# EDGAR Filing Document

**Accession Number:** 0001599170
**File Stem:** 0001420506-26-000417
**Filing Date:** 2026-2
**Character Count:** 17940
**Document Hash:** d8a0393d70b84b5e8dcdac950556615d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-26-000417.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001420506-26-000417

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**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:** 26633334

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

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

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

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

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

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

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

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

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

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

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

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

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

Andrew Jose Co-Founder and Managing Partner  MCLEAN, VA  02-13-2026<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:** 128

**Form 13F Information Table Value Total:** $905776283

      (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 | 5086156 | 247622 | SH |  | SOLE |  | 247622 | 0 | 0 |
| ACCELERANT HOLDINGS | CL A | G00894108 | BBG01VVSRL26 | 293859 | 17973 | SH |  | SOLE |  | 17973 | 0 | 0 |
| ACI WORLDWIDE INC | COM | 004498101 | BBG000PMBV39 | 860532 | 17999 | SH |  | SOLE |  | 17999 | 0 | 0 |
| AFFILIATED MANAGERS GROUP IN | COM | 008252108 | BBG000C060M4 | 737132 | 2557 | SH |  | SOLE |  | 2557 | 0 | 0 |
| AGREE RLTY CORP | COM | 008492100 | BBG000BC9DK0 | 2583932 | 35873 | SH |  | SOLE |  | 35873 | 0 | 0 |
| ALERUS FINL CORP | COM | 01446U103 | BBG000BTXSH7 | 1511858 | 67134 | SH |  | SOLE |  | 67134 | 0 | 0 |
| AMERICAN HEALTHCARE REIT INC | COM SHS | 398182303 | BBG01L820CZ4 | 2390554 | 50798 | SH |  | SOLE |  | 50798 | 0 | 0 |
| AMERICAN INTEGRITY INS GROUP | COM | 026948109 | BBG000BN06C9 | 3197218 | 153491 | SH |  | SOLE |  | 153491 | 0 | 0 |
| ANNALY CAPITAL MANAGEMENT IN | COM NEW | 035710839 | BBG000BJFJ98 | 1620787 | 72486 | SH |  | SOLE |  | 72486 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 | BBG0068KVV91 | 251658 | 1557 | SH |  | SOLE |  | 1557 | 0 | 0 |
| ARTISAN PARTNERS ASSET MGMT | CL A | 04316A108 | BBG001M6CZY1 | 1023755 | 25129 | SH |  | SOLE |  | 25129 | 0 | 0 |
| AVIDIA BANCORP INC | COMMON STOCK | 05369T100 | BBG01TVWYGZ9 | 8358907 | 497258 | SH |  | SOLE |  | 497258 | 0 | 0 |
| AXIS CAP HLDGS LTD | SHS | G0692U109 | BBG000FLF615 | 526240 | 4914 | SH |  | SOLE |  | 4914 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG000DWG505 | 523259 | 1041 | SH |  | SOLE |  | 1041 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 | BBG000BH0106 | 317066 | 2057 | SH |  | SOLE |  | 2057 | 0 | 0 |
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 | BBG000BGKJ70 | 606134 | 31685 | SH |  | SOLE |  | 31685 | 0 | 0 |
| BOWHEAD SPECIALTY HLDGS INC | COM SHS | 10240L102 | BBG01MF58GZ0 | 1122107 | 39317 | SH |  | SOLE |  | 39317 | 0 | 0 |
| BREAD FINANCIAL HOLDINGS INC | COM | 018581108 | BBG000BFNR17 | 201140 | 2717 | SH |  | SOLE |  | 2717 | 0 | 0 |
| BROADSTONE NET LEASE INC | COM | 11135E203 | BBG000PWD2R3 | 257371 | 14817 | SH |  | SOLE |  | 14817 | 0 | 0 |
| CALIFORNIA BANCORP | COM | 84252A106 | BBG000QJ8KD2 | 23741444 | 1271636 | SH |  | SOLE |  | 1271636 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 | BBG000BGKTF9 | 288893 | 1192 | SH |  | SOLE |  | 1192 | 0 | 0 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 | BBG000BGJ661 | 2052973 | 92685 | SH |  | SOLE |  | 92685 | 0 | 0 |
| CHAIN BRIDGE BANCORP INC | CL A | 15746L100 | BBG000V8CRG7 | 10176816 | 293788 | SH |  | SOLE |  | 293788 | 0 | 0 |
| CHAMPION HOMES INC | COM | 830830105 | BBG000BT2TP0 | 2996539 | 35462 | SH |  | SOLE |  | 35462 | 0 | 0 |
| CINCINNATI FINL CORP | COM | 172062101 | BBG000V8CRG7 | 5362776 | 32836 | SH |  | SOLE |  | 32836 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 | BBG000BHLYP4 | 5239586 | 19187 | SH |  | SOLE |  | 19187 | 0 | 0 |
| CNO FINL GROUP INC | COM | 12621E103 | BBG000Q1GK24 | 1659006 | 39063 | SH |  | SOLE |  | 39063 | 0 | 0 |
| CTO RLTY GROWTH INC NEW | COM | 22948Q101 | BBG00Y3M1H59 | 1651543 | 89709 | SH |  | SOLE |  | 89709 | 0 | 0 |
| CURBLINE PPTYS CORP | COM | 23128Q101 | BBG01JZB98V3 | 1122761 | 48374 | SH |  | SOLE |  | 48374 | 0 | 0 |
| CVB FINL CORP | COM | 126600105 | BBG000JTYFB2 | 5117455 | 275132 | SH |  | SOLE |  | 275132 | 0 | 0 |
| DAVE INC | CLASS A COM NEW | 23834J201 | BBG00Z483VQ0 | 402966 | 1820 | SH |  | SOLE |  | 1820 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 | BBG000Q5ZRM7 | 834042 | 5391 | SH |  | SOLE |  | 5391 | 0 | 0 |
| DYNEX CAP INC | COM | 26817Q886 | BBG000FBJQM6 | 883821 | 63085 | SH |  | SOLE |  | 63085 | 0 | 0 |
| EASTERN BANKSHARES INC | COM | 27627N105 | BBG00W9KWXC4 | 17081680 | 926841 | SH |  | SOLE |  | 926841 | 0 | 0 |
| EASTGROUP PPTYS INC | COM | 277276101 | BBG000BHRBT4 | 853112 | 4789 | SH |  | SOLE |  | 4789 | 0 | 0 |
| ELME COMMUNITIES | SH BEN INT | 939653101 | BBG000BWYX06 | 940453 | 54049 | SH |  | SOLE |  | 54049 | 0 | 0 |
| EQUITY BANCSHARES INC | COM CL A | 29460X109 | BBG000QKJS40 | 54726925 | 1225687 | SH |  | SOLE |  | 1225687 | 0 | 0 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 | BBG000BG8M31 | 1130622 | 17935 | SH |  | SOLE |  | 17935 | 0 | 0 |
| ESSENTIAL PPTYS RLTY TR INC | COM | 29670E107 | BBG00L17LGJ7 | 523944 | 17665 | SH |  | SOLE |  | 17665 | 0 | 0 |
| ETORO GROUP LTD | SHS CL A | G32089107 | BBG00KG5TXN7 | 3683767 | 104861 | SH |  | SOLE |  | 104861 | 0 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 | BBG000PV27K3 | 245334 | 1884 | SH |  | SOLE |  | 1884 | 0 | 0 |
| EXZEO GROUP INC | COM SHS | 30234F101 | BBG01XL8FHT0 | 5768008 | 237856 | SH |  | SOLE |  | 237856 | 0 | 0 |
| EZCORP INC | CL A NON VTG | 302301106 | BBG000C93HM1 | 2593075 | 133526 | SH |  | SOLE |  | 133526 | 0 | 0 |
| FAIR ISAAC CORP | COM | 303250104 | BBG000DW76Y6 | 715132 | 423 | SH |  | SOLE |  | 423 | 0 | 0 |
| FEDERATED HERMES INC | CL B | 314211103 | BBG000BP0929 | 228223 | 4383 | SH |  | SOLE |  | 4383 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 | BBG000BK2F42 | 372774 | 5609 | SH |  | SOLE |  | 5609 | 0 | 0 |
| FIRST BANCORP P R | COM NEW | 318672706 | BBG000CYKKX8 | 1381136 | 66625 | SH |  | SOLE |  | 66625 | 0 | 0 |
| FIRST INDL RLTY TR INC | COM | 32054K103 | BBG000CKGDS5 | 2658531 | 46421 | SH |  | SOLE |  | 46421 | 0 | 0 |
| FIRST MERCHANTS CORP | COM | 320817109 | BBG000BBSJ28 | 23749877 | 633668 | SH |  | SOLE |  | 633668 | 0 | 0 |
| FIRST SVGS FINL GROUP INC | COM | 33621E109 | BBG000FPK736 | 2914521 | 91479 | SH |  | SOLE |  | 91479 | 0 | 0 |
| FVCBANKCORP INC | COM | 36120Q101 | BBG000DS5RF2 | 224174 | 16116 | SH |  | SOLE |  | 16116 | 0 | 0 |
| GEN DIGITAL INC | COM | 668771108 | BBG000BH2JM1 | 235493 | 8661 | SH |  | SOLE |  | 8661 | 0 | 0 |
| GERMAN AMERN BANCORP INC | COM | 373865104 | BBG000BH7CW0 | 4271364 | 109019 | SH |  | SOLE |  | 109019 | 0 | 0 |
| GLOBE LIFE INC | COM | 37959E102 | BBG000BVD6X4 | 4904191 | 35065 | SH |  | SOLE |  | 35065 | 0 | 0 |
| HANOVER INS GROUP INC | COM | 410867105 | BBG000FJH8W0 | 6840533 | 37427 | SH |  | SOLE |  | 37427 | 0 | 0 |
| HAWTHORN BANCSHARES INC | COM | 420476103 | BBG000BHQP32 | 6651965 | 190710 | SH |  | SOLE |  | 190710 | 0 | 0 |
| HCI GROUP INC | COM | 40416E103 | BBG000F4DVC8 | 3645752 | 19019 | SH |  | SOLE |  | 19019 | 0 | 0 |
| HEALTHEQUITY INC | COM | 42226A107 | BBG000TYXCT9 | 1241865 | 13556 | SH |  | SOLE |  | 13556 | 0 | 0 |
| HERCULES CAPITAL INC | COM | 427096508 | BBG000C2R8K2 | 3199099 | 169984 | SH |  | SOLE |  | 169984 | 0 | 0 |
| HOMETRUST BANCSHARES INC | COM | 437872104 | BBG002CV5W70 | 72721166 | 1693553 | SH |  | SOLE |  | 1693553 | 0 | 0 |
| HORIZON BANCORP INC | COM | 440407104 | BBG000BJ3LL2 | 18381926 | 1083840 | SH |  | SOLE |  | 1083840 | 0 | 0 |
| HOYNE BANCORP INC | COM | 44326H107 | BBG01VNLTT85 | 3781890 | 261000 | SH |  | SOLE |  | 261000 | 0 | 0 |
| HUDSON PAC PPTYS INC | COM | 444097406 | BBG000QC4T33 | 157403 | 14534 | SH |  | SOLE |  | 14534 | 0 | 0 |
| INDEPENDENT BK CORP MASS | COM | 453836108 | BBG000BM0597 | 16847352 | 230533 | SH |  | SOLE |  | 230533 | 0 | 0 |
| INDEPENDENT BK CORP MICH | COM NEW | 453838609 | BBG000BLN9N0 | 12526913 | 385088 | SH |  | SOLE |  | 385088 | 0 | 0 |
| INVENTRUST PPTYS CORP | COM NEW | 46124J201 | BBG000BJSP36 | 3508562 | 124373 | SH |  | SOLE |  | 124373 | 0 | 0 |
| JACKSON FINANCIAL INC | COM CL A | 46817M107 | BBG00922Y5Z6 | 291901 | 2737 | SH |  | SOLE |  | 2737 | 0 | 0 |
| JANUS HENDERSON GROUP PLC | ORD SHS | G4474Y214 | BBG00GSNPM07 | 575121 | 12090 | SH |  | SOLE |  | 12090 | 0 | 0 |
| JOHN MARSHALL BANCORP INC | COM | 47805L101 | BBG000LM3ZW1 | 8254771 | 412945 | SH |  | SOLE |  | 412945 | 0 | 0 |
| JONES LANG LASALLE INC | COM | 48020Q107 | BBG000C2L2L0 | 3961598 | 11774 | SH |  | SOLE |  | 11774 | 0 | 0 |
| KINGSTONE COS INC | COM | 496719105 | BBG000G21FS2 | 1317048 | 78256 | SH |  | SOLE |  | 78256 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 | BBG000BCQ6J8 | 549184 | 4308 | SH |  | SOLE |  | 4308 | 0 | 0 |
| LADDER CAP CORP | CL A | 505743104 | BBG005RVGZ41 | 731505 | 66561 | SH |  | SOLE |  | 66561 | 0 | 0 |
| LINKBANCORP INC | COM | 53578P105 | BBG00M69LH40 | 4930642 | 596930 | SH |  | SOLE |  | 596930 | 0 | 0 |
| LXP INDUSTRIAL TRUST | COM | 529043408 | BBG000BL3355 | 4139880 | 83499 | SH |  | SOLE |  | 83499 | 0 | 0 |
| MAREX GROUP PLC | ORD | G5S37H101 | BBG001VHP597 | 3114794 | 81199 | SH |  | SOLE |  | 81199 | 0 | 0 |
| MARKETAXESS HLDGS INC | COM | 57060D108 | BBG000BJBZ23 | 3670675 | 20252 | SH |  | SOLE |  | 20252 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG000F1ZSQ2 | 607416 | 1064 | SH |  | SOLE |  | 1064 | 0 | 0 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 | BBG000BLMY92 | 1543568 | 11112 | SH |  | SOLE |  | 11112 | 0 | 0 |
| MIDWESTONE FINL GROUP INC NE | COM | 598511103 | BBG000BQVV88 | 30715916 | 797816 | SH |  | SOLE |  | 797816 | 0 | 0 |
| MILLROSE PPTYS INC | COM CL A | 601137102 | BBG01RQYH2X7 | 1612323 | 53978 | SH |  | SOLE |  | 53978 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 | BBG000BLZRJ2 | 13271965 | 74759 | SH |  | SOLE |  | 74759 | 0 | 0 |
| NEPTUNE INS HLDGS INC | CL A | 64073B103 | BBG01X1D5ZD9 | 289355 | 9923 | SH |  | SOLE |  | 9923 | 0 | 0 |
| NETSTREIT CORP | COM | 64119V303 | BBG00W5FQPV2 | 515035 | 29197 | SH |  | SOLE |  | 29197 | 0 | 0 |
| NEWMARK GROUP INC | CL A | 65158N102 | BBG00J24S765 | 7264992 | 418973 | SH |  | SOLE |  | 418973 | 0 | 0 |
| NICOLET BANKSHARES INC | COM | 65406E102 | BBG000QK0TG5 | 2477067 | 20421 | SH |  | SOLE |  | 20421 | 0 | 0 |
| OLD NATL BANCORP IND | COM | 680033107 | BBG000KFW1C2 | 15996672 | 717018 | SH |  | SOLE |  | 717018 | 0 | 0 |
| OLD SECOND BANCORP INC ILL | COM | 680277100 | BBG000BLFSZ4 | 35678468 | 1829665 | SH |  | SOLE |  | 1829665 | 0 | 0 |
| P10 INC | COM CL A | 69376K106 | BBG012QFRJQ3 | 4487820 | 457474 | SH |  | SOLE |  | 457474 | 0 | 0 |
| PALOMAR HLDGS INC | COM | 69753M105 | BBG00NLMRY30 | 520713 | 3864 | SH |  | SOLE |  | 3864 | 0 | 0 |
| PENNYMAC FINL SVCS INC NEW | COM | 70932M107 | BBG00LMYX123 | 3765614 | 28562 | SH |  | SOLE |  | 28562 | 0 | 0 |
| POSTAL REALTY TRUST INC | CL A | 73757R102 | BBG00NSBGFJ3 | 378983 | 23481 | SH |  | SOLE |  | 23481 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 | BBG000BR37X2 | 501895 | 2204 | SH |  | SOLE |  | 2204 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 | BBG000B9Z0J8 | 730471 | 5722 | SH |  | SOLE |  | 5722 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 | BBG000BR54L0 | 3643855 | 31075 | SH |  | SOLE |  | 31075 | 0 | 0 |
| QCR HOLDINGS INC | COM | 74727A104 | BBG000BYZSM8 | 11070403 | 132898 | SH |  | SOLE |  | 132898 | 0 | 0 |
| RBB BANCORP | COM | 74930B105 | BBG002537TC9 | 31195461 | 1511408 | SH |  | SOLE |  | 1511408 | 0 | 0 |
| REINSURANCE GRP OF AMERICA I | COM NEW | 759351604 | BBG000BDLCQ0 | 4753029 | 23361 | SH |  | SOLE |  | 23361 | 0 | 0 |
| SEACOAST BKG CORP FLA | COM NEW | 811707801 | BBG000KK3464 | 42783891 | 1361677 | SH |  | SOLE |  | 1361677 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 | BBG00TX393L4 | 214665 | 3409 | SH |  | SOLE |  | 3409 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 | BBG008HBD923 | 488705 | 3036 | SH |  | SOLE |  | 3036 | 0 | 0 |
| SIRIUSPOINT LTD | COM | G8192H106 | BBG004TYNXX1 | 1550709 | 70841 | SH |  | SOLE |  | 70841 | 0 | 0 |
| SIXTH STREET SPECIALTY LENDI | COM | 83012A109 | BBG001DFW799 | 1268948 | 58423 | SH |  | SOLE |  | 58423 | 0 | 0 |
| SKYWARD SPECIALTY INS GROUP | COM | 830940102 | BBG002QHKLM6 | 7397457 | 144736 | SH |  | SOLE |  | 144736 | 0 | 0 |
| SOUTHERN FIRST BANCSHARES | COM | 842873101 | BBG000C0C4Q5 | 41588129 | 807223 | SH |  | SOLE |  | 807223 | 0 | 0 |
| SOUTHERN MO BANCORP INC | COM | 843380106 | BBG000C3ZNH2 | 17791809 | 300944 | SH |  | SOLE |  | 300944 | 0 | 0 |
| SOUTHSTATE BK CORP | COM | 84472E102 | BBG000BNPYN9 | 76514536 | 813033 | SH |  | SOLE |  | 813033 | 0 | 0 |
| STIFEL FINL CORP | COM | 860630102 | BBG000BSS5C0 | 7324994 | 58497 | SH |  | SOLE |  | 58497 | 0 | 0 |
| STOCK YDS BANCORP INC | COM | 861025104 | BBG000FLKSG5 | 412497 | 6351 | SH |  | SOLE |  | 6351 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 | BBG00658F3P3 | 392622 | 4706 | SH |  | SOLE |  | 4706 | 0 | 0 |
| TANGER INC | COM | 875465106 | BBG000D2JB50 | 928654 | 27829 | SH |  | SOLE |  | 27829 | 0 | 0 |
| THE BALDWIN INSURANCE GRP IN | COM CL A | 05589G102 | BBG00QDCHF36 | 251210 | 10454 | SH |  | SOLE |  | 10454 | 0 | 0 |
| TOWNEBANK PORTSMOUTH VA | COM | 89214P109 | BBG000BBSC23 | 6092895 | 182586 | SH |  | SOLE |  | 182586 | 0 | 0 |
| TPG INC | COM CL A | 872657101 | BBG0145FSNR1 | 217375 | 3405 | SH |  | SOLE |  | 3405 | 0 | 0 |
| TRICO BANCSHARES | COM | 896095106 | BBG000BGYJF6 | 4381346 | 92492 | SH |  | SOLE |  | 92492 | 0 | 0 |
| UMB FINL CORP | COM | 902788108 | BBG000DD8WX1 | 3054197 | 26549 | SH |  | SOLE |  | 26549 | 0 | 0 |
| UNIVERSAL HEALTH RLTY INCOME | SH BEN INT | 91359E105 | BBG000BW0BB9 | 368927 | 9409 | SH |  | SOLE |  | 9409 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 | BBG000FFDM15 | 19926385 | 373433 | SH |  | SOLE |  | 373433 | 0 | 0 |
| VENTAS INC | COM | 92276F100 | BBG000FRVHB9 | 494458 | 6390 | SH |  | SOLE |  | 6390 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG000PSKYX7 | 689145 | 1965 | SH |  | SOLE |  | 1965 | 0 | 0 |
| VOYA FINANCIAL INC | COM | 929089100 | BBG000BCWKD6 | 2630614 | 35315 | SH |  | SOLE |  | 35315 | 0 | 0 |
| WEALTHFRONT CORP | COM | 947002101 | BBG002WK8MH0 | 4269801 | 314187 | SH |  | SOLE |  | 314187 | 0 | 0 |
| WEBSTER FINL CORP | COM | 947890109 | BBG000BWMX63 | 24215724 | 384743 | SH |  | SOLE |  | 384743 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 | BBG000BKY1G5 | 3893170 | 20975 | SH |  | SOLE |  | 20975 | 0 | 0 |
| WESBANCO INC | COM | 950810101 | BBG000BX0BJ9 | 11538801 | 347136 | SH |  | SOLE |  | 347136 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 | BBG000Q1KFH4 | 36374735 | 432672 | SH |  | SOLE |  | 432672 | 0 | 0 |
| WP CAREY INC | COM | 92936U109 | BBG000BCQM58 | 456377 | 7091 | SH |  | SOLE |  | 7091 | 0 | 0 |
| ZIONS BANCORPORATION N A | COM | 989701107 | BBG000BX9WL1 | 13998319 | 239124 | SH |  | SOLE |  | 239124 | 0 | 0 |

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