Penn Capital Management Company, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EGO	ELDORADO GOLD CORP NEW	508,439	$18,303	1.5%	$29.93	0.0%	COM	284902509
ACMR	ACM RESH INC	435,843	$17,212	1.4%	$37.26	0.0%	COM CL A	00108J109
SLNO	SOLENO THERAPEUTICS INC	275,782	$12,797	1.0%	$54.83	0.0%	COM	834203309
AMRX	AMNEAL PHARMACEUTICALS INC	1,001,951	$12,655	1.0%	$11.44	0.0%	COM STK CL A	03168L105
MIAX	MIAMI INTL HLDGS INC	252,125	$11,216	0.9%	$44.60	0.0%	COM	59356Q108
ITRI	ITRON INC	102,832	$9,576	0.8%	$108.94	0.0%	COM	465741106
UNIT	UNITI GROUP LLC	1,268,710	$8,900	0.7%	$6.34	0.0%	COM SHS	912932100
CSTM	CONSTELLIUM SE	365,194	$6,900	0.5%	$16.60	0.0%	CL A SHS	F21107101
BYRN	BYRNA TECHNOLOGIES INC	165,881	$2,785	0.2%	$19.47	0.0%	COM NEW	12448X201
CNMD	CONMED CORP	51,493	$2,091	0.2%	$43.50	0.0%	COM	207410101
SEM	SELECT MED HLDGS CORP	128,907	$1,914	0.2%	$14.10	0.0%	COM	81619Q105
XMTR	XOMETRY INC	31,566	$1,899	0.2%	$56.37	0.0%	CLASS A COM	98423F109
UCTT	ULTRA CLEAN HLDGS INC	69,813	$1,768	0.1%	$26.60	0.0%	COM	90385V107
MDGL	MADRIGAL PHARMACEUTICALS INC	2,902	$1,719	0.1%	$510.76	0.0%	COM	558868105
TDUP	THREDUP INC	245,298	$1,567	0.1%	$8.09	0.0%	CL A	88556E102
CELH	CELSIUS HLDGS INC	23,276	$1,085	0.1%	$50.38	0.0%	COM NEW	15118V207
ELWT	ELAUWIT CONNECTION INC	202,135	$1,025	0.1%	$6.38	0.0%	COM	28417M109
DEC	DIVERSIFIED ENERGY CO	52,282	$757	0.1%	$13.84	0.0%	COMMON STOCK	25520W107
RAIL	FREIGHTCAR AMER INC	66,310	$734	0.1%	$9.19	0.0%	COM	357023100
CBK	COMMERCIAL BANCGROUP INC	27,571	$677	0.1%	$24.55	0.0%	COM	20112C106
CCO	CLEAR CHANNEL OUTDOOR HLDGS	282,225	$624	0.0%	$1.85	0.0%	COM	18453H106
VTI	VANGUARD INDEX FDS	1,767	$593	0.0%	$335.38	—	TOTAL STK MKT	922908769
SIBN	SI-BONE INC	28,696	$566	0.0%	$17.37	0.0%	COM	825704109
HLF	HERBALIFE LTD	34,854	$449	0.0%	$10.59	0.0%	COM SHS	G4412G101
CYH	COMMUNITY HEALTH SYS INC NEW	143,156	$447	0.0%	$3.36	0.0%	COM	203668108
XERS	XERIS BIOPHARMA HOLDINGS INC	48,064	$377	0.0%	$7.87	0.0%	COM	98422E103
NGVT	INGEVITY CORP	6,249	$370	0.0%	$54.27	0.0%	COM	45688C107
RDW	REDWIRE CORPORATION	46,096	$350	0.0%	$7.34	0.0%	COM	75776W103
VB	VANGUARD INDEX FDS	1,221	$315	0.0%	$257.95	—	SMALL CP ETF	922908751
OEC	ORION S.A.	58,785	$310	0.0%	$5.42	0.0%	COM	L72967109
INVZ	INNOVIZ TECHNOLOGIES LTD	220,717	$188	0.0%	$1.58	0.0%	SHS	M5R635108

Increased Positions (48)

SEI SOLARIS ENERGY INFRAS INC 1.1%

Value ($000) $13,269 (+1810.4%) Shares 288,343 (+1559.3%) Est. Cost $47.06 Unrealized +2.6%

ANIP ANI PHARMACEUTICALS INC 0.9%

Value ($000) $10,858 (+1762.6%) Shares 137,394 (+2058.9%) Est. Cost $85.40 Unrealized +1.4%

CPRI CAPRI HOLDINGS LIMITED 0.8%

Value ($000) $9,919 (+3977.4%) Shares 405,546 (+3220.9%) Est. Cost $23.04 Unrealized +0.4%

REAL THE REALREAL INC 1.7%

Value ($000) $21,112 (+67.8%) Shares 1,336,674 (+13.0%) Est. Cost $8.05 Unrealized +62.2%

EZPW EZCORP INC 0.8%

Value ($000) $9,639 (+239.9%) Shares 495,962 (+233.0%) Est. Cost $17.45 Unrealized +8.0%

CC CHEMOURS CO 1.3%

Value ($000) $16,366 (+58.5%) Shares 1,386,819 (+113.0%) Est. Cost $13.53 Unrealized -5.5%

RIG TRANSOCEAN LTD 1.2%

Value ($000) $15,551 (+42.1%) Shares 3,755,392 (+7.3%) Est. Cost $4.47 Unrealized -13.2%

AAOI APPLIED OPTOELECTRONICS INC 1.2%

Value ($000) $15,565 (+40.8%) Shares 446,032 (+4.7%) Est. Cost $25.76 Unrealized +15.9%

HROW HARROW INC 1.5%

Value ($000) $19,257 (+22.5%) Shares 392,067 (+20.5%) Est. Cost $38.41 Unrealized +9.3%

PENN PENN ENTERTAINMENT INC 1.1%

Value ($000) $13,205 (-19.9%) Shares 893,055 (+4.6%) Est. Cost $25.01 Unrealized -37.6%

CHEF CHEFS WHSE INC 1.3%

Value ($000) $16,538 (+22.6%) Shares 264,614 (+14.7%) Est. Cost $30.77 Unrealized +95.4%

TGTX TG THERAPEUTICS INC 1.3%

Value ($000) $16,082 (-14.8%) Shares 538,117 (+3.2%) Est. Cost $30.62 Unrealized +6.7%

RXO RXO INC 1.0%

Value ($000) $12,169 (-16.4%) Shares 960,118 (+1.7%) Est. Cost $19.76 Unrealized -25.4%

IWM ISHARES TR 0.2%

Value ($000) $2,649 (+597.0%) Shares 10,761 (+585.4%) Est. Cost $239.36 Unrealized —

VXF VANGUARD INDEX FDS 0.3%

Value ($000) $3,225 (+221.3%) Shares 15,384 (+222.9%) Est. Cost $198.62 Unrealized —

DDD 3-D SYS CORP DEL 0.2%

Value ($000) $2,288 (+566.5%) Shares 1,292,379 (+992.1%) Est. Cost $2.40 Unrealized +1.4%

AMRC AMERESCO INC 0.2%

Value ($000) $2,421 (+261.1%) Shares 82,659 (+314.0%) Est. Cost $32.15 Unrealized +9.2%

EXTR EXTREME NETWORKS 1.3%

Value ($000) $16,378 (-9.0%) Shares 981,278 (+12.9%) Est. Cost $16.19 Unrealized +13.4%

CZR CAESARS ENTERTAINMENT INC NE 1.4%

Value ($000) $17,820 (+9.4%) Shares 759,842 (+26.4%) Est. Cost $26.88 Unrealized -16.4%

GENI GENIUS SPORTS LIMITED 1.1%

Value ($000) $13,669 (-9.6%) Shares 1,239,059 (+1.6%) Est. Cost $11.85 Unrealized -8.0%

NXST NEXSTAR MEDIA GROUP INC 1.7%

Value ($000) $21,112 (+6.3%) Shares 103,668 (+3.6%) Est. Cost $114.81 Unrealized +68.0%

ZETA ZETA GLOBAL HOLDINGS CORP 1.3%

Value ($000) $16,811 (+8.0%) Shares 824,085 (+5.4%) Est. Cost $18.00 Unrealized +3.8%

GTES GATES INDL CORP PLC 1.1%

Value ($000) $14,084 (-7.1%) Shares 654,191 (+7.4%) Est. Cost $24.72 Unrealized -6.6%

NESR NATIONAL ENERGY SERVICES REU 0.1%

Value ($000) $1,587 (+114.9%) Shares 101,322 (+40.8%) Est. Cost $9.87 Unrealized +32.9%

SSYS STRATASYS LTD 0.2%

Value ($000) $2,906 (+35.4%) Shares 334,760 (+74.7%) Est. Cost $9.66 Unrealized +2.5%

NATL NCR ATLEOS CORPORATION 1.0%

Value ($000) $12,271 (+6.2%) Shares 321,200 (+9.5%) Est. Cost $35.04 Unrealized +7.1%

MEI METHODE ELECTRS INC 0.2%

Value ($000) $1,967 (+46.8%) Shares 296,267 (+66.9%) Est. Cost $7.20 Unrealized -2.4%

TBBK BANCORP INC DEL 1.0%

Value ($000) $12,900 (-3.9%) Shares 190,838 (+6.6%) Est. Cost $69.66 Unrealized -1.0%

MSEX MIDDLESEX WTR CO 0.2%

Value ($000) $2,569 (+19.6%) Shares 50,956 (+28.3%) Est. Cost $55.49 Unrealized -3.1%

AMG AFFILIATED MANAGERS GROUP IN 0.1%

Value ($000) $1,679 (+27.0%) Shares 5,734 (+5.2%) Est. Cost $149.39 Unrealized +73.0%

STC STEWART INFORMATION SVCS COR 0.2%

Value ($000) $2,630 (+13.9%) Shares 37,433 (+18.9%) Est. Cost $69.31 Unrealized +3.9%

CVGW CALAVO GROWERS INC 0.2%

Value ($000) $2,762 (-8.3%) Shares 126,973 (+8.5%) Est. Cost $24.97 Unrealized -12.0%

AMPL AMPLITUDE INC 0.0%

Value ($000) $509 (+93.2%) Shares 43,941 (+78.8%) Est. Cost $11.27 Unrealized -6.7%

MRCY MERCURY SYS INC 1.1%

Value ($000) $14,047 (-1.7%) Shares 191,883 (+4.2%) Est. Cost $62.67 Unrealized +18.7%

KWR QUAKER HOUGHTON 0.1%

Value ($000) $1,145 (+26.7%) Shares 8,340 (+21.6%) Est. Cost $113.27 Unrealized +19.2%

AQST AQUESTIVE THERAPEUTICS INC 0.1%

Value ($000) $749 (+44.2%) Shares 115,936 (+24.8%) Est. Cost $3.73 Unrealized +67.1%

PRKS UNITED PARKS & RESORTS INC 1.2%

Value ($000) $15,070 (+1.5%) Shares 414,124 (+44.6%) Est. Cost $42.02 Unrealized -1.1%

SRAD SPORTRADAR GROUP AG 0.1%

Value ($000) $1,520 (+15.4%) Shares 62,938 (+30.9%) Est. Cost $18.95 Unrealized —

MOD MODINE MFG CO 1.2%

Value ($000) $14,750 (-1.2%) Shares 110,193 (+5.2%) Est. Cost $128.31 Unrealized +16.1%

TNC TENNANT CO 0.2%

Value ($000) $2,544 (+7.3%) Shares 34,523 (+18.1%) Est. Cost $82.06 Unrealized -7.1%

PRSU PURSUIT ATTRACTIONS AND HOSP 1.0%

Value ($000) $12,270 (-1.1%) Shares 363,936 (+6.2%) Est. Cost $36.64 Unrealized -4.7%

SOC SABLE OFFSHORE CORP 0.0%

Value ($000) $513 (-20.9%) Shares 56,860 (+53.1%) Est. Cost $19.49 Unrealized -51.5%

WYFI WHITEFIBER INC 0.0%

Value ($000) $424 (-22.5%) Shares 26,804 (+33.3%) Est. Cost $20.84 Unrealized +18.7%

OUST OUSTER INC 1.3%

Value ($000) $16,817 (-0.7%) Shares 775,297 (+24.1%) Est. Cost $10.28 Unrealized +157.0%

CVLG COVENANT LOGISTICS GROUP INC 0.0%

Value ($000) $614 (+16.2%) Shares 27,871 (+14.2%) Est. Cost $22.02 Unrealized -5.0%

QXO QXO INC 0.1%

Value ($000) $695 (+12.1%) Shares 35,321 (+10.7%) Est. Cost $20.56 Unrealized -6.8%

AORT ARTIVION INC 0.1%

Value ($000) $724 (+8.9%) Shares 15,871 (+1.1%) Est. Cost $27.95 Unrealized +59.3%

HQY HEALTHEQUITY INC 0.1%

Value ($000) $1,485 (+0.4%) Shares 15,944 (+3.8%) Est. Cost $100.27 Unrealized -4.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SEI	SOLARIS ENERGY INFRAS INC	288,343 (+1559.3%)	$13,269 (+1810.4%)	1.1%	$47.06	+2.6%	COM CL A	83418M103
ANIP	ANI PHARMACEUTICALS INC	137,394 (+2058.9%)	$10,858 (+1762.6%)	0.9%	$85.40	+1.4%	COM	00182C103
CPRI	CAPRI HOLDINGS LIMITED	405,546 (+3220.9%)	$9,919 (+3977.4%)	0.8%	$23.04	+0.4%	SHS	G1890L107
REAL	THE REALREAL INC	1,336,674 (+13.0%)	$21,112 (+67.8%)	1.7%	$8.05	+62.2%	COM	88339P101
EZPW	EZCORP INC	495,962 (+233.0%)	$9,639 (+239.9%)	0.8%	$17.45	+8.0%	CL A NON VTG	302301106
CC	CHEMOURS CO	1,386,819 (+113.0%)	$16,366 (+58.5%)	1.3%	$13.53	-5.5%	COM	163851108
RIG	TRANSOCEAN LTD	3,755,392 (+7.3%)	$15,551 (+42.1%)	1.2%	$4.47	-13.2%	REGISTERED SHS	H8817H100
AAOI	APPLIED OPTOELECTRONICS INC	446,032 (+4.7%)	$15,565 (+40.8%)	1.2%	$25.76	+15.9%	COM	03823U102
HROW	HARROW INC	392,067 (+20.5%)	$19,257 (+22.5%)	1.5%	$38.41	+9.3%	COM	415858109
PENN	PENN ENTERTAINMENT INC	893,055 (+4.6%)	$13,205 (-19.9%)	1.1%	$25.01	-37.6%	COM	707569109
CHEF	CHEFS WHSE INC	264,614 (+14.7%)	$16,538 (+22.6%)	1.3%	$30.77	+95.4%	COM	163086101
TGTX	TG THERAPEUTICS INC	538,117 (+3.2%)	$16,082 (-14.8%)	1.3%	$30.62	+6.7%	COM	88322Q108
RXO	RXO INC	960,118 (+1.7%)	$12,169 (-16.4%)	1.0%	$19.76	-25.4%	COMMON STOCK	74982T103
IWM	ISHARES TR	10,761 (+585.4%)	$2,649 (+597.0%)	0.2%	$239.36	—	RUSSELL 2000 ETF	464287655
VXF	VANGUARD INDEX FDS	15,384 (+222.9%)	$3,225 (+221.3%)	0.3%	$198.62	—	EXTEND MKT ETF	922908652
DDD	3-D SYS CORP DEL	1,292,379 (+992.1%)	$2,288 (+566.5%)	0.2%	$2.40	+1.4%	COM NEW	88554D205
AMRC	AMERESCO INC	82,659 (+314.0%)	$2,421 (+261.1%)	0.2%	$32.15	+9.2%	CL A	02361E108
EXTR	EXTREME NETWORKS	981,278 (+12.9%)	$16,378 (-9.0%)	1.3%	$16.19	+13.4%	COM	30226D106
CZR	CAESARS ENTERTAINMENT INC NE	759,842 (+26.4%)	$17,820 (+9.4%)	1.4%	$26.88	-16.4%	COM	12769G100
GENI	GENIUS SPORTS LIMITED	1,239,059 (+1.6%)	$13,669 (-9.6%)	1.1%	$11.85	-8.0%	SHARES CL A	G3934V109
NXST	NEXSTAR MEDIA GROUP INC	103,668 (+3.6%)	$21,112 (+6.3%)	1.7%	$114.81	+68.0%	COMMON STOCK	65336K103
ZETA	ZETA GLOBAL HOLDINGS CORP	824,085 (+5.4%)	$16,811 (+8.0%)	1.3%	$18.00	+3.8%	CL A	98956A105
GTES	GATES INDL CORP PLC	654,191 (+7.4%)	$14,084 (-7.1%)	1.1%	$24.72	-6.6%	ORD SHS	G39108108
NESR	NATIONAL ENERGY SERVICES REU	101,322 (+40.8%)	$1,587 (+114.9%)	0.1%	$9.87	+32.9%	SHS	G6375R107
SSYS	STRATASYS LTD	334,760 (+74.7%)	$2,906 (+35.4%)	0.2%	$9.66	+2.5%	SHS	M85548101
NATL	NCR ATLEOS CORPORATION	321,200 (+9.5%)	$12,271 (+6.2%)	1.0%	$35.04	+7.1%	COM SHS	63001N106
MEI	METHODE ELECTRS INC	296,267 (+66.9%)	$1,967 (+46.8%)	0.2%	$7.20	-2.4%	COM	591520200
TBBK	BANCORP INC DEL	190,838 (+6.6%)	$12,900 (-3.9%)	1.0%	$69.66	-1.0%	COM	05969A105
MSEX	MIDDLESEX WTR CO	50,956 (+28.3%)	$2,569 (+19.6%)	0.2%	$55.49	-3.1%	COM	596680108
AMG	AFFILIATED MANAGERS GROUP IN	5,734 (+5.2%)	$1,679 (+27.0%)	0.1%	$149.39	+73.0%	COM	008252108
STC	STEWART INFORMATION SVCS COR	37,433 (+18.9%)	$2,630 (+13.9%)	0.2%	$69.31	+3.9%	COM	860372101
CVGW	CALAVO GROWERS INC	126,973 (+8.5%)	$2,762 (-8.3%)	0.2%	$24.97	-12.0%	COM	128246105
AMPL	AMPLITUDE INC	43,941 (+78.8%)	$509 (+93.2%)	0.0%	$11.27	-6.7%	COM CL A	03213A104
MRCY	MERCURY SYS INC	191,883 (+4.2%)	$14,047 (-1.7%)	1.1%	$62.67	+18.7%	COM	589378108
KWR	QUAKER HOUGHTON	8,340 (+21.6%)	$1,145 (+26.7%)	0.1%	$113.27	+19.2%	COM	747316107
AQST	AQUESTIVE THERAPEUTICS INC	115,936 (+24.8%)	$749 (+44.2%)	0.1%	$3.73	+67.1%	COM	03843E104
PRKS	UNITED PARKS & RESORTS INC	414,124 (+44.6%)	$15,070 (+1.5%)	1.2%	$42.02	-1.1%	COM	81282V100
SRAD	SPORTRADAR GROUP AG	62,938 (+30.9%)	$1,520 (+15.4%)	0.1%	$18.95	—	CLASS A ORD SHS	H8088L103
MOD	MODINE MFG CO	110,193 (+5.2%)	$14,750 (-1.2%)	1.2%	$128.31	+16.1%	COM	607828100
TNC	TENNANT CO	34,523 (+18.1%)	$2,544 (+7.3%)	0.2%	$82.06	-7.1%	COM	880345103
PRSU	PURSUIT ATTRACTIONS AND HOSP	363,936 (+6.2%)	$12,270 (-1.1%)	1.0%	$36.64	-4.7%	COM	92552R406
SOC	SABLE OFFSHORE CORP	56,860 (+53.1%)	$513 (-20.9%)	0.0%	$19.49	-51.5%	COM SHS	78574H104
WYFI	WHITEFIBER INC	26,804 (+33.3%)	$424 (-22.5%)	0.0%	$20.84	+18.7%	SHS	G96115103
OUST	OUSTER INC	775,297 (+24.1%)	$16,817 (-0.7%)	1.3%	$10.28	+157.0%	COM NEW	68989M202
CVLG	COVENANT LOGISTICS GROUP INC	27,871 (+14.2%)	$614 (+16.2%)	0.0%	$22.02	-5.0%	CL A	22284P105
QXO	QXO INC	35,321 (+10.7%)	$695 (+12.1%)	0.1%	$20.56	-6.8%	COM NEW	82846H405
AORT	ARTIVION INC	15,871 (+1.1%)	$724 (+8.9%)	0.1%	$27.95	+59.3%	COM	228903100
HQY	HEALTHEQUITY INC	15,944 (+3.8%)	$1,485 (+0.4%)	0.1%	$100.27	-4.5%	COM	42226A107

Exited Positions (36)

GDEN GOLDEN ENTMT INC 1.3%

Value ($000) $16,011 Shares 677,347 Est. Cost $25.93 Unrealized -1.0%

CDE COEUR MNG INC 1.2%

Value ($000) $15,115 Shares 804,852 Est. Cost $7.28 Unrealized +138.9%

TMHC TAYLOR MORRISON HOME CORP 1.1%

Value ($000) $13,201 Shares 199,438 Est. Cost $65.82 Unrealized -7.1%

ODD ODDITY TECH LTD 1.0%

Value ($000) $13,134 Shares 210,290 Est. Cost $47.11 Unrealized -4.0%

KD KYNDRYL HLDGS INC 0.9%

Value ($000) $11,306 Shares 375,360 Est. Cost $24.21 Unrealized +12.0%

CMC COMMERCIAL METALS CO 0.7%

Value ($000) $8,333 Shares 144,924 Est. Cost $47.48 Unrealized +31.4%

ASPN ASPEN AEROGELS INC 0.6%

Value ($000) $7,225 Shares 1,036,995 Est. Cost $8.52 Unrealized -39.5%

BGC BGC GROUP INC 0.5%

Value ($000) $5,907 Shares 622,783 Est. Cost $6.39 Unrealized +40.8%

FOXF FOX FACTORY HLDG CORP 0.2%

Value ($000) $2,847 Shares 117,197 Est. Cost $39.70 Unrealized -52.0%

DOLE DOLE PLC 0.2%

Value ($000) $2,481 Shares 184,569 Est. Cost $14.07 Unrealized -1.0%

AVO MISSION PRODUCE INC 0.2%

Value ($000) $2,261 Shares 188,112 Est. Cost $10.84 Unrealized +10.6%

— TREEHOUSE FOODS INC 0.2%

Value ($000) $2,245 Shares 111,105 Est. Cost $19.57 Unrealized —

MSM MSC INDL DIRECT INC 0.1%

Value ($000) $1,657 Shares 17,704 Est. Cost $80.04 Unrealized +8.3%

CCS CENTURY CMNTYS INC 0.1%

Value ($000) $1,647 Shares 25,990 Est. Cost $62.62 Unrealized -3.1%

BZH BEAZER HOMES USA INC 0.1%

Value ($000) $1,520 Shares 61,901 Est. Cost $24.39 Unrealized -8.8%

— DIVERSIFIED ENERGY COMPANY P 0.1%

Value ($000) $1,288 Shares 91,912 Est. Cost $13.77 Unrealized —

ACVA ACV AUCTIONS INC 0.1%

Value ($000) $1,119 Shares 112,938 Est. Cost $12.80 Unrealized -36.8%

PFGC PERFORMANCE FOOD GROUP CO 0.1%

Value ($000) $1,072 Shares 10,122 Est. Cost $70.43 Unrealized +37.1%

VECO VEECO INSTRS INC DEL 0.1%

Value ($000) $909 Shares 29,877 Est. Cost $23.83 Unrealized +24.5%

S SENTINELONE INC 0.1%

Value ($000) $881 Shares 49,116 Est. Cost $22.10 Unrealized -25.9%

AXTI AXT INC 0.1%

Value ($000) $729 Shares 162,342 Est. Cost $2.86 Unrealized +237.8%

HOV HOVNANIAN ENTERPRISES INC 0.1%

Value ($000) $683 Shares 5,317 Est. Cost $133.31 Unrealized -11.5%

RBBN RIBBON COMMUNICATIONS INC 0.0%

Value ($000) $608 Shares 160,129 Est. Cost $3.99 Unrealized -19.1%

OSW ONESPAWORLD HOLDINGS LIMITED 0.0%

Value ($000) $561 Shares 26,525 Est. Cost $19.26 Unrealized +8.6%

LMNR LIMONEIRA CO 0.0%

Value ($000) $551 Shares 37,105 Est. Cost $15.39 Unrealized -8.8%

FWRD FORWARD AIR CORP 0.0%

Value ($000) $445 Shares 17,374 Est. Cost $22.18 Unrealized +1.5%

MNR MACH NATURAL RESOURCES LP 0.0%

Value ($000) $440 Shares 33,374 Est. Cost $15.55 Unrealized —

— MRC GLOBAL INC 0.0%

Value ($000) $425 Shares 29,492 Est. Cost $12.40 Unrealized —

CLFD CLEARFIELD INC 0.0%

Value ($000) $390 Shares 11,335 Est. Cost $35.47 Unrealized -9.4%

GRDN GUARDIAN PHARMACY SVCS INC 0.0%

Value ($000) $384 Shares 14,650 Est. Cost $22.57 Unrealized +25.4%

BJRI BJS RESTAURANTS INC 0.0%

Value ($000) $369 Shares 12,087 Est. Cost $35.68 Unrealized -0.4%

UAMY UNITED STATES ANTIMONY CORP 0.0%

Value ($000) $329 Shares 53,013 Est. Cost $4.18 Unrealized +87.9%

SMLR SEMLER SCIENTIFIC INC 0.0%

Value ($000) $284 Shares 9,472 Est. Cost $34.40 Unrealized -34.1%

THR THERMON GROUP HLDGS INC 0.0%

Value ($000) $254 Shares 9,511 Est. Cost $27.05 Unrealized +21.3%

RR RICHTECH ROBOTICS INC 0.0%

Value ($000) $203 Shares 47,354 Est. Cost $2.63 Unrealized +68.1%

AIP ARTERIS INC 0.0%

Value ($000) $109 Shares 10,831 Est. Cost $9.52 Unrealized +52.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GDEN	GOLDEN ENTMT INC	677,347	$16,011	1.3%	$25.93	-1.0%	—	381013101
CDE	COEUR MNG INC	804,852	$15,115	1.2%	$7.28	+138.9%	—	192108504
TMHC	TAYLOR MORRISON HOME CORP	199,438	$13,201	1.1%	$65.82	-7.1%	—	87724P106
ODD	ODDITY TECH LTD	210,290	$13,134	1.0%	$47.11	-4.0%	—	M7518J104
KD	KYNDRYL HLDGS INC	375,360	$11,306	0.9%	$24.21	+12.0%	—	50155Q100
CMC	COMMERCIAL METALS CO	144,924	$8,333	0.7%	$47.48	+31.4%	—	201723103
ASPN	ASPEN AEROGELS INC	1,036,995	$7,225	0.6%	$8.52	-39.5%	—	04523Y105
BGC	BGC GROUP INC	622,783	$5,907	0.5%	$6.39	+40.8%	—	088929104
FOXF	FOX FACTORY HLDG CORP	117,197	$2,847	0.2%	$39.70	-52.0%	—	35138V102
DOLE	DOLE PLC	184,569	$2,481	0.2%	$14.07	-1.0%	—	G27907107
AVO	MISSION PRODUCE INC	188,112	$2,261	0.2%	$10.84	+10.6%	—	60510V108
—	TREEHOUSE FOODS INC	111,105	$2,245	0.2%	$19.57	—	—	89469A104
MSM	MSC INDL DIRECT INC	17,704	$1,657	0.1%	$80.04	+8.3%	—	553530106
CCS	CENTURY CMNTYS INC	25,990	$1,647	0.1%	$62.62	-3.1%	—	156504300
BZH	BEAZER HOMES USA INC	61,901	$1,520	0.1%	$24.39	-8.8%	—	07556Q881
—	DIVERSIFIED ENERGY COMPANY P	91,912	$1,288	0.1%	$13.77	—	—	G2891G204
ACVA	ACV AUCTIONS INC	112,938	$1,119	0.1%	$12.80	-36.8%	—	00091G104
PFGC	PERFORMANCE FOOD GROUP CO	10,122	$1,072	0.1%	$70.43	+37.1%	—	71377A103
VECO	VEECO INSTRS INC DEL	29,877	$909	0.1%	$23.83	+24.5%	—	922417100
S	SENTINELONE INC	49,116	$881	0.1%	$22.10	-25.9%	—	81730H109
AXTI	AXT INC	162,342	$729	0.1%	$2.86	+237.8%	—	00246W103
HOV	HOVNANIAN ENTERPRISES INC	5,317	$683	0.1%	$133.31	-11.5%	—	442487401
RBBN	RIBBON COMMUNICATIONS INC	160,129	$608	0.0%	$3.99	-19.1%	—	762544104
OSW	ONESPAWORLD HOLDINGS LIMITED	26,525	$561	0.0%	$19.26	+8.6%	—	P73684113
LMNR	LIMONEIRA CO	37,105	$551	0.0%	$15.39	-8.8%	—	532746104
FWRD	FORWARD AIR CORP	17,374	$445	0.0%	$22.18	+1.5%	—	34986A104
MNR	MACH NATURAL RESOURCES LP	33,374	$440	0.0%	$15.55	—	—	55445L100
—	MRC GLOBAL INC	29,492	$425	0.0%	$12.40	—	—	55345K103
CLFD	CLEARFIELD INC	11,335	$390	0.0%	$35.47	-9.4%	—	18482P103
GRDN	GUARDIAN PHARMACY SVCS INC	14,650	$384	0.0%	$22.57	+25.4%	—	40145W101
BJRI	BJS RESTAURANTS INC	12,087	$369	0.0%	$35.68	-0.4%	—	09180C106
UAMY	UNITED STATES ANTIMONY CORP	53,013	$329	0.0%	$4.18	+87.9%	—	911549103
SMLR	SEMLER SCIENTIFIC INC	9,472	$284	0.0%	$34.40	-34.1%	—	81684M104
THR	THERMON GROUP HLDGS INC	9,511	$254	0.0%	$27.05	+21.3%	—	88362T103
RR	RICHTECH ROBOTICS INC	47,354	$203	0.0%	$2.63	+68.1%	—	765504105
AIP	ARTERIS INC	10,831	$109	0.0%	$9.52	+52.2%	—	04302A104

Decreased Positions (68)

RMBS RAMBUS INC DEL 0.1%

Value ($000) $1,560 (-90.2%) Shares 16,705 (-89.0%) Est. Cost $35.93 Unrealized +173.8%

PWP PERELLA WEINBERG PARTNERS 0.0%

Value ($000) $596 (-96.0%) Shares 34,464 (-95.0%) Est. Cost $21.77 Unrealized -14.7%

NCLH NORWEGIAN CRUISE LINE HLDG L 0.1%

Value ($000) $1,176 (-91.9%) Shares 51,749 (-91.2%) Est. Cost $18.46 Unrealized +14.4%

OMF ONEMAIN HLDGS INC 0.1%

Value ($000) $1,115 (-90.4%) Shares 16,213 (-92.1%) Est. Cost $47.04 Unrealized +29.3%

WAY WAYSTAR HLDG CORP 0.7%

Value ($000) $8,958 (-49.5%) Shares 272,798 (-41.6%) Est. Cost $24.14 Unrealized +47.6%

DY DYCOM INDS INC 1.4%

Value ($000) $17,766 (-29.4%) Shares 52,521 (-39.0%) Est. Cost $181.01 Unrealized +74.2%

CAMT CAMTEK LTD 1.1%

Value ($000) $13,271 (-29.5%) Shares 124,487 (-30.3%) Est. Cost $73.62 Unrealized +52.6%

MGNI MAGNITE INC 0.9%

Value ($000) $11,305 (-27.5%) Shares 694,766 (-2.7%) Est. Cost $11.53 Unrealized +43.9%

SSP SCRIPPS E W CO OHIO 1.0%

Value ($000) $13,111 (+47.9%) Shares 3,282,529 (-8.8%) Est. Cost $5.09 Unrealized -44.6%

OPRA OPERA LTD 0.6%

Value ($000) $7,545 (-33.9%) Shares 532,279 (-3.7%) Est. Cost $20.66 Unrealized —

GTN GRAY MEDIA INC 1.2%

Value ($000) $15,276 (-18.6%) Shares 3,147,855 (-2.8%) Est. Cost $8.50 Unrealized -42.4%

SMWB SIMILARWEB LTD 0.9%

Value ($000) $11,909 (-22.3%) Shares 1,588,680 (-3.5%) Est. Cost $8.59 Unrealized -6.1%

GCMG GCM GROSVENOR INC 0.4%

Value ($000) $5,099 (-38.3%) Shares 449,973 (-34.2%) Est. Cost $12.74 Unrealized -11.0%

STGW STAGWELL INC 0.8%

Value ($000) $10,614 (-20.5%) Shares 2,165,045 (-8.4%) Est. Cost $6.37 Unrealized -18.3%

DNOW DNOW INC 1.2%

Value ($000) $15,659 (-14.4%) Shares 1,179,012 (-1.4%) Est. Cost $11.76 Unrealized +19.4%

CRC CALIFORNIA RES CORP 0.9%

Value ($000) $11,757 (-17.6%) Shares 262,676 (-2.1%) Est. Cost $34.03 Unrealized +38.6%

PDFS PDF SOLUTIONS INC 0.0%

Value ($000) $570 (-81.2%) Shares 19,976 (-83.0%) Est. Cost $24.19 Unrealized +14.4%

NOG NORTHERN OIL & GAS INC 0.8%

Value ($000) $10,651 (-17.3%) Shares 494,843 (-4.5%) Est. Cost $27.10 Unrealized -17.2%

RDNT RADNET INC 1.6%

Value ($000) $19,622 (-9.2%) Shares 274,367 (-3.0%) Est. Cost $44.91 Unrealized +71.9%

NWN NORTHWEST NAT HLDG CO 0.1%

Value ($000) $760 (-70.5%) Shares 16,257 (-71.6%) Est. Cost $44.49 Unrealized +4.8%

LAZ LAZARD INC 1.0%

Value ($000) $12,751 (-12.3%) Shares 261,866 (-4.7%) Est. Cost $42.00 Unrealized +18.8%

KNF KNIFE RIVER CORP 1.2%

Value ($000) $14,933 (-10.5%) Shares 211,725 (-2.2%) Est. Cost $60.66 Unrealized +15.8%

LUMN LUMEN TECHNOLOGIES INC 1.5%

Value ($000) $18,515 (+10.0%) Shares 2,376,354 (-13.4%) Est. Cost $4.80 Unrealized +71.5%

FBK FB FINL CORP 1.2%

Value ($000) $15,320 (-9.3%) Shares 274,255 (-9.4%) Est. Cost $38.01 Unrealized +46.3%

CTRI CENTURI HOLDINGS INC 0.8%

Value ($000) $10,654 (+17.1%) Shares 421,536 (-1.9%) Est. Cost $20.87 Unrealized +7.1%

AMTM AMENTUM HOLDINGS INC 1.7%

Value ($000) $21,630 (-6.2%) Shares 743,937 (-22.6%) Est. Cost $22.87 Unrealized +11.8%

ABCB AMERIS BANCORP 1.6%

Value ($000) $20,171 (-6.5%) Shares 270,921 (-7.7%) Est. Cost $41.42 Unrealized +79.2%

FUL FULLER H B CO 0.6%

Value ($000) $7,458 (-15.8%) Shares 125,083 (-16.0%) Est. Cost $55.13 Unrealized +6.1%

RSI RUSH STREET INTERACTIVE INC 1.1%

Value ($000) $14,359 (-8.4%) Shares 738,220 (-3.5%) Est. Cost $12.75 Unrealized +45.0%

ASPI ASP ISOTOPES INC 0.1%

Value ($000) $679 (-65.1%) Shares 126,916 (-37.2%) Est. Cost $8.99 Unrealized -11.5%

LIND LINDBLAD EXPEDITIONS HLDGS I 1.1%

Value ($000) $13,683 (+10.1%) Shares 947,890 (-2.2%) Est. Cost $11.47 Unrealized +10.0%

ASTE ASTEC INDS INC 0.7%

Value ($000) $8,870 (-12.1%) Shares 204,535 (-2.4%) Est. Cost $43.55 Unrealized +4.7%

DKNG DRAFTKINGS INC NEW 0.1%

Value ($000) $1,157 (-43.3%) Shares 32,837 (-38.9%) Est. Cost $41.11 Unrealized -20.0%

LTH LIFE TIME GROUP HOLDINGS INC 1.1%

Value ($000) $13,712 (-5.9%) Shares 514,571 (-2.3%) Est. Cost $17.96 Unrealized +45.0%

DRS LEONARDO DRS INC 0.1%

Value ($000) $1,260 (-40.5%) Shares 36,293 (-20.9%) Est. Cost $29.12 Unrealized +26.5%

VSEC VSE CORP 1.1%

Value ($000) $13,996 (-5.5%) Shares 80,918 (-9.1%) Est. Cost $150.83 Unrealized +13.3%

RHP RYMAN HOSPITALITY PPTYS INC 0.9%

Value ($000) $11,497 (-5.9%) Shares 121,198 (-10.9%) Est. Cost $79.75 Unrealized —

BPOP POPULAR INC 1.3%

Value ($000) $15,888 (-4.3%) Shares 127,202 (-2.4%) Est. Cost $62.27 Unrealized +88.9%

LITE LUMENTUM HLDGS INC 0.2%

Value ($000) $1,991 (+42.1%) Shares 5,330 (-37.1%) Est. Cost $77.52 Unrealized +231.3%

BV BRIGHTVIEW HLDGS INC 0.2%

Value ($000) $2,665 (-16.2%) Shares 210,323 (-11.3%) Est. Cost $12.57 Unrealized +1.0%

GXO GXO LOGISTICS INCORPORATED 1.3%

Value ($000) $16,330 (-2.9%) Shares 309,427 (-2.5%) Est. Cost $43.25 Unrealized +21.5%

WTTR SELECT WATER SOLUTIONS INC 1.0%

Value ($000) $12,122 (-3.9%) Shares 1,151,131 (-2.4%) Est. Cost $11.20 Unrealized —

BYD BOYD GAMING CORP 1.1%

Value ($000) $13,597 (-3.5%) Shares 159,328 (-2.1%) Est. Cost $36.29 Unrealized +126.7%

MTZ MASTEC INC 0.2%

Value ($000) $2,262 (-15.8%) Shares 10,245 (-17.6%) Est. Cost $114.33 Unrealized +83.6%

TCBI TEXAS CAP BANCSHARES INC 1.3%

Value ($000) $16,525 (-2.4%) Shares 182,055 (-8.9%) Est. Cost $63.94 Unrealized +37.3%

LGND LIGAND PHARMACEUTICALS INC 1.5%

Value ($000) $18,710 (-1.7%) Shares 98,848 (-7.9%) Est. Cost $102.79 Unrealized +86.9%

MIRM MIRUM PHARMACEUTICALS INC 1.8%

Value ($000) $22,322 (-1.4%) Shares 281,918 (-8.5%) Est. Cost $34.02 Unrealized +111.0%

BHR BRAEMAR HOTELS & RESORTS INC 0.0%

Value ($000) $551 (-31.4%) Shares 192,147 (-34.7%) Est. Cost $2.73 Unrealized —

GILT GILAT SATELLITE NETWORKS LTD 0.0%

Value ($000) $529 (-31.8%) Shares 40,893 (-31.4%) Est. Cost $6.95 Unrealized +84.8%

DCOM DIME CMNTY BANCSHARES INC 1.4%

Value ($000) $17,242 (-1.4%) Shares 571,625 (-2.3%) Est. Cost $29.92 Unrealized -4.4%

WFRD WEATHERFORD INTL PLC 1.8%

Value ($000) $22,527 (+1.0%) Shares 287,065 (-11.7%) Est. Cost $36.72 Unrealized +97.7%

GPOR GULFPORT ENERGY CORP 1.6%

Value ($000) $20,184 (+1.1%) Shares 96,798 (-12.0%) Est. Cost $163.09 Unrealized +22.2%

PKE PARK AEROSPACE CORP 0.3%

Value ($000) $3,695 (-5.7%) Shares 173,151 (-10.1%) Est. Cost $15.42 Unrealized +29.2%

SPHR SPHERE ENTERTAINMENT CO 0.1%

Value ($000) $659 (+50.5%) Shares 6,932 (-1.7%) Est. Cost $47.20 Unrealized +61.4%

CRS CARPENTER TECHNOLOGY CORP 0.1%

Value ($000) $1,455 (+15.8%) Shares 4,552 (-9.7%) Est. Cost $32.03 Unrealized +838.3%

TVTX TRAVERE THERAPEUTICS INC 0.0%

Value ($000) $453 (-29.7%) Shares 11,867 (-56.1%) Est. Cost $19.87 Unrealized +63.6%

AGYS AGILYSYS INC 1.3%

Value ($000) $16,563 (+1.0%) Shares 139,024 (-10.6%) Est. Cost $91.29 Unrealized +31.8%

ATEC ALPHATEC HLDGS INC 1.8%

Value ($000) $22,629 (-0.6%) Shares 1,073,090 (-31.3%) Est. Cost $10.40 Unrealized +78.0%

HFWA HERITAGE FINL CORP WASH 0.0%

Value ($000) $538 (-15.3%) Shares 22,735 (-13.4%) Est. Cost $24.38 Unrealized -3.4%

SIMO SILICON MOTION TECHNOLOGY CO 0.0%

Value ($000) $461 (-16.5%) Shares 4,970 (-14.6%) Est. Cost $51.56 Unrealized —

MTRN MATERION CORP 0.0%

Value ($000) $593 (-11.3%) Shares 4,770 (-13.8%) Est. Cost $105.00 Unrealized +17.4%

MAMA MAMAS CREATIONS INC 0.0%

Value ($000) $515 (-7.4%) Shares 38,203 (-27.9%) Est. Cost $7.41 Unrealized +55.2%

TATT TAT TECHNOLOGIES LTD 1.3%

Value ($000) $15,807 (+0.2%) Shares 353,577 (-1.2%) Est. Cost $34.88 Unrealized +17.3%

EXE EXPAND ENERGY CORPORATION 0.1%

Value ($000) $1,835 (+1.9%) Shares 16,369 (-1.9%) Est. Cost $83.50 Unrealized +32.5%

YORW YORK WTR CO 0.2%

Value ($000) $2,846 (-1.1%) Shares 89,386 (-5.5%) Est. Cost $33.53 Unrealized -5.2%

BFST BUSINESS FIRST BANCSHARES IN 0.0%

Value ($000) $574 (-3.5%) Shares 21,956 (-12.8%) Est. Cost $25.02 Unrealized +0.2%

PEGA PEGASYSTEMS INC 0.1%

Value ($000) $1,194 (+1.3%) Shares 19,623 (-2.5%) Est. Cost $38.26 Unrealized +53.1%

RSKD RISKIFIED LTD 0.0%

Value ($000) $522 (+2.1%) Shares 105,128 (-3.9%) Est. Cost $4.96 Unrealized -2.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RMBS	RAMBUS INC DEL	16,705 (-89.0%)	$1,560 (-90.2%)	0.1%	$35.93	+173.8%	COM	750917106
PWP	PERELLA WEINBERG PARTNERS	34,464 (-95.0%)	$596 (-96.0%)	0.0%	$21.77	-14.7%	CLASS A COM	71367G102
NCLH	NORWEGIAN CRUISE LINE HLDG L	51,749 (-91.2%)	$1,176 (-91.9%)	0.1%	$18.46	+14.4%	SHS	G66721104
OMF	ONEMAIN HLDGS INC	16,213 (-92.1%)	$1,115 (-90.4%)	0.1%	$47.04	+29.3%	COM	68268W103
WAY	WAYSTAR HLDG CORP	272,798 (-41.6%)	$8,958 (-49.5%)	0.7%	$24.14	+47.6%	COM	946784105
DY	DYCOM INDS INC	52,521 (-39.0%)	$17,766 (-29.4%)	1.4%	$181.01	+74.2%	COM	267475101
CAMT	CAMTEK LTD	124,487 (-30.3%)	$13,271 (-29.5%)	1.1%	$73.62	+52.6%	ORD	M20791105
MGNI	MAGNITE INC	694,766 (-2.7%)	$11,305 (-27.5%)	0.9%	$11.53	+43.9%	COM	55955D100
SSP	SCRIPPS E W CO OHIO	3,282,529 (-8.8%)	$13,111 (+47.9%)	1.0%	$5.09	-44.6%	CL A NEW	811054402
OPRA	OPERA LTD	532,279 (-3.7%)	$7,545 (-33.9%)	0.6%	$20.66	—	SPONSORED ADS	68373M107
GTN	GRAY MEDIA INC	3,147,855 (-2.8%)	$15,276 (-18.6%)	1.2%	$8.50	-42.4%	COM	389375106
SMWB	SIMILARWEB LTD	1,588,680 (-3.5%)	$11,909 (-22.3%)	0.9%	$8.59	-6.1%	SHS	M84137104
GCMG	GCM GROSVENOR INC	449,973 (-34.2%)	$5,099 (-38.3%)	0.4%	$12.74	-11.0%	COM CL A	36831E108
STGW	STAGWELL INC	2,165,045 (-8.4%)	$10,614 (-20.5%)	0.8%	$6.37	-18.3%	COM CL A	85256A109
DNOW	DNOW INC	1,179,012 (-1.4%)	$15,659 (-14.4%)	1.2%	$11.76	+19.4%	COM	67011P100
CRC	CALIFORNIA RES CORP	262,676 (-2.1%)	$11,757 (-17.6%)	0.9%	$34.03	+38.6%	COM STOCK	13057Q305
PDFS	PDF SOLUTIONS INC	19,976 (-83.0%)	$570 (-81.2%)	0.0%	$24.19	+14.4%	COM	693282105
NOG	NORTHERN OIL & GAS INC	494,843 (-4.5%)	$10,651 (-17.3%)	0.8%	$27.10	-17.2%	COM	665531307
RDNT	RADNET INC	274,367 (-3.0%)	$19,622 (-9.2%)	1.6%	$44.91	+71.9%	COM	750491102
NWN	NORTHWEST NAT HLDG CO	16,257 (-71.6%)	$760 (-70.5%)	0.1%	$44.49	+4.8%	COM	66765N105
LAZ	LAZARD INC	261,866 (-4.7%)	$12,751 (-12.3%)	1.0%	$42.00	+18.8%	COM	52110M109
KNF	KNIFE RIVER CORP	211,725 (-2.2%)	$14,933 (-10.5%)	1.2%	$60.66	+15.8%	COMMON STOCK	498894104
LUMN	LUMEN TECHNOLOGIES INC	2,376,354 (-13.4%)	$18,515 (+10.0%)	1.5%	$4.80	+71.5%	COM	550241103
FBK	FB FINL CORP	274,255 (-9.4%)	$15,320 (-9.3%)	1.2%	$38.01	+46.3%	COM	30257X104
CTRI	CENTURI HOLDINGS INC	421,536 (-1.9%)	$10,654 (+17.1%)	0.8%	$20.87	+7.1%	COM SHS	155923105
AMTM	AMENTUM HOLDINGS INC	743,937 (-22.6%)	$21,630 (-6.2%)	1.7%	$22.87	+11.8%	COM	023939101
ABCB	AMERIS BANCORP	270,921 (-7.7%)	$20,171 (-6.5%)	1.6%	$41.42	+79.2%	COM	03076K108
FUL	FULLER H B CO	125,083 (-16.0%)	$7,458 (-15.8%)	0.6%	$55.13	+6.1%	COM	359694106
RSI	RUSH STREET INTERACTIVE INC	738,220 (-3.5%)	$14,359 (-8.4%)	1.1%	$12.75	+45.0%	COM	782011100
ASPI	ASP ISOTOPES INC	126,916 (-37.2%)	$679 (-65.1%)	0.1%	$8.99	-11.5%	COM	00218A105
LIND	LINDBLAD EXPEDITIONS HLDGS I	947,890 (-2.2%)	$13,683 (+10.1%)	1.1%	$11.47	+10.0%	COM	535219109
ASTE	ASTEC INDS INC	204,535 (-2.4%)	$8,870 (-12.1%)	0.7%	$43.55	+4.7%	COM	046224101
DKNG	DRAFTKINGS INC NEW	32,837 (-38.9%)	$1,157 (-43.3%)	0.1%	$41.11	-20.0%	COM CL A	26142V105
LTH	LIFE TIME GROUP HOLDINGS INC	514,571 (-2.3%)	$13,712 (-5.9%)	1.1%	$17.96	+45.0%	COMMON STOCK	53190C102
DRS	LEONARDO DRS INC	36,293 (-20.9%)	$1,260 (-40.5%)	0.1%	$29.12	+26.5%	COM	52661A108
VSEC	VSE CORP	80,918 (-9.1%)	$13,996 (-5.5%)	1.1%	$150.83	+13.3%	COM	918284100
RHP	RYMAN HOSPITALITY PPTYS INC	121,198 (-10.9%)	$11,497 (-5.9%)	0.9%	$79.75	—	COM	78377T107
BPOP	POPULAR INC	127,202 (-2.4%)	$15,888 (-4.3%)	1.3%	$62.27	+88.9%	COM NEW	733174700
LITE	LUMENTUM HLDGS INC	5,330 (-37.1%)	$1,991 (+42.1%)	0.2%	$77.52	+231.3%	COM	55024U109
BV	BRIGHTVIEW HLDGS INC	210,323 (-11.3%)	$2,665 (-16.2%)	0.2%	$12.57	+1.0%	COM	10948C107
GXO	GXO LOGISTICS INCORPORATED	309,427 (-2.5%)	$16,330 (-2.9%)	1.3%	$43.25	+21.5%	COMMON STOCK	36262G101
WTTR	SELECT WATER SOLUTIONS INC	1,151,131 (-2.4%)	$12,122 (-3.9%)	1.0%	$11.20	—	CL A COM	81617J301
BYD	BOYD GAMING CORP	159,328 (-2.1%)	$13,597 (-3.5%)	1.1%	$36.29	+126.7%	COM	103304101
MTZ	MASTEC INC	10,245 (-17.6%)	$2,262 (-15.8%)	0.2%	$114.33	+83.6%	COM	576323109
TCBI	TEXAS CAP BANCSHARES INC	182,055 (-8.9%)	$16,525 (-2.4%)	1.3%	$63.94	+37.3%	COM	88224Q107
LGND	LIGAND PHARMACEUTICALS INC	98,848 (-7.9%)	$18,710 (-1.7%)	1.5%	$102.79	+86.9%	COM NEW	53220K504
MIRM	MIRUM PHARMACEUTICALS INC	281,918 (-8.5%)	$22,322 (-1.4%)	1.8%	$34.02	+111.0%	COM	604749101
BHR	BRAEMAR HOTELS & RESORTS INC	192,147 (-34.7%)	$551 (-31.4%)	0.0%	$2.73	—	COM	10482B101
GILT	GILAT SATELLITE NETWORKS LTD	40,893 (-31.4%)	$529 (-31.8%)	0.0%	$6.95	+84.8%	SHS NEW	M51474118
DCOM	DIME CMNTY BANCSHARES INC	571,625 (-2.3%)	$17,242 (-1.4%)	1.4%	$29.92	-4.4%	COM	25432X102
WFRD	WEATHERFORD INTL PLC	287,065 (-11.7%)	$22,527 (+1.0%)	1.8%	$36.72	+97.7%	ORD SHS	G48833118
GPOR	GULFPORT ENERGY CORP	96,798 (-12.0%)	$20,184 (+1.1%)	1.6%	$163.09	+22.2%	COMMON SHARES	402635502
PKE	PARK AEROSPACE CORP	173,151 (-10.1%)	$3,695 (-5.7%)	0.3%	$15.42	+29.2%	COM	70014A104
SPHR	SPHERE ENTERTAINMENT CO	6,932 (-1.7%)	$659 (+50.5%)	0.1%	$47.20	+61.4%	CL A	55826T102
CRS	CARPENTER TECHNOLOGY CORP	4,552 (-9.7%)	$1,455 (+15.8%)	0.1%	$32.03	+838.3%	COM	144285103
TVTX	TRAVERE THERAPEUTICS INC	11,867 (-56.1%)	$453 (-29.7%)	0.0%	$19.87	+63.6%	COM	89422G107
AGYS	AGILYSYS INC	139,024 (-10.6%)	$16,563 (+1.0%)	1.3%	$91.29	+31.8%	COM	00847J105
ATEC	ALPHATEC HLDGS INC	1,073,090 (-31.3%)	$22,629 (-0.6%)	1.8%	$10.40	+78.0%	COM NEW	02081G201
HFWA	HERITAGE FINL CORP WASH	22,735 (-13.4%)	$538 (-15.3%)	0.0%	$24.38	-3.4%	COM	42722X106
SIMO	SILICON MOTION TECHNOLOGY CO	4,970 (-14.6%)	$461 (-16.5%)	0.0%	$51.56	—	SPONSORED ADR	82706C108
MTRN	MATERION CORP	4,770 (-13.8%)	$593 (-11.3%)	0.0%	$105.00	+17.4%	COM	576690101
MAMA	MAMAS CREATIONS INC	38,203 (-27.9%)	$515 (-7.4%)	0.0%	$7.41	+55.2%	COM	56146T103
TATT	TAT TECHNOLOGIES LTD	353,577 (-1.2%)	$15,807 (+0.2%)	1.3%	$34.88	+17.3%	ORD NEW	M8740S227
EXE	EXPAND ENERGY CORPORATION	16,369 (-1.9%)	$1,835 (+1.9%)	0.1%	$83.50	+32.5%	COM	165167735
YORW	YORK WTR CO	89,386 (-5.5%)	$2,846 (-1.1%)	0.2%	$33.53	-5.2%	COM	987184108
BFST	BUSINESS FIRST BANCSHARES IN	21,956 (-12.8%)	$574 (-3.5%)	0.0%	$25.02	+0.2%	COM	12326C105
PEGA	PEGASYSTEMS INC	19,623 (-2.5%)	$1,194 (+1.3%)	0.1%	$38.26	+53.1%	COM	705573103
RSKD	RISKIFIED LTD	105,128 (-3.9%)	$522 (+2.1%)	0.0%	$4.96	-2.9%	SHS CL A	M8216R109

Unchanged Positions (18)

BANC BANC OF CALIFORNIA INC 1.5%

Value ($000) $19,105 Shares 988,064 Est. Cost $15.15 Unrealized +17.8%

CALX CALIX INC 1.1%

Value ($000) $13,430 Shares 253,087 Est. Cost $37.10 Unrealized +57.0%

NMRK NEWMARK GROUP INC 1.5%

Value ($000) $18,674 Shares 1,074,219 Est. Cost $8.92 Unrealized +96.2%

FWRG FIRST WATCH RESTAURANT GROUP 1.4%

Value ($000) $17,102 Shares 1,131,552 Est. Cost $19.20 Unrealized -12.2%

GWRS GLOBAL WTR RES INC 0.1%

Value ($000) $1,502 Shares 177,767 Est. Cost $10.15 Unrealized -8.2%

BSVN BANK7 CORP 0.1%

Value ($000) $776 Shares 18,946 Est. Cost $41.26 Unrealized +3.0%

SGHC SUPER GROUP SGHC LIMITED 0.0%

Value ($000) $589 Shares 49,322 Est. Cost $11.77 Unrealized +2.1%

OFG OFG BANCORP 0.1%

Value ($000) $773 Shares 18,870 Est. Cost $41.89 Unrealized -2.3%

CIVB CIVISTA BANCSHARES INC 0.0%

Value ($000) $419 Shares 18,871 Est. Cost $20.04 Unrealized +9.2%

NPKI NPK INTERNATIONAL INC 0.1%

Value ($000) $633 Shares 53,072 Est. Cost $9.74 Unrealized +25.2%

TLN TALEN ENERGY CORP 0.0%

Value ($000) $220 Shares 586 Est. Cost $237.27 Unrealized +63.8%

OPY OPPENHEIMER HLDGS INC 0.0%

Value ($000) $626 Shares 8,659 Est. Cost $72.49 Unrealized -4.0%

DCO DUCOMMUN INC DEL 0.0%

Value ($000) $591 Shares 6,211 Est. Cost $67.66 Unrealized +37.7%

FCF FIRST COMWLTH FINL CORP PA 0.0%

Value ($000) $459 Shares 27,218 Est. Cost $15.31 Unrealized +5.9%

SBGI SINCLAIR INC 0.0%

Value ($000) $376 Shares 24,554 Est. Cost $14.35 Unrealized +3.5%

— CABLE ONE INC 0.0%

Value ($000) $286 Shares 290,000 Est. Cost $0.92 Unrealized —

INSE INSPIRED ENTMT INC 0.0%

Value ($000) $515 Shares 54,970 Est. Cost $9.13 Unrealized -7.8%

TCBX THIRD COAST BANCSHARES INC 0.1%

Value ($000) $719 Shares 18,924 Est. Cost $33.35 Unrealized +14.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BANC	BANC OF CALIFORNIA INC	988,064	$19,105	1.5%	$15.15	+17.8%	COM	05990K106
CALX	CALIX INC	253,087	$13,430	1.1%	$37.10	+57.0%	COM	13100M509
NMRK	NEWMARK GROUP INC	1,074,219	$18,674	1.5%	$8.92	+96.2%	CL A	65158N102
FWRG	FIRST WATCH RESTAURANT GROUP	1,131,552	$17,102	1.4%	$19.20	-12.2%	COM	33748L101
GWRS	GLOBAL WTR RES INC	177,767	$1,502	0.1%	$10.15	-8.2%	COM	379463102
BSVN	BANK7 CORP	18,946	$776	0.1%	$41.26	+3.0%	COM	06652N107
SGHC	SUPER GROUP SGHC LIMITED	49,322	$589	0.0%	$11.77	+2.1%	ORD SHS	G8588X103
OFG	OFG BANCORP	18,870	$773	0.1%	$41.89	-2.3%	COM	67103X102
CIVB	CIVISTA BANCSHARES INC	18,871	$419	0.0%	$20.04	+9.2%	COM NO PAR	178867107
NPKI	NPK INTERNATIONAL INC	53,072	$633	0.1%	$9.74	+25.2%	COM SHS	651718504
TLN	TALEN ENERGY CORP	586	$220	0.0%	$237.27	+63.8%	COM	87422Q109
OPY	OPPENHEIMER HLDGS INC	8,659	$626	0.0%	$72.49	-4.0%	CL A NON VTG	683797104
DCO	DUCOMMUN INC DEL	6,211	$591	0.0%	$67.66	+37.7%	COM	264147109
FCF	FIRST COMWLTH FINL CORP PA	27,218	$459	0.0%	$15.31	+5.9%	COM	319829107
SBGI	SINCLAIR INC	24,554	$376	0.0%	$14.35	+3.5%	CL A	829242106
—	CABLE ONE INC	290,000	$286	0.0%	$0.92	—	NOTE 3/1	12685JAE5
INSE	INSPIRED ENTMT INC	54,970	$515	0.0%	$9.13	-7.8%	COM	45782N108
TCBX	THIRD COAST BANCSHARES INC	18,924	$719	0.1%	$33.35	+14.7%	COM	88422P109