Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VTS	VITESSE ENERGY INC	361,693	$5.704M	3.8%	$15.77	—	COMMON STOCK	92852X103
SHIM	SHIMMICK CORPORATION	957,605	$4.376M	2.9%	$4.57	—	COM	82455M109
PCYO	PURE CYCLE CORP	314,640	$3.37M	2.3%	$10.71	—	COM NEW	746228303
KVHI	KVH INDS INC	114,934	$1.139M	0.8%	$9.91	—	COM	482738101
LINC	LINCOLN EDL SVCS CORP	4,056	$202K	0.1%	$49.90	—	COM	533535100
COMP	COMPASS INC	12,057	$149K	0.1%	$12.33	—	CL A	20464U100
CRON	CRONOS GROUP INC	43,726	$122K	0.1%	$2.78	—	COM	22717L101

Increased Positions (13)

RXT RACKSPACE TECHNOLOGY INC 3.8%

Value $5.679M (+116.7%) Shares 869,700 (+3151.5%) Est. Cost — Unrealized —

OWLT OWLET INC 4.8%

Value $7.083M (+38.1%) Shares 1,234,053 (+23.6%) Est. Cost $10.96 Unrealized —

MDXG MIMEDX GROUP INC 4.8%

Value $7.201M (+21.8%) Shares 1,870,436 (+24.9%) Est. Cost $5.92 Unrealized —

VRCA VERRICA PHARMACEUTICALS INC 3.2%

Value $4.798M (+32.4%) Shares 783,923 (+14.4%) Est. Cost $6.90 Unrealized —

— CHEGG INC 5.2%

Value $7.69M (+16.5%) Shares 8,126,000 (+17.5%) Est. Cost $0.93 Unrealized —

POWW OUTDOOR HOLDING CO 0.5%

Value $767K (+980.9%) Shares 336,524 (+852.9%) Est. Cost $2.23 Unrealized —

IWM ISHARES TR 0.1%

Value $210K (-75.8%) Shares 700 (+1900.0%) Est. Cost — Unrealized —

CHGG CHEGG INC 0.6%

Value $872K (+187.4%) Shares 863,268 (+110.9%) Est. Cost $0.89 Unrealized —

SJT SAN JUAN BASIN RTY TR 2.6%

Value $3.893M (-11.0%) Shares 1,212,760 (+33.3%) Est. Cost $4.24 Unrealized —

GOLD GOLD COM INC 4.3%

Value $6.353M (+5.6%) Shares 152,691 (+1.7%) Est. Cost $26.04 Unrealized —

NTIP NETWORK-1 TECHNOLOGIES INC 1.3%

Value $1.875M (+14.0%) Shares 1,275,213 (+11.7%) Est. Cost $1.71 Unrealized —

ARX ACCELERANT HOLDINGS 1.3%

Value $2.005M (-3.9%) Shares 171,080 (+9.6%) Est. Cost $13.00 Unrealized —

SFIX STITCH FIX INC 0.2%

Value $224K (+27.1%) Shares 54,527 (+2.4%) Est. Cost $4.55 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RXT	RACKSPACE TECHNOLOGY INC	869,700 (+3151.5%)	$5.679M (+116.7%)	3.8%	—	—	PUT	750102105
OWLT	OWLET INC	1,234,053 (+23.6%)	$7.083M (+38.1%)	4.8%	$10.96	—	CL A NEW	69120X206
MDXG	MIMEDX GROUP INC	1,870,436 (+24.9%)	$7.201M (+21.8%)	4.8%	$5.92	—	COM	602496101
VRCA	VERRICA PHARMACEUTICALS INC	783,923 (+14.4%)	$4.798M (+32.4%)	3.2%	$6.90	—	COM SHS	92511W207
—	CHEGG INC	8,126,000 (+17.5%)	$7.69M (+16.5%)	5.2%	$0.93	—	NOTE 9/0	163092AF6
POWW	OUTDOOR HOLDING CO	336,524 (+852.9%)	$767K (+980.9%)	0.5%	$2.23	—	COM	00175J107
IWM	ISHARES TR	700 (+1900.0%)	$210K (-75.8%)	0.1%	—	—	PUT	464287655
CHGG	CHEGG INC	863,268 (+110.9%)	$872K (+187.4%)	0.6%	$0.89	—	COM	163092109
SJT	SAN JUAN BASIN RTY TR	1,212,760 (+33.3%)	$3.893M (-11.0%)	2.6%	$4.24	—	UNIT BEN INT	798241105
GOLD	GOLD COM INC	152,691 (+1.7%)	$6.353M (+5.6%)	4.3%	$26.04	—	COM	00181T107
NTIP	NETWORK-1 TECHNOLOGIES INC	1,275,213 (+11.7%)	$1.875M (+14.0%)	1.3%	$1.71	—	COM	64121N109
ARX	ACCELERANT HOLDINGS	171,080 (+9.6%)	$2.005M (-3.9%)	1.3%	$13.00	—	CL A	G00894108
SFIX	STITCH FIX INC	54,527 (+2.4%)	$224K (+27.1%)	0.2%	$4.55	—	COM CL A	860897107

Exited Positions (12)

TPB TURNING PT BRANDS INC 4.2%

Value $6.222M Shares 71,692 Est. Cost $93.56 Unrealized —

CVGW CALAVO GROWERS INC 3.5%

Value $5.152M Shares 199,750 Est. Cost $22.56 Unrealized —

GPGI GPGI INC 2.7%

Value $4.073M Shares 238,175 Est. Cost $6.00 Unrealized —

CVCO CAVCO INDS INC DEL 1.9%

Value $2.789M Shares 5,759 Est. Cost $303.86 Unrealized —

HIPO HIPPO HLDGS INC 1.7%

Value $2.465M Shares 946 Est. Cost $29.74 Unrealized —

PNRG PRIMEENERGY RESOURCES CORP 1.5%

Value $2.252M Shares 9,670 Est. Cost $104.31 Unrealized —

OPRT OPORTUN FINL CORP 1.2%

Value $1.718M Shares 372,697 Est. Cost $5.30 Unrealized —

SFIX STITCH FIX INC 1.0%

Value $1.484M Shares 4,483 Est. Cost $4.55 Unrealized —

CHGG CHEGG INC 0.5%

Value $686K Shares 9,259 Est. Cost $0.89 Unrealized —

CVNA CARVANA CO 0.5%

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

FLOC FLOWCO HLDGS INC 0.1%

Value $206K Shares 10,000 Est. Cost $21.04 Unrealized —

MAMA MAMAS CREATIONS INC 0.1%

Value $166K Shares 10,799 Est. Cost $14.83 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TPB	TURNING PT BRANDS INC	71,692	$6.222M	4.2%	$93.56	—	—	90041L105
CVGW	CALAVO GROWERS INC	199,750	$5.152M	3.5%	$22.56	—	—	128246105
GPGI	GPGI INC	238,175	$4.073M	2.7%	$6.00	—	—	20459V105
CVCO	CAVCO INDS INC DEL	5,759	$2.789M	1.9%	$303.86	—	—	149568107
HIPO	HIPPO HLDGS INC	946	$2.465M	1.7%	$29.74	—	CALL	433539202
PNRG	PRIMEENERGY RESOURCES CORP	9,670	$2.252M	1.5%	$104.31	—	—	74158E104
OPRT	OPORTUN FINL CORP	372,697	$1.718M	1.2%	$5.30	—	—	68376D104
SFIX	STITCH FIX INC	4,483	$1.484M	1.0%	$4.55	—	CALL	860897107
CHGG	CHEGG INC	9,259	$686K	0.5%	$0.89	—	CALL	163092109
CVNA	CARVANA CO	109	$685K	0.5%	—	—	PUT	146869102
FLOC	FLOWCO HLDGS INC	10,000	$206K	0.1%	$21.04	—	—	342909108
MAMA	MAMAS CREATIONS INC	10,799	$166K	0.1%	$14.83	—	—	56146T103

Decreased Positions (11)

NPKI NPK INTERNATIONAL INC 3.8%

Value $5.726M (-39.6%) Shares 359,882 (-45.0%) Est. Cost $7.33 Unrealized —

APEI AMERICAN PUB ED INC 0.3%

Value $382K (-90.2%) Shares 7,107 (-89.6%) Est. Cost $33.79 Unrealized —

NOA NORTH AMERN CONSTR GROUP LTD 7.0%

Value $10.42M (-19.7%) Shares 783,691 (-18.6%) Est. Cost $11.58 Unrealized —

LIFE ETHOS TECHNOLOGIES INC 5.0%

Value $7.41M (+46.7%) Shares 408,496 (-9.7%) Est. Cost $11.17 Unrealized —

ETON ETON PHARMACEUTICALS INC 4.1%

Value $6.181M (-26.8%) Shares 170,747 (-50.1%) Est. Cost $14.09 Unrealized —

NGS NATURAL GAS SVCS GROUP INC 3.5%

Value $5.28M (-27.0%) Shares 122,387 (-36.2%) Est. Cost $23.14 Unrealized —

BBW BUILD-A-BEAR WORKSHOP INC 2.1%

Value $3.156M (-21.3%) Shares 103,088 (-3.7%) Est. Cost $34.02 Unrealized —

LEE LEE ENTERPRISES INC 2.1%

Value $3.085M (-17.3%) Shares 344,349 (-20.5%) Est. Cost $13.29 Unrealized —

OSUR ORASURE TECHNOLOGIES INC 4.3%

Value $6.366M (+5.9%) Shares 1,427,419 (-28.7%) Est. Cost $4.75 Unrealized —

SNDL SNDL INC 7.8%

Value $11.66M (+0.9%) Shares 8,639,381 (-1.4%) Est. Cost $1.89 Unrealized —

REAL THE REALREAL INC 0.2%

Value $272K (+8.8%) Shares 23,039 (-16.2%) Est. Cost $9.81 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NPKI	NPK INTERNATIONAL INC	359,882 (-45.0%)	$5.726M (-39.6%)	3.8%	$7.33	—	COM SHS	651718504
APEI	AMERICAN PUB ED INC	7,107 (-89.6%)	$382K (-90.2%)	0.3%	$33.79	—	COM	02913V103
NOA	NORTH AMERN CONSTR GROUP LTD	783,691 (-18.6%)	$10.42M (-19.7%)	7.0%	$11.58	—	COM	656811106
LIFE	ETHOS TECHNOLOGIES INC	408,496 (-9.7%)	$7.41M (+46.7%)	5.0%	$11.17	—	CL A	29765A101
ETON	ETON PHARMACEUTICALS INC	170,747 (-50.1%)	$6.181M (-26.8%)	4.1%	$14.09	—	COM	29772L108
NGS	NATURAL GAS SVCS GROUP INC	122,387 (-36.2%)	$5.28M (-27.0%)	3.5%	$23.14	—	COM	63886Q109
BBW	BUILD-A-BEAR WORKSHOP INC	103,088 (-3.7%)	$3.156M (-21.3%)	2.1%	$34.02	—	COM	120076104
LEE	LEE ENTERPRISES INC	344,349 (-20.5%)	$3.085M (-17.3%)	2.1%	$13.29	—	COM	523768406
OSUR	ORASURE TECHNOLOGIES INC	1,427,419 (-28.7%)	$6.366M (+5.9%)	4.3%	$4.75	—	COM	68554V108
SNDL	SNDL INC	8,639,381 (-1.4%)	$11.66M (+0.9%)	7.8%	$1.89	—	COM	83307B101
REAL	THE REALREAL INC	23,039 (-16.2%)	$272K (+8.8%)	0.2%	$9.81	—	COM	88339P101

Unchanged Positions (5)

ASIC ATEGRITY SPECIALTY IN CO HO 7.9%

Value $11.79M Shares 490,482 Est. Cost $19.48 Unrealized —

ROOT ROOT INC 2.0%

Value $2.926M Shares 52,331 Est. Cost $65.74 Unrealized —

GBLI GLOBAL INDEMNITY GROUP LLC 4.3%

Value $6.455M Shares 257,875 Est. Cost $30.26 Unrealized —

HIPO HIPPO HLDGS INC 1.8%

Value $2.731M Shares 96,642 Est. Cost $29.74 Unrealized —

DGICA DONEGAL GROUP INC 1.0%

Value $1.564M Shares 82,939 Est. Cost $14.13 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ASIC	ATEGRITY SPECIALTY IN CO HO	490,482	$11.79M	7.9%	$19.48	—	COM	04681Y103
ROOT	ROOT INC	52,331	$2.926M	2.0%	$65.74	—	CL A NEW	77664L207
GBLI	GLOBAL INDEMNITY GROUP LLC	257,875	$6.455M	4.3%	$30.26	—	COM CL A	37959R103
HIPO	HIPPO HLDGS INC	96,642	$2.731M	1.8%	$29.74	—	COM NEW	433539202
DGICA	DONEGAL GROUP INC	82,939	$1.564M	1.0%	$14.13	—	CL A	257701201