Petiole USA ltd Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SYNOVUS FINL CORP	70,063	$3,507	2.5%	$45.39	—	—	87161C501
—	PINNACLE FINL PARTNERS INC	33,814	$3,226	2.3%	$91.48	—	—	72346Q104
ZION	ZIONS BANCORPORATION N A	50,000	$2,927	2.0%	$54.79	+11.1%	—	989701107

Decreased Positions (17)

FCNCA FIRST CTZNS BANCSHARES INC D 3.2%

Value ($000) $4,551 (-65.7%) Shares 2,415 (-60.9%) Est. Cost $1047.82 Unrealized +99.7%

CARE CARTER BANKSHARES INC 6.2%

Value ($000) $8,894 (+16.9%) Shares 381,373 (-1.4%) Est. Cost $15.22 Unrealized +37.5%

WAL WESTERN ALLIANCE BANCORP 3.9%

Value ($000) $5,562 (-18.4%) Shares 78,503 (-3.2%) Est. Cost $74.08 Unrealized +21.4%

CBAN COLONY BANKCORP INC 6.4%

Value ($000) $9,082 (+10.1%) Shares 454,763 (-1.7%) Est. Cost $14.49 Unrealized +33.7%

HBAN HUNTINGTON BANCSHARES INC 1.8%

Value ($000) $2,644 (-15.7%) Shares 168,940 (-6.6%) Est. Cost $13.43 Unrealized +33.3%

FXNC FIRST NATL CORP VA 5.8%

Value ($000) $8,290 (+5.5%) Shares 307,940 (-1.1%) Est. Cost $19.64 Unrealized +35.0%

FNB F N B CORP 1.8%

Value ($000) $2,511 (-8.9%) Shares 150,151 (-6.8%) Est. Cost $12.07 Unrealized +47.5%

BCAL CALIFORNIA BANCORP 2.4%

Value ($000) $3,408 (-6.7%) Shares 192,304 (-1.7%) Est. Cost $14.33 Unrealized +30.2%

FNWB FIRST NORTHWEST BANCORP 1.6%

Value ($000) $2,239 (-9.2%) Shares 257,897 (-1.8%) Est. Cost $15.87 Unrealized -36.2%

COLB COLUMBIA BKG SYS INC 1.5%

Value ($000) $2,115 (-8.7%) Shares 77,090 (-7.0%) Est. Cost $21.84 Unrealized +37.2%

BANR BANNER CORP 1.3%

Value ($000) $1,886 (-9.6%) Shares 31,085 (-6.6%) Est. Cost $40.95 Unrealized +54.4%

SSB SOUTHSTATE BK CORP 1.4%

Value ($000) $2,038 (-8.3%) Shares 22,025 (-6.8%) Est. Cost $96.71 Unrealized +4.3%

CFG CITIZENS FINL GROUP INC 2.4%

Value ($000) $3,422 (-5.1%) Shares 57,054 (-7.6%) Est. Cost $35.16 Unrealized +79.5%

MPB MID PENN BANCORP INC 4.4%

Value ($000) $6,255 (+2.3%) Shares 194,511 (-1.3%) Est. Cost $26.19 Unrealized +24.7%

CBK COMMERCIAL BANCGROUP INC 5.3%

Value ($000) $7,572 (-1.3%) Shares 291,014 (-6.9%) Est. Cost $24.55 Unrealized +4.9%

HAFC HANMI FINL CORP 1.3%

Value ($000) $1,841 (-4.9%) Shares 69,851 (-2.5%) Est. Cost $22.89 Unrealized +20.5%

ORRF ORRSTOWN FINL SVCS INC 4.3%

Value ($000) $6,197 (-1.1%) Shares 171,766 (-2.9%) Est. Cost $31.53 Unrealized +16.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FCNCA	FIRST CTZNS BANCSHARES INC D	2,415 (-60.9%)	$4,551 (-65.7%)	3.2%	$1047.82	+99.7%	CL A	31946M103
CARE	CARTER BANKSHARES INC	381,373 (-1.4%)	$8,894 (+16.9%)	6.2%	$15.22	+37.5%	COM NEW	146103106
WAL	WESTERN ALLIANCE BANCORP	78,503 (-3.2%)	$5,562 (-18.4%)	3.9%	$74.08	+21.4%	COM	957638109
CBAN	COLONY BANKCORP INC	454,763 (-1.7%)	$9,082 (+10.1%)	6.4%	$14.49	+33.7%	COM	19623P101
HBAN	HUNTINGTON BANCSHARES INC	168,940 (-6.6%)	$2,644 (-15.7%)	1.8%	$13.43	+33.3%	COM	446150104
FXNC	FIRST NATL CORP VA	307,940 (-1.1%)	$8,290 (+5.5%)	5.8%	$19.64	+35.0%	COM	32106V107
FNB	F N B CORP	150,151 (-6.8%)	$2,511 (-8.9%)	1.8%	$12.07	+47.5%	COM	302520101
BCAL	CALIFORNIA BANCORP	192,304 (-1.7%)	$3,408 (-6.7%)	2.4%	$14.33	+30.2%	COM	84252A106
FNWB	FIRST NORTHWEST BANCORP	257,897 (-1.8%)	$2,239 (-9.2%)	1.6%	$15.87	-36.2%	COM	335834107
COLB	COLUMBIA BKG SYS INC	77,090 (-7.0%)	$2,115 (-8.7%)	1.5%	$21.84	+37.2%	COM	197236102
BANR	BANNER CORP	31,085 (-6.6%)	$1,886 (-9.6%)	1.3%	$40.95	+54.4%	COM NEW	06652V208
SSB	SOUTHSTATE BK CORP	22,025 (-6.8%)	$2,038 (-8.3%)	1.4%	$96.71	+4.3%	COM	84472E102
CFG	CITIZENS FINL GROUP INC	57,054 (-7.6%)	$3,422 (-5.1%)	2.4%	$35.16	+79.5%	COM	174610105
MPB	MID PENN BANCORP INC	194,511 (-1.3%)	$6,255 (+2.3%)	4.4%	$26.19	+24.7%	COM	59540G107
CBK	COMMERCIAL BANCGROUP INC	291,014 (-6.9%)	$7,572 (-1.3%)	5.3%	$24.55	+4.9%	COM	20112C106
HAFC	HANMI FINL CORP	69,851 (-2.5%)	$1,841 (-4.9%)	1.3%	$22.89	+20.5%	COM NEW	410495204
ORRF	ORRSTOWN FINL SVCS INC	171,766 (-2.9%)	$6,197 (-1.1%)	4.3%	$31.53	+16.3%	COM	687380105

Unchanged Positions (12)

BANC BANC OF CALIFORNIA INC 4.9%

Value ($000) $6,982 Shares 397,167 Est. Cost $18.30 Unrealized +10.2%

WBS WEBSTER FINL CORP 4.9%

Value ($000) $7,072 Shares 101,875 Est. Cost $57.93 Unrealized +17.7%

CCNE CNB FINL CORP PA 3.8%

Value ($000) $5,480 Shares 189,241 Est. Cost $18.28 Unrealized +53.0%

SBFG SB FINL GROUP INC 2.5%

Value ($000) $3,545 Shares 168,818 Est. Cost $17.97 Unrealized +20.7%

SHBI SHORE BANCSHARES INC 1.9%

Value ($000) $2,755 Shares 147,487 Est. Cost $14.76 Unrealized +28.2%

FRST PRIMIS FINANCIAL CORP 2.1%

Value ($000) $3,057 Shares 230,222 Est. Cost $12.18 Unrealized +11.7%

RNST RENASANT CORP 4.9%

Value ($000) $7,058 Shares 195,345 Est. Cost $33.34 Unrealized +15.2%

FRME FIRST MERCHANTS CORP 2.5%

Value ($000) $3,642 Shares 94,047 Est. Cost $34.80 Unrealized +14.6%

FRBA FIRST BK WILLIAMSTOWN NEW JE 1.7%

Value ($000) $2,475 Shares 154,660 Est. Cost $11.05 Unrealized +51.7%

WTFC WINTRUST FINL CORP 2.9%

Value ($000) $4,133 Shares 29,750 Est. Cost $89.23 Unrealized +68.1%

EQBK EQUITY BANCSHARES INC 1.8%

Value ($000) $2,548 Shares 57,364 Est. Cost $26.48 Unrealized +74.9%

HWC HANCOCK WHITNEY CORPORATION 3.8%

Value ($000) $5,483 Shares 86,218 Est. Cost $49.88 Unrealized +38.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BANC	BANC OF CALIFORNIA INC	397,167	$6,982	4.9%	$18.30	+10.2%	COM	05990K106
WBS	WEBSTER FINL CORP	101,875	$7,072	4.9%	$57.93	+17.7%	COM	947890109
CCNE	CNB FINL CORP PA	189,241	$5,480	3.8%	$18.28	+53.0%	COM	126128107
SBFG	SB FINL GROUP INC	168,818	$3,545	2.5%	$17.97	+20.7%	COM	78408D105
SHBI	SHORE BANCSHARES INC	147,487	$2,755	1.9%	$14.76	+28.2%	COM	825107105
FRST	PRIMIS FINANCIAL CORP	230,222	$3,057	2.1%	$12.18	+11.7%	COM	74167B109
RNST	RENASANT CORP	195,345	$7,058	4.9%	$33.34	+15.2%	COM	75970E107
FRME	FIRST MERCHANTS CORP	94,047	$3,642	2.5%	$34.80	+14.6%	COM	320817109
FRBA	FIRST BK WILLIAMSTOWN NEW JE	154,660	$2,475	1.7%	$11.05	+51.7%	COM	31931U102
WTFC	WINTRUST FINL CORP	29,750	$4,133	2.9%	$89.23	+68.1%	COM	97650W108
EQBK	EQUITY BANCSHARES INC	57,364	$2,548	1.8%	$26.48	+74.9%	COM CL A	29460X109
HWC	HANCOCK WHITNEY CORPORATION	86,218	$5,483	3.8%	$49.88	+38.9%	COM	410120109