Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LIFE	ETHOS TECHNOLOGIES INC	452,337	$5.053M	3.1%	$11.17	—	CL A	29765A101
VRCA	VERRICA PHARMACEUTICALS INC	685,123	$3.624M	2.2%	$7.02	0.0%	COM SHS	92511W207
RXT	RACKSPACE TECHNOLOGY INC	26,748	$2.621M	1.6%	—	—	PUT	750102105
HIPO	HIPPO HLDGS INC	96,642	$2.518M	1.5%	$29.74	0.0%	COM NEW	433539202
HIPO	HIPPO HLDGS INC	946	$2.465M	1.5%	$29.74	0.0%	CALL	433539202
ROOT	ROOT INC	52,331	$2.311M	1.4%	$65.74	0.0%	CL A NEW	77664L207
ARX	ACCELERANT HOLDINGS	156,149	$2.086M	1.3%	$13.12	0.0%	CL A	G00894108
OPRT	OPORTUN FINL CORP	372,697	$1.718M	1.1%	$5.30	0.0%	COM	68376D104
SFIX	STITCH FIX INC	4,483	$1.484M	0.9%	$4.56	+0.0%	CALL	860897107
IWM	ISHARES TR	35	$868K	0.5%	—	—	PUT	464287655
CHGG	CHEGG INC	9,259	$686K	0.4%	$0.76	0.0%	CALL	163092109
CHGG	CHEGG INC	409,236	$303K	0.2%	$0.76	0.0%	COM	163092109
FLOC	FLOWCO HLDGS INC	10,000	$206K	0.1%	$21.04	0.0%	COM CL A	342909108
MAMA	MAMAS CREATIONS INC	10,799	$166K	0.1%	$14.83	0.0%	COM	56146T103
POWW	OUTDOOR HOLDING CO	35,315	$70,983	0.0%	$1.83	0.0%	COM	00175J107

Increased Positions (14)

ETON ETON PHARMACEUTICALS INC 5.2%

Value $8.44M (+130.1%) Shares 341,985 (+57.7%) Est. Cost $14.09 Unrealized +13.5%

— CHEGG INC 4.1%

Value $6.603M (+199.5%) Shares 6,914,000 (+178.7%) Est. Cost $0.93 Unrealized —

MDXG MIMEDX GROUP INC 3.6%

Value $5.914M (-40.6%) Shares 1,497,186 (+1.7%) Est. Cost $6.43 Unrealized -15.2%

ASIC ATEGRITY SPECIALTY IN CO HO 5.9%

Value $9.618M (+42.5%) Shares 486,504 (+51.5%) Est. Cost $19.48 Unrealized -4.0%

LEE LEE ENTERPRISES INC 2.3%

Value $3.731M (+278.4%) Shares 433,281 (+110.5%) Est. Cost $13.29 Unrealized -54.8%

OWLT OWLET INC 3.2%

Value $5.131M (-26.6%) Shares 998,165 (+131.3%) Est. Cost $12.20 Unrealized +5.4%

CVGW CALAVO GROWERS INC 3.2%

Value $5.152M (+49.8%) Shares 199,750 (+26.3%) Est. Cost $22.56 Unrealized +9.8%

GBLI GLOBAL INDEMNITY GROUP LLC 4.3%

Value $7.008M (+26.1%) Shares 257,360 (+31.4%) Est. Cost $30.26 Unrealized -5.6%

OSUR ORASURE TECHNOLOGIES INC 3.7%

Value $6.01M (+27.1%) Shares 2,003,271 (+2.5%) Est. Cost $4.75 Unrealized -42.6%

BBW BUILD-A-BEAR WORKSHOP INC 2.5%

Value $4.008M (-15.5%) Shares 107,035 (+38.3%) Est. Cost $34.02 Unrealized +74.0%

TPB TURNING PT BRANDS INC 3.8%

Value $6.222M (+10.6%) Shares 71,692 (+38.2%) Est. Cost $93.56 Unrealized +31.1%

SJT SAN JUAN BASIN RTY TR 2.7%

Value $4.375M (-6.9%) Shares 909,463 (+8.8%) Est. Cost $4.58 Unrealized —

SFIX STITCH FIX INC 0.1%

Value $176K (+30.1%) Shares 53,268 (+106.4%) Est. Cost $4.56 Unrealized +0.0%

REAL THE REALREAL INC 0.2%

Value $250K (-1.9%) Shares 27,504 (+70.5%) Est. Cost $9.81 Unrealized +45.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ETON	ETON PHARMACEUTICALS INC	341,985 (+57.7%)	$8.44M (+130.1%)	5.2%	$14.09	+13.5%	COM	29772L108
—	CHEGG INC	6,914,000 (+178.7%)	$6.603M (+199.5%)	4.1%	$0.93	—	NOTE 9/0	163092AF6
MDXG	MIMEDX GROUP INC	1,497,186 (+1.7%)	$5.914M (-40.6%)	3.6%	$6.43	-15.2%	COM	602496101
ASIC	ATEGRITY SPECIALTY IN CO HO	486,504 (+51.5%)	$9.618M (+42.5%)	5.9%	$19.48	-4.0%	COM	04681Y103
LEE	LEE ENTERPRISES INC	433,281 (+110.5%)	$3.731M (+278.4%)	2.3%	$13.29	-54.8%	COM	523768406
OWLT	OWLET INC	998,165 (+131.3%)	$5.131M (-26.6%)	3.2%	$12.20	+5.4%	CL A NEW	69120X206
CVGW	CALAVO GROWERS INC	199,750 (+26.3%)	$5.152M (+49.8%)	3.2%	$22.56	+9.8%	COM	128246105
GBLI	GLOBAL INDEMNITY GROUP LLC	257,360 (+31.4%)	$7.008M (+26.1%)	4.3%	$30.26	-5.6%	COM CL A	37959R103
OSUR	ORASURE TECHNOLOGIES INC	2,003,271 (+2.5%)	$6.01M (+27.1%)	3.7%	$4.75	-42.6%	COM	68554V108
BBW	BUILD-A-BEAR WORKSHOP INC	107,035 (+38.3%)	$4.008M (-15.5%)	2.5%	$34.02	+74.0%	COM	120076104
TPB	TURNING PT BRANDS INC	71,692 (+38.2%)	$6.222M (+10.6%)	3.8%	$93.56	+31.1%	COM	90041L105
SJT	SAN JUAN BASIN RTY TR	909,463 (+8.8%)	$4.375M (-6.9%)	2.7%	$4.58	—	UNIT BEN INT	798241105
SFIX	STITCH FIX INC	53,268 (+106.4%)	$176K (+30.1%)	0.1%	$4.56	+0.0%	COM CL A	860897107
REAL	THE REALREAL INC	27,504 (+70.5%)	$250K (-1.9%)	0.2%	$9.81	+45.1%	COM	88339P101

Exited Positions (25)

EOSE EOS ENERGY ENTERPRISES INC 9.2%

Value $14.99M Shares 13,083 Est. Cost — Unrealized —

FLNC FLUENCE ENERGY INC 5.7%

Value $9.275M Shares 4,689 Est. Cost — Unrealized —

RGTI RIGETTI COMPUTING INC 4.6%

Value $7.529M Shares 3,399 Est. Cost — Unrealized —

COMP COMPASS INC 3.3%

Value $5.447M Shares 515,309 Est. Cost $4.66 Unrealized +152.3%

SVV SAVERS VALUE VLG INC 3.3%

Value $5.445M Shares 583,008 Est. Cost $10.16 Unrealized +2.7%

NPKI NPK INTERNATIONAL INC 1.7%

Value $2.777M Shares 2,330 Est. Cost $7.33 Unrealized +88.4%

QS QUANTUMSCAPE CORP 1.4%

Value $2.328M Shares 2,234 Est. Cost — Unrealized —

SES SES AI CORPORATION 1.2%

Value $1.95M Shares 10,832 Est. Cost — Unrealized —

FCEL FUELCELL ENERGY INC 1.2%

Value $1.909M Shares 2,612 Est. Cost — Unrealized —

GSAT GLOBALSTAR INC 1.1%

Value $1.787M Shares 29,268 Est. Cost $25.45 Unrealized +141.5%

FFAI FARADAY FUTURE INTLGT ELEC I 0.7%

Value $1.128M Shares 11,058 Est. Cost — Unrealized —

SWKH SWK HLDGS CORP 0.7%

Value $1.085M Shares 63,069 Est. Cost $11.61 Unrealized +48.6%

MVST MICROVAST HOLDINGS INC 0.5%

Value $860K Shares 3,072 Est. Cost — Unrealized —

WINA WINMARK CORP 0.4%

Value $667K Shares 1,647 Est. Cost $204.41 Unrealized +116.8%

LWLG LIGHTWAVE LOGIC INC 0.4%

Value $612K Shares 1,889 Est. Cost — Unrealized —

ASPI ASP ISOTOPES INC 0.4%

Value $593K Shares 1,109 Est. Cost — Unrealized —

PPIH PERMA-PIPE INTL HLDGS INC 0.3%

Value $458K Shares 15,071 Est. Cost $13.04 Unrealized +141.7%

PLUG PLUG POWER INC 0.3%

Value $445K Shares 8,091 Est. Cost — Unrealized —

ABAT AMERICAN BATTERY TECHNOLOGY 0.2%

Value $317K Shares 948 Est. Cost — Unrealized —

OGI ORGANIGRAM GLOBAL INC 0.2%

Value $262K Shares 155,682 Est. Cost $1.72 Unrealized -10.4%

UP WHEELS UP EXPERIENCE INC 0.2%

Value $260K Shares 3,968 Est. Cost — Unrealized —

MLCI MOUNT LOGAN CAP INC 0.1%

Value $140K Shares 17,018 Est. Cost $5.02 Unrealized +45.3%

CRON CRONOS GROUP INC 0.1%

Value $91,258 Shares 34,699 Est. Cost $1.97 Unrealized +34.0%

LPRO OPEN LENDING CORP 0.0%

Value $63,147 Shares 40,740 Est. Cost $6.22 Unrealized -72.3%

SONM SONIM TECHNOLOGIES INC 0.0%

Value $42,922 Shares 13,626 Est. Cost $8.97 Unrealized -43.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EOSE	EOS ENERGY ENTERPRISES INC	13,083	$14.99M	9.2%	—	—	PUT	29415C101
FLNC	FLUENCE ENERGY INC	4,689	$9.275M	5.7%	—	—	PUT	34379V103
RGTI	RIGETTI COMPUTING INC	3,399	$7.529M	4.6%	—	—	PUT	76655K103
COMP	COMPASS INC	515,309	$5.447M	3.3%	$4.66	+152.3%	—	20464U100
SVV	SAVERS VALUE VLG INC	583,008	$5.445M	3.3%	$10.16	+2.7%	—	80517M109
NPKI	NPK INTERNATIONAL INC	2,330	$2.777M	1.7%	$7.33	+88.4%	CALL	651718504
QS	QUANTUMSCAPE CORP	2,234	$2.328M	1.4%	—	—	PUT	74767V109
SES	SES AI CORPORATION	10,832	$1.95M	1.2%	—	—	PUT	78397Q109
FCEL	FUELCELL ENERGY INC	2,612	$1.909M	1.2%	—	—	PUT	35952H700
GSAT	GLOBALSTAR INC	29,268	$1.787M	1.1%	$25.45	+141.5%	—	378973507
FFAI	FARADAY FUTURE INTLGT ELEC I	11,058	$1.128M	0.7%	—	—	PUT	307359885
SWKH	SWK HLDGS CORP	63,069	$1.085M	0.7%	$11.61	+48.6%	—	78501P203
MVST	MICROVAST HOLDINGS INC	3,072	$860K	0.5%	—	—	PUT	59516C106
WINA	WINMARK CORP	1,647	$667K	0.4%	$204.41	+116.8%	—	974250102
LWLG	LIGHTWAVE LOGIC INC	1,889	$612K	0.4%	—	—	PUT	532275104
ASPI	ASP ISOTOPES INC	1,109	$593K	0.4%	—	—	PUT	00218A105
PPIH	PERMA-PIPE INTL HLDGS INC	15,071	$458K	0.3%	$13.04	+141.7%	—	714167103
PLUG	PLUG POWER INC	8,091	$445K	0.3%	—	—	PUT	72919P202
ABAT	AMERICAN BATTERY TECHNOLOGY	948	$317K	0.2%	—	—	PUT	02451V309
OGI	ORGANIGRAM GLOBAL INC	155,682	$262K	0.2%	$1.72	-10.4%	—	68617J100
UP	WHEELS UP EXPERIENCE INC	3,968	$260K	0.2%	—	—	PUT	96328L205
MLCI	MOUNT LOGAN CAP INC	17,018	$140K	0.1%	$5.02	+45.3%	—	62188E103
CRON	CRONOS GROUP INC	34,699	$91,258	0.1%	$1.97	+34.0%	—	22717L101
LPRO	OPEN LENDING CORP	40,740	$63,147	0.0%	$6.22	-72.3%	—	68373J104
SONM	SONIM TECHNOLOGIES INC	13,626	$42,922	0.0%	$8.97	-43.2%	—	83548F408

Decreased Positions (7)

CVCO CAVCO INDS INC DEL 1.7%

Value $2.789M (-58.4%) Shares 5,759 (-49.3%) Est. Cost $303.86 Unrealized +98.7%

NGS NATURAL GAS SVCS GROUP INC 4.4%

Value $7.234M (-34.1%) Shares 191,681 (-41.2%) Est. Cost $23.14 Unrealized +53.1%

GPGI GPGI INC 2.5%

Value $4.073M (-42.0%) Shares 238,175 (-34.6%) Est. Cost $6.00 Unrealized +289.4%

NOA NORTH AMERN CONSTR GROUP LTD 8.0%

Value $12.98M (-16.0%) Shares 962,731 (-10.5%) Est. Cost $11.58 Unrealized +34.3%

GOLD GOLD COM INC 3.7%

Value $6.015M (-22.5%) Shares 150,066 (-34.1%) Est. Cost $25.77 Unrealized +92.5%

NPKI NPK INTERNATIONAL INC 5.8%

Value $9.486M (-15.4%) Shares 654,689 (-30.4%) Est. Cost $7.33 Unrealized +88.4%

APEI AMERICAN PUB ED INC 2.4%

Value $3.887M (+29.3%) Shares 68,329 (-14.1%) Est. Cost $33.79 Unrealized +24.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CVCO	CAVCO INDS INC DEL	5,759 (-49.3%)	$2.789M (-58.4%)	1.7%	$303.86	+98.7%	COM	149568107
NGS	NATURAL GAS SVCS GROUP INC	191,681 (-41.2%)	$7.234M (-34.1%)	4.4%	$23.14	+53.1%	COM	63886Q109
GPGI	GPGI INC	238,175 (-34.6%)	$4.073M (-42.0%)	2.5%	$6.00	+289.4%	COM CL A	20459V105
NOA	NORTH AMERN CONSTR GROUP LTD	962,731 (-10.5%)	$12.98M (-16.0%)	8.0%	$11.58	+34.3%	COM	656811106
GOLD	GOLD COM INC	150,066 (-34.1%)	$6.015M (-22.5%)	3.7%	$25.77	+92.5%	COM	00181T107
NPKI	NPK INTERNATIONAL INC	654,689 (-30.4%)	$9.486M (-15.4%)	5.8%	$7.33	+88.4%	COM SHS	651718504
APEI	AMERICAN PUB ED INC	68,329 (-14.1%)	$3.887M (+29.3%)	2.4%	$33.79	+24.7%	COM	02913V103

Unchanged Positions (5)

CVNA CARVANA CO 0.4%

Value $685K Shares 109 Est. Cost — Unrealized —

SNDL SNDL INC 7.1%

Value $11.56M Shares 8,761,155 Est. Cost $1.89 Unrealized -16.7%

PNRG PRIMEENERGY RESOURCES CORP 1.4%

Value $2.252M Shares 9,670 Est. Cost $104.31 Unrealized +71.3%

DGICA DONEGAL GROUP INC 0.9%

Value $1.425M Shares 82,939 Est. Cost $14.13 Unrealized +32.1%

NTIP NETWORK-1 TECHNOLOGIES INC 1.0%

Value $1.644M Shares 1,141,975 Est. Cost $1.74 Unrealized -22.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CVNA	CARVANA CO	109	$685K	0.4%	—	—	PUT	146869102
SNDL	SNDL INC	8,761,155	$11.56M	7.1%	$1.89	-16.7%	COM	83307B101
PNRG	PRIMEENERGY RESOURCES CORP	9,670	$2.252M	1.4%	$104.31	+71.3%	COM	74158E104
DGICA	DONEGAL GROUP INC	82,939	$1.425M	0.9%	$14.13	+32.1%	CL A	257701201
NTIP	NETWORK-1 TECHNOLOGIES INC	1,141,975	$1.644M	1.0%	$1.74	-22.7%	COM	64121N109