JB CAPITAL PARTNERS LP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KELYA	Kelly Services Inc	758,760 (+266.3%)	$6,715 (+268.3%)	1.2%	$10.45	-5.0%	CL A	488152208
RYZ	Ryerson Holding Corporation	2,839,059 (+21.1%)	$63,822 (+8.2%)	11.0%	$22.31	+25.8%	COM	783754104
LRN	Stride, Inc	35,000 (+75.0%)	$3,086 (+137.6%)	0.5%	$85.37	-8.5%	COM	86333M108
MAGN	Magnera Corp	655,000 (+27.2%)	$6,229 (-20.1%)	1.1%	$12.33	+13.9%	COM SHS	55939A107
KOP	Koppers Holdings Inc	78,101 (+11.6%)	$3,021 (+59.4%)	0.5%	$28.23	+9.5%	COM	50060P106
MLCI	Mount Logan Capital Inc	503,680 (+42.9%)	$1,803 (-38.0%)	0.3%	$5.95	+22.6%	COM	62188E103
NOA	NORTH AMERN CONSTR GROUP LTD	70,000 (+250.0%)	$944 (+228.3%)	0.2%	$16.71	-6.9%	COM	656811106
PKOH	Park-Ohio Holdings Corp	121,899 (+3.7%)	$2,918 (+19.1%)	0.5%	$26.07	-7.6%	COM	700666100
—	Nexxen International LTD	4,411,625 (+1.1%)	$28,764 (+0.8%)	5.0%	$8.45	—	SPON ADR	89484T104
SMC	Summit Midstream Corporation	26,165 (+14.0%)	$791 (+29.2%)	0.1%	$24.29	+14.9%	COM	86614G101
BALY	Bally's Corporation	103,124 (+106.2%)	$994 (+20.4%)	0.2%	$12.80	+20.2%	COMMON STOCK	05875B304
—	Ramaco Resources Inc	59,532 (+1.4%)	$607 (-12.0%)	0.1%	$11.21	—	COM CL B	75134P303

Exited Positions (2)

ZEUS Olympic Steel Inc 1.6%

Value ($000) $9,521 Shares 222,499 Est. Cost $24.98 Unrealized +94.3%

QIPT Quipt Home Medical 0.1%

Value ($000) $706 Shares 200,000 Est. Cost $3.59 Unrealized -0.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ZEUS	Olympic Steel Inc	222,499	$9,521	1.6%	$24.98	+94.3%	—	68162K106
QIPT	Quipt Home Medical	200,000	$706	0.1%	$3.59	-0.3%	—	74880P104

Decreased Positions (1)

TPC Tutor Perini Corp 5.6%

Value ($000) $32,771 (-4.0%) Shares 424,554 (-16.7%) Est. Cost $8.89 Unrealized +787.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TPC	Tutor Perini Corp	424,554 (-16.7%)	$32,771 (-4.0%)	5.6%	$8.89	+787.1%	COM	901109108

Unchanged Positions (71)

RDNT RadNet Inc 13.7%

Value ($000) $79,591 Shares 1,424,061 Est. Cost $26.14 Unrealized +173.7%

OPY Oppenheimer Holdings Inc 7.7%

Value ($000) $44,948 Shares 503,954 Est. Cost $37.43 Unrealized +119.7%

CNR Core Natural Resources 8.4%

Value ($000) $48,886 Shares 466,779 Est. Cost $84.05 Unrealized +10.4%

BLDR Builders FirstSource Inc 4.1%

Value ($000) $24,062 Shares 292,265 Est. Cost $42.57 Unrealized +176.1%

BXC Bluelinx Holdings Inc 3.7%

Value ($000) $21,328 Shares 393,649 Est. Cost $38.87 Unrealized +86.3%

LCUT Lifetime Brands 1.6%

Value ($000) $9,279 Shares 1,627,852 Est. Cost $7.45 Unrealized -51.7%

FET Forum Energy Technoligies Inc 1.2%

Value ($000) $7,086 Shares 120,800 Est. Cost $18.98 Unrealized +143.9%

DAN Dana Incorporated 8.0%

Value ($000) $46,493 Shares 1,852,293 Est. Cost $16.76 Unrealized +81.0%

— Fluent Co 1.2%

Value ($000) $6,856 Shares 2,169,483 Est. Cost $1379.96 Unrealized —

LMB Limbach Holdings Inc 0.3%

Value ($000) $1,561 Shares 20,000 Est. Cost $13.59 Unrealized +534.6%

AXR AMREP Corp 0.7%

Value ($000) $3,976 Shares 141,360 Est. Cost $8.78 Unrealized +151.4%

MT Arcelormittal SA Luxemberg 1.8%

Value ($000) $10,656 Shares 205,000 Est. Cost $23.98 Unrealized —

III Information Services Group Inc 0.3%

Value ($000) $1,873 Shares 487,641 Est. Cost $3.26 Unrealized +64.9%

TDW Tidewater 0.4%

Value ($000) $2,089 Shares 25,000 Est. Cost $12.12 Unrealized +428.3%

BCIC BCP Investment Corporation 0.2%

Value ($000) $1,244 Shares 167,447 Est. Cost $11.70 Unrealized +3.1%

CNDT Conduent Inc 0.2%

Value ($000) $1,425 Shares 1,113,061 Est. Cost $3.17 Unrealized -47.8%

CVEO Civeo Corporation 0.9%

Value ($000) $5,127 Shares 193,750 Est. Cost $16.07 Unrealized +62.1%

OI O-I Glass Inc 0.3%

Value ($000) $1,629 Shares 155,000 Est. Cost $11.92 Unrealized +28.6%

VCTR Victory Cap Holdings Inc 2.7%

Value ($000) $15,834 Shares 241,812 Est. Cost $21.09 Unrealized +235.7%

— Ramaco Resources Inc 0.6%

Value ($000) $3,247 Shares 210,000 Est. Cost $10.61 Unrealized —

RYAM Rayonier Advanced Materials Inc 0.2%

Value ($000) $1,107 Shares 100,000 Est. Cost $4.20 Unrealized +90.6%

DCH DAUCH CORP 1.0%

Value ($000) $5,960 Shares 1,005,000 Est. Cost $5.55 Unrealized +38.8%

SND Smart Sand Inc 0.4%

Value ($000) $2,309 Shares 460,000 Est. Cost $2.10 Unrealized +118.9%

— Sinclair Broadcast Group Inc 0.4%

Value ($000) $2,523 Shares 195,000 Est. Cost $29260.00 Unrealized —

LXU LSB Inds Inc 0.2%

Value ($000) $1,043 Shares 70,000 Est. Cost $6.85 Unrealized +40.6%

HNRG Hallador Energy Company 0.4%

Value ($000) $2,605 Shares 160,000 Est. Cost $3.13 Unrealized +513.6%

MG Mistras Group Inc 0.5%

Value ($000) $2,989 Shares 202,243 Est. Cost $6.43 Unrealized +121.9%

OIS Oil States International Inc 0.2%

Value ($000) $989 Shares 85,000 Est. Cost $6.42 Unrealized +42.4%

OEC Orion S.A. 0.4%

Value ($000) $2,178 Shares 335,000 Est. Cost $5.42 Unrealized +15.9%

GSM Ferroglobe PLC 0.5%

Value ($000) $2,699 Shares 655,000 Est. Cost $4.50 Unrealized +11.6%

VREX Varex Imaging 0.6%

Value ($000) $3,462 Shares 326,254 Est. Cost $10.16 Unrealized +34.0%

HDSN Hudson Technologies Inc 0.3%

Value ($000) $1,800 Shares 306,200 Est. Cost $1.45 Unrealized +400.3%

RUSHA Rush Enterprises Inc Cl A 0.2%

Value ($000) $1,346 Shares 20,418 Est. Cost $33.67 Unrealized +95.4%

CSV Carriage Services Inc 0.6%

Value ($000) $3,235 Shares 71,007 Est. Cost $32.45 Unrealized +33.6%

MEC Mayville Engineering Co Inc 0.8%

Value ($000) $4,497 Shares 250,512 Est. Cost $12.63 Unrealized +56.5%

EZPW Ezcorp Inc 0.1%

Value ($000) $761 Shares 30,000 Est. Cost $5.02 Unrealized +353.8%

FSK FS KKR Capital Corp 0.1%

Value ($000) $382 Shares 37,500 Est. Cost $9.32 Unrealized +48.0%

CXW CoreCivic Inc 2.8%

Value ($000) $15,983 Shares 845,210 Est. Cost $8.26 Unrealized +127.9%

FSV FirstService Corp 0.2%

Value ($000) $1,404 Shares 10,104 Est. Cost $141.45 Unrealized +11.3%

POWW Outdoor Holdings Co 0.2%

Value ($000) $1,106 Shares 550,000 Est. Cost $1.19 Unrealized +53.8%

RUSHB Rush Enterprises Inc Cl B 0.2%

Value ($000) $1,310 Shares 20,418 Est. Cost $31.53 Unrealized +94.5%

BBCP Concrete Pumping Holdings Inc 0.4%

Value ($000) $2,438 Shares 341,400 Est. Cost $5.56 Unrealized +16.8%

VFF Village Farms International Inc 0.1%

Value ($000) $511 Shares 180,000 Est. Cost $14.37 Unrealized -76.5%

INSE Inspired Entertainment 0.1%

Value ($000) $463 Shares 65,000 Est. Cost $7.81 Unrealized +13.3%

XPEL Xpel Inc 0.2%

Value ($000) $1,107 Shares 25,000 Est. Cost $53.82 Unrealized -2.6%

TSQ Townsquare Media Inc 0.4%

Value ($000) $2,465 Shares 467,807 Est. Cost $9.97 Unrealized -36.9%

WRLD World Acceptance Corp 0.0%

Value ($000) $144 Shares 1,069 Est. Cost $131.62 Unrealized +1.0%

CVGI Commercial Vehicle Group Inc 0.0%

Value ($000) $230 Shares 67,322 Est. Cost $9.37 Unrealized -82.4%

ORN Orion Group Hldgs Inc 0.2%

Value ($000) $1,417 Shares 130,000 Est. Cost $5.69 Unrealized +117.1%

CURV Torrid Holdings Inc 0.0%

Value ($000) $267 Shares 150,000 Est. Cost $5.20 Unrealized -78.1%

RNGR Ranger Energy Services Inc 0.1%

Value ($000) $625 Shares 36,576 Est. Cost $11.11 Unrealized +40.7%

ATKR Atkore International Group Inc 0.3%

Value ($000) $1,473 Shares 25,000 Est. Cost $58.32 Unrealized +16.7%

RDNW RideNow Group Inc 0.1%

Value ($000) $494 Shares 70,000 Est. Cost $15.48 Unrealized -62.1%

SPWH Sportsmans Warehouse Holdings Inc 0.4%

Value ($000) $2,412 Shares 1,710,794 Est. Cost $13.73 Unrealized -90.2%

IESC IES Holdings Inc 0.1%

Value ($000) $401 Shares 841 Est. Cost $48.11 Unrealized +849.1%

GTX Garrett Motion Inc 0.3%

Value ($000) $1,653 Shares 91,000 Est. Cost $7.71 Unrealized +145.4%

RICK RCI Hospitality Holdings Inc 0.2%

Value ($000) $1,369 Shares 60,000 Est. Cost $53.89 Unrealized -55.3%

GEO Geo Group Inc 0.2%

Value ($000) $1,345 Shares 80,000 Est. Cost $7.35 Unrealized +118.0%

CLF Cleveland-Cliffs Inc New 0.0%

Value ($000) $96 Shares 11,350 Est. Cost $12.05 Unrealized +6.6%

ABX Abacus Global Management 0.1%

Value ($000) $630 Shares 80,000 Est. Cost $6.46 Unrealized +27.5%

CIGI Colliers Intl Group Inc 0.8%

Value ($000) $4,477 Shares 30,104 Est. Cost $96.88 Unrealized +38.6%

TWI Titan International Inc 0.1%

Value ($000) $346 Shares 50,000 Est. Cost $9.48 Unrealized +2.0%

RMNI Rimini Str Inc Del 0.0%

Value ($000) $194 Shares 59,193 Est. Cost $4.44 Unrealized -20.6%

GSIT GSI Technology 0.0%

Value ($000) $170 Shares 33,000 Est. Cost $7.49 Unrealized -3.5%

FTHM Fathom Holdings Inc 0.0%

Value ($000) $37 Shares 69,882 Est. Cost $1.79 Unrealized -37.4%

ASTL Algoma Steel Group 0.6%

Value ($000) $3,603 Shares 872,277 Est. Cost $9.52 Unrealized -53.0%

SAR Saratoga Investment Corp 0.1%

Value ($000) $761 Shares 33,847 Est. Cost $23.15 Unrealized +0.8%

KTOS Kratos Defense & Sec Solutions 0.0%

Value ($000) $231 Shares 3,281 Est. Cost $28.03 Unrealized +265.3%

BV Brightview Holdings Inc 0.0%

Value ($000) $236 Shares 20,000 Est. Cost $15.05 Unrealized -11.3%

TRS Trimas Corp 0.1%

Value ($000) $800 Shares 22,277 Est. Cost $32.92 Unrealized +7.9%

CNTY Century Casinos Inc 0.0%

Value ($000) $53 Shares 38,283 Est. Cost $3.51 Unrealized -55.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RDNT	RadNet Inc	1,424,061	$79,591	13.7%	$26.14	+173.7%	COM	750491102
OPY	Oppenheimer Holdings Inc	503,954	$44,948	7.7%	$37.43	+119.7%	CL A NON VTG	683797104
CNR	Core Natural Resources	466,779	$48,886	8.4%	$84.05	+10.4%	COM SHS	218937100
BLDR	Builders FirstSource Inc	292,265	$24,062	4.1%	$42.57	+176.1%	COM	12008R107
BXC	Bluelinx Holdings Inc	393,649	$21,328	3.7%	$38.87	+86.3%	COM NEW	09624H208
LCUT	Lifetime Brands	1,627,852	$9,279	1.6%	$7.45	-51.7%	COM	53222Q103
FET	Forum Energy Technoligies Inc	120,800	$7,086	1.2%	$18.98	+143.9%	Com	34984V209
DAN	Dana Incorporated	1,852,293	$46,493	8.0%	$16.76	+81.0%	COM	235825205
—	Fluent Co	2,169,483	$6,856	1.2%	$1379.96	—	COM	34380C102
LMB	Limbach Holdings Inc	20,000	$1,561	0.3%	$13.59	+534.6%	COM	53263P105
AXR	AMREP Corp	141,360	$3,976	0.7%	$8.78	+151.4%	COM	032159105
MT	Arcelormittal SA Luxemberg	205,000	$10,656	1.8%	$23.98	—	NY Registry SH	03938L203
III	Information Services Group Inc	487,641	$1,873	0.3%	$3.26	+64.9%	COM	45675Y104
TDW	Tidewater	25,000	$2,089	0.4%	$12.12	+428.3%	COM	88642R109
BCIC	BCP Investment Corporation	167,447	$1,244	0.2%	$11.70	+3.1%	COM NEW	73688F201
CNDT	Conduent Inc	1,113,061	$1,425	0.2%	$3.17	-47.8%	COM	206787103
CVEO	Civeo Corporation	193,750	$5,127	0.9%	$16.07	+62.1%	COM NEW	17878Y207
OI	O-I Glass Inc	155,000	$1,629	0.3%	$11.92	+28.6%	COM	67098H104
VCTR	Victory Cap Holdings Inc	241,812	$15,834	2.7%	$21.09	+235.7%	COM CL A	92645B103
—	Ramaco Resources Inc	210,000	$3,247	0.6%	$10.61	—	COM CL A	75134P900
RYAM	Rayonier Advanced Materials Inc	100,000	$1,107	0.2%	$4.20	+90.6%	COM	75508B104
DCH	DAUCH CORP	1,005,000	$5,960	1.0%	$5.55	+38.8%	COM	024061103
SND	Smart Sand Inc	460,000	$2,309	0.4%	$2.10	+118.9%	COM	83191H107
—	Sinclair Broadcast Group Inc	195,000	$2,523	0.4%	$29260.00	—	CL A	829226109
LXU	LSB Inds Inc	70,000	$1,043	0.2%	$6.85	+40.6%	COM	502160104
HNRG	Hallador Energy Company	160,000	$2,605	0.4%	$3.13	+513.6%	COM	40609P105
MG	Mistras Group Inc	202,243	$2,989	0.5%	$6.43	+121.9%	COM	60649T107
OIS	Oil States International Inc	85,000	$989	0.2%	$6.42	+42.4%	COM	678026105
OEC	Orion S.A.	335,000	$2,178	0.4%	$5.42	+15.9%	COM	L72967109
GSM	Ferroglobe PLC	655,000	$2,699	0.5%	$4.50	+11.6%	SHS	G33856108
VREX	Varex Imaging	326,254	$3,462	0.6%	$10.16	+34.0%	COM	92214X106
HDSN	Hudson Technologies Inc	306,200	$1,800	0.3%	$1.45	+400.3%	COM	444144109
RUSHA	Rush Enterprises Inc Cl A	20,418	$1,346	0.2%	$33.67	+95.4%	CL A	781846209
CSV	Carriage Services Inc	71,007	$3,235	0.6%	$32.45	+33.6%	COM	143905107
MEC	Mayville Engineering Co Inc	250,512	$4,497	0.8%	$12.63	+56.5%	COM	578605107
EZPW	Ezcorp Inc	30,000	$761	0.1%	$5.02	+353.8%	CL A NON VTG	302301106
FSK	FS KKR Capital Corp	37,500	$382	0.1%	$9.32	+48.0%	COM	302635206
CXW	CoreCivic Inc	845,210	$15,983	2.8%	$8.26	+127.9%	COM	21871N101
FSV	FirstService Corp	10,104	$1,404	0.2%	$141.45	+11.3%	COM	33767E202
POWW	Outdoor Holdings Co	550,000	$1,106	0.2%	$1.19	+53.8%	COM	00175J107
RUSHB	Rush Enterprises Inc Cl B	20,418	$1,310	0.2%	$31.53	+94.5%	CL B	781846308
BBCP	Concrete Pumping Holdings Inc	341,400	$2,438	0.4%	$5.56	+16.8%	COM	206704108
VFF	Village Farms International Inc	180,000	$511	0.1%	$14.37	-76.5%	COM	92707Y108
INSE	Inspired Entertainment	65,000	$463	0.1%	$7.81	+13.3%	COM	45782N108
XPEL	Xpel Inc	25,000	$1,107	0.2%	$53.82	-2.6%	COM	98379L100
TSQ	Townsquare Media Inc	467,807	$2,465	0.4%	$9.97	-36.9%	CL A	892231101
WRLD	World Acceptance Corp	1,069	$144	0.0%	$131.62	+1.0%	COM	981419104
CVGI	Commercial Vehicle Group Inc	67,322	$230	0.0%	$9.37	-82.4%	COM	202608105
ORN	Orion Group Hldgs Inc	130,000	$1,417	0.2%	$5.69	+117.1%	COM	68628V308
CURV	Torrid Holdings Inc	150,000	$267	0.0%	$5.20	-78.1%	COM	89142B107
RNGR	Ranger Energy Services Inc	36,576	$625	0.1%	$11.11	+40.7%	COM CL A	75282U104
ATKR	Atkore International Group Inc	25,000	$1,473	0.3%	$58.32	+16.7%	COM	047649108
RDNW	RideNow Group Inc	70,000	$494	0.1%	$15.48	-62.1%	COM CL B	781386305
SPWH	Sportsmans Warehouse Holdings Inc	1,710,794	$2,412	0.4%	$13.73	-90.2%	COM	84920Y106
IESC	IES Holdings Inc	841	$401	0.1%	$48.11	+849.1%	COM	44951W106
GTX	Garrett Motion Inc	91,000	$1,653	0.3%	$7.71	+145.4%	COM	366505105
RICK	RCI Hospitality Holdings Inc	60,000	$1,369	0.2%	$53.89	-55.3%	COM	74934Q108
GEO	Geo Group Inc	80,000	$1,345	0.2%	$7.35	+118.0%	COM	36162J106
CLF	Cleveland-Cliffs Inc New	11,350	$96	0.0%	$12.05	+6.6%	COM	185899101
ABX	Abacus Global Management	80,000	$630	0.1%	$6.46	+27.5%	CL A	00258Y104
CIGI	Colliers Intl Group Inc	30,104	$4,477	0.8%	$96.88	+38.6%	SUB VTG SHS	194693107
TWI	Titan International Inc	50,000	$346	0.1%	$9.48	+2.0%	COM	88830M102
RMNI	Rimini Str Inc Del	59,193	$194	0.0%	$4.44	-20.6%	COM	76674Q107
GSIT	GSI Technology	33,000	$170	0.0%	$7.49	-3.5%	COM	36241U106
FTHM	Fathom Holdings Inc	69,882	$37	0.0%	$1.79	-37.4%	COM	31189V109
ASTL	Algoma Steel Group	872,277	$3,603	0.6%	$9.52	-53.0%	COM	015658107
SAR	Saratoga Investment Corp	33,847	$761	0.1%	$23.15	+0.8%	COM NEW	80349A208
KTOS	Kratos Defense & Sec Solutions	3,281	$231	0.0%	$28.03	+265.3%	COM NEW	50077B207
BV	Brightview Holdings Inc	20,000	$236	0.0%	$15.05	-11.3%	COM	10948C107
TRS	Trimas Corp	22,277	$800	0.1%	$32.92	+7.9%	COM NEW	896215209
CNTY	Century Casinos Inc	38,283	$53	0.0%	$3.51	-55.6%	COM	156492100