Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TH	TARGET HOSPITALITY CORP	2,690,673	$54.78M	4.5%	—	—	COM	87615L107
AVNT	AVIENT CORP	1,349,760	$49.89M	4.1%	—	—	COM	05368V106
AVAH	AVEANNA HEALTHCARE HOLDINGS	5,100,000	$43.71M	3.6%	—	—	COM	05356F105
RMIX	SUNCRETE INC-A	1,500,000	$33.8M	2.8%	—	—	Class A	86723E104
PLUS	EPLUS INC	382,904	$31.87M	2.6%	—	—	COM	294268107
ATRO	ASTRONICS CORP	385,791	$31.35M	2.6%	—	—	COM	046433108
MRVI	MARAVAI LIFESCIENCES HLDGS-A	4,826,698	$30.12M	2.5%	—	—	Class A	56600D107
AADX	APPLIED AEROSPACE & DEFENSE	1,197,165	$27.27M	2.2%	—	—	COM	03815J107
MEC	MAYVILLE ENGINEERING CO INC	326,699	$12.24M	1.0%	—	—	COM	578605107
BV	BRIGHTVIEW HOLDINGS INC	782,131	$11.08M	0.9%	—	—	COM	10948C107
ATROB	ASTRONICS CORP-CL B	69,726	$5.299M	0.4%	—	—	Class B	046433207

Increased Positions (9)

MRX MAREX GROUP PLC 7.0%

Value $84.81M (+52.6%) Shares 1,391,511 (+11.6%) Est. Cost — Unrealized —

WDFC WD-40 CO 4.1%

Value $49.29M (+128.5%) Shares 202,300 (+91.3%) Est. Cost — Unrealized —

IESC IES HOLDINGS INC 3.8%

Value $46.11M (+75.8%) Shares 62,763 (+14.0%) Est. Cost — Unrealized —

CDNA CAREDX INC 3.0%

Value $36.05M (+110.2%) Shares 1,264,809 (+28.0%) Est. Cost — Unrealized —

MAMA MAMA'S CREATIONS INC 2.2%

Value $26.8M (+134.4%) Shares 1,501,188 (+101.5%) Est. Cost — Unrealized —

XMTR XOMETRY INC-A 1.5%

Value $17.85M (+260.6%) Shares 184,976 (+52.6%) Est. Cost — Unrealized —

DFIN DONNELLEY FINANCIAL SOLUTION 1.3%

Value $15.45M (+201.5%) Shares 368,192 (+238.8%) Est. Cost — Unrealized —

VVX V2X INC 5.3%

Value $64.51M (+11.2%) Shares 865,160 (+2.1%) Est. Cost — Unrealized —

AORT ARTIVION INC 3.3%

Value $40.45M (+16.2%) Shares 1,800,008 (+89.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MRX	MAREX GROUP PLC	1,391,511 (+11.6%)	$84.81M (+52.6%)	7.0%	—	—	COM	G5S37H101
WDFC	WD-40 CO	202,300 (+91.3%)	$49.29M (+128.5%)	4.1%	—	—	COM	929236107
IESC	IES HOLDINGS INC	62,763 (+14.0%)	$46.11M (+75.8%)	3.8%	—	—	COM	44951W106
CDNA	CAREDX INC	1,264,809 (+28.0%)	$36.05M (+110.2%)	3.0%	—	—	COM	14167L103
MAMA	MAMA'S CREATIONS INC	1,501,188 (+101.5%)	$26.8M (+134.4%)	2.2%	—	—	COM	56146T103
XMTR	XOMETRY INC-A	184,976 (+52.6%)	$17.85M (+260.6%)	1.5%	—	—	Class A	98423F109
DFIN	DONNELLEY FINANCIAL SOLUTION	368,192 (+238.8%)	$15.45M (+201.5%)	1.3%	—	—	COM	25787G100
VVX	V2X INC	865,160 (+2.1%)	$64.51M (+11.2%)	5.3%	—	—	COM	92242T101
AORT	ARTIVION INC	1,800,008 (+89.3%)	$40.45M (+16.2%)	3.3%	—	—	COM	228903100

Exited Positions (9)

PENG PENGUIN SOLUTIONS INC 2.3%

Value $28.39M Shares 1,613,169 Est. Cost — Unrealized —

TTMI TTM TECHNOLOGIES 1.7%

Value $20.11M Shares 206,439 Est. Cost — Unrealized —

VIAV VIAVI SOLUTIONS INC 0.9%

Value $11.55M Shares 346,916 Est. Cost — Unrealized —

EVLV EVOLV TECHNOLOGIES HOLDINGS 0.7%

Value $8.684M Shares 1,435,399 Est. Cost — Unrealized —

ZETA ZETA GLOBAL HOLDINGS CORP 0.6%

Value $7.882M Shares 495,103 Est. Cost — Unrealized —

YSS YORK SPACE SYSTEMS INC 0.5%

Value $6.666M Shares 300,664 Est. Cost — Unrealized —

JBI JANUS INTERNATIONAL GROUP IN 0.4%

Value $4.309M Shares 836,650 Est. Cost — Unrealized —

KRUS KURA SUSHI USA INC 0.3%

Value $3.852M Shares 55,193 Est. Cost — Unrealized —

XZO EXZEO GROUP INC 0.2%

Value $2.821M Shares 192,277 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PENG	PENGUIN SOLUTIONS INC	1,613,169	$28.39M	2.3%	—	—	—	706915105
TTMI	TTM TECHNOLOGIES	206,439	$20.11M	1.7%	—	—	—	87305R109
VIAV	VIAVI SOLUTIONS INC	346,916	$11.55M	0.9%	—	—	—	925550105
EVLV	EVOLV TECHNOLOGIES HOLDINGS	1,435,399	$8.684M	0.7%	—	—	—	30049H102
ZETA	ZETA GLOBAL HOLDINGS CORP	495,103	$7.882M	0.6%	—	—	—	98956A105
YSS	YORK SPACE SYSTEMS INC	300,664	$6.666M	0.5%	—	—	—	987084100
JBI	JANUS INTERNATIONAL GROUP IN	836,650	$4.309M	0.4%	—	—	—	47103N106
KRUS	KURA SUSHI USA INC	55,193	$3.852M	0.3%	—	—	—	501270102
XZO	EXZEO GROUP INC	192,277	$2.821M	0.2%	—	—	—	30234F101

Decreased Positions (14)

ANDE ANDERSONS INC/THE 0.8%

Value $9.877M (-73.2%) Shares 144,397 (-71.9%) Est. Cost — Unrealized —

SIMO SILICON MOTION TECHNOL-ADR 4.8%

Value $58.11M (+44.9%) Shares 174,335 (-51.2%) Est. Cost — Unrealized —

SYNA SYNAPTICS INC 0.4%

Value $4.804M (-78.2%) Shares 38,669 (-87.7%) Est. Cost — Unrealized —

IRTC IRHYTHM HOLDINGS INC 2.0%

Value $23.97M (-39.5%) Shares 201,491 (-40.0%) Est. Cost — Unrealized —

DCO DUCOMMUN INC 2.1%

Value $25.86M (-32.3%) Shares 139,600 (-55.4%) Est. Cost — Unrealized —

PNTG PENNANT GROUP INC/THE 1.3%

Value $15.4M (-44.1%) Shares 416,701 (-53.9%) Est. Cost — Unrealized —

EZPW EZCORP INC-CL A 4.2%

Value $51.5M (+25.5%) Shares 1,489,613 (-7.9%) Est. Cost — Unrealized —

LYTS LSI INDUSTRIES INC 0.4%

Value $4.409M (-67.9%) Shares 165,878 (-77.6%) Est. Cost — Unrealized —

RDVT RED VIOLET INC 2.7%

Value $32.45M (+39.9%) Shares 509,187 (-24.0%) Est. Cost — Unrealized —

PDFS PDF SOLUTIONS INC 3.5%

Value $42.99M (+15.6%) Shares 607,343 (-46.6%) Est. Cost — Unrealized —

CDNL CARDINAL INFRASTRUCTURE GR-A 2.2%

Value $26.29M (-17.4%) Shares 279,053 (-65.2%) Est. Cost — Unrealized —

AIR AAR CORP 5.3%

Value $63.91M (+8.1%) Shares 447,138 (-17.2%) Est. Cost — Unrealized —

TRNS TRANSCAT INC 3.5%

Value $42.86M (+7.0%) Shares 462,016 (-15.3%) Est. Cost — Unrealized —

MGNI MAGNITE INC 2.3%

Value $27.52M (+9.4%) Shares 1,450,061 (-31.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ANDE	ANDERSONS INC/THE	144,397 (-71.9%)	$9.877M (-73.2%)	0.8%	—	—	COM	034164103
SIMO	SILICON MOTION TECHNOL-ADR	174,335 (-51.2%)	$58.11M (+44.9%)	4.8%	—	—	ADR	82706C108
SYNA	SYNAPTICS INC	38,669 (-87.7%)	$4.804M (-78.2%)	0.4%	—	—	COM	87157D109
IRTC	IRHYTHM HOLDINGS INC	201,491 (-40.0%)	$23.97M (-39.5%)	2.0%	—	—	COM	450056106
DCO	DUCOMMUN INC	139,600 (-55.4%)	$25.86M (-32.3%)	2.1%	—	—	COM	264147109
PNTG	PENNANT GROUP INC/THE	416,701 (-53.9%)	$15.4M (-44.1%)	1.3%	—	—	COM	70805E109
EZPW	EZCORP INC-CL A	1,489,613 (-7.9%)	$51.5M (+25.5%)	4.2%	—	—	COM	302301106
LYTS	LSI INDUSTRIES INC	165,878 (-77.6%)	$4.409M (-67.9%)	0.4%	—	—	COM	50216C108
RDVT	RED VIOLET INC	509,187 (-24.0%)	$32.45M (+39.9%)	2.7%	—	—	COM	75704L104
PDFS	PDF SOLUTIONS INC	607,343 (-46.6%)	$42.99M (+15.6%)	3.5%	—	—	COM	693282105
CDNL	CARDINAL INFRASTRUCTURE GR-A	279,053 (-65.2%)	$26.29M (-17.4%)	2.2%	—	—	Class A	14154A102
AIR	AAR CORP	447,138 (-17.2%)	$63.91M (+8.1%)	5.3%	—	—	COM	000361105
TRNS	TRANSCAT INC	462,016 (-15.3%)	$42.86M (+7.0%)	3.5%	—	—	COM	893529107
MGNI	MAGNITE INC	1,450,061 (-31.5%)	$27.52M (+9.4%)	2.3%	—	—	COM	55955D100

Unchanged Positions (2)

SXI STANDEX INTERNATIONAL CORP 5.8%

Value $70.88M Shares 198,182 Est. Cost — Unrealized —

BRCB BLACK ROCK COFFEE BAR INC-A 0.2%

Value $2.277M Shares 274,688 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SXI	STANDEX INTERNATIONAL CORP	198,182	$70.88M	5.8%	—	—	COM	854231107
BRCB	BLACK ROCK COFFEE BAR INC-A	274,688	$2.277M	0.2%	—	—	Class A	092244102