Stilwell Value Portfolio holdings

AUM $205M

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1

This Quarter Return

+0.03%

1 Year Return

+94.73%

3 Year Return

+177.91%

5 Year Return

+446.72%

10 Year Return

+563.54%

AUM

$139M

AUM Growth

+$139M (-1.2%)

Cap. Flow

-$3.14M

Cap. Flow % of AUM

-2.26%

Top 10 Holdings % Top 10 Hldgs %

68.38%

Holding

New

Increased

Reduced

Closed

Top Buys

1	OFG Bancorp OFG	$770K
2	ESBK Elmira Savings Bank Elmira NY ESBK	$483K
3	Kingsway Financial Services KFS	$213K
4	CWBC Community West BanCshares CWBC	$10K

Top Sells

1	MLVF Malvern Bancorp, Inc. MLVF	$3.76M
2	Provident Financial PROV	$2.9M
3	Great Elm Group GEG	$1.39M
4	WBKC Wolverine Bancorp, Inc. WBKC	$1.34M
5	ENFC Entegra Financial Corp. ENFC	$946K

Sector Composition

1	Financials	64.81%
2	Consumer Discretionary	16.21%
3	Real Estate	5.21%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
26	OTTW 26 DELISTED Ottawa Bancorp, Inc. Common Stock OTTW	$705K	0.51%	51,208	–	–
27	MELR 27 DELISTED Melrose Bancorp, Inc. MELR	$537K	0.39%	30,000	–	–
28	ESBK 28 DELISTED Elmira Savings Bank Elmira NY ESBK	$483K	0.35%	+24,982	New	+$483K
29	HVBC 29 DELISTED HV Bancorp, Inc. Common Stock HVBC	$434K	0.31%	30,000	–	–
30	ICCH 30 DELISTED ICC Holdings, Inc. ICCH	$433K	0.31%	25,000	–	–
31	ESSA 31 DELISTED ESSA Bancorp ESSA	$368K	0.27%	25,000	–	–
32	WCFB 32 DELISTED WCF Bancorp, Inc. Common Stock WCFB	$348K	0.25%	33,957	–	–
33	33 Great Elm Group GEG $90.5M	$331K	0.24%	97,450 -408,018	-81%	-$1.39M
34	34 First Northwest Bancorp FNWB $65.9M	$315K	0.23%	20,000	–	–
35	35 Principal Financial Group PFG $17.9B	$35K	0.03%	547	–	–
36	CWBC 36 DELISTED Community West BanCshares CWBC	$10K	0.01%	+1,000	New	+$10K
37	OMCC 37 Old Market Capital Corporation Common Stock OMCC $36.2M	$9K	0.01%	1,000	–	–
38	EQFN 38 DELISTED Equitable Financial Corp. EQFN	$4K	﹤0.01%	436	–	–
39	39 MetLife MET $53.6B	$3K	﹤0.01%	67	–	–
40	MLVF 40 DELISTED Malvern Bancorp, Inc. MLVF	–	–	-178,728	Closed	-$3.76M
41	41 Direxion Daily Financial Bull 3x Shares FAS $2.66B	–	–	0	–	–
42	42 Magyar Bancorp MGYR $112M	–	–	-9,154	Closed	-$97K
43	PBIP 43 DELISTED Prudential Bancorp, Inc. PBIP	–	–	-37,002	Closed	-$660K
44	ENFC 44 DELISTED Entegra Financial Corp. ENFC	–	–	-40,000	Closed	-$946K
45	CWAY 45 DELISTED Coastway Bancorp, Inc. CWAY	–	–	-20,000	Closed	-$352K