Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES RUSSELL 2000 ETF	954,068	$237M	3.2%	$248.00	—	COM	464287655
APH	AMPHENOL CORP-CL A	360,500	$45.55M	0.6%	$146.40	0.0%	COM	032095101
INDV	INDIVIOR PHARMACEUTICALS INC	1,096,343	$33.42M	0.5%	$34.29	0.0%	COM	45579U109
ON	ON SEMICONDUCTOR	470,000	$29.1M	0.4%	$64.12	0.0%	COM	682189105
AGO	ASSURED GUARANTY LTD	245,422	$20M	0.3%	$86.46	0.0%	COM	G0585R106
GEV	GE VERNOVA INC	15,000	$13.09M	0.2%	$736.93	0.0%	COM	36828A101
VISN	VISTANCE NETWORKS INC	655,000	$11.92M	0.2%	$18.49	0.0%	COM	20337X109
ALKS	ALKERMES PLC	263,604	$9.321M	0.1%	$32.34	0.0%	COM	G01767105
NINE	NINE ENERGY SERVICE, INC.	784,501	$6.433M	0.1%	$8.20	—	COM	65441V200
ENS	ENERSYS	32,186	$5.591M	0.1%	$171.38	0.0%	COM	29275Y102
MPB	MID PENN BANCORP INC	108,271	$3.482M	0.0%	$32.65	0.0%	COM	59540G107
—	ALKERMES PLC	87,869	$3.107M	0.0%	$35.36	—	COM	G01767106

Increased Positions (33)

BW BABCOCK & WILCOX ENTERPR 1.0%

Value $75.3M (+135.4%) Shares 5,126,068 (+1.6%) Est. Cost $2.16 Unrealized +311.7%

TPC TUTOR PERINI CORP 1.3%

Value $96.54M (+61.9%) Shares 1,250,727 (+40.5%) Est. Cost $65.81 Unrealized +19.8%

RIG TRANSOCEAN LTD 1.1%

Value $77.57M (+74.1%) Shares 11,700,000 (+8.4%) Est. Cost $3.62 Unrealized +42.6%

AVTR AVANTOR INC 0.5%

Value $38.55M (+517.2%) Shares 4,917,270 (+802.3%) Est. Cost $11.15 Unrealized -1.3%

GLW CORNING INC 0.7%

Value $54.51M (+106.9%) Shares 400,900 (+33.2%) Est. Cost $71.15 Unrealized +57.0%

OIH VANECK OIL SERVICES ETF 0.8%

Value $60.63M (+45.3%) Shares 150,000 (+2.4%) Est. Cost $287.06 Unrealized —

AMD ADVANCED MICRO DEVICES 0.6%

Value $40.69M (+80.9%) Shares 200,000 (+90.5%) Est. Cost $182.80 Unrealized +21.3%

BAX BAXTER INTERNATIONAL INC 0.4%

Value $26.28M (+208.3%) Shares 1,564,543 (+250.7%) Est. Cost $20.33 Unrealized +0.6%

WTM WHITE MOUNTAINS INSURANCE GP 1.1%

Value $83.08M (+22.9%) Shares 37,814 (+16.3%) Est. Cost $1976.88 Unrealized +6.7%

AA ALCOA CORP 0.2%

Value $16.79M (+846.0%) Shares 253,088 (+657.9%) Est. Cost $58.43 Unrealized +4.6%

AMR ALPHA METALLURGICAL RESOURCE 1.5%

Value $112M (+13.1%) Shares 544,148 (+10.1%) Est. Cost $129.52 Unrealized +62.5%

SLB SLB LTD 0.6%

Value $46.25M (+38.5%) Shares 900,000 (+3.4%) Est. Cost $40.58 Unrealized +19.0%

GT GOODYEAR TIRE & RUBBER CO 0.3%

Value $19.62M (+173.0%) Shares 2,960,011 (+260.7%) Est. Cost $8.91 Unrealized +4.4%

HAL HALLIBURTON CO 0.5%

Value $38.11M (+46.4%) Shares 977,489 (+6.1%) Est. Cost $26.71 Unrealized +25.6%

FMC FMC CORP 0.3%

Value $24.02M (+92.4%) Shares 1,395,000 (+55.0%) Est. Cost $17.62 Unrealized -13.8%

AAPL APPLE INC 0.2%

Value $17.77M (+86.7%) Shares 70,000 (+100.0%) Est. Cost $232.11 Unrealized +13.2%

SCL STEPAN CO 0.1%

Value $8.273M (+1822.7%) Shares 165,520 (+1721.9%) Est. Cost $56.18 Unrealized +1.1%

BHC BAUSCH HEALTH COS INC 0.2%

Value $16.04M (+77.7%) Shares 2,969,840 (+128.8%) Est. Cost $6.48 Unrealized -1.1%

WTTR SELECT WATER SOLUTIONS INC 0.1%

Value $10.94M (+90.4%) Shares 715,269 (+30.9%) Est. Cost $9.42 Unrealized —

BA BOEING CO/THE 0.3%

Value $21.89M (+23.3%) Shares 110,000 (+34.5%) Est. Cost $228.82 Unrealized +4.2%

BXC BLUELINX HOLDINGS INC 0.5%

Value $40.07M (-9.3%) Shares 739,523 (+2.9%) Est. Cost $56.08 Unrealized +29.1%

GNW GENWORTH FINANCIAL INC 0.9%

Value $62.52M (+6.7%) Shares 7,698,913 (+18.7%) Est. Cost $8.56 Unrealized +1.1%

UFPI UFP INDUSTRIES INC 0.5%

Value $34.61M (+11.6%) Shares 375,698 (+10.3%) Est. Cost $98.95 Unrealized +7.4%

SLND SOUTHLAND HOLDINGS INC 0.0%

Value $2.964M (-53.0%) Shares 2,280,257 (+20.0%) Est. Cost $3.27 Unrealized —

GSM FERROGLOBE PLC 0.1%

Value $3.759M (+726.6%) Shares 912,323 (+831.0%) Est. Cost $4.98 Unrealized +0.9%

SXC SUNCOKE ENERGY INC 0.2%

Value $13.52M (+27.6%) Shares 2,077,114 (+41.1%) Est. Cost $7.40 Unrealized +3.0%

MTRX MATRIX SERVICE CO 0.2%

Value $14.14M (+14.2%) Shares 1,231,307 (+16.4%) Est. Cost $10.48 Unrealized +19.6%

OC OWENS CORNING 1.4%

Value $102M (-1.4%) Shares 940,522 (+2.0%) Est. Cost $122.57 Unrealized +2.5%

KLXE KLX ENERGY SERVICES HOLDING 0.1%

Value $4.605M (+39.0%) Shares 1,771,108 (+1.0%) Est. Cost $7.67 Unrealized -68.7%

ATKR ATKORE INC 0.3%

Value $23.58M (-3.7%) Shares 400,214 (+3.4%) Est. Cost $78.69 Unrealized -13.5%

BOOM DMC GLOBAL INC 0.1%

Value $5.225M (-13.4%) Shares 1,002,790 (+11.1%) Est. Cost $7.02 Unrealized +15.2%

PSEC PROSPECT CAPITAL CORP 0.1%

Value $10.47M (+8.4%) Shares 4,009,902 (+7.6%) Est. Cost $2.69 Unrealized +3.6%

IOSP INNOSPEC INC 0.3%

Value $21.5M (-1.5%) Shares 294,504 (+3.2%) Est. Cost $88.38 Unrealized -7.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BW	BABCOCK & WILCOX ENTERPR	5,126,068 (+1.6%)	$75.3M (+135.4%)	1.0%	$2.16	+311.7%	COM	05614L209
TPC	TUTOR PERINI CORP	1,250,727 (+40.5%)	$96.54M (+61.9%)	1.3%	$65.81	+19.8%	COM	901109108
RIG	TRANSOCEAN LTD	11,700,000 (+8.4%)	$77.57M (+74.1%)	1.1%	$3.62	+42.6%	COM	H8817H100
AVTR	AVANTOR INC	4,917,270 (+802.3%)	$38.55M (+517.2%)	0.5%	$11.15	-1.3%	COM	05352A100
GLW	CORNING INC	400,900 (+33.2%)	$54.51M (+106.9%)	0.7%	$71.15	+57.0%	COM	219350105
OIH	VANECK OIL SERVICES ETF	150,000 (+2.4%)	$60.63M (+45.3%)	0.8%	$287.06	—	COM	92189H607
AMD	ADVANCED MICRO DEVICES	200,000 (+90.5%)	$40.69M (+80.9%)	0.6%	$182.80	+21.3%	COM	007903107
BAX	BAXTER INTERNATIONAL INC	1,564,543 (+250.7%)	$26.28M (+208.3%)	0.4%	$20.33	+0.6%	COM	071813109
WTM	WHITE MOUNTAINS INSURANCE GP	37,814 (+16.3%)	$83.08M (+22.9%)	1.1%	$1976.88	+6.7%	COM	G9618E107
AA	ALCOA CORP	253,088 (+657.9%)	$16.79M (+846.0%)	0.2%	$58.43	+4.6%	COM	013872106
AMR	ALPHA METALLURGICAL RESOURCE	544,148 (+10.1%)	$112M (+13.1%)	1.5%	$129.52	+62.5%	COM	020764106
SLB	SLB LTD	900,000 (+3.4%)	$46.25M (+38.5%)	0.6%	$40.58	+19.0%	COM	806857108
GT	GOODYEAR TIRE & RUBBER CO	2,960,011 (+260.7%)	$19.62M (+173.0%)	0.3%	$8.91	+4.4%	COM	382550101
HAL	HALLIBURTON CO	977,489 (+6.1%)	$38.11M (+46.4%)	0.5%	$26.71	+25.6%	COM	406216101
FMC	FMC CORP	1,395,000 (+55.0%)	$24.02M (+92.4%)	0.3%	$17.62	-13.8%	COM	302491303
AAPL	APPLE INC	70,000 (+100.0%)	$17.77M (+86.7%)	0.2%	$232.11	+13.2%	COM	037833100
SCL	STEPAN CO	165,520 (+1721.9%)	$8.273M (+1822.7%)	0.1%	$56.18	+1.1%	COM	858586100
BHC	BAUSCH HEALTH COS INC	2,969,840 (+128.8%)	$16.04M (+77.7%)	0.2%	$6.48	-1.1%	COM	071734107
WTTR	SELECT WATER SOLUTIONS INC	715,269 (+30.9%)	$10.94M (+90.4%)	0.1%	$9.42	—	COM	81617J301
BA	BOEING CO/THE	110,000 (+34.5%)	$21.89M (+23.3%)	0.3%	$228.82	+4.2%	COM	097023105
BXC	BLUELINX HOLDINGS INC	739,523 (+2.9%)	$40.07M (-9.3%)	0.5%	$56.08	+29.1%	COM	09624H208
GNW	GENWORTH FINANCIAL INC	7,698,913 (+18.7%)	$62.52M (+6.7%)	0.9%	$8.56	+1.1%	COM	37247D106
UFPI	UFP INDUSTRIES INC	375,698 (+10.3%)	$34.61M (+11.6%)	0.5%	$98.95	+7.4%	COM	90278Q108
SLND	SOUTHLAND HOLDINGS INC	2,280,257 (+20.0%)	$2.964M (-53.0%)	0.0%	$3.27	—	COM	84445C100
GSM	FERROGLOBE PLC	912,323 (+831.0%)	$3.759M (+726.6%)	0.1%	$4.98	+0.9%	COM	G33856108
SXC	SUNCOKE ENERGY INC	2,077,114 (+41.1%)	$13.52M (+27.6%)	0.2%	$7.40	+3.0%	COM	86722A103
MTRX	MATRIX SERVICE CO	1,231,307 (+16.4%)	$14.14M (+14.2%)	0.2%	$10.48	+19.6%	COM	576853105
OC	OWENS CORNING	940,522 (+2.0%)	$102M (-1.4%)	1.4%	$122.57	+2.5%	COM	690742101
KLXE	KLX ENERGY SERVICES HOLDING	1,771,108 (+1.0%)	$4.605M (+39.0%)	0.1%	$7.67	-68.7%	COM	48253L205
ATKR	ATKORE INC	400,214 (+3.4%)	$23.58M (-3.7%)	0.3%	$78.69	-13.5%	COM	047649108
BOOM	DMC GLOBAL INC	1,002,790 (+11.1%)	$5.225M (-13.4%)	0.1%	$7.02	+15.2%	COM	23291C103
PSEC	PROSPECT CAPITAL CORP	4,009,902 (+7.6%)	$10.47M (+8.4%)	0.1%	$2.69	+3.6%	COM	74348T102
IOSP	INNOSPEC INC	294,504 (+3.2%)	$21.5M (-1.5%)	0.3%	$88.38	-7.3%	COM	45768S105

Exited Positions (5)

— AVADEL PHARMACEUTICALS 1.4%

Value $103M Shares 4,769,357 Est. Cost $13.80 Unrealized —

— INDIVIOR PLC 0.5%

Value $39.34M Shares 1,096,343 Est. Cost $15.25 Unrealized —

— AVADEL PHARMACEUTICALS 0.3%

Value $24.38M Shares 1,131,500 Est. Cost $13.80 Unrealized —

LXU LSB INDUSTRIES INC 0.2%

Value $18.14M Shares 2,134,130 Est. Cost $9.07 Unrealized +6.2%

IROQ IF BANCORP INC 0.1%

Value $8.794M Shares 326,179 Est. Cost $18.61 Unrealized +46.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	AVADEL PHARMACEUTICALS	4,769,357	$103M	1.4%	$13.80	—	—	G29687103
—	INDIVIOR PLC	1,096,343	$39.34M	0.5%	$15.25	—	—	G4766E116
—	AVADEL PHARMACEUTICALS	1,131,500	$24.38M	0.3%	$13.80	—	CALL	G29687103
LXU	LSB INDUSTRIES INC	2,134,130	$18.14M	0.2%	$9.07	+6.2%	—	502160104
IROQ	IF BANCORP INC	326,179	$8.794M	0.1%	$18.61	+46.7%	—	44951J105

Decreased Positions (19)

SNDK SANDISK CORP 1.3%

Value $95.3M (+142.7%) Shares 150,000 (-9.3%) Est. Cost $49.11 Unrealized +951.6%

WDC WESTERN DIGITAL CORP 0.7%

Value $54.1M (+49.4%) Shares 200,009 (-4.8%) Est. Cost $69.44 Unrealized +261.8%

FLEX FLEX LTD 0.4%

Value $26.18M (-35.9%) Shares 400,000 (-40.9%) Est. Cost $52.76 Unrealized +21.3%

NOV LITTELFUSE INC 0.2%

Value $17.45M (+228.6%) Shares 240,330 (-29.3%) Est. Cost $14.18 Unrealized +31.2%

LBRT LIBERTY ENERGY INC 0.3%

Value $21.6M (+51.7%) Shares 750,000 (-2.8%) Est. Cost $14.03 Unrealized +65.4%

OIS OIL STATES INTERNATIONAL INC 0.0%

Value $3.472M (-67.2%) Shares 298,317 (-80.9%) Est. Cost $6.51 Unrealized +40.5%

MHK MOHAWK INDUSTRIES INC 0.6%

Value $41.88M (-14.0%) Shares 425,347 (-4.6%) Est. Cost $115.88 Unrealized +6.6%

FCG FIRST TRUST NATURAL GAS ETF 0.4%

Value $28.52M (+29.1%) Shares 900,000 (-4.6%) Est. Cost $23.93 Unrealized —

MU MICRON TECHNOLOGY INC 0.6%

Value $47.3M (+15.6%) Shares 140,000 (-2.4%) Est. Cost $104.29 Unrealized +271.1%

OSG OCTAVE SPECIALTY GROUP INC 0.1%

Value $6.571M (-46.2%) Shares 1,413,212 (-10.0%) Est. Cost $10.06 Unrealized -39.3%

HUM HUMANA INC 0.1%

Value $4.171M (-54.8%) Shares 24,057 (-33.2%) Est. Cost $261.21 Unrealized -14.4%

DTI DRILLING TOOLS INTERNATIONAL 0.1%

Value $10.43M (+74.5%) Shares 2,409,059 (-1.3%) Est. Cost $3.11 Unrealized +14.9%

TTI TETRA TECHNOLOGIES INC 0.3%

Value $23.65M (-12.5%) Shares 2,776,088 (-3.8%) Est. Cost $3.76 Unrealized +193.0%

WGO WINNEBAGO INDUSTRIES 0.1%

Value $5.073M (-26.6%) Shares 163,684 (-4.0%) Est. Cost $32.84 Unrealized +39.7%

EQT EQT CORP 0.3%

Value $20.36M (+8.0%) Shares 320,000 (-9.1%) Est. Cost $54.41 Unrealized +1.6%

TGEN TECOGEN INC/WALTHAM MA 0.0%

Value $629K (-56.9%) Shares 245,541 (-16.9%) Est. Cost $7.36 Unrealized -42.8%

FENC FENNEC PHARMACEUTICALS INC 0.0%

Value $511K (-52.5%) Shares 83,024 (-40.5%) Est. Cost $9.01 Unrealized -11.8%

CNR CORE NATURAL RESOURCES INC 0.2%

Value $15.71M (-1.8%) Shares 150,000 (-17.0%) Est. Cost $78.28 Unrealized +18.5%

INVX INNOVEX INTERNATIONAL INC 0.1%

Value $8.694M (+1.3%) Shares 356,460 (-9.1%) Est. Cost $18.66 Unrealized +34.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SNDK	SANDISK CORP	150,000 (-9.3%)	$95.3M (+142.7%)	1.3%	$49.11	+951.6%	COM	80004C200
WDC	WESTERN DIGITAL CORP	200,009 (-4.8%)	$54.1M (+49.4%)	0.7%	$69.44	+261.8%	COM	958102105
FLEX	FLEX LTD	400,000 (-40.9%)	$26.18M (-35.9%)	0.4%	$52.76	+21.3%	COM	Y2573F102
NOV	LITTELFUSE INC	240,330 (-29.3%)	$17.45M (+228.6%)	0.2%	$14.18	+31.2%	COM	62955J103
LBRT	LIBERTY ENERGY INC	750,000 (-2.8%)	$21.6M (+51.7%)	0.3%	$14.03	+65.4%	COM	53115L104
OIS	OIL STATES INTERNATIONAL INC	298,317 (-80.9%)	$3.472M (-67.2%)	0.0%	$6.51	+40.5%	COM	678026105
MHK	MOHAWK INDUSTRIES INC	425,347 (-4.6%)	$41.88M (-14.0%)	0.6%	$115.88	+6.6%	COM	608190104
FCG	FIRST TRUST NATURAL GAS ETF	900,000 (-4.6%)	$28.52M (+29.1%)	0.4%	$23.93	—	COM	33733E807
MU	MICRON TECHNOLOGY INC	140,000 (-2.4%)	$47.3M (+15.6%)	0.6%	$104.29	+271.1%	COM	595112103
OSG	OCTAVE SPECIALTY GROUP INC	1,413,212 (-10.0%)	$6.571M (-46.2%)	0.1%	$10.06	-39.3%	COM	023139884
HUM	HUMANA INC	24,057 (-33.2%)	$4.171M (-54.8%)	0.1%	$261.21	-14.4%	COM	444859102
DTI	DRILLING TOOLS INTERNATIONAL	2,409,059 (-1.3%)	$10.43M (+74.5%)	0.1%	$3.11	+14.9%	CL A	26205E107
TTI	TETRA TECHNOLOGIES INC	2,776,088 (-3.8%)	$23.65M (-12.5%)	0.3%	$3.76	+193.0%	COM	88162F105
WGO	WINNEBAGO INDUSTRIES	163,684 (-4.0%)	$5.073M (-26.6%)	0.1%	$32.84	+39.7%	COM	974637100
EQT	EQT CORP	320,000 (-9.1%)	$20.36M (+8.0%)	0.3%	$54.41	+1.6%	COM	26884L109
TGEN	TECOGEN INC/WALTHAM MA	245,541 (-16.9%)	$629K (-56.9%)	0.0%	$7.36	-42.8%	COM	87876P201
FENC	FENNEC PHARMACEUTICALS INC	83,024 (-40.5%)	$511K (-52.5%)	0.0%	$9.01	-11.8%	COM	31447P100
CNR	CORE NATURAL RESOURCES INC	150,000 (-17.0%)	$15.71M (-1.8%)	0.2%	$78.28	+18.5%	COM	218937100
INVX	INNOVEX INTERNATIONAL INC	356,460 (-9.1%)	$8.694M (+1.3%)	0.1%	$18.66	+34.0%	COM	457651107

Unchanged Positions (37)

IESC IES HOLDINGS INC 67.1%

Value $4.927B Shares 10,340,248 Est. Cost $13.66 Unrealized +3244.0%

NBR NABORS INDUSTRIES LTD 0.4%

Value $29.5M Shares 342,799 Est. Cost $74.48 Unrealized -9.6%

FTI TECHNIPFMC PLC 0.3%

Value $22.12M Shares 320,000 Est. Cost $42.20 Unrealized +33.5%

TSEM TOWER SEMICONDUCTOR LTD 0.2%

Value $13.16M Shares 75,000 Est. Cost $45.01 Unrealized +186.3%

LUMN LUMEN TECHNOLOGIES INC 0.5%

Value $33.09M Shares 4,761,216 Est. Cost $5.37 Unrealized +50.4%

SND SMART SAND INC 0.2%

Value $16.01M Shares 3,126,915 Est. Cost $2.21 Unrealized +107.9%

SKY CHAMPION HOMES INC 0.3%

Value $23.58M Shares 317,097 Est. Cost $77.36 Unrealized +16.7%

BTU PEABODY ENERGY CORP 0.2%

Value $16.69M Shares 506,614 Est. Cost $18.54 Unrealized +87.5%

OCC OPTICAL CABLE CORP 0.0%

Value $3.444M Shares 417,440 Est. Cost $6.20 Unrealized -18.5%

XBI SS SPDR S&P BIOTECH ETF 0.5%

Value $33.5M Shares 262,278 Est. Cost $98.33 Unrealized —

COHR COHERENT CORP 0.1%

Value $6.581M Shares 27,627 Est. Cost $82.15 Unrealized +159.7%

MTRN MATERION CORP 0.1%

Value $10.31M Shares 71,296 Est. Cost $82.53 Unrealized +76.2%

PSCE INVESCO S&P SMALLCAP ENERGY 0.1%

Value $4.175M Shares 68,469 Est. Cost $9.48 Unrealized —

ORN ORION GROUP HOLDINGS INC 0.2%

Value $12.04M Shares 1,104,300 Est. Cost $7.37 Unrealized +67.6%

FRD FRIEDMAN INDUSTRIES 0.1%

Value $6.283M Shares 354,576 Est. Cost $11.63 Unrealized +68.1%

UTI UNIVERSAL TECHNICAL INSTITUT 0.0%

Value $3.306M Shares 91,585 Est. Cost $28.32 Unrealized +1.0%

ASRV AMERISERV FINANCIAL INC 0.1%

Value $5.921M Shares 1,635,677 Est. Cost $2.83 Unrealized +21.1%

PEBK PEOPLES BANCORP OF NC 0.1%

Value $8.528M Shares 217,763 Est. Cost $14.79 Unrealized +152.7%

CMI CUMMINS INC 0.2%

Value $11.97M Shares 22,240 Est. Cost $305.67 Unrealized +88.3%

FUSB FIRST US BANCSHARES INC 0.1%

Value $6.081M Shares 397,454 Est. Cost $9.05 Unrealized +63.1%

CLB CORE LABORATORIES INC 0.1%

Value $10.89M Shares 648,460 Est. Cost $16.91 Unrealized +11.3%

CZWI CITIZENS COMMUNITY BANCORP I 0.1%

Value $4.917M Shares 248,319 Est. Cost $8.14 Unrealized +123.9%

INSG INSEEGO CORP 0.1%

Value $4.774M Shares 429,301 Est. Cost $10.82 Unrealized +2.2%

FMBH FIRST MID BANCSHARES INC 0.1%

Value $5.663M Shares 137,473 Est. Cost $25.96 Unrealized +61.5%

ALRS ALERUS FINANCIAL CORP 0.1%

Value $5.541M Shares 233,700 Est. Cost $20.92 Unrealized +17.0%

PATK PATRICK INDUSTRIES INC 0.2%

Value $11.67M Shares 105,088 Est. Cost $26.56 Unrealized +386.5%

CAC CAMDEN NATIONAL CORP 0.0%

Value $2.907M Shares 61,269 Est. Cost $41.32 Unrealized +14.2%

RBCAA REPUBLIC BANCORP INC-CLASS A 0.1%

Value $10.08M Shares 142,916 Est. Cost $36.56 Unrealized +95.6%

COFS CHOICEONE FINANCIAL SVCS INC 0.1%

Value $4.177M Shares 148,548 Est. Cost $30.88 Unrealized -5.9%

FUNC FIRST UNITED CORP 0.1%

Value $6.535M Shares 178,352 Est. Cost $12.21 Unrealized +208.9%

BVFL BV FINANCIAL INC 0.0%

Value $2.704M Shares 141,262 Est. Cost $10.44 Unrealized +82.3%

SHBI SHORE BANCSHARES INC 0.0%

Value $2.556M Shares 136,840 Est. Cost $13.26 Unrealized +42.6%

TILE INTERFACE INC 0.0%

Value $623K Shares 25,000 Est. Cost $13.53 Unrealized +134.4%

SBFG SB FINANCIAL GROUP INC 0.0%

Value $972K Shares 46,286 Est. Cost $12.24 Unrealized +77.2%

FRBA FIRST BANK/HAMILTON NJ 0.0%

Value $783K Shares 48,939 Est. Cost $7.19 Unrealized +133.0%

BRBS BLUE RIDGE BANKSHARES INC 0.0%

Value $901K Shares 214,608 Est. Cost $5.95 Unrealized -27.9%

CIVB CIVISTA BANCSHARES INC 0.0%

Value $228K Shares 10,000 Est. Cost $14.76 Unrealized +58.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IESC	IES HOLDINGS INC	10,340,248	$4.927B	67.1%	$13.66	+3244.0%	COM	44951W106
NBR	NABORS INDUSTRIES LTD	342,799	$29.5M	0.4%	$74.48	-9.6%	COM	G6359F137
FTI	TECHNIPFMC PLC	320,000	$22.12M	0.3%	$42.20	+33.5%	COM	G87110105
TSEM	TOWER SEMICONDUCTOR LTD	75,000	$13.16M	0.2%	$45.01	+186.3%	COM	M87915274
LUMN	LUMEN TECHNOLOGIES INC	4,761,216	$33.09M	0.5%	$5.37	+50.4%	COM	550241103
SND	SMART SAND INC	3,126,915	$16.01M	0.2%	$2.21	+107.9%	COM	83191H107
SKY	CHAMPION HOMES INC	317,097	$23.58M	0.3%	$77.36	+16.7%	COM	830830105
BTU	PEABODY ENERGY CORP	506,614	$16.69M	0.2%	$18.54	+87.5%	COM	704551100
OCC	OPTICAL CABLE CORP	417,440	$3.444M	0.0%	$6.20	-18.5%	COM	683827208
XBI	SS SPDR S&P BIOTECH ETF	262,278	$33.5M	0.5%	$98.33	—	COM	78464A870
COHR	COHERENT CORP	27,627	$6.581M	0.1%	$82.15	+159.7%	COM	19247G107
MTRN	MATERION CORP	71,296	$10.31M	0.1%	$82.53	+76.2%	COM	576690101
PSCE	INVESCO S&P SMALLCAP ENERGY	68,469	$4.175M	0.1%	$9.48	—	COM	46138G474
ORN	ORION GROUP HOLDINGS INC	1,104,300	$12.04M	0.2%	$7.37	+67.6%	COM	68628V308
FRD	FRIEDMAN INDUSTRIES	354,576	$6.283M	0.1%	$11.63	+68.1%	COM	358435105
UTI	UNIVERSAL TECHNICAL INSTITUT	91,585	$3.306M	0.0%	$28.32	+1.0%	COM	913915104
ASRV	AMERISERV FINANCIAL INC	1,635,677	$5.921M	0.1%	$2.83	+21.1%	COM	03074A102
PEBK	PEOPLES BANCORP OF NC	217,763	$8.528M	0.1%	$14.79	+152.7%	COM	710577107
CMI	CUMMINS INC	22,240	$11.97M	0.2%	$305.67	+88.3%	COM	231021106
FUSB	FIRST US BANCSHARES INC	397,454	$6.081M	0.1%	$9.05	+63.1%	COM	33744V103
CLB	CORE LABORATORIES INC	648,460	$10.89M	0.1%	$16.91	+11.3%	COM	21867A105
CZWI	CITIZENS COMMUNITY BANCORP I	248,319	$4.917M	0.1%	$8.14	+123.9%	COM	174903104
INSG	INSEEGO CORP	429,301	$4.774M	0.1%	$10.82	+2.2%	COM	45782B302
FMBH	FIRST MID BANCSHARES INC	137,473	$5.663M	0.1%	$25.96	+61.5%	COM	320866106
ALRS	ALERUS FINANCIAL CORP	233,700	$5.541M	0.1%	$20.92	+17.0%	COM	01446U103
PATK	PATRICK INDUSTRIES INC	105,088	$11.67M	0.2%	$26.56	+386.5%	COM	703343103
CAC	CAMDEN NATIONAL CORP	61,269	$2.907M	0.0%	$41.32	+14.2%	COM	133034108
RBCAA	REPUBLIC BANCORP INC-CLASS A	142,916	$10.08M	0.1%	$36.56	+95.6%	CL A	760281204
COFS	CHOICEONE FINANCIAL SVCS INC	148,548	$4.177M	0.1%	$30.88	-5.9%	COM	170386106
FUNC	FIRST UNITED CORP	178,352	$6.535M	0.1%	$12.21	+208.9%	COM	33741H107
BVFL	BV FINANCIAL INC	141,262	$2.704M	0.0%	$10.44	+82.3%	COM	05603E208
SHBI	SHORE BANCSHARES INC	136,840	$2.556M	0.0%	$13.26	+42.6%	COM	825107105
TILE	INTERFACE INC	25,000	$623K	0.0%	$13.53	+134.4%	COM	458665304
SBFG	SB FINANCIAL GROUP INC	46,286	$972K	0.0%	$12.24	+77.2%	COM	78408D105
FRBA	FIRST BANK/HAMILTON NJ	48,939	$783K	0.0%	$7.19	+133.0%	COM	31931U102
BRBS	BLUE RIDGE BANKSHARES INC	214,608	$901K	0.0%	$5.95	-27.9%	COM	095825105
CIVB	CIVISTA BANCSHARES INC	10,000	$228K	0.0%	$14.76	+58.4%	COM	178867107