# EDGAR Filing Document

**Accession Number:** 0001600202
**File Stem:** 0001172661-25-003756
**Filing Date:** 2025-8
**Character Count:** 18033
**Document Hash:** 524ea1a106916c5e9072549379c203c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-003756.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001172661-25-003756

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**EFFECTIVENESS DATE**: 20250825

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Petiole USA ltd
- **CENTRAL INDEX KEY:** 0001600202

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21843
- **FILM NUMBER:** 251249996

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **STREET 2:** 2ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 212-503-0474

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **STREET 2:** 2ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TFO USA Ltd
- **DATE OF NAME CHANGE:** 20140214

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001600202

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Petiole USA ltd

**Address:** 1345 AVENUE OF THE AMERICAS, NEW YORK, NY 10105

**Telephone number:** 646-833-2386

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-21843

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                             | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                      | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Banner Corporation                         | 06652V208 | 05/22/2025     | Advisory approval of the compensation of Banner Corporation's named executive officers                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          36765 |                0 | FOR         |                                    36765 | FOR                         |  |
| Carter Bankshares, Inc.                    | 146103106 | 05/28/2025     | To approve, in an advisory and non-binding vote, the compensation of the Company's named executive officers as disclosed in the proxy statement                                                       | SECTION 14A SAY-ON-PAY VOTES |         386873 |                0 | FOR         |                                   349889 | FOR                         |  |
| CB Financial Services, Inc.                | 12479G101 | 05/21/2025     | Advisory (non-binding) vote to approve the compensation of the Named Executive Officers                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          58934 |                0 | FOR         |                                    58934 | FOR                         |  |
| Citizens Financial Group, Inc.             | 174610105 | 04/24/2025     | Advisory Vote on Executive Compensation                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          59021 |                0 | FOR         |                                    59021 | FOR                         |  |
| Colony Bankcorp, Inc.                      | 19623P101 | 05/22/2025     | To vote, on an advisory non-binding basis, on the frequency of a shareholder advisory vote on executive compensation                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         462763 |                0 | FOR         |                                   395238 | FOR                         |  |
| Columbia Banking System, Inc.              | 197236102 | 05/15/2025     | To approve, on an advisory basis, the compensation of Columbia Banking System, Inc.'s named executive officers                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          89780 |                0 | AGAINST     |                                    89780 | AGAINST                     |  |
| Comerica Incorporated                      | 200340107 | 04/29/2025     | Approval of a Non-Binding, Advisory Proposal Approving Executive Compensation                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          57855 |                0 | AGAINST     |                                    57855 | AGAINST                     |  |
| Eagle Bancorp Montana, Inc.                | 26942G100 | 04/24/2025     | Advisory vote on named executive officer compensation as disclosed in the proxy statement                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         217331 |                0 | AGAINST     |                                   191923 | AGAINST                     |  |
| Equity Bancshares, Inc.                    | 29460X109 | 04/22/2025     | Advisory vote to approve the compensation paid to the named executive officers of the Company                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          57364 |                0 | FOR         |                                    57364 | FOR                         |  |
| F.N.B. Corporation                         | 302520101 | 05/07/2025     | Advisory approval of the 2024 named executive officer compensation                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         175421 |                0 | FOR         |                                   175421 | FOR                         |  |
| First Bank                                 | 31931U102 | 04/25/2025     | To approve an advisory resolution approving the 2024 compensation of our named executive officers                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         154660 |                0 | FOR         |                                   154660 | FOR                         |  |
| First Citizens BancShares, Inc.            | 31946M103 | 04/29/2025     | Non-binding advisory resolution ("say-on-pay" resolution) to approve compensation paid or provided to BancShares' named executive officers as disclosed in the proxy statement for the Annual Meeting | SECTION 14A SAY-ON-PAY VOTES |           4415 |                0 | FOR         |                                     4415 | FOR                         |  |
| First Merchants Corporation                | 320817109 | 05/15/2025     | Proposal to approve, on an advisory basis, the compensation of First Merchants Corporation's named executive officers                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          94047 |                0 | FOR         |                                    94047 | FOR                         |  |
| First National Corporation                 | 32106V107 | 05/14/2025     | To consider and approve a non-binding advisory resolution approving the compensation of our named executive officers                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         311440 |                0 | FOR         |                                   282460 | FOR                         |  |
| First Northwest Bancorp                    | 335834107 | 05/20/2025     | An advisory (non-binding) vote to approve the compensation of our named executive officers, as disclosed in this Proxy Statement                                                                      | SECTION 14A SAY-ON-PAY VOTES |         262697 |                0 | AGAINST     |                                   222145 | AGAINST                     |  |
| Hancock Whitney Corporation                | 410120109 | 04/23/2025     | To approve, on an advisory basis, the compensation of our named executive officers                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          86218 |                0 | FOR         |                                    86218 | FOR                         |  |
| Hanmi Financial Corporation                | 410495204 | 05/28/2025     | To provide a non-binding advisory vote to approve the compensation of our Named Executive Officers ("Say-on-Pay" vote)                                                                                | SECTION 14A SAY-ON-PAY VOTES |          71651 |                0 | FOR         |                                    56351 | FOR                         |  |
| HomeTrust Bancshares, Inc.                 | 437872104 | 05/19/2025     | An advisory (non-binding) vote on executive compensation (commonly referred to as a "say on pay vote")                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          52155 |                0 | FOR         |                                    43350 | FOR                         |  |
| Huntington Bancshares Incorporated         | 446150104 | 04/16/2025     | An advisory resolution to approve, on a non-binding basis, the compensation of executives as disclosed in the accompanying proxy statement                                                            | SECTION 14A SAY-ON-PAY VOTES |         199964 |                0 | FOR         |                                   199964 | FOR                         |  |
| Investar Holding Corporation               | 46134L105 | 05/21/2025     | To approve, on an advisory basis, the compensation of our named executive officers                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         146069 |                0 | AGAINST     |                                   146069 | AGAINST                     |  |
| Mid Penn Bancorp, Inc.                     | 59540G107 | 05/13/2025     | An advisory vote to approve the compensation of the Corporation's named executive officers                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         197111 |                0 | FOR         |                                   175128 | FOR                         |  |
| Orrstown Financial Services, Inc.          | 687380105 | 05/06/2025     | To approve a non-binding advisory vote regarding the compensation paid to our Named Executive Officers ("Say-On-Pay")                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         176966 |                0 | AGAINST     |                                   133216 | AGAINST                     |  |
| Pinnacle Financial Partners, Inc.          | 72346Q104 | 04/15/2025     | To approve, on a non-binding, advisory basis, the Company's named executive officer's compensation as disclosed in the proxy statement for the Annual Meeting                                         | SECTION 14A SAY-ON-PAY VOTES |          36541 |                0 | FOR         |                                    36541 | FOR                         |  |
| Primis Financial Corp.                     | 74167B109 | 06/26/2025     | ADVISORY VOTE ON EXECUTIVE COMPENSATION. To conduct a non-binding vote to approve the compensation of the Company's named executive officers                                                          | SECTION 14A SAY-ON-PAY VOTES |         230222 |                0 | FOR         |                                   230222 | FOR                         |  |
| SB Financial Group, Inc.                   | 78408D105 | 04/16/2025     | To approve a non-binding advisory resolution to approve the compensation of SB Financial's named executive officers                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         176087 |                0 | FOR         |                                   176087 | FOR                         |  |
| Shore Bancshares, Inc.                     | 825107105 | 05/29/2025     | Adopt a non-binding advisory resolution approving the compensation of the named executive officers                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         147487 |                0 | FOR         |                                   147487 | FOR                         |  |
| SouthState Corporation                     | 840441109 | 04/23/2025     | Approval, as an advisory, non-binding "say on pay" resolution, of our executive compensation                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          25715 |                0 | FOR         |                                    25715 | FOR                         |  |
| Synovus Financial Corp.                    | 87161C501 | 04/24/2025     | To approve, on an advisory basis, the compensation of Synovus' named executive officers as determined by the Compensation and Human Capital Committee                                                 | SECTION 14A SAY-ON-PAY VOTES |          76252 |                0 | FOR         |                                    76252 | FOR                         |  |
| UMB Financial Corporation                  | 902788108 | 05/14/2025     | To consider and approve a non-binding advisory resolution approving the compensation of our named executive officers                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         282460 |                0 | FOR         |                                   282460 | FOR                         |  |
| Valley National Bancorp                    | 919794107 | 05/20/2025     | An advisory, non-binding vote to approve the compensation of Valley's named executive officers                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         332000 |                0 | FOR         |                                   332000 | FOR                         |  |
| Webster Financial Corporation              | 947890109 | 05/21/2025     | To approve, on a non-binding, advisory basis, the compensation of the named executive officers of Webster (Proposal 2)                                                                                | SECTION 14A SAY-ON-PAY VOTES |         101875 |                0 | FOR         |                                   101875 | FOR                         |  |
| Western Alliance Bancorporation            | 957638109 | 06/11/2025     | To approve, on an advisory (non-binding) basis, the compensation of executives                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          84773 |                0 | FOR         |                                    84773 | FOR                         |  |
| Wintrust Financial Corporation             | 97650W108 | 05/22/2025     | Proposal to approve, on an advisory (non-binding) basis, the Company's executive compensation as described in the 2025 Proxy Statement                                                                | SECTION 14A SAY-ON-PAY VOTES |          29750 |                0 | FOR         |                                    29750 | FOR                         |  |
| Zions Bancorporation, National Association | 989701107 | 05/02/2025     | Approval, on a nonbinding advisory basis, of the compensation paid to the Bank's named executive officers with respect to fiscal year ended Dec. 31, 2024                                             | SECTION 14A SAY-ON-PAY VOTES |          50000 |                0 | FOR         |                                    50000 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Petiole USA ltd

**By (Signature):** Andrey Kotikovsky

**By (Printed Signature):** Andrey Kotikovsky

**By (Title):** Director of Finance and Operations

**Date:** 08/25/2025