Western Standard LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AIV	APARTMENT INVT & MGMT CO	1,679,924	$9,979	4.6%	$5.94	—	CL A	03748R747
BLTE	BELITE BIO INC	60,026	$9,602	4.4%	$159.96	—	SPONSORED ADS	07782B104
NSP	INSPERITY INC	215,600	$8,348	3.9%	$39.43	0.0%	COM	45778Q107
CODI	COMPASS DIVERSIFIED	1,165,000	$5,592	2.6%	$6.32	0.0%	SH BEN INT	20451Q104
NX	QUANEX BLDG PRODS CORP	274,338	$4,219	1.9%	$14.08	0.0%	COM	747619104
GOOGL	ALPHABET INC	7,000	$2,191	1.0%	$285.60	0.0%	CAP STK CL A	02079K305
FOXF	FOX FACTORY HLDG CORP	120,000	$2,053	0.9%	$19.06	0.0%	COM	35138V102
FFBC	FIRST FINL BANCORP OH	75,000	$1,877	0.9%	$24.80	0.0%	COM	320209109
SVV	SAVERS VALUE VLG INC	200,000	$1,868	0.9%	$10.28	0.0%	COM	80517M109
ANGI	ANGI INC	138,842	$1,795	0.8%	$12.88	0.0%	CL A NEW	00183L201
UPBD	UPBOUND GROUP INC	100,000	$1,756	0.8%	$19.33	0.0%	COM	76009N100
SNCR	SYNCHRONOSS TECHNOLOGIES INC	195,117	$1,670	0.8%	$8.56	—	COM NEW	87157B400
GLPG	GALAPAGOS NV	32,000	$1,046	0.5%	$32.70	—	SPON ADR	36315X101

Increased Positions (5)

IOSP INNOSPEC INC 9.5%

Value ($000) $20,541 (+886.0%) Shares 268,367 (+894.0%) Est. Cost $75.78 Unrealized -1.0%

SEM SELECT MED HLDGS CORP 14.1%

Value ($000) $30,651 (+126.2%) Shares 2,064,021 (+95.6%) Est. Cost $13.66 Unrealized +3.3%

GDOT GREEN DOT CORP 11.7%

Value ($000) $25,332 (+183.1%) Shares 1,977,500 (+196.8%) Est. Cost $11.31 Unrealized +9.8%

AVNW AVIAT NETWORKS INC 4.9%

Value ($000) $10,567 (+72.0%) Shares 494,238 (+84.5%) Est. Cost $21.16 Unrealized +5.4%

MCW MISTER CAR WASH INC 2.0%

Value ($000) $4,436 (+7.1%) Shares 797,906 (+2.6%) Est. Cost $5.88 Unrealized -10.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IOSP	INNOSPEC INC	268,367 (+894.0%)	$20,541 (+886.0%)	9.5%	$75.78	-1.0%	COM	45768S105
SEM	SELECT MED HLDGS CORP	2,064,021 (+95.6%)	$30,651 (+126.2%)	14.1%	$13.66	+3.3%	COM	81619Q105
GDOT	GREEN DOT CORP	1,977,500 (+196.8%)	$25,332 (+183.1%)	11.7%	$11.31	+9.8%	CL A	39304D102
AVNW	AVIAT NETWORKS INC	494,238 (+84.5%)	$10,567 (+72.0%)	4.9%	$21.16	+5.4%	COM NEW	05366Y201
MCW	MISTER CAR WASH INC	797,906 (+2.6%)	$4,436 (+7.1%)	2.0%	$5.88	-10.5%	COM	60646V105

Exited Positions (12)

SPY SPDR S&P 500 ETF TR 55.3%

Value ($000) $119,912 Shares 180,000 Est. Cost — Unrealized —

KROS KEROS THERAPEUTICS INC 16.0%

Value ($000) $34,644 Shares 2,189,882 Est. Cost $13.77 Unrealized +27.5%

IWM ISHARES TR 14.0%

Value ($000) $30,245 Shares 125,000 Est. Cost — Unrealized —

CWCO CONSOLIDATED WATER CO INC 3.4%

Value ($000) $7,472 Shares 211,785 Est. Cost $25.97 Unrealized +33.8%

NPK NATIONAL PRESTO INDS INC 3.1%

Value ($000) $6,811 Shares 60,730 Est. Cost $94.35 Unrealized +11.1%

BBWI BATH & BODY WORKS INC 3.1%

Value ($000) $6,776 Shares 263,061 Est. Cost $28.91 Unrealized -24.9%

ABEO ABEONA THERAPEUTICS INC 3.0%

Value ($000) $6,600 Shares 1,249,957 Est. Cost $5.19 Unrealized -3.0%

YETI YETI HLDGS INC 1.8%

Value ($000) $3,930 Shares 118,455 Est. Cost $33.10 Unrealized +16.2%

FRPT FRESHPET INC 1.6%

Value ($000) $3,527 Shares 64,000 Est. Cost $61.95 Unrealized -8.4%

SXT SENSIENT TECHNOLOGIES CORP 1.5%

Value ($000) $3,233 Shares 34,452 Est. Cost $109.43 Unrealized -13.8%

CMA COMERICA INC 0.9%

Value ($000) $2,021 Shares 29,500 Est. Cost $66.25 Unrealized +20.7%

FIGS FIGS INC 0.9%

Value ($000) $1,863 Shares 278,440 Est. Cost $6.60 Unrealized +42.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	180,000	$119,912	55.3%	—	—	PUT	78462F103
KROS	KEROS THERAPEUTICS INC	2,189,882	$34,644	16.0%	$13.77	+27.5%	—	492327101
IWM	ISHARES TR	125,000	$30,245	14.0%	—	—	PUT	464287655
CWCO	CONSOLIDATED WATER CO INC	211,785	$7,472	3.4%	$25.97	+33.8%	—	G23773107
NPK	NATIONAL PRESTO INDS INC	60,730	$6,811	3.1%	$94.35	+11.1%	—	637215104
BBWI	BATH & BODY WORKS INC	263,061	$6,776	3.1%	$28.91	-24.9%	—	070830104
ABEO	ABEONA THERAPEUTICS INC	1,249,957	$6,600	3.0%	$5.19	-3.0%	—	00289Y206
YETI	YETI HLDGS INC	118,455	$3,930	1.8%	$33.10	+16.2%	—	98585X104
FRPT	FRESHPET INC	64,000	$3,527	1.6%	$61.95	-8.4%	—	358039105
SXT	SENSIENT TECHNOLOGIES CORP	34,452	$3,233	1.5%	$109.43	-13.8%	—	81725T100
CMA	COMERICA INC	29,500	$2,021	0.9%	$66.25	+20.7%	—	200340107
FIGS	FIGS INC	278,440	$1,863	0.9%	$6.60	+42.0%	—	30260D103

Decreased Positions (3)

DRVN DRIVEN BRANDS HLDGS INC 2.1%

Value ($000) $4,497 (-59.7%) Shares 303,413 (-56.2%) Est. Cost $16.98 Unrealized -12.4%

OSG OCTAVE SPECIALTY GROUP INC 9.0%

Value ($000) $19,486 (-11.5%) Shares 2,504,627 (-5.2%) Est. Cost $8.45 Unrealized +1.2%

EZPW EZCORP INC 3.6%

Value ($000) $7,768 (-23.0%) Shares 400,000 (-24.5%) Est. Cost $14.45 Unrealized +30.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DRVN	DRIVEN BRANDS HLDGS INC	303,413 (-56.2%)	$4,497 (-59.7%)	2.1%	$16.98	-12.4%	COM	26210V102
OSG	OCTAVE SPECIALTY GROUP INC	2,504,627 (-5.2%)	$19,486 (-11.5%)	9.0%	$8.45	+1.2%	COM NEW	023139884
EZPW	EZCORP INC	400,000 (-24.5%)	$7,768 (-23.0%)	3.6%	$14.45	+30.4%	CL A NON VTG	302301106

Unchanged Positions (4)

ATEC ALPHATEC HLDGS INC 12.2%

Value ($000) $26,413 Shares 1,255,374 Est. Cost $9.21 Unrealized +101.0%

FIVE FIVE BELOW INC 3.5%

Value ($000) $7,647 Shares 40,600 Est. Cost $141.49 Unrealized +14.9%

ABUS ARBUTUS BIOPHARMA CORP 1.1%

Value ($000) $2,443 Shares 507,853 Est. Cost $3.67 Unrealized +22.4%

UUP INVESCO DB US DLR INDEX TR 2.3%

Value ($000) $5,013 Shares 185,453 Est. Cost $29.40 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ATEC	ALPHATEC HLDGS INC	1,255,374	$26,413	12.2%	$9.21	+101.0%	COM NEW	02081G201
FIVE	FIVE BELOW INC	40,600	$7,647	3.5%	$141.49	+14.9%	COM	33829M101
ABUS	ARBUTUS BIOPHARMA CORP	507,853	$2,443	1.1%	$3.67	+22.4%	COM	03879J100
UUP	INVESCO DB US DLR INDEX TR	185,453	$5,013	2.3%	$29.40	—	BULLISH FD	46141D203