# EDGAR Filing Document

**Accession Number:** 0001599170
**File Stem:** 0001420506-25-003437
**Filing Date:** 2025-11
**Character Count:** 19542
**Document Hash:** 6c145ede505d9be3817c863ceff6befc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-003437.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001420506-25-003437

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**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:** 251487408

**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:** 09-30-2025

**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  11-14-2025<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:** 142

**Form 13F Information Table Value Total:** $936598925

      (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 | 4134961 | 205209 | SH |  | SOLE |  | 205209 | 0 | 0 |
| ACI WORLDWIDE | COM | 004498101 | BBG000PMBV39 | 807592 | 15304 | SH |  | SOLE |  | 15304 | 0 | 0 |
| AFFILIATED MANAGERS GROUP IN | COM | 008252108 | BBG000C060M4 | 609665 | 2557 | SH |  | SOLE |  | 2557 | 0 | 0 |
| AGREE RLTY | COM | 008492100 | BBG000BC9DK0 | 1968305 | 27707 | SH |  | SOLE |  | 27707 | 0 | 0 |
| AMERICAN COASTAL INS CORP | COM | 910710102 | BBG000TKFJQ7 | 259190 | 22756 | SH |  | SOLE |  | 22756 | 0 | 0 |
| AMERICAN HEALTHCARE REIT | COM SHS | 398182303 | BBG01L820CZ4 | 3271781 | 77881 | SH |  | SOLE |  | 77881 | 0 | 0 |
| AMERICAN INTEGRITY INSURANCE GROUP | COM | 026948109 | BBG000BN06C9 | 251501 | 11273 | SH |  | SOLE |  | 11273 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 | BBG000B9XYV2 | 6744664 | 3507 | SH |  | SOLE |  | 3507 | 0 | 0 |
| ANNALY CAPITAL MANAGEMENT IN | COM NEW | 035710839 | BBG000BJFJ98 | 3743559 | 185233 | SH |  | SOLE |  | 185233 | 0 | 0 |
| ANYWHERE REAL ESTATE INC | COM | 75605Y106 | BBG000QN4GY3 | 1143413 | 107971 | SH |  | SOLE |  | 107971 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 | BBG00SSQFPK6 | 1489078 | 4176 | SH |  | SOLE |  | 4176 | 0 | 0 |
| APOLLO COML REAL EST FIN INC | COM | 03762U105 | BBG000NFPF36 | 3038028 | 299904 | SH |  | SOLE |  | 299904 | 0 | 0 |
| ARBOR REALTY TRUST INC | COM | 038923108 | BBG000KMVDV1 | 3280497 | 268673 | SH |  | SOLE |  | 268673 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 | BBG0068KVV91 | 1325968 | 8293 | SH |  | SOLE |  | 8293 | 0 | 0 |
| ARTISAN PARTNERS ASSET MGMT | CL A | 04316A108 | BBG001M6CZY1 | 1090599 | 25129 | SH |  | SOLE |  | 25129 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 | BBG000JG0547 | 230985 | 787 | SH |  | SOLE |  | 787 | 0 | 0 |
| AVIDIA BANCORP INC | COMMON STOCK | 05369T100 | BBG01TVWYGZ9 | 7429034 | 497258 | SH |  | SOLE |  | 497258 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG000BCTLF6 | 11164540 | 216409 | SH |  | SOLE |  | 216409 | 0 | 0 |
| BANK FIRST CORP | COM | 06211J100 | BBG000BG27V9 | 2142577 | 17662 | SH |  | SOLE |  | 17662 | 0 | 0 |
| BRANDYWINE RLTY TR | SH BEN INT NEW | 105368203 | BBG000CL6RJ3 | 113762 | 27281 | SH |  | SOLE |  | 27281 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 | BBG00DYPZ4T0 | 539187 | 10158 | SH |  | SOLE |  | 10158 | 0 | 0 |
| BRIXMOR PPTY GROUP INC | COM | 11120U105 | BBG001LFLZZ1 | 253660 | 9164 | SH |  | SOLE |  | 9164 | 0 | 0 |
| BROADSTONE NET LEASE INC | COM | 11135E203 | BBG000PWD2R3 | 264780 | 14817 | SH |  | SOLE |  | 14817 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 | BBG000BWSGF4 | 4486632 | 47837 | SH |  | SOLE |  | 47837 | 0 | 0 |
| CALIFORNIA BANCORP | COM | 84252A106 | BBG000QJ8KD2 | 21210888 | 1271636 | SH |  | SOLE |  | 1271636 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 | BBG000BH3F20 | 670639 | 10696 | SH |  | SOLE |  | 10696 | 0 | 0 |
| CHAIN BRIDGE BANCORP INC | CL A | 15746L100 | BBG000V8CRG7 | 9615681 | 293788 | SH |  | SOLE |  | 293788 | 0 | 0 |
| CHARLES SCHWAB CORP | COM | 808513105 | BBG000BSLZY7 | 7317776 | 76650 | SH |  | SOLE |  | 76650 | 0 | 0 |
| CINCINNATI FINL CORP | COM | 172062101 | BBG000BFPK65 | 7062485 | 44671 | SH |  | SOLE |  | 44671 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 | BBG000FY4S11 | 3245463 | 31975 | SH |  | SOLE |  | 31975 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 | BBG000BHLYP4 | 1457135 | 5393 | SH |  | SOLE |  | 5393 | 0 | 0 |
| CNO FINL GROUP INC | COM | 12621E103 | BBG000Q1GK24 | 2056916 | 52008 | SH |  | SOLE |  | 52008 | 0 | 0 |
| COUSINS PPTYS INC | COM NEW | 222795502 | BBG000CW9BM7 | 991542 | 34262 | SH |  | SOLE |  | 34262 | 0 | 0 |
| CUBESMART | COM | 229663109 | BBG000HF28Q9 | 619049 | 15225 | SH |  | SOLE |  | 15225 | 0 | 0 |
| CURBLINE PPTYS CORP | COM | 23128Q101 | BBG01JZB98V3 | 603550 | 27065 | SH |  | SOLE |  | 27065 | 0 | 0 |
| DAVE INC | CLASS A COM NEW | 23834J201 | BBG00Z483VQ0 | 362817 | 1820 | SH |  | SOLE |  | 1820 | 0 | 0 |
| EASTERN BANKSHARES INC | COM | 27627N105 | BBG00W9KWXC4 | 17720607 | 976342 | SH |  | SOLE |  | 976342 | 0 | 0 |
| ELME COMMUNITIES | SH BEN INT | 939653101 | BBG000BWYX06 | 514264 | 30502 | SH |  | SOLE |  | 30502 | 0 | 0 |
| EQUITY BANCSHARES INC | COM CL A | 29460X109 | BBG000QKJS40 | 49767594 | 1222791 | SH |  | SOLE |  | 1222791 | 0 | 0 |
| EQUITY RESIDENTIAL | SH CL A | 29476L107 | BBG000BG8M31 | 1160933 | 17935 | SH |  | SOLE |  | 17935 | 0 | 0 |
| ESSENTIAL PPTYS RLTY TR INC | COM | 29670E107 | BBG00L17LGJ7 | 1130791 | 37997 | SH |  | SOLE |  | 37997 | 0 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 | BBG000PV27K3 | 1375293 | 9758 | SH |  | SOLE |  | 9758 | 0 | 0 |
| FEDERATED HERMES INC | CL B | 314211103 | BBG000BP0929 | 253367 | 4879 | SH |  | SOLE |  | 4879 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 | BBG000BK2F42 | 369857 | 5609 | SH |  | SOLE |  | 5609 | 0 | 0 |
| FIRST AMERICAN FINL CORP | COM | 31847R102 | BBG000V78V75 | 7624710 | 118691 | SH |  | SOLE |  | 118691 | 0 | 0 |
| FIRST BUSEY CORP | COM NEW | 319383204 | BBG000JNCBF4 | 8473363 | 366020 | SH |  | SOLE |  | 366020 | 0 | 0 |
| FIRST FNDTN INC | COM | 32026V104 | BBG001V9VY04 | 11461166 | 2057660 | SH |  | SOLE |  | 2057660 | 0 | 0 |
| FIRST INDL RLTY TR INC | COM | 32054K103 | BBG000CKGDS5 | 1730164 | 33615 | SH |  | SOLE |  | 33615 | 0 | 0 |
| FIRST MERCHANTS CORP | COM | 320817109 | BBG000BBSJ28 | 11110869 | 294718 | SH |  | SOLE |  | 294718 | 0 | 0 |
| FIRST SVGS FINL GROUP INC | COM | 33621E109 | BBG000FPK736 | 2875185 | 91479 | SH |  | SOLE |  | 91479 | 0 | 0 |
| FRANKLIN RESOURCES INC | COM | 354613101 | BBG000BD0TF8 | 722489 | 31236 | SH |  | SOLE |  | 31236 | 0 | 0 |
| FVCBANKCORP INC | COM | 36120Q101 | BBG000DS5RF2 | 2878769 | 221956 | SH |  | SOLE |  | 221956 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 | BBG000BBHXQ3 | 424654 | 1371 | SH |  | SOLE |  | 1371 | 0 | 0 |
| GCM GROSVENOR INC | COM CL A | 36831E108 | BBG00Y73FFL8 | 612287 | 50728 | SH |  | SOLE |  | 50728 | 0 | 0 |
| GEN DIGITAL INC | COM | 668771108 | BBG000BH2JM1 | 245886 | 8661 | SH |  | SOLE |  | 8661 | 0 | 0 |
| GERMAN AMERN BANCORP INC | COM | 373865104 | BBG000BH7CW0 | 4421017 | 112580 | SH |  | SOLE |  | 112580 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 | BBG000CX0P89 | 195487 | 2353 | SH |  | SOLE |  | 2353 | 0 | 0 |
| GLOBE LIFE INC | COM | 37959E102 | BBG000BVD6X4 | 3692629 | 25828 | SH |  | SOLE |  | 25828 | 0 | 0 |
| HAMILTON LANE INC | CL A | 407497106 | BBG00FX58Q66 | 217281 | 1612 | SH |  | SOLE |  | 1612 | 0 | 0 |
| HANOVER INS GROUP INC | COM | 410867105 | BBG000FJH8W0 | 11954342 | 65817 | SH |  | SOLE |  | 65817 | 0 | 0 |
| HAWTHORN BANCSHARES INC | COM | 420476103 | BBG000BHQP32 | 5919638 | 190710 | SH |  | SOLE |  | 190710 | 0 | 0 |
| HCI GROUP INC | COM | 40416E103 | BBG000F4DVC8 | 5674794 | 29567 | SH |  | SOLE |  | 29567 | 0 | 0 |
| HEALTHEQUITY INC | COM | 42226A107 | BBG000TYXCT9 | 793794 | 8376 | SH |  | SOLE |  | 8376 | 0 | 0 |
| HERCULES CAPITAL INC | COM | 427096508 | BBG000C2R8K2 | 3857470 | 203991 | SH |  | SOLE |  | 203991 | 0 | 0 |
| HERITAGE INSURANCE HLDGS INC | COM | 42727J102 | BBG006D4PF48 | 950419 | 37745 | SH |  | SOLE |  | 37745 | 0 | 0 |
| HOME BANCSHARES INC | COM | 436893200 | BBG000QJXDW9 | 1194005 | 42191 | SH |  | SOLE |  | 42191 | 0 | 0 |
| HOME FED BANCORP INC LA NEW | COM | 43708L108 | BBG000QSM8F1 | 342405 | 24866 | SH |  | SOLE |  | 24866 | 0 | 0 |
| HOMETRUST BANCSHARES INC | COM | 437872104 | BBG002CV5W70 | 68798401 | 1680469 | SH |  | SOLE |  | 1680469 | 0 | 0 |
| HORIZON BANCORP INC | COM | 440407104 | BBG000BJ3LL2 | 4237063 | 264651 | SH |  | SOLE |  | 264651 | 0 | 0 |
| HOULIHAN LOKEY INC | CL A | 441593100 | BBG000CZTB66 | 2435095 | 11860 | SH |  | SOLE |  | 11860 | 0 | 0 |
| HUMANA INC | COM | 444859102 | BBG000BLKK03 | 446452 | 1716 | SH |  | SOLE |  | 1716 | 0 | 0 |
| INDEPENDENT BK CORP MASS | COM | 453836108 | BBG000BM0597 | 26197377 | 378739 | SH |  | SOLE |  | 378739 | 0 | 0 |
| INDEPENDENT BK CORP MICH | COM NEW | 453838609 | BBG000BLN9N0 | 17042259 | 550194 | SH |  | SOLE |  | 550194 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | BBG000C1FB75 | 3899638 | 23146 | SH |  | SOLE |  | 23146 | 0 | 0 |
| INVENTRUST PPTYS CORP | COM NEW | 46124J201 | BBG000BJSP36 | 3559555 | 124373 | SH |  | SOLE |  | 124373 | 0 | 0 |
| JACKSON FINANCIAL INC | COM CL A | 46817M107 | BBG00922Y5Z6 | 298224 | 2946 | SH |  | SOLE |  | 2946 | 0 | 0 |
| JANUS HENDERSON GROUP PLC | ORD SHS | G4474Y214 | BBG00GSNPM07 | 1426145 | 32041 | SH |  | SOLE |  | 32041 | 0 | 0 |
| JOHN MARSHALL BANCORP INC | COM | 47805L101 | BBG000LM3ZW1 | 8520777 | 429908 | SH |  | SOLE |  | 429908 | 0 | 0 |
| JONES LANG LASALLE INC | COM | 48020Q107 | BBG000C2L2L0 | 7550063 | 25312 | SH |  | SOLE |  | 25312 | 0 | 0 |
| KILROY RLTY CORP | COM | 49427F108 | BBG000BLMXN8 | 232333 | 5499 | SH |  | SOLE |  | 5499 | 0 | 0 |
| KINGSTONE COS INC | COM | 496719105 | BBG000G21FS2 | 607536 | 41329 | SH |  | SOLE |  | 41329 | 0 | 0 |
| LINKBANCORP INC | COM | 53578P105 | BBG00M69LH40 | 21388374 | 2999772 | SH |  | SOLE |  | 2999772 | 0 | 0 |
| LXP INDUSTRIAL TRUST | COM | 529043101 | BBG000BL3355 | 3534980 | 394529 | SH |  | SOLE |  | 394529 | 0 | 0 |
| M/I HOMES INC | COM | 55305B101 | BBG000BL9MZ4 | 7735195 | 53553 | SH |  | SOLE |  | 53553 | 0 | 0 |
| MAREX GROUP PLC | ORD | G5S37H101 | BBG001VHP597 | 3216862 | 95683 | SH |  | SOLE |  | 95683 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG000F1ZSQ2 | 1077326 | 1894 | SH |  | SOLE |  | 1894 | 0 | 0 |
| MERCHANTS BANCORP IND | COM | 58844R108 | BBG000RMQZS5 | 9449561 | 297156 | SH |  | SOLE |  | 297156 | 0 | 0 |
| MERCURY GENL CORP NEW | COM | 589400100 | BBG000F1C7F5 | 7086930 | 83592 | SH |  | SOLE |  | 83592 | 0 | 0 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 | BBG000BLMY92 | 2218074 | 15874 | SH |  | SOLE |  | 15874 | 0 | 0 |
| MIDWESTONE FINL GROUP INC NE | COM | 598511103 | BBG000BQVV88 | 22543820 | 796883 | SH |  | SOLE |  | 796883 | 0 | 0 |
| MILLROSE PPTYS INC | COM CL A | 601137102 | BBG01RQYH2X7 | 987966 | 29395 | SH |  | SOLE |  | 29395 | 0 | 0 |
| NEWMARK GROUP INC | CL A | 65158N102 | BBG00J24S765 | 1555018 | 83379 | SH |  | SOLE |  | 83379 | 0 | 0 |
| NICOLET BANKSHARES INC | COM | 65406E102 | BBG000QK0TG5 | 2118779 | 15753 | SH |  | SOLE |  | 15753 | 0 | 0 |
| NNN REIT INC | COM | 637417106 | BBG000CLP0Y4 | 492450 | 11568 | SH |  | SOLE |  | 11568 | 0 | 0 |
| OLD NATL BANCORP IND | COM | 680033107 | BBG000KFW1C2 | 17060111 | 777226 | SH |  | SOLE |  | 777226 | 0 | 0 |
| OLD SECOND BANCORP INC ILL | COM | 680277100 | BBG000BLFSZ4 | 33186059 | 1919934 | SH |  | SOLE |  | 1919934 | 0 | 0 |
| P10 INC | COM CL A | 69376K106 | BBG012QFRJQ3 | 1695485 | 155835 | SH |  | SOLE |  | 155835 | 0 | 0 |
| PARAMOUNT GROUP INC | COM | 69924R108 | BBG000FBRL11 | 307217 | 46975 | SH |  | SOLE |  | 46975 | 0 | 0 |
| PARK HOTELS  RESORTS INC | COM | 700517105 | BBG00FGXCJX5 | 260591 | 23519 | SH |  | SOLE |  | 23519 | 0 | 0 |
| PENNYMAC FINL SVCS INC NEW | COM | 70932M107 | BBG00LMYX123 | 6387129 | 51559 | SH |  | SOLE |  | 51559 | 0 | 0 |
| PHILLIPS EDISON  CO INC | COMMON STOCK | 71844V201 | BBG011RJSSB1 | 1639875 | 47768 | SH |  | SOLE |  | 47768 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 | BBG000B9Z0J8 | 995522 | 8693 | SH |  | SOLE |  | 8693 | 0 | 0 |
| PROSPERITY BANCSHARES INC | COM | 743606105 | BBG000BHY4D9 | 9619755 | 144985 | SH |  | SOLE |  | 144985 | 0 | 0 |
| QCR HOLDINGS INC | COM | 74727A104 | BBG000BYZSM8 | 16651919 | 220147 | SH |  | SOLE |  | 220147 | 0 | 0 |
| QUINSTREET INC | COM | 74874Q100 | BBG000S9XXB8 | 134898 | 8720 | SH |  | SOLE |  | 8720 | 0 | 0 |
| RADIAN GROUP INC | COM | 750236101 | BBG000BMWV95 | 3555319 | 98159 | SH |  | SOLE |  | 98159 | 0 | 0 |
| RBB BANCORP | COM | 74930B105 | BBG002537TC9 | 28354014 | 1511408 | SH |  | SOLE |  | 1511408 | 0 | 0 |
| REALTY INCOME CORP | COM | 756109104 | BBG000DHPN63 | 1633123 | 26865 | SH |  | SOLE |  | 26865 | 0 | 0 |
| REINSURANCE GRP OF AMERICA I | COM NEW | 759351604 | BBG000BDLCQ0 | 4316393 | 22466 | SH |  | SOLE |  | 22466 | 0 | 0 |
| RYAN SPECIALTY HOLDINGS INC | CL A | 78351F107 | BBG011K4W134 | 2695248 | 47822 | SH |  | SOLE |  | 47822 | 0 | 0 |
| SEACOAST BKG CORP FLA | COM NEW | 811707801 | BBG000KK3464 | 36820178 | 1209996 | SH |  | SOLE |  | 1209996 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 | BBG00TX393L4 | 263857 | 3409 | SH |  | SOLE |  | 3409 | 0 | 0 |
| SIRIUSPOINT LTD | COM | G8192H106 | BBG004TYNXX1 | 1216914 | 67270 | SH |  | SOLE |  | 67270 | 0 | 0 |
| SIXTH STREET SPECIALTY LENDING | COM | 83012A109 | BBG001DFW799 | 2099165 | 91827 | SH |  | SOLE |  | 91827 | 0 | 0 |
| SKYWARD SPECIALTY INS GROUP | COM | 830940102 | BBG002QHKLM6 | 1211211 | 25467 | SH |  | SOLE |  | 25467 | 0 | 0 |
| SLM CORP | COM | 78442P106 | BBG000BBCQD7 | 2195273 | 79309 | SH |  | SOLE |  | 79309 | 0 | 0 |
| SOUTHERN FIRST BANCSHARES | COM | 842873101 | BBG000C0C4Q5 | 35614679 | 807223 | SH |  | SOLE |  | 807223 | 0 | 0 |
| SOUTHERN MO BANCORP INC | COM | 843380106 | BBG000C3ZNH2 | 15817617 | 300944 | SH |  | SOLE |  | 300944 | 0 | 0 |
| SOUTHSTATE BK CORP | COM | 84472E102 | BBG000BNPYN9 | 52197626 | 527942 | SH |  | SOLE |  | 527942 | 0 | 0 |
| STATE STR CORP | COM | 857477103 | BBG000BKFBD7 | 7888680 | 68000 | SH |  | SOLE |  | 68000 | 0 | 0 |
| STIFEL FINL CORP | COM | 860630102 | BBG000BSS5C0 | 2947724 | 25978 | SH |  | SOLE |  | 25978 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 | BBG000LRMSB8 | 979930 | 16324 | SH |  | SOLE |  | 16324 | 0 | 0 |
| SUNSTONE HOTEL INVS INC NEW | COM | 867892101 | BBG000Q3TSJ1 | 122897 | 13116 | SH |  | SOLE |  | 13116 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 | BBG00658F3P3 | 1127564 | 15870 | SH |  | SOLE |  | 15870 | 0 | 0 |
| TAYLOR MORRISON HOME CORP | COM | 87724P106 | BBG003PGJHP5 | 5933441 | 89887 | SH |  | SOLE |  | 89887 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 | BBG000BVHBM1 | 4041700 | 29258 | SH |  | SOLE |  | 29258 | 0 | 0 |
| TOWNEBANK PORTSMOUTH VA | COM | 89214P109 | BBG000BBSC23 | 7690408 | 222459 | SH |  | SOLE |  | 222459 | 0 | 0 |
| TPG INC | COM CL A | 872657101 | BBG0145FSNR1 | 577028 | 10044 | SH |  | SOLE |  | 10044 | 0 | 0 |
| U S BANCORP DEL | COM NEW | 902973304 | BBG000FFDM15 | 16815264 | 347926 | SH |  | SOLE |  | 347926 | 0 | 0 |
| UMB FINL CORP | COM | 902788108 | BBG000DD8WX1 | 3142074 | 26549 | SH |  | SOLE |  | 26549 | 0 | 0 |
| UNITED CMNTY BKS BLAIRSVLE G | COM | 90984P303 | BBG000BL7GB5 | 1041259 | 33214 | SH |  | SOLE |  | 33214 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG000CH5208 | 222028 | 643 | SH |  | SOLE |  | 643 | 0 | 0 |
| UNIVERSAL HEALTH RLTY INCOME | SH BEN INT | 91359E105 | BBG000BW0BB9 | 368551 | 9409 | SH |  | SOLE |  | 9409 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG000PSKYX7 | 1237503 | 3625 | SH |  | SOLE |  | 3625 | 0 | 0 |
| VOYA FINANCIAL INC | COM | 929089100 | BBG000BCWKD6 | 3254324 | 43507 | SH |  | SOLE |  | 43507 | 0 | 0 |
| WALKER  DUNLOP INC | COM | 93148P102 | BBG000K8K0L3 | 5198488 | 62168 | SH |  | SOLE |  | 62168 | 0 | 0 |
| WEBSTER FINL CORP | COM | 947890109 | BBG000BWMX63 | 37118140 | 624464 | SH |  | SOLE |  | 624464 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 | BBG000BKY1G5 | 5138448 | 28845 | SH |  | SOLE |  | 28845 | 0 | 0 |
| WESBANCO INC | COM | 950810101 | BBG000BX0BJ9 | 20891671 | 654296 | SH |  | SOLE |  | 654296 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 | BBG000Q1KFH4 | 15209734 | 175389 | SH |  | SOLE |  | 175389 | 0 | 0 |
| WP CAREY INC | COM | 92936U109 | BBG000BCQM58 | 1233490 | 18255 | SH |  | SOLE |  | 18255 | 0 | 0 |
| ZIONS BANCORPORATION N A | COM | 989701107 | BBG000BX9WL1 | 15169720 | 268111 | SH |  | SOLE |  | 268111 | 0 | 0 |

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