Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FLEX	Flex Ltd	82,000	$13.29M	1.5%	$162.09	—	ORD	Y2573F102
FTI	TechnipFMC PLC	194,094	$12.88M	1.4%	$66.33	—	COM	G87110105
CECO	CECO Environmental Corp	81,441	$7.389M	0.8%	$90.73	—	COM	125141101
BDC	Belden Inc	43,000	$5.159M	0.6%	$119.98	—	COM	077454106
SEDG	Solaredge Technologies Inc	64,000	$3.743M	0.4%	$58.48	—	COM	83417M104
ENS	EnerSys	15,000	$3.507M	0.4%	$233.78	—	COM	29275Y102
ICHR	Ichor Holdings Ltd	27,500	$3.088M	0.3%	$112.28	—	SHS	G4740B105
TEX	Terex Corp	20,000	$1.448M	0.2%	$72.42	—	COM	880779103
AMKR	Amkor Technology Inc	15,000	$1.294M	0.1%	$86.23	—	COM	031652100
NVDA	NVIDIA CORP	4,000	$800K	0.1%	$200.09	—	COM	67066G104
UEC	Uranium Energy Corp	60,000	$644K	0.1%	$10.72	—	COM	916896103
PNFP	PINNACLE FINANCIAL PARTNERS INC	5,874	$593K	0.1%	$100.88	—	COM	72348N109
ASYS	AMTECH SYSTEMS INC	15,000	$346K	0.0%	$23.08	—	COM PAR $0.01N	032332504
HON	HONEYWELL INTL INC	1,500	$336K	0.0%	$223.90	—	COM	438516205
HONA	HONEYWELL AEROSPACE INC	1,500	$332K	0.0%	$221.08	—	COM	43849R105
SSB	SOUTHSTATE BANK CORP	2,601	$260K	0.0%	$99.90	—	COM	84472E102
SSSS	SURO CAPITAL CORP	20,000	$251K	0.0%	$12.54	—	COM NEW	86887Q109
MYE	MYERS INDUSTRIES INC	6,700	$237K	0.0%	$35.31	—	COM	628464109
STBA	S&T BANCORP INC	4,393	$216K	0.0%	$49.08	—	COM	783859101

Increased Positions (33)

SANM Sanmina Corp 1.4%

Value $12.91M (+126.5%) Shares 51,000 (+15.9%) Est. Cost $165.69 Unrealized —

GNRC Generac Holdings Inc 0.5%

Value $4.974M (+154.7%) Shares 17,000 (+70.0%) Est. Cost $215.40 Unrealized —

PLBC Plumas Bancorp 1.5%

Value $13.32M (+28.1%) Shares 227,798 (+6.9%) Est. Cost $40.55 Unrealized —

MCFT Mastercraft Boat Holdings Inc 0.6%

Value $5.573M (+110.0%) Shares 215,971 (+67.1%) Est. Cost $23.73 Unrealized —

MOD Modine Manufacturing Co 0.6%

Value $5.606M (+98.8%) Shares 21,000 (+61.5%) Est. Cost $183.15 Unrealized —

BORR Borr Drilling Ltd 0.8%

Value $7.759M (-25.5%) Shares 1,876,424 (+4.2%) Est. Cost $5.77 Unrealized —

ORN Orion Group Holdings Inc 0.8%

Value $7.067M (+55.9%) Shares 419,651 (+1.2%) Est. Cost $7.13 Unrealized —

SOLS Solstice Advanced Materials In 1.1%

Value $9.836M (+31.7%) Shares 111,000 (+13.3%) Est. Cost $67.95 Unrealized —

CSV Carriage Services Inc 1.0%

Value $9.191M (-14.6%) Shares 239,593 (+1.5%) Est. Cost $38.57 Unrealized —

FET Forum Energy Technologies Inc 1.2%

Value $11.39M (-11.6%) Shares 226,889 (+3.4%) Est. Cost $21.10 Unrealized —

NNBR NN Inc 0.2%

Value $1.895M (+182.1%) Shares 528,482 (+13.3%) Est. Cost $3.81 Unrealized —

LCII LCI Industries 1.1%

Value $10.08M (-9.9%) Shares 94,952 (+4.4%) Est. Cost $93.31 Unrealized —

ACM AECOM 0.2%

Value $2.136M (+100.4%) Shares 30,568 (+143.2%) Est. Cost $89.34 Unrealized —

FN Fabrinet 1.2%

Value $10.91M (+10.7%) Shares 19,391 (+2.6%) Est. Cost $360.56 Unrealized —

NI NiSource Inc 0.6%

Value $5.23M (+24.5%) Shares 110,000 (+22.2%) Est. Cost $43.52 Unrealized —

LWAY Lifeway Foods Inc 0.2%

Value $1.814M (+88.3%) Shares 60,732 (+21.1%) Est. Cost $16.75 Unrealized —

UAN CVR Partners LP 0.7%

Value $6.058M (-11.2%) Shares 54,233 (+1.1%) Est. Cost $77.91 Unrealized —

KMT Kennametal Inc 0.5%

Value $4.183M (+16.6%) Shares 119,299 (+20.1%) Est. Cost $35.53 Unrealized —

AMPY Amplify Energy Corp 0.1%

Value $1.134M (-31.4%) Shares 284,651 (+7.6%) Est. Cost $4.92 Unrealized —

NXT Nextpower Inc 1.0%

Value $9.296M (+5.5%) Shares 78,000 (+6.8%) Est. Cost $74.67 Unrealized —

VG Venture Global Inc 0.1%

Value $1.224M (+55.3%) Shares 110,000 (+120.0%) Est. Cost $10.11 Unrealized —

TALO Talos Energy Inc 0.2%

Value $2.144M (-15.0%) Shares 166,000 (+3.8%) Est. Cost $11.96 Unrealized —

INVX Innovex International Inc 0.7%

Value $6M (+4.7%) Shares 242,073 (+3.0%) Est. Cost $16.75 Unrealized —

LNG Cheniere Energy Inc 0.5%

Value $4.303M (-5.2%) Shares 18,000 (+12.5%) Est. Cost $213.04 Unrealized —

TAYD Taylor Devices Inc 0.3%

Value $2.699M (+7.1%) Shares 46,048 (+5.0%) Est. Cost $37.79 Unrealized —

REI Ring Energy Inc 0.1%

Value $1.226M (+15.8%) Shares 1,129,569 (+62.8%) Est. Cost $1.31 Unrealized —

CRWS Crown Crafts Inc 0.1%

Value $1.178M (+15.4%) Shares 411,326 (+3.8%) Est. Cost $4.36 Unrealized —

TEN Tsakos Energy Navigation Ltd 0.1%

Value $773K (+19.8%) Shares 21,838 (+33.7%) Est. Cost $29.91 Unrealized —

BW BABCOCK & WILCOX ENTERPRISES INC 0.1%

Value $564K (+28.0%) Shares 40,000 (+33.3%) Est. Cost $10.19 Unrealized —

DEC Diversified Energy Co 0.1%

Value $840K (-4.7%) Shares 60,583 (+19.8%) Est. Cost $13.35 Unrealized —

NWFL Norwood Financial Corp 0.0%

Value $286K (+10.4%) Shares 8,908 (+1.1%) Est. Cost $29.65 Unrealized —

AMRZ Amrize AG 0.8%

Value $7.012M (-0.3%) Shares 131,600 (+4.8%) Est. Cost $51.82 Unrealized —

AR Antero Resources Corp 0.2%

Value $2.109M (-0.6%) Shares 60,000 (+20.0%) Est. Cost $32.32 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SANM	Sanmina Corp	51,000 (+15.9%)	$12.91M (+126.5%)	1.4%	$165.69	—	COM	801056102
GNRC	Generac Holdings Inc	17,000 (+70.0%)	$4.974M (+154.7%)	0.5%	$215.40	—	COM	368736104
PLBC	Plumas Bancorp	227,798 (+6.9%)	$13.32M (+28.1%)	1.5%	$40.55	—	COM	729273102
MCFT	Mastercraft Boat Holdings Inc	215,971 (+67.1%)	$5.573M (+110.0%)	0.6%	$23.73	—	COM	57637H103
MOD	Modine Manufacturing Co	21,000 (+61.5%)	$5.606M (+98.8%)	0.6%	$183.15	—	COM	607828100
BORR	Borr Drilling Ltd	1,876,424 (+4.2%)	$7.759M (-25.5%)	0.8%	$5.77	—	SHS	G1466R173
ORN	Orion Group Holdings Inc	419,651 (+1.2%)	$7.067M (+55.9%)	0.8%	$7.13	—	COM	68628V308
SOLS	Solstice Advanced Materials In	111,000 (+13.3%)	$9.836M (+31.7%)	1.1%	$67.95	—	COM SHS	83443Q103
CSV	Carriage Services Inc	239,593 (+1.5%)	$9.191M (-14.6%)	1.0%	$38.57	—	COM	143905107
FET	Forum Energy Technologies Inc	226,889 (+3.4%)	$11.39M (-11.6%)	1.2%	$21.10	—	COM	34984V209
NNBR	NN Inc	528,482 (+13.3%)	$1.895M (+182.1%)	0.2%	$3.81	—	COM	629337106
LCII	LCI Industries	94,952 (+4.4%)	$10.08M (-9.9%)	1.1%	$93.31	—	COM	50189K103
ACM	AECOM	30,568 (+143.2%)	$2.136M (+100.4%)	0.2%	$89.34	—	COM	00766T100
FN	Fabrinet	19,391 (+2.6%)	$10.91M (+10.7%)	1.2%	$360.56	—	SHS	G3323L100
NI	NiSource Inc	110,000 (+22.2%)	$5.23M (+24.5%)	0.6%	$43.52	—	COM	65473P105
LWAY	Lifeway Foods Inc	60,732 (+21.1%)	$1.814M (+88.3%)	0.2%	$16.75	—	COM	531914109
UAN	CVR Partners LP	54,233 (+1.1%)	$6.058M (-11.2%)	0.7%	$77.91	—	COM	126633205
KMT	Kennametal Inc	119,299 (+20.1%)	$4.183M (+16.6%)	0.5%	$35.53	—	COM	489170100
AMPY	Amplify Energy Corp	284,651 (+7.6%)	$1.134M (-31.4%)	0.1%	$4.92	—	COM	03212B103
NXT	Nextpower Inc	78,000 (+6.8%)	$9.296M (+5.5%)	1.0%	$74.67	—	CLASS A COM	65290E101
VG	Venture Global Inc	110,000 (+120.0%)	$1.224M (+55.3%)	0.1%	$10.11	—	COM CL A	92333F101
TALO	Talos Energy Inc	166,000 (+3.8%)	$2.144M (-15.0%)	0.2%	$11.96	—	COM	87484T108
INVX	Innovex International Inc	242,073 (+3.0%)	$6M (+4.7%)	0.7%	$16.75	—	COM	457651107
LNG	Cheniere Energy Inc	18,000 (+12.5%)	$4.303M (-5.2%)	0.5%	$213.04	—	COM NEW	16411R208
TAYD	Taylor Devices Inc	46,048 (+5.0%)	$2.699M (+7.1%)	0.3%	$37.79	—	COM	877163105
REI	Ring Energy Inc	1,129,569 (+62.8%)	$1.226M (+15.8%)	0.1%	$1.31	—	COM	76680V108
CRWS	Crown Crafts Inc	411,326 (+3.8%)	$1.178M (+15.4%)	0.1%	$4.36	—	COM	228309100
TEN	Tsakos Energy Navigation Ltd	21,838 (+33.7%)	$773K (+19.8%)	0.1%	$29.91	—	SHS	G9108L173
BW	BABCOCK & WILCOX ENTERPRISES INC	40,000 (+33.3%)	$564K (+28.0%)	0.1%	$10.19	—	COM	05614L209
DEC	Diversified Energy Co	60,583 (+19.8%)	$840K (-4.7%)	0.1%	$13.35	—	COMMON STOCK	25520W107
NWFL	Norwood Financial Corp	8,908 (+1.1%)	$286K (+10.4%)	0.0%	$29.65	—	COM	669549107
AMRZ	Amrize AG	131,600 (+4.8%)	$7.012M (-0.3%)	0.8%	$51.82	—	SHS	H2927K103
AR	Antero Resources Corp	60,000 (+20.0%)	$2.109M (-0.6%)	0.2%	$32.32	—	COM	03674X106

Exited Positions (15)

— TechnipFMC PLC 1.5%

Value $13.42M Shares 194,094 Est. Cost $69.16 Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 0.8%

Value $6.957M Shares 84,501 Est. Cost $179.27 Unrealized —

THR THERMON GROUP HLDGS INC 0.6%

Value $5.252M Shares 104,194 Est. Cost $45.55 Unrealized —

VISN Vistance Networks Inc 0.5%

Value $4.437M Shares 243,727 Est. Cost $14.72 Unrealized —

MPX MARINE PRODUCTS CORP 0.3%

Value $2.64M Shares 363,696 Est. Cost $8.73 Unrealized —

OZK BANK OZK 0.2%

Value $1.928M Shares 42,000 Est. Cost $41.52 Unrealized —

DFH Dream Finders Homes Inc 0.1%

Value $1.317M Shares 94,496 Est. Cost $31.25 Unrealized —

MUSA MURPHY USA INC 0.1%

Value $741K Shares 1,500 Est. Cost $416.27 Unrealized —

SGI SOMNIGROUP INTERNATIONAL INC 0.1%

Value $591K Shares 8,000 Est. Cost $50.82 Unrealized —

GABC German American Bancorp Inc 0.1%

Value $590K Shares 14,102 Est. Cost $38.10 Unrealized —

— PINNACLE FINANCIAL PARTNERS INC 0.1%

Value $506K Shares 5,874 Est. Cost $97.97 Unrealized —

MTRN Materion Corp 0.0%

Value $448K Shares 3,100 Est. Cost $145.42 Unrealized —

NVR NVR INC 0.0%

Value $329K Shares 50 Est. Cost $8729.84 Unrealized —

MPLX MPLX LP 0.0%

Value $285K Shares 5,000 Est. Cost $42.60 Unrealized —

SGC SUPERIOR GROUP OF COMPANIES INC 0.0%

Value $121K Shares 11,904 Est. Cost $15.69 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	TechnipFMC PLC	194,094	$13.42M	1.5%	$69.16	—	—	00BDSFG98
BLDR	BUILDERS FIRSTSOURCE INC	84,501	$6.957M	0.8%	$179.27	—	—	12008R107
THR	THERMON GROUP HLDGS INC	104,194	$5.252M	0.6%	$45.55	—	—	88362T103
VISN	Vistance Networks Inc	243,727	$4.437M	0.5%	$14.72	—	—	20337X109
MPX	MARINE PRODUCTS CORP	363,696	$2.64M	0.3%	$8.73	—	—	568427108
OZK	BANK OZK	42,000	$1.928M	0.2%	$41.52	—	—	06417N103
DFH	Dream Finders Homes Inc	94,496	$1.317M	0.1%	$31.25	—	—	26154D100
MUSA	MURPHY USA INC	1,500	$741K	0.1%	$416.27	—	—	626755102
SGI	SOMNIGROUP INTERNATIONAL INC	8,000	$591K	0.1%	$50.82	—	—	88023U101
GABC	German American Bancorp Inc	14,102	$590K	0.1%	$38.10	—	—	373865104
—	PINNACLE FINANCIAL PARTNERS INC	5,874	$506K	0.1%	$97.97	—	—	72346Q104
MTRN	Materion Corp	3,100	$448K	0.0%	$145.42	—	—	576690101
NVR	NVR INC	50	$329K	0.0%	$8729.84	—	—	62944T105
MPLX	MPLX LP	5,000	$285K	0.0%	$42.60	—	—	55336V100
SGC	SUPERIOR GROUP OF COMPANIES INC	11,904	$121K	0.0%	$15.69	—	—	868358102

Decreased Positions (27)

ECG Everus Construction Group Inc 6.5%

Value $59.94M (+38.2%) Shares 361,159 (-1.7%) Est. Cost $61.67 Unrealized —

MHO M/I Homes Inc 0.1%

Value $867K (-89.3%) Shares 5,389 (-91.9%) Est. Cost $133.39 Unrealized —

FRD Friedman Industries Inc 1.4%

Value $12.94M (+74.5%) Shares 404,845 (-3.6%) Est. Cost $16.80 Unrealized —

AMTM Amentum Holdings Inc 0.8%

Value $7.742M (-21.8%) Shares 374,818 (-1.3%) Est. Cost $33.46 Unrealized —

CLMB Climb Global Solutions Inc 2.2%

Value $20.55M (+11.5%) Shares 887,135 (-4.7%) Est. Cost $105.30 Unrealized —

BXC Bluelinx Holdings Inc 0.1%

Value $610K (-76.5%) Shares 9,873 (-79.4%) Est. Cost $115.19 Unrealized —

AIR AAR Corp 1.1%

Value $10.39M (+21.4%) Shares 72,615 (-7.2%) Est. Cost $87.23 Unrealized —

IESC IES Holdings Inc 0.6%

Value $5.934M (+31.1%) Shares 8,086 (-14.9%) Est. Cost $305.24 Unrealized —

NTR Nutrien Ltd 0.2%

Value $1.385M (-42.6%) Shares 22,000 (-31.3%) Est. Cost $50.00 Unrealized —

GBX Greenbrier Companies Inc 0.5%

Value $4.916M (-16.9%) Shares 100,336 (-10.7%) Est. Cost $48.45 Unrealized —

THO THOR INDUSTRIES INC 0.0%

Value $451K (-67.6%) Shares 6,000 (-65.6%) Est. Cost $106.89 Unrealized —

KRT Karat Packaging Inc 0.8%

Value $7.307M (+14.1%) Shares 218,443 (-4.7%) Est. Cost $26.88 Unrealized —

MBC MasterBrand Inc 1.1%

Value $9.755M (+10.2%) Shares 948,420 (-10.9%) Est. Cost $16.04 Unrealized —

AZZ AZZ Inc 0.6%

Value $5.148M (+13.9%) Shares 33,201 (-8.0%) Est. Cost $103.44 Unrealized —

SPXC SPX Technologies Inc 0.4%

Value $3.917M (+18.5%) Shares 15,970 (-3.2%) Est. Cost $200.31 Unrealized —

STRT Strattec Security Corp 0.4%

Value $3.494M (-8.9%) Shares 42,842 (-12.3%) Est. Cost $27.48 Unrealized —

J Jacobs Solutions Inc 0.5%

Value $4.623M (-6.1%) Shares 36,700 (-5.2%) Est. Cost $133.07 Unrealized —

CUBI Customers Bancorp Inc 0.5%

Value $4.721M (+6.8%) Shares 59,658 (-6.3%) Est. Cost $57.63 Unrealized —

REZI Resideo Technologies Inc 0.2%

Value $1.432M (-16.7%) Shares 46,008 (-9.8%) Est. Cost $32.93 Unrealized —

GTES Gates Industrial Corporation P 0.4%

Value $3.288M (+5.8%) Shares 117,509 (-14.5%) Est. Cost $16.79 Unrealized —

FCX Freeport-McMoRan Inc 0.8%

Value $7.231M (+1.6%) Shares 115,000 (-5.0%) Est. Cost $40.77 Unrealized —

VABK Virginia National Bankshares C 0.1%

Value $1.272M (+9.4%) Shares 28,769 (-5.0%) Est. Cost $32.70 Unrealized —

ALTG Alta Equipment Group Inc 0.0%

Value $125K (-41.0%) Shares 19,280 (-51.1%) Est. Cost $10.98 Unrealized —

BC BRUNSWICK CORP 0.0%

Value $337K (-15.8%) Shares 4,000 (-27.3%) Est. Cost $74.88 Unrealized —

TLN Talen Energy Corp 0.2%

Value $2.276M (+1.9%) Shares 5,920 (-15.4%) Est. Cost $270.10 Unrealized —

NEPH NEPHROS INC 0.0%

Value $62,118 (-16.6%) Shares 17,400 (-30.4%) Est. Cost $5.11 Unrealized —

WHG Westwood Holdings Group Inc 0.1%

Value $960K (+0.4%) Shares 50,012 (-14.1%) Est. Cost $12.66 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ECG	Everus Construction Group Inc	361,159 (-1.7%)	$59.94M (+38.2%)	6.5%	$61.67	—	COM	300426103
MHO	M/I Homes Inc	5,389 (-91.9%)	$867K (-89.3%)	0.1%	$133.39	—	COM	55305B101
FRD	Friedman Industries Inc	404,845 (-3.6%)	$12.94M (+74.5%)	1.4%	$16.80	—	COM	358435105
AMTM	Amentum Holdings Inc	374,818 (-1.3%)	$7.742M (-21.8%)	0.8%	$33.46	—	COM	023939101
CLMB	Climb Global Solutions Inc	887,135 (-4.7%)	$20.55M (+11.5%)	2.2%	$105.30	—	COM	946760105
BXC	Bluelinx Holdings Inc	9,873 (-79.4%)	$610K (-76.5%)	0.1%	$115.19	—	COM NEW	09624H208
AIR	AAR Corp	72,615 (-7.2%)	$10.39M (+21.4%)	1.1%	$87.23	—	COM	000361105
IESC	IES Holdings Inc	8,086 (-14.9%)	$5.934M (+31.1%)	0.6%	$305.24	—	COM	44951W106
NTR	Nutrien Ltd	22,000 (-31.3%)	$1.385M (-42.6%)	0.2%	$50.00	—	COM	67077M108
GBX	Greenbrier Companies Inc	100,336 (-10.7%)	$4.916M (-16.9%)	0.5%	$48.45	—	COM	393657101
THO	THOR INDUSTRIES INC	6,000 (-65.6%)	$451K (-67.6%)	0.0%	$106.89	—	COM	885160101
KRT	Karat Packaging Inc	218,443 (-4.7%)	$7.307M (+14.1%)	0.8%	$26.88	—	COM	48563L101
MBC	MasterBrand Inc	948,420 (-10.9%)	$9.755M (+10.2%)	1.1%	$16.04	—	COMMON STOCK	57638P104
AZZ	AZZ Inc	33,201 (-8.0%)	$5.148M (+13.9%)	0.6%	$103.44	—	COM	002474104
SPXC	SPX Technologies Inc	15,970 (-3.2%)	$3.917M (+18.5%)	0.4%	$200.31	—	COM	78473E103
STRT	Strattec Security Corp	42,842 (-12.3%)	$3.494M (-8.9%)	0.4%	$27.48	—	COM	863111100
J	Jacobs Solutions Inc	36,700 (-5.2%)	$4.623M (-6.1%)	0.5%	$133.07	—	COM	46982L108
CUBI	Customers Bancorp Inc	59,658 (-6.3%)	$4.721M (+6.8%)	0.5%	$57.63	—	COM	23204G100
REZI	Resideo Technologies Inc	46,008 (-9.8%)	$1.432M (-16.7%)	0.2%	$32.93	—	COM	76118Y104
GTES	Gates Industrial Corporation P	117,509 (-14.5%)	$3.288M (+5.8%)	0.4%	$16.79	—	ORD SHS	G39108108
FCX	Freeport-McMoRan Inc	115,000 (-5.0%)	$7.231M (+1.6%)	0.8%	$40.77	—	CL B	35671D857
VABK	Virginia National Bankshares C	28,769 (-5.0%)	$1.272M (+9.4%)	0.1%	$32.70	—	COM	928031103
ALTG	Alta Equipment Group Inc	19,280 (-51.1%)	$125K (-41.0%)	0.0%	$10.98	—	COMMON STOCK	02128L106
BC	BRUNSWICK CORP	4,000 (-27.3%)	$337K (-15.8%)	0.0%	$74.88	—	COM	117043109
TLN	Talen Energy Corp	5,920 (-15.4%)	$2.276M (+1.9%)	0.2%	$270.10	—	COM	87422Q109
NEPH	NEPHROS INC	17,400 (-30.4%)	$62,118 (-16.6%)	0.0%	$5.11	—	COM	640671400
WHG	Westwood Holdings Group Inc	50,012 (-14.1%)	$960K (+0.4%)	0.1%	$12.66	—	COM	961765104

Unchanged Positions (99)

GTX Garrett Motion Inc 1.7%

Value $15.37M Shares 424,252 Est. Cost $9.35 Unrealized —

UFPT UFP Technologies Inc 2.1%

Value $19.68M Shares 74,302 Est. Cost $226.98 Unrealized —

BBW Build-A-Bear Workshop Inc 2.6%

Value $23.47M Shares 765,938 Est. Cost $25.96 Unrealized —

VMI Valmont Industries Inc 1.4%

Value $13.18M Shares 22,800 Est. Cost $263.51 Unrealized —

GHM Graham Corp 1.2%

Value $11.14M Shares 89,916 Est. Cost $29.75 Unrealized —

CCJ Cameco Corp 6.3%

Value $58.15M Shares 570,883 Est. Cost $57.19 Unrealized —

PNTG Pennant Group Inc 2.0%

Value $18.75M Shares 507,977 Est. Cost $20.94 Unrealized —

TOL Toll Brothers Inc 1.7%

Value $15.66M Shares 95,000 Est. Cost $138.37 Unrealized —

NRIM Northrim BanCorp Inc 1.4%

Value $13.22M Shares 476,019 Est. Cost $20.77 Unrealized —

VAL Valaris Ltd 0.7%

Value $6.632M Shares 91,321 Est. Cost $66.49 Unrealized —

TDW Tidewater Inc 0.9%

Value $8.412M Shares 126,273 Est. Cost $65.70 Unrealized —

NXE Nexgen Energy Ltd 1.0%

Value $9.04M Shares 962,702 Est. Cost $7.48 Unrealized —

RKT Rocket Companies Inc 2.3%

Value $21.49M Shares 1,363,100 Est. Cost $17.88 Unrealized —

BLBD Blue Bird Corp 0.8%

Value $7.296M Shares 92,417 Est. Cost $42.09 Unrealized —

FSBW FS Bancorp Inc 1.9%

Value $16.96M Shares 391,651 Est. Cost $34.67 Unrealized —

HZO MarineMax Inc 0.7%

Value $6.17M Shares 168,300 Est. Cost $31.01 Unrealized —

DNN Denison Mines Corp 1.1%

Value $9.834M Shares 3,213,856 Est. Cost $2.05 Unrealized —

GLNG Golar LNG Ltd 1.8%

Value $16.62M Shares 333,390 Est. Cost $26.71 Unrealized —

KINS Kingstone Companies Inc 0.6%

Value $5.799M Shares 304,037 Est. Cost $15.61 Unrealized —

PATK Patrick Industries Inc 0.6%

Value $5.561M Shares 61,982 Est. Cost $78.50 Unrealized —

TTAM Titan America SA 0.7%

Value $6.278M Shares 336,242 Est. Cost $16.70 Unrealized —

FUNC First United Corp 0.8%

Value $7.277M Shares 164,390 Est. Cost $24.54 Unrealized —

ENSG Ensign Group Inc 0.5%

Value $4.199M Shares 26,189 Est. Cost $136.98 Unrealized —

CF CF Industries Holdings Inc 0.6%

Value $5.303M Shares 49,000 Est. Cost $76.87 Unrealized —

HWKN Hawkins Inc 1.3%

Value $11.66M Shares 82,119 Est. Cost $83.46 Unrealized —

FBIZ First Business Financial Servi 0.7%

Value $6.258M Shares 98,812 Est. Cost $40.19 Unrealized —

DE Deere & Co 0.9%

Value $7.924M Shares 12,500 Est. Cost $386.33 Unrealized —

PFBC Preferred Bank 0.7%

Value $5.966M Shares 56,179 Est. Cost $78.43 Unrealized —

GEOS Geospace Technologies Corp 0.1%

Value $998K Shares 147,133 Est. Cost $13.39 Unrealized —

SBSW Sibanye Stillwater Ltd 0.2%

Value $1.441M Shares 170,000 Est. Cost $12.31 Unrealized —

ESP Espey MFG and Electronics Corp 0.4%

Value $3.777M Shares 56,247 Est. Cost $24.28 Unrealized —

EWBC East West Bancorp Inc 0.4%

Value $3.588M Shares 27,800 Est. Cost $92.77 Unrealized —

MCBS Metrocity Bankshares Inc 0.3%

Value $3.015M Shares 83,935 Est. Cost $22.67 Unrealized —

MTRX Matrix Service Co 0.4%

Value $3.544M Shares 258,790 Est. Cost $11.90 Unrealized —

PAAS Pan American Silver Corp 0.3%

Value $2.588M Shares 57,764 Est. Cost $25.88 Unrealized —

MOS Mosaic Co 0.3%

Value $2.776M Shares 130,989 Est. Cost $29.53 Unrealized —

HIFS Hingham Institution For Saving 0.9%

Value $8.224M Shares 26,759 Est. Cost $211.31 Unrealized —

FSTR L.B. Foster Co 0.2%

Value $1.378M Shares 30,495 Est. Cost $23.54 Unrealized —

WFRD Weatherford International PLC 0.4%

Value $3.236M Shares 39,700 Est. Cost $73.15 Unrealized —

MBWM Mercantile Bank Corp 0.5%

Value $4.346M Shares 75,649 Est. Cost $39.62 Unrealized —

NE Noble Corp (Cayman Island) 0.2%

Value $1.463M Shares 39,186 Est. Cost $31.26 Unrealized —

PSIX Power Solutions International 0.1%

Value $817K Shares 21,000 Est. Cost $88.67 Unrealized —

ABCB Ameris Bancorp 0.4%

Value $3.337M Shares 36,935 Est. Cost $57.37 Unrealized —

FXNC First National Corp 0.5%

Value $4.152M Shares 138,113 Est. Cost $19.52 Unrealized —

WS Worthington Steel Inc 0.5%

Value $4.338M Shares 129,194 Est. Cost $37.25 Unrealized —

CBNK Capital Bancorp Inc 0.3%

Value $2.667M Shares 75,893 Est. Cost $24.07 Unrealized —

VITL Vital Farms Inc 0.2%

Value $1.774M Shares 152,771 Est. Cost $24.70 Unrealized —

TOWN Towne Bank 0.6%

Value $5.233M Shares 144,341 Est. Cost $32.95 Unrealized —

EML Eastern Co 0.1%

Value $1.336M Shares 47,988 Est. Cost $24.57 Unrealized —

TSBK Timberland Bancorp Inc 0.3%

Value $2.922M Shares 65,247 Est. Cost $27.45 Unrealized —

FSM Fortuna Mining Corp 0.2%

Value $1.943M Shares 230,349 Est. Cost $4.80 Unrealized —

ACNT Ascent Industries Co 0.3%

Value $2.976M Shares 197,824 Est. Cost $10.23 Unrealized —

LARK Landmark Bancorp Inc 0.2%

Value $1.724M Shares 56,036 Est. Cost $19.33 Unrealized —

MFIN Medallion Financial Corp 0.2%

Value $2.027M Shares 198,711 Est. Cost $8.84 Unrealized —

HAFC Hanmi Financial Corp 0.2%

Value $1.513M Shares 46,670 Est. Cost $18.80 Unrealized —

GAU Galiano Gold Inc 0.1%

Value $834K Shares 445,044 Est. Cost $1.78 Unrealized —

SDRL Seadrill Ltd 0.1%

Value $1.325M Shares 35,000 Est. Cost $38.97 Unrealized —

MPB Mid Penn Bancorp Inc 0.4%

Value $3.238M Shares 92,824 Est. Cost $23.62 Unrealized —

BTG B2Gold Corp 0.1%

Value $1.124M Shares 300,600 Est. Cost $2.56 Unrealized —

MS MORGAN STANLEY 0.1%

Value $1.045M Shares 5,000 Est. Cost $96.90 Unrealized —

CZFS Citizens Financial Services In 0.2%

Value $1.48M Shares 20,519 Est. Cost $51.04 Unrealized —

CFBK CF Bankshares Inc 0.1%

Value $1.35M Shares 41,276 Est. Cost $20.61 Unrealized —

FCNCA First Citizens BancShares Inc 0.2%

Value $2.08M Shares 1,000 Est. Cost $2041.81 Unrealized —

HBCP Home Bancorp Inc 0.2%

Value $1.577M Shares 22,985 Est. Cost $37.33 Unrealized —

MBUU Malibu Boats Inc 0.3%

Value $3.193M Shares 116,478 Est. Cost $44.42 Unrealized —

BHB Bar Harbor Bankshares 0.1%

Value $1.236M Shares 32,738 Est. Cost $25.72 Unrealized —

FLG Flagstar Financial Inc 0.2%

Value $1.394M Shares 93,237 Est. Cost $11.44 Unrealized —

ANDE Andersons Inc 0.4%

Value $3.371M Shares 49,269 Est. Cost $47.68 Unrealized —

CFG Citizens Financial Group Inc 0.1%

Value $1.042M Shares 14,863 Est. Cost $30.49 Unrealized —

MMLP Martin Midstream Partners LP 0.1%

Value $760K Shares 335,434 Est. Cost $2.89 Unrealized —

WOR Worthington Enterprises Inc 0.5%

Value $4.748M Shares 88,339 Est. Cost $59.63 Unrealized —

GOOGL ALPHABET INC 0.1%

Value $715K Shares 2,000 Est. Cost $323.29 Unrealized —

CPF Central Pacific Financial Corp 0.1%

Value $790K Shares 20,697 Est. Cost $19.89 Unrealized —

EPSN Epsilon Energy Ltd 0.1%

Value $899K Shares 166,411 Est. Cost $4.64 Unrealized —

KEQU Kewaunee Scientific Corp 0.2%

Value $1.919M Shares 52,626 Est. Cost $37.03 Unrealized —

AMZN AMAZON COM INC 0.1%

Value $953K Shares 4,000 Est. Cost $226.35 Unrealized —

CTRE CARETRUST REIT INC 0.1%

Value $1.254M Shares 31,073 Est. Cost $30.86 Unrealized —

STNG Scorpio Tankers Inc 0.2%

Value $1.403M Shares 20,258 Est. Cost $78.82 Unrealized —

CBFV CB Financial Services Inc 0.1%

Value $1.268M Shares 33,674 Est. Cost $22.48 Unrealized —

ESCA Escalade Inc 0.1%

Value $1.204M Shares 64,296 Est. Cost $14.70 Unrealized —

PBF PBF Energy Inc 0.2%

Value $2.047M Shares 45,000 Est. Cost $46.24 Unrealized —

PEBK PEOPLES BANCORP OF NC 0.1%

Value $925K Shares 21,461 Est. Cost $28.81 Unrealized —

SFST Southern First Bancshares Inc 0.1%

Value $770K Shares 12,591 Est. Cost $34.07 Unrealized —

NBR Nabors Industries Ltd 0.4%

Value $3.428M Shares 40,765 Est. Cost $54.38 Unrealized —

JOUT Johnson Outdoors Inc 0.5%

Value $4.722M Shares 102,748 Est. Cost $44.06 Unrealized —

FLNG FLEX LNG Ltd 0.1%

Value $1.164M Shares 41,500 Est. Cost $21.35 Unrealized —

WTBA West Bancorporation Inc 0.1%

Value $640K Shares 24,156 Est. Cost $18.57 Unrealized —

MTW MANITOWOC COMPANY INC 0.0%

Value $347K Shares 25,000 Est. Cost $11.43 Unrealized —

WLDN Willdan Group Inc 0.2%

Value $1.66M Shares 21,000 Est. Cost $120.79 Unrealized —

AGO Assured Guaranty Ltd 0.3%

Value $3.186M Shares 39,721 Est. Cost $82.52 Unrealized —

WGO Winnebago Industries Inc 0.6%

Value $5.388M Shares 172,411 Est. Cost $40.08 Unrealized —

COLB Columbia Banking System Inc 0.0%

Value $328K Shares 10,221 Est. Cost $17.32 Unrealized —

FBNC FIRST BANCORP N C 0.0%

Value $370K Shares 5,789 Est. Cost $38.62 Unrealized —

PAL Proficient Auto Logistics Inc 0.4%

Value $3.914M Shares 574,295 Est. Cost $15.42 Unrealized —

JCTC Jewett-Cameron Trading Company 0.0%

Value $65,932 Shares 27,301 Est. Cost $5.44 Unrealized —

MSFT MICROSOFT CORP 0.1%

Value $1.119M Shares 3,000 Est. Cost $423.10 Unrealized —

CBAN Colony Bankcorp Inc 0.1%

Value $935K Shares 46,556 Est. Cost $12.37 Unrealized —

BBDC BARINGS BDC INC 0.0%

Value $130K Shares 15,305 Est. Cost $8.37 Unrealized —

GENC Gencor Industries Inc 0.2%

Value $2.265M Shares 151,222 Est. Cost $18.02 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GTX	Garrett Motion Inc	424,252	$15.37M	1.7%	$9.35	—	COM	366505105
UFPT	UFP Technologies Inc	74,302	$19.68M	2.1%	$226.98	—	COM	902673102
BBW	Build-A-Bear Workshop Inc	765,938	$23.47M	2.6%	$25.96	—	COM	120076104
VMI	Valmont Industries Inc	22,800	$13.18M	1.4%	$263.51	—	COM	920253101
GHM	Graham Corp	89,916	$11.14M	1.2%	$29.75	—	COM	384556106
CCJ	Cameco Corp	570,883	$58.15M	6.3%	$57.19	—	COM	13321L108
PNTG	Pennant Group Inc	507,977	$18.75M	2.0%	$20.94	—	COM	70805E109
TOL	Toll Brothers Inc	95,000	$15.66M	1.7%	$138.37	—	COM	889478103
NRIM	Northrim BanCorp Inc	476,019	$13.22M	1.4%	$20.77	—	COM	666762109
VAL	Valaris Ltd	91,321	$6.632M	0.7%	$66.49	—	CL A	G9460G101
TDW	Tidewater Inc	126,273	$8.412M	0.9%	$65.70	—	COM	88642R109
NXE	Nexgen Energy Ltd	962,702	$9.04M	1.0%	$7.48	—	COM	65340P106
RKT	Rocket Companies Inc	1,363,100	$21.49M	2.3%	$17.88	—	COM CL A	77311W101
BLBD	Blue Bird Corp	92,417	$7.296M	0.8%	$42.09	—	COM	095306106
FSBW	FS Bancorp Inc	391,651	$16.96M	1.9%	$34.67	—	COM	30263Y104
HZO	MarineMax Inc	168,300	$6.17M	0.7%	$31.01	—	COM	567908108
DNN	Denison Mines Corp	3,213,856	$9.834M	1.1%	$2.05	—	COM	248356107
GLNG	Golar LNG Ltd	333,390	$16.62M	1.8%	$26.71	—	SHS	G9456A100
KINS	Kingstone Companies Inc	304,037	$5.799M	0.6%	$15.61	—	COM	496719105
PATK	Patrick Industries Inc	61,982	$5.561M	0.6%	$78.50	—	COM	703343103
TTAM	Titan America SA	336,242	$6.278M	0.7%	$16.70	—	COMMON SHARES	B9151N105
FUNC	First United Corp	164,390	$7.277M	0.8%	$24.54	—	COM	33741H107
ENSG	Ensign Group Inc	26,189	$4.199M	0.5%	$136.98	—	COM	29358P101
CF	CF Industries Holdings Inc	49,000	$5.303M	0.6%	$76.87	—	COM	125269100
HWKN	Hawkins Inc	82,119	$11.66M	1.3%	$83.46	—	COM	420261109
FBIZ	First Business Financial Servi	98,812	$6.258M	0.7%	$40.19	—	COM	319390100
DE	Deere & Co	12,500	$7.924M	0.9%	$386.33	—	COM	244199105
PFBC	Preferred Bank	56,179	$5.966M	0.7%	$78.43	—	COM NEW	740367404
GEOS	Geospace Technologies Corp	147,133	$998K	0.1%	$13.39	—	COM	37364X109
SBSW	Sibanye Stillwater Ltd	170,000	$1.441M	0.2%	$12.31	—	SPONSORED ADR	82575P107
ESP	Espey MFG and Electronics Corp	56,247	$3.777M	0.4%	$24.28	—	COM	296650104
EWBC	East West Bancorp Inc	27,800	$3.588M	0.4%	$92.77	—	COM	27579R104
MCBS	Metrocity Bankshares Inc	83,935	$3.015M	0.3%	$22.67	—	COM	59165J105
MTRX	Matrix Service Co	258,790	$3.544M	0.4%	$11.90	—	COM	576853105
PAAS	Pan American Silver Corp	57,764	$2.588M	0.3%	$25.88	—	COM	697900108
MOS	Mosaic Co	130,989	$2.776M	0.3%	$29.53	—	COM	61945C103
HIFS	Hingham Institution For Saving	26,759	$8.224M	0.9%	$211.31	—	COM	433323102
FSTR	L.B. Foster Co	30,495	$1.378M	0.2%	$23.54	—	COM	350060109
WFRD	Weatherford International PLC	39,700	$3.236M	0.4%	$73.15	—	ORD SHS	G48833118
MBWM	Mercantile Bank Corp	75,649	$4.346M	0.5%	$39.62	—	COM	587376104
NE	Noble Corp (Cayman Island)	39,186	$1.463M	0.2%	$31.26	—	ORD SHS A	G65431127
PSIX	Power Solutions International	21,000	$817K	0.1%	$88.67	—	COM NEW	73933G202
ABCB	Ameris Bancorp	36,935	$3.337M	0.4%	$57.37	—	COM	03076K108
FXNC	First National Corp	138,113	$4.152M	0.5%	$19.52	—	COM	32106V107
WS	Worthington Steel Inc	129,194	$4.338M	0.5%	$37.25	—	COM SHS	982104101
CBNK	Capital Bancorp Inc	75,893	$2.667M	0.3%	$24.07	—	COM	139737100
VITL	Vital Farms Inc	152,771	$1.774M	0.2%	$24.70	—	COM	92847W103
TOWN	Towne Bank	144,341	$5.233M	0.6%	$32.95	—	COM	89214P109
EML	Eastern Co	47,988	$1.336M	0.1%	$24.57	—	COM	276317104
TSBK	Timberland Bancorp Inc	65,247	$2.922M	0.3%	$27.45	—	COM	887098101
FSM	Fortuna Mining Corp	230,349	$1.943M	0.2%	$4.80	—	COM NEW	349942102
ACNT	Ascent Industries Co	197,824	$2.976M	0.3%	$10.23	—	COM	871565107
LARK	Landmark Bancorp Inc	56,036	$1.724M	0.2%	$19.33	—	COM	51504L107
MFIN	Medallion Financial Corp	198,711	$2.027M	0.2%	$8.84	—	COM	583928106
HAFC	Hanmi Financial Corp	46,670	$1.513M	0.2%	$18.80	—	COM NEW	410495204
GAU	Galiano Gold Inc	445,044	$834K	0.1%	$1.78	—	COM	36352H100
SDRL	Seadrill Ltd	35,000	$1.325M	0.1%	$38.97	—	COM	G7997W102
MPB	Mid Penn Bancorp Inc	92,824	$3.238M	0.4%	$23.62	—	COM	59540G107
BTG	B2Gold Corp	300,600	$1.124M	0.1%	$2.56	—	COM	11777Q209
MS	MORGAN STANLEY	5,000	$1.045M	0.1%	$96.90	—	COM NEW	617446448
CZFS	Citizens Financial Services In	20,519	$1.48M	0.2%	$51.04	—	COM	174615104
CFBK	CF Bankshares Inc	41,276	$1.35M	0.1%	$20.61	—	COM	12520L109
FCNCA	First Citizens BancShares Inc	1,000	$2.08M	0.2%	$2041.81	—	CL A	31946M103
HBCP	Home Bancorp Inc	22,985	$1.577M	0.2%	$37.33	—	COM	43689E107
MBUU	Malibu Boats Inc	116,478	$3.193M	0.3%	$44.42	—	COM CL A	56117J100
BHB	Bar Harbor Bankshares	32,738	$1.236M	0.1%	$25.72	—	COM	066849100
FLG	Flagstar Financial Inc	93,237	$1.394M	0.2%	$11.44	—	COM NEW	649445400
ANDE	Andersons Inc	49,269	$3.371M	0.4%	$47.68	—	COM	034164103
CFG	Citizens Financial Group Inc	14,863	$1.042M	0.1%	$30.49	—	COM	174610105
MMLP	Martin Midstream Partners LP	335,434	$760K	0.1%	$2.89	—	UNIT L P INT	573331105
WOR	Worthington Enterprises Inc	88,339	$4.748M	0.5%	$59.63	—	COM	981811102
GOOGL	ALPHABET INC	2,000	$715K	0.1%	$323.29	—	CAP STK CL A	02079K305
CPF	Central Pacific Financial Corp	20,697	$790K	0.1%	$19.89	—	COM NEW	154760409
EPSN	Epsilon Energy Ltd	166,411	$899K	0.1%	$4.64	—	COM	294375209
KEQU	Kewaunee Scientific Corp	52,626	$1.919M	0.2%	$37.03	—	COM	492854104
AMZN	AMAZON COM INC	4,000	$953K	0.1%	$226.35	—	COM	023135106
CTRE	CARETRUST REIT INC	31,073	$1.254M	0.1%	$30.86	—	COM	14174T107
STNG	Scorpio Tankers Inc	20,258	$1.403M	0.2%	$78.82	—	SHS	Y7542C130
CBFV	CB Financial Services Inc	33,674	$1.268M	0.1%	$22.48	—	COM	12479G101
ESCA	Escalade Inc	64,296	$1.204M	0.1%	$14.70	—	COM	296056104
PBF	PBF Energy Inc	45,000	$2.047M	0.2%	$46.24	—	CL A	69318G106
PEBK	PEOPLES BANCORP OF NC	21,461	$925K	0.1%	$28.81	—	COM	710577107
SFST	Southern First Bancshares Inc	12,591	$770K	0.1%	$34.07	—	COM	842873101
NBR	Nabors Industries Ltd	40,765	$3.428M	0.4%	$54.38	—	SHS	G6359F137
JOUT	Johnson Outdoors Inc	102,748	$4.722M	0.5%	$44.06	—	CL A	479167108
FLNG	FLEX LNG Ltd	41,500	$1.164M	0.1%	$21.35	—	SHS	G35947202
WTBA	West Bancorporation Inc	24,156	$640K	0.1%	$18.57	—	CAP STK	95123P106
MTW	MANITOWOC COMPANY INC	25,000	$347K	0.0%	$11.43	—	COM NEW	563571405
WLDN	Willdan Group Inc	21,000	$1.66M	0.2%	$120.79	—	COM	96924N100
AGO	Assured Guaranty Ltd	39,721	$3.186M	0.3%	$82.52	—	COM	G0585R106
WGO	Winnebago Industries Inc	172,411	$5.388M	0.6%	$40.08	—	COM	974637100
COLB	Columbia Banking System Inc	10,221	$328K	0.0%	$17.32	—	COM	197236102
FBNC	FIRST BANCORP N C	5,789	$370K	0.0%	$38.62	—	COM	318910106
PAL	Proficient Auto Logistics Inc	574,295	$3.914M	0.4%	$15.42	—	COM	74317M104
JCTC	Jewett-Cameron Trading Company	27,301	$65,932	0.0%	$5.44	—	COM NEW	47733C207
MSFT	MICROSOFT CORP	3,000	$1.119M	0.1%	$423.10	—	COM	594918104
CBAN	Colony Bankcorp Inc	46,556	$935K	0.1%	$12.37	—	COM	19623P101
BBDC	BARINGS BDC INC	15,305	$130K	0.0%	$8.37	—	COM	06759L103
GENC	Gencor Industries Inc	151,222	$2.265M	0.2%	$18.02	—	COM	368678108