSBQ78 | 10641267 | 394121 | SH |  | SOLE |  | 394121 | 0 | 0 |
| OLD SECOND BANCORP INC ILL | COM | 680277100 | BBG000BLFSZ4 | 37229385 | 2321034 | SH |  | SOLE |  | 2321034 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 | BBG0077VNXV6 | 367780 | 5164 | SH |  | SOLE |  | 5164 | 0 | 0 |
| PENNYMAC FINL SVCS INC NEW | COM | 70932M107 | BBG00LMYX123 | 968999 | 17102 | SH |  | SOLE |  | 17102 | 0 | 0 |
| PHILLIPS EDISON  CO INC | COMMON STOCK | 71844V201 | BBG011RJSSB1 | 445887 | 14004 | SH |  | SOLE |  | 14004 | 0 | 0 |
| PIONEER BANCORP INC MD | COM | 723561106 | BBG00PFB4RR0 | 22964582 | 2014437 | SH |  | SOLE |  | 2014437 | 0 | 0 |
| PREMIER FINANCIAL CORP | COM | 74052F108 | BBG000BHZ4J2 | 11029301 | 408947 | SH |  | SOLE |  | 408947 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 | BBG000BR37X2 | 2267979 | 17485 | SH |  | SOLE |  | 17485 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 | BBG000B9Z0J8 | 769382 | 6825 | SH |  | SOLE |  | 6825 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 | BBG000BR54L0 | 662279 | 14546 | SH |  | SOLE |  | 14546 | 0 | 0 |
| Q2 HLDGS INC | COM | 74736L109 | BBG005ZVK9P2 | 736802 | 27421 | SH |  | SOLE |  | 27421 | 0 | 0 |
| QCR HOLDINGS INC | COM | 74727A104 | BBG000BYZSM8 | 34892601 | 702913 | SH |  | SOLE |  | 702913 | 0 | 0 |
| RBB BANCORP | COM | 74930B105 | BBG002537TC9 | 34029285 | 1632100 | SH |  | SOLE |  | 1632100 | 0 | 0 |
| RICHMOND MUT BANCORPORATION | COM | 76525P100 | BBG000KWLYL5 | 1739242 | 133685 | SH |  | SOLE |  | 133685 | 0 | 0 |
| RIVERVIEW BANCORP INC | COM | 769397100 | BBG000BGZL88 | 16693010 | 2173569 | SH |  | SOLE |  | 2173569 | 0 | 0 |
| RUNWAY GROWTH FINANCE CORP | COM | 78163D100 | BBG012QFW3F4 | 778558 | 67175 | SH |  | SOLE |  | 67175 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 | BBG000BP1Q11 | 407957 | 1218 | SH |  | SOLE |  | 1218 | 0 | 0 |
| SALISBURY BANCORP INC | COM | 795226109 | BBG000BF55Z8 | 12075498 | 384570 | SH |  | SOLE |  | 384570 | 0 | 0 |
| SB FINL GROUP INC | COM | 78408D105 | BBG000BJQTT2 | 6331181 | 373521 | SH |  | SOLE |  | 373521 | 0 | 0 |
| SHORE BANCSHARES INC | COM | 825107105 | BBG000BS3PL3 | 32779747 | 1880651 | SH |  | SOLE |  | 1880651 | 0 | 0 |
| SIXTH STREET SPECIALTY LENDI | COM | 83012A109 | BBG001DFW799 | 1079962 | 60672 | SH |  | SOLE |  | 60672 | 0 | 0 |
| SOUND FINL BANCORP INC | COM | 83607A100 | BBG000BD3F92 | 7994351 | 203574 | SH |  | SOLE |  | 203574 | 0 | 0 |
| SOUTHERN FIRST BANCSHARES | COM | 842873101 | BBG000C0C4Q5 | 13154909 | 287539 | SH |  | SOLE |  | 287539 | 0 | 0 |
| SOUTHERN MO BANCORP INC | COM | 843380106 | BBG000C3ZNH2 | 19491957 | 425310 | SH |  | SOLE |  | 425310 | 0 | 0 |
| SOUTHSTATE CORPORATION | COM | 840441109 | BBG000BNPYN9 | 237021 | 3104 | SH |  | SOLE |  | 3104 | 0 | 0 |
| SPDR SER TR | S REGL BKG | 78464A698 | BBG000D82H52 | 10503553 | 3120000 | SH | Put | SOLE |  | 3120000 | 0 | 0 |
| STEPSTONE GROUP INC | COM CL A | 85914M107 | BBG00WXXV032 | 931836 | 37007 | SH |  | SOLE |  | 37007 | 0 | 0 |
| STERLING BANCORP INC | COM | 85917W102 | BBG00328QCC5 | 12919898 | 2121494 | SH |  | SOLE |  | 2121494 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 | BBG00NK8H8T2 | 1328987 | 20468 | SH |  | SOLE |  | 20468 | 0 | 0 |
| UNITED SEC BANCSHARES CALIF | COM | 911460103 | BBG000G81WK0 | 4495884 | 615032 | SH |  | SOLE |  | 615032 | 0 | 0 |
| VERITEX HLDGS INC | COM | 923451108 | BBG000QG9SX8 | 24871298 | 885730 | SH |  | SOLE |  | 885730 | 0 | 0 |
| VIRGINIA NATL BANKSHARES COR | COM | 928031103 | BBG000C49RT7 | 1520217 | 41468 | SH |  | SOLE |  | 41468 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG000PSKYX7 | 990807 | 4769 | SH |  | SOLE |  | 4769 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 | BBG000BKY1G5 | 272622 | 4159 | SH |  | SOLE |  | 4159 | 0 | 0 |
| ZIONS BANCORPORATION N A | COM | 989701107 | BBG000BX9WL1 | 9098877 | 185087 | SH |  | SOLE |  | 185087 | 0 | 0 |

---