Alerus Finl Corp Com

CUSIP: 01446u103 Class: COM

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

Institution	Shares	Value ($000)
Sippican Capital Advisors	113,841	$2,564
Pinnacle Holdings, LLC	48,999	$1,103
Total (2 institutions)	162,840	$3,667