Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MAIA	MAIA BIOTECHNOLOGY INC	4,297,004	$6.016M	3.5%	—	—	COM	552641102
BUR	BURFORD CAPITAL LIMITED	980,944	$4.434M	2.6%	—	—	ORD SHS	G17977110
NVRI	ENVIRI CORP	201,205	$3.948M	2.3%	—	—	COM	415864107
ALIT	ALIGHT INC	4,253,822	$2.479M	1.4%	—	—	COM CL A	01626W101
MODD	MODULAR MED INC	288,095	$1.521M	0.9%	—	—	COM NEW ADDED	60785L306
HAIN	HAIN CELESTIAL GROUP INC	856,064	$597K	0.3%	—	—	COM	405217100

Increased Positions (4)

LEE LEE ENTERPRISES INC 8.0%

Value $13.95M (+529.0%) Shares 1,684,486 (+256.3%) Est. Cost — Unrealized —

GO GROCERY OUTLET HLDG CORP 5.7%

Value $9.836M (-13.4%) Shares 1,395,185 (+24.1%) Est. Cost — Unrealized —

KD KYNDRYL HLDGS INC 6.9%

Value $12.01M (+10.9%) Shares 915,443 (+124.6%) Est. Cost — Unrealized —

NSP INSPERITY INC 3.9%

Value $6.81M (-3.4%) Shares 251,852 (+38.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LEE	LEE ENTERPRISES INC	1,684,486 (+256.3%)	$13.95M (+529.0%)	8.0%	—	—	COM	523768406
GO	GROCERY OUTLET HLDG CORP	1,395,185 (+24.1%)	$9.836M (-13.4%)	5.7%	—	—	COM	39874R101
KD	KYNDRYL HLDGS INC	915,443 (+124.6%)	$12.01M (+10.9%)	6.9%	—	—	COMMON STOCK	50155Q100
NSP	INSPERITY INC	251,852 (+38.3%)	$6.81M (-3.4%)	3.9%	—	—	COM	45778Q107

Exited Positions (6)

PRMB PRIMO BRANDS CORPORATION 4.3%

Value $7.531M Shares 460,619 Est. Cost — Unrealized —

GT GOODYEAR TIRE & RUBR CO 3.4%

Value $5.93M Shares 676,976 Est. Cost — Unrealized —

GPRE GREEN PLAINS INC 3.2%

Value $5.522M Shares 563,453 Est. Cost — Unrealized —

TEX TEREX CORP NEW 2.2%

Value $3.825M Shares 71,663 Est. Cost — Unrealized —

MODD MODULAR MED INC 0.9%

Value $1.611M Shares 4,424,059 Est. Cost — Unrealized —

SPWH SPORTSMANS WHSE HLDGS INC 0.0%

Value $64,805 Shares 44,387 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PRMB	PRIMO BRANDS CORPORATION	460,619	$7.531M	4.3%	—	—	—	741623102
GT	GOODYEAR TIRE & RUBR CO	676,976	$5.93M	3.4%	—	—	—	382550101
GPRE	GREEN PLAINS INC	563,453	$5.522M	3.2%	—	—	—	393222104
TEX	TEREX CORP NEW	71,663	$3.825M	2.2%	—	—	—	880779103
MODD	MODULAR MED INC	4,424,059	$1.611M	0.9%	—	—	—	60785L207
SPWH	SPORTSMANS WHSE HLDGS INC	44,387	$64,805	0.0%	—	—	—	84920Y106

Decreased Positions (11)

EPSN EPSILON ENERGY LTD 12.3%

Value $21.38M (+30.0%) Shares 3,470,761 (-2.1%) Est. Cost — Unrealized —

FENC FENNEC PHARMACEUTICALS INC 8.8%

Value $15.27M (-22.6%) Shares 2,482,198 (-3.1%) Est. Cost — Unrealized —

SNWV SANUWAVE HEALTH INC 2.9%

Value $4.971M (-43.2%) Shares 287,514 (-2.0%) Est. Cost — Unrealized —

ACOG ALPHA COGNITION INC 6.1%

Value $10.57M (-17.4%) Shares 1,924,617 (-2.2%) Est. Cost — Unrealized —

MERC MERCER INTL INC 0.6%

Value $1.122M (-64.7%) Shares 790,338 (-50.8%) Est. Cost — Unrealized —

ASIX ADVANSIX INC 7.3%

Value $12.62M (+18.5%) Shares 517,029 (-16.0%) Est. Cost — Unrealized —

AAP ADVANCE AUTO PARTS INC 5.1%

Value $8.923M (+17.9%) Shares 169,163 (-12.2%) Est. Cost — Unrealized —

EEFT EURONET WORLDWIDE INC 2.7%

Value $4.778M (-14.6%) Shares 71,988 (-2.0%) Est. Cost — Unrealized —

SNDA SONIDA SENIOR LIVING INC 8.3%

Value $14.38M (-3.2%) Shares 445,879 (-2.1%) Est. Cost — Unrealized —

SEG SEAPORT ENTMT GROUP INC 2.8%

Value $4.788M (+6.4%) Shares 222,918 (-2.0%) Est. Cost — Unrealized —

ASTL ALGOMA STL GROUP INC 2.5%

Value $4.326M (-1.3%) Shares 1,047,454 (-2.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EPSN	EPSILON ENERGY LTD	3,470,761 (-2.1%)	$21.38M (+30.0%)	12.3%	—	—	COM	294375209
FENC	FENNEC PHARMACEUTICALS INC	2,482,198 (-3.1%)	$15.27M (-22.6%)	8.8%	—	—	COM	31447P100
SNWV	SANUWAVE HEALTH INC	287,514 (-2.0%)	$4.971M (-43.2%)	2.9%	—	—	COM	80303D305
ACOG	ALPHA COGNITION INC	1,924,617 (-2.2%)	$10.57M (-17.4%)	6.1%	—	—	COM NEW	02074J501
MERC	MERCER INTL INC	790,338 (-50.8%)	$1.122M (-64.7%)	0.6%	—	—	COM	588056101
ASIX	ADVANSIX INC	517,029 (-16.0%)	$12.62M (+18.5%)	7.3%	—	—	COM	00773T101
AAP	ADVANCE AUTO PARTS INC	169,163 (-12.2%)	$8.923M (+17.9%)	5.1%	—	—	COM	00751Y106
EEFT	EURONET WORLDWIDE INC	71,988 (-2.0%)	$4.778M (-14.6%)	2.7%	—	—	COM	298736109
SNDA	SONIDA SENIOR LIVING INC	445,879 (-2.1%)	$14.38M (-3.2%)	8.3%	—	—	COM	140475203
SEG	SEAPORT ENTMT GROUP INC	222,918 (-2.0%)	$4.788M (+6.4%)	2.8%	—	—	COMMON STOCK	812215200
ASTL	ALGOMA STL GROUP INC	1,047,454 (-2.0%)	$4.326M (-1.3%)	2.5%	—	—	COM	015658107

Unchanged Positions (1)

MOH MOLINA HEALTHCARE INC 5.3%

Value $9.16M Shares 68,719 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MOH	MOLINA HEALTHCARE INC	68,719	$9.16M	5.3%	—	—	COM	60855R100