Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Nexxen International LTD	4,478,125 (+1.5%)	$40.44M (+40.6%)	6.3%	$8.46	—	SPON ADR	89484T104
KELYA	Kelly Services Inc	768,760 (+1.3%)	$9.44M (+40.6%)	1.5%	$10.47	—	CL A	488152208
OI	O-I Glass Inc	305,000 (+96.8%)	$2.937M (+80.3%)	0.5%	$10.79	—	COM	67098H104
RMNI	Rimini Str Inc Del	173,579 (+193.2%)	$739K (+280.9%)	0.1%	$4.32	—	COM	76674Q107
BALY	Bally's Corporation	108,910 (+5.6%)	$1.493M (+50.2%)	0.2%	$12.85	—	COMMON STOCK	05875B304
BCIC	BCP Investment Corporation	197,036 (+17.7%)	$1.417M (+13.9%)	0.2%	$11.02	—	COM NEW	73688F201
—	Ramaco Resources Inc	60,245 (+1.2%)	$515K (-15.2%)	0.1%	$11.18	—	COM CL B	75134P303
VREX	Varex Imaging	338,964 (+3.9%)	$3.535M (+2.1%)	0.5%	$10.17	—	COM	92214X106
MLCI	Mount Logan Capital Inc	534,729 (+6.2%)	$1.839M (+2.0%)	0.3%	$5.80	—	COM	62188E103

Decreased Positions (1)

TPC Tutor Perini Corp 4.0%

Value $25.93M (-20.9%) Shares 312,554 (-26.4%) Est. Cost $8.89 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TPC	Tutor Perini Corp	312,554 (-26.4%)	$25.93M (-20.9%)	4.0%	$8.89	—	COM	901109108

Unchanged Positions (75)

CNR Core Natural Resources 5.8%

Value $37.35M Shares 466,779 Est. Cost $84.05 Unrealized —

CXW CoreCivic Inc 4.0%

Value $25.68M Shares 845,210 Est. Cost $8.26 Unrealized —

OPY Oppenheimer Holdings Inc 8.2%

Value $53.19M Shares 503,954 Est. Cost $37.43 Unrealized —

RDNT RadNet Inc 13.6%

Value $87.82M Shares 1,424,061 Est. Cost $26.14 Unrealized —

RYZ Ryerson Holding Corporation 10.8%

Value $69.87M Shares 2,839,059 Est. Cost $22.31 Unrealized —

MEC Mayville Engineering Co Inc 1.5%

Value $9.384M Shares 250,512 Est. Cost $12.63 Unrealized —

LCUT Lifetime Brands 2.1%

Value $13.82M Shares 1,627,852 Est. Cost $7.45 Unrealized —

VCTR Victory Cap Holdings Inc 3.1%

Value $20.33M Shares 241,812 Est. Cost $21.09 Unrealized —

DAN Dana Incorporated 7.8%

Value $50.4M Shares 1,852,293 Est. Cost $16.76 Unrealized —

BXC Bluelinx Holdings Inc 3.8%

Value $24.36M Shares 393,649 Est. Cost $38.87 Unrealized —

BLDR Builders FirstSource Inc 4.0%

Value $26.15M Shares 292,265 Est. Cost $42.57 Unrealized —

PKOH Park-Ohio Holdings Corp 0.7%

Value $4.672M Shares 121,899 Est. Cost $26.07 Unrealized —

MT Arcelormittal SA Luxemberg 1.9%

Value $12.35M Shares 205,000 Est. Cost $23.98 Unrealized —

BBCP Concrete Pumping Holdings Inc 0.6%

Value $4.114M Shares 341,400 Est. Cost $5.56 Unrealized —

CVEO Civeo Corporation 1.1%

Value $6.802M Shares 194,353 Est. Cost $16.07 Unrealized —

CIGI Colliers Intl Group Inc 0.4%

Value $2.823M Shares 30,104 Est. Cost $96.88 Unrealized —

GTX Garrett Motion Inc 0.5%

Value $3.297M Shares 91,000 Est. Cost $7.71 Unrealized —

MAGN Magnera Corp 1.2%

Value $7.696M Shares 655,000 Est. Cost $12.33 Unrealized —

— Fluent Co 1.3%

Value $8.092M Shares 2,169,483 Est. Cost $1379.96 Unrealized —

GEO Geo Group Inc 0.4%

Value $2.364M Shares 80,000 Est. Cost $7.35 Unrealized —

FET Forum Energy Technoligies Inc 0.9%

Value $6.068M Shares 120,800 Est. Cost $18.98 Unrealized —

ORN Orion Group Hldgs Inc 0.3%

Value $2.187M Shares 130,000 Est. Cost $5.69 Unrealized —

TSQ Townsquare Media Inc 0.5%

Value $3.203M Shares 467,807 Est. Cost $9.97 Unrealized —

GSM Ferroglobe PLC 0.3%

Value $2.083M Shares 655,000 Est. Cost $4.50 Unrealized —

MG Mistras Group Inc 0.5%

Value $3.533M Shares 202,243 Est. Cost $6.43 Unrealized —

CSV Carriage Services Inc 0.4%

Value $2.715M Shares 71,007 Est. Cost $32.45 Unrealized —

DCH DAUCH CORP 0.8%

Value $5.447M Shares 1,005,000 Est. Cost $5.55 Unrealized —

KOP Koppers Holdings Inc 0.5%

Value $3.507M Shares 78,101 Est. Cost $28.23 Unrealized —

— Ramaco Resources Inc 0.4%

Value $2.778M Shares 210,000 Est. Cost $10.61 Unrealized —

ATKR Atkore International Group Inc 0.3%

Value $1.901M Shares 25,000 Est. Cost $58.32 Unrealized —

TDW Tidewater 0.3%

Value $1.666M Shares 25,000 Est. Cost $12.12 Unrealized —

AXR AMREP Corp 0.6%

Value $3.565M Shares 141,360 Est. Cost $8.78 Unrealized —

RYAM Rayonier Advanced Materials Inc 0.1%

Value $786K Shares 100,000 Est. Cost $4.20 Unrealized —

SCSC ScanSource, Inc 0.2%

Value $1.042M Shares 20,000 Est. Cost $39.44 Unrealized —

OIS Oil States International Inc 0.1%

Value $681K Shares 85,000 Est. Cost $6.42 Unrealized —

LXU LSB Inds Inc 0.1%

Value $757K Shares 70,000 Est. Cost $6.85 Unrealized —

EZPW Ezcorp Inc 0.2%

Value $1.037M Shares 30,000 Est. Cost $5.02 Unrealized —

RICK RCI Hospitality Holdings Inc 0.3%

Value $1.639M Shares 60,000 Est. Cost $53.89 Unrealized —

— Sinclair Broadcast Group Inc 0.4%

Value $2.779M Shares 195,000 Est. Cost $29260.00 Unrealized —

RUSHB Rush Enterprises Inc Cl B 0.2%

Value $1.562M Shares 20,418 Est. Cost $31.53 Unrealized —

ABX Abacus Global Management 0.1%

Value $857K Shares 80,000 Est. Cost $6.46 Unrealized —

IESC IES Holdings Inc 0.1%

Value $618K Shares 841 Est. Cost $48.11 Unrealized —

TRS Trimas Corp 0.2%

Value $1.002M Shares 22,277 Est. Cost $32.92 Unrealized —

CNDT Conduent Inc 0.3%

Value $1.625M Shares 1,113,061 Est. Cost $3.17 Unrealized —

HNRG Hallador Energy Company 0.4%

Value $2.782M Shares 160,000 Est. Cost $3.13 Unrealized —

VFF Village Farms International Inc 0.1%

Value $360K Shares 180,000 Est. Cost $14.37 Unrealized —

POWW Outdoor Holdings Co 0.2%

Value $1.254M Shares 550,000 Est. Cost $1.19 Unrealized —

RUSHA Rush Enterprises Inc Cl A 0.2%

Value $1.49M Shares 20,418 Est. Cost $33.67 Unrealized —

SPWH Sportsmans Warehouse Holdings Inc 0.4%

Value $2.275M Shares 1,710,794 Est. Cost $13.73 Unrealized —

XPEL Xpel Inc 0.2%

Value $1.24M Shares 25,000 Est. Cost $53.82 Unrealized —

III Information Services Group Inc 0.3%

Value $2.004M Shares 487,641 Est. Cost $3.26 Unrealized —

WRLD World Acceptance Corp 0.0%

Value $239K Shares 1,069 Est. Cost $131.62 Unrealized —

GSIT GSI Technology 0.0%

Value $255K Shares 33,000 Est. Cost $7.49 Unrealized —

CVGI Commercial Vehicle Group Inc 0.0%

Value $311K Shares 67,322 Est. Cost $9.37 Unrealized —

INSE Inspired Entertainment 0.1%

Value $536K Shares 65,000 Est. Cost $7.81 Unrealized —

ASTL Algoma Steel Group 0.5%

Value $3.533M Shares 872,277 Est. Cost $9.52 Unrealized —

KTOS Kratos Defense & Sec Solutions 0.0%

Value $164K Shares 3,281 Est. Cost $28.03 Unrealized —

LRN Stride, Inc 0.5%

Value $3.018M Shares 35,000 Est. Cost $85.37 Unrealized —

SND Smart Sand Inc 0.3%

Value $2.254M Shares 460,000 Est. Cost $2.10 Unrealized —

BV Brightview Holdings Inc 0.0%

Value $283K Shares 20,000 Est. Cost $15.05 Unrealized —

SMC Summit Midstream Corporation 0.1%

Value $745K Shares 26,165 Est. Cost $24.29 Unrealized —

HDSN Hudson Technologies Inc 0.3%

Value $1.758M Shares 306,200 Est. Cost $1.45 Unrealized —

TWI Titan International Inc 0.1%

Value $386K Shares 50,000 Est. Cost $9.48 Unrealized —

RNGR Ranger Energy Services Inc 0.1%

Value $586K Shares 36,576 Est. Cost $11.11 Unrealized —

OEC Orion S.A. 0.3%

Value $2.214M Shares 335,000 Est. Cost $5.42 Unrealized —

FTHM Fathom Holdings Inc 0.0%

Value $70,581 Shares 69,882 Est. Cost $1.79 Unrealized —

FSV FirstService Corp 0.2%

Value $1.436M Shares 10,104 Est. Cost $141.45 Unrealized —

RDNW RideNow Group Inc 0.1%

Value $466K Shares 70,000 Est. Cost $15.48 Unrealized —

SAR Saratoga Investment Corp 0.1%

Value $737K Shares 33,847 Est. Cost $23.15 Unrealized —

LMB Limbach Holdings Inc 0.2%

Value $1.54M Shares 20,000 Est. Cost $13.59 Unrealized —

CURV Torrid Holdings Inc 0.0%

Value $281K Shares 150,000 Est. Cost $5.20 Unrealized —

NOA NORTH AMERN CONSTR GROUP LTD 0.1%

Value $931K Shares 70,000 Est. Cost $16.71 Unrealized —

FSK FS KKR Capital Corp 0.1%

Value $394K Shares 37,500 Est. Cost $9.32 Unrealized —

CLF Cleveland-Cliffs Inc New 0.0%

Value $107K Shares 11,350 Est. Cost $12.05 Unrealized —

CNTY Century Casinos Inc 0.0%

Value $49,002 Shares 38,283 Est. Cost $3.51 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNR	Core Natural Resources	466,779	$37.35M	5.8%	$84.05	—	COM SHS	218937100
CXW	CoreCivic Inc	845,210	$25.68M	4.0%	$8.26	—	COM	21871N101
OPY	Oppenheimer Holdings Inc	503,954	$53.19M	8.2%	$37.43	—	CL A NON VTG	683797104
RDNT	RadNet Inc	1,424,061	$87.82M	13.6%	$26.14	—	COM	750491102
RYZ	Ryerson Holding Corporation	2,839,059	$69.87M	10.8%	$22.31	—	COM	783754104
MEC	Mayville Engineering Co Inc	250,512	$9.384M	1.5%	$12.63	—	COM	578605107
LCUT	Lifetime Brands	1,627,852	$13.82M	2.1%	$7.45	—	COM	53222Q103
VCTR	Victory Cap Holdings Inc	241,812	$20.33M	3.1%	$21.09	—	COM CL A	92645B103
DAN	Dana Incorporated	1,852,293	$50.4M	7.8%	$16.76	—	COM	235825205
BXC	Bluelinx Holdings Inc	393,649	$24.36M	3.8%	$38.87	—	COM NEW	09624H208
BLDR	Builders FirstSource Inc	292,265	$26.15M	4.0%	$42.57	—	COM	12008R107
PKOH	Park-Ohio Holdings Corp	121,899	$4.672M	0.7%	$26.07	—	COM	700666100
MT	Arcelormittal SA Luxemberg	205,000	$12.35M	1.9%	$23.98	—	NY Registry SH	03938L203
BBCP	Concrete Pumping Holdings Inc	341,400	$4.114M	0.6%	$5.56	—	COM	206704108
CVEO	Civeo Corporation	194,353	$6.802M	1.1%	$16.07	—	COM NEW	17878Y207
CIGI	Colliers Intl Group Inc	30,104	$2.823M	0.4%	$96.88	—	SUB VTG SHS	194693107
GTX	Garrett Motion Inc	91,000	$3.297M	0.5%	$7.71	—	COM	366505105
MAGN	Magnera Corp	655,000	$7.696M	1.2%	$12.33	—	COM SHS	55939A107
—	Fluent Co	2,169,483	$8.092M	1.3%	$1379.96	—	COM	34380C102
GEO	Geo Group Inc	80,000	$2.364M	0.4%	$7.35	—	COM	36162J106
FET	Forum Energy Technoligies Inc	120,800	$6.068M	0.9%	$18.98	—	Com	34984V209
ORN	Orion Group Hldgs Inc	130,000	$2.187M	0.3%	$5.69	—	COM	68628V308
TSQ	Townsquare Media Inc	467,807	$3.203M	0.5%	$9.97	—	CL A	892231101
GSM	Ferroglobe PLC	655,000	$2.083M	0.3%	$4.50	—	SHS	G33856108
MG	Mistras Group Inc	202,243	$3.533M	0.5%	$6.43	—	COM	60649T107
CSV	Carriage Services Inc	71,007	$2.715M	0.4%	$32.45	—	COM	143905107
DCH	DAUCH CORP	1,005,000	$5.447M	0.8%	$5.55	—	COM	024061103
KOP	Koppers Holdings Inc	78,101	$3.507M	0.5%	$28.23	—	COM	50060P106
—	Ramaco Resources Inc	210,000	$2.778M	0.4%	$10.61	—	COM CL A	75134P900
ATKR	Atkore International Group Inc	25,000	$1.901M	0.3%	$58.32	—	COM	047649108
TDW	Tidewater	25,000	$1.666M	0.3%	$12.12	—	COM	88642R109
AXR	AMREP Corp	141,360	$3.565M	0.6%	$8.78	—	COM	032159105
RYAM	Rayonier Advanced Materials Inc	100,000	$786K	0.1%	$4.20	—	COM	75508B104
SCSC	ScanSource, Inc	20,000	$1.042M	0.2%	$39.44	—	COM	806037107
OIS	Oil States International Inc	85,000	$681K	0.1%	$6.42	—	COM	678026105
LXU	LSB Inds Inc	70,000	$757K	0.1%	$6.85	—	COM	502160104
EZPW	Ezcorp Inc	30,000	$1.037M	0.2%	$5.02	—	CL A NON VTG	302301106
RICK	RCI Hospitality Holdings Inc	60,000	$1.639M	0.3%	$53.89	—	COM	74934Q108
—	Sinclair Broadcast Group Inc	195,000	$2.779M	0.4%	$29260.00	—	CL A	829226109
RUSHB	Rush Enterprises Inc Cl B	20,418	$1.562M	0.2%	$31.53	—	CL B	781846308
ABX	Abacus Global Management	80,000	$857K	0.1%	$6.46	—	CL A	00258Y104
IESC	IES Holdings Inc	841	$618K	0.1%	$48.11	—	COM	44951W106
TRS	Trimas Corp	22,277	$1.002M	0.2%	$32.92	—	COM NEW	896215209
CNDT	Conduent Inc	1,113,061	$1.625M	0.3%	$3.17	—	COM	206787103
HNRG	Hallador Energy Company	160,000	$2.782M	0.4%	$3.13	—	COM	40609P105
VFF	Village Farms International Inc	180,000	$360K	0.1%	$14.37	—	COM	92707Y108
POWW	Outdoor Holdings Co	550,000	$1.254M	0.2%	$1.19	—	COM	00175J107
RUSHA	Rush Enterprises Inc Cl A	20,418	$1.49M	0.2%	$33.67	—	CL A	781846209
SPWH	Sportsmans Warehouse Holdings Inc	1,710,794	$2.275M	0.4%	$13.73	—	COM	84920Y106
XPEL	Xpel Inc	25,000	$1.24M	0.2%	$53.82	—	COM	98379L100
III	Information Services Group Inc	487,641	$2.004M	0.3%	$3.26	—	COM	45675Y104
WRLD	World Acceptance Corp	1,069	$239K	0.0%	$131.62	—	COM	981419104
GSIT	GSI Technology	33,000	$255K	0.0%	$7.49	—	COM	36241U106
CVGI	Commercial Vehicle Group Inc	67,322	$311K	0.0%	$9.37	—	COM	202608105
INSE	Inspired Entertainment	65,000	$536K	0.1%	$7.81	—	COM	45782N108
ASTL	Algoma Steel Group	872,277	$3.533M	0.5%	$9.52	—	COM	015658107
KTOS	Kratos Defense & Sec Solutions	3,281	$164K	0.0%	$28.03	—	COM NEW	50077B207
LRN	Stride, Inc	35,000	$3.018M	0.5%	$85.37	—	COM	86333M108
SND	Smart Sand Inc	460,000	$2.254M	0.3%	$2.10	—	COM	83191H107
BV	Brightview Holdings Inc	20,000	$283K	0.0%	$15.05	—	COM	10948C107
SMC	Summit Midstream Corporation	26,165	$745K	0.1%	$24.29	—	COM	86614G101
HDSN	Hudson Technologies Inc	306,200	$1.758M	0.3%	$1.45	—	COM	444144109
TWI	Titan International Inc	50,000	$386K	0.1%	$9.48	—	COM	88830M102
RNGR	Ranger Energy Services Inc	36,576	$586K	0.1%	$11.11	—	COM CL A	75282U104
OEC	Orion S.A.	335,000	$2.214M	0.3%	$5.42	—	COM	L72967109
FTHM	Fathom Holdings Inc	69,882	$70,581	0.0%	$1.79	—	COM	31189V109
FSV	FirstService Corp	10,104	$1.436M	0.2%	$141.45	—	COM	33767E202
RDNW	RideNow Group Inc	70,000	$466K	0.1%	$15.48	—	COM CL B	781386305
SAR	Saratoga Investment Corp	33,847	$737K	0.1%	$23.15	—	COM NEW	80349A208
LMB	Limbach Holdings Inc	20,000	$1.54M	0.2%	$13.59	—	COM	53263P105
CURV	Torrid Holdings Inc	150,000	$281K	0.0%	$5.20	—	COM	89142B107
NOA	NORTH AMERN CONSTR GROUP LTD	70,000	$931K	0.1%	$16.71	—	COM	656811106
FSK	FS KKR Capital Corp	37,500	$394K	0.1%	$9.32	—	COM	302635206
CLF	Cleveland-Cliffs Inc New	11,350	$107K	0.0%	$12.05	—	COM	185899101
CNTY	Century Casinos Inc	38,283	$49,002	0.0%	$3.51	—	COM	156492100