Clayton Partners LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JYNT	JOINT CORP	189,460	$1,652	1.2%	$8.48	0.0%	COM	47973J102
MSIF	MSC INCOME FUND INC	69,286	$910	0.7%	$13.28	0.0%	COM	55374X208
ARCC	ARES CAPITAL CORP	40,000	$809	0.6%	$19.79	0.0%	COM	04010L103
ATKR	ATKORE INC	10,000	$633	0.5%	$64.69	0.0%	COM	047649108
HLX	HELIX ENERGY SOLUTIONS GRP I	100,000	$627	0.5%	$6.64	0.0%	COM	42330P107
TRC	TEJON RANCH CO	17,709	$279	0.2%	$15.95	0.0%	COM	879080109
UWMC	UWM HOLDINGS CORPORATION	60,000	$263	0.2%	$5.38	0.0%	COM CL A	91823B109

Increased Positions (7)

FSLR FIRST SOLAR INC 2.8%

Value ($000) $3,914 (+27.0%) Shares 14,983 (+7.3%) Est. Cost $178.86 Unrealized +41.0%

REFI CHICAGO ATLANTIC REAL ESTATE 1.9%

Value ($000) $2,587 (+46.6%) Shares 211,000 (+52.9%) Est. Cost $12.61 Unrealized —

TWO TWO HBRS INVT CORP 1.5%

Value ($000) $2,048 (+66.0%) Shares 195,000 (+56.0%) Est. Cost $10.10 Unrealized —

TSLX SIXTH STREET SPECIALTY LENDI 2.8%

Value ($000) $3,869 (+23.4%) Shares 178,121 (+29.9%) Est. Cost $21.02 Unrealized +3.8%

CRC CALIFORNIA RES CORP 4.9%

Value ($000) $6,723 (-7.1%) Shares 150,364 (+10.5%) Est. Cost $37.91 Unrealized +24.4%

FLR FLUOR CORP NEW 2.7%

Value ($000) $3,794 (+11.9%) Shares 95,740 (+18.8%) Est. Cost $29.66 Unrealized +49.1%

NHI NATIONAL HEALTH INVS INC 3.1%

Value ($000) $4,235 (+9.9%) Shares 55,456 (+14.4%) Est. Cost $61.77 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FSLR	FIRST SOLAR INC	14,983 (+7.3%)	$3,914 (+27.0%)	2.8%	$178.86	+41.0%	COM	336433107
REFI	CHICAGO ATLANTIC REAL ESTATE	211,000 (+52.9%)	$2,587 (+46.6%)	1.9%	$12.61	—	COM	167239102
TWO	TWO HBRS INVT CORP	195,000 (+56.0%)	$2,048 (+66.0%)	1.5%	$10.10	—	COM	90187B804
TSLX	SIXTH STREET SPECIALTY LENDI	178,121 (+29.9%)	$3,869 (+23.4%)	2.8%	$21.02	+3.8%	COM	83012A109
CRC	CALIFORNIA RES CORP	150,364 (+10.5%)	$6,723 (-7.1%)	4.9%	$37.91	+24.4%	COM STOCK	13057Q305
FLR	FLUOR CORP NEW	95,740 (+18.8%)	$3,794 (+11.9%)	2.7%	$29.66	+49.1%	COM	343412102
NHI	NATIONAL HEALTH INVS INC	55,456 (+14.4%)	$4,235 (+9.9%)	3.1%	$61.77	—	COM	63633D104

Exited Positions (5)

FISV FISERV INC 1.4%

Value ($000) $1,994 Shares 15,463 Est. Cost $114.50 Unrealized -26.8%

PTON PELOTON INTERACTIVE INC 0.6%

Value ($000) $810 Shares 90,000 Est. Cost $6.50 Unrealized +8.4%

ACTG ACACIA RESH CORP 0.4%

Value ($000) $585 Shares 179,891 Est. Cost $3.78 Unrealized -5.2%

DX DYNEX CAP INC 0.4%

Value ($000) $553 Shares 45,000 Est. Cost $12.22 Unrealized —

SOC SABLE OFFSHORE CORP 0.2%

Value ($000) $288 Shares 16,500 Est. Cost $25.63 Unrealized -63.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	FISERV INC	15,463	$1,994	1.4%	$114.50	-26.8%	—	337738108
PTON	PELOTON INTERACTIVE INC	90,000	$810	0.6%	$6.50	+8.4%	—	70614W100
ACTG	ACACIA RESH CORP	179,891	$585	0.4%	$3.78	-5.2%	—	003881307
DX	DYNEX CAP INC	45,000	$553	0.4%	$12.22	—	—	26817Q886
SOC	SABLE OFFSHORE CORP	16,500	$288	0.2%	$25.63	-63.2%	—	78574H104

Decreased Positions (21)

ROCK GIBRALTAR INDS INC 1.8%

Value ($000) $2,455 (-41.3%) Shares 49,652 (-25.4%) Est. Cost $62.56 Unrealized -8.4%

TAC TRANSALTA CORP 5.7%

Value ($000) $7,958 (-16.1%) Shares 629,572 (-9.2%) Est. Cost $8.16 Unrealized +83.0%

B BARRICK MNG CORP 4.3%

Value ($000) $5,912 (+31.4%) Shares 135,761 (-1.1%) Est. Cost $19.29 Unrealized +94.0%

TWLO TWILIO INC 3.3%

Value ($000) $4,618 (+40.6%) Shares 32,468 (-1.1%) Est. Cost $70.06 Unrealized +76.8%

GOOG ALPHABET INC 4.5%

Value ($000) $6,237 (+27.2%) Shares 19,876 (-1.3%) Est. Cost $107.57 Unrealized +166.2%

AZN ASTRAZENECA PLC 3.1%

Value ($000) $4,242 (+18.5%) Shares 46,139 (-1.1%) Est. Cost $70.28 Unrealized —

FDX FEDEX CORP 2.5%

Value ($000) $3,476 (+21.1%) Shares 12,034 (-1.2%) Est. Cost $234.64 Unrealized +11.5%

WFC WELLS FARGO CO NEW 4.0%

Value ($000) $5,514 (+9.7%) Shares 59,164 (-1.3%) Est. Cost $34.03 Unrealized +154.6%

J JACOBS SOLUTIONS INC 2.3%

Value ($000) $3,163 (-12.5%) Shares 23,882 (-1.0%) Est. Cost $121.11 Unrealized +20.9%

VTOL BRISTOW GROUP INC 8.5%

Value ($000) $11,705 (-3.6%) Shares 319,634 (-5.0%) Est. Cost $26.81 Unrealized +40.4%

SNDA SONIDA SENIOR LIVING INC 6.6%

Value ($000) $9,092 (+4.9%) Shares 278,813 (-10.8%) Est. Cost $25.17 Unrealized +17.8%

LUMN LUMEN TECHNOLOGIES INC 0.4%

Value ($000) $583 (-29.5%) Shares 75,000 (-44.4%) Est. Cost $3.88 Unrealized +112.4%

NTIP NETWORK-1 TECHNOLOGIES INC 1.0%

Value ($000) $1,334 (-14.8%) Shares 1,018,627 (-2.4%) Est. Cost $2.87 Unrealized -49.4%

LHX L3HARRIS TECHNOLOGIES INC 2.6%

Value ($000) $3,602 (-5.0%) Shares 12,271 (-1.2%) Est. Cost $175.00 Unrealized +64.8%

IVLU ISHARES TR 2.2%

Value ($000) $3,070 (+6.0%) Shares 80,688 (-1.1%) Est. Cost $25.24 Unrealized —

FLEX FLEX LTD 2.8%

Value ($000) $3,875 (+3.2%) Shares 64,133 (-1.0%) Est. Cost $13.67 Unrealized +351.9%

ABBV ABBVIE INC 3.0%

Value ($000) $4,143 (-2.4%) Shares 18,131 (-1.1%) Est. Cost $93.93 Unrealized +142.2%

TKO TKO GROUP HOLDINGS INC 3.0%

Value ($000) $4,173 (+2.3%) Shares 19,966 (-1.1%) Est. Cost $82.21 Unrealized +135.7%

SGOV ISHARES TR 3.5%

Value ($000) $4,830 (-1.7%) Shares 48,115 (-1.4%) Est. Cost $100.18 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 4.4%

Value ($000) $6,037 (-1.3%) Shares 12,011 (-1.3%) Est. Cost $250.90 Unrealized +98.3%

VXUS VANGUARD STAR FDS 2.0%

Value ($000) $2,806 (+1.6%) Shares 37,199 (-1.1%) Est. Cost $56.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ROCK	GIBRALTAR INDS INC	49,652 (-25.4%)	$2,455 (-41.3%)	1.8%	$62.56	-8.4%	COM	374689107
TAC	TRANSALTA CORP	629,572 (-9.2%)	$7,958 (-16.1%)	5.7%	$8.16	+83.0%	COM	89346D107
B	BARRICK MNG CORP	135,761 (-1.1%)	$5,912 (+31.4%)	4.3%	$19.29	+94.0%	COM SHS	06849F108
TWLO	TWILIO INC	32,468 (-1.1%)	$4,618 (+40.6%)	3.3%	$70.06	+76.8%	CL A	90138F102
GOOG	ALPHABET INC	19,876 (-1.3%)	$6,237 (+27.2%)	4.5%	$107.57	+166.2%	CAP STK CL C	02079K107
AZN	ASTRAZENECA PLC	46,139 (-1.1%)	$4,242 (+18.5%)	3.1%	$70.28	—	SPONSORED ADR	046353108
FDX	FEDEX CORP	12,034 (-1.2%)	$3,476 (+21.1%)	2.5%	$234.64	+11.5%	COM	31428X106
WFC	WELLS FARGO CO NEW	59,164 (-1.3%)	$5,514 (+9.7%)	4.0%	$34.03	+154.6%	COM	949746101
J	JACOBS SOLUTIONS INC	23,882 (-1.0%)	$3,163 (-12.5%)	2.3%	$121.11	+20.9%	COM	46982L108
VTOL	BRISTOW GROUP INC	319,634 (-5.0%)	$11,705 (-3.6%)	8.5%	$26.81	+40.4%	COM	11040G103
SNDA	SONIDA SENIOR LIVING INC	278,813 (-10.8%)	$9,092 (+4.9%)	6.6%	$25.17	+17.8%	COM	140475203
LUMN	LUMEN TECHNOLOGIES INC	75,000 (-44.4%)	$583 (-29.5%)	0.4%	$3.88	+112.4%	COM	550241103
NTIP	NETWORK-1 TECHNOLOGIES INC	1,018,627 (-2.4%)	$1,334 (-14.8%)	1.0%	$2.87	-49.4%	COM	64121N109
LHX	L3HARRIS TECHNOLOGIES INC	12,271 (-1.2%)	$3,602 (-5.0%)	2.6%	$175.00	+64.8%	COM	502431109
IVLU	ISHARES TR	80,688 (-1.1%)	$3,070 (+6.0%)	2.2%	$25.24	—	MSCI INTL VLU FT	46435G409
FLEX	FLEX LTD	64,133 (-1.0%)	$3,875 (+3.2%)	2.8%	$13.67	+351.9%	ORD	Y2573F102
ABBV	ABBVIE INC	18,131 (-1.1%)	$4,143 (-2.4%)	3.0%	$93.93	+142.2%	COM	00287Y109
TKO	TKO GROUP HOLDINGS INC	19,966 (-1.1%)	$4,173 (+2.3%)	3.0%	$82.21	+135.7%	CL A	87256C101
SGOV	ISHARES TR	48,115 (-1.4%)	$4,830 (-1.7%)	3.5%	$100.18	—	0-3 MNTH TREASRY	46436E718
BRK/B	BERKSHIRE HATHAWAY INC DEL	12,011 (-1.3%)	$6,037 (-1.3%)	4.4%	$250.90	+98.3%	CL B NEW	084670702
VXUS	VANGUARD STAR FDS	37,199 (-1.1%)	$2,806 (+1.6%)	2.0%	$56.01	—	VG TL INTL STK F	921909768

Unchanged Positions (3)

NXT NEXTPOWER INC 2.5%

Value ($000) $3,493 Shares 40,100 Est. Cost $50.84 Unrealized +78.4%

MYE MYERS INDS INC 1.6%

Value ($000) $2,153 Shares 115,000 Est. Cost $13.05 Unrealized +35.4%

EPSN EPSILON ENERGY LTD 1.2%

Value ($000) $1,648 Shares 355,261 Est. Cost $3.46 Unrealized +37.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NXT	NEXTPOWER INC	40,100	$3,493	2.5%	$50.84	+78.4%	CLASS A COM	65290E101
MYE	MYERS INDS INC	115,000	$2,153	1.6%	$13.05	+35.4%	COM	628464109
EPSN	EPSILON ENERGY LTD	355,261	$1,648	1.2%	$3.46	+37.8%	COM	294375209