Rhino Investment Partners, Inc Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KRE	ST STR SPDR S&P REGIONAL BANKING ETF	350,197	$22,696	6.4%	$64.81	—	COM	78464A698
WSBC	WESBANCO INC	593,025	$19,712	5.6%	$32.32	0.0%	COM	950810101
FULT	FULTON FINANCIAL CORPORATION	409,014	$7,906	2.2%	$18.23	0.0%	COM	360271100
TMP	TOMPKINS FINL CORP	88,550	$6,422	1.8%	$67.75	0.0%	COM	890110109
BUSE	1ST BUSEY CORP	244,524	$5,817	1.6%	$23.21	0.0%	COM	319383204
TOWN	TOWNEBANK	167,500	$5,589	1.6%	$33.67	0.0%	COM	89214P109
MSBI	MIDLAND STATES BANCORP INC	261,534	$5,537	1.6%	$17.26	0.0%	COM	597742105
QCRH	QCR HOLDINGS INC	60,016	$4,999	1.4%	$78.66	0.0%	COM	74727A104
FMBH	FIRST MID BANCSHARES INC	128,002	$4,992	1.4%	$37.71	0.0%	COM	320866106
HFWA	HERITAGE FINANCIAL	185,944	$4,398	1.2%	$23.54	0.0%	COM	42722X106
MPB	MID PENN BANCORP, INC.	87,220	$2,706	0.8%	$29.22	0.0%	COM	59540G107
CHMG	CHEMUNG FINANCIAL	6,629	$370	0.1%	$52.76	0.0%	COM	164024101

Increased Positions (9)

AROW ASSOCIATED BANC-CORP 5.8%

Value ($000) $20,332 (+215.4%) Shares 789,305 (+246.5%) Est. Cost $29.03 Unrealized +0.6%

HOPE HOPE BANCORP INC 7.3%

Value ($000) $25,893 (+26.8%) Shares 2,362,498 (+24.6%) Est. Cost $11.71 Unrealized -8.0%

HAFC HANMI FINANCIAL CO 6.4%

Value ($000) $22,731 (+17.2%) Shares 840,949 (+7.0%) Est. Cost $23.90 Unrealized +11.9%

WTBA WEST BANCORP 1.4%

Value ($000) $5,034 (+162.5%) Shares 226,876 (+140.4%) Est. Cost $20.80 Unrealized +3.8%

TFC TRUIST FINANCIAL CORP 7.4%

Value ($000) $26,192 (+10.3%) Shares 532,254 (+2.5%) Est. Cost $37.36 Unrealized +22.6%

RBB RBB BANCORP 1.8%

Value ($000) $6,393 (+34.6%) Shares 309,740 (+22.3%) Est. Cost $22.07 Unrealized -10.9%

BWB BRIDGEWATER BANCSHARES INC 2.0%

Value ($000) $7,151 (+20.9%) Shares 407,954 (+21.3%) Est. Cost $15.19 Unrealized +14.3%

JMSB JOHN MARSHALL BANCORP INC 0.5%

Value ($000) $1,896 (+134.9%) Shares 94,840 (+132.9%) Est. Cost $19.63 Unrealized +0.3%

SFNC SIMMONS FIRST NATL 7.3%

Value ($000) $25,807 (+1.2%) Shares 1,369,079 (+2.9%) Est. Cost $21.66 Unrealized -14.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AROW	ASSOCIATED BANC-CORP	789,305 (+246.5%)	$20,332 (+215.4%)	5.8%	$29.03	+0.6%	COM	042744102
HOPE	HOPE BANCORP INC	2,362,498 (+24.6%)	$25,893 (+26.8%)	7.3%	$11.71	-8.0%	COM	43940T109
HAFC	HANMI FINANCIAL CO	840,949 (+7.0%)	$22,731 (+17.2%)	6.4%	$23.90	+11.9%	COM	410495204
WTBA	WEST BANCORP	226,876 (+140.4%)	$5,034 (+162.5%)	1.4%	$20.80	+3.8%	COM	95123P106
TFC	TRUIST FINANCIAL CORP	532,254 (+2.5%)	$26,192 (+10.3%)	7.4%	$37.36	+22.6%	COM	89832Q109
RBB	RBB BANCORP	309,740 (+22.3%)	$6,393 (+34.6%)	1.8%	$22.07	-10.9%	COM	74930B105
BWB	BRIDGEWATER BANCSHARES INC	407,954 (+21.3%)	$7,151 (+20.9%)	2.0%	$15.19	+14.3%	COM	108621103
JMSB	JOHN MARSHALL BANCORP INC	94,840 (+132.9%)	$1,896 (+134.9%)	0.5%	$19.63	+0.3%	COM	47805L101
SFNC	SIMMONS FIRST NATL	1,369,079 (+2.9%)	$25,807 (+1.2%)	7.3%	$21.66	-14.5%	COM	828730200

Exited Positions (5)

BANC BANC OF CALIFORNIA INC 3.9%

Value ($000) $13,678 Shares 826,452 Est. Cost $14.21 Unrealized +25.6%

WAL WESTERN ALLIANCE BANCORPORATION 3.5%

Value ($000) $12,462 Shares 143,702 Est. Cost $67.35 Unrealized +19.7%

CMA COMERICA INCORPORATED 2.8%

Value ($000) $9,983 Shares 145,697 Est. Cost $47.52 Unrealized +68.3%

AVBH AVIDBANK HLDGS INC 0.6%

Value ($000) $2,040 Shares 80,000 Est. Cost $23.63 Unrealized +9.8%

CARE CARTER BANKSHARES INC 0.0%

Value ($000) $73 Shares 3,758 Est. Cost $15.82 Unrealized +17.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BANC	BANC OF CALIFORNIA INC	826,452	$13,678	3.9%	$14.21	+25.6%	—	05990K106
WAL	WESTERN ALLIANCE BANCORPORATION	143,702	$12,462	3.5%	$67.35	+19.7%	—	957638109
CMA	COMERICA INCORPORATED	145,697	$9,983	2.8%	$47.52	+68.3%	—	200340107
AVBH	AVIDBANK HLDGS INC	80,000	$2,040	0.6%	$23.63	+9.8%	—	05368J103
CARE	CARTER BANKSHARES INC	3,758	$73	0.0%	$15.82	+17.8%	—	146103106

Decreased Positions (12)

BPOP POPULAR, INC. 1.5%

Value ($000) $5,362 (-70.1%) Shares 43,058 (-69.5%) Est. Cost $65.13 Unrealized +80.6%

HTBK HERITAGE COMMERCE CORP 0.1%

Value ($000) $248 (-96.9%) Shares 20,617 (-97.4%) Est. Cost $9.80 Unrealized +10.7%

KEY KEYCORP 3.5%

Value ($000) $12,220 (-37.3%) Shares 592,056 (-43.2%) Est. Cost $14.58 Unrealized +26.8%

ASB BANC OF CALIFORNIA INC 3.3%

Value ($000) $11,704 (-37.5%) Shares 606,760 (-16.6%) Est. Cost $20.78 Unrealized +23.1%

OBK ORIGIN BANCORP INC 1.8%

Value ($000) $6,209 (-52.8%) Shares 165,094 (-56.7%) Est. Cost $33.83 Unrealized +5.9%

CFG RBS CITIZENS FINANCIAL GROUP INC 3.0%

Value ($000) $10,454 (-39.7%) Shares 178,973 (-45.1%) Est. Cost $31.24 Unrealized +71.5%

WEX WEX INC 1.8%

Value ($000) $6,258 (-29.4%) Shares 42,005 (-25.3%) Est. Cost $143.04 Unrealized +5.3%

MTB M&T BANK CORP 2.0%

Value ($000) $6,987 (-14.8%) Shares 34,680 (-16.4%) Est. Cost $180.44 Unrealized +5.3%

PNC PNC FINANCIAL SERVICES GRP INC 1.1%

Value ($000) $4,020 (-19.2%) Shares 19,261 (-22.2%) Est. Cost $150.68 Unrealized +27.9%

FISI FINANCIAL INSTITUTIONS, INC. 1.9%

Value ($000) $6,729 (+12.3%) Shares 215,887 (-2.0%) Est. Cost $25.10 Unrealized +16.5%

FNB F.N.B. CORPORATION 4.0%

Value ($000) $13,969 (-4.4%) Shares 816,892 (-9.9%) Est. Cost $14.27 Unrealized +14.0%

PCB PCB BANK 2.6%

Value ($000) $9,212 (-3.1%) Shares 425,511 (-6.0%) Est. Cost $18.66 Unrealized +15.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BPOP	POPULAR, INC.	43,058 (-69.5%)	$5,362 (-70.1%)	1.5%	$65.13	+80.6%	COM	733174700
HTBK	HERITAGE COMMERCE CORP	20,617 (-97.4%)	$248 (-96.9%)	0.1%	$9.80	+10.7%	COM	426927109
KEY	KEYCORP	592,056 (-43.2%)	$12,220 (-37.3%)	3.5%	$14.58	+26.8%	COM	493267108
ASB	BANC OF CALIFORNIA INC	606,760 (-16.6%)	$11,704 (-37.5%)	3.3%	$20.78	+23.1%	COM	045487105
OBK	ORIGIN BANCORP INC	165,094 (-56.7%)	$6,209 (-52.8%)	1.8%	$33.83	+5.9%	COM	68621T102
CFG	RBS CITIZENS FINANCIAL GROUP INC	178,973 (-45.1%)	$10,454 (-39.7%)	3.0%	$31.24	+71.5%	COM	174610105
WEX	WEX INC	42,005 (-25.3%)	$6,258 (-29.4%)	1.8%	$143.04	+5.3%	COM	96208T104
MTB	M&T BANK CORP	34,680 (-16.4%)	$6,987 (-14.8%)	2.0%	$180.44	+5.3%	COM	55261F104
PNC	PNC FINANCIAL SERVICES GRP INC	19,261 (-22.2%)	$4,020 (-19.2%)	1.1%	$150.68	+27.9%	COM	693475105
FISI	FINANCIAL INSTITUTIONS, INC.	215,887 (-2.0%)	$6,729 (+12.3%)	1.9%	$25.10	+16.5%	COM	317585404
FNB	F.N.B. CORPORATION	816,892 (-9.9%)	$13,969 (-4.4%)	4.0%	$14.27	+14.0%	COM	302520101
PCB	PCB BANK	425,511 (-6.0%)	$9,212 (-3.1%)	2.6%	$18.66	+15.6%	COM	69320M109

Unchanged Positions (4)

SFST SOUTHERN FIRST BAN 3.1%

Value ($000) $10,825 Shares 210,121 Est. Cost $39.76 Unrealized +20.6%

AMBZ AMERICAN BUSINESS BK LA CALIF 2.6%

Value ($000) $9,172 Shares 141,541 Est. Cost $34.37 Unrealized +71.7%

NKSH NATIONAL BANKSHARE 1.1%

Value ($000) $3,823 Shares 114,007 Est. Cost $26.58 Unrealized +12.3%

FVCB FVCBANKCORP INC 0.9%

Value ($000) $3,158 Shares 227,014 Est. Cost $12.75 Unrealized -0.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SFST	SOUTHERN FIRST BAN	210,121	$10,825	3.1%	$39.76	+20.6%	COM	842873101
AMBZ	AMERICAN BUSINESS BK LA CALIF	141,541	$9,172	2.6%	$34.37	+71.7%	COM	02475L105
NKSH	NATIONAL BANKSHARE	114,007	$3,823	1.1%	$26.58	+12.3%	COM	634865109
FVCB	FVCBANKCORP INC	227,014	$3,158	0.9%	$12.75	-0.2%	COM	36120Q101