# EDGAR Filing Document

**Accession Number:** 0001599170
**File Stem:** 0001171520-26-000129
**Filing Date:** 2026-6
**Character Count:** 74343
**Document Hash:** 5a5c24e367a9c9711e9ac878ba1bd03f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171520-26-000129.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001171520-26-000129

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FJ Capital Management LLC
- **CENTRAL INDEX KEY:** 0001599170

**ORGANIZATION NAME:**
- **EIN:** 261588525
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15840
- **FILM NUMBER:** 261068148

**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 N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001599170

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** FJ Capital Management LLC

**Address:** 7901 Jones Branch Dr., MCLEAN, VA 22102

**Telephone number:** (703) 875-8378

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-15840

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                               | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                                                                                                                                  | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Independent Bank Group, Inc.                 | 45384B106 | 08/14/2024     | The IBTX compensation proposal: to approve, on a non-binding, advisory basis, the compensation that may be paid or become payable to IBTX's named executive officers that is based on or otherwise relates to the merger; and                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         674065 |                0 | FOR         |                                   674065 | FOR                         |  |
| Riverview Bancorp, Inc.                      | 769397100 | 08/28/2024     | Advisory (non-binding) approval of the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |        2173569 |                0 | FOR         |                                  2173569 | FOR                         |  |
| Hamilton Lane Incorporated                   | 407497106 | 09/05/2024     | Advisory, non-binding vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           1435 |                0 | FOR         |                                     1435 | FOR                         |  |
| HMN Financial, Inc.                          | 40424G108 | 09/12/2024     | Merger-related compensation proposal. Proposal to approve, on an advisory (non-binding) basis, the compensation payments that will or may be paid to HMNF named executive officers in connection with the merger.                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         422940 |                0 | FOR         |                                   422940 | FOR                         |  |
| Southern Missouri Bancorp, Inc.              | 843380106 | 10/28/2024     | Advisory (non-binding) vote on executive compensation as disclosed in the proxy statement.                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         430109 |                0 | FOR         |                                   430109 | FOR                         |  |
| Southern Missouri Bancorp, Inc.              | 843380106 | 10/28/2024     | The advisory (non-binding) vote as to whether future advisory votes on executive compensation should be held every year, every two years or every three years.                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         430109 |                0 | ONE YEAR    |                                   430109 | FOR                         |  |
| American Healthcare REIT, Inc.               | 398182303 | 11/07/2024     | To approve, on an advisory (non-binding) basis, the compensation paid to our named executive officers of the year ended December 31, 2023.                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           6123 |                0 | FOR         |                                     6123 | FOR                         |  |
| Sterling Bancorp, Inc.                       | 85917W102 | 12/18/2024     | Proposal to approve (on an advisory, non-binding basis) the compensation that will or may be paid to the named executive officers of the Company in connection with the transactions contemplated by the Stock Purchase Agreement.                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |        3796749 |                0 | FOR         |                                  3796749 | FOR                         |  |
| FactSet Research Systems Inc.                | 303075105 | 12/19/2024     | To vote on a non-binding advisory resolution to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |             73 |                0 | FOR         |                                       73 | FOR                         |  |
| Evans Bancorp, Inc.                          | 29911Q208 | 12/20/2024     | Approval, on an advisory (non-binding) basis, specified compensation that may become payable to the named executive officers of Evans Bancorp, Inc. in connection with the merger, as described in the accompanying proxy statement/prospectus.                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         243752 |                0 | FOR         |                                   243752 | FOR                         |  |
| Visa Inc.                                    | 92826C839 | 01/28/2025     | To approve, on an advisory basis, the compensation paid to our named executive officers.                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |            116 |                0 | FOR         |                                      116 | FOR                         |  |
| First Savings Financial Group, Inc.          | 33621E109 | 02/11/2025     | The approval of a non-binding resolution to approve the compensation of the named executive officers as disclosed in the accompanying proxy statement.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         394472 |                0 | AGAINST     |                                   394472 | AGAINST                     |  |
| TFS Financial Corporation                    | 87240R107 | 02/20/2025     | Advisory vote on compensation of named Executive Officers.                                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |             43 |                0 | AGAINST     |                                       43 | AGAINST                     |  |
| Toll Brothers, Inc.                          | 889478103 | 03/11/2025     | The approval, in an advisory and non-binding votes of the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |            500 |                0 | FOR         |                                      500 | FOR                         |  |
| Jefferies Financial Group Inc.               | 47233W109 | 03/27/2025     | Advisory vote to approve 2024 executive-compensation program.                                                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           1756 |                0 | ABSTAIN     |                                     1756 | AGAINST                     |  |
| CNB Financial Corporation                    | 126128107 | 04/15/2025     | a non-binding advisory resolution to approve the compensation of CNB's named executive officers (the "CNB say-on-pay proposal");                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          55096 |                0 | FOR         |                                    55096 | FOR                         |  |
| ESSA Bancorp, Inc.                           | 29667D104 | 04/15/2025     | a proposal to approve, on an advisory (non-binding) basis, specified compensation that may become payable to the named executive officers of ESSA in connection with the merger (the "ESSA compensation proposal"); and                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         969681 |                0 | FOR         |                                   969681 | FOR                         |  |
| SB Financial Group, Inc.                     | 78408D105 | 04/16/2025     | To approve a non-binding advisory resolution to approve the compensation of SB Financial's named executive officers.                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         343394 |                0 | FOR         |                                   343394 | FOR                         |  |
| SB Financial Group, Inc.                     | 78408D105 | 04/16/2025     | To conduct an advisory vote on the frequency of future advisory votes on the compensation of SB Financial's named executive officers.                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         343394 |                0 | ONE YEAR    |                                   343394 | FOR                         |  |
| Wesbanco, Inc.                               | 950810101 | 04/16/2025     | To approve an advisory (non-binding) vote on compensation paid to Wesbanco's named executive officers.                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         379129 |                0 | FOR         |                                   379129 | FOR                         |  |
| Equity Bancshares, Inc.                      | 29460X109 | 04/22/2025     | Advisory vote to approve the compensation paid to the named executive officers of the Company.                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |        1049302 |                0 | FOR         |                                  1049302 | FOR                         |  |
| Independent Bank Corporation                 | 453838609 | 04/22/2025     | Approval of an advisory (non-binding) resolution to approve the compensation paid to our executives.                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         673928 |                0 | FOR         |                                   673928 | FOR                         |  |
| MidWestOne Financial Group, Inc.             | 598511103 | 04/22/2025     | To approve, on a non-binding, advisory basis, the compensation of the named executive officers of the Company.                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         691426 |                0 | FOR         |                                   691426 | FOR                         |  |
| MSCI Inc.                                    | 55354G100 | 04/22/2025     | To approve, by advisory vote, our executive compensation.                                                                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |            150 |                0 | FOR         |                                      150 | FOR                         |  |
| SouthState Corporation                       | 840441109 | 04/23/2025     | Approval, as an advisory, non-binding "say on pay" resolution, of our executive compensation;                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          20843 |                0 | FOR         |                                    20843 | FOR                         |  |
| Globe Life Inc.                              | 37959E102 | 04/24/2025     | Approval of 2024 Executive Compensation:                                                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           3116 |                0 | FOR         |                                     3116 | FOR                         |  |
| Healthpeak Properties, Inc.                  | 42250P103 | 04/24/2025     | Approval of 2024 executive compensation on an advisory basis.                                                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           5339 |                0 | FOR         |                                     5339 | FOR                         |  |
| Cousins Properties Incorporated              | 222795502 | 04/29/2025     | Consideration of an advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           5653 |                0 | FOR         |                                     5653 | FOR                         |  |
| First Industrial Realty Trust, Inc.          | 32054K103 | 04/30/2025     | To approve, on an advisory (i.e. non-binding) basis, the compensation of the Company's named executive officers as disclosed in the Proxy Statement for the 2025 Annual Meeting.                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           7774 |                0 | FOR         |                                     7774 | FOR                         |  |
| Janus Henderson Group Plc                    | G4474Y214 | 04/30/2025     | Advisory Say-on-Pay Vote on Executive Compensation.                                                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           3352 |                0 | FOR         |                                     3352 | FOR                         |  |
| Phillips Edison  Company, Inc.               | 71844V201 | 05/01/2025     | Approve a non-binding, advisory resolution on executive compensation as more fully described in the proxy statement for the annual meeting.                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           6183 |                0 | FOR         |                                     6183 | FOR                         |  |
| Zions Bancorporation, N.A.                   | 989701107 | 05/02/2025     | To approve, on a nonbinding advisory basis, the compensation paid to our named executive officers with respect to the fiscal year ended Dec. 31, 2024 (Proposal 3); and                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          25462 |                0 | FOR         |                                    25462 | FOR                         |  |
| Zions Bancorporation, N.A.                   | 989701107 | 05/02/2025     | To establish through a nonbinding advisory vote the preference of our shareholders regarding whether the nonbinding advisory vote on executive compensation should occur every one, two, or three years.                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          25462 |                0 | ONE YEAR    |                                    25462 | FOR                         |  |
| Cincinnati Financial Corporation             | 172062101 | 05/03/2025     | A nonbinding proposal to approve compensation for the company's named executive officers.                                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           2590 |                0 | FOR         |                                     2590 | FOR                         |  |
| Goosehead Insurance, Inc.                    | 38267D109 | 05/05/2025     | Non-binding and advisory resolution approving the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           3587 |                0 | FOR         |                                     3587 | FOR                         |  |
| Public Storage                               | 74460D109 | 05/07/2025     | Advisory vote to approve the compensation of the Company's Named Executive Officers.                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |            115 |                0 | FOR         |                                      115 | FOR                         |  |
| Simmons First National Corporation           | 828730200 | 05/07/2025     | To adopt the following non-binding resolution approving the compensation of the named executive officers of the Company: "RESOLVED, that the compensation paid to the Company's named executive officers, as disclosed in the proxy statement pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, the compensation tables, and narrative discussion, is hereby APPROVED." | SECTION 14A SAY-ON-PAY VOTES |         593300 |                0 | FOR         |                                   593300 | FOR                         |  |
| Skyward Specialty Insurance Group, Inc.      | 830940102 | 05/07/2025     | The approval, on a non-binding advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           6776 |                0 | FOR         |                                     6776 | FOR                         |  |
| Skyward Specialty Insurance Group, Inc.      | 830940102 | 05/07/2025     | The approval, on a non-binding advisory basis, the frequency of future advisory votes on named executive officers' compensation.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           6776 |                0 | ONE YEAR    |                                     6776 | FOR                         |  |
| TransUnion                                   | 89400J107 | 05/07/2025     | To approve, on a non-binding advisory basis, the compensation of TransUnion's named executive officers.                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            546 |                0 | FOR         |                                      546 | FOR                         |  |
| Acadia Realty Trust                          | 004239109 | 05/08/2025     | THE APPROVAL, ON A NON-BINDING ADVISORY BASIS, OF THE COMPENSATION OF NAMED EXECUTIVE OFFICERS AS DISCLOSED IN THE COMPANY'S 2025 PROXY STATEMENT.                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          13681 |                0 | FOR         |                                    13681 | FOR                         |  |
| Popular, Inc.                                | 733174700 | 05/08/2025     | Approve, on an advisory basis, the Corporation's executive compensation.                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |            570 |                0 | FOR         |                                      570 | FOR                         |  |
| Camden Property Trust                        | 133131102 | 05/09/2025     | Approval, by an advisory vote, of executive compensation.                                                                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           1688 |                0 | FOR         |                                     1688 | FOR                         |  |
| Centene Corporation                          | 15135B101 | 05/13/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION.                                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           2567 |                0 | FOR         |                                     2567 | FOR                         |  |
| First American Financial Corporation         | 31847R102 | 05/13/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          29544 |                0 | FOR         |                                    29544 | FOR                         |  |
| Home Bancorp, Inc.                           | 43689E107 | 05/13/2025     | To adopt a non-binding resolution to approve the compensation of our named executive officers;                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         485850 |                0 | FOR         |                                   485850 | FOR                         |  |
| Mid Penn Bancorp, Inc.                       | 59540G107 | 05/13/2025     | An advisory vote to approve the compensation of the Corporation's named executive officers.                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         404071 |                0 | FOR         |                                   404071 | FOR                         |  |
| Mid Penn Bancorp, Inc.                       | 59540G107 | 05/13/2025     | An advisory vote on the frequency of future advisory votes on executive compensation.                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         404071 |                0 | ONE YEAR    |                                   404071 | FOR                         |  |
| The Hanover Insurance Group, Inc.            | 410867105 | 05/13/2025     | The advisory approval of the Company's executive compensation; and                                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |            806 |                0 | FOR         |                                      806 | FOR                         |  |
| Fiserv, Inc.                                 | 337738108 | 05/14/2025     | To approve, on an advisory basis, the compensation of the named executive officers of Fiserv, Inc.                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |            125 |                0 | FOR         |                                      125 | FOR                         |  |
| M/I Homes, Inc.                              | 55305B101 | 05/14/2025     | A non-binding, advisory resolution to approve the compensation of the named executive officers of M/I Homes, Inc.                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           2142 |                0 | FOR         |                                     2142 | FOR                         |  |
| Old National Bancorp                         | 680033107 | 05/14/2025     | Approval of a non-binding advisory proposal on the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          26449 |                0 | FOR         |                                    26449 | FOR                         |  |
| TowneBank                                    | 89214P109 | 05/14/2025     | To approve, on a non-binding advisory basis, TowneBank's Named Executive Officer compensation;                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         448796 |                0 | FOR         |                                   448796 | FOR                         |  |
| Agree Realty Corporation                     | 008492100 | 05/15/2025     | To approve, by non-binding vote, executive compensation.                                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           2055 |                0 | FOR         |                                     2055 | FOR                         |  |
| Independent Bank Corp.                       | 453836108 | 05/15/2025     | Approve, on an advisory basis, the compensation of our named executive officers                                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         186753 |                0 | FOR         |                                   186753 | FOR                         |  |
| Merchants Bancorp                            | 58844R108 | 05/15/2025     | A non-binding, advisory vote on the compensation of the Company's Named Executive Officers.                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           8152 |                0 | FOR         |                                     8152 | FOR                         |  |
| Safehold, Inc.                               | 78646V107 | 05/15/2025     | Non-binding advisory vote to approve named executive officer compensation ("Say on Pay").                                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           3034 |                0 | AGAINST     |                                     3034 | AGAINST                     |  |
| Willis Towers Watson Public Limited Company  | G96629103 | 05/15/2025     | Approve, on an advisory basis, the named executive officer compensation.                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           1687 |                0 | FOR         |                                     1687 | FOR                         |  |
| HomeTrust Bancshares, Inc.                   | 437872104 | 05/19/2025     | An advisory (non-binding) vote on executive compensation (commonly referred to as a "say on pay vote").                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |        1700211 |                0 | FOR         |                                  1700211 | FOR                         |  |
| Seacoast Banking Corporation of Florida      | 811707801 | 05/19/2025     | Advisory (Non-binding) Vote on Compensation of Named Executive Officers                                                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         274822 |                0 | FOR         |                                   274822 | FOR                         |  |
| Seacoast Banking Corporation of Florida      | 811707801 | 05/19/2025     | Advisory (Non-binding) Vote on Frequency of Vote on Compensation of Named Executive Officers                                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         274822 |                0 | ONE YEAR    |                                   274822 | FOR                         |  |
| Dynex Capital, Inc.                          | 26817Q886 | 05/20/2025     | To approve, in an advisory and non-binding vote, the compensation of the Company's named executive officers as disclosed in the accompanying Proxy Statement.                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          17283 |                0 | FOR         |                                    17283 | FOR                         |  |
| First Interstate BancSystem, Inc.            | 32055Y201 | 05/20/2025     | Adoption of non-binding advisory resolution on executive compensation.                                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         476134 |                0 | FOR         |                                   476134 | FOR                         |  |
| Old Second Bancorp, Inc.                     | 680277100 | 05/20/2025     | Proposal to approve on a non-binding, advisory basis, the compensation of the Company's named executive officers, as described in the Company's Proxy Statement.                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |        1731455 |                0 | FOR         |                                  1731455 | FOR                         |  |
| Old Second Bancorp, Inc.                     | 680277100 | 05/20/2025     | Approval, in a non-advisory vote, of the frequency of future stockholder advisory votes on the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |        1731455 |                0 | ONE YEAR    |                                  1731455 | FOR                         |  |
| Southern First Bancshares, Inc.              | 842873101 | 05/20/2025     | To conduct an advisory vote on the compensation of our named executive officers as disclosed in this proxy statement (this is a non-binding, advisory vote).                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         807223 |                0 | AGAINST     |                                   807223 | AGAINST                     |  |
| Southern First Bancshares, Inc.              | 842873101 | 05/20/2025     | To conduct an advisory vote on the frequency of votes on our executive compensation (this is a non-binding. advisory vote).                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         807223 |                0 | ONE YEAR    |                                   807223 | FOR                         |  |
| TPG RE Finance Trust, Inc.                   | 87266M107 | 05/20/2025     | Advisory Vote on Executive Compensation: To approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         146107 |                0 | FOR         |                                   146107 | FOR                         |  |
| Community Financial System, Inc.             | 203607106 | 05/21/2025     | Advisory vote on executive compensation.                                                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          11728 |                0 | FOR         |                                    11728 | FOR                         |  |
| Equitable Holdings, Inc.                     | 29452E101 | 05/21/2025     | Advisory vote to approve the compensation paid to our named executive officers;                                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           2456 |                0 | FOR         |                                     2456 | FOR                         |  |
| Equitable Holdings, Inc.                     | 29452E101 | 05/21/2025     | Advisory vote on the frequency of future advisory votes on executive compensation;                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           2456 |                0 | ONE YEAR    |                                     2456 | FOR                         |  |
| Jones Lang LaSalle Incorporated              | 48020Q107 | 05/21/2025     | Approval, on an advisory basis, of JLL'S Executive Compensation ("Say On Pay")                                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           1536 |                0 | FOR         |                                     1536 | FOR                         |  |
| RBB Bancorp                                  | 74930B105 | 05/21/2025     | To approve, by a non-binding advisory vote, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |        1699390 |                0 | FOR         |                                  1699390 | FOR                         |  |
| Reinsurance Group of America, Incorporated   | 759351604 | 05/21/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           8149 |                0 | FOR         |                                     8149 | FOR                         |  |
| The Travelers Companies, Inc.                | 89417E109 | 05/21/2025     | Non-binding vote to approve executive compensation.                                                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           2075 |                0 | FOR         |                                     2075 | FOR                         |  |
| Webster Financial Corporation                | 947890109 | 05/21/2025     | To approve, on a non-binding, advisory basis, the compensation of the named executive officers of Webster.                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          87648 |                0 | FOR         |                                    87648 | FOR                         |  |
| Heritage Commerce Corp                       | 426927109 | 05/22/2025     | Advisory proposal on 2024 executive compensation.                                                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |        2380258 |                0 | FOR         |                                  2380258 | FOR                         |  |
| Mr. Cooper Group Inc.                        | 62482R107 | 05/22/2025     | Advisory Vote on Executive Compensation (Say on Pay)                                                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           3865 |                0 | FOR         |                                     3865 | FOR                         |  |
| Mr. Cooper Group Inc.                        | 62482R107 | 05/22/2025     | Advisory vote on the frequency of Say on Pay votes                                                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           3865 |                0 | ONE YEAR    |                                     3865 | FOR                         |  |
| Palomar Holdings, Inc.                       | 69753M105 | 05/22/2025     | To approve, on a non-binding advisory basis, the compensation of our Named Executive Officers;                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           2502 |                0 | FOR         |                                     2502 | FOR                         |  |
| QCR Holdings, Inc.                           | 74727A104 | 05/22/2025     | To approve, in a non-binding, advisory vote, the compensation of certain executive officers, which is referred to as a "say-on-pay" vote;                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         289158 |                0 | FOR         |                                   289158 | FOR                         |  |
| Rithm Capital Corp.                          | 64828T201 | 05/22/2025     | To approve (on a non-binding advisory basis) the compensation of the named executive officers as described in the accompanying materials.                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         131755 |                0 | FOR         |                                   131755 | FOR                         |  |
| Taylor Morrison Home Corporation             | 87724P106 | 05/22/2025     | Advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           7391 |                0 | FOR         |                                     7391 | FOR                         |  |
| The Charles Schwab Corporation               | 808513105 | 05/22/2025     | Advisory approval of named executive officer compensation                                                                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           5901 |                0 | FOR         |                                     5901 | FOR                         |  |
| Vornado Realty Trust                         | 929042109 | 05/22/2025     | NON-BINDING, ADVISORY RESOLUTION ON EXECUTIVE COMPENSATION.                                                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |             80 |                0 | FOR         |                                       80 | FOR                         |  |
| Welltower Inc.                               | 95040Q104 | 05/22/2025     | The approval, on an advisory basis, of the compensation of the named executive officers.                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           2333 |                0 | FOR         |                                     2333 | FOR                         |  |
| Wintrust Financial Corporation               | 97650W108 | 05/22/2025     | Proposal to approve, on an advisory (non-binding) basis, the Company's executive compensation as described in the 2025 Proxy Statement.                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            489 |                0 | FOR         |                                      489 | FOR                         |  |
| SBA Communications Corporation               | 78410G104 | 05/23/2025     | Approval, on an advisory basis, of the compensation of SBA's named executive officers.                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |              4 |                0 | FOR         |                                        4 | FOR                         |  |
| Sound Financial Bancorp, Inc.                | 83607A100 | 05/27/2025     | Advisory (non-binding) vote on executive compensation.                                                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         108031 |                0 | FOR         |                                   108031 | FOR                         |  |
| First Busey Corporation                      | 319383204 | 05/29/2025     | To approve, in a non-binding, advisory vote, the compensation of our named executive officers, as described in the accompanying proxy statement, which is referred to as a "say-on-pay" proposal.                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         310065 |                0 | FOR         |                                   310065 | FOR                         |  |
| First Foundation Inc.                        | 32026V104 | 05/29/2025     | To approve, on a non-binding advisory basis, the compensation of the Company's named executive officers for the year ended December 31, 2024.                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         109779 |                0 | FOR         |                                   109779 | FOR                         |  |
| First Foundation Inc.                        | 32026V104 | 05/29/2025     | To approve, on a non-binding advisory basis, the frequency of future advisory votes on the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         109779 |                0 | ONE YEAR    |                                   109779 | FOR                         |  |
| FVCBankcorp, Inc.                            | 36120Q101 | 05/29/2025     | To Approve the following (non-binding) resolution:  Resolved, that the shareholders of FVCBankcorp, Inc., approve the compensation of the named executive officers as disclosed in the proxy statement pursuant to the rules of the Securities and Exchange Commission.                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |        1632343 |                0 | AGAINST     |                                  1632343 | AGAINST                     |  |
| The Allstate Corporation                     | 020002101 | 05/29/2025     | Advisory vote to approve the compensation of the named executives.                                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           2815 |                0 | FOR         |                                     2815 | FOR                         |  |
| UnitedHealth Group Incorporated              | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |            156 |                0 | AGAINST     |                                      156 | AGAINST                     |  |
| ACI Worldwide, Inc.                          | 004498101 | 06/03/2025     | To conduct an advisory vote to approve named executive officer compensation; and                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            258 |                0 | FOR         |                                      258 | FOR                         |  |
| Hawthorn Bancshares, Inc.                    | 420476103 | 06/03/2025     | Proposal to provide advisory approval of the compensation of the Company's executives disclosed in the Proxy Statement.                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         299555 |                0 | FOR         |                                   299555 | FOR                         |  |
| Q2 Holdings, Inc.                            | 74736L109 | 06/03/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |            384 |                0 | FOR         |                                      384 | FOR                         |  |
| Ameris Bancorp                               | 03076K108 | 06/05/2025     | Advisory vote on the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         668367 |                0 | FOR         |                                   668367 | FOR                         |  |
| Blue Owl Capital Inc.                        | 09581B103 | 06/09/2025     | Approval, by non-binding advisory basis, the compensation paid to our named executive officers for the 2024 fiscal year.                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          17937 |                0 | AGAINST     |                                    17937 | AGAINST                     |  |
| Blue Owl Capital Inc.                        | 09581B103 | 06/09/2025     | To recommend, on a non-binding advisory basis, the frequency of future advisory votes to approve, on a non-binding advisory basis, the compensation paid to our named executive officers.                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          17937 |                0 | ONE YEAR    |                                    17937 | AGAINST                     |  |
| HCI Group, Inc.                              | 40416E103 | 06/10/2025     | Approval, on an advisory basis, of the compensation of the named executive officers.                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          10378 |                0 | AGAINST     |                                    10378 | AGAINST                     |  |
| HCI Group, Inc.                              | 40416E103 | 06/10/2025     | Approval, on an advisory basis, of the frequency of votes on executive compensation.                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          10378 |                0 | ONE YEAR    |                                    10378 | FOR                         |  |
| FirstCash Holdings, Inc.                     | 33768G107 | 06/11/2025     | Approve, by non-binding vote, the compensation of named executive officers as described in the Proxy Statement.                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           1327 |                0 | FOR         |                                     1327 | FOR                         |  |
| Western Alliance Bancorporation              | 957638109 | 06/11/2025     | To approve, on an advisory (non-binding) basis, the compensation of executives.                                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         123781 |                0 | FOR         |                                   123781 | FOR                         |  |
| Fidelity National Information Services, Inc. | 31620M106 | 06/12/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |            336 |                0 | FOR         |                                      336 | FOR                         |  |
| Gaming and Leisure Properties, Inc.          | 36467J108 | 06/12/2025     | To approve, on a non-binding advisory basis, the Company's executive compensation.                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           1660 |                0 | FOR         |                                     1660 | FOR                         |  |
| Citizens Community Bancorp, Inc.             | 174903104 | 06/17/2025     | To approve a non-binding advisory proposal on executive compensation.                                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         311152 |                0 | FOR         |                                   311152 | FOR                         |  |
| Synchrony Financial                          | 87165B103 | 06/17/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |            404 |                0 | FOR         |                                      404 | FOR                         |  |
| Hercules Capital, Inc.                       | 427096508 | 06/18/2025     | Advisory vote to approve the Company's named executive officer compensation.                                                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          59189 |                0 | FOR         |                                    59189 | FOR                         |  |
| American Healthcare REIT, Inc.               | 398182303 | 06/25/2025     | To approve, on an advisory (non-binding) basis, the compensation paid to our named executive officers for the year ended December 31, 2024.                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           9671 |                0 | FOR         |                                     9671 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** FJ Capital Management LLC

**By (Signature):** Andrew Jose

**By (Printed Signature):** Andrew Jose

**By (Title):** Co-Founder and Managing Partner

**Date:** 06/04/2026