JACOBS ASSET MANAGEMENT, LLC

Key Holdings

The portfolio is characterized by a high level of concentration, with the top three positions accounting for nearly 31% of the total value.

• QuinStreet Inc (QNST) remains the largest holding at $10.04 million (10.80%), despite an 8.9% reduction in shares during the quarter.
• QCR Holdings Inc (QCRH) follows closely at $9.46 million (10.17%), and MediaAlpha Inc (MAX) is the third-largest position at $9.32 million (10.03%). Notably, MAX was the only position to see an increase in stake size during the quarter.
• The firm continues to hold a significant position in A-Mark Precious Metals Inc (GOLD) at $8.21 million (8.84%), representing the primary exposure to the Consumer Cyclical sector.
• The portfolio is heavily weighted toward small and mid-cap financial institutions, with names like Coastal Financial Corp, Northpointe Bancshares, and First Western Financial all holding weightings between 7.8% and 8.7%.