Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INFU	INFUSYSTEM HLDGS INC	1,348,617 (+12.0%)	$13.01M (+17.1%)	8.2%	$4.12	—	COM	45685K102
KELYA	KELLY SVCS INC	253,162 (+26.7%)	$3.109M (+75.8%)	2.0%	$10.69	—	CL A	488152208
CLBK	COLUMBIA FINL INC	89,294 (+164.2%)	$1.895M (+220.2%)	1.2%	$19.11	—	COM	197641103
RAIL	FREIGHTCAR AMER INC	379,030 (+11.1%)	$3.692M (+35.8%)	2.3%	$7.11	—	COM	357023100
KEQU	KEWAUNEE SCIENTIFIC CORP	149,410 (+9.3%)	$5.307M (+13.3%)	3.4%	$27.05	—	COM	492854104
SSP	SCRIPPS E W CO OHIO	1,832,707 (+20.1%)	$5.077M (-10.6%)	3.2%	$5.27	—	CL A NEW	811054402
VIRC	VIRCO MFG CO	1,535,454 (+1.2%)	$9.428M (+1.5%)	6.0%	$4.49	—	COM	927651109
FMC	FMC CORP	78,000 (+62.5%)	$897K (+8.5%)	0.6%	$16.09	—	COM NEW	302491303

Exited Positions (2)

GLDD GREAT LAKES DREDGE & DOCK CO 11.1%

Value $17.5M Shares 1,029,703 Est. Cost $6.72 Unrealized —

PRA PROASSURANCE CORP 0.3%

Value $426K Shares 17,234 Est. Cost $49.77 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLDD	GREAT LAKES DREDGE & DOCK CO	1,029,703	$17.5M	11.1%	$6.72	—	—	390607109
PRA	PROASSURANCE CORP	17,234	$426K	0.3%	$49.77	—	—	74267C106

Decreased Positions (4)

SIF SIFCO INDS INC 6.7%

Value $10.66M (+66.7%) Shares 455,650 (-5.2%) Est. Cost $4.87 Unrealized —

FSTR FOSTER L B CO 1.9%

Value $3.068M (+31.0%) Shares 67,922 (-19.1%) Est. Cost $32.36 Unrealized —

ATRO ASTRONICS CORP 2.8%

Value $4.473M (-4.7%) Shares 55,041 (-21.8%) Est. Cost $10.90 Unrealized —

MBBC MARATHON BANCORP INC 0.5%

Value $852K (+6.8%) Shares 55,750 (-5.5%) Est. Cost $9.99 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SIF	SIFCO INDS INC	455,650 (-5.2%)	$10.66M (+66.7%)	6.7%	$4.87	—	COM	826546103
FSTR	FOSTER L B CO	67,922 (-19.1%)	$3.068M (+31.0%)	1.9%	$32.36	—	COM	350060109
ATRO	ASTRONICS CORP	55,041 (-21.8%)	$4.473M (-4.7%)	2.8%	$10.90	—	COM	046433108
MBBC	MARATHON BANCORP INC	55,750 (-5.5%)	$852K (+6.8%)	0.5%	$9.99	—	COM NEW	565759206

Unchanged Positions (34)

EML EASTERN CO 9.6%

Value $15.22M Shares 546,402 Est. Cost $15.32 Unrealized —

UFI UNIFI INC 3.8%

Value $5.979M Shares 1,258,792 Est. Cost $5.92 Unrealized —

ESCA ESCALADE INC 6.7%

Value $10.65M Shares 567,222 Est. Cost $7.05 Unrealized —

PBHC PATHFINDER BANCORP INC MD 2.6%

Value $4.164M Shares 262,204 Est. Cost $9.77 Unrealized —

UTMD UTAH MED PRODS INC 4.1%

Value $6.458M Shares 93,615 Est. Cost $65.02 Unrealized —

DLHC DLH HLDGS CORP 3.7%

Value $5.861M Shares 1,116,368 Est. Cost $8.82 Unrealized —

CAC CAMDEN NATL CORP 3.1%

Value $4.856M Shares 89,568 Est. Cost $19.20 Unrealized —

UIS UNISYS CORP 0.8%

Value $1.264M Shares 345,347 Est. Cost $4.25 Unrealized —

NODK NI HLDGS INC 1.3%

Value $2.041M Shares 129,900 Est. Cost $15.17 Unrealized —

CFG CITIZENS FINL GROUP INC 1.0%

Value $1.505M Shares 21,485 Est. Cost $33.57 Unrealized —

NVGS NAVIGATOR HLDGS LTD 3.5%

Value $5.518M Shares 296,212 Est. Cost $29.97 Unrealized —

CTGO CONTANGO SILVER & GOLD INC 0.6%

Value $942K Shares 59,647 Est. Cost $22.68 Unrealized —

THRY THRYV HLDGS INC 0.4%

Value $569K Shares 144,329 Est. Cost $19.78 Unrealized —

EBC EASTERN BANKSHARES INC 0.9%

Value $1.392M Shares 62,576 Est. Cost $18.22 Unrealized —

ECBK ECB BANCORP INC 0.6%

Value $1.003M Shares 49,940 Est. Cost $12.38 Unrealized —

FNB F N B CORP 0.8%

Value $1.223M Shares 64,075 Est. Cost $7.96 Unrealized —

MPB MID PENN BANCORP INC 1.2%

Value $1.888M Shares 54,177 Est. Cost $25.23 Unrealized —

HBNC HORIZON BANCORP IND 0.4%

Value $700K Shares 35,052 Est. Cost $15.01 Unrealized —

FRME FIRST MERCHANTS CORP 0.7%

Value $1.034M Shares 23,662 Est. Cost $29.65 Unrealized —

LSBK LAKE SHORE BANCORP INC 0.5%

Value $788K Shares 44,259 Est. Cost $12.57 Unrealized —

CPBI CENTRAL PLAINS BANCSHARES IN 0.6%

Value $935K Shares 49,117 Est. Cost $9.91 Unrealized —

NWBI NORTHWEST BANCSHARES INC 0.4%

Value $576K Shares 38,000 Est. Cost $6.49 Unrealized —

CRD/B CRAWFORD & CO 1.9%

Value $3.006M Shares 288,178 Est. Cost $7.19 Unrealized —

DGICA DONEGAL GROUP INC 0.6%

Value $877K Shares 46,490 Est. Cost $11.33 Unrealized —

NWFL NORWOOD FINANCIAL CORP 0.6%

Value $919K Shares 28,580 Est. Cost $26.20 Unrealized —

DGICB DONEGAL GROUP INC 0.2%

Value $389K Shares 17,856 Est. Cost $12.92 Unrealized —

FRBA FIRST BK WILLIAMSTOWN NEW JE 0.5%

Value $729K Shares 41,143 Est. Cost $11.05 Unrealized —

EBMT EAGLE BANCORP MONT INC 0.3%

Value $505K Shares 21,098 Est. Cost $7.64 Unrealized —

FCF FIRST COMWLTH FINL CORP PA 0.3%

Value $520K Shares 25,560 Est. Cost $12.97 Unrealized —

RMBI RICHMOND MUT BANCORPORATION 0.3%

Value $480K Shares 30,224 Est. Cost $13.36 Unrealized —

DLX DELUXE CORP MEDIUM TERM NTS 0.2%

Value $332K Shares 13,900 Est. Cost $23.94 Unrealized —

CZNC CITIZENS & NORTHN CORP 0.6%

Value $1M Shares 42,900 Est. Cost $10.60 Unrealized —

TG TREDEGAR CORP 8.4%

Value $13.26M Shares 1,665,607 Est. Cost $6.94 Unrealized —

ASRV AMERISERV FINL INC 0.1%

Value $226K Shares 58,200 Est. Cost $2.21 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EML	EASTERN CO	546,402	$15.22M	9.6%	$15.32	—	COM	276317104
UFI	UNIFI INC	1,258,792	$5.979M	3.8%	$5.92	—	COM NEW	904677200
ESCA	ESCALADE INC	567,222	$10.65M	6.7%	$7.05	—	COM	296056104
PBHC	PATHFINDER BANCORP INC MD	262,204	$4.164M	2.6%	$9.77	—	COM	70319R109
UTMD	UTAH MED PRODS INC	93,615	$6.458M	4.1%	$65.02	—	COM	917488108
DLHC	DLH HLDGS CORP	1,116,368	$5.861M	3.7%	$8.82	—	COM	23335Q100
CAC	CAMDEN NATL CORP	89,568	$4.856M	3.1%	$19.20	—	COM	133034108
UIS	UNISYS CORP	345,347	$1.264M	0.8%	$4.25	—	COM NEW	909214306
NODK	NI HLDGS INC	129,900	$2.041M	1.3%	$15.17	—	COM	65342T106
CFG	CITIZENS FINL GROUP INC	21,485	$1.505M	1.0%	$33.57	—	COM	174610105
NVGS	NAVIGATOR HLDGS LTD	296,212	$5.518M	3.5%	$29.97	—	SHS	Y62132108
CTGO	CONTANGO SILVER & GOLD INC	59,647	$942K	0.6%	$22.68	—	COM	21077F100
THRY	THRYV HLDGS INC	144,329	$569K	0.4%	$19.78	—	COM NEW	886029206
EBC	EASTERN BANKSHARES INC	62,576	$1.392M	0.9%	$18.22	—	COM	27627N105
ECBK	ECB BANCORP INC	49,940	$1.003M	0.6%	$12.38	—	COM	26828M106
FNB	F N B CORP	64,075	$1.223M	0.8%	$7.96	—	COM	302520101
MPB	MID PENN BANCORP INC	54,177	$1.888M	1.2%	$25.23	—	COM	59540G107
HBNC	HORIZON BANCORP IND	35,052	$700K	0.4%	$15.01	—	COM	440407104
FRME	FIRST MERCHANTS CORP	23,662	$1.034M	0.7%	$29.65	—	COM	320817109
LSBK	LAKE SHORE BANCORP INC	44,259	$788K	0.5%	$12.57	—	COM	510704109
CPBI	CENTRAL PLAINS BANCSHARES IN	49,117	$935K	0.6%	$9.91	—	COM	15486W100
NWBI	NORTHWEST BANCSHARES INC	38,000	$576K	0.4%	$6.49	—	COM	667340103
CRD/B	CRAWFORD & CO	288,178	$3.006M	1.9%	$7.19	—	CL B	224633107
DGICA	DONEGAL GROUP INC	46,490	$877K	0.6%	$11.33	—	CL A	257701201
NWFL	NORWOOD FINANCIAL CORP	28,580	$919K	0.6%	$26.20	—	COM	669549107
DGICB	DONEGAL GROUP INC	17,856	$389K	0.2%	$12.92	—	CL B	257701300
FRBA	FIRST BK WILLIAMSTOWN NEW JE	41,143	$729K	0.5%	$11.05	—	COM	31931U102
EBMT	EAGLE BANCORP MONT INC	21,098	$505K	0.3%	$7.64	—	COM	26942G100
FCF	FIRST COMWLTH FINL CORP PA	25,560	$520K	0.3%	$12.97	—	COM	319829107
RMBI	RICHMOND MUT BANCORPORATION	30,224	$480K	0.3%	$13.36	—	COM	76525P100
DLX	DELUXE CORP MEDIUM TERM NTS	13,900	$332K	0.2%	$23.94	—	COM	248019101
CZNC	CITIZENS & NORTHN CORP	42,900	$1M	0.6%	$10.60	—	COM	172922106
TG	TREDEGAR CORP	1,665,607	$13.26M	8.4%	$6.94	—	COM	894650100
ASRV	AMERISERV FINL INC	58,200	$226K	0.1%	$2.21	—	COM	03074A102