Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	UPSTART HLDGS INC	10,000,000	$8.21M	18.5%	$0.82	—	NOTE 1.000%11/1	91680MAF4
GOSS	GOSSAMER BIO INC	25,017,881	$4.118M	9.3%	$0.16	—	COM	38341P102
ELMT	ELMET GROUP CO (THE)	24,250	$479K	1.1%	$19.74	—	COMMON STOCK	289395105
NUAI	NEW ERA ENERGY & DIGITAL INC	61,200	$390K	0.9%	$6.38	—	COM	64428N109
AVNW	AVIAT NETWORKS INC	16,100	$357K	0.8%	$22.20	—	COM NEW	05366Y201
CSGP	COSTAR GROUP INC	12,500	$354K	0.8%	$28.32	—	COM	22160N109
RMAX	RE/MAX HLDGS INC	32,850	$324K	0.7%	$9.86	—	CL A	75524W108
BULL	WEBULL CORP	45,500	$297K	0.7%	$6.52	—	ORD SHS	G9572D103
CYRX	CRYOPORT INC	17,250	$271K	0.6%	$15.70	—	COM PAR $0.001	229050307
BW	BABCOCK & WILCOX ENTERPRISES	15,450	$218K	0.5%	$14.10	—	COM	05614L209
GMTL	GUARDIAN METAL RES PLC	15,120	$212K	0.5%	$14.01	—	SPONSORED ADS	401382106
MPTI	M-TRON INDS INC	2,119	$210K	0.5%	$99.15	—	COM	55380K109
LUMN	LUMEN TECHNOLOGIES INC	23,450	$180K	0.4%	$7.68	—	COM	550241103
DDD	3D SYS CORP DEL	59,500	$180K	0.4%	$3.02	—	COM NEW	88554D205
ANGX	ANGEL STUDIOS INC.	45,750	$168K	0.4%	$3.67	—	CL A COM	034948109
TTI	TETRA TECHNOLOGIES INC DEL	14,225	$161K	0.4%	$11.33	—	COM	88162F105
UUUU	ENERGY FUELS INC	10,660	$155K	0.3%	$14.50	—	COM NEW	292671708
AMPX	AMPRIUS TECHNOLOGIES INC	10,620	$147K	0.3%	$13.86	—	COMMON STOCK	03214Q108
TE	T1 ENERGY INC	14,750	$140K	0.3%	$9.48	—	COM NEW	35834F104
TLS	TELOS CORP MD	28,000	$129K	0.3%	$4.60	—	COM	87969B101
ONDS	ONDAS INC	14,000	$115K	0.3%	$8.24	—	COM NEW	68236H204
LTRX	LANTRONIX INC	17,500	$103K	0.2%	$5.88	—	COM NEW	516548203
SSYS	STRATASYS LTD	10,500	$89,880	0.2%	$8.56	—	SHS	M85548101
EOSE	EOS ENERGY ENTERPRISES INC	14,060	$82,673	0.2%	$5.88	—	COM CL A	29415C101
RBBN	RIBBON COMMUNICATIONS INC	35,000	$81,900	0.2%	$2.34	—	COM	762544104
SFIX	STITCH FIX INC	19,600	$80,556	0.2%	$4.11	—	COM CL A	860897107
AIOT	POWERFLEET INC	18,900	$72,387	0.2%	$3.83	—	COM	73931J109
BTG	B2GOLD CORP	17,500	$65,450	0.1%	$3.74	—	COM	11777Q209
SQNS	SEQUANS COMMUNICATIONS S A	14,000	$47,600	0.1%	$3.40	—	SPONSORED ADS	817323405
LAC	LITHIUM AMERS CORP NEW	10,500	$40,425	0.1%	$3.85	—	COM SHS	53681J103
—	ISHARES TR	11,200	$12,768	0.0%	—	—	PUT	464287955

Increased Positions (16)

— BILL HOLDINGS INC 36.1%

Value $15.99M (+139.1%) Shares 18,500,000 (+146.7%) Est. Cost $0.88 Unrealized —

APPS DIGITAL TURBINE INC 1.2%

Value $551K (+792.4%) Shares 42,682 (+99.2%) Est. Cost $8.94 Unrealized —

OPRA OPERA LTD 1.9%

Value $831K (+85.6%) Shares 41,905 (+33.4%) Est. Cost $19.48 Unrealized —

NOK NOKIA CORP 1.4%

Value $609K (+112.0%) Shares 45,886 (+28.4%) Est. Cost $7.70 Unrealized —

INDI INDIE SEMICONDUCTOR INC 1.3%

Value $594K (+56.0%) Shares 132,200 (+11.8%) Est. Cost $4.18 Unrealized —

SMRT SMARTRENT INC 0.7%

Value $315K (+82.5%) Shares 264,500 (+130.0%) Est. Cost $1.42 Unrealized —

CREX CREATIVE REALITIES INC 0.5%

Value $214K (+117.0%) Shares 51,720 (+80.7%) Est. Cost $3.63 Unrealized —

ZETA ZETA GLOBAL HOLDINGS CORP 0.7%

Value $291K (+44.1%) Shares 14,780 (+16.6%) Est. Cost $18.20 Unrealized —

ELME ELME COMMUNITIES 0.8%

Value $343K (+34.2%) Shares 231,500 (+82.3%) Est. Cost $3.07 Unrealized —

NB NIOCORP DEVS LTD 0.7%

Value $308K (+38.4%) Shares 63,934 (+28.0%) Est. Cost $4.72 Unrealized —

TYGO TIGO ENERGY INC 0.3%

Value $151K (-34.7%) Shares 64,733 (+5.4%) Est. Cost $2.13 Unrealized —

BHR BRAEMAR HOTELS & RESORTS INC 0.9%

Value $411K (+22.9%) Shares 190,200 (+34.2%) Est. Cost $2.58 Unrealized —

CSR CENTERSPACE 1.4%

Value $638K (+13.3%) Shares 11,350 (+15.8%) Est. Cost $63.40 Unrealized —

STRW STRAWBERRY FIELDS REIT INC 0.6%

Value $276K (+21.6%) Shares 20,061 (+5.2%) Est. Cost $10.95 Unrealized —

SRG SERITAGE GROWTH PPTYS 0.9%

Value $396K (+4.7%) Shares 150,523 (+11.9%) Est. Cost $3.74 Unrealized —

URG UR-ENERGY INC 0.1%

Value $24,310 (+52.1%) Shares 17,875 (+66.7%) Est. Cost $1.57 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	BILL HOLDINGS INC	18,500,000 (+146.7%)	$15.99M (+139.1%)	36.1%	$0.88	—	NOTE 4/0	090043AF7
APPS	DIGITAL TURBINE INC	42,682 (+99.2%)	$551K (+792.4%)	1.2%	$8.94	—	COM NEW	25400W102
OPRA	OPERA LTD	41,905 (+33.4%)	$831K (+85.6%)	1.9%	$19.48	—	SPONSORED ADS	68373M107
NOK	NOKIA CORP	45,886 (+28.4%)	$609K (+112.0%)	1.4%	$7.70	—	SPONSORED ADR	654902204
INDI	INDIE SEMICONDUCTOR INC	132,200 (+11.8%)	$594K (+56.0%)	1.3%	$4.18	—	CLASS A COM	45569U101
SMRT	SMARTRENT INC	264,500 (+130.0%)	$315K (+82.5%)	0.7%	$1.42	—	COM CL A	83193G107
CREX	CREATIVE REALITIES INC	51,720 (+80.7%)	$214K (+117.0%)	0.5%	$3.63	—	COM	22530J309
ZETA	ZETA GLOBAL HOLDINGS CORP	14,780 (+16.6%)	$291K (+44.1%)	0.7%	$18.20	—	CL A	98956A105
ELME	ELME COMMUNITIES	231,500 (+82.3%)	$343K (+34.2%)	0.8%	$3.07	—	SH BEN INT	939653101
NB	NIOCORP DEVS LTD	63,934 (+28.0%)	$308K (+38.4%)	0.7%	$4.72	—	COM NEW	654484609
TYGO	TIGO ENERGY INC	64,733 (+5.4%)	$151K (-34.7%)	0.3%	$2.13	—	COM	88675P103
BHR	BRAEMAR HOTELS & RESORTS INC	190,200 (+34.2%)	$411K (+22.9%)	0.9%	$2.58	—	COM	10482B101
CSR	CENTERSPACE	11,350 (+15.8%)	$638K (+13.3%)	1.4%	$63.40	—	COM	15202L107
STRW	STRAWBERRY FIELDS REIT INC	20,061 (+5.2%)	$276K (+21.6%)	0.6%	$10.95	—	COM	863182101
SRG	SERITAGE GROWTH PPTYS	150,523 (+11.9%)	$396K (+4.7%)	0.9%	$3.74	—	CL A	81752R100
URG	UR-ENERGY INC	17,875 (+66.7%)	$24,310 (+52.1%)	0.1%	$1.57	—	COM	91688R108

Exited Positions (22)

— GOSSAMER BIO INC 14.6%

Value $6.475M Shares 15,752,000 Est. Cost $0.41 Unrealized —

— FIVE9 INC 9.8%

Value $4.361M Shares 5,000,000 Est. Cost $0.87 Unrealized —

VXX BARCLAYS BANK PLC 1.4%

Value $613K Shares 17,174 Est. Cost $35.70 Unrealized —

PPTA PERPETUA RESOURCES CORP 1.0%

Value $458K Shares 16,294 Est. Cost $14.59 Unrealized —

UAMY UNITED STATES ANTIMONY CORP 0.9%

Value $390K Shares 44,650 Est. Cost $8.05 Unrealized —

WSR WHITESTONE REIT 0.8%

Value $360K Shares 22,300 Est. Cost $14.60 Unrealized —

VIAV VIAVI SOLUTIONS INC 0.8%

Value $352K Shares 10,576 Est. Cost $11.00 Unrealized —

ENPH ENPHASE ENERGY INC 0.7%

Value $324K Shares 8,580 Est. Cost $41.25 Unrealized —

INN SUMMIT HOTEL PPTYS 0.6%

Value $287K Shares 65,000 Est. Cost $4.42 Unrealized —

ALCO ALICO INC 0.6%

Value $262K Shares 6,338 Est. Cost $27.94 Unrealized —

VPG VISHAY PRECISION GROUP INC 0.6%

Value $257K Shares 5,925 Est. Cost $46.22 Unrealized —

LGIH LGI HOMES INC 0.6%

Value $249K Shares 6,300 Est. Cost $52.95 Unrealized —

WY WEYERHAEUSER CO 0.5%

Value $237K Shares 9,700 Est. Cost $25.12 Unrealized —

WULF TERAWULF INC 0.5%

Value $227K Shares 15,730 Est. Cost $14.58 Unrealized —

SM SM ENERGY COMPANY 0.5%

Value $223K Shares 7,150 Est. Cost $19.89 Unrealized —

SPWR SUNPOWER INC 0.3%

Value $152K Shares 120,025 Est. Cost $1.68 Unrealized —

NFGC NEW FOUND GOLD CORP 0.3%

Value $149K Shares 76,690 Est. Cost $2.50 Unrealized —

QUIK QUICKLOGIC CORP 0.3%

Value $121K Shares 12,870 Est. Cost $7.64 Unrealized —

AREC AMERICAN RES CORP 0.2%

Value $108K Shares 44,776 Est. Cost $1.51 Unrealized —

UROY URANIUM RTY CORP 0.1%

Value $65,244 Shares 17,875 Est. Cost $4.33 Unrealized —

USAS AMERICAS GOLD AND SILVER COR 0.1%

Value $52,252 Shares 10,010 Est. Cost $7.32 Unrealized —

BZAI BLAIZE HLDGS INC 0.1%

Value $52,052 Shares 28,600 Est. Cost $1.64 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	GOSSAMER BIO INC	15,752,000	$6.475M	14.6%	$0.41	—	—	38341PAA0
—	FIVE9 INC	5,000,000	$4.361M	9.8%	$0.87	—	—	338307AF8
VXX	BARCLAYS BANK PLC	17,174	$613K	1.4%	$35.70	—	—	06748M196
PPTA	PERPETUA RESOURCES CORP	16,294	$458K	1.0%	$14.59	—	—	714266103
UAMY	UNITED STATES ANTIMONY CORP	44,650	$390K	0.9%	$8.05	—	—	911549103
WSR	WHITESTONE REIT	22,300	$360K	0.8%	$14.60	—	—	966084204
VIAV	VIAVI SOLUTIONS INC	10,576	$352K	0.8%	$11.00	—	—	925550105
ENPH	ENPHASE ENERGY INC	8,580	$324K	0.7%	$41.25	—	—	29355A107
INN	SUMMIT HOTEL PPTYS	65,000	$287K	0.6%	$4.42	—	—	866082100
ALCO	ALICO INC	6,338	$262K	0.6%	$27.94	—	—	016230104
VPG	VISHAY PRECISION GROUP INC	5,925	$257K	0.6%	$46.22	—	—	92835K103
LGIH	LGI HOMES INC	6,300	$249K	0.6%	$52.95	—	—	50187T106
WY	WEYERHAEUSER CO	9,700	$237K	0.5%	$25.12	—	—	962166104
WULF	TERAWULF INC	15,730	$227K	0.5%	$14.58	—	—	88080T104
SM	SM ENERGY COMPANY	7,150	$223K	0.5%	$19.89	—	—	78454L100
SPWR	SUNPOWER INC	120,025	$152K	0.3%	$1.68	—	—	20460L104
NFGC	NEW FOUND GOLD CORP	76,690	$149K	0.3%	$2.50	—	—	64440N103
QUIK	QUICKLOGIC CORP	12,870	$121K	0.3%	$7.64	—	—	74837P405
AREC	AMERICAN RES CORP	44,776	$108K	0.2%	$1.51	—	—	02927U208
UROY	URANIUM RTY CORP	17,875	$65,244	0.1%	$4.33	—	—	91702V101
USAS	AMERICAS GOLD AND SILVER COR	10,010	$52,252	0.1%	$7.32	—	—	03062D803
BZAI	BLAIZE HLDGS INC	28,600	$52,052	0.1%	$1.64	—	—	092915107

Decreased Positions (12)

ALM ALMONTY INDS INC 1.1%

Value $469K (-31.1%) Shares 28,337 (-39.7%) Est. Cost $5.12 Unrealized —

ADTN ADTRAN HOLDINGS INC 0.9%

Value $418K (-32.0%) Shares 30,081 (-38.5%) Est. Cost $8.59 Unrealized —

MEC MAYVILLE ENGR CO INC 0.9%

Value $399K (+47.0%) Shares 10,641 (-29.6%) Est. Cost $16.62 Unrealized —

NG NOVAGOLD RESOURCES INC 0.3%

Value $135K (-47.6%) Shares 22,683 (-21.2%) Est. Cost $6.18 Unrealized —

CTO CTO RLTY GROWTH INC NEW 1.0%

Value $443K (-20.6%) Shares 20,602 (-31.8%) Est. Cost $19.14 Unrealized —

CECO CECO ENVIRONMENTAL CORP 1.2%

Value $549K (+22.6%) Shares 6,051 (-19.5%) Est. Cost $68.79 Unrealized —

COLD AMERICOLD REALTY TRUST INC 1.3%

Value $558K (+14.3%) Shares 35,500 (-16.7%) Est. Cost $12.35 Unrealized —

FOSL FOSSIL GROUP INC 0.2%

Value $69,552 (-47.5%) Shares 16,800 (-45.4%) Est. Cost $3.89 Unrealized —

SVCO SILVACO GROUP INC 0.5%

Value $224K (+30.2%) Shares 16,250 (-33.2%) Est. Cost $4.14 Unrealized —

LMND LEMONADE INC 0.6%

Value $268K (-15.2%) Shares 4,119 (-18.3%) Est. Cost $54.04 Unrealized —

HPP HUDSON PACIFIC PROPERTIES IN 0.5%

Value $218K (+26.6%) Shares 14,357 (-50.8%) Est. Cost $8.06 Unrealized —

KOPN KOPIN CORP 0.3%

Value $127K (+43.8%) Shares 28,408 (-27.8%) Est. Cost $2.59 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALM	ALMONTY INDS INC	28,337 (-39.7%)	$469K (-31.1%)	1.1%	$5.12	—	COM NEW	020398707
ADTN	ADTRAN HOLDINGS INC	30,081 (-38.5%)	$418K (-32.0%)	0.9%	$8.59	—	COM	00486H105
MEC	MAYVILLE ENGR CO INC	10,641 (-29.6%)	$399K (+47.0%)	0.9%	$16.62	—	COM	578605107
NG	NOVAGOLD RESOURCES INC	22,683 (-21.2%)	$135K (-47.6%)	0.3%	$6.18	—	COM NEW	66987E206
CTO	CTO RLTY GROWTH INC NEW	20,602 (-31.8%)	$443K (-20.6%)	1.0%	$19.14	—	COM	22948Q101
CECO	CECO ENVIRONMENTAL CORP	6,051 (-19.5%)	$549K (+22.6%)	1.2%	$68.79	—	COM	125141101
COLD	AMERICOLD REALTY TRUST INC	35,500 (-16.7%)	$558K (+14.3%)	1.3%	$12.35	—	COM	03064D108
FOSL	FOSSIL GROUP INC	16,800 (-45.4%)	$69,552 (-47.5%)	0.2%	$3.89	—	COM	34988V106
SVCO	SILVACO GROUP INC	16,250 (-33.2%)	$224K (+30.2%)	0.5%	$4.14	—	COM	82728C102
LMND	LEMONADE INC	4,119 (-18.3%)	$268K (-15.2%)	0.6%	$54.04	—	COM	52567D107
HPP	HUDSON PACIFIC PROPERTIES IN	14,357 (-50.8%)	$218K (+26.6%)	0.5%	$8.06	—	COM	444097406
KOPN	KOPIN CORP	28,408 (-27.8%)	$127K (+43.8%)	0.3%	$2.59	—	COM	500600101

Unchanged Positions (5)

AHRT AH RLTY TR INC 0.9%

Value $402K Shares 56,800 Est. Cost $7.50 Unrealized —

AIV APARTMENT INVT & MGMT CO 0.4%

Value $172K Shares 57,900 Est. Cost $6.96 Unrealized —

TII TITAN MNG CORP 0.2%

Value $70,463 Shares 32,175 Est. Cost $3.83 Unrealized —

CUBE CUBESMART 0.6%

Value $247K Shares 6,200 Est. Cost $42.17 Unrealized —

YCBD CBDMD INC 0.3%

Value $124K Shares 184,796 Est. Cost $1.01 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AHRT	AH RLTY TR INC	56,800	$402K	0.9%	$7.50	—	COM	04208T108
AIV	APARTMENT INVT & MGMT CO	57,900	$172K	0.4%	$6.96	—	CL A	03748R747
TII	TITAN MNG CORP	32,175	$70,463	0.2%	$3.83	—	COM SHS NEW	88831L202
CUBE	CUBESMART	6,200	$247K	0.6%	$42.17	—	COM	229663109
YCBD	CBDMD INC	184,796	$124K	0.3%	$1.01	—	COM SHS	12482W408