# EDGAR Filing Document

**Accession Number:** 0001599170
**File Stem:** 0001420506-25-002176
**Filing Date:** 2025-8
**Character Count:** 17901
**Document Hash:** ee0976a0f5eeb63f8249fef9f709f7dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-002176.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001420506-25-002176

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**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:** 251219172

**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:** 06-30-2025

**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  08-14-2025<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:** $942980010

      (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 | 1666453 | 89739 | SH |  | SOLE |  | 89739 | 0 | 0 |
| ACI WORLDWIDE INC | COM | 004498101 | BBG000PMBV39 | 427238 | 9306 | SH |  | SOLE |  | 9306 | 0 | 0 |
| AGREE RLTY CORP | COM | 008492100 | BBG000BC9DK0 | 2200129 | 30114 | SH |  | SOLE |  | 30114 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 | BBG000BVMGF2 | 284652 | 1414 | SH |  | SOLE |  | 1414 | 0 | 0 |
| ALLY FINL INC | COM | 02005N100 | BBG000BC2R71 | 930321 | 23885 | SH |  | SOLE |  | 23885 | 0 | 0 |
| AMBAC FINL GROUP INC | COM NEW | 023139884 | BBG004HQHKK0 | 175207 | 24677 | SH |  | SOLE |  | 24677 | 0 | 0 |
| AMERICAN HEALTHCARE REIT INC | COM SHS | 398182303 | BBG01L820CZ4 | 2314400 | 62994 | SH |  | SOLE |  | 62994 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 | BBG000B9XYV2 | 388553 | 1758 | SH |  | SOLE |  | 1758 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 | BBG000G3QLY3 | 804865 | 1508 | SH |  | SOLE |  | 1508 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 | BBG000CDY3H5 | 38970104 | 602320 | SH |  | SOLE |  | 602320 | 0 | 0 |
| ANNALY CAPITAL MANAGEMENT IN | COM NEW | 035710839 | BBG000BJFJ98 | 993621 | 52796 | SH |  | SOLE |  | 52796 | 0 | 0 |
| APOLLO COML REAL EST FIN INC | COM | 03762U105 | BBG000NFPF36 | 1600269 | 165317 | SH |  | SOLE |  | 165317 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 | BBG0068KVV91 | 1196985 | 6911 | SH |  | SOLE |  | 6911 | 0 | 0 |
| ARTISAN PARTNERS ASSET MGMT | CL A | 04316A108 | BBG001M6CZY1 | 777548 | 17540 | SH |  | SOLE |  | 17540 | 0 | 0 |
| BANC OF CALIFORNIA INC | COM | 05990K106 | BBG000F7VG25 | 19184432 | 1365440 | SH |  | SOLE |  | 1365440 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 | BBG01PSW2WN4 | 292741 | 279 | SH |  | SOLE |  | 279 | 0 | 0 |
| BLUE OWL CAPITAL INC | COM CL A | 09581B103 | BBG00XV417R8 | 386697 | 20130 | SH |  | SOLE |  | 20130 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 | BBG00DYPZ4T0 | 683901 | 12719 | SH |  | SOLE |  | 12719 | 0 | 0 |
| BROADSTONE NET LEASE INC | COM | 11135E203 | BBG000PWD2R3 | 204702 | 12754 | SH |  | SOLE |  | 12754 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 | BBG000BWSGF4 | 3986663 | 35958 | SH |  | SOLE |  | 35958 | 0 | 0 |
| CALIFORNIA BANCORP | COM | 84252A106 | BBG000QJ8KD2 | 20040983 | 1271636 | SH |  | SOLE |  | 1271636 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 | BBG000BB0V03 | 612808 | 5438 | SH |  | SOLE |  | 5438 | 0 | 0 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 | BBG000BGJ661 | 772877 | 35067 | SH |  | SOLE |  | 35067 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 | BBG000BH3F20 | 202824 | 3946 | SH |  | SOLE |  | 3946 | 0 | 0 |
| CHAIN BRIDGE BANCORP INC | CL A | 15746L100 | BBG000V8CRG7 | 7570917 | 293788 | SH |  | SOLE |  | 293788 | 0 | 0 |
| CINCINNATI FINL CORP | COM | 172062101 | BBG000BFPK65 | 3373932 | 22656 | SH |  | SOLE |  | 22656 | 0 | 0 |
| CITIZENS CMNTY BANCORP INC M | COM | 174903104 | BBG000NFKDB7 | 5294453 | 383656 | SH |  | SOLE |  | 383656 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 | BBG000BHLYP4 | 2148458 | 7795 | SH |  | SOLE |  | 7795 | 0 | 0 |
| CNB FINL CORP PA | COM | 126128107 | BBG000BKPZC4 | 317983 | 13910 | SH |  | SOLE |  | 13910 | 0 | 0 |
| COMMUNITY FINANCIAL SYSTEM I | COM | 203607106 | BBG000BF4D19 | 15366103 | 270197 | SH |  | SOLE |  | 270197 | 0 | 0 |
| COUSINS PPTYS INC | COM NEW | 222795502 | BBG000CW9BM7 | 658888 | 21941 | SH |  | SOLE |  | 21941 | 0 | 0 |
| CRESCENT CAP BDC INC | COM | 225655109 | BBG009NX1JT8 | 530724 | 37640 | SH |  | SOLE |  | 37640 | 0 | 0 |
| DAVE INC | CLASS A COM NEW | 23834J201 | BBG00Z483VQ0 | 280757 | 1046 | SH |  | SOLE |  | 1046 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 | BBG000Q5ZRM7 | 391720 | 2247 | SH |  | SOLE |  | 2247 | 0 | 0 |
| EQUITY BANCSHARES INC | COM CL A | 29460X109 | BBG000QKJS40 | 45944717 | 1126096 | SH |  | SOLE |  | 1126096 | 0 | 0 |
| ESSA BANCORP INC | COM | 29667D104 |  | 13288593 | 684979 | SH |  | SOLE |  | 684979 | 0 | 0 |
| ESSENTIAL PPTYS RLTY TR INC | COM | 29670E107 | BBG00L17LGJ7 | 239963 | 7520 | SH |  | SOLE |  | 7520 | 0 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 | BBG000PV27K3 | 770374 | 5225 | SH |  | SOLE |  | 5225 | 0 | 0 |
| EZCORP INC | CL A NON VTG | 302301106 | BBG000C93HM1 | 1160021 | 83575 | SH |  | SOLE |  | 83575 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 | BBG000BK2F42 | 293076 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| FIFTH DIST BANCORP INC | COM | 316926104 | BBG01P1ZYS41 | 3058984 | 247691 | SH |  | SOLE |  | 247691 | 0 | 0 |
| FIRST BUSEY CORP | COM NEW | 319383204 | BBG000JNCBF4 | 9387107 | 410186 | SH |  | SOLE |  | 410186 | 0 | 0 |
| FIRST FNDTN INC | COM | 32026V104 | BBG001V9VY04 | 7540727 | 1478574 | SH |  | SOLE |  | 1478574 | 0 | 0 |
| FIRST SVGS FINL GROUP INC | COM | 33621E109 | BBG000FPK736 | 7082915 | 282864 | SH |  | SOLE |  | 282864 | 0 | 0 |
| FISERV INC | COM | 337738108 | BBG000BJKPG0 | 361716 | 2098 | SH |  | SOLE |  | 2098 | 0 | 0 |
| FRANKLIN RESOURCES INC | COM | 354613101 | BBG000BD0TF8 | 390544 | 16375 | SH |  | SOLE |  | 16375 | 0 | 0 |
| FVCBANKCORP INC | COM | 36120Q101 | BBG000DS5RF2 | 7468244 | 632902 | SH |  | SOLE |  | 632902 | 0 | 0 |
| GERMAN AMERN BANCORP INC | COM | 373865104 | BBG000BH7CW0 | 227864 | 5917 | SH |  | SOLE |  | 5917 | 0 | 0 |
| GLOBE LIFE INC | COM | 37959E102 | BBG000BVD6X4 | 1336242 | 10751 | SH |  | SOLE |  | 10751 | 0 | 0 |
| GOOSEHEAD INS INC | COM CL A | 38267D109 | BBG00KHHBMC5 | 2290095 | 21705 | SH |  | SOLE |  | 21705 | 0 | 0 |
| HANOVER INS GROUP INC | COM | 410867105 | BBG000FJH8W0 | 4675332 | 27523 | SH |  | SOLE |  | 27523 | 0 | 0 |
| HAWTHORN BANCSHARES INC | COM | 420476103 | BBG000BHQP32 | 6444486 | 221156 | SH |  | SOLE |  | 221156 | 0 | 0 |
| HCI GROUP INC | COM | 40416E103 | BBG000F4DVC8 | 1706314 | 11211 | SH |  | SOLE |  | 11211 | 0 | 0 |
| HERCULES CAPITAL INC | COM | 427096508 | BBG000C2R8K2 | 2749952 | 150435 | SH |  | SOLE |  | 150435 | 0 | 0 |
| HERITAGE COMM CORP | COM | 426927109 | BBG000C48437 | 23283089 | 2344722 | SH |  | SOLE |  | 2344722 | 0 | 0 |
| HIGHWOODS PPTYS INC | COM | 431284108 | BBG000C43744 | 616608 | 19833 | SH |  | SOLE |  | 19833 | 0 | 0 |
| HOME BANCORP INC | COM | 43689E107 | BBG000J31X35 | 1256649 | 24269 | SH |  | SOLE |  | 24269 | 0 | 0 |
| HOME FED BANCORP INC LA NEW | COM | 43708L108 | BBG000QSM8F1 | 338178 | 24866 | SH |  | SOLE |  | 24866 | 0 | 0 |
| HOMETRUST BANCSHARES INC | COM | 437872104 | BBG002CV5W70 | 64826929 | 1732877 | SH |  | SOLE |  | 1732877 | 0 | 0 |
| HOULIHAN LOKEY INC | CL A | 441593100 | BBG000CZTB66 | 2174156 | 12082 | SH |  | SOLE |  | 12082 | 0 | 0 |
| INDEPENDENT BK CORP MASS | COM | 453836108 | BBG000BM0597 | 40832488 | 649320 | SH |  | SOLE |  | 649320 | 0 | 0 |
| INDEPENDENT BK CORP MICH | COM NEW | 453838609 | BBG000BLN9N0 | 21542279 | 664680 | SH |  | SOLE |  | 664680 | 0 | 0 |
| JANUS HENDERSON GROUP PLC | ORD SHS | G4474Y214 | BBG00GSNPM07 | 850091 | 21887 | SH |  | SOLE |  | 21887 | 0 | 0 |
| JEFFERSON CAPITAL INC | COM | 47248R103 | BBG01V5CXDX7 | 1593840 | 86387 | SH |  | SOLE |  | 86387 | 0 | 0 |
| JOHN MARSHALL BANCORP INC | COM | 47805L101 | BBG000LM3ZW1 | 7659431 | 413353 | SH |  | SOLE |  | 413353 | 0 | 0 |
| JONES LANG LASALLE INC | COM | 48020Q107 | BBG000C2L2L0 | 5717195 | 22352 | SH |  | SOLE |  | 22352 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 | BBG000BCQ6J8 | 234266 | 1761 | SH |  | SOLE |  | 1761 | 0 | 0 |
| LADDER CAP CORP | CL A | 505743104 | BBG005RVGZ41 | 2454687 | 228343 | SH |  | SOLE |  | 228343 | 0 | 0 |
| LAKELAND FINL CORP | COM | 511656100 | BBG000BHR1R8 | 1339180 | 21793 | SH |  | SOLE |  | 21793 | 0 | 0 |
| LINKBANCORP INC | COM | 53578P105 | BBG00M69LH40 | 27256505 | 3728660 | SH |  | SOLE |  | 3728660 | 0 | 0 |
| MAREX GROUP PLC | ORD | G5S37H101 | BBG001VHP597 | 2474611 | 62696 | SH |  | SOLE |  | 62696 | 0 | 0 |
| MERCHANTS BANCORP IND | COM | 58844R108 | BBG000RMQZS5 | 7889841 | 238580 | SH |  | SOLE |  | 238580 | 0 | 0 |
| MERCURY GENL CORP NEW | COM | 589400100 | BBG000F1C7F5 | 2563903 | 38074 | SH |  | SOLE |  | 38074 | 0 | 0 |
| MID PENN BANCORP INC | COM | 59540G107 | BBG000BB7F65 | 9269481 | 328705 | SH |  | SOLE |  | 328705 | 0 | 0 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 | BBG000BLMY92 | 2453118 | 16574 | SH |  | SOLE |  | 16574 | 0 | 0 |
| MIDWESTONE FINL GROUP INC NE | COM | 598511103 | BBG000BQVV88 | 22043632 | 766202 | SH |  | SOLE |  | 766202 | 0 | 0 |
| MILLROSE PPTYS INC | COM CL A | 601137102 | BBG01RQYH2X7 | 1894318 | 66444 | SH |  | SOLE |  | 66444 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 | BBG000BLZRJ2 | 8127059 | 57696 | SH |  | SOLE |  | 57696 | 0 | 0 |
| MSCI INC | COM | 55354G100 | BBG000RTDY25 | 262993 | 456 | SH |  | SOLE |  | 456 | 0 | 0 |
| NASDAQ INC | COM | 631103108 | BBG000F5VVB6 | 2486144 | 27803 | SH |  | SOLE |  | 27803 | 0 | 0 |
| NETSTREIT CORP | COM | 64119V303 | BBG00W5FQPV2 | 232737 | 13747 | SH |  | SOLE |  | 13747 | 0 | 0 |
| NMI HLDGS INC | COM | 629209305 | BBG005DLMMZ6 | 2683706 | 63610 | SH |  | SOLE |  | 63610 | 0 | 0 |
| NORTHPOINTE BANCSHARES INC. | COM SHS | 66661N886 | BBG000QKT8D3 | 2125050 | 155000 | SH |  | SOLE |  | 155000 | 0 | 0 |
| OLD NATL BANCORP IND | COM | 680033107 | BBG000KFW1C2 | 13171603 | 617226 | SH |  | SOLE |  | 617226 | 0 | 0 |
| OLD SECOND BANCORP INC ILL | COM | 680277100 | BBG000BLFSZ4 | 32594287 | 1837333 | SH |  | SOLE |  | 1837333 | 0 | 0 |
| P10 INC | COM CL A | 69376K106 | BBG012QFRJQ3 | 3737015 | 365657 | SH |  | SOLE |  | 365657 | 0 | 0 |
| PALOMAR HLDGS INC | COM | 69753M105 | BBG00NLMRY30 | 2438693 | 15810 | SH |  | SOLE |  | 15810 | 0 | 0 |
| PHILLIPS EDISON  CO INC | COMMON STOCK | 71844V201 | BBG011RJSSB1 | 1732724 | 49464 | SH |  | SOLE |  | 49464 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 4259635 | 40391 | SH |  | SOLE |  | 40391 | 0 | 0 |
| Q2 HLDGS INC | COM | 74736L109 | BBG005ZVK9P2 | 396447 | 4236 | SH |  | SOLE |  | 4236 | 0 | 0 |
| QCR HOLDINGS INC | COM | 74727A104 | BBG000BYZSM8 | 20134387 | 296530 | SH |  | SOLE |  | 296530 | 0 | 0 |
| RBB BANCORP | COM | 74930B105 | BBG002537TC9 | 30394288 | 1766083 | SH |  | SOLE |  | 1766083 | 0 | 0 |
| REDWOOD TRUST INC | COM | 758075402 | BBG000JNJPB0 | 549181 | 92924 | SH |  | SOLE |  | 92924 | 0 | 0 |
| REINSURANCE GRP OF AMERICA I | COM NEW | 759351604 | BBG000BDLCQ0 | 3270560 | 16488 | SH |  | SOLE |  | 16488 | 0 | 0 |
| RITHM CAPITAL CORP | COM NEW | 64828T201 | BBG003T1GM03 | 2780479 | 246278 | SH |  | SOLE |  | 246278 | 0 | 0 |
| RIVERVIEW BANCORP INC | COM | 769397100 | BBG000BGZL88 | 3336487 | 606634 | SH |  | SOLE |  | 606634 | 0 | 0 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 | BBG000MTDW24 | 650637 | 35284 | SH |  | SOLE |  | 35284 | 0 | 0 |
| SB FINL GROUP INC | COM | 78408D105 | BBG000BJQTT2 | 5076608 | 265791 | SH |  | SOLE |  | 265791 | 0 | 0 |
| SEACOAST BKG CORP FLA | COM NEW | 811707801 | BBG000KK3464 | 31885467 | 1154434 | SH |  | SOLE |  | 1154434 | 0 | 0 |
| SKYWARD SPECIALTY INS GROUP | COM | 830940102 | BBG002QHKLM6 | 1541722 | 26678 | SH |  | SOLE |  | 26678 | 0 | 0 |
| SL GREEN RLTY CORP | COM | 78440X887 | BBG000BVP5P2 | 267965 | 4329 | SH |  | SOLE |  | 4329 | 0 | 0 |
| SMARTSTOP SELF STORAG REIT I | COMMON STOCK | 83192D402 | BBG01T1Z99G0 | 758004 | 20922 | SH |  | SOLE |  | 20922 | 0 | 0 |
| SOUND FINL BANCORP INC | COM | 83607A100 | BBG000BD3F92 | 285154 | 6199 | SH |  | SOLE |  | 6199 | 0 | 0 |
| SOUTHERN FIRST BANCSHARES | COM | 842873101 | BBG000C0C4Q5 | 30698691 | 807223 | SH |  | SOLE |  | 807223 | 0 | 0 |
| SOUTHERN MO BANCORP INC | COM | 843380106 | BBG000C3ZNH2 | 15499563 | 282942 | SH |  | SOLE |  | 282942 | 0 | 0 |
| SOUTHSTATE CORPORATION | COM | 840441109 | BBG000BNPYN9 | 64637731 | 702355 | SH |  | SOLE |  | 702355 | 0 | 0 |
| STEPSTONE GROUP INC | COM CL A | 85914M107 | BBG00WXXV032 | 258131 | 4651 | SH |  | SOLE |  | 4651 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 | BBG00658F3P3 | 3623648 | 54295 | SH |  | SOLE |  | 54295 | 0 | 0 |
| TAYLOR MORRISON HOME CORP | COM | 87724P106 | BBG003PGJHP5 | 4274463 | 69594 | SH |  | SOLE |  | 69594 | 0 | 0 |
| TOAST INC | CL A | 888787108 | BBG00BTJVK94 | 275218 | 6214 | SH |  | SOLE |  | 6214 | 0 | 0 |
| TOWNEBANK PORTSMOUTH VA | COM | 89214P109 |  | 10296076 | 301231 | SH |  | SOLE |  | 301231 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 | BBG000BJ81C1 | 588320 | 2199 | SH |  | SOLE |  | 2199 | 0 | 0 |
| UNITED CMNTY BKS BLAIRSVLE G | COM | 90984P303 | BBG000BL7GB5 | 2016634 | 67695 | SH |  | SOLE |  | 67695 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG000CH5208 | 260495 | 835 | SH |  | SOLE |  | 835 | 0 | 0 |
| UNIVERSAL HEALTH RLTY INCOME | SH BEN INT | 91359E105 | BBG000BW0BB9 | 330832 | 8277 | SH |  | SOLE |  | 8277 | 0 | 0 |
| UNUM GROUP | COM | 91529Y106 | BBG000BW2QX0 | 387567 | 4799 | SH |  | SOLE |  | 4799 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 | BBG000FFDM15 | 6814107 | 150588 | SH |  | SOLE |  | 150588 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG000PSKYX7 | 641220 | 1806 | SH |  | SOLE |  | 1806 | 0 | 0 |
| VORNADO RLTY TR | SH BEN INT | 929042109 | BBG000BWHD54 | 898334 | 23492 | SH |  | SOLE |  | 23492 | 0 | 0 |
| VOYA FINANCIAL INC | COM | 929089100 | BBG000BCWKD6 | 400440 | 5640 | SH |  | SOLE |  | 5640 | 0 | 0 |
| WEBSTER FINL CORP | COM | 947890109 | BBG000BWMX63 | 37123304 | 679914 | SH |  | SOLE |  | 679914 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 | BBG000BWQFY7 | 8417968 | 105067 | SH |  | SOLE |  | 105067 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 | BBG000BKY1G5 | 4374233 | 28454 | SH |  | SOLE |  | 28454 | 0 | 0 |
| WESBANCO INC | COM | 950810101 | BBG000BX0BJ9 | 2374939 | 75085 | SH |  | SOLE |  | 75085 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 | BBG000Q1KFH4 | 42822405 | 549146 | SH |  | SOLE |  | 549146 | 0 | 0 |
| WINTRUST FINL CORP | COM | 97650W108 | BBG000HD3DW5 | 5569182 | 44920 | SH |  | SOLE |  | 44920 | 0 | 0 |
| WP CAREY INC | COM | 92936U109 | BBG000BCQM58 | 216833 | 3476 | SH |  | SOLE |  | 3476 | 0 | 0 |
| ZIONS BANCORPORATION N A | COM | 989701107 | BBG000BX9WL1 | 22985995 | 442549 | SH |  | SOLE |  | 442549 | 0 | 0 |

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