# EDGAR Filing Document

**Accession Number:** 0001599170
**File Stem:** 0001420506-26-001153
**Filing Date:** 2026-5
**Character Count:** 17474
**Document Hash:** b7fd202c0b57d76cafe730f6f0f499b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-26-001153.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001420506-26-001153

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**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:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15840
- **FILM NUMBER:** 26987541

**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:** 03-31-2026

**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  05-15-2026<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:** 126

**Form 13F Information Table Value Total:** $888139062

      (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 |
| ACADIA RLTY TR | COM SH BEN INT | 004239109 | BBG000BJGD54 | 2039664 | 106677 | SH |  | SOLE |  | 106677 | 0 | 0 |
| ACI WORLDWIDE | COM | 004498101 | BBG000PMBV39 | 490028 | 11949 | SH |  | SOLE |  | 11949 | 0 | 0 |
| AGREE RLTY | COM | 008492100 | BBG000BC9DK0 | 2389244 | 31696 | SH |  | SOLE |  | 31696 | 0 | 0 |
| AMERANT BANCORP CL A | COM CL A | 023576101 | BBG00MVBQMP8 | 5419923 | 245913 | SH |  | SOLE |  | 245913 | 0 | 0 |
| AMERICAN HEALTHCARE REIT | COM | 398182303 | BBG01L820CZ4 | 2763199 | 58592 | SH |  | SOLE |  | 58592 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 | BBG000CDY3H5 | 10518355 | 134868 | SH |  | SOLE |  | 134868 | 0 | 0 |
| ANNALY CAPITAL MGMT | COM | 035710839 | BBG000BJFJ98 | 3495038 | 165250 | SH |  | SOLE |  | 165250 | 0 | 0 |
| ATLANTIC UNION BANKSHARES | COM | 04911A107 | BBG000BHZG36 | 2581965 | 72243 | SH |  | SOLE |  | 72243 | 0 | 0 |
| AVIDIA BANCORP | COM | 05369T100 | BBG01TVWYGZ9 | 9781065 | 497258 | SH |  | SOLE |  | 497258 | 0 | 0 |
| AXIS CAPITAL HLDGS | COM | G0692U109 | BBG000FLF615 | 2010453 | 19825 | SH |  | SOLE |  | 19825 | 0 | 0 |
| BANK OF AMERICA | COM | 060505104 | BBG000BCTLF6 | 9232080 | 189376 | SH |  | SOLE |  | 189376 | 0 | 0 |
| BANKUNITED | COM | 06652K103 | BBG000C3WN81 | 17185819 | 380554 | SH |  | SOLE |  | 380554 | 0 | 0 |
| BLACKSTONE MORTGAGE TR CL A | COM CL A | 09257W100 | BBG000BGKJ70 | 3075413 | 160596 | SH |  | SOLE |  | 160596 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS | COM | 10482B101 | BBG000B9Z6F6 | 97789 | 41436 | SH |  | SOLE |  | 41436 | 0 | 0 |
| BREAD FINL HLDGS | COM | 018581108 | BBG000BFNR17 | 259569 | 3466 | SH |  | SOLE |  | 3466 | 0 | 0 |
| BRIXMOR PPTY GROUP | COM | 11120U105 | BBG002MWGL55 | 1347782 | 46798 | SH |  | SOLE |  | 46798 | 0 | 0 |
| BROADSTONE NET LEASE | COM | 11135E203 | BBG000PWD2R3 | 270707 | 14817 | SH |  | SOLE |  | 14817 | 0 | 0 |
| CALIFORNIA BANCORP | COM | 84252A106 | BBG000QJ8KD2 | 36406342 | 2054534 | SH |  | SOLE |  | 2054534 | 0 | 0 |
| CAPITAL ONE FINL | COM | 14040H105 | BBG000BGKTF9 | 780071 | 4276 | SH |  | SOLE |  | 4276 | 0 | 0 |
| CARLYLE GROUP | COM | 14316J108 | BBG000BH3F20 | 341391 | 7055 | SH |  | SOLE |  | 7055 | 0 | 0 |
| CHAIN BRIDGE BANCORP CL A | COM CL A | 15746L100 | BBG000V8CRG7 | 10253201 | 293788 | SH |  | SOLE |  | 293788 | 0 | 0 |
| CHARLES SCHWAB | COM | 808513105 | BBG000BSLZY7 | 5815764 | 61883 | SH |  | SOLE |  | 61883 | 0 | 0 |
| CITIZENS FINL GROUP | COM | 174610105 | BBG00B3T3HD3 | 7552562 | 125939 | SH |  | SOLE |  | 125939 | 0 | 0 |
| CNO FINL GROUP | COM | 12621E103 | BBG000Q1GK24 | 5406740 | 131679 | SH |  | SOLE |  | 131679 | 0 | 0 |
| COPT DEFENSE PPTYS | COM | 22002T108 | BBG000BQKJP3 | 425340 | 13900 | SH |  | SOLE |  | 13900 | 0 | 0 |
| CTO RLTY GROWTH | COM | 22948Q101 | BBG00Y3M1H59 | 2151182 | 116343 | SH |  | SOLE |  | 116343 | 0 | 0 |
| CUBESMART | COM SH BEN INT | 229663109 | BBG000HF17Z7 | 443062 | 12089 | SH |  | SOLE |  | 12089 | 0 | 0 |
| CURBLINE PPTYS | COM | 23128Q101 | BBG01JZB98V3 | 635801 | 24653 | SH |  | SOLE |  | 24653 | 0 | 0 |
| CVB FINL | COM | 126600105 | BBG000JTYFB2 | 16509150 | 851426 | SH |  | SOLE |  | 851426 | 0 | 0 |
| DAVE CL A | COM CL A | 23834J201 | BBG00Z483VQ0 | 1441465 | 8280 | SH |  | SOLE |  | 8280 | 0 | 0 |
| DIGITAL RLTY TR | COM | 253868103 | BBG000Q5ZRM7 | 3753594 | 20829 | SH |  | SOLE |  | 20829 | 0 | 0 |
| EAGLE BANCORP | COM | 268948106 | BBG000BH0Z27 | 3155879 | 126895 | SH |  | SOLE |  | 126895 | 0 | 0 |
| EASTERN BANKSHARES | COM | 27627N105 | BBG00W9KWXC4 | 34070860 | 1741864 | SH |  | SOLE |  | 1741864 | 0 | 0 |
| EASTGROUP PPTYS | COM | 277276101 | BBG000BHRBT4 | 1467764 | 7930 | SH |  | SOLE |  | 7930 | 0 | 0 |
| ELLINGTON FINL | COM | 28852N109 | BBG000D3NXZ4 | 967991 | 81687 | SH |  | SOLE |  | 81687 | 0 | 0 |
| ENCORE CAPITAL GROUP | COM | 292554102 | BBG000BQVXX7 | 2856128 | 40732 | SH |  | SOLE |  | 40732 | 0 | 0 |
| ENTERPRISE FINL SERVICES | COM | 293712105 | BBG000BD17M1 | 550948 | 10182 | SH |  | SOLE |  | 10182 | 0 | 0 |
| EQUINIX | COM | 29444U700 | BBG000BHBGN6 | 3492595 | 3563 | SH |  | SOLE |  | 3563 | 0 | 0 |
| EQUITY BANCSHARES CL A | COM CL A | 29460X109 | BBG000QKJS40 | 40904896 | 921074 | SH |  | SOLE |  | 921074 | 0 | 0 |
| EQUITY LIFESTYLE PPTYS | COM SH BEN INT | 29472R108 | BBG000BB7SX7 | 826378 | 13239 | SH |  | SOLE |  | 13239 | 0 | 0 |
| EQUITY RESIDENTIAL | COM SH BEN INT | 29476L107 | BBG000BG8M31 | 222996 | 3770 | SH |  | SOLE |  | 3770 | 0 | 0 |
| ESSENT GROUP | COM | G3198U102 | BBG006Q0HY77 | 4384403 | 75024 | SH |  | SOLE |  | 75024 | 0 | 0 |
| ESSENTIAL PPTYS RLTY TR | COM SH BEN INT | 29670E107 | BBG00L17LGJ7 | 536309 | 17665 | SH |  | SOLE |  | 17665 | 0 | 0 |
| EXZEO GROUP | COM | 30234F101 | BBG01XL8FHT0 | 10011395 | 682440 | SH |  | SOLE |  | 682440 | 0 | 0 |
| FEDERATED HERMES CL B | COM CL B | 314211103 | BBG000BP0929 | 587459 | 10359 | SH |  | SOLE |  | 10359 | 0 | 0 |
| FIRST INDL RLTY TR | COM SH BEN INT | 32054K103 | BBG000CKGDS5 | 2458683 | 42501 | SH |  | SOLE |  | 42501 | 0 | 0 |
| FIRST MERCHANTS | COM | 320817109 | BBG000BBSJ28 | 27553490 | 711425 | SH |  | SOLE |  | 711425 | 0 | 0 |
| FIRSTCASH HLDGS | COM | 33768G107 | BBG000BP80W3 | 1032308 | 5491 | SH |  | SOLE |  | 5491 | 0 | 0 |
| FRANKLIN RES | COM | 354613101 | BBG000BFVYL0 | 2024801 | 85724 | SH |  | SOLE |  | 85724 | 0 | 0 |
| GCM GROSVENOR CL A | COM CL A | 36831E108 | BBG00Y0HRP41 | 173921 | 17747 | SH |  | SOLE |  | 17747 | 0 | 0 |
| GENWORTH FINL | COM | 37247D106 | BBG000BJ0177 | 374478 | 46118 | SH |  | SOLE |  | 46118 | 0 | 0 |
| GLOBAL PAYMENTS | COM | 37940X102 | BBG000C8KYB4 | 204996 | 3046 | SH |  | SOLE |  | 3046 | 0 | 0 |
| GLOBE LIFE | COM | 37959E102 | BBG000BVD6X4 | 1439992 | 10347 | SH |  | SOLE |  | 10347 | 0 | 0 |
| HAMILTON LANE CL A | COM CL A | 407497106 | BBG00YJPMWB9 | 361220 | 3634 | SH |  | SOLE |  | 3634 | 0 | 0 |
| HANOVER INSURANCE GROUP | COM | 410867105 | BBG000FJH8W0 | 3906442 | 22535 | SH |  | SOLE |  | 22535 | 0 | 0 |
| HAWTHORN BANCSHARES | COM | 420476103 | BBG000BHQP32 | 6425020 | 190710 | SH |  | SOLE |  | 190710 | 0 | 0 |
| HCI GROUP | COM | 40416E103 | BBG000F4DVC8 | 5764943 | 37287 | SH |  | SOLE |  | 37287 | 0 | 0 |
| HEALTHEQUITY | COM | 42226A107 | BBG000TYXCT9 | 936820 | 11210 | SH |  | SOLE |  | 11210 | 0 | 0 |
| HERCULES CAPITAL | COM | 427096508 | BBG000C2R8K2 | 4101127 | 277666 | SH |  | SOLE |  | 277666 | 0 | 0 |
| HOMETRUST BANCSHARES | COM | 437872104 | BBG002CV5W70 | 66296226 | 1554425 | SH |  | SOLE |  | 1554425 | 0 | 0 |
| HORIZON BANCORP | COM | 440407104 | BBG000BJ3LL2 | 21395317 | 1291208 | SH |  | SOLE |  | 1291208 | 0 | 0 |
| HOYNE BANCORP | COM | 44326H107 | BBG01VNLTT85 | 3777975 | 261000 | SH |  | SOLE |  | 261000 | 0 | 0 |
| HUNTINGTON BANCSHARES | COM | 446150104 | BBG000BKYDS2 | 17478170 | 1116816 | SH |  | SOLE |  | 1116816 | 0 | 0 |
| INDEPENDENT BANK GROUP MA | COM | 453836108 | BBG000BM0597 | 12458762 | 165653 | SH |  | SOLE |  | 165653 | 0 | 0 |
| INDEPENDENT BANK MICH | COM | 453838609 | BBG000BLN9N0 | 6780113 | 203607 | SH |  | SOLE |  | 203607 | 0 | 0 |
| INVENTRUST PPTYS | COM | 46124J201 | BBG000BJSP36 | 3410088 | 111953 | SH |  | SOLE |  | 111953 | 0 | 0 |
| JACKSON FINL CL A | COM CL A | 46817M107 | BBG00922Y5Z6 | 227087 | 2148 | SH |  | SOLE |  | 2148 | 0 | 0 |
| JANUS HENDERSON GROUP PLC | ORD | G4474Y214 | BBG00GSNPM07 | 371097 | 7224 | SH |  | SOLE |  | 7224 | 0 | 0 |
| JOHN MARSHALL BANCORP | COM | 47805L101 | BBG000LM3ZW1 | 8360896 | 412273 | SH |  | SOLE |  | 412273 | 0 | 0 |
| JONES LANG LASALLE | COM | 48020Q107 | BBG000C2L2L0 | 9702026 | 31881 | SH |  | SOLE |  | 31881 | 0 | 0 |
| MAIN STREET CAPITAL | COM | 56035L104 | BBG000BW0QP8 | 3583644 | 67667 | SH |  | SOLE |  | 67667 | 0 | 0 |
| MARKEL GROUP | COM | 570535104 | BBG000FC7J03 | 386642 | 202 | SH |  | SOLE |  | 202 | 0 | 0 |
| MASTERCARD CL A | COM CL A | 57636Q104 | BBG000F1ZSQ2 | 758484 | 1518 | SH |  | SOLE |  | 1518 | 0 | 0 |
| MID-AMERICA APARTMENT COMMUNITIES | COM SH BEN INT | 59522J103 | BBG000BLMY92 | 1335016 | 10932 | SH |  | SOLE |  | 10932 | 0 | 0 |
| MORGAN STANLEY | COM | 617446448 | BBG000BLZRJ2 | 9230567 | 56089 | SH |  | SOLE |  | 56089 | 0 | 0 |
| MSC INCOME FUND | COM | 55374X208 | BBG00XRMJ1K2 | 2083486 | 171058 | SH |  | SOLE |  | 171058 | 0 | 0 |
| NASDAQ | COM | 631103108 | BBG000F5VVB6 | 3596959 | 42372 | SH |  | SOLE |  | 42372 | 0 | 0 |
| NEPTUNE INSURANCE HLDGS CL A | COM CL A | 64073B103 | BBG01X1D5ZD9 | 526592 | 21769 | SH |  | SOLE |  | 21769 | 0 | 0 |
| NETSTREIT | COM | 64119V303 | BBG00W5FQPV2 | 206490 | 10966 | SH |  | SOLE |  | 10966 | 0 | 0 |
| NICOLET BANKSHARES | COM | 65406E102 | BBG000QK0TG5 | 45534344 | 306381 | SH |  | SOLE |  | 306381 | 0 | 0 |
| NORTHERN TR | COM | 665859104 | BBG000BQ74K1 | 11029659 | 79026 | SH |  | SOLE |  | 79026 | 0 | 0 |
| OLD NATIONAL BANCORP | COM | 680033107 | BBG000KFW1C2 | 15846098 | 717018 | SH |  | SOLE |  | 717018 | 0 | 0 |
| OLD SECOND BANCORP | COM | 680277100 | BBG000BLFSZ4 | 30342856 | 1505102 | SH |  | SOLE |  | 1505102 | 0 | 0 |
| ONEMAIN HLDGS | COM | 68268W103 | BBG000BBGLL2 | 4054275 | 75795 | SH |  | SOLE |  | 75795 | 0 | 0 |
| PALOMAR HLDGS | COM | 69753M105 | BBG00NLMRY30 | 5429244 | 45433 | SH |  | SOLE |  | 45433 | 0 | 0 |
| PAYPAL HLDGS | COM | 70450Y103 | BBG0077VNXV6 | 225110 | 4977 | SH |  | SOLE |  | 4977 | 0 | 0 |
| PNC FINL SERVICES GROUP | COM | 693475105 | BBG000BQRRY7 | 2594258 | 12467 | SH |  | SOLE |  | 12467 | 0 | 0 |
| POSTAL RLTY TR CL A | COM CL A | 73757R102 | BBG00NSBGFJ3 | 629574 | 33921 | SH |  | SOLE |  | 33921 | 0 | 0 |
| PULTEGROUP | COM | 745867101 | BBG000BR54L0 | 4200912 | 35719 | SH |  | SOLE |  | 35719 | 0 | 0 |
| QCR HLDGS | COM | 74727A104 | BBG000BYZSM8 | 2785755 | 32601 | SH |  | SOLE |  | 32601 | 0 | 0 |
| RBB BANCORP | COM | 74930B105 | BBG002537TC9 | 32298789 | 1511408 | SH |  | SOLE |  | 1511408 | 0 | 0 |
| REINSURANCE GROUP OF AMERICA | COM | 759351604 | BBG000BDLCQ0 | 1984844 | 9722 | SH |  | SOLE |  | 9722 | 0 | 0 |
| RIDGEPOST CAPITAL CL A | COM CL A | 69376K106 | BBG012QFRJQ3 | 80637 | 11107 | SH |  | SOLE |  | 11107 | 0 | 0 |
| ROBINHOOD MARKETS CL A | COM CL A | 770700102 | BBG00XWKXFQ4 | 2027926 | 29263 | SH |  | SOLE |  | 29263 | 0 | 0 |
| RYMAN HOSPITALITY PPTYS | COM SH BEN INT | 78377T107 | BBG000BXPSJ1 | 492076 | 5333 | SH |  | SOLE |  | 5333 | 0 | 0 |
| SABRA HEALTH CARE REIT | COM SH BEN INT | 78573L106 | BBG000BLKDR0 | 735067 | 38225 | SH |  | SOLE |  | 38225 | 0 | 0 |
| SEACOAST BANKING OF FLORIDA | COM | 811707801 | BBG000KK3464 | 27444345 | 906053 | SH |  | SOLE |  | 906053 | 0 | 0 |
| SELECTIVE INSURANCE GROUP | COM | 816300107 | BBG000BB3JF3 | 426934 | 5663 | SH |  | SOLE |  | 5663 | 0 | 0 |
| SERVICE PPTYS TR | COM SH BEN INT | 81761L102 | BBG000BX19J7 | 127492 | 94090 | SH |  | SOLE |  | 94090 | 0 | 0 |
| SERVISFIRST BANCSHARES | COM | 81768T108 | BBG000C2Z4W1 | 5819554 | 79906 | SH |  | SOLE |  | 79906 | 0 | 0 |
| SIMON PPTY GROUP | COM SH BEN INT | 828806109 | BBG000BJ6ND9 | 492253 | 2639 | SH |  | SOLE |  | 2639 | 0 | 0 |
| SIRIUSPOINT | COM | G8192H106 | BBG004TYNXX1 | 950840 | 44143 | SH |  | SOLE |  | 44143 | 0 | 0 |
| SKYWARD SPECIALTY INSURANCE GROUP | COM | 830940102 | BBG002QHKLM6 | 4122475 | 94379 | SH |  | SOLE |  | 94379 | 0 | 0 |
| SONIDA SENIOR LIVING | COM | 140475203 | BBG000BC0JX1 | 1466472 | 45472 | SH |  | SOLE |  | 45472 | 0 | 0 |
| SOUTHERN FIRST BANCSHARES | COM | 842873101 | BBG000C0C4Q5 | 43993654 | 807223 | SH |  | SOLE |  | 807223 | 0 | 0 |
| SOUTHERN MISSOURI BANCORP | COM | 843380106 | BBG000C3ZNH2 | 12943182 | 202427 | SH |  | SOLE |  | 202427 | 0 | 0 |
| SOUTHSTATE BANK | COM | 84472E102 | BBG000BNPYN9 | 72038570 | 778627 | SH |  | SOLE |  | 778627 | 0 | 0 |
| STOCK YARDS BANCORP | COM | 861025104 | BBG000FLKSG5 | 6154960 | 92849 | SH |  | SOLE |  | 92849 | 0 | 0 |
| SUNSTONE HOTEL INVESTORS | COM | 867892101 | BBG000C2Y4X7 | 118932 | 13200 | SH |  | SOLE |  | 13200 | 0 | 0 |
| SYNCHRONY FINL | COM | 87165B103 | BBG00658F3P3 | 584360 | 8591 | SH |  | SOLE |  | 8591 | 0 | 0 |
| TOLL BROTHERS | COM | 889478103 | BBG000BVLTK7 | 1620445 | 11874 | SH |  | SOLE |  | 11874 | 0 | 0 |
| TOWNEBANK | COM | 89214P109 | BBG000BBSC23 | 18847523 | 559772 | SH |  | SOLE |  | 559772 | 0 | 0 |
| TRANSUNION | COM | 89400J107 | BBG00B6CHLT7 | 859617 | 12424 | SH |  | SOLE |  | 12424 | 0 | 0 |
| TRAVELERS COMPANIES | COM NEW | 89417E109 | BBG000BZW612 | 219927 | 754 | SH |  | SOLE |  | 754 | 0 | 0 |
| U S BANCORP | COM | 902973304 | BBG000FFDM15 | 5102961 | 98115 | SH |  | SOLE |  | 98115 | 0 | 0 |
| UMB FINL | COM | 902788108 | BBG000DD8WX1 | 4933435 | 43740 | SH |  | SOLE |  | 43740 | 0 | 0 |
| UNIVERSAL HEALTH RLTY INCOME TR | COM SH BEN INT | 91359E105 | BBG000BW0BB9 | 380782 | 9409 | SH |  | SOLE |  | 9409 | 0 | 0 |
| UNUM GROUP | COM | 91529Y106 | BBG000BW2FG9 | 1924048 | 26346 | SH |  | SOLE |  | 26346 | 0 | 0 |
| VENTAS | COM SH BEN INT | 92276F100 | BBG000FRVHB9 | 232419 | 2842 | SH |  | SOLE |  | 2842 | 0 | 0 |
| VERIS RESIDENTIAL | COM | 554489104 | BBG000C4KKV2 | 457522 | 24246 | SH |  | SOLE |  | 24246 | 0 | 0 |
| VIRTU FINL CL A | COM CL A | 928254101 | BBG001R9MCC1 | 5532244 | 125790 | SH |  | SOLE |  | 125790 | 0 | 0 |
| VISA CL A | COM CL A | 92826C839 | BBG000PSKYX7 | 610525 | 2020 | SH |  | SOLE |  | 2020 | 0 | 0 |
| VOYA FINL | COM | 929089100 | BBG000BCWKD6 | 239188 | 3501 | SH |  | SOLE |  | 3501 | 0 | 0 |
| WELLTOWER | COM SH BEN INT | 95040Q104 | BBG000BKY1G5 | 3811256 | 19277 | SH |  | SOLE |  | 19277 | 0 | 0 |
| WESBANCO | COM | 950810101 | BBG000BX0BJ9 | 8410145 | 243843 | SH |  | SOLE |  | 243843 | 0 | 0 |
| XENIA HOTELS  RESORTS | COM | 984017103 | BBG000BZJ6J6 | 347941 | 23462 | SH |  | SOLE |  | 23462 | 0 | 0 |

---