PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MRVL	MARVELL TECHNOLOGY INC	77,592	$6,594	0.4%	$87.46	0.0%	COM	573874104
SMRT	SMARTRENT INC	1,907,285	$3,853	0.2%	$1.64	0.0%	COM CL A	83193G107
MLR	MILLER INDS INC TENN	81,186	$3,034	0.2%	$38.78	0.0%	COM NEW	600551204
AVNS	AVANOS MED INC	270,000	$3,032	0.2%	$11.44	0.0%	COM	05350V106
HTLD	HEARTLAND EXPRESS INC	290,000	$2,619	0.2%	$8.32	0.0%	COM	422347104
LAMR	LAMAR ADVERTISING CO NEW	1,620	$205	0.0%	$126.58	—	CL A	512816109
CION	CION INVT CORP	10,435	$101	0.0%	$9.21	0.0%	COM	17259U204

Increased Positions (53)

SPNT SIRIUSPOINT LTD 1.8%

Value ($000) $30,429 (+78.7%) Shares 1,390,091 (+47.7%) Est. Cost $17.16 Unrealized +16.8%

ENVA ENOVA INTL INC 1.4%

Value ($000) $23,671 (+113.2%) Shares 150,578 (+56.1%) Est. Cost $119.99 Unrealized +8.5%

ISSC INNOVATIVE SOLUTIONS & SUPPO 0.7%

Value ($000) $11,273 (+194.3%) Shares 595,174 (+94.1%) Est. Cost $10.59 Unrealized +7.5%

TCMD TACTILE SYS TECHNOLOGY INC 0.6%

Value ($000) $10,845 (+126.4%) Shares 373,975 (+8.0%) Est. Cost $15.49 Unrealized +43.3%

PAYS PAYSIGN INC 0.4%

Value ($000) $7,532 (+116.6%) Shares 1,462,560 (+164.6%) Est. Cost $5.77 Unrealized -6.5%

LZ LEGALZOOM COM INC 1.5%

Value ($000) $26,087 (+18.2%) Shares 2,627,047 (+23.6%) Est. Cost $9.17 Unrealized +8.1%

— FIRST TR HIGH YIELD OPPRT 20 0.7%

Value ($000) $11,637 (+44.3%) Shares 827,076 (+48.6%) Est. Cost $15.57 Unrealized —

CLMB CLIMB GLOBAL SOLUTIONS INC 0.8%

Value ($000) $13,848 (-20.0%) Shares 134,717 (+5.0%) Est. Cost $40.93 Unrealized +183.4%

IQV IQVIA HLDGS INC 1.2%

Value ($000) $19,924 (+20.0%) Shares 88,392 (+1.1%) Est. Cost $196.49 Unrealized +10.7%

APO APOLLO GLOBAL MGMT INC 0.7%

Value ($000) $12,108 (+36.1%) Shares 83,639 (+25.3%) Est. Cost $139.10 Unrealized -4.7%

NRIM NORTHRIM BANCORP INC 0.5%

Value ($000) $8,060 (+50.4%) Shares 302,900 (+22.4%) Est. Cost $22.50 Unrealized +4.9%

ADUS ADDUS HOMECARE CORP 1.1%

Value ($000) $19,647 (+15.9%) Shares 182,954 (+27.4%) Est. Cost $76.73 Unrealized +49.7%

NATR NATURES SUNSHINE PRODS INC 0.4%

Value ($000) $7,337 (+51.5%) Shares 340,000 (+9.0%) Est. Cost $14.00 Unrealized +31.0%

ALEX ALEXANDER & BALDWIN INC NEW 0.4%

Value ($000) $7,196 (+51.9%) Shares 348,665 (+33.9%) Est. Cost $17.61 Unrealized —

TREE LENDINGTREE INC NEW 1.5%

Value ($000) $24,934 (+10.8%) Shares 469,647 (+35.1%) Est. Cost $41.23 Unrealized —

FFWM FIRST FNDTN INC 0.1%

Value ($000) $2,562 (+1644.2%) Shares 415,980 (+1477.2%) Est. Cost $5.64 Unrealized -0.7%

VTS VITESSE ENERGY INC 1.6%

Value ($000) $27,706 (-6.3%) Shares 1,438,529 (+13.0%) Est. Cost $21.58 Unrealized -1.1%

BG BUNGE GLOBAL SA 1.0%

Value ($000) $16,930 (+10.8%) Shares 190,052 (+1.0%) Est. Cost $84.57 Unrealized +8.6%

ACIC AMERICAN COASTAL INS CORP 0.6%

Value ($000) $9,806 (+18.9%) Shares 776,400 (+7.3%) Est. Cost $10.40 Unrealized +9.2%

RFIL RF INDS LTD 0.3%

Value ($000) $5,070 (-23.3%) Shares 877,150 (+9.2%) Est. Cost $5.27 Unrealized +31.3%

IJR ISHARES TR 0.1%

Value ($000) $1,487 (+13075.2%) Shares 12,376 (+12927.4%) Est. Cost $120.00 Unrealized —

JNJ JOHNSON & JOHNSON 0.7%

Value ($000) $11,739 (+13.3%) Shares 56,724 (+1.5%) Est. Cost $105.23 Unrealized +87.2%

SJT SAN JUAN BASIN RTY TR 0.2%

Value ($000) $3,934 (+46.8%) Shares 700,000 (+57.8%) Est. Cost $5.89 Unrealized —

ELMD ELECTROMED INC 0.3%

Value ($000) $5,446 (+26.4%) Shares 187,020 (+6.6%) Est. Cost $11.26 Unrealized +132.9%

MELI MERCADOLIBRE INC 1.0%

Value ($000) $17,262 (-5.9%) Shares 8,570 (+9.2%) Est. Cost $2038.90 Unrealized +3.0%

CSV CARRIAGE SVCS INC 0.6%

Value ($000) $10,435 (+10.8%) Shares 246,699 (+16.7%) Est. Cost $41.99 Unrealized +3.0%

INFU INFUSYSTEM HLDGS INC 0.4%

Value ($000) $7,398 (-11.8%) Shares 824,750 (+1.9%) Est. Cost $9.72 Unrealized -1.5%

UNH UNITEDHEALTH GROUP INC 0.6%

Value ($000) $10,143 (+10.5%) Shares 30,725 (+15.6%) Est. Cost $304.11 Unrealized +10.9%

CLFD CLEARFIELD INC 0.5%

Value ($000) $8,107 (-10.2%) Shares 278,110 (+5.9%) Est. Cost $34.87 Unrealized -7.8%

TRNS TRANSCAT INC 0.2%

Value ($000) $3,360 (-20.2%) Shares 59,235 (+3.0%) Est. Cost $13.31 Unrealized +368.3%

SILA SILA REALTY TRUST INC 1.7%

Value ($000) $29,263 (+2.7%) Shares 1,255,395 (+10.6%) Est. Cost $24.88 Unrealized —

PDEX PRO-DEX INC COLO 0.1%

Value ($000) $2,309 (+40.3%) Shares 60,000 (+23.4%) Est. Cost $27.65 Unrealized +25.0%

JPM JPMORGAN CHASE & CO. 0.9%

Value ($000) $14,835 (+3.2%) Shares 46,039 (+1.0%) Est. Cost $84.96 Unrealized +264.3%

MTCH MATCH GROUP INC NEW 0.7%

Value ($000) $11,850 (+4.0%) Shares 366,995 (+13.8%) Est. Cost $34.94 Unrealized -6.0%

PLBC PLUMAS BANCORP 0.2%

Value ($000) $3,096 (+14.8%) Shares 69,275 (+10.8%) Est. Cost $33.87 Unrealized +26.7%

NVEC NVE CORP 0.4%

Value ($000) $6,038 (+6.7%) Shares 101,770 (+17.4%) Est. Cost $65.38 Unrealized +2.3%

LGCY LEGACY ED INC 0.1%

Value ($000) $1,885 (+16.9%) Shares 185,000 (+9.8%) Est. Cost $8.33 Unrealized +15.5%

RCMT RCM TECHNOLOGIES INC 0.2%

Value ($000) $2,782 (+7.8%) Shares 136,078 (+40.0%) Est. Cost $20.59 Unrealized +4.2%

FLXS FLEXSTEEL INDS INC 0.2%

Value ($000) $3,593 (+5.5%) Shares 90,980 (+23.8%) Est. Cost $33.64 Unrealized +15.4%

EPSN EPSILON ENERGY LTD 0.1%

Value ($000) $1,749 (+11.2%) Shares 376,905 (+20.8%) Est. Cost $5.32 Unrealized -10.4%

KKR KKR & CO INC 1.2%

Value ($000) $20,589 (-0.8%) Shares 161,505 (+1.1%) Est. Cost $54.60 Unrealized +127.6%

ACCS ACCESS NEWSWIRE INC 0.1%

Value ($000) $1,324 (-10.7%) Shares 142,410 (+3.0%) Est. Cost $14.60 Unrealized -37.2%

KRT KARAT PACKAGING INC 0.1%

Value ($000) $1,413 (-8.9%) Shares 62,615 (+1.8%) Est. Cost $16.48 Unrealized +40.4%

IWV ISHARES TR 0.1%

Value ($000) $1,970 (+5.5%) Shares 5,093 (+3.4%) Est. Cost $310.68 Unrealized —

IWM ISHARES TR 0.0%

Value ($000) $124 (+177.7%) Shares 505 (+173.0%) Est. Cost $234.51 Unrealized —

KEQU KEWAUNEE SCIENTIFIC CORP 0.2%

Value ($000) $3,061 (+2.4%) Shares 81,835 (+16.8%) Est. Cost $47.68 Unrealized -14.7%

BWB BRIDGEWATER BANCSHARES INC 0.4%

Value ($000) $7,695 (+0.7%) Shares 438,960 (+1.2%) Est. Cost $12.17 Unrealized +42.7%

SSNC SS&C TECHNOLOGIES HLDGS INC 0.6%

Value ($000) $10,537 (-0.5%) Shares 120,536 (+1.0%) Est. Cost $44.85 Unrealized +90.1%

WM WASTE MGMT INC DEL 0.6%

Value ($000) $10,016 (+0.5%) Shares 45,589 (+1.0%) Est. Cost $74.18 Unrealized +186.5%

DIS DISNEY WALT CO 0.8%

Value ($000) $13,236 (+0.4%) Shares 116,337 (+1.0%) Est. Cost $98.90 Unrealized +10.8%

VBR VANGUARD INDEX FDS 0.0%

Value ($000) $256 (+4.5%) Shares 1,208 (+3.0%) Est. Cost $174.89 Unrealized —

VTI VANGUARD INDEX FDS 0.0%

Value ($000) $150 (+3.1%) Shares 448 (+1.1%) Est. Cost $259.93 Unrealized —

IVE ISHARES TR 0.0%

Value ($000) $4 (+37.0%) Shares 20 (+33.3%) Est. Cost $14888.94 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPNT	SIRIUSPOINT LTD	1,390,091 (+47.7%)	$30,429 (+78.7%)	1.8%	$17.16	+16.8%	COM	G8192H106
ENVA	ENOVA INTL INC	150,578 (+56.1%)	$23,671 (+113.2%)	1.4%	$119.99	+8.5%	COM	29357K103
ISSC	INNOVATIVE SOLUTIONS & SUPPO	595,174 (+94.1%)	$11,273 (+194.3%)	0.7%	$10.59	+7.5%	COM	45769N105
TCMD	TACTILE SYS TECHNOLOGY INC	373,975 (+8.0%)	$10,845 (+126.4%)	0.6%	$15.49	+43.3%	COM	87357P100
PAYS	PAYSIGN INC	1,462,560 (+164.6%)	$7,532 (+116.6%)	0.4%	$5.77	-6.5%	COM	70451A104
LZ	LEGALZOOM COM INC	2,627,047 (+23.6%)	$26,087 (+18.2%)	1.5%	$9.17	+8.1%	COM	52466B103
—	FIRST TR HIGH YIELD OPPRT 20	827,076 (+48.6%)	$11,637 (+44.3%)	0.7%	$15.57	—	COM	33741Q107
CLMB	CLIMB GLOBAL SOLUTIONS INC	134,717 (+5.0%)	$13,848 (-20.0%)	0.8%	$40.93	+183.4%	COM	946760105
IQV	IQVIA HLDGS INC	88,392 (+1.1%)	$19,924 (+20.0%)	1.2%	$196.49	+10.7%	COM	46266C105
APO	APOLLO GLOBAL MGMT INC	83,639 (+25.3%)	$12,108 (+36.1%)	0.7%	$139.10	-4.7%	COM	03769M106
NRIM	NORTHRIM BANCORP INC	302,900 (+22.4%)	$8,060 (+50.4%)	0.5%	$22.50	+4.9%	COM	666762109
ADUS	ADDUS HOMECARE CORP	182,954 (+27.4%)	$19,647 (+15.9%)	1.1%	$76.73	+49.7%	COM	006739106
NATR	NATURES SUNSHINE PRODS INC	340,000 (+9.0%)	$7,337 (+51.5%)	0.4%	$14.00	+31.0%	COM	639027101
ALEX	ALEXANDER & BALDWIN INC NEW	348,665 (+33.9%)	$7,196 (+51.9%)	0.4%	$17.61	—	COM	014491104
TREE	LENDINGTREE INC NEW	469,647 (+35.1%)	$24,934 (+10.8%)	1.5%	$41.23	—	COM	52603B107
FFWM	FIRST FNDTN INC	415,980 (+1477.2%)	$2,562 (+1644.2%)	0.1%	$5.64	-0.7%	COM	32026V104
VTS	VITESSE ENERGY INC	1,438,529 (+13.0%)	$27,706 (-6.3%)	1.6%	$21.58	-1.1%	COMMON STOCK	92852X103
BG	BUNGE GLOBAL SA	190,052 (+1.0%)	$16,930 (+10.8%)	1.0%	$84.57	+8.6%	COM SHS	H11356104
ACIC	AMERICAN COASTAL INS CORP	776,400 (+7.3%)	$9,806 (+18.9%)	0.6%	$10.40	+9.2%	COM	910710102
RFIL	RF INDS LTD	877,150 (+9.2%)	$5,070 (-23.3%)	0.3%	$5.27	+31.3%	COM PAR $0.01	749552105
IJR	ISHARES TR	12,376 (+12927.4%)	$1,487 (+13075.2%)	0.1%	$120.00	—	CORE S&P SCP ETF	464287804
JNJ	JOHNSON & JOHNSON	56,724 (+1.5%)	$11,739 (+13.3%)	0.7%	$105.23	+87.2%	COM	478160104
SJT	SAN JUAN BASIN RTY TR	700,000 (+57.8%)	$3,934 (+46.8%)	0.2%	$5.89	—	UNIT BEN INT	798241105
ELMD	ELECTROMED INC	187,020 (+6.6%)	$5,446 (+26.4%)	0.3%	$11.26	+132.9%	COM	285409108
MELI	MERCADOLIBRE INC	8,570 (+9.2%)	$17,262 (-5.9%)	1.0%	$2038.90	+3.0%	COM	58733R102
CSV	CARRIAGE SVCS INC	246,699 (+16.7%)	$10,435 (+10.8%)	0.6%	$41.99	+3.0%	COM	143905107
INFU	INFUSYSTEM HLDGS INC	824,750 (+1.9%)	$7,398 (-11.8%)	0.4%	$9.72	-1.5%	COM	45685K102
UNH	UNITEDHEALTH GROUP INC	30,725 (+15.6%)	$10,143 (+10.5%)	0.6%	$304.11	+10.9%	COM	91324P102
CLFD	CLEARFIELD INC	278,110 (+5.9%)	$8,107 (-10.2%)	0.5%	$34.87	-7.8%	COM	18482P103
TRNS	TRANSCAT INC	59,235 (+3.0%)	$3,360 (-20.2%)	0.2%	$13.31	+368.3%	COM	893529107
SILA	SILA REALTY TRUST INC	1,255,395 (+10.6%)	$29,263 (+2.7%)	1.7%	$24.88	—	COMMON STOCK	146280508
PDEX	PRO-DEX INC COLO	60,000 (+23.4%)	$2,309 (+40.3%)	0.1%	$27.65	+25.0%	COM NEW	74265M205
JPM	JPMORGAN CHASE & CO.	46,039 (+1.0%)	$14,835 (+3.2%)	0.9%	$84.96	+264.3%	COM	46625H100
MTCH	MATCH GROUP INC NEW	366,995 (+13.8%)	$11,850 (+4.0%)	0.7%	$34.94	-6.0%	COM	57667L107
PLBC	PLUMAS BANCORP	69,275 (+10.8%)	$3,096 (+14.8%)	0.2%	$33.87	+26.7%	COM	729273102
NVEC	NVE CORP	101,770 (+17.4%)	$6,038 (+6.7%)	0.4%	$65.38	+2.3%	COM NEW	629445206
LGCY	LEGACY ED INC	185,000 (+9.8%)	$1,885 (+16.9%)	0.1%	$8.33	+15.5%	COM	52474R207
RCMT	RCM TECHNOLOGIES INC	136,078 (+40.0%)	$2,782 (+7.8%)	0.2%	$20.59	+4.2%	COM NEW	749360400
FLXS	FLEXSTEEL INDS INC	90,980 (+23.8%)	$3,593 (+5.5%)	0.2%	$33.64	+15.4%	COM	339382103
EPSN	EPSILON ENERGY LTD	376,905 (+20.8%)	$1,749 (+11.2%)	0.1%	$5.32	-10.4%	COM	294375209
KKR	KKR & CO INC	161,505 (+1.1%)	$20,589 (-0.8%)	1.2%	$54.60	+127.6%	COM	48251W104
ACCS	ACCESS NEWSWIRE INC	142,410 (+3.0%)	$1,324 (-10.7%)	0.1%	$14.60	-37.2%	COM NEW	46520M204
KRT	KARAT PACKAGING INC	62,615 (+1.8%)	$1,413 (-8.9%)	0.1%	$16.48	+40.4%	COM	48563L101
IWV	ISHARES TR	5,093 (+3.4%)	$1,970 (+5.5%)	0.1%	$310.68	—	RUSSELL 3000 ETF	464287689
IWM	ISHARES TR	505 (+173.0%)	$124 (+177.7%)	0.0%	$234.51	—	RUSSELL 2000 ETF	464287655
KEQU	KEWAUNEE SCIENTIFIC CORP	81,835 (+16.8%)	$3,061 (+2.4%)	0.2%	$47.68	-14.7%	COM	492854104
BWB	BRIDGEWATER BANCSHARES INC	438,960 (+1.2%)	$7,695 (+0.7%)	0.4%	$12.17	+42.7%	COM	108621103
SSNC	SS&C TECHNOLOGIES HLDGS INC	120,536 (+1.0%)	$10,537 (-0.5%)	0.6%	$44.85	+90.1%	COM	78467J100
WM	WASTE MGMT INC DEL	45,589 (+1.0%)	$10,016 (+0.5%)	0.6%	$74.18	+186.5%	COM	94106L109
DIS	DISNEY WALT CO	116,337 (+1.0%)	$13,236 (+0.4%)	0.8%	$98.90	+10.8%	COM	254687106
VBR	VANGUARD INDEX FDS	1,208 (+3.0%)	$256 (+4.5%)	0.0%	$174.89	—	SM CP VAL ETF	922908611
VTI	VANGUARD INDEX FDS	448 (+1.1%)	$150 (+3.1%)	0.0%	$259.93	—	TOTAL STK MKT	922908769
IVE	ISHARES TR	20 (+33.3%)	$4 (+37.0%)	0.0%	$14888.94	—	S&P 500 VAL ETF	464287408

Exited Positions (11)

SKY CHAMPION HOMES INC 0.7%

Value ($000) $12,528 Shares 164,045 Est. Cost $70.72 Unrealized +11.4%

CIVI CIVITAS RESOURCES INC 0.5%

Value ($000) $8,426 Shares 259,248 Est. Cost $49.11 Unrealized -41.9%

ARE ALEXANDRIA REAL ESTATE EQ IN 0.4%

Value ($000) $6,040 Shares 72,480 Est. Cost $77.73 Unrealized -25.4%

— POTBELLY CORP 0.3%

Value ($000) $5,773 Shares 338,779 Est. Cost $7.17 Unrealized —

GAMB GAMBLING COM GROUP LIMITED 0.3%

Value ($000) $5,140 Shares 628,315 Est. Cost $11.08 Unrealized -42.6%

LADR LADDER CAP CORP 0.3%

Value ($000) $4,600 Shares 421,594 Est. Cost $11.31 Unrealized —

— PERFORMANT HEALTHCARE INC 0.2%

Value ($000) $4,244 Shares 549,000 Est. Cost $2.71 Unrealized —

DHIL DIAMOND HILL INVT GROUP INC 0.2%

Value ($000) $3,592 Shares 25,653 Est. Cost $135.41 Unrealized -0.3%

LOPE GRAND CANYON ED INC 0.0%

Value ($000) $243 Shares 1,105 Est. Cost $192.10 Unrealized -5.8%

KD KYNDRYL HLDGS INC 0.0%

Value ($000) $203 Shares 6,770 Est. Cost $35.77 Unrealized -24.2%

QRHC QUEST RESOURCE HLDG CORP 0.0%

Value ($000) $174 Shares 111,654 Est. Cost $4.62 Unrealized -63.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SKY	CHAMPION HOMES INC	164,045	$12,528	0.7%	$70.72	+11.4%	—	830830105
CIVI	CIVITAS RESOURCES INC	259,248	$8,426	0.5%	$49.11	-41.9%	—	17888H103
ARE	ALEXANDRIA REAL ESTATE EQ IN	72,480	$6,040	0.4%	$77.73	-25.4%	—	015271109
—	POTBELLY CORP	338,779	$5,773	0.3%	$7.17	—	—	73754Y100
GAMB	GAMBLING COM GROUP LIMITED	628,315	$5,140	0.3%	$11.08	-42.6%	—	G3R239101
LADR	LADDER CAP CORP	421,594	$4,600	0.3%	$11.31	—	—	505743104
—	PERFORMANT HEALTHCARE INC	549,000	$4,244	0.2%	$2.71	—	—	71377E105
DHIL	DIAMOND HILL INVT GROUP INC	25,653	$3,592	0.2%	$135.41	-0.3%	—	25264R207
LOPE	GRAND CANYON ED INC	1,105	$243	0.0%	$192.10	-5.8%	—	38526M106
KD	KYNDRYL HLDGS INC	6,770	$203	0.0%	$35.77	-24.2%	—	50155Q100
QRHC	QUEST RESOURCE HLDG CORP	111,654	$174	0.0%	$4.62	-63.3%	—	74836W203

Decreased Positions (30)

FISV FISERV INC 0.1%

Value ($000) $2,025 (-82.3%) Shares 30,151 (-65.9%) Est. Cost $69.39 Unrealized +20.9%

GOOGL ALPHABET INC 2.4%

Value ($000) $41,207 (+26.4%) Shares 131,651 (-1.8%) Est. Cost $116.04 Unrealized +146.1%

FC FRANKLIN COVEY CO 0.3%

Value ($000) $5,250 (-54.3%) Shares 312,870 (-47.1%) Est. Cost $23.92 Unrealized -30.0%

PARR PAR PAC HOLDINGS INC 1.2%

Value ($000) $20,429 (-19.2%) Shares 581,355 (-18.5%) Est. Cost $15.66 Unrealized +153.7%

ACN ACCENTURE PLC IRELAND 0.2%

Value ($000) $3,902 (-52.5%) Shares 14,545 (-56.3%) Est. Cost $122.40 Unrealized +107.6%

BXC BLUELINX HLDGS INC 1.1%

Value ($000) $19,371 (-17.5%) Shares 315,336 (-1.8%) Est. Cost $16.71 Unrealized +286.5%

DSP VIANT TECHNOLOGY INC 0.8%

Value ($000) $13,929 (+34.6%) Shares 1,156,915 (-3.5%) Est. Cost $12.61 Unrealized -20.7%

WTTR SELECT WATER SOLUTIONS INC 0.9%

Value ($000) $15,793 (-17.1%) Shares 1,501,191 (-15.8%) Est. Cost $7.43 Unrealized —

LAUR LAUREATE EDUCATION INC 2.5%

Value ($000) $42,843 (+5.6%) Shares 1,272,453 (-1.0%) Est. Cost $14.69 Unrealized +110.2%

CVEO CIVEO CORP CDA 0.3%

Value ($000) $4,497 (-29.1%) Shares 196,618 (-28.7%) Est. Cost $24.91 Unrealized -10.9%

GLRE GREENLIGHT CAPITAL RE LTD 0.3%

Value ($000) $4,622 (-24.5%) Shares 317,000 (-34.3%) Est. Cost $10.59 Unrealized +24.0%

TDW TIDEWATER INC NEW 1.0%

Value ($000) $16,853 (-7.6%) Shares 333,659 (-2.5%) Est. Cost $66.53 Unrealized -20.6%

IDR IDAHO STRATEGIC RESOURCES 0.5%

Value ($000) $8,317 (+17.4%) Shares 206,365 (-1.6%) Est. Cost $15.87 Unrealized +140.9%

HGBL HERITAGE GLOBAL INC 0.2%

Value ($000) $2,957 (-28.0%) Shares 2,384,652 (-3.7%) Est. Cost $2.22 Unrealized -37.4%

LFT LUMENT FINANCE TRUST INC 0.0%

Value ($000) $377 (-73.6%) Shares 267,162 (-62.2%) Est. Cost $2.83 Unrealized —

ULTA ULTA BEAUTY INC 1.1%

Value ($000) $18,831 (+4.5%) Shares 31,125 (-5.5%) Est. Cost $379.05 Unrealized +45.0%

BCIC BCP INVESTMENT CORPORATION 0.2%

Value ($000) $3,539 (-15.9%) Shares 299,195 (-18.1%) Est. Cost $11.61 Unrealized +2.7%

NPKI NPK INTERNATIONAL INC 1.3%

Value ($000) $22,085 (+3.1%) Shares 1,852,804 (-2.2%) Est. Cost $7.56 Unrealized +61.3%

ELV ELEVANCE HEALTH INC FORMERLY 0.4%

Value ($000) $6,870 (-8.5%) Shares 19,599 (-15.7%) Est. Cost $142.14 Unrealized +136.9%

AVNW AVIAT NETWORKS INC 0.1%

Value ($000) $1,058 (-36.3%) Shares 49,500 (-31.7%) Est. Cost $29.88 Unrealized -25.4%

GHM GRAHAM CORP 0.2%

Value ($000) $4,207 (+13.1%) Shares 65,503 (-3.3%) Est. Cost $21.99 Unrealized +174.4%

GSL GLOBAL SHIP LEASE INC NEW 2.0%

Value ($000) $34,052 (+1.1%) Shares 971,790 (-11.4%) Est. Cost $12.32 Unrealized +163.7%

MLCI MOUNT LOGAN CAP INC 0.2%

Value ($000) $2,929 (-7.4%) Shares 355,018 (-12.4%) Est. Cost $5.02 Unrealized +54.8%

JEF JEFFERIES FINL GROUP INC 0.0%

Value ($000) $228 (-36.5%) Shares 3,685 (-32.9%) Est. Cost $48.74 Unrealized +16.3%

MYFW FIRST WESTN FINL INC 0.4%

Value ($000) $7,264 (+1.3%) Shares 270,945 (-13.0%) Est. Cost $18.18 Unrealized +31.2%

OPXS OPTEX SYS HLDGS INC 0.2%

Value ($000) $4,211 (+2.1%) Shares 296,960 (-7.2%) Est. Cost $3.07 Unrealized +380.4%

TLN TALEN ENERGY CORP 0.0%

Value ($000) $285 (-22.1%) Shares 760 (-11.6%) Est. Cost $237.27 Unrealized +63.8%

HCI HCI GROUP INC 0.1%

Value ($000) $2,300 (-2.4%) Shares 12,000 (-2.3%) Est. Cost $98.37 Unrealized +91.5%

CVCO CAVCO INDS INC DEL 1.5%

Value ($000) $24,841 (+0.2%) Shares 42,051 (-1.5%) Est. Cost $319.18 Unrealized +77.5%

LINC LINCOLN EDL SVCS CORP 0.5%

Value ($000) $8,749 (+0.2%) Shares 362,295 (-2.5%) Est. Cost $8.12 Unrealized +168.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	FISERV INC	30,151 (-65.9%)	$2,025 (-82.3%)	0.1%	$69.39	+20.9%	COM	337738108
GOOGL	ALPHABET INC	131,651 (-1.8%)	$41,207 (+26.4%)	2.4%	$116.04	+146.1%	CAP STK CL A	02079K305
FC	FRANKLIN COVEY CO	312,870 (-47.1%)	$5,250 (-54.3%)	0.3%	$23.92	-30.0%	COM	353469109
PARR	PAR PAC HOLDINGS INC	581,355 (-18.5%)	$20,429 (-19.2%)	1.2%	$15.66	+153.7%	COM NEW	69888T207
ACN	ACCENTURE PLC IRELAND	14,545 (-56.3%)	$3,902 (-52.5%)	0.2%	$122.40	+107.6%	SHS CLASS A	G1151C101
BXC	BLUELINX HLDGS INC	315,336 (-1.8%)	$19,371 (-17.5%)	1.1%	$16.71	+286.5%	COM NEW	09624H208
DSP	VIANT TECHNOLOGY INC	1,156,915 (-3.5%)	$13,929 (+34.6%)	0.8%	$12.61	-20.7%	COM CL A	92557A101
WTTR	SELECT WATER SOLUTIONS INC	1,501,191 (-15.8%)	$15,793 (-17.1%)	0.9%	$7.43	—	CL A COM	81617J301
LAUR	LAUREATE EDUCATION INC	1,272,453 (-1.0%)	$42,843 (+5.6%)	2.5%	$14.69	+110.2%	COMMON STOCK	518613203
CVEO	CIVEO CORP CDA	196,618 (-28.7%)	$4,497 (-29.1%)	0.3%	$24.91	-10.9%	COM NEW	17878Y207
GLRE	GREENLIGHT CAPITAL RE LTD	317,000 (-34.3%)	$4,622 (-24.5%)	0.3%	$10.59	+24.0%	CLASS A	G4095J109
TDW	TIDEWATER INC NEW	333,659 (-2.5%)	$16,853 (-7.6%)	1.0%	$66.53	-20.6%	COM	88642R109
IDR	IDAHO STRATEGIC RESOURCES	206,365 (-1.6%)	$8,317 (+17.4%)	0.5%	$15.87	+140.9%	COM NEW	645827205
HGBL	HERITAGE GLOBAL INC	2,384,652 (-3.7%)	$2,957 (-28.0%)	0.2%	$2.22	-37.4%	COM	42727E103
LFT	LUMENT FINANCE TRUST INC	267,162 (-62.2%)	$377 (-73.6%)	0.0%	$2.83	—	COM	55025L108
ULTA	ULTA BEAUTY INC	31,125 (-5.5%)	$18,831 (+4.5%)	1.1%	$379.05	+45.0%	COM	90384S303
BCIC	BCP INVESTMENT CORPORATION	299,195 (-18.1%)	$3,539 (-15.9%)	0.2%	$11.61	+2.7%	COM NEW	73688F201
NPKI	NPK INTERNATIONAL INC	1,852,804 (-2.2%)	$22,085 (+3.1%)	1.3%	$7.56	+61.3%	COM SHS	651718504
ELV	ELEVANCE HEALTH INC FORMERLY	19,599 (-15.7%)	$6,870 (-8.5%)	0.4%	$142.14	+136.9%	COM	036752103
AVNW	AVIAT NETWORKS INC	49,500 (-31.7%)	$1,058 (-36.3%)	0.1%	$29.88	-25.4%	COM NEW	05366Y201
GHM	GRAHAM CORP	65,503 (-3.3%)	$4,207 (+13.1%)	0.2%	$21.99	+174.4%	COM	384556106
GSL	GLOBAL SHIP LEASE INC NEW	971,790 (-11.4%)	$34,052 (+1.1%)	2.0%	$12.32	+163.7%	COM CL A	Y27183600
MLCI	MOUNT LOGAN CAP INC	355,018 (-12.4%)	$2,929 (-7.4%)	0.2%	$5.02	+54.8%	COM	62188E103
JEF	JEFFERIES FINL GROUP INC	3,685 (-32.9%)	$228 (-36.5%)	0.0%	$48.74	+16.3%	COM	47233W109
MYFW	FIRST WESTN FINL INC	270,945 (-13.0%)	$7,264 (+1.3%)	0.4%	$18.18	+31.2%	COM	33751L105
OPXS	OPTEX SYS HLDGS INC	296,960 (-7.2%)	$4,211 (+2.1%)	0.2%	$3.07	+380.4%	COM NEW	68384X209
TLN	TALEN ENERGY CORP	760 (-11.6%)	$285 (-22.1%)	0.0%	$237.27	+63.8%	COM	87422Q109
HCI	HCI GROUP INC	12,000 (-2.3%)	$2,300 (-2.4%)	0.1%	$98.37	+91.5%	COM	40416E103
CVCO	CAVCO INDS INC DEL	42,051 (-1.5%)	$24,841 (+0.2%)	1.5%	$319.18	+77.5%	COM	149568107
LINC	LINCOLN EDL SVCS CORP	362,295 (-2.5%)	$8,749 (+0.2%)	0.5%	$8.12	+168.3%	COM	533535100

Unchanged Positions (66)

UTI UNIVERSAL TECHNICAL INST INC 1.8%

Value ($000) $30,568 Shares 1,169,843 Est. Cost $12.69 Unrealized +123.1%

— PIMCO DYNAMIC INCOME STRATEG 1.2%

Value ($000) $19,824 Shares 1,055,601 Est. Cost $11.67 Unrealized —

IIIV I3 VERTICALS INC 1.1%

Value ($000) $19,586 Shares 777,527 Est. Cost $25.29 Unrealized +11.3%

SFM SPROUTS FMRS MKT INC 0.8%

Value ($000) $13,751 Shares 172,604 Est. Cost $25.18 Unrealized +256.3%

ORCL ORACLE CORP 0.7%

Value ($000) $11,597 Shares 59,501 Est. Cost $45.24 Unrealized +426.2%

SNEX STONEX GROUP INC 3.9%

Value ($000) $67,336 Shares 707,835 Est. Cost $35.38 Unrealized +166.6%

ACA ARCOSA INC 2.2%

Value ($000) $38,434 Shares 361,494 Est. Cost $56.65 Unrealized +78.1%

GRBK GREEN BRICK PARTNERS INC 1.3%

Value ($000) $22,072 Shares 352,246 Est. Cost $10.48 Unrealized +529.1%

LEGH LEGACY HOUSING CORP 0.5%

Value ($000) $8,376 Shares 429,110 Est. Cost $21.81 Unrealized -1.8%

RDNT RADNET INC 2.7%

Value ($000) $46,461 Shares 651,169 Est. Cost $19.68 Unrealized +292.3%

SHOO MADDEN STEVEN LTD 0.8%

Value ($000) $13,822 Shares 331,943 Est. Cost $27.94 Unrealized +37.5%

RTO RENTOKIL INITIAL PLC 1.0%

Value ($000) $17,754 Shares 602,662 Est. Cost $27.26 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 0.9%

Value ($000) $15,816 Shares 27,295 Est. Cost $511.59 Unrealized +10.5%

LQDT LIQUIDITY SVCS INC 1.6%

Value ($000) $27,590 Shares 910,246 Est. Cost $23.19 Unrealized +15.8%

VRRM VERRA MOBILITY CORP 1.5%

Value ($000) $25,269 Shares 1,127,560 Est. Cost $17.63 Unrealized +29.6%

CSW CSW INDUSTRIALS INC 0.9%

Value ($000) $14,682 Shares 50,018 Est. Cost $58.98 Unrealized +351.5%

HSTM HEALTHSTREAM INC 0.6%

Value ($000) $10,423 Shares 451,794 Est. Cost $24.18 Unrealized +4.0%

BLDR BUILDERS FIRSTSOURCE INC 0.8%

Value ($000) $13,175 Shares 128,045 Est. Cost $66.03 Unrealized +70.2%

RPRX ROYALTY PHARMA PLC 1.4%

Value ($000) $23,190 Shares 600,166 Est. Cost $29.67 Unrealized +28.5%

RSSS RESEARCH SOLUTIONS INC 0.4%

Value ($000) $7,348 Shares 2,499,310 Est. Cost $3.02 Unrealized +3.1%

FIBK FIRST INTST BANCSYSTEM INC 1.5%

Value ($000) $25,044 Shares 723,818 Est. Cost $28.88 Unrealized +11.2%

ALG ALAMO GROUP INC 0.7%

Value ($000) $11,738 Shares 69,924 Est. Cost $73.11 Unrealized +137.7%

APAM ARTISAN PARTNERS ASSET MGMT 1.0%

Value ($000) $17,838 Shares 437,845 Est. Cost $38.27 Unrealized +6.4%

MSFT MICROSOFT CORP 1.0%

Value ($000) $17,856 Shares 36,921 Est. Cost $82.54 Unrealized +506.5%

HLMN HILLMAN SOLUTIONS CORP 0.9%

Value ($000) $15,102 Shares 1,743,872 Est. Cost $8.27 Unrealized +9.0%

BV BRIGHTVIEW HLDGS INC 0.8%

Value ($000) $13,867 Shares 1,094,469 Est. Cost $11.31 Unrealized +12.2%

PLOW DOUGLAS DYNAMICS INC 1.2%

Value ($000) $20,070 Shares 614,706 Est. Cost $29.04 Unrealized +8.9%

AGYS AGILYSYS INC 0.4%

Value ($000) $7,332 Shares 61,700 Est. Cost $12.41 Unrealized +869.8%

ALNT ALLIENT INC 0.3%

Value ($000) $4,811 Shares 89,500 Est. Cost $25.85 Unrealized +102.3%

T AT&T INC 0.3%

Value ($000) $5,162 Shares 207,818 Est. Cost $15.62 Unrealized +61.9%

RSG REPUBLIC SVCS INC 0.5%

Value ($000) $8,898 Shares 41,987 Est. Cost $39.63 Unrealized +441.5%

ARHS ARHAUS INC 0.7%

Value ($000) $12,253 Shares 1,093,085 Est. Cost $10.05 Unrealized +3.3%

TGT TARGET CORP 0.5%

Value ($000) $8,384 Shares 85,772 Est. Cost $86.80 Unrealized +5.6%

EOG EOG RES INC 0.6%

Value ($000) $9,440 Shares 89,897 Est. Cost $114.24 Unrealized -6.1%

ATEN A10 NETWORKS INC 1.5%

Value ($000) $25,396 Shares 1,435,626 Est. Cost $13.66 Unrealized +29.1%

UFPT UFP TECHNOLOGIES INC 0.3%

Value ($000) $5,040 Shares 22,700 Est. Cost $21.30 Unrealized +905.7%

MAMA MAMAS CREATIONS INC 0.1%

Value ($000) $2,226 Shares 165,000 Est. Cost $5.56 Unrealized +106.7%

TAYD TAYLOR DEVICES INC 0.2%

Value ($000) $3,000 Shares 51,325 Est. Cost $23.52 Unrealized +106.1%

IRMD IRADIMED CORP 0.1%

Value ($000) $1,654 Shares 17,000 Est. Cost $66.08 Unrealized +29.2%

VMD VIEMED HEALTHCARE INC 0.3%

Value ($000) $4,988 Shares 671,360 Est. Cost $7.30 Unrealized -6.1%

MDXG MIMEDX GROUP INC 0.8%

Value ($000) $13,589 Shares 2,007,194 Est. Cost $7.18 Unrealized -2.3%

BRSP BRIGHTSPIRE CAPITAL INC 0.8%

Value ($000) $13,068 Shares 2,333,619 Est. Cost $5.82 Unrealized —

BXMT BLACKSTONE MTG TR INC 0.5%

Value ($000) $9,195 Shares 480,653 Est. Cost $18.07 Unrealized —

APEI AMERICAN PUB ED INC 0.4%

Value ($000) $7,383 Shares 195,316 Est. Cost $27.80 Unrealized +28.7%

DUK DUKE ENERGY CORP NEW 0.3%

Value ($000) $5,582 Shares 47,624 Est. Cost $115.43 Unrealized +5.3%

DE DEERE & CO 0.6%

Value ($000) $10,912 Shares 23,438 Est. Cost $114.01 Unrealized +310.2%

HCKT HACKETT GROUP INC 0.5%

Value ($000) $8,383 Shares 427,053 Est. Cost $12.11 Unrealized +56.7%

KMI KINDER MORGAN INC DEL 0.7%

Value ($000) $11,831 Shares 430,385 Est. Cost $13.00 Unrealized +106.9%

PSMT PRICESMART INC 1.1%

Value ($000) $19,581 Shares 159,625 Est. Cost $89.17 Unrealized +36.2%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.9%

Value ($000) $15,639 Shares 31,112 Est. Cost $170.13 Unrealized +192.4%

— TELADOC HEALTH INC 0.3%

Value ($000) $4,738 Shares 4,987,000 Est. Cost $0.87 Unrealized —

— BOEING CO 0.4%

Value ($000) $7,321 Shares 106,005 Est. Cost $61.01 Unrealized —

NBN NORTHEAST BK PORTLAND ME 0.1%

Value ($000) $1,532 Shares 14,740 Est. Cost $65.83 Unrealized +41.7%

— KKR & CO INC 0.2%

Value ($000) $3,131 Shares 60,405 Est. Cost $49.49 Unrealized —

— ROYCE MICRO-CAP TR INC 0.4%

Value ($000) $6,425 Shares 615,988 Est. Cost $103.90 Unrealized —

AMP AMERIPRISE FINL INC 0.8%

Value ($000) $12,904 Shares 26,316 Est. Cost $124.59 Unrealized +280.3%

— QXO INC 0.2%

Value ($000) $3,144 Shares 57,015 Est. Cost $61.99 Unrealized —

AMLP ALPS ETF TR 0.2%

Value ($000) $4,098 Shares 87,148 Est. Cost $26.98 Unrealized —

IWC ISHARES TR 0.0%

Value ($000) $58 Shares 367 Est. Cost $122.91 Unrealized —

VOO VANGUARD INDEX FDS 0.0%

Value ($000) $39 Shares 62 Est. Cost $551.57 Unrealized —

SUSA ISHARES TR 0.0%

Value ($000) $26 Shares 190 Est. Cost $120.37 Unrealized —

IVV ISHARES TR 0.0%

Value ($000) $19 Shares 28 Est. Cost $455.02 Unrealized —

IEFA ISHARES TR 0.0%

Value ($000) $6 Shares 68 Est. Cost $71.32 Unrealized —

AGG ISHARES TR 0.0%

Value ($000) $30 Shares 300 Est. Cost $97.28 Unrealized —

LQD ISHARES TR 0.0%

Value ($000) $5 Shares 47 Est. Cost $108.20 Unrealized —

HYG ISHARES TR 0.0%

Value ($000) $8 Shares 98 Est. Cost $80.05 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UTI	UNIVERSAL TECHNICAL INST INC	1,169,843	$30,568	1.8%	$12.69	+123.1%	COM	913915104
—	PIMCO DYNAMIC INCOME STRATEG	1,055,601	$19,824	1.2%	$11.67	—	COM SHS BEN INT	69346N107
IIIV	I3 VERTICALS INC	777,527	$19,586	1.1%	$25.29	+11.3%	COM CL A	46571Y107
SFM	SPROUTS FMRS MKT INC	172,604	$13,751	0.8%	$25.18	+256.3%	COM	85208M102
ORCL	ORACLE CORP	59,501	$11,597	0.7%	$45.24	+426.2%	COM	68389X105
SNEX	STONEX GROUP INC	707,835	$67,336	3.9%	$35.38	+166.6%	COM	861896108
ACA	ARCOSA INC	361,494	$38,434	2.2%	$56.65	+78.1%	COM	039653100
GRBK	GREEN BRICK PARTNERS INC	352,246	$22,072	1.3%	$10.48	+529.1%	COM	392709101
LEGH	LEGACY HOUSING CORP	429,110	$8,376	0.5%	$21.81	-1.8%	COM	52472M101
RDNT	RADNET INC	651,169	$46,461	2.7%	$19.68	+292.3%	COM	750491102
SHOO	MADDEN STEVEN LTD	331,943	$13,822	0.8%	$27.94	+37.5%	COM	556269108
RTO	RENTOKIL INITIAL PLC	602,662	$17,754	1.0%	$27.26	—	SPONSORED ADR	760125104
TMO	THERMO FISHER SCIENTIFIC INC	27,295	$15,816	0.9%	$511.59	+10.5%	COM	883556102
LQDT	LIQUIDITY SVCS INC	910,246	$27,590	1.6%	$23.19	+15.8%	COM	53635B107
VRRM	VERRA MOBILITY CORP	1,127,560	$25,269	1.5%	$17.63	+29.6%	CL A COM STK	92511U102
CSW	CSW INDUSTRIALS INC	50,018	$14,682	0.9%	$58.98	+351.5%	COM	126402106
HSTM	HEALTHSTREAM INC	451,794	$10,423	0.6%	$24.18	+4.0%	COM	42222N103
BLDR	BUILDERS FIRSTSOURCE INC	128,045	$13,175	0.8%	$66.03	+70.2%	COM	12008R107
RPRX	ROYALTY PHARMA PLC	600,166	$23,190	1.4%	$29.67	+28.5%	SHS CLASS A	G7709Q104
RSSS	RESEARCH SOLUTIONS INC	2,499,310	$7,348	0.4%	$3.02	+3.1%	COM	761025105
FIBK	FIRST INTST BANCSYSTEM INC	723,818	$25,044	1.5%	$28.88	+11.2%	COM	32055Y201
ALG	ALAMO GROUP INC	69,924	$11,738	0.7%	$73.11	+137.7%	COM	011311107
APAM	ARTISAN PARTNERS ASSET MGMT	437,845	$17,838	1.0%	$38.27	+6.4%	CL A	04316A108
MSFT	MICROSOFT CORP	36,921	$17,856	1.0%	$82.54	+506.5%	COM	594918104
HLMN	HILLMAN SOLUTIONS CORP	1,743,872	$15,102	0.9%	$8.27	+9.0%	COM	431636109
BV	BRIGHTVIEW HLDGS INC	1,094,469	$13,867	0.8%	$11.31	+12.2%	COM	10948C107
PLOW	DOUGLAS DYNAMICS INC	614,706	$20,070	1.2%	$29.04	+8.9%	COM	25960R105
AGYS	AGILYSYS INC	61,700	$7,332	0.4%	$12.41	+869.8%	COM	00847J105
ALNT	ALLIENT INC	89,500	$4,811	0.3%	$25.85	+102.3%	COM	019330109
T	AT&T INC	207,818	$5,162	0.3%	$15.62	+61.9%	COM	00206R102
RSG	REPUBLIC SVCS INC	41,987	$8,898	0.5%	$39.63	+441.5%	COM	760759100
ARHS	ARHAUS INC	1,093,085	$12,253	0.7%	$10.05	+3.3%	COM CL A	04035M102
TGT	TARGET CORP	85,772	$8,384	0.5%	$86.80	+5.6%	COM	87612E106
EOG	EOG RES INC	89,897	$9,440	0.6%	$114.24	-6.1%	COM	26875P101
ATEN	A10 NETWORKS INC	1,435,626	$25,396	1.5%	$13.66	+29.1%	COM	002121101
UFPT	UFP TECHNOLOGIES INC	22,700	$5,040	0.3%	$21.30	+905.7%	COM	902673102
MAMA	MAMAS CREATIONS INC	165,000	$2,226	0.1%	$5.56	+106.7%	COM	56146T103
TAYD	TAYLOR DEVICES INC	51,325	$3,000	0.2%	$23.52	+106.1%	COM	877163105
IRMD	IRADIMED CORP	17,000	$1,654	0.1%	$66.08	+29.2%	COM	46266A109
VMD	VIEMED HEALTHCARE INC	671,360	$4,988	0.3%	$7.30	-6.1%	COM	92663R105
MDXG	MIMEDX GROUP INC	2,007,194	$13,589	0.8%	$7.18	-2.3%	COM	602496101
BRSP	BRIGHTSPIRE CAPITAL INC	2,333,619	$13,068	0.8%	$5.82	—	COM CL A	10949T109
BXMT	BLACKSTONE MTG TR INC	480,653	$9,195	0.5%	$18.07	—	COM CL A	09257W100
APEI	AMERICAN PUB ED INC	195,316	$7,383	0.4%	$27.80	+28.7%	COM	02913V103
DUK	DUKE ENERGY CORP NEW	47,624	$5,582	0.3%	$115.43	+5.3%	COM NEW	26441C204
DE	DEERE & CO	23,438	$10,912	0.6%	$114.01	+310.2%	COM	244199105
HCKT	HACKETT GROUP INC	427,053	$8,383	0.5%	$12.11	+56.7%	COM	404609109
KMI	KINDER MORGAN INC DEL	430,385	$11,831	0.7%	$13.00	+106.9%	COM	49456B101
PSMT	PRICESMART INC	159,625	$19,581	1.1%	$89.17	+36.2%	COM	741511109
BRK/B	BERKSHIRE HATHAWAY INC DEL	31,112	$15,639	0.9%	$170.13	+192.4%	CL B NEW	084670702
—	TELADOC HEALTH INC	4,987,000	$4,738	0.3%	$0.87	—	NOTE 1.250% 6/0	87918AAF2
—	BOEING CO	106,005	$7,321	0.4%	$61.01	—	DEP CONV PFD A	097023204
NBN	NORTHEAST BK PORTLAND ME	14,740	$1,532	0.1%	$65.83	+41.7%	COM	66405S100
—	KKR & CO INC	60,405	$3,131	0.2%	$49.49	—	6.25 CON SER D	48251W500
—	ROYCE MICRO-CAP TR INC	615,988	$6,425	0.4%	$103.90	—	COM	780915104
AMP	AMERIPRISE FINL INC	26,316	$12,904	0.8%	$124.59	+280.3%	COM	03076C106
—	QXO INC	57,015	$3,144	0.2%	$61.99	—	5.50 DEP PFD	82846H504
AMLP	ALPS ETF TR	87,148	$4,098	0.2%	$26.98	—	ALERIAN MLP	00162Q452
IWC	ISHARES TR	367	$58	0.0%	$122.91	—	MICRO-CAP ETF	464288869
VOO	VANGUARD INDEX FDS	62	$39	0.0%	$551.57	—	S&P 500 ETF SHS	922908363
SUSA	ISHARES TR	190	$26	0.0%	$120.37	—	ESG OPTIMIZED	464288802
IVV	ISHARES TR	28	$19	0.0%	$455.02	—	CORE S&P500 ETF	464287200
IEFA	ISHARES TR	68	$6	0.0%	$71.32	—	CORE MSCI EAFE	46432F842
AGG	ISHARES TR	300	$30	0.0%	$97.28	—	CORE US AGGBD ET	464287226
LQD	ISHARES TR	47	$5	0.0%	$108.20	—	IBOXX INV CP ETF	464287242
HYG	ISHARES TR	98	$8	0.0%	$80.05	—	IBOXX HI YD ETF	464288513