Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
JETS	ETF SER SOLUTIONS	75,000	$1.847M	1.6%	$24.63	—	US GLB JETS	26922A842
TMF	DIREXION SHARES ETF TRUST	50,000	$1.803M	1.6%	$36.06	—	DLY 20 YR TRESUR	25460G138
SCO	PROSHARES TR II	100,000	$832K	0.7%	$8.32	—	ULSHT BLOOMB OIL	74347Y797
FMNB	FARMERS NATIONAL BANC CORP	15,000	$197K	0.2%	$13.23	0.0%	COM	309627107
AP	AMPCO-PITTSBURG CORP	15,000	$101K	0.1%	$6.61	0.0%	COM	032037103

Increased Positions (6)

EBC EASTERN BANKSHARES INC 6.7%

Value $7.722M (+16.5%) Shares 394,788 (+9.7%) Est. Cost $13.25 Unrealized +54.4%

PERI PERION NETWORK LTD 1.5%

Value $1.701M (+86.9%) Shares 170,279 (+79.2%) Est. Cost $9.45 Unrealized -5.1%

OFG OFG BANCORP 4.9%

Value $5.667M (+15.2%) Shares 140,067 (+16.7%) Est. Cost $31.74 Unrealized +29.3%

MSOS ADVISORSHARES TR 2.0%

Value $2.272M (+21.9%) Shares 640,000 (+62.0%) Est. Cost $4.09 Unrealized —

GLIBK GCI LIBERTY INC 4.7%

Value $5.441M (+5.8%) Shares 146,222 (+5.8%) Est. Cost $35.26 Unrealized +8.2%

TIPT TIPTREE INC 0.8%

Value $944K (+26.7%) Shares 55,801 (+36.8%) Est. Cost $18.84 Unrealized -7.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EBC	EASTERN BANKSHARES INC	394,788 (+9.7%)	$7.722M (+16.5%)	6.7%	$13.25	+54.4%	COM	27627N105
PERI	PERION NETWORK LTD	170,279 (+79.2%)	$1.701M (+86.9%)	1.5%	$9.45	-5.1%	SHS NEW	M78673114
OFG	OFG BANCORP	140,067 (+16.7%)	$5.667M (+15.2%)	4.9%	$31.74	+29.3%	COM	67103X102
MSOS	ADVISORSHARES TR	640,000 (+62.0%)	$2.272M (+21.9%)	2.0%	$4.09	—	PURE US CANNABIS	00768Y453
GLIBK	GCI LIBERTY INC	146,222 (+5.8%)	$5.441M (+5.8%)	4.7%	$35.26	+8.2%	COM SER C	36164V800
TIPT	TIPTREE INC	55,801 (+36.8%)	$944K (+26.7%)	0.8%	$18.84	-7.1%	COM	88822Q103

Exited Positions (10)

UVXY PROSHARES TR II 3.4%

Value $3.952M Shares 110,000 Est. Cost $35.93 Unrealized —

UUP INVESCO DB US DLR INDEX TR 2.9%

Value $3.379M Shares 125,000 Est. Cost $26.93 Unrealized —

DUST DIREXION SHS ETF TR 1.3%

Value $1.488M Shares 200,000 Est. Cost $7.44 Unrealized —

PKST PEAKSTONE REALTY TRUST 1.2%

Value $1.393M Shares 97,078 Est. Cost $12.51 Unrealized —

VXX BARCLAYS BANK PLC 1.1%

Value $1.323M Shares 50,000 Est. Cost $26.47 Unrealized —

JDST DIREXION SHS ETF TR 1.0%

Value $1.118M Shares 425,000 Est. Cost $2.63 Unrealized —

VG VENTURE GLOBAL INC 0.6%

Value $682K Shares 100,000 Est. Cost $8.31 Unrealized +7.0%

ALTO ALTO INGREDIENTS INC 0.2%

Value $288K Shares 100,000 Est. Cost $1.57 Unrealized +66.0%

— PROSHARES TR II 0.2%

Value $267K Shares 50,000 Est. Cost $5.34 Unrealized —

GFR GREENFIRE RES LTD NEW 0.0%

Value $49,713 Shares 10,444 Est. Cost $4.75 Unrealized +13.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UVXY	PROSHARES TR II	110,000	$3.952M	3.4%	$35.93	—	—	74347Y680
UUP	INVESCO DB US DLR INDEX TR	125,000	$3.379M	2.9%	$26.93	—	—	46141D203
DUST	DIREXION SHS ETF TR	200,000	$1.488M	1.3%	$7.44	—	—	25461A478
PKST	PEAKSTONE REALTY TRUST	97,078	$1.393M	1.2%	$12.51	—	—	39818P799
VXX	BARCLAYS BANK PLC	50,000	$1.323M	1.1%	$26.47	—	—	06748M196
JDST	DIREXION SHS ETF TR	425,000	$1.118M	1.0%	$2.63	—	—	25461A577
VG	VENTURE GLOBAL INC	100,000	$682K	0.6%	$8.31	+7.0%	—	92333F101
ALTO	ALTO INGREDIENTS INC	100,000	$288K	0.2%	$1.57	+66.0%	—	021513106
—	PROSHARES TR II	50,000	$267K	0.2%	$5.34	—	—	74347Y722
GFR	GREENFIRE RES LTD NEW	10,444	$49,713	0.0%	$4.75	+13.5%	—	39525U107

Decreased Positions (13)

VZLA VIZSLA SILVER CORP 4.3%

Value $4.963M (-45.1%) Shares 1,504,010 (-9.1%) Est. Cost $1.76 Unrealized +191.4%

GLL PROSHARES TR II 2.3%

Value $2.623M (-55.4%) Shares 130,000 (-42.2%) Est. Cost $26.15 Unrealized —

IE IVANHOE ELECTRIC INC 5.5%

Value $6.289M (-31.3%) Shares 532,077 (-7.2%) Est. Cost $8.66 Unrealized +100.5%

FBP FIRST BANCORP CORPORATION 0.6%

Value $681K (-75.3%) Shares 31,874 (-76.0%) Est. Cost $12.23 Unrealized +79.5%

NXE NEXGEN ENERGY LTD 0.5%

Value $580K (-64.0%) Shares 50,000 (-71.4%) Est. Cost $5.42 Unrealized +119.3%

SMBC SOUTHERN MO BANCORP INC 12.4%

Value $14.25M (+7.0%) Shares 222,885 (-1.1%) Est. Cost $14.41 Unrealized +334.0%

ABTC AMERICAN BITCOIN CORP. 0.4%

Value $513K (-56.9%) Shares 555,000 (-20.7%) Est. Cost $4.17 Unrealized -65.2%

ESOA ENERGY SERVICES OF AMER CORP 1.9%

Value $2.237M (+37.3%) Shares 170,392 (-14.5%) Est. Cost $5.97 Unrealized +76.0%

ASLE AERSALE CORPORATION 2.5%

Value $2.861M (-16.2%) Shares 460,000 (-4.2%) Est. Cost $6.17 Unrealized +21.1%

— JAPAN SMALLER CAPITALIZATION 1.0%

Value $1.21M (-21.7%) Shares 110,967 (-20.4%) Est. Cost $7.71 Unrealized —

KELYA KELLY SVCS INC 0.4%

Value $443K (-42.1%) Shares 50,000 (-42.4%) Est. Cost $13.86 Unrealized -28.4%

NBBK NB BANCORP INC 0.3%

Value $313K (-44.3%) Shares 14,874 (-47.6%) Est. Cost $15.95 Unrealized +32.3%

ECBK ECB BANCORP INC 0.2%

Value $224K (-9.6%) Shares 13,399 (-6.0%) Est. Cost $11.97 Unrealized +47.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VZLA	VIZSLA SILVER CORP	1,504,010 (-9.1%)	$4.963M (-45.1%)	4.3%	$1.76	+191.4%	COM NEW	92859G608
GLL	PROSHARES TR II	130,000 (-42.2%)	$2.623M (-55.4%)	2.3%	$26.15	—	ULTRASHORT GOLD	74347Y698
IE	IVANHOE ELECTRIC INC	532,077 (-7.2%)	$6.289M (-31.3%)	5.5%	$8.66	+100.5%	COM	46578C108
FBP	FIRST BANCORP CORPORATION	31,874 (-76.0%)	$681K (-75.3%)	0.6%	$12.23	+79.5%	COM NEW	318672706
NXE	NEXGEN ENERGY LTD	50,000 (-71.4%)	$580K (-64.0%)	0.5%	$5.42	+119.3%	COM	65340P106
SMBC	SOUTHERN MO BANCORP INC	222,885 (-1.1%)	$14.25M (+7.0%)	12.4%	$14.41	+334.0%	COM	843380106
ABTC	AMERICAN BITCOIN CORP.	555,000 (-20.7%)	$513K (-56.9%)	0.4%	$4.17	-65.2%	COM CL A	02462A104
ESOA	ENERGY SERVICES OF AMER CORP	170,392 (-14.5%)	$2.237M (+37.3%)	1.9%	$5.97	+76.0%	COM	29271Q103
ASLE	AERSALE CORPORATION	460,000 (-4.2%)	$2.861M (-16.2%)	2.5%	$6.17	+21.1%	COM	00810F106
—	JAPAN SMALLER CAPITALIZATION	110,967 (-20.4%)	$1.21M (-21.7%)	1.0%	$7.71	—	COM	47109U104
KELYA	KELLY SVCS INC	50,000 (-42.4%)	$443K (-42.1%)	0.4%	$13.86	-28.4%	CL A	488152208
NBBK	NB BANCORP INC	14,874 (-47.6%)	$313K (-44.3%)	0.3%	$15.95	+32.3%	COM	63945M107
ECBK	ECB BANCORP INC	13,399 (-6.0%)	$224K (-9.6%)	0.2%	$11.97	+47.5%	COM	26828M106

Unchanged Positions (25)

VMD VIEMED HEALTHCARE INC 3.3%

Value $3.81M Shares 413,691 Est. Cost $7.02 Unrealized +11.5%

CTGO CONTANGO SILVER & GOLD INC 1.2%

Value $1.339M Shares 71,406 Est. Cost $14.46 Unrealized +98.0%

LCTX LINEAGE CELL THERAPEUTICS IN 7.4%

Value $8.473M Shares 5,362,788 Est. Cost $1.19 Unrealized +43.4%

JOB GEE GROUP INC 2.0%

Value $2.269M Shares 9,449,696 Est. Cost $0.53 Unrealized -57.6%

AFBI AFFINITY BANCSHARES INC 3.8%

Value $4.426M Shares 198,842 Est. Cost $10.40 Unrealized +96.0%

MNR MACH NATURAL RESOURCES LP 1.4%

Value $1.61M Shares 115,000 Est. Cost $11.04 Unrealized —

CBK COMMERCIAL BANCGROUP INC 5.6%

Value $6.46M Shares 248,258 Est. Cost $24.55 Unrealized +4.9%

COSO COASTALSOUTH BANCSHARES INC 2.6%

Value $2.982M Shares 121,281 Est. Cost $21.58 Unrealized +12.5%

MBBC MARATHON BANCORP INC 1.3%

Value $1.457M Shares 107,664 Est. Cost $9.97 Unrealized +28.5%

NSTS NSTS BANCORP INC 0.9%

Value $1.093M Shares 93,774 Est. Cost $12.32 Unrealized +1.7%

FBLA FB BANCORP INC 1.2%

Value $1.334M Shares 97,099 Est. Cost $11.50 Unrealized +14.2%

PROV PROVIDENT FINL HLDGS INC 5.5%

Value $6.305M Shares 391,118 Est. Cost $15.78 Unrealized +2.3%

NECB NORTHEAST CMNTY BANCORP INC 1.2%

Value $1.416M Shares 59,500 Est. Cost $9.43 Unrealized +150.5%

HHS HARTE HANKS INC 0.2%

Value $199K Shares 87,757 Est. Cost $3.72 Unrealized -20.6%

SIRI SIRIUSXM HOLDINGS INC 0.4%

Value $443K Shares 19,194 Est. Cost $31.06 Unrealized -32.6%

NSSC NAPCO SEC TECHNOLOGIES INC 0.8%

Value $962K Shares 24,424 Est. Cost $15.79 Unrealized +165.1%

VABK VIRGINIA NATL BK CHRLOTSVLE 0.6%

Value $719K Shares 18,812 Est. Cost $33.71 Unrealized +20.1%

FNWD FINWARD BANCORP 0.8%

Value $965K Shares 26,580 Est. Cost $42.54 Unrealized -14.3%

NWFL NORWOOD FINANCIAL CORP 0.3%

Value $366K Shares 12,449 Est. Cost $29.13 Unrealized +1.7%

UBCP UNITED BANCORP INC OHIO 0.2%

Value $269K Shares 17,699 Est. Cost $13.07 Unrealized +8.9%

IAUX I-80 GOLD CORP 0.3%

Value $296K Shares 195,000 Est. Cost $1.14 Unrealized +55.1%

CLST CATALYST BANCORP INC 0.2%

Value $175K Shares 10,555 Est. Cost $13.80 Unrealized +14.3%

MAYS MAYS J W INC 1.5%

Value $1.767M Shares 44,431 Est. Cost $22.25 Unrealized +85.7%

AWX AVALON HLDGS CORP 0.1%

Value $65,304 Shares 25,214 Est. Cost $1.72 Unrealized +56.1%

HYNE HOYNE BANCORP INC 0.3%

Value $346K Shares 23,897 Est. Cost $13.87 Unrealized +3.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VMD	VIEMED HEALTHCARE INC	413,691	$3.81M	3.3%	$7.02	+11.5%	COM	92663R105
CTGO	CONTANGO SILVER & GOLD INC	71,406	$1.339M	1.2%	$14.46	+98.0%	COM	21077F100
LCTX	LINEAGE CELL THERAPEUTICS IN	5,362,788	$8.473M	7.4%	$1.19	+43.4%	COM	53566P109
JOB	GEE GROUP INC	9,449,696	$2.269M	2.0%	$0.53	-57.6%	COM	36165A102
AFBI	AFFINITY BANCSHARES INC	198,842	$4.426M	3.8%	$10.40	+96.0%	COM	00832E103
MNR	MACH NATURAL RESOURCES LP	115,000	$1.61M	1.4%	$11.04	—	COM UNIT LTD PAR	55445L100
CBK	COMMERCIAL BANCGROUP INC	248,258	$6.46M	5.6%	$24.55	+4.9%	COM	20112C106
COSO	COASTALSOUTH BANCSHARES INC	121,281	$2.982M	2.6%	$21.58	+12.5%	COM NEW	19058X207
MBBC	MARATHON BANCORP INC	107,664	$1.457M	1.3%	$9.97	+28.5%	COM NEW	565759206
NSTS	NSTS BANCORP INC	93,774	$1.093M	0.9%	$12.32	+1.7%	COM	6293JP109
FBLA	FB BANCORP INC	97,099	$1.334M	1.2%	$11.50	+14.2%	COM	31425A109
PROV	PROVIDENT FINL HLDGS INC	391,118	$6.305M	5.5%	$15.78	+2.3%	COM	743868101
NECB	NORTHEAST CMNTY BANCORP INC	59,500	$1.416M	1.2%	$9.43	+150.5%	COM	664121100
HHS	HARTE HANKS INC	87,757	$199K	0.2%	$3.72	-20.6%	COM	416196202
SIRI	SIRIUSXM HOLDINGS INC	19,194	$443K	0.4%	$31.06	-32.6%	COMMON STOCK	829933100
NSSC	NAPCO SEC TECHNOLOGIES INC	24,424	$962K	0.8%	$15.79	+165.1%	COM	630402105
VABK	VIRGINIA NATL BK CHRLOTSVLE	18,812	$719K	0.6%	$33.71	+20.1%	COM	928031103
FNWD	FINWARD BANCORP	26,580	$965K	0.8%	$42.54	-14.3%	COM	31812F109
NWFL	NORWOOD FINANCIAL CORP	12,449	$366K	0.3%	$29.13	+1.7%	COM	669549107
UBCP	UNITED BANCORP INC OHIO	17,699	$269K	0.2%	$13.07	+8.9%	COM	909911109
IAUX	I-80 GOLD CORP	195,000	$296K	0.3%	$1.14	+55.1%	COM	44955L106
CLST	CATALYST BANCORP INC	10,555	$175K	0.2%	$13.80	+14.3%	COMMON STOCK	14888L101
MAYS	MAYS J W INC	44,431	$1.767M	1.5%	$22.25	+85.7%	COM	578473100
AWX	AVALON HLDGS CORP	25,214	$65,304	0.1%	$1.72	+56.1%	CL A	05343P109
HYNE	HOYNE BANCORP INC	23,897	$346K	0.3%	$13.87	+3.7%	COM	44326H107