Manatuck Hill Partners, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EVLV	EVOLV TECHNOLOGIES HLDNGS IN	600,000	$4,296	1.5%	$7.11	0.0%	COM CL A	30049H102
MRCY	MERCURY SYS INC	45,000	$3,285	1.1%	$74.39	0.0%	COM	589378108
AESI	ATLAS ENERGY SOLUTIONS INC	230,000	$2,167	0.8%	$10.11	0.0%	COM NEW	642045108
DHT	DHT HOLDINGS INC	175,000	$2,137	0.7%	$12.28	0.0%	SHS NEW	Y2065G121
FCX	FREEPORT-MCMORAN INC	35,000	$1,778	0.6%	$43.31	0.0%	CL B	35671D857
ALM	ALMONTY INDS INC	200,000	$1,762	0.6%	$7.35	0.0%	COM NEW	020398707
OWLT	OWLET INC	100,000	$1,619	0.6%	$11.34	0.0%	CL A NEW	69120X206
NOK	NOKIA CORP	250,000	$1,618	0.6%	$6.47	—	SPONSORED ADR	654902204
PXED	PHOENIX ED PARTNERS INC	45,000	$1,364	0.5%	$33.28	0.0%	COM	718968100
KRUS	KURA SUSHI USA INC	25,000	$1,308	0.5%	$54.54	0.0%	CL A COM	501270102
HUBG	HUB GROUP INC	30,000	$1,278	0.4%	$38.02	0.0%	CL A	443320106
RGLD	ROYAL GOLD INC	5,225	$1,161	0.4%	$198.37	0.0%	COM	780287108
INDA	ISHARES TR	20,000	$1,081	0.4%	$54.05	—	MSCI INDIA ETF	46429B598
AA	ALCOA CORP	20,000	$1,063	0.4%	$40.88	0.0%	COM	013872106
INSW	INTERNATIONAL SEAWAYS INC	20,000	$971	0.3%	$48.84	0.0%	COM	Y41053102
TBN	TAMBORAN RES CORP	32,100	$874	0.3%	$25.43	0.0%	COM	87507T101
LSTR	LANDSTAR SYS INC	6,000	$862	0.3%	$143.70	—	COM	515098101
EAT	BRINKER INTL INC	6,000	$861	0.3%	$130.99	0.0%	COM	109641100
IBIT	ISHARES BITCOIN TRUST ETF	15,000	$745	0.3%	$49.65	—	SHS BEN INT	46438F101
STZ	CONSTELLATION BRANDS INC	5,000	$690	0.2%	$136.84	0.0%	CL A	21036P108
GRPN	GROUPON INC	38,500	$678	0.2%	$18.84	0.0%	COM NEW	399473206
ONEW	ONEWATER MARINE INC	42,700	$462	0.2%	$13.35	0.0%	CL A COM	68280L101
CSX	CSX CORP	12,000	$435	0.2%	$35.70	0.0%	COM	126408103
GAIA	GAIA INC NEW	80,000	$290	0.1%	$4.57	0.0%	CL A	36269P104
FRO	FRONTLINE PLC	13,300	$290	0.1%	$23.37	0.0%	COM	M46528101
GWW	WW GRAINGER INC	270	$272	0.1%	$968.92	0.0%	COM	384802104
ARLO	ARLO TECHNOLOGIES INC	17,000	$238	0.1%	$15.74	0.0%	COM	04206A101
PRE	PRENETICS GLOBAL LTD	10,800	$170	0.1%	$14.57	0.0%	SHS NEW	G72245122

Increased Positions (17)

APPS DIGITAL TURBINE INC 3.5%

Value ($000) $10,000 (+160.4%) Shares 2,000,000 (+233.3%) Est. Cost $5.45 Unrealized +3.8%

UTI UNIVERSAL TECHNICAL INST INC 2.4%

Value ($000) $6,919 (+255.5%) Shares 264,800 (+342.8%) Est. Cost $26.85 Unrealized +5.5%

FWRG FIRST WATCH RESTAURANT GROUP 2.4%

Value ($000) $6,935 (+50.3%) Shares 459,900 (+55.9%) Est. Cost $16.94 Unrealized -0.5%

FTI TECHNIPFMC PLC 3.4%

Value ($000) $9,803 (+30.8%) Shares 220,000 (+15.8%) Est. Cost $16.74 Unrealized +152.1%

PRSU PURSUIT ATTRACTIONS AND HOSP 1.5%

Value ($000) $4,426 (+98.3%) Shares 131,400 (+113.0%) Est. Cost $34.36 Unrealized +1.6%

SBLK STAR BULK CARRIERS CORP. 1.4%

Value ($000) $3,917 (+124.6%) Shares 203,800 (+117.3%) Est. Cost $17.25 Unrealized +8.2%

LINC LINCOLN EDL SVCS CORP 1.5%

Value ($000) $4,363 (+67.8%) Shares 180,675 (+63.2%) Est. Cost $15.65 Unrealized +39.3%

OPLN OPENLANE INC 1.5%

Value ($000) $4,393 (+56.5%) Shares 147,500 (+51.3%) Est. Cost $24.06 Unrealized +12.4%

FTK FLOTEK INDS INC DEL 1.7%

Value ($000) $4,979 (+29.2%) Shares 289,000 (+9.5%) Est. Cost $12.92 Unrealized +22.9%

LTH LIFE TIME GROUP HOLDINGS INC 2.3%

Value ($000) $6,645 (+20.4%) Shares 250,000 (+25.0%) Est. Cost $24.50 Unrealized +6.2%

ANGO ANGIODYNAMICS INC 1.9%

Value ($000) $5,457 (+22.1%) Shares 425,000 (+6.3%) Est. Cost $8.85 Unrealized +39.6%

OSS ONE STOP SYS INC 0.3%

Value ($000) $718 (+167.9%) Shares 100,000 (+100.0%) Est. Cost $5.69 Unrealized +3.9%

PSTL POSTAL REALTY TRUST INC 0.5%

Value ($000) $1,294 (+37.5%) Shares 80,200 (+33.7%) Est. Cost $15.80 Unrealized —

RMNI RIMINI STR INC DEL 0.9%

Value ($000) $2,480 (-12.4%) Shares 639,115 (+5.7%) Est. Cost $4.22 Unrealized -1.6%

APA APA CORPORATION 0.3%

Value ($000) $734 (+20.9%) Shares 30,000 (+20.0%) Est. Cost $21.38 Unrealized +12.9%

EOG EOG RES INC 0.2%

Value ($000) $630 (+12.4%) Shares 6,000 (+20.0%) Est. Cost $116.17 Unrealized -7.7%

TDW TIDEWATER INC NEW 0.1%

Value ($000) $207 (-0.4%) Shares 4,100 (+5.1%) Est. Cost $54.71 Unrealized -3.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APPS	DIGITAL TURBINE INC	2,000,000 (+233.3%)	$10,000 (+160.4%)	3.5%	$5.45	+3.8%	COM NEW	25400W102
UTI	UNIVERSAL TECHNICAL INST INC	264,800 (+342.8%)	$6,919 (+255.5%)	2.4%	$26.85	+5.5%	COM	913915104
FWRG	FIRST WATCH RESTAURANT GROUP	459,900 (+55.9%)	$6,935 (+50.3%)	2.4%	$16.94	-0.5%	COM	33748L101
FTI	TECHNIPFMC PLC	220,000 (+15.8%)	$9,803 (+30.8%)	3.4%	$16.74	+152.1%	COM	G87110105
PRSU	PURSUIT ATTRACTIONS AND HOSP	131,400 (+113.0%)	$4,426 (+98.3%)	1.5%	$34.36	+1.6%	COM	92552R406
SBLK	STAR BULK CARRIERS CORP.	203,800 (+117.3%)	$3,917 (+124.6%)	1.4%	$17.25	+8.2%	SHS PAR	Y8162K204
LINC	LINCOLN EDL SVCS CORP	180,675 (+63.2%)	$4,363 (+67.8%)	1.5%	$15.65	+39.3%	COM	533535100
OPLN	OPENLANE INC	147,500 (+51.3%)	$4,393 (+56.5%)	1.5%	$24.06	+12.4%	COM	48238T109
FTK	FLOTEK INDS INC DEL	289,000 (+9.5%)	$4,979 (+29.2%)	1.7%	$12.92	+22.9%	COM NEW	343389409
LTH	LIFE TIME GROUP HOLDINGS INC	250,000 (+25.0%)	$6,645 (+20.4%)	2.3%	$24.50	+6.2%	COMMON STOCK	53190C102
ANGO	ANGIODYNAMICS INC	425,000 (+6.3%)	$5,457 (+22.1%)	1.9%	$8.85	+39.6%	COM	03475V101
OSS	ONE STOP SYS INC	100,000 (+100.0%)	$718 (+167.9%)	0.3%	$5.69	+3.9%	COM	68247W109
PSTL	POSTAL REALTY TRUST INC	80,200 (+33.7%)	$1,294 (+37.5%)	0.5%	$15.80	—	CL A	73757R102
RMNI	RIMINI STR INC DEL	639,115 (+5.7%)	$2,480 (-12.4%)	0.9%	$4.22	-1.6%	COM	76674Q107
APA	APA CORPORATION	30,000 (+20.0%)	$734 (+20.9%)	0.3%	$21.38	+12.9%	COM	03743Q108
EOG	EOG RES INC	6,000 (+20.0%)	$630 (+12.4%)	0.2%	$116.17	-7.7%	COM	26875P101
TDW	TIDEWATER INC NEW	4,100 (+5.1%)	$207 (-0.4%)	0.1%	$54.71	-3.5%	COM	88642R109

Exited Positions (32)

HYG ISHARES TR 2.8%

Value ($000) $8,119 Shares 100,000 Est. Cost — Unrealized —

PLUG PLUG POWER INC 2.1%

Value ($000) $5,862 Shares 2,515,750 Est. Cost $1.70 Unrealized +53.9%

IIIV I3 VERTICALS INC 1.5%

Value ($000) $4,220 Shares 130,000 Est. Cost $28.58 Unrealized -1.5%

BBSI BARRETT BUSINESS SVCS INC 1.3%

Value ($000) $3,767 Shares 85,000 Est. Cost $45.62 Unrealized -16.2%

PPLT ABRDN PLATINUM ETF TRUST 1.2%

Value ($000) $3,572 Shares 25,000 Est. Cost $130.87 Unrealized —

HCSG HEALTHCARE SVCS GROUP INC 1.2%

Value ($000) $3,366 Shares 200,000 Est. Cost $14.88 Unrealized +20.9%

TBCH TURTLE BEACH CORP 1.2%

Value ($000) $3,339 Shares 210,000 Est. Cost $12.35 Unrealized +20.4%

CCJ CAMECO CORP 1.2%

Value ($000) $3,338 Shares 39,800 Est. Cost $20.70 Unrealized +334.5%

HLMN HILLMAN SOLUTIONS CORP 1.1%

Value ($000) $3,167 Shares 345,000 Est. Cost $9.03 Unrealized -0.2%

KWEB KRANESHARES TRUST 1.1%

Value ($000) $3,151 Shares 75,000 Est. Cost $42.01 Unrealized —

BC BRUNSWICK CORP 1.0%

Value ($000) $2,909 Shares 46,000 Est. Cost $59.07 Unrealized +14.3%

XME SPDR SERIES TRUST 1.0%

Value ($000) $2,796 Shares 30,000 Est. Cost $93.19 Unrealized —

TOI THE ONCOLOGY INSTITUTE INC 0.8%

Value ($000) $2,198 Shares 629,800 Est. Cost $2.37 Unrealized +56.2%

PUBM PUBMATIC INC 0.6%

Value ($000) $1,656 Shares 200,000 Est. Cost $10.18 Unrealized -14.5%

NATR NATURES SUNSHINE PRODS INC 0.6%

Value ($000) $1,595 Shares 102,796 Est. Cost $13.51 Unrealized +35.7%

BABA ALIBABA GROUP HLDG LTD 0.5%

Value ($000) $1,430 Shares 8,000 Est. Cost $178.73 Unrealized —

ADTN ADTRAN HOLDINGS INC 0.5%

Value ($000) $1,337 Shares 142,539 Est. Cost $7.98 Unrealized +8.8%

BG BUNGE GLOBAL SA 0.4%

Value ($000) $1,259 Shares 15,500 Est. Cost $79.21 Unrealized +16.0%

CTRI CENTURI HOLDINGS INC 0.4%

Value ($000) $1,059 Shares 50,000 Est. Cost $21.22 Unrealized +5.4%

— SANDSTORM GOLD LTD 0.4%

Value ($000) $1,047 Shares 83,600 Est. Cost $7.55 Unrealized —

SSTI SOUNDTHINKING INC 0.2%

Value ($000) $713 Shares 59,160 Est. Cost $14.07 Unrealized -38.0%

NE NOBLE CORP PLC 0.2%

Value ($000) $707 Shares 25,000 Est. Cost $27.55 Unrealized +6.1%

INR INFINITY NAT RES INC 0.2%

Value ($000) $656 Shares 50,000 Est. Cost $14.33 Unrealized -8.5%

BLZE BACKBLAZE INC 0.2%

Value ($000) $557 Shares 60,000 Est. Cost $7.34 Unrealized -6.7%

RAMP LIVERAMP HLDGS INC 0.2%

Value ($000) $543 Shares 20,000 Est. Cost $29.52 Unrealized -2.8%

SRTA STRATA CRITICAL MEDICAL INC 0.2%

Value ($000) $506 Shares 100,000 Est. Cost $4.42 Unrealized +9.5%

KVHI KVH INDS INC 0.2%

Value ($000) $447 Shares 79,806 Est. Cost $4.89 Unrealized +23.4%

TGEN TECOGEN INC NEW 0.2%

Value ($000) $441 Shares 50,000 Est. Cost $8.02 Unrealized -6.4%

DXLG DESTINATION XL GROUP INC 0.1%

Value ($000) $238 Shares 181,400 Est. Cost $5.11 Unrealized -79.9%

AENT ALLIANCE ENTERTAINMENT HOLDI 0.1%

Value ($000) $170 Shares 25,000 Est. Cost $5.72 Unrealized +19.0%

BLDP BALLARD PWR SYS INC NEW 0.0%

Value ($000) $113 Shares 41,500 Est. Cost $1.41 Unrealized +120.5%

NCMI NATIONAL CINEMEDIA INC 0.0%

Value ($000) $93 Shares 20,600 Est. Cost $4.52 Unrealized -8.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	100,000	$8,119	2.8%	—	—	PUT	464288513
PLUG	PLUG POWER INC	2,515,750	$5,862	2.1%	$1.70	+53.9%	—	72919P202
IIIV	I3 VERTICALS INC	130,000	$4,220	1.5%	$28.58	-1.5%	—	46571Y107
BBSI	BARRETT BUSINESS SVCS INC	85,000	$3,767	1.3%	$45.62	-16.2%	—	068463108
PPLT	ABRDN PLATINUM ETF TRUST	25,000	$3,572	1.2%	$130.87	—	—	003260106
HCSG	HEALTHCARE SVCS GROUP INC	200,000	$3,366	1.2%	$14.88	+20.9%	—	421906108
TBCH	TURTLE BEACH CORP	210,000	$3,339	1.2%	$12.35	+20.4%	—	900450206
CCJ	CAMECO CORP	39,800	$3,338	1.2%	$20.70	+334.5%	—	13321L108
HLMN	HILLMAN SOLUTIONS CORP	345,000	$3,167	1.1%	$9.03	-0.2%	—	431636109
KWEB	KRANESHARES TRUST	75,000	$3,151	1.1%	$42.01	—	—	500767306
BC	BRUNSWICK CORP	46,000	$2,909	1.0%	$59.07	+14.3%	—	117043109
XME	SPDR SERIES TRUST	30,000	$2,796	1.0%	$93.19	—	—	78464A755
TOI	THE ONCOLOGY INSTITUTE INC	629,800	$2,198	0.8%	$2.37	+56.2%	—	68236X100
PUBM	PUBMATIC INC	200,000	$1,656	0.6%	$10.18	-14.5%	—	74467Q103
NATR	NATURES SUNSHINE PRODS INC	102,796	$1,595	0.6%	$13.51	+35.7%	—	639027101
BABA	ALIBABA GROUP HLDG LTD	8,000	$1,430	0.5%	$178.73	—	—	01609W102
ADTN	ADTRAN HOLDINGS INC	142,539	$1,337	0.5%	$7.98	+8.8%	—	00486H105
BG	BUNGE GLOBAL SA	15,500	$1,259	0.4%	$79.21	+16.0%	—	H11356104
CTRI	CENTURI HOLDINGS INC	50,000	$1,059	0.4%	$21.22	+5.4%	—	155923105
—	SANDSTORM GOLD LTD	83,600	$1,047	0.4%	$7.55	—	—	80013R206
SSTI	SOUNDTHINKING INC	59,160	$713	0.2%	$14.07	-38.0%	—	82536T107
NE	NOBLE CORP PLC	25,000	$707	0.2%	$27.55	+6.1%	—	G65431127
INR	INFINITY NAT RES INC	50,000	$656	0.2%	$14.33	-8.5%	—	456941103
BLZE	BACKBLAZE INC	60,000	$557	0.2%	$7.34	-6.7%	—	05637B105
RAMP	LIVERAMP HLDGS INC	20,000	$543	0.2%	$29.52	-2.8%	—	53815P108
SRTA	STRATA CRITICAL MEDICAL INC	100,000	$506	0.2%	$4.42	+9.5%	—	092667104
KVHI	KVH INDS INC	79,806	$447	0.2%	$4.89	+23.4%	—	482738101
TGEN	TECOGEN INC NEW	50,000	$441	0.2%	$8.02	-6.4%	—	87876P201
DXLG	DESTINATION XL GROUP INC	181,400	$238	0.1%	$5.11	-79.9%	—	25065K104
AENT	ALLIANCE ENTERTAINMENT HOLDI	25,000	$170	0.1%	$5.72	+19.0%	—	01861F102
BLDP	BALLARD PWR SYS INC NEW	41,500	$113	0.0%	$1.41	+120.5%	—	058586108
NCMI	NATIONAL CINEMEDIA INC	20,600	$93	0.0%	$4.52	-8.4%	—	635309206

Decreased Positions (31)

PALL ABRDN PALLADIUM ETF TRUST 0.3%

Value ($000) $858 (-85.0%) Shares 5,900 (-88.2%) Est. Cost $100.61 Unrealized —

OPRX OPTIMIZERX CORP 1.8%

Value ($000) $5,175 (-46.6%) Shares 422,107 (-10.6%) Est. Cost $9.07 Unrealized +80.2%

TTI TETRA TECHNOLOGIES INC DEL 3.1%

Value ($000) $8,865 (+47.4%) Shares 946,087 (-9.6%) Est. Cost $3.84 Unrealized +101.1%

HLF HERBALIFE LTD 3.9%

Value ($000) $11,279 (+33.6%) Shares 875,000 (-12.5%) Est. Cost $8.53 Unrealized +24.1%

PSLV SPROTT ASSET MANAGEMENT LP 3.0%

Value ($000) $8,519 (+44.7%) Shares 360,200 (-3.9%) Est. Cost $10.06 Unrealized —

ZETA ZETA GLOBAL HOLDINGS CORP 4.3%

Value ($000) $12,312 (-12.1%) Shares 605,000 (-14.2%) Est. Cost $14.34 Unrealized +30.3%

VICR VICOR CORP 1.0%

Value ($000) $2,806 (+93.9%) Shares 25,600 (-12.0%) Est. Cost $47.30 Unrealized +79.7%

AEYE AUDIOEYE INC 0.3%

Value ($000) $902 (-57.1%) Shares 90,300 (-40.4%) Est. Cost $12.96 Unrealized -0.8%

AVNW AVIAT NETWORKS INC 0.3%

Value ($000) $872 (-57.9%) Shares 40,800 (-54.8%) Est. Cost $21.98 Unrealized +1.5%

CSV CARRIAGE SVCS INC 2.0%

Value ($000) $5,795 (-14.4%) Shares 137,000 (-9.9%) Est. Cost $35.76 Unrealized +21.0%

TISI TEAM INC 0.1%

Value ($000) $313 (-73.8%) Shares 22,182 (-69.2%) Est. Cost $11.41 Unrealized +31.3%

GNSS GENASYS INC 1.0%

Value ($000) $2,881 (-23.1%) Shares 1,343,225 (-12.1%) Est. Cost $3.19 Unrealized -29.8%

LTRX LANTRONIX INC 0.1%

Value ($000) $293 (-74.4%) Shares 50,000 (-80.0%) Est. Cost $3.10 Unrealized +68.0%

RRC RANGE RES CORP 0.4%

Value ($000) $1,058 (-43.8%) Shares 30,000 (-40.0%) Est. Cost $35.71 Unrealized +4.3%

WPM WHEATON PRECIOUS METALS CORP 0.3%

Value ($000) $940 (-44.0%) Shares 8,000 (-46.7%) Est. Cost $62.81 Unrealized +70.5%

OII OCEANEERING INTL INC 0.1%

Value ($000) $255 (-74.3%) Shares 10,600 (-73.5%) Est. Cost $22.93 Unrealized +5.3%

DVN DEVON ENERGY CORP NEW 0.1%

Value ($000) $337 (-68.0%) Shares 9,200 (-69.3%) Est. Cost $33.63 Unrealized +3.3%

KGC KINROSS GOLD CORP 0.7%

Value ($000) $1,859 (-25.2%) Shares 66,000 (-34.0%) Est. Cost $11.76 Unrealized +120.9%

APEI AMERICAN PUB ED INC 1.7%

Value ($000) $4,780 (-11.2%) Shares 126,466 (-7.3%) Est. Cost $27.28 Unrealized +31.2%

EZPW EZCORP INC 1.4%

Value ($000) $3,884 (-11.3%) Shares 200,000 (-13.0%) Est. Cost $10.41 Unrealized +81.1%

AR ANTERO RESOURCES CORP 0.1%

Value ($000) $214 (-68.2%) Shares 6,200 (-69.0%) Est. Cost $33.33 Unrealized +1.6%

EXE EXPAND ENERGY CORPORATION 0.8%

Value ($000) $2,207 (-16.9%) Shares 20,000 (-20.0%) Est. Cost $99.11 Unrealized +11.6%

AGI ALAMOS GOLD INC NEW 0.9%

Value ($000) $2,701 (-13.9%) Shares 70,000 (-22.2%) Est. Cost $13.51 Unrealized +157.9%

IMAX IMAX CORP 3.7%

Value ($000) $10,689 (-3.8%) Shares 289,200 (-14.7%) Est. Cost $21.80 Unrealized +59.9%

III INFORMATION SVCS GROUP INC 0.3%

Value ($000) $733 (-27.4%) Shares 126,800 (-27.8%) Est. Cost $4.35 Unrealized +28.4%

SWAG STRAN & COMPANY INC 0.1%

Value ($000) $177 (-48.8%) Shares 106,866 (-48.8%) Est. Cost $2.33 Unrealized -16.0%

STRR STAR EQUITY HOLDINGS INC 0.1%

Value ($000) $358 (-24.5%) Shares 31,800 (-25.4%) Est. Cost $16.73 Unrealized -35.9%

REAL THE REALREAL INC 4.7%

Value ($000) $13,496 (-0.7%) Shares 855,255 (-33.1%) Est. Cost $1.93 Unrealized +574.9%

NGD NEW GOLD INC CDA 0.8%

Value ($000) $2,178 (+1.1%) Shares 250,000 (-16.7%) Est. Cost $1.47 Unrealized +410.7%

SBSW SIBANYE STILLWATER LTD 0.4%

Value ($000) $1,140 (+1.4%) Shares 80,000 (-20.0%) Est. Cost $7.22 Unrealized —

MTUS METALLUS INC 0.9%

Value ($000) $2,488 (+0.4%) Shares 145,000 (-3.3%) Est. Cost $13.32 Unrealized +28.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PALL	ABRDN PALLADIUM ETF TRUST	5,900 (-88.2%)	$858 (-85.0%)	0.3%	$100.61	—	PHYSICAL PALLADM	003262102
OPRX	OPTIMIZERX CORP	422,107 (-10.6%)	$5,175 (-46.6%)	1.8%	$9.07	+80.2%	COM NEW	68401U204
TTI	TETRA TECHNOLOGIES INC DEL	946,087 (-9.6%)	$8,865 (+47.4%)	3.1%	$3.84	+101.1%	COM	88162F105
HLF	HERBALIFE LTD	875,000 (-12.5%)	$11,279 (+33.6%)	3.9%	$8.53	+24.1%	COM SHS	G4412G101
PSLV	SPROTT ASSET MANAGEMENT LP	360,200 (-3.9%)	$8,519 (+44.7%)	3.0%	$10.06	—	PHYSICAL SILVER	85207K107
ZETA	ZETA GLOBAL HOLDINGS CORP	605,000 (-14.2%)	$12,312 (-12.1%)	4.3%	$14.34	+30.3%	CL A	98956A105
VICR	VICOR CORP	25,600 (-12.0%)	$2,806 (+93.9%)	1.0%	$47.30	+79.7%	COM	925815102
AEYE	AUDIOEYE INC	90,300 (-40.4%)	$902 (-57.1%)	0.3%	$12.96	-0.8%	COM NEW	050734201
AVNW	AVIAT NETWORKS INC	40,800 (-54.8%)	$872 (-57.9%)	0.3%	$21.98	+1.5%	COM NEW	05366Y201
CSV	CARRIAGE SVCS INC	137,000 (-9.9%)	$5,795 (-14.4%)	2.0%	$35.76	+21.0%	COM	143905107
TISI	TEAM INC	22,182 (-69.2%)	$313 (-73.8%)	0.1%	$11.41	+31.3%	COM NEW	878155308
GNSS	GENASYS INC	1,343,225 (-12.1%)	$2,881 (-23.1%)	1.0%	$3.19	-29.8%	COM	36872P103
LTRX	LANTRONIX INC	50,000 (-80.0%)	$293 (-74.4%)	0.1%	$3.10	+68.0%	COM NEW	516548203
RRC	RANGE RES CORP	30,000 (-40.0%)	$1,058 (-43.8%)	0.4%	$35.71	+4.3%	COM	75281A109
WPM	WHEATON PRECIOUS METALS CORP	8,000 (-46.7%)	$940 (-44.0%)	0.3%	$62.81	+70.5%	COM	962879102
OII	OCEANEERING INTL INC	10,600 (-73.5%)	$255 (-74.3%)	0.1%	$22.93	+5.3%	COM	675232102
DVN	DEVON ENERGY CORP NEW	9,200 (-69.3%)	$337 (-68.0%)	0.1%	$33.63	+3.3%	COM	25179M103
KGC	KINROSS GOLD CORP	66,000 (-34.0%)	$1,859 (-25.2%)	0.7%	$11.76	+120.9%	COM	496902404
APEI	AMERICAN PUB ED INC	126,466 (-7.3%)	$4,780 (-11.2%)	1.7%	$27.28	+31.2%	COM	02913V103
EZPW	EZCORP INC	200,000 (-13.0%)	$3,884 (-11.3%)	1.4%	$10.41	+81.1%	CL A NON VTG	302301106
AR	ANTERO RESOURCES CORP	6,200 (-69.0%)	$214 (-68.2%)	0.1%	$33.33	+1.6%	COM	03674X106
EXE	EXPAND ENERGY CORPORATION	20,000 (-20.0%)	$2,207 (-16.9%)	0.8%	$99.11	+11.6%	COM	165167735
AGI	ALAMOS GOLD INC NEW	70,000 (-22.2%)	$2,701 (-13.9%)	0.9%	$13.51	+157.9%	COM CL A	011532108
IMAX	IMAX CORP	289,200 (-14.7%)	$10,689 (-3.8%)	3.7%	$21.80	+59.9%	COM	45245E109
III	INFORMATION SVCS GROUP INC	126,800 (-27.8%)	$733 (-27.4%)	0.3%	$4.35	+28.4%	COM	45675Y104
SWAG	STRAN & COMPANY INC	106,866 (-48.8%)	$177 (-48.8%)	0.1%	$2.33	-16.0%	COMMON STOCK	86260J102
STRR	STAR EQUITY HOLDINGS INC	31,800 (-25.4%)	$358 (-24.5%)	0.1%	$16.73	-35.9%	COM NEW	443787205
REAL	THE REALREAL INC	855,255 (-33.1%)	$13,496 (-0.7%)	4.7%	$1.93	+574.9%	COM	88339P101
NGD	NEW GOLD INC CDA	250,000 (-16.7%)	$2,178 (+1.1%)	0.8%	$1.47	+410.7%	COM	644535106
SBSW	SIBANYE STILLWATER LTD	80,000 (-20.0%)	$1,140 (+1.4%)	0.4%	$7.22	—	SPONSORED ADR	82575P107
MTUS	METALLUS INC	145,000 (-3.3%)	$2,488 (+0.4%)	0.9%	$13.32	+28.7%	COM	887399103

Unchanged Positions (22)

MGNI MAGNITE INC 2.0%

Value ($000) $5,681 Shares 350,000 Est. Cost $14.35 Unrealized +15.7%

MAMA MAMAS CREATIONS INC 1.6%

Value ($000) $4,526 Shares 335,500 Est. Cost $3.31 Unrealized +247.4%

NHC NATIONAL HEALTHCARE CORP 2.9%

Value ($000) $8,280 Shares 60,400 Est. Cost $96.89 Unrealized +33.3%

XGN EXAGEN INC 0.4%

Value ($000) $1,064 Shares 175,000 Est. Cost $6.08 Unrealized +49.8%

PHYS SPROTT ASSET MANAGEMENT LP 2.9%

Value ($000) $8,255 Shares 250,000 Est. Cost $24.06 Unrealized —

HSBC HSBC HLDGS PLC 3.0%

Value ($000) $8,453 Shares 107,448 Est. Cost $28.85 Unrealized —

SMP STANDARD MTR PRODS INC 1.6%

Value ($000) $4,606 Shares 125,000 Est. Cost $36.63 Unrealized +4.8%

BELFB BEL FUSE INC 0.9%

Value ($000) $2,544 Shares 15,000 Est. Cost $127.32 Unrealized +22.7%

BAC BANK AMERICA CORP 2.3%

Value ($000) $6,666 Shares 121,198 Est. Cost $35.95 Unrealized +46.5%

MGRC MCGRATH RENTCORP 0.9%

Value ($000) $2,655 Shares 25,300 Est. Cost $68.10 Unrealized +59.2%

VVX V2X INC 0.8%

Value ($000) $2,182 Shares 40,000 Est. Cost $50.52 Unrealized +11.4%

HSHP HIMALAYA SHIPPING LTD 0.4%

Value ($000) $1,138 Shares 125,000 Est. Cost $5.47 Unrealized +53.7%

WFRD WEATHERFORD INTL PLC 0.3%

Value ($000) $783 Shares 10,000 Est. Cost $48.92 Unrealized +48.4%

CNX CNX RES CORP 0.3%

Value ($000) $735 Shares 20,000 Est. Cost $30.64 Unrealized +16.9%

SB SAFE BULKERS INC 0.4%

Value ($000) $1,085 Shares 225,000 Est. Cost $3.62 Unrealized +30.9%

OSIS OSI SYSTEMS INC 1.3%

Value ($000) $3,647 Shares 14,300 Est. Cost $116.84 Unrealized +123.5%

CTRA COTERRA ENERGY INC 0.1%

Value ($000) $395 Shares 15,000 Est. Cost $23.81 Unrealized +5.4%

BSX BOSTON SCIENTIFIC CORP 0.4%

Value ($000) $1,215 Shares 12,738 Est. Cost $42.07 Unrealized +133.0%

LGCY LEGACY ED INC 0.2%

Value ($000) $454 Shares 44,600 Est. Cost $4.68 Unrealized +105.5%

OSUR ORASURE TECHNOLOGIES INC 0.0%

Value ($000) $73 Shares 30,000 Est. Cost $9.73 Unrealized -73.0%

AEM AGNICO EAGLE MINES LTD 1.1%

Value ($000) $3,052 Shares 18,000 Est. Cost $59.35 Unrealized +182.8%

ACU ACME UTD CORP 0.1%

Value ($000) $276 Shares 6,855 Est. Cost $38.39 Unrealized -0.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MGNI	MAGNITE INC	350,000	$5,681	2.0%	$14.35	+15.7%	COM	55955D100
MAMA	MAMAS CREATIONS INC	335,500	$4,526	1.6%	$3.31	+247.4%	COM	56146T103
NHC	NATIONAL HEALTHCARE CORP	60,400	$8,280	2.9%	$96.89	+33.3%	COM	635906100
XGN	EXAGEN INC	175,000	$1,064	0.4%	$6.08	+49.8%	COM	30068X103
PHYS	SPROTT ASSET MANAGEMENT LP	250,000	$8,255	2.9%	$24.06	—	PHYSICAL GOLD TR	85207H104
HSBC	HSBC HLDGS PLC	107,448	$8,453	3.0%	$28.85	—	SPON ADR NEW	404280406
SMP	STANDARD MTR PRODS INC	125,000	$4,606	1.6%	$36.63	+4.8%	COM	853666105
BELFB	BEL FUSE INC	15,000	$2,544	0.9%	$127.32	+22.7%	CL B	077347300
BAC	BANK AMERICA CORP	121,198	$6,666	2.3%	$35.95	+46.5%	COM	060505104
MGRC	MCGRATH RENTCORP	25,300	$2,655	0.9%	$68.10	+59.2%	COM	580589109
VVX	V2X INC	40,000	$2,182	0.8%	$50.52	+11.4%	COM	92242T101
HSHP	HIMALAYA SHIPPING LTD	125,000	$1,138	0.4%	$5.47	+53.7%	ORD SHS	G4660A103
WFRD	WEATHERFORD INTL PLC	10,000	$783	0.3%	$48.92	+48.4%	ORD SHS	G48833118
CNX	CNX RES CORP	20,000	$735	0.3%	$30.64	+16.9%	COM	12653C108
SB	SAFE BULKERS INC	225,000	$1,085	0.4%	$3.62	+30.9%	COM	Y7388L103
OSIS	OSI SYSTEMS INC	14,300	$3,647	1.3%	$116.84	+123.5%	COM	671044105
CTRA	COTERRA ENERGY INC	15,000	$395	0.1%	$23.81	+5.4%	COM	127097103
BSX	BOSTON SCIENTIFIC CORP	12,738	$1,215	0.4%	$42.07	+133.0%	COM	101137107
LGCY	LEGACY ED INC	44,600	$454	0.2%	$4.68	+105.5%	COM	52474R207
OSUR	ORASURE TECHNOLOGIES INC	30,000	$73	0.0%	$9.73	-73.0%	COM	68554V108
AEM	AGNICO EAGLE MINES LTD	18,000	$3,052	1.1%	$59.35	+182.8%	COM	008474108
ACU	ACME UTD CORP	6,855	$276	0.1%	$38.39	-0.2%	COM	004816104