| COMPANY | SYMBOL | TYPE | PRICE | Shares | Trade Date | UNDERWRITER (S) |
| American Integrity Insurance Group, Inc. | AII | IPO | $15.00-$17.00 | 6.875 million | 5/8/2025 | Keefe Bruyette & Woods, Piper Sandler, William Blair, Citizens Capital, Raymond James |
| American Savings Bank, N.A. | ASBH | IPO | $15.00-$17.00 | 8.05 million | 9/16/2026 | Piper Sandler, Keefe Bruyette & Woods |
| Avenue Financial Holdings | AVNU | IPO | $11.00-$13.00 | 2.5 million | 2/10/2015 | Keefe Bruyette & Woods |
| Bain Capital Specialty Finance, Inc. | BCSF | IPO | $20.25-$21.25 | 7.5 million | 11/15/2018 | BofA Merrill Lynch, Goldman Sachs, Morgan Stanley, Citigroup, Credit Suisse, Keefe Bruyette & Woods, Wells Fargo |
| Bank7 Corp. | BSVN | IPO | $18.00-$21.00 | 3.4 million | 9/20/2018 | Keefe Bruyette & Woods, Stephens Inc. |
| BitGo Holdings, Inc. | BTGO | IPO | $15.00-$17.00 | 11.8 million | 1/22/2026 | Goldman Sachs, Citigroup, Deutsche Bank, Mizuho, Wells Fargo Securities, Keefe Bruyette & Woods, Canaccord Genuity, Cantor |
| Blue Capital Reinsurance Holdings Ltd. | BCRH | IPO | $20.00-$20.00 | 6.3 million | 11/6/2013 | Deutsche Bank Securities, UBS Investment Bank, Barclays Capital, Keefe Bruyette & Woods, Raymond James, RBC Capital Markets |
| Bowhead Specialty Holdings Inc. | BOW | IPO | $14.00-$16.00 | 6.67 million | 5/23/2024 | J.P. Morgan, Morgan Stanley, Keefe Bruyette & Woods |
| Byline Bancorp, Inc. | BY | IPO | $19.00-$21.00 | 5.7 million | 6/30/2017 | BofA Merrill Lynch, Keefe Bruyette & Woods |
| Cadence Bancorporation | CADE | IPO | $19.00-$21.00 | 7.5 million | 4/13/2017 | Goldman Sachs & Co., J.P. Morgan, Sandler O'Neill + Partners, Keefe Bruyette & Woods
|
| Capital Bancorp, Inc. | CBNK | IPO | $12.50-$14.50 | 2.2 million | 9/26/2018 | Keefe Bruyette & Woods, Stephens Inc. |
| CapStar Financial Holdings | CSTR | IPO | $14.50-$16.50 | 2.6 million | 9/22/2016 | Keefe Bruyette & Woods, Sandler O' Neill + Partners |
| CBTX, Inc. | CBTX | IPO | $24.00-$26.00 | 2.4 million | 11/8/2017 | Stephens, Keefe Bruyette & Woods, Sandler O' Neill + Partners |
| Claros Mortgage Trust, Inc. | CMTG | IPO | $18.65-$19.65 | 5.5 million | 11/3/2021 | Morgan Stanley, J.P. Morgan, Goldman Sachs, Deutsche Bank Securities, UBS Investment Bank, Wells Fargo Securities, JMP Securities, Keefe Bruyette & Woods |
| Coastal Financial Corporation | CCB | IPO | $13.00-$15.00 | 2.9 million | 7/18/2018 | Keefe Bruyette & Woods, Hovde Group |
| Commercial Credit | CCR | IPO | $15.00-$17.00 | 7.3 million | 0/0/0 | J.P. Morgan, Keefe Bruyette & Woods |
| Equity Bancshares | EQBK | IPO | $22.00-$24.00 | 1.94 million | 11/11/2015 | Keefe Bruyette & Woods, Stephens Inc. |
| eToro Group Ltd. | ETOR | IPO | $46.00-$50.00 | 11.9 million | 5/14/2025 | Goldman Sachs, Jefferies, UBS Investment Bank, Citigroup, Deutsche Bank, BofA Securities, Cantor, Citizens Capital Markets, Keefe Bruyette & Woods, Mizuho, TD Securities |
| FB Financial Group | FBK | IPO | $16.00-$18.00 | 5.88 million | 9/16/2016 | J.P. Morgan, UBS Investment Bank, Keefe Bruyette & Woods |
| Fidelis Insurance Holdings Limited | FIHL | IPO | $16.00-$19.00 | 15 million | 6/29/2023 | J.P. Morgan, Barclays, Jefferies, Keefe Bruyette & Woods, BMO Capital, Citigroup, Credit Suisse |
| Figure Technology Solutions, Inc. | FIGR | IPO | $20.00-$22.00 | 31.5 million | 9/11/2025 | Goldman Sachs, Jefferies, BofA Securities, SOCIETE GENERALE, Keefe Bruyette & Woods, Mizuho |
| First Carolina Financial Services, Inc. | FCBM | IPO | $14.00-$16.00 | 5.5 million | 6/18/2026 | Keefe Bruyette & Woods |
| First NBC Bank Holding | NBCB | IPO | $22.00-$26.00 | 4.2 million | 5/10/2013 | Sandler O' Neill + Partners LP, Keefe Bruyette & Woods |
| First Western Financial, Inc. | MYFW | IPO | $19.00-$21.00 | 2 million | 7/19/2018 | Keefe Bruyette & Woods, Stephens, Sandler O' Neill |
| Five Oaks Investment Corp. | OAKS | IPO | $15.00-$15.00 | 8.84 million | 3/22/2013 | Barclays, Credit Suisse, UBS Investment Bank, Keefe Bruyette & Woods |
| Grayscale Investments, Inc. | GRAY | IPO | TBD | TBD | 0/0/0 | Morgan Stanley, BofA Securities, Jefferies, Cantor, Wells Fargo, Canaccord, Piper Sandler, Keefe Bruyette & Woods, Needham |
| Harvest Capital Credit | HCAP | IPO | $14.50-$15.50 | 3.4 Million | 5/3/2013 | Keefe Bruyette & Woods, JMP Securities, William Blair |
| HBT Financial, Inc. | HBT | IPO | $17.00-$19.00 | 8.3 million | 10/11/2019 | Keefe Bruyette & Woods, JP Morgan |
| Independent Bank Group | IBTX | IPO | $24.00-$26.00 | 3.2 million | 4/3/2013 | Sandler O' Neill + Partners LP, Evercore, Keefe Bruyette & Woods |
| Jefferson Capital Inc. | JCAP | IPO | $15.00-$17.00 | 10 million | 6/26/2025 | Jefferies, Keefe Bruyette & Woods, Citizens Capital Markets, Raymond James, Truist Securities, Capital One Securities, DNB Carnegie, Regions Securities, Synovus |
| JGWPT Holdings Inc. | JGW | IPO | $15.00-$17.00 | 9.75 million | 11/8/2013 | Barclays Capital, Credit Suisse, Deutsche Bank Securities, Jefferies, Keefe Bruyette & Woods |
| Kayne Anderson BDC, Inc | KBDC | IPO | $16.63-$16.63 | 6 million | 5/22/2024 | Morgan Stanley, BofA Securities, Wells Fargo Securities, RBC Capital Markets, UBS Investment Bank, Keefe Bruyette & Woods
|
| Level One Bancorp | LEVL | IPO | $27.00-$29.00 | 1.2 million | 4/20/2018 | Raymond James, Keefe Bruyette & Woods |
| Live Oak Bancshares | LOB | IPO | $16.00-$18.00 | 4.8 million | 7/23/2015 | Sandler O' Neill + Partners LP, Keefe Bruyette & Woods, SunTrust Robinson Humphrey |
| Luther Burbank Corporation | LBC | IPO | $10.50-$12.50 | 12.15 million | 12/8/2017 | Keefe Bruyette & Woods, Sandler O' Neill |
| Marex Group plc | MRX | IPO | $18.00-$21.00 | 15.4 million | 4/25/2024 | Barclays, Goldman Sachs, Jefferies, Keefe Bruyette & Woods, Citigroup, UBS Investment Bank, Piper Sandler, HSBC, Drexel Hamilton, Loop Capital Markets (Listed Alphabetically) |
| Mercantil Bank Holding Corporation (Amerant) | AMTB | IPO | $16.50-$18.50 | 6.3 million | 12/19/2018 | Raymond James, Keefe Bruyette & Woods |
| MetroCity Bankshares Inc. | MCBS | IPO | $14.50-$16.50 | 1.9 million | 10/3/2019 | Keefe Bruyette & Woods, Raymond James |
| Metropolitan Bank Holding Corp. | MCB | IPO | $31.00-$34.00 | 3.1 million | 11/8/2017 | J.P. Morgan, Keefe Bruyette & Woods |
| Midland States Bancorp | MSBI | IPO | $25.00-$27.00 | 3.6 million | 5/24/2016 | Sandler O' Neill + Partners LP, Keefe Bruyette & Woods |
| Morgan Stanley Direct Lending Fund | MSDL | IPO | $20.67-$20.67 | 5.0 million | 1/24/2024 | Morgan Stanley, JP Morgan, Wells Fargo, Keefe Bruyette & Woods, Raymond James, RBC Capital, UBS Investment Bank |
| MSC Income Fund, Inc. | MSIF | IPO | $15.53-$15.53 | 5.5 million | 1/29/2025 | RBC Capital, Truist Securities, Raymond James, UBS Investment Bank, Keefe Bruyette & Woods |
| National Bank Holdings Corporation | NBHC | IPO | $20.00-$22.00 | 7.15 million | 9/20/2012 | Goldman Sachs, Keefe Bruyette & Woods |
| National Commerce Corporation | NCOM | IPO | $18.50-$20.50 | 1.7 million | 3/19/2015 | Keefe Bruyette & Woods |
| Neptune Insurance Holdings Inc. | NP | IPO | $18.00-$20.00 | 18.4 million | 10/1/2025 | Morgan Stanley, J.P. Morgan, BofA Securities, BMO Capital Markets, Goldman Sachs, Evercore ISI, Deutsche Bank, Keefe Bruyette & Woods, Mizuho, Piper Sandler, Raymond James, TD Securities |
| Newmark Group, Inc. | NMRK | IPO | $19.00-$22.00 | 20 million | 12/15/2017 | Goldman Sachs & Co., BofA Merrill Lynch, Citigroup, Cantor Fitzgerald, PNC Capital Markets, Mizuho Securities, Capital One Securities, Keefe Bruyette & Woods |
| NexPoint Real Estate Finance, Inc. | NREF | IPO | $19.00-$21.00 | 5 million | 2/7/2020 | Raymond James, Keefe Bruyette & Woods, Baird |
| Nuveen Churchill Direct Lending Corp. | NCDL | IPO | $18.05-$18.05 | 5.5 million | 1/25/2024 | BofA Securities, UBS Investment Bank, Morgan Stanley, Wells Fargo, Keefe Bruyette & Woods, JMP Securities, Truist Securities |
| Oportun Financial Corporation | OPRT | IPO | $15.00-$17.00 | 6.25 million | 9/26/2019 | Barclays, JP Morgan, Jefferies, Keefe Bruyette & Woods |
| Owl Rock Capital Corporation | ORCC | IPO | $15.30-$16.30 | 10 million | 7/18/2019 | Goldman Sachs, BofA Merrill Lynch, RBC Capital, SunTrust Robinson, Wells Fargo, Credit Suisse, Deutsche Bank, JMP Securities, Keefe Bruyette & Woods, Morgan Stanley, Raymond James SOCIETE GENERALE |
| Pacific City Financial Corporation | PCB | IPO | $20.00-$22.00 | 2.4 million | 8/10/2018 | Keefe Bruyette & Woods, Raymond James, Sandler O' Neill |
| Palomar Holdings, Inc. | PLMR | IPO | $15.00-$17.00 | 5.6 million | 4/17/2019 | Barclays, JP Morgan, Keefe Bruyette & Woods |
| Riverbanc Multifamily Investors | RMI | IPO | $19.00-$20.00 | 3.8 million | 0/0/0 | Baird, Keefe Bruyette & Woods, SunTrust Robinson Humphrey |
| Safepoint Holdings, Inc. | SFPT | IPO | $15.00-$17.00 | 16.7 million | 6/4/2026 | Deutsche Bank, Morgan Stanley, Keefe Bruyette & Woods, Citizens Capital Markets, Piper Sandler, Truist Securities, William Blair |
| Silvergate Capital Corporation | SI | IPO | $13.00-$15.00 | 3.33 million | 11/7/2019 | Barclays, Keefe Bruyette & Woods, Sandler O'Neill + Partners, Compass Point |
| Skyward Specialty Insurance Group, Inc. | SKWD | IPO | $14.00-$16.00 | 8.95 million | 1/13/2023 | Barclays, Keefe Bruyette & Woods, Piper Sandler, JMP Securities, Truist Securities, Raymond James |
| Slide Holdings Insurance, Inc. | SLDE | IPO | $15.00-$17.00 | 24 million | 6/18/2025 | Barclays, Morgan Stanley, Citizens Capital Markets, Keefe Bruyette & Woods, Piper Sandler |
| South Plains Financial, Inc. | SPFI | IPO | $17.50-$19.50 | 3.4 million | 5/9/2019 | Keefe Bruyette & Woods, Sandler O' Neill |
| Southern States Bancshares, Inc. | SSBK | IPO | $19.00-$21.00 | 2 million | 8/12/2021 | Keefe Bruyette & Woods, Truist Securities
|
| Spirit of Texas Bancshares, Inc. | STXB | IPO | $20.00-$22.00 | 2 million | 5/4/2018 | Stephens Inc., Keefe Bruyette & Woods |
| TCG BDC, Inc. | CGBD | IPO | $18.50-$19.50 | 9 million | 6/14/2017 | BofA Merrill Lynch, Morgan Stanley, J.P. Morgan, Citigroup, Keefe Bruyette & Woods, Wells Fargo Securities
|
| TFP Group Limited | TFP | IPO | TBD | TBD | 0/0/0 | Morgan Stanley, Barclays, J.P. Morgan, Deutsche Bank, Dowling & Partners Securities, Keefe Bruyette & Woods, Citizens, UBS Investment Bank, Natixis |
| Tri-County Financial | TCFC | IPO | TBD | TBD | 0/0/0 | Keefe Bruyette & Woods |
| TriState Capital Holdings | TSC | IPO | $10.50-$12.50 | 5.7 million | 5/9/2013 | Stephens, Inc., Keefe Bruyette & Woods, Baird |
| TWFG, Inc. | TWFG | IPO | $14.00-$16.00 | 11 million | 7/18/2024 | J.P. Morgan, Morgan Stanley, BMO Capital, Piper Sandler, RBC Capital Markets, UBS Investment Bank, Keefe Bruyette & Woods, William Blair
|
| U.S. Century Bank | USCB | IPO | $10.00-$12.50 | 4 million | 7/23/2021 | Keefe Bruyette & Woods |
| Wealthfront Corporation | WLTH | IPO | $12.00-$14.00 | 34.6 million | 12/12/2025 | Goldman Sachs, J.P. Morgan, Citigroup, Wells Fargo Securities, RBC Capital, Citizens Capital Markets, Keefe Bruyette & Woods, KeyBanc Capital
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