Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	15,500	$11.41M	11.1%	—	—	PUT	46090E103
GDOT	GREEN DOT CORP	409,059	$5.526M	5.4%	$13.51	—	CL A	39304D102
TGB	TREKOR METALS LTD	364,557	$2.508M	2.4%	$6.88	—	COM	89472Y107
DRVN	DRIVEN BRANDS HLDGS INC	131,785	$1.837M	1.8%	$13.94	—	COM	26210V102
GRBK	GREEN BRICK PARTNERS INC	3,000	$240K	0.2%	$80.04	—	COM	392709101
BANR	BANNER CORP	3,029	$201K	0.2%	$66.44	—	COM NEW	06652V208

Increased Positions (15)

ENVA ENOVA INTL INC 5.1%

Value $5.254M (+79.5%) Shares 21,824 (+1.3%) Est. Cost $33.90 Unrealized —

TFIN TRIUMPH FINANCIAL INC 3.7%

Value $3.787M (+82.3%) Shares 49,633 (+42.5%) Est. Cost $61.91 Unrealized —

AEBI AEBI SCHMIDT HLDG AG 2.9%

Value $2.949M (+96.7%) Shares 234,969 (+52.2%) Est. Cost $11.80 Unrealized —

MYE MYERS INDS INC 2.6%

Value $2.665M (+68.6%) Shares 75,487 (+1.2%) Est. Cost $21.07 Unrealized —

FBRT FRANKLIN BSP RLTY TR INC 2.1%

Value $2.18M (+58.8%) Shares 267,856 (+65.6%) Est. Cost $10.91 Unrealized —

TDW TIDEWATER INC NEW 3.2%

Value $3.249M (-19.3%) Shares 48,760 (+1.2%) Est. Cost $50.15 Unrealized —

GSM FERROGLOBE PLC 2.1%

Value $2.194M (-21.9%) Shares 690,000 (+1.2%) Est. Cost $4.92 Unrealized —

HBM HUDBAY MINERALS INC 3.1%

Value $3.154M (+14.5%) Shares 133,607 (+1.3%) Est. Cost $8.35 Unrealized —

MTUS METALLUS INC 2.5%

Value $2.554M (+15.8%) Shares 136,651 (+1.2%) Est. Cost $17.41 Unrealized —

AX AXOS FINANCIAL INC 2.1%

Value $2.19M (+15.9%) Shares 22,491 (+1.3%) Est. Cost $38.44 Unrealized —

AESI ATLAS ENERGY SOLUTIONS INC 1.2%

Value $1.25M (+28.3%) Shares 75,237 (+1.3%) Est. Cost $19.35 Unrealized —

TRN TRINITY INDS INC 2.6%

Value $2.705M (+8.8%) Shares 78,235 (+1.3%) Est. Cost $22.74 Unrealized —

RVLV REVOLVE GROUP INC 1.2%

Value $1.234M (+2.5%) Shares 53,916 (+1.3%) Est. Cost $27.41 Unrealized —

CASH PATHWARD FINANCIAL INC 1.8%

Value $1.841M (-1.3%) Shares 21,144 (+1.2%) Est. Cost $37.26 Unrealized —

NOA NORTH AMERN CONSTR GROUP LTD 2.9%

Value $3.013M (-0.2%) Shares 226,537 (+1.2%) Est. Cost $17.45 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ENVA	ENOVA INTL INC	21,824 (+1.3%)	$5.254M (+79.5%)	5.1%	$33.90	—	COM	29357K103
TFIN	TRIUMPH FINANCIAL INC	49,633 (+42.5%)	$3.787M (+82.3%)	3.7%	$61.91	—	COM	89679E300
AEBI	AEBI SCHMIDT HLDG AG	234,969 (+52.2%)	$2.949M (+96.7%)	2.9%	$11.80	—	COM	H00501108
MYE	MYERS INDS INC	75,487 (+1.2%)	$2.665M (+68.6%)	2.6%	$21.07	—	COM	628464109
FBRT	FRANKLIN BSP RLTY TR INC	267,856 (+65.6%)	$2.18M (+58.8%)	2.1%	$10.91	—	COMMON STOCK	35243J101
TDW	TIDEWATER INC NEW	48,760 (+1.2%)	$3.249M (-19.3%)	3.2%	$50.15	—	COM	88642R109
GSM	FERROGLOBE PLC	690,000 (+1.2%)	$2.194M (-21.9%)	2.1%	$4.92	—	SHS	G33856108
HBM	HUDBAY MINERALS INC	133,607 (+1.3%)	$3.154M (+14.5%)	3.1%	$8.35	—	COM	443628102
MTUS	METALLUS INC	136,651 (+1.2%)	$2.554M (+15.8%)	2.5%	$17.41	—	COM	887399103
AX	AXOS FINANCIAL INC	22,491 (+1.3%)	$2.19M (+15.9%)	2.1%	$38.44	—	COM	05465C100
AESI	ATLAS ENERGY SOLUTIONS INC	75,237 (+1.3%)	$1.25M (+28.3%)	1.2%	$19.35	—	COM NEW	642045108
TRN	TRINITY INDS INC	78,235 (+1.3%)	$2.705M (+8.8%)	2.6%	$22.74	—	COM	896522109
RVLV	REVOLVE GROUP INC	53,916 (+1.3%)	$1.234M (+2.5%)	1.2%	$27.41	—	CL A	76156B107
CASH	PATHWARD FINANCIAL INC	21,144 (+1.2%)	$1.841M (-1.3%)	1.8%	$37.26	—	COM	59100U108
NOA	NORTH AMERN CONSTR GROUP LTD	226,537 (+1.2%)	$3.013M (-0.2%)	2.9%	$17.45	—	COM	656811106

Exited Positions (8)

SPY STATE STR SPDR S&P 500 ETF T 19.0%

Value $19.51M Shares 30,000 Est. Cost — Unrealized —

ARCB ARCBEST CORP 2.6%

Value $2.711M Shares 27,564 Est. Cost $74.70 Unrealized —

GLRE GREENLIGHT CAP RE LTD 2.3%

Value $2.402M Shares 138,927 Est. Cost $9.51 Unrealized —

CENT CENTRAL GARDEN & PET CO 1.6%

Value $1.632M Shares 44,381 Est. Cost $33.93 Unrealized —

TGB TASEKO MINES LTD 1.4%

Value $1.44M Shares 223,259 Est. Cost $7.28 Unrealized —

HRTX HERON THERAPEUTICS INC 0.5%

Value $544K Shares 680,432 Est. Cost $5.66 Unrealized —

CENTA CENTRAL GARDEN & PET CO 0.4%

Value $360K Shares 11,092 Est. Cost $31.82 Unrealized —

AKBA AKEBIA THREAPEUTICS INC 0.1%

Value $74,379 Shares 53,510 Est. Cost $2.43 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	30,000	$19.51M	19.0%	—	—	PUT	78462F103
ARCB	ARCBEST CORP	27,564	$2.711M	2.6%	$74.70	—	—	03937C105
GLRE	GREENLIGHT CAP RE LTD	138,927	$2.402M	2.3%	$9.51	—	—	G4095J109
CENT	CENTRAL GARDEN & PET CO	44,381	$1.632M	1.6%	$33.93	—	—	153527106
TGB	TASEKO MINES LTD	223,259	$1.44M	1.4%	$7.28	—	—	876511106
HRTX	HERON THERAPEUTICS INC	680,432	$544K	0.5%	$5.66	—	—	427746102
CENTA	CENTRAL GARDEN & PET CO	11,092	$360K	0.4%	$31.82	—	—	153527205
AKBA	AKEBIA THREAPEUTICS INC	53,510	$74,379	0.1%	$2.43	—	—	00972D105

Decreased Positions (6)

GTX GARRETT MOTION INC 3.6%

Value $3.665M (+31.9%) Shares 101,167 (-33.9%) Est. Cost $8.63 Unrealized —

DCO DUCOMMUN INC DEL 4.3%

Value $4.393M (+24.6%) Shares 23,718 (-18.0%) Est. Cost $65.67 Unrealized —

TBBK BANCORP INC DEL 7.1%

Value $7.329M (+12.9%) Shares 116,995 (-3.2%) Est. Cost $19.29 Unrealized —

ACA ARCOSA INC 3.9%

Value $3.961M (+9.3%) Shares 27,260 (-20.2%) Est. Cost $55.05 Unrealized —

NTLA INTELLIA THERAPEUTICS INC 1.3%

Value $1.345M (+27.9%) Shares 79,503 (-3.1%) Est. Cost $12.02 Unrealized —

BANC BANC OF CALIFORNIA INC 2.9%

Value $3.012M (-3.7%) Shares 147,413 (-17.1%) Est. Cost $14.07 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GTX	GARRETT MOTION INC	101,167 (-33.9%)	$3.665M (+31.9%)	3.6%	$8.63	—	COM	366505105
DCO	DUCOMMUN INC DEL	23,718 (-18.0%)	$4.393M (+24.6%)	4.3%	$65.67	—	COM	264147109
TBBK	BANCORP INC DEL	116,995 (-3.2%)	$7.329M (+12.9%)	7.1%	$19.29	—	COM	05969A105
ACA	ARCOSA INC	27,260 (-20.2%)	$3.961M (+9.3%)	3.9%	$55.05	—	COM	039653100
NTLA	INTELLIA THERAPEUTICS INC	79,503 (-3.1%)	$1.345M (+27.9%)	1.3%	$12.02	—	COM	45826J105
BANC	BANC OF CALIFORNIA INC	147,413 (-17.1%)	$3.012M (-3.7%)	2.9%	$14.07	—	COM	05990K106

Unchanged Positions (17)

RIOT RIOT PLATFORMS INC 5.1%

Value $5.195M Shares 189,729 Est. Cost $15.44 Unrealized —

UAMY UNITED STATES ANTIMONY CORP 2.2%

Value $2.23M Shares 307,174 Est. Cost $7.85 Unrealized —

NODK NI HLDGS INC 1.8%

Value $1.897M Shares 120,742 Est. Cost $17.38 Unrealized —

FIP FTAI INFRASTRUCTURE INC 3.7%

Value $3.816M Shares 822,351 Est. Cost $5.72 Unrealized —

SEI SOLARIS ENERGY INFRAS INC 0.5%

Value $463K Shares 5,750 Est. Cost $31.12 Unrealized —

FSTR FOSTER L B CO 0.3%

Value $333K Shares 7,379 Est. Cost $29.92 Unrealized —

AZZ AZZ INC 0.6%

Value $605K Shares 3,902 Est. Cost $37.35 Unrealized —

TLN TALEN ENERGY CORP 0.4%

Value $407K Shares 1,060 Est. Cost $138.87 Unrealized —

FELE FRANKLIN ELEC INC 0.4%

Value $367K Shares 3,427 Est. Cost $62.59 Unrealized —

CF CF INDUSTRIES HOLD 0.2%

Value $227K Shares 2,096 Est. Cost $90.08 Unrealized —

LAND GLADSTONE LD CORP 0.2%

Value $168K Shares 19,695 Est. Cost $9.15 Unrealized —

CASY CASEYS GEN STORES INC 0.3%

Value $318K Shares 400 Est. Cost $459.22 Unrealized —

WAB WABTEC 0.2%

Value $246K Shares 912 Est. Cost $238.93 Unrealized —

RIG TRANSOCEAN LTD 0.0%

Value $49,805 Shares 10,185 Est. Cost $6.69 Unrealized —

BOOM DMC GLOBAL INC 0.1%

Value $123K Shares 21,152 Est. Cost $6.90 Unrealized —

IDR IDAHO STRATEGIC RESOURCES 0.3%

Value $326K Shares 9,956 Est. Cost $23.61 Unrealized —

DBRG DIGITALBRIDGE GROUP INC 0.2%

Value $219K Shares 13,862 Est. Cost $16.78 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RIOT	RIOT PLATFORMS INC	189,729	$5.195M	5.1%	$15.44	—	COM	767292105
UAMY	UNITED STATES ANTIMONY CORP	307,174	$2.23M	2.2%	$7.85	—	COM	911549103
NODK	NI HLDGS INC	120,742	$1.897M	1.8%	$17.38	—	COM	65342T106
FIP	FTAI INFRASTRUCTURE INC	822,351	$3.816M	3.7%	$5.72	—	COMMON STOCK	35953C106
SEI	SOLARIS ENERGY INFRAS INC	5,750	$463K	0.5%	$31.12	—	COM CL A	83418M103
FSTR	FOSTER L B CO	7,379	$333K	0.3%	$29.92	—	COM	350060109
AZZ	AZZ INC	3,902	$605K	0.6%	$37.35	—	COM	002474104
TLN	TALEN ENERGY CORP	1,060	$407K	0.4%	$138.87	—	COM	87422Q109
FELE	FRANKLIN ELEC INC	3,427	$367K	0.4%	$62.59	—	COM	353514102
CF	CF INDUSTRIES HOLD	2,096	$227K	0.2%	$90.08	—	COM	125269100
LAND	GLADSTONE LD CORP	19,695	$168K	0.2%	$9.15	—	COM	376549101
CASY	CASEYS GEN STORES INC	400	$318K	0.3%	$459.22	—	COM	147528103
WAB	WABTEC	912	$246K	0.2%	$238.93	—	COM	929740108
RIG	TRANSOCEAN LTD	10,185	$49,805	0.0%	$6.69	—	REGISTERED SHS	H8817H100
BOOM	DMC GLOBAL INC	21,152	$123K	0.1%	$6.90	—	COM	23291C103
IDR	IDAHO STRATEGIC RESOURCES	9,956	$326K	0.3%	$23.61	—	COM NEW	645827205
DBRG	DIGITALBRIDGE GROUP INC	13,862	$219K	0.2%	$16.78	—	CL A NEW	25401T603