Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VISN	VISTANCE NETWORKS INC	110,000	$2.002M	0.3%	$18.49	0.0%	COM	20337X109
ZD	ZIFF DAVIS INC	45,000	$1.888M	0.3%	$34.39	0.0%	COM	48123V102
VVX	V2X INC	18,000	$1.233M	0.2%	$66.31	0.0%	COM	92242T101
IWP	ISHARES TR	7,833	$788K	0.1%	$100.62	—	RUS MD CP GR ETF	464287481
PUMP	PROPETRO HLDG CORP	50,000	$721K	0.1%	$10.86	0.0%	COM	74347M108
AAOI	APPLIED OPTOELECTRONICS INC	8,000	$677K	0.1%	$41.81	0.0%	COM	03823U102
RDDT	REDDIT INC	5,000	$673K	0.1%	$189.65	0.0%	CL A	75734B100
TIPT	TIPTREE INC	38,425	$650K	0.1%	$17.50	0.0%	COM	88822Q103
HALO	HALOZYME THERAPEUTICS INC	10,000	$646K	0.1%	$73.62	0.0%	COM	40637H109
INVH	INVITATION HOMES INC	26,000	$646K	0.1%	$27.72	0.0%	COM	46187W107
AMH	AMERICAN HOMES 4 RENT	23,000	$642K	0.1%	$27.92	—	CL A	02665T306
HBIO	HARVARD BIOSCIENCE INC	124,810	$608K	0.1%	$4.87	—	COM	416906204
TDY	TELEDYNE TECHNOLOGIES INC	1,000	$605K	0.1%	$613.97	0.0%	COM	879360105
CE	CELANESE CORP DEL	9,000	$592K	0.1%	$49.52	0.0%	COM	150870103
IRDM	IRIDIUM COMMUNICATIONS INC	20,000	$555K	0.1%	$20.62	0.0%	COM	46269C102
GPN	GLOBAL PMTS INC	8,000	$538K	0.1%	$74.91	0.0%	COM	37940X102
PDEX	PRO-DEX INC COLO	10,835	$532K	0.1%	$40.20	0.0%	COM NEW	74265M205
KLAR	KLARNA GROUP PLC	40,000	$524K	0.1%	$23.46	0.0%	SHS	G5279N105
CACC	CREDIT ACCEP CORP MICH	1,200	$508K	0.1%	$477.38	0.0%	COM	225310101
FIP	FTAI INFRASTRUCTURE INC	2,000	$490K	0.1%	$5.78	0.0%	COMMON STOCK	35953C106
ASRT	ASSERTIO HOLDINGS INC	25,549	$487K	0.1%	$11.33	0.0%	COM NEW	04546C304
CRDO	CREDO TECHNOLOGY GROUP HOLDI	5,000	$469K	0.1%	$131.33	0.0%	ORDINARY SHARES	G25457105
SATS	ECHOSTAR CORP	4,000	$468K	0.1%	$116.36	0.0%	CL A	278768106
UWMC	UWM HOLDINGS CORPORATION	115,000	$416K	0.1%	$5.08	0.0%	COM CL A	91823B109
IGIC	INTL GNRL INSURANCE HLDNGS L	14,517	$352K	0.1%	$24.79	0.0%	SHS	G4809J106
LITE	LUMENTUM HLDGS INC	500	$351K	0.1%	$467.14	0.0%	COM	55024U109
BOF	BRANCHOUT FOOD INC	100,000	$330K	0.0%	$3.30	0.0%	COM	105230106
MOS	MOSAIC CO	12,000	$306K	0.0%	$27.87	0.0%	COM	61945C103
VLO	VALERO ENERGY CORP	1,000	$247K	0.0%	$190.06	0.0%	COM	91913Y100
OPFI	OPPFI INC	29,680	$229K	0.0%	$9.59	0.0%	COM CL A	68386H103
SIF	SIFCO INDS INC	15,682	$209K	0.0%	$7.86	0.0%	COM	826546103
SHMD	SCHMID GROUP N.V.	28,000	$148K	0.0%	$8.35	0.0%	EURO SHS CL A	N68722102
MAIA	MAIA BIOTECHNOLOGY INC	100,000	$140K	0.0%	$2.03	0.0%	COM	552641102
PAR	PAR TECHNOLOGY CORP	10,000	$133K	0.0%	$28.30	0.0%	COM	698884103
AIV	APARTMENT INVT & MGMT CO	20,000	$81,400	0.0%	$4.07	—	CL A	03748R747
NRXS	NEURAXIS INC	10,000	$74,000	0.0%	$4.74	0.0%	COM	64134X201
RMTI	ROCKWELL MED INC	50,000	$44,660	0.0%	$1.03	0.0%	COM NEW	774374300
CVU	CPI AEROSTRUCTURES INC	10,000	$39,200	0.0%	$4.02	0.0%	COM NEW	125919308

Increased Positions (19)

GPGI GPGI INC 21.5%

Value $145M (+78.9%) Shares 8,465,789 (+101.7%) Est. Cost $18.66 Unrealized +25.2%

WLFC WILLIS LEASE FIN CORP 0.5%

Value $3.065M (+88.3%) Shares 18,002 (+50.0%) Est. Cost $151.22 Unrealized +20.7%

CNVS CINEVERSE CORP 0.4%

Value $2.687M (+65.7%) Shares 1,119,650 (+45.7%) Est. Cost $1.85 Unrealized +22.4%

GLNG GOLAR LNG LTD 0.2%

Value $1.488M (+166.6%) Shares 27,503 (+83.3%) Est. Cost $40.17 Unrealized +2.9%

RHLD RESOLUTE HLDGS MGMT INC 6.2%

Value $42.05M (-2.0%) Shares 259,091 (+24.7%) Est. Cost $91.54 Unrealized +116.2%

ALTO ALTO INGREDIENTS INC 0.2%

Value $1.259M (+74.8%) Shares 260,200 (+4.0%) Est. Cost $1.91 Unrealized +36.0%

IOVA IOVANCE BIOTHERAPEUTICS INC 0.2%

Value $1.228M (+50.0%) Shares 350,000 (+16.7%) Est. Cost $2.37 Unrealized +13.3%

CBL CBL & ASSOC PPTYS INC 0.2%

Value $1.045M (+64.3%) Shares 27,183 (+58.2%) Est. Cost $37.53 Unrealized —

CHCI COMSTOCK HLDG COS INC 0.1%

Value $933K (+76.6%) Shares 49,236 (+8.4%) Est. Cost $7.15 Unrealized +60.9%

VPG VISHAY PRECISION GROUP INC 0.2%

Value $1.346M (+39.8%) Shares 31,002 (+24.0%) Est. Cost $28.81 Unrealized +60.4%

OFLX OMEGA FLEX INC 0.1%

Value $863K (+46.3%) Shares 27,792 (+38.7%) Est. Cost $30.10 Unrealized +13.4%

AMZN AMAZON COM INC 0.2%

Value $1.25M (+20.3%) Shares 6,001 (+33.3%) Est. Cost $205.12 Unrealized +10.6%

HROW HARROW INC 0.1%

Value $670K (+36.7%) Shares 19,000 (+90.0%) Est. Cost $44.89 Unrealized +7.2%

JAKK JAKKS PAC INC 0.1%

Value $477K (+41.9%) Shares 23,970 (+20.3%) Est. Cost $20.30 Unrealized -7.0%

PESI PERMA-FIX ENVIRONMENTAL SVCS 0.1%

Value $402K (+47.7%) Shares 37,649 (+73.9%) Est. Cost $12.51 Unrealized +15.8%

AQST AQUESTIVE THERAPEUTICS INC 0.0%

Value $291K (-25.1%) Shares 70,000 (+16.7%) Est. Cost $5.92 Unrealized -32.0%

HNRG HALLADOR ENERGY COMPANY 0.1%

Value $668K (+7.9%) Shares 41,009 (+26.1%) Est. Cost $16.68 Unrealized +15.0%

CIFR CIPHER DIGITAL INC 0.1%

Value $860K (-4.2%) Shares 66,855 (+9.9%) Est. Cost $8.36 Unrealized +99.4%

SPCB SUPERCOM LTD NEW 0.2%

Value $1.065M (-0.8%) Shares 135,971 (+14.7%) Est. Cost $9.51 Unrealized -8.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GPGI	GPGI INC	8,465,789 (+101.7%)	$145M (+78.9%)	21.5%	$18.66	+25.2%	COM CL A	20459V105
WLFC	WILLIS LEASE FIN CORP	18,002 (+50.0%)	$3.065M (+88.3%)	0.5%	$151.22	+20.7%	COM	970646105
CNVS	CINEVERSE CORP	1,119,650 (+45.7%)	$2.687M (+65.7%)	0.4%	$1.85	+22.4%	COM CL A	172406308
GLNG	GOLAR LNG LTD	27,503 (+83.3%)	$1.488M (+166.6%)	0.2%	$40.17	+2.9%	SHS	G9456A100
RHLD	RESOLUTE HLDGS MGMT INC	259,091 (+24.7%)	$42.05M (-2.0%)	6.2%	$91.54	+116.2%	COM	76134H101
ALTO	ALTO INGREDIENTS INC	260,200 (+4.0%)	$1.259M (+74.8%)	0.2%	$1.91	+36.0%	COM	021513106
IOVA	IOVANCE BIOTHERAPEUTICS INC	350,000 (+16.7%)	$1.228M (+50.0%)	0.2%	$2.37	+13.3%	COM	462260100
CBL	CBL & ASSOC PPTYS INC	27,183 (+58.2%)	$1.045M (+64.3%)	0.2%	$37.53	—	COMMON STOCK	124830878
CHCI	COMSTOCK HLDG COS INC	49,236 (+8.4%)	$933K (+76.6%)	0.1%	$7.15	+60.9%	CL A NEW	205684202
VPG	VISHAY PRECISION GROUP INC	31,002 (+24.0%)	$1.346M (+39.8%)	0.2%	$28.81	+60.4%	COM	92835K103
OFLX	OMEGA FLEX INC	27,792 (+38.7%)	$863K (+46.3%)	0.1%	$30.10	+13.4%	COM	682095104
AMZN	AMAZON COM INC	6,001 (+33.3%)	$1.25M (+20.3%)	0.2%	$205.12	+10.6%	COM	023135106
HROW	HARROW INC	19,000 (+90.0%)	$670K (+36.7%)	0.1%	$44.89	+7.2%	COM	415858109
JAKK	JAKKS PAC INC	23,970 (+20.3%)	$477K (+41.9%)	0.1%	$20.30	-7.0%	COM NEW	47012E403
PESI	PERMA-FIX ENVIRONMENTAL SVCS	37,649 (+73.9%)	$402K (+47.7%)	0.1%	$12.51	+15.8%	COM NEW	714157203
AQST	AQUESTIVE THERAPEUTICS INC	70,000 (+16.7%)	$291K (-25.1%)	0.0%	$5.92	-32.0%	COM	03843E104
HNRG	HALLADOR ENERGY COMPANY	41,009 (+26.1%)	$668K (+7.9%)	0.1%	$16.68	+15.0%	COM	40609P105
CIFR	CIPHER DIGITAL INC	66,855 (+9.9%)	$860K (-4.2%)	0.1%	$8.36	+99.4%	COM	17253J106
SPCB	SUPERCOM LTD NEW	135,971 (+14.7%)	$1.065M (-0.8%)	0.2%	$9.51	-8.4%	ORD SHS	M87095309

Exited Positions (38)

GPGI COMPOSECURE INC 4.2%

Value $28.09M Shares 1,456,900 Est. Cost $18.66 Unrealized +25.2%

VRT VERTIV HOLDINGS CO 1.7%

Value $11.42M Shares 70,500 Est. Cost $11.50 Unrealized +1638.3%

ITRG INTEGRA RES CORP 0.3%

Value $1.905M Shares 475,000 Est. Cost $3.37 Unrealized +17.4%

ALEX ALEXANDER & BALDWIN INC NEW 0.2%

Value $1.445M Shares 70,000 Est. Cost $20.64 Unrealized —

OWL BLUE OWL CAPITAL INC 0.2%

Value $1.121M Shares 75,000 Est. Cost $15.64 Unrealized -12.2%

NVRI ENVIRI CORP 0.1%

Value $896K Shares 50,000 Est. Cost $14.90 Unrealized +25.6%

DUOT DUOS TECHNOLOGIES GROUP INC 0.1%

Value $788K Shares 70,022 Est. Cost $7.12 Unrealized +37.6%

IJK ISHARES TR 0.1%

Value $759K Shares 7,833 Est. Cost $90.93 Unrealized —

HBIO HARVARD BIOSCIENCE INC 0.1%

Value $741K Shares 1,108,692 Est. Cost $0.58 Unrealized -0.3%

FOUR SHIFT4 PMTS INC 0.1%

Value $633K Shares 10,059 Est. Cost $87.24 Unrealized -30.3%

BTI BRITISH AMERN TOB PLC 0.1%

Value $623K Shares 11,003 Est. Cost $47.33 Unrealized —

IAC IAC INC 0.1%

Value $560K Shares 14,325 Est. Cost $36.47 Unrealized +3.3%

EVLV EVOLV TECHNOLOGIES HLDNGS IN 0.1%

Value $502K Shares 70,087 Est. Cost $7.11 Unrealized -14.4%

PRTH PRIORITY TECHNOLOGY HLDGS IN 0.1%

Value $493K Shares 90,432 Est. Cost $5.20 Unrealized +9.3%

FTAI FTAI AVIATION LTD 0.1%

Value $492K Shares 2,500 Est. Cost $141.79 Unrealized +91.0%

KZIA KAZIA THERAPEUTICS LTD 0.1%

Value $470K Shares 70,000 Est. Cost $6.72 Unrealized —

KODK EASTMAN KODAK CO 0.1%

Value $462K Shares 54,603 Est. Cost $7.48 Unrealized +1.9%

INFQ CHURCHILL CAP CORP X 0.1%

Value $390K Shares 25,000 Est. Cost $15.60 Unrealized -13.1%

CRH CRH PLC 0.0%

Value $330K Shares 2,644 Est. Cost $58.12 Unrealized +113.9%

CCLD CARECLOUD INC 0.0%

Value $321K Shares 110,011 Est. Cost $3.04 Unrealized -11.8%

HOOD ROBINHOOD MKTS INC 0.0%

Value $317K Shares 2,800 Est. Cost $59.18 Unrealized +61.8%

VELO VELO3D INC 0.0%

Value $275K Shares 20,000 Est. Cost $13.74 Unrealized —

QUIK QUICKLOGIC CORP 0.0%

Value $264K Shares 43,930 Est. Cost $5.91 Unrealized +29.3%

SOFI SOFI TECHNOLOGIES INC 0.0%

Value $209K Shares 8,002 Est. Cost $23.73 Unrealized -1.9%

PROF PROFOUND MED CORP 0.0%

Value $208K Shares 26,420 Est. Cost $6.43 Unrealized +15.7%

DGXX DIGI PWR X INC 0.0%

Value $204K Shares 80,000 Est. Cost $1.89 Unrealized +42.1%

DCTH DELCATH SYS INC 0.0%

Value $202K Shares 20,000 Est. Cost $9.94 Unrealized +0.5%

BWEN BROADWIND INC 0.0%

Value $142K Shares 50,000 Est. Cost $2.44 Unrealized +23.6%

DJT TRUMP MEDIA & TECHNOLOGY GRO 0.0%

Value $132K Shares 10,000 Est. Cost $13.64 Unrealized -7.9%

THRY THRYV HLDGS INC 0.0%

Value $121K Shares 20,000 Est. Cost $7.92 Unrealized -41.8%

BULL WEBULL CORP 0.0%

Value $93,240 Shares 12,000 Est. Cost $10.06 Unrealized -28.9%

SNES SENESTECH INC 0.0%

Value $81,675 Shares 38,166 Est. Cost $2.86 Unrealized -27.8%

ASPI ASP ISOTOPES INC 0.0%

Value $80,250 Shares 15,000 Est. Cost $9.22 Unrealized -30.1%

CLVT CLARIVATE PLC 0.0%

Value $66,800 Shares 20,000 Est. Cost $3.56 Unrealized -27.2%

ZDGE ZEDGE INC 0.0%

Value $43,198 Shares 13,170 Est. Cost $2.59 Unrealized +29.8%

MODD MODULAR MED INC 0.0%

Value $36,410 Shares 100,000 Est. Cost $1.83 Unrealized -75.1%

YTRA YATRA ONLINE INC 0.0%

Value $35,600 Shares 20,000 Est. Cost $1.65 Unrealized -3.6%

INVZ INNOVIZ TECHNOLOGIES LTD 0.0%

Value $21,328 Shares 25,000 Est. Cost $0.87 Unrealized +17.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GPGI	COMPOSECURE INC	1,456,900	$28.09M	4.2%	$18.66	+25.2%	CALL	20459V105
VRT	VERTIV HOLDINGS CO	70,500	$11.42M	1.7%	$11.50	+1638.3%	CALL	92537N108
ITRG	INTEGRA RES CORP	475,000	$1.905M	0.3%	$3.37	+17.4%	—	45826T509
ALEX	ALEXANDER & BALDWIN INC NEW	70,000	$1.445M	0.2%	$20.64	—	—	014491104
OWL	BLUE OWL CAPITAL INC	75,000	$1.121M	0.2%	$15.64	-12.2%	—	09581B103
NVRI	ENVIRI CORP	50,000	$896K	0.1%	$14.90	+25.6%	—	415864107
DUOT	DUOS TECHNOLOGIES GROUP INC	70,022	$788K	0.1%	$7.12	+37.6%	—	266042407
IJK	ISHARES TR	7,833	$759K	0.1%	$90.93	—	—	464287606
HBIO	HARVARD BIOSCIENCE INC	1,108,692	$741K	0.1%	$0.58	-0.3%	—	416906105
FOUR	SHIFT4 PMTS INC	10,059	$633K	0.1%	$87.24	-30.3%	—	82452J109
BTI	BRITISH AMERN TOB PLC	11,003	$623K	0.1%	$47.33	—	—	110448107
IAC	IAC INC	14,325	$560K	0.1%	$36.47	+3.3%	—	44891N208
EVLV	EVOLV TECHNOLOGIES HLDNGS IN	70,087	$502K	0.1%	$7.11	-14.4%	—	30049H102
PRTH	PRIORITY TECHNOLOGY HLDGS IN	90,432	$493K	0.1%	$5.20	+9.3%	—	74275G107
FTAI	FTAI AVIATION LTD	2,500	$492K	0.1%	$141.79	+91.0%	—	G3730V105
KZIA	KAZIA THERAPEUTICS LTD	70,000	$470K	0.1%	$6.72	—	—	48669G303
KODK	EASTMAN KODAK CO	54,603	$462K	0.1%	$7.48	+1.9%	—	277461406
INFQ	CHURCHILL CAP CORP X	25,000	$390K	0.1%	$15.60	-13.1%	—	G2130T108
CRH	CRH PLC	2,644	$330K	0.0%	$58.12	+113.9%	—	G25508105
CCLD	CARECLOUD INC	110,011	$321K	0.0%	$3.04	-11.8%	—	14167R100
HOOD	ROBINHOOD MKTS INC	2,800	$317K	0.0%	$59.18	+61.8%	—	770700102
VELO	VELO3D INC	20,000	$275K	0.0%	$13.74	—	—	92259N302
QUIK	QUICKLOGIC CORP	43,930	$264K	0.0%	$5.91	+29.3%	—	74837P405
SOFI	SOFI TECHNOLOGIES INC	8,002	$209K	0.0%	$23.73	-1.9%	—	83406F102
PROF	PROFOUND MED CORP	26,420	$208K	0.0%	$6.43	+15.7%	—	74319B502
DGXX	DIGI PWR X INC	80,000	$204K	0.0%	$1.89	+42.1%	—	25380B102
DCTH	DELCATH SYS INC	20,000	$202K	0.0%	$9.94	+0.5%	—	24661P807
BWEN	BROADWIND INC	50,000	$142K	0.0%	$2.44	+23.6%	—	11161T207
DJT	TRUMP MEDIA & TECHNOLOGY GRO	10,000	$132K	0.0%	$13.64	-7.9%	—	25400Q105
THRY	THRYV HLDGS INC	20,000	$121K	0.0%	$7.92	-41.8%	—	886029206
BULL	WEBULL CORP	12,000	$93,240	0.0%	$10.06	-28.9%	—	G9572D103
SNES	SENESTECH INC	38,166	$81,675	0.0%	$2.86	-27.8%	—	81720R604
ASPI	ASP ISOTOPES INC	15,000	$80,250	0.0%	$9.22	-30.1%	—	00218A105
CLVT	CLARIVATE PLC	20,000	$66,800	0.0%	$3.56	-27.2%	—	G21810109
ZDGE	ZEDGE INC	13,170	$43,198	0.0%	$2.59	+29.8%	—	98923T104
MODD	MODULAR MED INC	100,000	$36,410	0.0%	$1.83	-75.1%	—	60785L207
YTRA	YATRA ONLINE INC	20,000	$35,600	0.0%	$1.65	-3.6%	—	G98338109
INVZ	INNOVIZ TECHNOLOGIES LTD	25,000	$21,328	0.0%	$0.87	+17.0%	—	M5R635108

Decreased Positions (32)

VRT VERTIV HOLDINGS CO 21.5%

Value $145M (+50.4%) Shares 577,152 (-2.8%) Est. Cost $11.50 Unrealized +1638.3%

ALIT ALIGHT INC 0.3%

Value $2.215M (-91.0%) Shares 3,800,801 (-70.0%) Est. Cost $2.46 Unrealized -40.6%

GDDY GODADDY INC 0.1%

Value $716K (-93.8%) Shares 8,662 (-90.7%) Est. Cost $70.75 Unrealized +42.2%

OWLT OWLET INC 0.0%

Value $136K (-92.0%) Shares 26,388 (-74.7%) Est. Cost $4.36 Unrealized +194.8%

LAUR LAUREATE ED INC 9.5%

Value $63.78M (+2.4%) Shares 1,830,790 (-1.1%) Est. Cost $10.83 Unrealized +219.4%

SPGI S&P GLOBAL INC 0.4%

Value $2.777M (-33.6%) Shares 6,529 (-18.4%) Est. Cost $487.63 Unrealized -0.5%

APG API GROUP CORP 4.3%

Value $28.71M (+4.4%) Shares 708,630 (-1.4%) Est. Cost $20.21 Unrealized +111.9%

APO APOLLO GLOBAL MGMT INC 0.2%

Value $1.43M (-41.3%) Shares 12,832 (-23.8%) Est. Cost $56.25 Unrealized +137.2%

IREN IREN LIMITED 0.7%

Value $4.46M (-17.2%) Shares 130,115 (-8.8%) Est. Cost $11.57 Unrealized +317.2%

PSIX POWER SOLUTIONS INTL INC 0.1%

Value $404K (-66.5%) Shares 6,639 (-68.6%) Est. Cost $40.11 Unrealized +95.9%

PBI PITNEY BOWES INC 0.1%

Value $481K (-62.3%) Shares 43,495 (-63.9%) Est. Cost $7.15 Unrealized +46.1%

ONIT ONITY GROUP INC 0.1%

Value $471K (-61.9%) Shares 12,003 (-55.5%) Est. Cost $37.58 Unrealized +22.7%

VOYA VOYA FINANCIAL INC 0.3%

Value $2.038M (-26.7%) Shares 29,837 (-20.1%) Est. Cost $31.98 Unrealized +135.6%

CHDN CHURCHILL DOWNS INC 0.2%

Value $1.647M (-28.8%) Shares 18,333 (-9.8%) Est. Cost $89.28 Unrealized +11.8%

SPXC SPX TECHNOLOGIES INC 2.9%

Value $19.53M (-3.0%) Shares 97,662 (-3.0%) Est. Cost $159.39 Unrealized —

LODE COMSTOCK INC 0.2%

Value $1.602M (-22.6%) Shares 525,118 (-4.5%) Est. Cost $3.12 Unrealized +8.3%

WLAC WILLOW LANE ACQUISITION CORP 0.0%

Value $274K (-61.1%) Shares 25,728 (-53.8%) Est. Cost $12.30 Unrealized -4.8%

AMPG AMPLITECH GROUP INC 0.0%

Value $132K (-74.2%) Shares 69,722 (-59.4%) Est. Cost $3.32 Unrealized -3.2%

IQV IQVIA HLDGS INC 0.1%

Value $502K (-31.3%) Shares 2,943 (-9.3%) Est. Cost $102.50 Unrealized +105.0%

DLO DLOCAL LTD 0.1%

Value $623K (-26.6%) Shares 48,015 (-20.0%) Est. Cost $11.14 Unrealized +21.8%

MRVL MARVELL TECHNOLOGY INC 0.0%

Value $248K (-41.7%) Shares 2,504 (-50.0%) Est. Cost $66.76 Unrealized +21.4%

GBFH GBANK FINL HLDGS INC 0.1%

Value $362K (-31.2%) Shares 13,528 (-12.9%) Est. Cost $37.79 Unrealized -13.3%

FPH FIVE POINT HOLDINGS LLC 0.1%

Value $509K (-20.9%) Shares 105,064 (-8.7%) Est. Cost $5.35 Unrealized +3.0%

LQDA LIQUIDIA CORPORATION 0.1%

Value $566K (-17.9%) Shares 15,000 (-25.0%) Est. Cost $28.47 Unrealized +33.2%

NN NEXTNAV INC 0.0%

Value $317K (-26.1%) Shares 19,790 (-23.3%) Est. Cost $5.69 Unrealized +173.5%

RAVE RAVE RESTAURANT GROUP INC 0.1%

Value $385K (-21.4%) Shares 145,302 (-2.1%) Est. Cost $1.69 Unrealized +89.1%

TK TEEKAY CORPORATION LTD 0.1%

Value $595K (+12.2%) Shares 48,715 (-17.0%) Est. Cost $6.91 Unrealized +50.9%

INTC INTEL CORP 0.0%

Value $309K (-16.3%) Shares 7,004 (-30.0%) Est. Cost $24.23 Unrealized +91.6%

GTX GARRETT MOTION INC 0.1%

Value $827K (-6.1%) Shares 45,530 (-9.9%) Est. Cost $7.81 Unrealized +142.0%

MNY MONEYHERO LTD 0.0%

Value $270K (-16.4%) Shares 204,870 (-20.2%) Est. Cost $1.68 Unrealized -24.0%

BGC BGC GROUP INC 0.2%

Value $1.21M (-1.6%) Shares 123,738 (-10.2%) Est. Cost $8.12 Unrealized +12.2%

EVC ENTRAVISION COMMUNICATIONS C 0.1%

Value $643K (-0.9%) Shares 216,504 (-2.3%) Est. Cost $2.25 Unrealized +36.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VRT	VERTIV HOLDINGS CO	577,152 (-2.8%)	$145M (+50.4%)	21.5%	$11.50	+1638.3%	COM CL A	92537N108
ALIT	ALIGHT INC	3,800,801 (-70.0%)	$2.215M (-91.0%)	0.3%	$2.46	-40.6%	COM CL A	01626W101
GDDY	GODADDY INC	8,662 (-90.7%)	$716K (-93.8%)	0.1%	$70.75	+42.2%	CL A	380237107
OWLT	OWLET INC	26,388 (-74.7%)	$136K (-92.0%)	0.0%	$4.36	+194.8%	CL A NEW	69120X206
LAUR	LAUREATE ED INC	1,830,790 (-1.1%)	$63.78M (+2.4%)	9.5%	$10.83	+219.4%	COMMON STOCK	518613203
SPGI	S&P GLOBAL INC	6,529 (-18.4%)	$2.777M (-33.6%)	0.4%	$487.63	-0.5%	COM	78409V104
APG	API GROUP CORP	708,630 (-1.4%)	$28.71M (+4.4%)	4.3%	$20.21	+111.9%	COM STK	00187Y100
APO	APOLLO GLOBAL MGMT INC	12,832 (-23.8%)	$1.43M (-41.3%)	0.2%	$56.25	+137.2%	COM	03769M106
IREN	IREN LIMITED	130,115 (-8.8%)	$4.46M (-17.2%)	0.7%	$11.57	+317.2%	ORDINARY SHARES	Q4982L109
PSIX	POWER SOLUTIONS INTL INC	6,639 (-68.6%)	$404K (-66.5%)	0.1%	$40.11	+95.9%	COM NEW	73933G202
PBI	PITNEY BOWES INC	43,495 (-63.9%)	$481K (-62.3%)	0.1%	$7.15	+46.1%	COM	724479100
ONIT	ONITY GROUP INC	12,003 (-55.5%)	$471K (-61.9%)	0.1%	$37.58	+22.7%	COM NEW	675746606
VOYA	VOYA FINANCIAL INC	29,837 (-20.1%)	$2.038M (-26.7%)	0.3%	$31.98	+135.6%	COM	929089100
CHDN	CHURCHILL DOWNS INC	18,333 (-9.8%)	$1.647M (-28.8%)	0.2%	$89.28	+11.8%	COM	171484108
SPXC	SPX TECHNOLOGIES INC	97,662 (-3.0%)	$19.53M (-3.0%)	2.9%	$159.39	—	COM	78473E103
LODE	COMSTOCK INC	525,118 (-4.5%)	$1.602M (-22.6%)	0.2%	$3.12	+8.3%	COM SHS	205750409
WLAC	WILLOW LANE ACQUISITION CORP	25,728 (-53.8%)	$274K (-61.1%)	0.0%	$12.30	-4.8%	ORD SHS CL A	G9675P102
AMPG	AMPLITECH GROUP INC	69,722 (-59.4%)	$132K (-74.2%)	0.0%	$3.32	-3.2%	COM NEW	03211Q200
IQV	IQVIA HLDGS INC	2,943 (-9.3%)	$502K (-31.3%)	0.1%	$102.50	+105.0%	COM	46266C105
DLO	DLOCAL LTD	48,015 (-20.0%)	$623K (-26.6%)	0.1%	$11.14	+21.8%	CLASS A COM	G29018101
MRVL	MARVELL TECHNOLOGY INC	2,504 (-50.0%)	$248K (-41.7%)	0.0%	$66.76	+21.4%	COM	573874104
GBFH	GBANK FINL HLDGS INC	13,528 (-12.9%)	$362K (-31.2%)	0.1%	$37.79	-13.3%	COM	36166F100
FPH	FIVE POINT HOLDINGS LLC	105,064 (-8.7%)	$509K (-20.9%)	0.1%	$5.35	+3.0%	COM CL A	33833Q106
LQDA	LIQUIDIA CORPORATION	15,000 (-25.0%)	$566K (-17.9%)	0.1%	$28.47	+33.2%	COM NEW	53635D202
NN	NEXTNAV INC	19,790 (-23.3%)	$317K (-26.1%)	0.0%	$5.69	+173.5%	COMMON STOCK	65345N106
RAVE	RAVE RESTAURANT GROUP INC	145,302 (-2.1%)	$385K (-21.4%)	0.1%	$1.69	+89.1%	COM	754198109
TK	TEEKAY CORPORATION LTD	48,715 (-17.0%)	$595K (+12.2%)	0.1%	$6.91	+50.9%	SHS	G8726T105
INTC	INTEL CORP	7,004 (-30.0%)	$309K (-16.3%)	0.0%	$24.23	+91.6%	COM	458140100
GTX	GARRETT MOTION INC	45,530 (-9.9%)	$827K (-6.1%)	0.1%	$7.81	+142.0%	COM	366505105
MNY	MONEYHERO LTD	204,870 (-20.2%)	$270K (-16.4%)	0.0%	$1.68	-24.0%	ORD SHS	G6202B101
BGC	BGC GROUP INC	123,738 (-10.2%)	$1.21M (-1.6%)	0.2%	$8.12	+12.2%	CL A	088929104
EVC	ENTRAVISION COMMUNICATIONS C	216,504 (-2.3%)	$643K (-0.9%)	0.1%	$2.25	+36.0%	CL A	29382R107

Unchanged Positions (62)

MIR MIRION TECHNOLOGIES INC 2.7%

Value $18.26M Shares 982,419 Est. Cost $10.36 Unrealized +133.3%

MSFT MICROSOFT CORP 1.3%

Value $8.678M Shares 23,444 Est. Cost $117.32 Unrealized +270.4%

SPY STATE STR SPDR S&P 500 ETF T 3.7%

Value $25.04M Shares 38,507 Est. Cost $568.98 Unrealized —

AON AON PLC 1.9%

Value $12.94M Shares 40,101 Est. Cost $191.78 Unrealized +75.2%

GOOGL ALPHABET INC 1.7%

Value $11.34M Shares 39,440 Est. Cost $285.60 Unrealized +13.2%

FEIM FREQUENCY ELECTRS INC 0.4%

Value $2.659M Shares 60,070 Est. Cost $24.39 Unrealized +117.3%

MU MICRON TECHNOLOGY INC 0.5%

Value $3.379M Shares 10,001 Est. Cost $93.22 Unrealized +315.2%

TPB TURNING PT BRANDS INC 0.3%

Value $2.02M Shares 23,274 Est. Cost $29.67 Unrealized +313.6%

QQQ INVESCO QQQ TR 1.1%

Value $7.701M Shares 13,342 Est. Cost $477.97 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 1.5%

Value $9.846M Shares 20,547 Est. Cost $185.20 Unrealized +166.5%

BW BABCOCK & WILCOX ENTERPRISES 0.1%

Value $735K Shares 50,000 Est. Cost $4.93 Unrealized +80.3%

NBIS NEBIUS GROUP N.V. 0.3%

Value $2.035M Shares 19,611 Est. Cost $25.69 Unrealized +275.3%

COF CAPITAL ONE FINL CORP 0.1%

Value $909K Shares 4,981 Est. Cost $185.05 Unrealized +20.6%

NLOP NET LEASE OFFICE PROPERTIES 0.0%

Value $223K Shares 19,317 Est. Cost $24.02 Unrealized —

KKR KKR & CO INC 0.1%

Value $725K Shares 7,834 Est. Cost $36.10 Unrealized +217.9%

NPK NATIONAL PRESTO INDS INC 0.2%

Value $1.099M Shares 8,022 Est. Cost $80.38 Unrealized +53.4%

DAC DANAOS CORPORATION 0.2%

Value $1.419M Shares 12,601 Est. Cost $80.64 Unrealized +27.9%

AM ANTERO MIDSTREAM CORP 0.1%

Value $958K Shares 42,004 Est. Cost $14.21 Unrealized +34.3%

BELFB BEL FUSE INC 0.2%

Value $1.432M Shares 7,234 Est. Cost $53.14 Unrealized +295.8%

ACTG ACACIA RESH CORP 0.1%

Value $802K Shares 166,672 Est. Cost $3.49 Unrealized +12.9%

UNFI UNITED NA FOODS INC 0.1%

Value $676K Shares 15,000 Est. Cost $37.18 Unrealized -0.6%

APP APPLOVIN CORP 0.0%

Value $239K Shares 600 Est. Cost $461.14 Unrealized +10.0%

AAPL APPLE INC 0.3%

Value $2.281M Shares 8,986 Est. Cost $97.19 Unrealized +170.4%

OPY OPPENHEIMER HLDGS INC 0.1%

Value $797K Shares 8,941 Est. Cost $42.27 Unrealized +94.5%

ELMD ELECTROMED INC 0.1%

Value $599K Shares 25,574 Est. Cost $13.49 Unrealized +102.7%

MSGS MADISON SQUARE GRDN SPRT COR 0.1%

Value $746K Shares 2,321 Est. Cost $114.87 Unrealized +149.7%

PYPL PAYPAL HLDGS INC 0.1%

Value $452K Shares 10,000 Est. Cost $64.84 Unrealized -22.8%

TGEN TECOGEN INC NEW 0.0%

Value $141K Shares 55,017 Est. Cost $4.01 Unrealized +5.1%

SDRL SEADRILL LTD 0.1%

Value $546K Shares 12,003 Est. Cost $27.90 Unrealized +39.7%

GLD SPDR GOLD TR 0.2%

Value $1.566M Shares 3,640 Est. Cost $235.76 Unrealized —

TLN TALEN ENERGY CORP 0.1%

Value $638K Shares 2,000 Est. Cost $138.87 Unrealized +165.2%

XLE SELECT SECTOR SPDR TR 0.1%

Value $409K Shares 6,672 Est. Cost $61.86 Unrealized —

MS MORGAN STANLEY 0.2%

Value $1.286M Shares 7,815 Est. Cost $42.54 Unrealized +322.4%

MFIN MEDALLION FINANCIAL CORP 0.1%

Value $495K Shares 57,849 Est. Cost $7.05 Unrealized +45.0%

GLRE GREENLIGHT CAP RE LTD 0.1%

Value $615K Shares 35,591 Est. Cost $7.62 Unrealized +82.0%

SUNS SUNRISE RLTY TR INC 0.1%

Value $389K Shares 50,704 Est. Cost $9.66 Unrealized —

ECPG ENCORE CAP GROUP INC 0.1%

Value $368K Shares 5,247 Est. Cost $41.07 Unrealized +37.9%

BN BROOKFIELD CORP 0.1%

Value $607K Shares 15,001 Est. Cost $36.16 Unrealized +29.1%

MRX MAREX GROUP PLC 0.1%

Value $582K Shares 13,060 Est. Cost $21.77 Unrealized +84.1%

MPTI M-TRON INDS INC 0.1%

Value $383K Shares 5,735 Est. Cost $44.82 Unrealized +40.4%

IWO ISHARES TR 0.4%

Value $2.662M Shares 8,484 Est. Cost $243.74 Unrealized —

KMI KINDER MORGAN INC DEL 0.1%

Value $396K Shares 11,816 Est. Cost $14.54 Unrealized +104.6%

LWAY LIFEWAY FOODS INC 0.0%

Value $279K Shares 14,426 Est. Cost $17.66 Unrealized +25.0%

LGCY LEGACY ED INC 0.1%

Value $375K Shares 29,939 Est. Cost $11.00 Unrealized -1.9%

JOE ST JOE CO 0.2%

Value $1.256M Shares 20,004 Est. Cost $52.11 Unrealized +27.4%

LMB LIMBACH HLDGS INC 3.6%

Value $24.3M Shares 311,343 Est. Cost $46.53 Unrealized +85.3%

NVDA NVIDIA CORPORATION 0.1%

Value $872K Shares 5,001 Est. Cost $125.82 Unrealized +48.3%

AER AERCAP HOLDINGS NV 0.2%

Value $1.091M Shares 7,951 Est. Cost $95.26 Unrealized +53.0%

TECK TECK RESOURCES LTD 0.1%

Value $543K Shares 10,489 Est. Cost $22.77 Unrealized +141.5%

GNW GENWORTH FINL INC 0.1%

Value $348K Shares 42,904 Est. Cost $4.01 Unrealized +115.5%

CNX CNX RES CORP 0.1%

Value $845K Shares 21,932 Est. Cost $12.35 Unrealized +206.1%

NATH NATHANS FAMOUS INC 0.1%

Value $478K Shares 4,746 Est. Cost $68.88 Unrealized +42.5%

RTX RTX CORPORATION 0.1%

Value $655K Shares 3,396 Est. Cost $110.58 Unrealized +77.8%

CODA CODA OCTOPUS GROUP INC 0.0%

Value $163K Shares 14,438 Est. Cost $6.87 Unrealized +69.5%

CLS CELESTICA INC 0.1%

Value $563K Shares 2,000 Est. Cost $106.30 Unrealized +183.1%

MHO M/I HOMES INC 0.1%

Value $535K Shares 4,368 Est. Cost $42.95 Unrealized +221.0%

VBNK VERSABANK NEW 0.1%

Value $347K Shares 24,511 Est. Cost $12.27 Unrealized —

ILPT INDUSTRIAL LOGISTICS PPTYS T 0.1%

Value $719K Shares 126,549 Est. Cost $3.30 Unrealized —

MDY STATE STR SPDR S&P MIDCAP 40 0.1%

Value $368K Shares 597 Est. Cost $563.73 Unrealized —

PPIH PERMA-PIPE INTL HLDGS INC 0.0%

Value $250K Shares 8,377 Est. Cost $19.30 Unrealized +63.2%

GFF GRIFFON CORP 0.0%

Value $331K Shares 4,549 Est. Cost $31.21 Unrealized +172.4%

EXE EXPAND ENERGY CORPORATION 0.1%

Value $369K Shares 3,362 Est. Cost $95.61 Unrealized +10.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MIR	MIRION TECHNOLOGIES INC	982,419	$18.26M	2.7%	$10.36	+133.3%	COM CL A	60471A101
MSFT	MICROSOFT CORP	23,444	$8.678M	1.3%	$117.32	+270.4%	COM	594918104
SPY	STATE STR SPDR S&P 500 ETF T	38,507	$25.04M	3.7%	$568.98	—	TR UNIT	78462F103
AON	AON PLC	40,101	$12.94M	1.9%	$191.78	+75.2%	SHS CL A	G0403H108
GOOGL	ALPHABET INC	39,440	$11.34M	1.7%	$285.60	+13.2%	CAP STK CL A	02079K305
FEIM	FREQUENCY ELECTRS INC	60,070	$2.659M	0.4%	$24.39	+117.3%	COM	358010106
MU	MICRON TECHNOLOGY INC	10,001	$3.379M	0.5%	$93.22	+315.2%	COM	595112103
TPB	TURNING PT BRANDS INC	23,274	$2.02M	0.3%	$29.67	+313.6%	COM	90041L105
QQQ	INVESCO QQQ TR	13,342	$7.701M	1.1%	$477.97	—	UNIT SER 1	46090E103
BRK/B	BERKSHIRE HATHAWAY INC DEL	20,547	$9.846M	1.5%	$185.20	+166.5%	CL B NEW	084670702
BW	BABCOCK & WILCOX ENTERPRISES	50,000	$735K	0.1%	$4.93	+80.3%	COM	05614L209
NBIS	NEBIUS GROUP N.V.	19,611	$2.035M	0.3%	$25.69	+275.3%	SHS CLASS A	N97284108
COF	CAPITAL ONE FINL CORP	4,981	$909K	0.1%	$185.05	+20.6%	COM	14040H105
NLOP	NET LEASE OFFICE PROPERTIES	19,317	$223K	0.0%	$24.02	—	COM	64110Y108
KKR	KKR & CO INC	7,834	$725K	0.1%	$36.10	+217.9%	COM	48251W104
NPK	NATIONAL PRESTO INDS INC	8,022	$1.099M	0.2%	$80.38	+53.4%	COM	637215104
DAC	DANAOS CORPORATION	12,601	$1.419M	0.2%	$80.64	+27.9%	SHS	Y1968P121
AM	ANTERO MIDSTREAM CORP	42,004	$958K	0.1%	$14.21	+34.3%	COM	03676B102
BELFB	BEL FUSE INC	7,234	$1.432M	0.2%	$53.14	+295.8%	CL B	077347300
ACTG	ACACIA RESH CORP	166,672	$802K	0.1%	$3.49	+12.9%	ACACIA TCH COM	003881307
UNFI	UNITED NA FOODS INC	15,000	$676K	0.1%	$37.18	-0.6%	COM	911163103
APP	APPLOVIN CORP	600	$239K	0.0%	$461.14	+10.0%	COM CL A	03831W108
AAPL	APPLE INC	8,986	$2.281M	0.3%	$97.19	+170.4%	COM	037833100
OPY	OPPENHEIMER HLDGS INC	8,941	$797K	0.1%	$42.27	+94.5%	CL A NON VTG	683797104
ELMD	ELECTROMED INC	25,574	$599K	0.1%	$13.49	+102.7%	COM	285409108
MSGS	MADISON SQUARE GRDN SPRT COR	2,321	$746K	0.1%	$114.87	+149.7%	CL A	55825T103
PYPL	PAYPAL HLDGS INC	10,000	$452K	0.1%	$64.84	-22.8%	COM	70450Y103
TGEN	TECOGEN INC NEW	55,017	$141K	0.0%	$4.01	+5.1%	COM NEW	87876P201
SDRL	SEADRILL LTD	12,003	$546K	0.1%	$27.90	+39.7%	COM	G7997W102
GLD	SPDR GOLD TR	3,640	$1.566M	0.2%	$235.76	—	GOLD SHS	78463V107
TLN	TALEN ENERGY CORP	2,000	$638K	0.1%	$138.87	+165.2%	COM	87422Q109
XLE	SELECT SECTOR SPDR TR	6,672	$409K	0.1%	$61.86	—	STATE STREET ENE	81369Y506
MS	MORGAN STANLEY	7,815	$1.286M	0.2%	$42.54	+322.4%	COM NEW	617446448
MFIN	MEDALLION FINANCIAL CORP	57,849	$495K	0.1%	$7.05	+45.0%	COM	583928106
GLRE	GREENLIGHT CAP RE LTD	35,591	$615K	0.1%	$7.62	+82.0%	CLASS A	G4095J109
SUNS	SUNRISE RLTY TR INC	50,704	$389K	0.1%	$9.66	—	COM	867981102
ECPG	ENCORE CAP GROUP INC	5,247	$368K	0.1%	$41.07	+37.9%	COM	292554102
BN	BROOKFIELD CORP	15,001	$607K	0.1%	$36.16	+29.1%	CL A LTD VT SH	11271J107
MRX	MAREX GROUP PLC	13,060	$582K	0.1%	$21.77	+84.1%	ORD	G5S37H101
MPTI	M-TRON INDS INC	5,735	$383K	0.1%	$44.82	+40.4%	COM	55380K109
IWO	ISHARES TR	8,484	$2.662M	0.4%	$243.74	—	RUS 2000 GRW ETF	464287648
KMI	KINDER MORGAN INC DEL	11,816	$396K	0.1%	$14.54	+104.6%	COM	49456B101
LWAY	LIFEWAY FOODS INC	14,426	$279K	0.0%	$17.66	+25.0%	COM	531914109
LGCY	LEGACY ED INC	29,939	$375K	0.1%	$11.00	-1.9%	COM	52474R207
JOE	ST JOE CO	20,004	$1.256M	0.2%	$52.11	+27.4%	COM	790148100
LMB	LIMBACH HLDGS INC	311,343	$24.3M	3.6%	$46.53	+85.3%	COM	53263P105
NVDA	NVIDIA CORPORATION	5,001	$872K	0.1%	$125.82	+48.3%	COM	67066G104
AER	AERCAP HOLDINGS NV	7,951	$1.091M	0.2%	$95.26	+53.0%	SHS	N00985106
TECK	TECK RESOURCES LTD	10,489	$543K	0.1%	$22.77	+141.5%	CL B	878742204
GNW	GENWORTH FINL INC	42,904	$348K	0.1%	$4.01	+115.5%	COM SHS	37247D106
CNX	CNX RES CORP	21,932	$845K	0.1%	$12.35	+206.1%	COM	12653C108
NATH	NATHANS FAMOUS INC	4,746	$478K	0.1%	$68.88	+42.5%	COM	632347100
RTX	RTX CORPORATION	3,396	$655K	0.1%	$110.58	+77.8%	COM	75513E101
CODA	CODA OCTOPUS GROUP INC	14,438	$163K	0.0%	$6.87	+69.5%	COM NEW	19188U206
CLS	CELESTICA INC	2,000	$563K	0.1%	$106.30	+183.1%	COM	15101Q207
MHO	M/I HOMES INC	4,368	$535K	0.1%	$42.95	+221.0%	COM	55305B101
VBNK	VERSABANK NEW	24,511	$347K	0.1%	$12.27	—	COM	92512J106
ILPT	INDUSTRIAL LOGISTICS PPTYS T	126,549	$719K	0.1%	$3.30	—	COM SHS BEN INT	456237106
MDY	STATE STR SPDR S&P MIDCAP 40	597	$368K	0.1%	$563.73	—	UTSER1 S&PDCRP	78467Y107
PPIH	PERMA-PIPE INTL HLDGS INC	8,377	$250K	0.0%	$19.30	+63.2%	COM	714167103
GFF	GRIFFON CORP	4,549	$331K	0.0%	$31.21	+172.4%	COM	398433102
EXE	EXPAND ENERGY CORPORATION	3,362	$369K	0.1%	$95.61	+10.7%	COM	165167735