Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SLVM	SYLVAMO CORP	23,000	$869K	0.5%	$37.80	—	COMMON STOCK	871332102
FISI	FINANCIAL INSTITUTIONS INC	14,500	$565K	0.4%	$38.97	—	COM	317585404
GDXJ	VANECK ETF TRUST	3,000	$295K	0.2%	$98.25	—	JUNIOR GOLD MINE	92189F791
GOOG	ALPHABET INC	600	$212K	0.1%	$353.33	—	CAP STK CL C	02079K107
USEG	BIG SKY INDL INC	10,000	$11,000	0.0%	$1.10	—	COM	911805307

Increased Positions (13)

UHAL/B U HAUL HOLDING COMPANY 5.0%

Value $7.907M (+31.4%) Shares 137,032 (+1.7%) Est. Cost $52.03 Unrealized —

AGI ALAMOS GOLD INC 3.0%

Value $4.745M (-23.7%) Shares 156,545 (+11.7%) Est. Cost $8.69 Unrealized —

ACNT ASCENT INDUSTRIES CO 2.2%

Value $3.503M (+64.8%) Shares 233,093 (+45.9%) Est. Cost $15.98 Unrealized —

AEM AGNICO EAGLE MINES LTD 5.1%

Value $8.042M (-13.9%) Shares 51,840 (+12.7%) Est. Cost $60.37 Unrealized —

IIIN INSTEEL INDS INC 3.8%

Value $6.045M (+26.2%) Shares 200,178 (+40.4%) Est. Cost $28.38 Unrealized —

FRPH FRP HLDGS INC 2.2%

Value $3.41M (+38.8%) Shares 136,447 (+21.5%) Est. Cost $25.86 Unrealized —

BBW BUILD-A-BEAR WORKSHOP INC 2.9%

Value $4.67M (-16.6%) Shares 152,578 (+2.0%) Est. Cost $4.64 Unrealized —

B BARRICK MNG CORP 2.8%

Value $4.454M (+14.2%) Shares 121,155 (+26.6%) Est. Cost $22.95 Unrealized —

CDE COEUR MNG INC 2.9%

Value $4.675M (-8.4%) Shares 286,475 (+5.4%) Est. Cost $17.95 Unrealized —

PBHC PATHFINDER BANCORP INC MD 1.0%

Value $1.511M (+28.9%) Shares 95,179 (+3.6%) Est. Cost $8.71 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 3.5%

Value $5.579M (+5.8%) Shares 11,149 (+1.3%) Est. Cost $493.56 Unrealized —

HL HECLA MINING COMPANY 3.2%

Value $5.112M (-3.5%) Shares 331,280 (+16.5%) Est. Cost $6.25 Unrealized —

ASRV AMERISERV FINL INC 0.9%

Value $1.414M (+10.8%) Shares 364,422 (+3.4%) Est. Cost $2.85 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UHAL/B	U HAUL HOLDING COMPANY	137,032 (+1.7%)	$7.907M (+31.4%)	5.0%	$52.03	—	COM SER N	023586506
AGI	ALAMOS GOLD INC	156,545 (+11.7%)	$4.745M (-23.7%)	3.0%	$8.69	—	COM CL A	011532108
ACNT	ASCENT INDUSTRIES CO	233,093 (+45.9%)	$3.503M (+64.8%)	2.2%	$15.98	—	COM	871565107
AEM	AGNICO EAGLE MINES LTD	51,840 (+12.7%)	$8.042M (-13.9%)	5.1%	$60.37	—	COM	008474108
IIIN	INSTEEL INDS INC	200,178 (+40.4%)	$6.045M (+26.2%)	3.8%	$28.38	—	COM	45774W108
FRPH	FRP HLDGS INC	136,447 (+21.5%)	$3.41M (+38.8%)	2.2%	$25.86	—	COM	30292L107
BBW	BUILD-A-BEAR WORKSHOP INC	152,578 (+2.0%)	$4.67M (-16.6%)	2.9%	$4.64	—	COM	120076104
B	BARRICK MNG CORP	121,155 (+26.6%)	$4.454M (+14.2%)	2.8%	$22.95	—	COM SHS	06849F108
CDE	COEUR MNG INC	286,475 (+5.4%)	$4.675M (-8.4%)	2.9%	$17.95	—	COM NEW	192108504
PBHC	PATHFINDER BANCORP INC MD	95,179 (+3.6%)	$1.511M (+28.9%)	1.0%	$8.71	—	COM	70319R109
BRK/B	BERKSHIRE HATHAWAY INC DEL	11,149 (+1.3%)	$5.579M (+5.8%)	3.5%	$493.56	—	CL B NEW	084670702
HL	HECLA MINING COMPANY	331,280 (+16.5%)	$5.112M (-3.5%)	3.2%	$6.25	—	COM	422704106
ASRV	AMERISERV FINL INC	364,422 (+3.4%)	$1.414M (+10.8%)	0.9%	$2.85	—	COM	03074A102

Exited Positions (4)

CSCO CISCO SYS INC 3.1%

Value $4.968M Shares 64,029 Est. Cost $26.82 Unrealized —

MRAM EVERSPIN TECHNOLOGIES INC 0.4%

Value $606K Shares 68,967 Est. Cost $8.06 Unrealized —

RIO RIO TINTO PLC 0.3%

Value $420K Shares 4,500 Est. Cost $58.33 Unrealized —

MUX MCEWEN INC. 0.1%

Value $204K Shares 9,969 Est. Cost $7.54 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CSCO	CISCO SYS INC	64,029	$4.968M	3.1%	$26.82	—	—	17275R102
MRAM	EVERSPIN TECHNOLOGIES INC	68,967	$606K	0.4%	$8.06	—	—	30041T104
RIO	RIO TINTO PLC	4,500	$420K	0.3%	$58.33	—	—	767204100
MUX	MCEWEN INC.	9,969	$204K	0.1%	$7.54	—	—	58039P305

Decreased Positions (1)

GLW CORNING INC 0.2%

Value $299K (-94.7%) Shares 1,170 (-97.2%) Est. Cost $16.84 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLW	CORNING INC	1,170 (-97.2%)	$299K (-94.7%)	0.2%	$16.84	—	COM	219350105

Unchanged Positions (38)

HURC HURCO CO 6.6%

Value $10.54M Shares 460,214 Est. Cost $22.13 Unrealized —

PGC PEAPACK-GLADSTONE FINL CORP 3.7%

Value $5.913M Shares 124,936 Est. Cost $30.41 Unrealized —

CVX CHEVRON CORPORATION 2.8%

Value $4.448M Shares 26,835 Est. Cost $152.96 Unrealized —

GLD SPDR GOLD TR 3.3%

Value $5.274M Shares 14,317 Est. Cost $120.21 Unrealized —

CCNE CNB FINL CORP PA 3.5%

Value $5.604M Shares 166,253 Est. Cost $26.38 Unrealized —

BRT BRT APARTMENTS CORP 3.9%

Value $6.188M Shares 402,621 Est. Cost $10.76 Unrealized —

NEM NEWMONT CORP 3.0%

Value $4.818M Shares 51,589 Est. Cost $38.05 Unrealized —

SMHI SEACOR MARINE HLDGS INC 6.7%

Value $10.59M Shares 1,383,792 Est. Cost $7.27 Unrealized —

CARE CARTER BANKSHARES INC 1.3%

Value $2.126M Shares 62,500 Est. Cost $15.82 Unrealized —

LSBK LAKE SHORE BANCORP INC 2.0%

Value $3.206M Shares 180,000 Est. Cost $12.57 Unrealized —

HTB HOMETRUST BANCSHARES INC 1.7%

Value $2.63M Shares 52,708 Est. Cost $15.76 Unrealized —

CPBI CENTRAL PLAINS BANCSHARES IN 2.0%

Value $3.14M Shares 165,007 Est. Cost $9.66 Unrealized —

BVFL BV FINL INC 1.8%

Value $2.849M Shares 134,533 Est. Cost $10.31 Unrealized —

ECBK ECB BANCORP INC 0.8%

Value $1.225M Shares 61,007 Est. Cost $14.21 Unrealized —

AXR AMREP CORP 1.1%

Value $1.688M Shares 66,950 Est. Cost $5.23 Unrealized —

TAYD TAYLOR DEVICES INC 4.2%

Value $6.666M Shares 113,594 Est. Cost $11.06 Unrealized —

CRC CALIFORNIA RES CORP 0.4%

Value $603K Shares 11,400 Est. Cost $52.09 Unrealized —

CEF SPROTT ASSET MANAGEMENT LP 0.6%

Value $976K Shares 24,255 Est. Cost $13.22 Unrealized —

GDX VANECK ETF TRUST 0.4%

Value $688K Shares 9,114 Est. Cost $27.91 Unrealized —

BRBS BLUE RIDGE BANKSHARES INC VA 0.4%

Value $708K Shares 200,460 Est. Cost $3.23 Unrealized —

TSBK TIMBERLAND BANCORP INC 0.6%

Value $889K Shares 19,839 Est. Cost $31.78 Unrealized —

UHAL U HAUL HOLDING COMPANY 0.2%

Value $392K Shares 5,990 Est. Cost $53.44 Unrealized —

RMBI RICHMOND MUT BANCORPORATION 0.4%

Value $635K Shares 40,000 Est. Cost $13.36 Unrealized —

MPB MID PENN BANCORP INC 0.7%

Value $1.113M Shares 31,950 Est. Cost $26.31 Unrealized —

XOM EXXON MOBIL CORP 0.1%

Value $237K Shares 1,730 Est. Cost $115.49 Unrealized —

WNEB WESTERN NEW ENG BANCORP INC 0.4%

Value $583K Shares 40,768 Est. Cost $13.29 Unrealized —

TDW TIDEWATER INC NEW 0.1%

Value $218K Shares 3,270 Est. Cost $64.06 Unrealized —

FSUN FIRSTSUN CAP BANCORP 0.5%

Value $820K Shares 21,150 Est. Cost $37.65 Unrealized —

SRBK SR BANCORP INC 0.2%

Value $274K Shares 13,913 Est. Cost $16.02 Unrealized —

AVBC AVIDIA BANCORP INC 0.4%

Value $556K Shares 26,502 Est. Cost $15.09 Unrealized —

TRC TEJON RANCH CO 1.9%

Value $3.081M Shares 164,766 Est. Cost $16.49 Unrealized —

WSBK WINCHESTER BANCORP INC 0.4%

Value $657K Shares 50,000 Est. Cost $9.20 Unrealized —

SFBC SOUND FINL BANCORP INC 0.9%

Value $1.407M Shares 32,645 Est. Cost $16.17 Unrealized —

VLO VALERO ENERGY CORP 0.1%

Value $234K Shares 900 Est. Cost $128.68 Unrealized —

CBAN COLONY BANKCORP INC 0.7%

Value $1.08M Shares 53,750 Est. Cost $16.81 Unrealized —

NBBK NB BANCORP INC 1.1%

Value $1.754M Shares 82,999 Est. Cost $13.68 Unrealized —

TCBS TEXAS COMMUNITY BANCSHARES I 0.6%

Value $959K Shares 54,485 Est. Cost $13.46 Unrealized —

MGYR MAGYAR BANCORP INC 0.3%

Value $420K Shares 24,080 Est. Cost $17.09 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HURC	HURCO CO	460,214	$10.54M	6.6%	$22.13	—	COM	447324104
PGC	PEAPACK-GLADSTONE FINL CORP	124,936	$5.913M	3.7%	$30.41	—	COM	704699107
CVX	CHEVRON CORPORATION	26,835	$4.448M	2.8%	$152.96	—	COM	166764100
GLD	SPDR GOLD TR	14,317	$5.274M	3.3%	$120.21	—	GOLD SHS	78463V107
CCNE	CNB FINL CORP PA	166,253	$5.604M	3.5%	$26.38	—	COM	126128107
BRT	BRT APARTMENTS CORP	402,621	$6.188M	3.9%	$10.76	—	COM	055645303
NEM	NEWMONT CORP	51,589	$4.818M	3.0%	$38.05	—	COM	651639106
SMHI	SEACOR MARINE HLDGS INC	1,383,792	$10.59M	6.7%	$7.27	—	COM	78413P101
CARE	CARTER BANKSHARES INC	62,500	$2.126M	1.3%	$15.82	—	COM NEW	146103106
LSBK	LAKE SHORE BANCORP INC	180,000	$3.206M	2.0%	$12.57	—	COM	510704109
HTB	HOMETRUST BANCSHARES INC	52,708	$2.63M	1.7%	$15.76	—	COM	437872104
CPBI	CENTRAL PLAINS BANCSHARES IN	165,007	$3.14M	2.0%	$9.66	—	COM	15486W100
BVFL	BV FINL INC	134,533	$2.849M	1.8%	$10.31	—	COM NEW	05603E208
ECBK	ECB BANCORP INC	61,007	$1.225M	0.8%	$14.21	—	COM	26828M106
AXR	AMREP CORP	66,950	$1.688M	1.1%	$5.23	—	COM	032159105
TAYD	TAYLOR DEVICES INC	113,594	$6.666M	4.2%	$11.06	—	COM	877163105
CRC	CALIFORNIA RES CORP	11,400	$603K	0.4%	$52.09	—	COM STOCK	13057Q305
CEF	SPROTT ASSET MANAGEMENT LP	24,255	$976K	0.6%	$13.22	—	PHYSICAL GOLD AN	85208R101
GDX	VANECK ETF TRUST	9,114	$688K	0.4%	$27.91	—	GOLD MINERS ETF	92189F106
BRBS	BLUE RIDGE BANKSHARES INC VA	200,460	$708K	0.4%	$3.23	—	COM	095825105
TSBK	TIMBERLAND BANCORP INC	19,839	$889K	0.6%	$31.78	—	COM	887098101
UHAL	U HAUL HOLDING COMPANY	5,990	$392K	0.2%	$53.44	—	COM	023586100
RMBI	RICHMOND MUT BANCORPORATION	40,000	$635K	0.4%	$13.36	—	COM	76525P100
MPB	MID PENN BANCORP INC	31,950	$1.113M	0.7%	$26.31	—	COM	59540G107
XOM	EXXON MOBIL CORP	1,730	$237K	0.1%	$115.49	—	COM	30231G102
WNEB	WESTERN NEW ENG BANCORP INC	40,768	$583K	0.4%	$13.29	—	COM	958892101
TDW	TIDEWATER INC NEW	3,270	$218K	0.1%	$64.06	—	COM	88642R109
FSUN	FIRSTSUN CAP BANCORP	21,150	$820K	0.5%	$37.65	—	COM	33767U107
SRBK	SR BANCORP INC	13,913	$274K	0.2%	$16.02	—	COM	85227J106
AVBC	AVIDIA BANCORP INC	26,502	$556K	0.4%	$15.09	—	COMMON STOCK	05369T100
TRC	TEJON RANCH CO	164,766	$3.081M	1.9%	$16.49	—	COM	879080109
WSBK	WINCHESTER BANCORP INC	50,000	$657K	0.4%	$9.20	—	COM	97269D103
SFBC	SOUND FINL BANCORP INC	32,645	$1.407M	0.9%	$16.17	—	COM	83607A100
VLO	VALERO ENERGY CORP	900	$234K	0.1%	$128.68	—	COM	91913Y100
CBAN	COLONY BANKCORP INC	53,750	$1.08M	0.7%	$16.81	—	COM	19623P101
NBBK	NB BANCORP INC	82,999	$1.754M	1.1%	$13.68	—	COM	63945M107
TCBS	TEXAS COMMUNITY BANCSHARES I	54,485	$959K	0.6%	$13.46	—	COM	88231Q108
MGYR	MAGYAR BANCORP INC	24,080	$420K	0.3%	$17.09	—	COM	55977T208