U.S. Undervalued Small Caps With Insider Buying

Farmland Partners

Market Cap: US$438.4m

An internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to third-party farmers (both tenant and non-tenant) and landowners secured by farm real estate and/or other agricultural related assets.

Metropolitan Bank Holding

Market Cap: US$822.7m

Operates as the bank holding company for Metropolitan Commercial Bank that provides a range of business, commercial, and retail banking products and services.

Vestis

Market Cap: US$996.9m

Provides uniform rentals and workplace supplies in the United States and Canada.

S&T Bancorp

Market Cap: US$1.6b

Operates as the bank holding company for S&T Bank that provides retail and commercial banking products and services to consumer, commercial, and small business in Pennsylvania and Ohio.

First United

Market Cap: US$265.5m

Operates as the bank holding company for First United Bank & Trust that provides various retail and commercial banking services to businesses and individuals in the United States.

Shore Bancshares

Market Cap: US$622.4m

Operates as a bank holding company for the Shore United Bank, N.A.

Merchants Bancorp

Market Cap: US$1.7b

Operates as the diversified bank holding company in the United States.

Peoples Bancorp

Market Cap: US$1.1b

Operates as the financial holding company for Peoples Bank that provides commercial and consumer banking products and services.

Blue Bird

Market Cap: US$1.6b

Designs, engineers, manufactures, and sells school buses in the United States, Canada, and internationally.

Wolverine World Wide

Market Cap: US$1.5b

Designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories in the United States, Europe, the Middle East, Africa, the Asia Pacific, Canada and Latin America.

Innovative Industrial Properties

Market Cap: US$1.6b

A real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and life science real estate.

Angel Oak Mortgage REIT

Market Cap: US$216.8m

A real estate finance company, focuses on acquiring and investing in first lien non- qualified mortgage loans and other mortgage-related assets in the United States mortgage market.

Civista Bancshares

Market Cap: US$507.1m

Operates as the financial holding company for Civista Bank that provides community banking services in the United States.

Granite Ridge Resources

Market Cap: US$652.3m

Operates as a non-operated oil and natural gas exploration and production company.

Trinity Capital

Market Cap: US$1.1b

A business development company specializing in term loans, equipment financing, and private equity-related investments.

Karat Packaging

Market Cap: US$460.9m

Engages in the manufacture and distribution of single-use disposable products in plastic, paper, biopolymer-based, and other compostable forms used in various restaurant and foodservice settings.

Innospec

Market Cap: US$1.9b

Develops, manufactures, blends, markets, and supplies specialty chemicals in the Americas, Europe, the Middle East, Africa, and Asia-Pacific.

Fidelity D & D Bancorp

Market Cap: US$286.7m

Operates as the bank holding company for The Fidelity Deposit and Discount Bank that provides a range of banking, trust, and financial services to individuals, small businesses, and corporate customers.

FutureFuel

Market Cap: US$146.7m

Manufactures and sells diversified chemical, bio-based fuel, and bio-based specialty chemical products in the United States.

CF Bankshares

Market Cap: US$154.2m

Operates as the bank holding company for CFBank, National Association that provides various banking products and services.

Legacy Education

Market Cap: US$127.7m

Provides education services to students, high school graduates, and working parents in the United States.

NexPoint Real Estate Finance

Market Cap: US$330.7m

Operates as a commercial mortgage real estate investment trust in the United States.

Heritage Financial

Market Cap: US$863.5m

Operates as the bank holding company for Heritage Bank that provides various financial services to small and medium sized businesses and individuals in the United States.

inTEST

Market Cap: US$91.1m

Provides test and process technology solutions for use in manufacturing and testing in automotive, defense/aerospace, industrial, life sciences, security, and semiconductor markets in the United States and internationally.

Pebblebrook Hotel Trust

Market Cap: US$1.3b

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels and resorts in the United States.

Colony Bankcorp

Market Cap: US$321.0m

Operates as the bank holding company for Colony Bank that provides various banking products and services to retail and commercial customers in the United States.

Dine Brands Global

Market Cap: US$497.3m

Owns, franchises, and operates restaurants in the United States and internationally.

Ategrity Specialty Insurance Company Holdings

Market Cap: US$966.6m

Through its subsidiaries, provides excess and surplus lines insurance and reinsurance products to small and medium-sized businesses in the United States.

Cross Country Healthcare

Market Cap: US$270.3m

Provides talent management services for healthcare clients in the United States.

Saul Centers

Market Cap: US$1.1b

A self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 62 properties, which includes (a) 50 community and neighborhood shopping centers and eight mixed-use properties with approximately 10.2 million square feet of leasable area and (b) four non-operating land and development properties.

Integra LifeSciences Holdings

Market Cap: US$1.0b

Manufactures and sells surgical instrument, neurosurgical, ear, nose, throat, and wound care products for use in neurosurgery, neurocritical care, and otolaryngology.

Sunrise Realty Trust

Market Cap: US$136.6m

Engages in commercial real estate lending business in the United States.

Huntsman

Market Cap: US$1.8b

Manufactures and sells diversified organic chemical products worldwide.

ADTRAN Holdings

Market Cap: US$668.4m

Provides networking and communications platforms, software, systems, and services in the United States, Germany, the United Kingdom, and internationally.

Univest Financial

Market Cap: US$993.8m

Operates as the bank holding company for Univest Bank and Trust Co.

NexPoint Diversified Real Estate Trust

Market Cap: US$178.4m

An externally advised, publicly traded, diversified real estate investment trust (REIT) focused on the acquisition, development, and management of opportunistic and value-add investments throughout the United States across multiple sectors where NexPoint and its affiliates have operational expertise.