Petiole USA ltd Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VLY	VALLEY NATL BANCORP	332,000	$3,519	2.3%	$9.70	+14.4%	—	919794107
CMA	COMERICA INC	45,075	$3,089	2.0%	$51.79	+54.4%	—	200340107
ISTR	INVESTAR HLDG CORP	118,469	$2,750	1.8%	$18.74	+31.2%	—	46134L105
EBMT	EAGLE BANCORP MONT INC	51,585	$891	0.6%	$18.15	-5.2%	—	26942G100

Decreased Positions (1)

SBFG SB FINL GROUP INC 2.4%

Value ($000) $3,760 (+10.7%) Shares 168,818 (-4.1%) Est. Cost $17.97 Unrealized +15.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SBFG	SB FINL GROUP INC	168,818 (-4.1%)	$3,760 (+10.7%)	2.4%	$17.97	+15.2%	COM	78408D105

Unchanged Positions (30)

BANC BANC OF CALIFORNIA INC 5.0%

Value ($000) $7,661 Shares 397,167 Est. Cost $18.30 Unrealized -2.5%

FXNC FIRST NATL CORP 5.1%

Value ($000) $7,861 Shares 311,440 Est. Cost $19.64 Unrealized +20.4%

FRST PRIMIS FINANCIAL CORP 2.1%

Value ($000) $3,202 Shares 230,222 Est. Cost $12.18 Unrealized -8.1%

MPB MID PENN BANCORP INC 4.0%

Value ($000) $6,114 Shares 197,111 Est. Cost $26.19 Unrealized +11.6%

FNWB FIRST NORTHWEST BANCORP 1.6%

Value ($000) $2,464 Shares 262,697 Est. Cost $15.87 Unrealized -42.7%

BCAL CALIFORNIA BANCORP 2.4%

Value ($000) $3,652 Shares 195,604 Est. Cost $14.33 Unrealized +27.7%

CBAN COLONY BANKCORP INC 5.3%

Value ($000) $8,246 Shares 462,763 Est. Cost $14.49 Unrealized +16.0%

CCNE CNB FINL CORP PA 3.2%

Value ($000) $4,952 Shares 189,241 Est. Cost $18.28 Unrealized +38.1%

WBS WEBSTER FINL CORP 4.2%

Value ($000) $6,412 Shares 101,875 Est. Cost $57.93 Unrealized +2.5%

RNST RENASANT CORP 4.5%

Value ($000) $6,933 Shares 196,845 Est. Cost $33.34 Unrealized +6.2%

CFG CITIZENS FINL GROUP INC 2.3%

Value ($000) $3,607 Shares 61,754 Est. Cost $35.16 Unrealized +52.4%

ORRF ORRSTOWN FINL SVCS INC 4.1%

Value ($000) $6,268 Shares 176,966 Est. Cost $31.53 Unrealized +9.5%

EQBK EQUITY BANCSHARES INC 1.7%

Value ($000) $2,561 Shares 57,364 Est. Cost $26.48 Unrealized +60.9%

WTFC WINTRUST FINL CORP 2.7%

Value ($000) $4,160 Shares 29,750 Est. Cost $89.23 Unrealized +49.0%

WAL WESTERN ALLIANCE BANCORP 4.4%

Value ($000) $6,818 Shares 81,103 Est. Cost $74.08 Unrealized +8.8%

SHBI SHORE BANCSHARES INC 1.7%

Value ($000) $2,608 Shares 147,487 Est. Cost $14.76 Unrealized +13.7%

COLB COLUMBIA BKG SYS INC 1.5%

Value ($000) $2,317 Shares 82,890 Est. Cost $21.84 Unrealized +23.0%

HAFC HANMI FINL CORP 1.3%

Value ($000) $1,937 Shares 71,651 Est. Cost $22.89 Unrealized +16.9%

FNB F N B CORP 1.8%

Value ($000) $2,756 Shares 161,151 Est. Cost $12.07 Unrealized +34.7%

SSB SOUTHSTATE BK CORP 1.4%

Value ($000) $2,223 Shares 23,625 Est. Cost $96.71 Unrealized -5.0%

ZION ZIONS BANCORPORATION N A 1.9%

Value ($000) $2,927 Shares 50,000 Est. Cost $54.79 Unrealized -0.6%

CARE CARTER BANKSHARES INC 4.9%

Value ($000) $7,606 Shares 386,873 Est. Cost $15.22 Unrealized +22.5%

BANR BANNER CORP 1.4%

Value ($000) $2,086 Shares 33,285 Est. Cost $40.95 Unrealized +52.5%

HWC HANCOCK WHITNEY CORPORATION 3.6%

Value ($000) $5,490 Shares 86,218 Est. Cost $49.88 Unrealized +21.8%

UMBF UMB FINL CORP 1.8%

Value ($000) $2,775 Shares 24,122 Est. Cost $110.25 Unrealized +2.8%

— SYNOVUS FINL CORP 2.3%

Value ($000) $3,507 Shares 70,063 Est. Cost $45.39 Unrealized —

— PINNACLE FINL PARTNERS INC 2.1%

Value ($000) $3,226 Shares 33,814 Est. Cost $91.48 Unrealized —

FRBA FIRST BK WILLIAMSTOWN NEW JE 1.7%

Value ($000) $2,546 Shares 154,660 Est. Cost $11.05 Unrealized +43.7%

FRME FIRST MERCHANTS CORP 2.3%

Value ($000) $3,525 Shares 94,047 Est. Cost $34.80 Unrealized +5.7%

HBAN HUNTINGTON BANCSHARES INC 2.0%

Value ($000) $3,138 Shares 180,840 Est. Cost $13.43 Unrealized +21.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BANC	BANC OF CALIFORNIA INC	397,167	$7,661	5.0%	$18.30	-2.5%	COM	05990K106
FXNC	FIRST NATL CORP	311,440	$7,861	5.1%	$19.64	+20.4%	COM	32106V107
FRST	PRIMIS FINANCIAL CORP	230,222	$3,202	2.1%	$12.18	-8.1%	COM	74167B109
MPB	MID PENN BANCORP INC	197,111	$6,114	4.0%	$26.19	+11.6%	COM	59540G107
FNWB	FIRST NORTHWEST BANCORP	262,697	$2,464	1.6%	$15.87	-42.7%	COM	335834107
BCAL	CALIFORNIA BANCORP	195,604	$3,652	2.4%	$14.33	+27.7%	COM	84252A106
CBAN	COLONY BANKCORP INC	462,763	$8,246	5.3%	$14.49	+16.0%	COM	19623P101
CCNE	CNB FINL CORP PA	189,241	$4,952	3.2%	$18.28	+38.1%	COM	126128107
WBS	WEBSTER FINL CORP	101,875	$6,412	4.2%	$57.93	+2.5%	COM	947890109
RNST	RENASANT CORP	196,845	$6,933	4.5%	$33.34	+6.2%	COM	75970E107
CFG	CITIZENS FINL GROUP INC	61,754	$3,607	2.3%	$35.16	+52.4%	COM	174610105
ORRF	ORRSTOWN FINL SVCS INC	176,966	$6,268	4.1%	$31.53	+9.5%	COM	687380105
EQBK	EQUITY BANCSHARES INC	57,364	$2,561	1.7%	$26.48	+60.9%	COM CL A	29460X109
WTFC	WINTRUST FINL CORP	29,750	$4,160	2.7%	$89.23	+49.0%	COM	97650W108
WAL	WESTERN ALLIANCE BANCORP	81,103	$6,818	4.4%	$74.08	+8.8%	COM	957638109
SHBI	SHORE BANCSHARES INC	147,487	$2,608	1.7%	$14.76	+13.7%	COM	825107105
COLB	COLUMBIA BKG SYS INC	82,890	$2,317	1.5%	$21.84	+23.0%	COM	197236102
HAFC	HANMI FINL CORP	71,651	$1,937	1.3%	$22.89	+16.9%	COM NEW	410495204
FNB	F N B CORP	161,151	$2,756	1.8%	$12.07	+34.7%	COM	302520101
SSB	SOUTHSTATE BK CORP	23,625	$2,223	1.4%	$96.71	-5.0%	COM	84472E102
ZION	ZIONS BANCORPORATION N A	50,000	$2,927	1.9%	$54.79	-0.6%	COM	989701107
CARE	CARTER BANKSHARES INC	386,873	$7,606	4.9%	$15.22	+22.5%	COM NEW	146103106
BANR	BANNER CORP	33,285	$2,086	1.4%	$40.95	+52.5%	COM NEW	06652V208
HWC	HANCOCK WHITNEY CORPORATION	86,218	$5,490	3.6%	$49.88	+21.8%	COM	410120109
UMBF	UMB FINL CORP	24,122	$2,775	1.8%	$110.25	+2.8%	COM	902788108
—	SYNOVUS FINL CORP	70,063	$3,507	2.3%	$45.39	—	COM NEW	87161C501
—	PINNACLE FINL PARTNERS INC	33,814	$3,226	2.1%	$91.48	—	COM	72346Q104
FRBA	FIRST BK WILLIAMSTOWN NEW JE	154,660	$2,546	1.7%	$11.05	+43.7%	COM	31931U102
FRME	FIRST MERCHANTS CORP	94,047	$3,525	2.3%	$34.80	+5.7%	COM	320817109
HBAN	HUNTINGTON BANCSHARES INC	180,840	$3,138	2.0%	$13.43	+21.3%	COM	446150104