13F HOLDINGS REPORT
FJ Capital Management LLC
Quarter ended Q3 2025 · Filed November 14, 2025 · Accession 0001420506-25-003437
Total Value
$936.6M
Positions
142
Other Managers
0
Confidential Omitted
No
Holdings (142)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | HOMETRUST BANCSHARES INC | HTB | 1,680,469 | $68.8M | 7.35% |
| 2 | SOUTHSTATE BK CORP | 84472E102 | 527,942 | $52.2M | 5.57% |
| 3 | EQUITY BANCSHARES INC | EQBK | 1,222,791 | $49.8M | 5.31% |
| 4 | WEBSTER FINL CORP | 947890109 | 624,464 | $37.1M | 3.96% |
| 5 | SEACOAST BKG CORP FLA | SE | 1,209,996 | $36.8M | 3.93% |
| 6 | SOUTHERN FIRST BANCSHARES | SFST | 807,223 | $35.6M | 3.80% |
| 7 | OLD SECOND BANCORP INC ILL | OSBC | 1,919,934 | $33.2M | 3.54% |
| 8 | RBB BANCORP | RBB | 1,511,408 | $28.4M | 3.03% |
| 9 | INDEPENDENT BK CORP MASS | 453836108 | 378,739 | $26.2M | 2.80% |
| 10 | MIDWESTONE FINL GROUP INC NE | 598511103 | 796,883 | $22.5M | 2.41% |
| 11 | LINKBANCORP INC | LNKB | 2,999,772 | $21.4M | 2.28% |
| 12 | CALIFORNIA BANCORP | BCAL | 1,271,636 | $21.2M | 2.26% |
| 13 | WESBANCO INC | WSBCO | 654,296 | $20.9M | 2.23% |
| 14 | EASTERN BANKSHARES INC | EBC | 976,342 | $17.7M | 1.89% |
| 15 | OLD NATL BANCORP IND | 680033107 | 777,226 | $17.1M | 1.82% |
| 16 | INDEPENDENT BK CORP MICH | 453838609 | 550,194 | $17.0M | 1.82% |
| 17 | U S BANCORP DEL | USB-PS | 347,926 | $16.8M | 1.80% |
| 18 | QCR HOLDINGS INC | QCRH | 220,147 | $16.7M | 1.78% |
| 19 | SOUTHERN MO BANCORP INC | SOMN | 300,944 | $15.8M | 1.69% |
| 20 | WESTERN ALLIANCE BANCORP | WAL-PA | 175,389 | $15.2M | 1.62% |
| 21 | ZIONS BANCORPORATION N A | 989701107 | 268,111 | $15.2M | 1.62% |
| 22 | HANOVER INS GROUP INC | 410867105 | 65,817 | $12.0M | 1.28% |
| 23 | FIRST FNDTN INC | 32026V104 | 2,057,660 | $11.5M | 1.22% |
| 24 | BANK AMERICA CORP | 060505104 | 216,409 | $11.2M | 1.19% |
| 25 | FIRST MERCHANTS CORP | FRMEP | 294,718 | $11.1M | 1.19% |
| 26 | PROSPERITY BANCSHARES INC | PB | 144,985 | $9.6M | 1.03% |
| 27 | CHAIN BRIDGE BANCORP INC | CBNA | 293,788 | $9.6M | 1.03% |
| 28 | MERCHANTS BANCORP IND | MBINN | 297,156 | $9.4M | 1.01% |
| 29 | JOHN MARSHALL BANCORP INC | JMSB | 429,908 | $8.5M | 0.91% |
| 30 | FIRST BUSEY CORP | BUSEP | 366,020 | $8.5M | 0.90% |
| 31 | STATE STR CORP | STT-PG | 68,000 | $7.9M | 0.84% |
| 32 | M/I HOMES INC | MHO | 53,553 | $7.7M | 0.83% |
| 33 | TOWNEBANK PORTSMOUTH VA | 89214P109 | 222,459 | $7.7M | 0.82% |
| 34 | FIRST AMERICAN FINL CORP | 31847R102 | 118,691 | $7.6M | 0.81% |
| 35 | JONES LANG LASALLE INC | JLL | 25,312 | $7.6M | 0.81% |
| 36 | AVIDIA BANCORP INC | AVBC | 497,258 | $7.4M | 0.79% |
| 37 | CHARLES SCHWAB CORP | SCHW-PJ | 76,650 | $7.3M | 0.78% |
| 38 | MERCURY GENL CORP NEW | 589400100 | 83,592 | $7.1M | 0.76% |
| 39 | CINCINNATI FINL CORP | 172062101 | 44,671 | $7.1M | 0.75% |
| 40 | AMERICAN TOWER CORP NEW | 03027X100 | 3,507 | $6.7M | 0.72% |
| 41 | PENNYMAC FINL SVCS INC NEW | 70932M107 | 51,559 | $6.4M | 0.68% |
| 42 | TAYLOR MORRISON HOME CORP | TMHC | 89,887 | $5.9M | 0.63% |
| 43 | HAWTHORN BANCSHARES INC | HWBK | 190,710 | $5.9M | 0.63% |
| 44 | HCI GROUP INC | HCIIP | 29,567 | $5.7M | 0.61% |
| 45 | WALKER & DUNLOP INC | WD | 62,168 | $5.2M | 0.56% |
| 46 | WELLTOWER INC | WELL | 28,845 | $5.1M | 0.55% |
| 47 | BROWN & BROWN INC | BRO | 47,837 | $4.5M | 0.48% |
| 48 | GERMAN AMERN BANCORP INC | 373865104 | 112,580 | $4.4M | 0.47% |
| 49 | REINSURANCE GRP OF AMERICA I | 759351604 | 22,466 | $4.3M | 0.46% |
| 50 | HORIZON BANCORP INC | HBNC | 264,651 | $4.2M | 0.45% |
| 51 | ACADIA RLTY TR | 004239109 | 205,209 | $4.1M | 0.44% |
| 52 | TOLL BROTHERS INC | TOL | 29,258 | $4.0M | 0.43% |
| 53 | INTERCONTINENTAL EXCHANGE IN | 45866F104 | 23,146 | $3.9M | 0.42% |
| 54 | HERCULES CAPITAL INC | HCXY | 203,991 | $3.9M | 0.41% |
| 55 | ANNALY CAPITAL MANAGEMENT IN | NLY-PJ | 185,233 | $3.7M | 0.40% |
| 56 | GLOBE LIFE INC | GL-PD | 25,828 | $3.7M | 0.39% |
| 57 | INVENTRUST PPTYS CORP | 46124J201 | 124,373 | $3.6M | 0.38% |
| 58 | RADIAN GROUP INC | RDN | 98,159 | $3.6M | 0.38% |
| 59 | LXP INDUSTRIAL TRUST | LXP-PC | 394,529 | $3.5M | 0.38% |
| 60 | ARBOR REALTY TRUST INC | ABR-PF | 268,673 | $3.3M | 0.35% |
| 61 | AMERICAN HEALTHCARE REIT | AHR | 77,881 | $3.3M | 0.35% |
| 62 | VOYA FINANCIAL INC | VOYA-PB | 43,507 | $3.3M | 0.35% |
| 63 | CITIGROUP INC | C-PR | 31,975 | $3.2M | 0.35% |
| 64 | MAREX GROUP PLC | MRX | 95,683 | $3.2M | 0.34% |
| 65 | UMB FINL CORP | 902788108 | 26,549 | $3.1M | 0.34% |
| 66 | APOLLO COML REAL EST FIN INC | 03762U105 | 299,904 | $3.0M | 0.32% |
| 67 | STIFEL FINL CORP | 860630102 | 25,978 | $2.9M | 0.31% |
| 68 | FVCBANKCORP INC | FVCB | 221,956 | $2.9M | 0.31% |
| 69 | FIRST SVGS FINL GROUP INC | 33621E109 | 91,479 | $2.9M | 0.31% |
| 70 | RYAN SPECIALTY HOLDINGS INC | RYAN | 47,822 | $2.7M | 0.29% |
| 71 | HOULIHAN LOKEY INC | HLI | 11,860 | $2.4M | 0.26% |
| 72 | MID-AMER APT CMNTYS INC | 59522J103 | 15,874 | $2.2M | 0.24% |
| 73 | SLM CORP | SLMBP | 79,309 | $2.2M | 0.23% |
| 74 | BANK FIRST CORP | BFC | 17,662 | $2.1M | 0.23% |
| 75 | NICOLET BANKSHARES INC | NIC | 15,753 | $2.1M | 0.23% |
| 76 | SIXTH STREET SPECIALTY LENDING | TSLX | 91,827 | $2.1M | 0.22% |
| 77 | CNO FINL GROUP INC | 12621E103 | 52,008 | $2.1M | 0.22% |
| 78 | AGREE RLTY | 008492100 | 27,707 | $2.0M | 0.21% |
| 79 | FIRST INDL RLTY TR INC | 32054K103 | 33,615 | $1.7M | 0.18% |
| 80 | P10 INC | 69376K106 | 155,835 | $1.7M | 0.18% |
| 81 | PHILLIPS EDISON & CO INC | PECO | 47,768 | $1.6M | 0.18% |
| 82 | REALTY INCOME CORP | O | 26,865 | $1.6M | 0.17% |
| 83 | NEWMARK GROUP INC | NMRK | 83,379 | $1.6M | 0.17% |
| 84 | AON PLC | AON | 4,176 | $1.5M | 0.16% |
| 85 | CME GROUP INC | CME | 5,393 | $1.5M | 0.16% |
| 86 | JANUS HENDERSON GROUP PLC | JHG | 32,041 | $1.4M | 0.15% |
| 87 | EXTRA SPACE STORAGE INC | EXR | 9,758 | $1.4M | 0.15% |
| 88 | ARES MANAGEMENT CORPORATION | ARES-PB | 8,293 | $1.3M | 0.14% |
| 89 | VISA INC | V | 3,625 | $1.2M | 0.13% |
| 90 | WP CAREY INC | 92936U109 | 18,255 | $1.2M | 0.13% |
| 91 | SIRIUSPOINT LTD | SPNT | 67,270 | $1.2M | 0.13% |
| 92 | SKYWARD SPECIALTY INS GROUP | 830940102 | 25,467 | $1.2M | 0.13% |
| 93 | HOME BANCSHARES INC | HOMB | 42,191 | $1.2M | 0.13% |
| 94 | EQUITY RESIDENTIAL | EQR | 17,935 | $1.2M | 0.12% |
| 95 | ANYWHERE REAL ESTATE INC | 75605Y106 | 107,971 | $1.1M | 0.12% |
| 96 | ESSENTIAL PPTYS RLTY TR INC | 29670E107 | 37,997 | $1.1M | 0.12% |
| 97 | SYNCHRONY FINANCIAL | SYF-PB | 15,870 | $1.1M | 0.12% |
| 98 | ARTISAN PARTNERS ASSET MGMT | 04316A108 | 25,129 | $1.1M | 0.12% |
| 99 | MASTERCARD INCORPORATED | MA | 1,894 | $1.1M | 0.12% |
| 100 | UNITED CMNTY BKS BLAIRSVLE G | UNTCW | 33,214 | $1.0M | 0.11% |
| 101 | PROLOGIS INC. | PLDGP | 8,693 | $995,522 | 0.11% |
| 102 | COUSINS PPTYS INC | 222795502 | 34,262 | $991,542 | 0.11% |
| 103 | MILLROSE PPTYS INC | 601137102 | 29,395 | $987,966 | 0.11% |
| 104 | SUN LIFE FINANCIAL INC. | SUNFF | 16,324 | $979,930 | 0.10% |
| 105 | HERITAGE INSURANCE HLDGS INC | HRTG | 37,745 | $950,419 | 0.10% |
| 106 | ACI WORLDWIDE | ACIW | 15,304 | $807,592 | 0.09% |
| 107 | HEALTHEQUITY INC | HQY | 8,376 | $793,794 | 0.08% |
| 108 | FRANKLIN RESOURCES INC | BEN | 31,236 | $722,489 | 0.08% |
| 109 | CARLYLE GROUP INC | CGABL | 10,696 | $670,639 | 0.07% |
| 110 | CUBESMART | CUBE | 15,225 | $619,049 | 0.07% |
| 111 | GCM GROSVENOR INC | GCMG | 50,728 | $612,287 | 0.07% |
| 112 | AFFILIATED MANAGERS GROUP IN | MGRE | 2,557 | $609,665 | 0.07% |
| 113 | KINGSTONE COS INC | 496719105 | 41,329 | $607,536 | 0.06% |
| 114 | CURBLINE PPTYS CORP | 23128Q101 | 27,065 | $603,550 | 0.06% |
| 115 | TPG INC | TPGXL | 10,044 | $577,028 | 0.06% |
| 116 | BRIGHTHOUSE FINL INC | 10922N103 | 10,158 | $539,187 | 0.06% |
| 117 | ELME COMMUNITIES | ELME | 30,502 | $514,264 | 0.05% |
| 118 | NNN REIT INC | NNN | 11,568 | $492,450 | 0.05% |
| 119 | HUMANA INC | HUM | 1,716 | $446,452 | 0.05% |
| 120 | GALLAGHER ARTHUR J & CO | 363576109 | 1,371 | $424,654 | 0.05% |
| 121 | FIDELITY NATL INFORMATION SV | 31620M106 | 5,609 | $369,857 | 0.04% |
| 122 | UNIVERSAL HEALTH RLTY INCOME | 91359E105 | 9,409 | $368,551 | 0.04% |
| 123 | DAVE INC | 23834J201 | 1,820 | $362,817 | 0.04% |
| 124 | HOME FED BANCORP INC LA NEW | 43708L108 | 24,866 | $342,405 | 0.04% |
| 125 | PARAMOUNT GROUP INC | 69924R108 | 46,975 | $307,217 | 0.03% |
| 126 | JACKSON FINANCIAL INC | JXN-PA | 2,946 | $298,224 | 0.03% |
| 127 | BROADSTONE NET LEASE INC | BNL | 14,817 | $264,780 | 0.03% |
| 128 | SHIFT4 PMTS INC | 82452J109 | 3,409 | $263,857 | 0.03% |
| 129 | PARK HOTELS & RESORTS INC | PK | 23,519 | $260,591 | 0.03% |
| 130 | AMERICAN COASTAL INS CORP | ACIC | 22,756 | $259,190 | 0.03% |
| 131 | BRIXMOR PPTY GROUP INC | 11120U105 | 9,164 | $253,660 | 0.03% |
| 132 | FEDERATED HERMES INC | FHI | 4,879 | $253,367 | 0.03% |
| 133 | AMERICAN INTEGRITY INSURANCE GROUP | 026948109 | 11,273 | $251,501 | 0.03% |
| 134 | GEN DIGITAL INC | GENVR | 8,661 | $245,886 | 0.03% |
| 135 | KILROY RLTY CORP | 49427F108 | 5,499 | $232,333 | 0.02% |
| 136 | AUTOMATIC DATA PROCESSING IN | ADP | 787 | $230,985 | 0.02% |
| 137 | UNITEDHEALTH GROUP INC | UNH | 643 | $222,028 | 0.02% |
| 138 | HAMILTON LANE INC | HLNE | 1,612 | $217,281 | 0.02% |
| 139 | GLOBAL PMTS INC | 37940X102 | 2,353 | $195,487 | 0.02% |
| 140 | QUINSTREET INC | QNST | 8,720 | $134,898 | 0.01% |
| 141 | SUNSTONE HOTEL INVS INC NEW | 867892101 | 13,116 | $122,897 | 0.01% |
| 142 | BRANDYWINE RLTY TR | 105368203 | 27,281 | $113,762 | 0.01% |