Pacific Ridge Capital Partners, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CBK	Commercial Banc Group	139,575	$3,428	0.8%	$24.55	0.0%	COM	20112C106
MCS	Marcus Corp	167,258	$2,594	0.6%	$14.87	0.0%	COM	566330106
SCVL	Shoe Carnival Inc	152,404	$2,573	0.6%	$18.36	0.0%	COM	824889109
JILL	J. Jill Inc	182,469	$2,503	0.5%	$15.03	0.0%	COM	46620W201
PARK	Park Dental	156,943	$2,316	0.5%	$13.71	0.0%	COM	700402100
IWN	iShares Russell 2000 Value Ind	7,251	$1,314	0.3%	$181.21	—	COM	464287630
PENG	Penguin Solutions	60,830	$1,190	0.3%	$21.43	0.0%	COM	706915105
OSPN	OneSpan Inc	40,928	$526	0.1%	$13.49	0.0%	COM	68287N100
IWC	iShares Russell Microcap Index	2,850	$449	0.1%	$157.70	—	COM	464288869
ALIT	Alight Cls A	226,203	$441	0.1%	$2.46	0.0%	COM	01626W101

Increased Positions (76)

SNBR Sleep Number Corp 2.1%

Value ($000) $9,692 (+78.3%) Shares 1,145,612 (+48.0%) Est. Cost $10.49 Unrealized -39.7%

DHX DHI Group 1.2%

Value ($000) $5,329 (-38.3%) Shares 3,438,349 (+10.6%) Est. Cost $2.31 Unrealized -18.3%

RRGB Red Robin Gourmet Burgers 1.2%

Value ($000) $5,623 (-35.8%) Shares 1,388,465 (+8.8%) Est. Cost $7.16 Unrealized -29.9%

MPAA MotorCar Parts of America Inc 1.9%

Value ($000) $8,545 (-22.8%) Shares 692,502 (+3.5%) Est. Cost $10.03 Unrealized +43.6%

NBN Northeast Bank 2.9%

Value ($000) $13,233 (+9.2%) Shares 127,330 (+5.2%) Est. Cost $27.66 Unrealized +237.3%

SRTS Sensus Healthcare 0.6%

Value ($000) $2,781 (+54.4%) Shares 698,634 (+21.8%) Est. Cost $4.57 Unrealized -18.9%

HBB Hamilton Beach Brands Hld 1.2%

Value ($000) $5,601 (+19.1%) Shares 340,471 (+4.0%) Est. Cost $16.09 Unrealized -6.2%

AII American Integrity Insurance 1.4%

Value ($000) $6,464 (+15.8%) Shares 310,325 (+24.0%) Est. Cost $18.27 Unrealized +21.7%

AVNW Aviat Networks Inc 1.7%

Value ($000) $7,937 (+11.2%) Shares 371,258 (+19.3%) Est. Cost $21.13 Unrealized +5.6%

RPAY Repay Holdings Cls A 0.9%

Value ($000) $3,976 (+23.1%) Shares 1,089,241 (+76.4%) Est. Cost $4.77 Unrealized -16.0%

RMNI Rimini Street Inc. 1.6%

Value ($000) $7,207 (-9.3%) Shares 1,857,512 (+9.4%) Est. Cost $4.29 Unrealized -3.4%

PMTS CPI Card Group 1.4%

Value ($000) $6,495 (+9.6%) Shares 442,464 (+13.1%) Est. Cost $21.73 Unrealized -30.6%

JAKK JAKKS Pacific Inc 1.5%

Value ($000) $6,858 (+7.3%) Shares 406,289 (+19.1%) Est. Cost $20.41 Unrealized -15.9%

RCMT RCM Technologies 1.2%

Value ($000) $5,280 (+8.4%) Shares 258,231 (+40.7%) Est. Cost $21.29 Unrealized +0.8%

TLYS Tilly's Inc Cls A 0.3%

Value ($000) $1,378 (+37.3%) Shares 692,623 (+42.1%) Est. Cost $6.03 Unrealized -72.8%

CRI Carters 0.3%

Value ($000) $1,403 (+35.5%) Shares 43,255 (+18.0%) Est. Cost $33.46 Unrealized -7.1%

HCSG Healthcare Services Group Inc 0.4%

Value ($000) $1,888 (+18.8%) Shares 98,763 (+4.6%) Est. Cost $21.17 Unrealized -15.0%

PAMT PAMT Corp 0.5%

Value ($000) $2,342 (+14.4%) Shares 193,880 (+7.9%) Est. Cost $17.89 Unrealized -40.8%

HCKT Hackett Group, Inc 0.2%

Value ($000) $1,028 (+37.7%) Shares 52,390 (+33.3%) Est. Cost $21.62 Unrealized -12.2%

HY Hyster-Yale Cls A 0.1%

Value ($000) $598 (+83.2%) Shares 20,128 (+127.3%) Est. Cost $35.16 Unrealized -7.0%

MBIN Merchants Bancorp 0.2%

Value ($000) $747 (+54.3%) Shares 21,936 (+44.1%) Est. Cost $32.68 Unrealized +0.3%

CRD/A Crawford & Co Cls A 0.1%

Value ($000) $561 (+73.2%) Shares 49,870 (+64.7%) Est. Cost $10.65 Unrealized +3.3%

HDSN Hudson Technologies 0.2%

Value ($000) $811 (-21.1%) Shares 118,406 (+14.3%) Est. Cost $10.52 Unrealized -25.1%

LAKE Lakeland Industries 1.5%

Value ($000) $6,825 (-3.1%) Shares 772,015 (+62.3%) Est. Cost $16.03 Unrealized -12.4%

PLUS EPlus Inc 0.2%

Value ($000) $912 (+29.4%) Shares 10,395 (+4.7%) Est. Cost $47.09 Unrealized +75.2%

CASH Pathward Financial Inc 0.3%

Value ($000) $1,401 (+16.9%) Shares 19,736 (+21.9%) Est. Cost $34.20 Unrealized +109.5%

FORR Forrester Research 1.0%

Value ($000) $4,782 (+4.3%) Shares 588,888 (+36.2%) Est. Cost $11.92 Unrealized -34.1%

BDN Brandywine Realty Trust 0.1%

Value ($000) $535 (-26.8%) Shares 183,307 (+4.6%) Est. Cost $4.83 Unrealized —

CLB Core Laboratories 0.2%

Value ($000) $712 (+35.7%) Shares 44,423 (+4.7%) Est. Cost $11.85 Unrealized +25.5%

RBBN Ribbon Communications Inc 0.2%

Value ($000) $709 (-20.7%) Shares 246,129 (+4.6%) Est. Cost $5.08 Unrealized -36.5%

PRDO Perdoceo Education Corp. 0.3%

Value ($000) $1,477 (-10.8%) Shares 50,370 (+14.6%) Est. Cost $15.58 Unrealized +102.0%

COHU Cohu Inc 0.2%

Value ($000) $1,070 (+19.8%) Shares 45,981 (+4.6%) Est. Cost $22.37 Unrealized +2.5%

GBFH Gbank Financial Holdings 0.2%

Value ($000) $960 (+22.2%) Shares 28,336 (+41.6%) Est. Cost $37.75 Unrealized -3.0%

BFST Business First Bancshares Inc 0.3%

Value ($000) $1,238 (+15.9%) Shares 47,374 (+4.7%) Est. Cost $17.17 Unrealized +46.1%

ZUMZ Zumiez Inc 0.1%

Value ($000) $579 (+39.2%) Shares 22,237 (+4.8%) Est. Cost $25.33 Unrealized -5.2%

EBF Ennis Inc 0.2%

Value ($000) $875 (+22.5%) Shares 48,569 (+24.3%) Est. Cost $12.56 Unrealized +36.6%

QCRH QCR Holdings Inc 0.3%

Value ($000) $1,162 (+15.6%) Shares 13,946 (+5.0%) Est. Cost $52.16 Unrealized +50.8%

ULH Universal Logistics 0.1%

Value ($000) $519 (+43.0%) Shares 34,152 (+120.6%) Est. Cost $20.46 Unrealized -17.8%

MLR Miller Industries Inc 1.1%

Value ($000) $5,054 (+3.1%) Shares 135,254 (+11.5%) Est. Cost $33.99 Unrealized +14.1%

CAL Caleres Inc 0.2%

Value ($000) $881 (+20.8%) Shares 72,418 (+29.5%) Est. Cost $18.03 Unrealized -32.1%

STGW Stagwell Inc 0.3%

Value ($000) $1,284 (-9.1%) Shares 262,584 (+4.7%) Est. Cost $6.62 Unrealized -21.4%

CNOB ConnectOne Bancorp 0.3%

Value ($000) $1,297 (+10.8%) Shares 49,465 (+4.8%) Est. Cost $17.33 Unrealized +44.6%

BBW Build A Bear Workshop 2.2%

Value ($000) $10,154 (-1.2%) Shares 165,719 (+5.1%) Est. Cost $12.54 Unrealized +332.7%

RVSB Riverview Bancorp 0.8%

Value ($000) $3,633 (-3.3%) Shares 723,684 (+3.5%) Est. Cost $5.60 Unrealized -6.8%

THFF First Financial Corp 0.2%

Value ($000) $1,137 (+12.1%) Shares 18,810 (+4.7%) Est. Cost $32.66 Unrealized +74.7%

BHE Benchmark Electronics, Inc 0.2%

Value ($000) $823 (+15.9%) Shares 19,246 (+4.5%) Est. Cost $23.37 Unrealized +84.7%

KELYA Kelly Services Cls A 0.2%

Value ($000) $1,034 (-9.1%) Shares 117,467 (+35.5%) Est. Cost $14.12 Unrealized -28.4%

WNC Wabash National Corp. 0.2%

Value ($000) $970 (+11.5%) Shares 112,183 (+27.2%) Est. Cost $12.23 Unrealized -29.3%

TBI TrueBlue Inc 0.1%

Value ($000) $339 (-22.4%) Shares 74,456 (+4.6%) Est. Cost $13.23 Unrealized -61.2%

ACCO ACCO Brands 0.2%

Value ($000) $937 (+10.5%) Shares 251,123 (+18.2%) Est. Cost $5.43 Unrealized -32.6%

PLOW Douglas Dynamics Inc 0.2%

Value ($000) $1,038 (+9.3%) Shares 31,787 (+4.7%) Est. Cost $24.60 Unrealized +28.6%

PRAA PRA Group 0.1%

Value ($000) $491 (+19.7%) Shares 27,779 (+4.5%) Est. Cost $32.92 Unrealized -52.7%

BBSI Barrett Business Services Inc 0.3%

Value ($000) $1,392 (-5.3%) Shares 38,447 (+15.9%) Est. Cost $28.08 Unrealized +36.1%

CMCO Columbus McKinnon Corp 0.1%

Value ($000) $346 (+25.6%) Shares 20,040 (+4.4%) Est. Cost $25.43 Unrealized -37.3%

EPC Edgewell Personal Care 0.1%

Value ($000) $489 (-12.4%) Shares 28,676 (+4.6%) Est. Cost $32.86 Unrealized -44.1%

GNL Global Net Lease REIT 0.1%

Value ($000) $672 (+10.7%) Shares 78,156 (+4.7%) Est. Cost $9.56 Unrealized —

GNSS Genasys 0.6%

Value ($000) $2,847 (+2.3%) Shares 1,327,187 (+16.8%) Est. Cost $2.61 Unrealized -14.2%

AEBI Aebi Schmidt Holding AG 0.2%

Value ($000) $1,021 (+6.2%) Shares 80,698 (+4.7%) Est. Cost $11.42 Unrealized +4.2%

NPKI NPK International 0.1%

Value ($000) $607 (+10.4%) Shares 50,947 (+4.7%) Est. Cost $9.39 Unrealized +29.9%

NCMI National Cinemedia 0.1%

Value ($000) $485 (-9.8%) Shares 124,626 (+4.6%) Est. Cost $5.12 Unrealized -19.0%

BWB Bridgewater Bancshares 0.3%

Value ($000) $1,262 (+4.1%) Shares 72,003 (+4.5%) Est. Cost $11.83 Unrealized +46.7%

ICHR Ichor Holdings 0.1%

Value ($000) $525 (+10.1%) Shares 28,494 (+4.6%) Est. Cost $27.47 Unrealized -32.5%

BLMN Bloomin Brands 0.1%

Value ($000) $412 (-10.0%) Shares 66,790 (+4.6%) Est. Cost $14.38 Unrealized -51.6%

DXPE DXP Enterprises, Inc 0.3%

Value ($000) $1,290 (-3.4%) Shares 11,747 (+4.8%) Est. Cost $32.23 Unrealized +238.0%

HTLD Heartland Express 0.1%

Value ($000) $370 (+12.8%) Shares 40,933 (+4.7%) Est. Cost $8.46 Unrealized -1.6%

GPGI Composecure 0.3%

Value ($000) $1,276 (-3.1%) Shares 66,176 (+4.6%) Est. Cost $6.60 Unrealized +202.4%

HELE Helen of Troy Corp 0.2%

Value ($000) $1,074 (-3.1%) Shares 50,536 (+14.9%) Est. Cost $34.00 Unrealized -40.0%

SMP Standard Motor 0.1%

Value ($000) $545 (-5.5%) Shares 14,794 (+4.7%) Est. Cost $39.85 Unrealized -3.7%

MTRX Matrix Service Co 0.1%

Value ($000) $436 (-6.4%) Shares 37,305 (+4.7%) Est. Cost $16.59 Unrealized -24.2%

UCTT Ultra Clean Holdings 0.2%

Value ($000) $915 (-2.7%) Shares 36,140 (+4.6%) Est. Cost $25.08 Unrealized +6.1%

HFWA Heritage Financial 0.2%

Value ($000) $1,039 (+2.3%) Shares 43,925 (+4.7%) Est. Cost $17.84 Unrealized +32.0%

CNXN PC Connection 0.1%

Value ($000) $567 (-2.5%) Shares 9,824 (+4.7%) Est. Cost $24.98 Unrealized +137.4%

KOP Koppers Holdings 0.2%

Value ($000) $1,072 (+1.2%) Shares 39,568 (+4.7%) Est. Cost $30.35 Unrealized -8.0%

RGP Resources Connection 0.1%

Value ($000) $264 (+4.5%) Shares 52,320 (+4.7%) Est. Cost $15.46 Unrealized -69.1%

DAKT Daktronics, Inc 0.2%

Value ($000) $925 (-1.0%) Shares 46,802 (+4.7%) Est. Cost $8.46 Unrealized +126.0%

EPAC Enerpac Tool Group 0.1%

Value ($000) $318 (-2.0%) Shares 8,322 (+5.0%) Est. Cost $24.95 Unrealized +58.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNBR	Sleep Number Corp	1,145,612 (+48.0%)	$9,692 (+78.3%)	2.1%	$10.49	-39.7%	COM	83125X103
DHX	DHI Group	3,438,349 (+10.6%)	$5,329 (-38.3%)	1.2%	$2.31	-18.3%	COM	23331S100
RRGB	Red Robin Gourmet Burgers	1,388,465 (+8.8%)	$5,623 (-35.8%)	1.2%	$7.16	-29.9%	COM	75689M101
MPAA	MotorCar Parts of America Inc	692,502 (+3.5%)	$8,545 (-22.8%)	1.9%	$10.03	+43.6%	COM	620071100
NBN	Northeast Bank	127,330 (+5.2%)	$13,233 (+9.2%)	2.9%	$27.66	+237.3%	COM	66405S100
SRTS	Sensus Healthcare	698,634 (+21.8%)	$2,781 (+54.4%)	0.6%	$4.57	-18.9%	COM	81728J109
HBB	Hamilton Beach Brands Hld	340,471 (+4.0%)	$5,601 (+19.1%)	1.2%	$16.09	-6.2%	COM	40701T104
AII	American Integrity Insurance	310,325 (+24.0%)	$6,464 (+15.8%)	1.4%	$18.27	+21.7%	COM	026948109
AVNW	Aviat Networks Inc	371,258 (+19.3%)	$7,937 (+11.2%)	1.7%	$21.13	+5.6%	COM	05366Y201
RPAY	Repay Holdings Cls A	1,089,241 (+76.4%)	$3,976 (+23.1%)	0.9%	$4.77	-16.0%	COM	76029L100
RMNI	Rimini Street Inc.	1,857,512 (+9.4%)	$7,207 (-9.3%)	1.6%	$4.29	-3.4%	COM	76674Q107
PMTS	CPI Card Group	442,464 (+13.1%)	$6,495 (+9.6%)	1.4%	$21.73	-30.6%	COM	12634H200
JAKK	JAKKS Pacific Inc	406,289 (+19.1%)	$6,858 (+7.3%)	1.5%	$20.41	-15.9%	COM	47012E403
RCMT	RCM Technologies	258,231 (+40.7%)	$5,280 (+8.4%)	1.2%	$21.29	+0.8%	COM	749360400
TLYS	Tilly's Inc Cls A	692,623 (+42.1%)	$1,378 (+37.3%)	0.3%	$6.03	-72.8%	COM	886885102
CRI	Carters	43,255 (+18.0%)	$1,403 (+35.5%)	0.3%	$33.46	-7.1%	COM	146229109
HCSG	Healthcare Services Group Inc	98,763 (+4.6%)	$1,888 (+18.8%)	0.4%	$21.17	-15.0%	COM	421906108
PAMT	PAMT Corp	193,880 (+7.9%)	$2,342 (+14.4%)	0.5%	$17.89	-40.8%	COM	693149106
HCKT	Hackett Group, Inc	52,390 (+33.3%)	$1,028 (+37.7%)	0.2%	$21.62	-12.2%	COM	404609109
HY	Hyster-Yale Cls A	20,128 (+127.3%)	$598 (+83.2%)	0.1%	$35.16	-7.0%	COM	449172105
MBIN	Merchants Bancorp	21,936 (+44.1%)	$747 (+54.3%)	0.2%	$32.68	+0.3%	COM	58844R108
CRD/A	Crawford & Co Cls A	49,870 (+64.7%)	$561 (+73.2%)	0.1%	$10.65	+3.3%	COM	224633206
HDSN	Hudson Technologies	118,406 (+14.3%)	$811 (-21.1%)	0.2%	$10.52	-25.1%	COM	444144109
LAKE	Lakeland Industries	772,015 (+62.3%)	$6,825 (-3.1%)	1.5%	$16.03	-12.4%	COM	511795106
PLUS	EPlus Inc	10,395 (+4.7%)	$912 (+29.4%)	0.2%	$47.09	+75.2%	COM	294268107
CASH	Pathward Financial Inc	19,736 (+21.9%)	$1,401 (+16.9%)	0.3%	$34.20	+109.5%	COM	59100U108
FORR	Forrester Research	588,888 (+36.2%)	$4,782 (+4.3%)	1.0%	$11.92	-34.1%	COM	346563109
BDN	Brandywine Realty Trust	183,307 (+4.6%)	$535 (-26.8%)	0.1%	$4.83	—	COM	105368203
CLB	Core Laboratories	44,423 (+4.7%)	$712 (+35.7%)	0.2%	$11.85	+25.5%	COM	21867A105
RBBN	Ribbon Communications Inc	246,129 (+4.6%)	$709 (-20.7%)	0.2%	$5.08	-36.5%	COM	762544104
PRDO	Perdoceo Education Corp.	50,370 (+14.6%)	$1,477 (-10.8%)	0.3%	$15.58	+102.0%	COM	71363P106
COHU	Cohu Inc	45,981 (+4.6%)	$1,070 (+19.8%)	0.2%	$22.37	+2.5%	COM	192576106
GBFH	Gbank Financial Holdings	28,336 (+41.6%)	$960 (+22.2%)	0.2%	$37.75	-3.0%	COM	36166F100
BFST	Business First Bancshares Inc	47,374 (+4.7%)	$1,238 (+15.9%)	0.3%	$17.17	+46.1%	COM	12326C105
ZUMZ	Zumiez Inc	22,237 (+4.8%)	$579 (+39.2%)	0.1%	$25.33	-5.2%	COM	989817101
EBF	Ennis Inc	48,569 (+24.3%)	$875 (+22.5%)	0.2%	$12.56	+36.6%	COM	293389102
QCRH	QCR Holdings Inc	13,946 (+5.0%)	$1,162 (+15.6%)	0.3%	$52.16	+50.8%	COM	74727A104
ULH	Universal Logistics	34,152 (+120.6%)	$519 (+43.0%)	0.1%	$20.46	-17.8%	COM	91388P105
MLR	Miller Industries Inc	135,254 (+11.5%)	$5,054 (+3.1%)	1.1%	$33.99	+14.1%	COM	600551204
CAL	Caleres Inc	72,418 (+29.5%)	$881 (+20.8%)	0.2%	$18.03	-32.1%	COM	129500104
STGW	Stagwell Inc	262,584 (+4.7%)	$1,284 (-9.1%)	0.3%	$6.62	-21.4%	COM	85256A109
CNOB	ConnectOne Bancorp	49,465 (+4.8%)	$1,297 (+10.8%)	0.3%	$17.33	+44.6%	COM	20786W107
BBW	Build A Bear Workshop	165,719 (+5.1%)	$10,154 (-1.2%)	2.2%	$12.54	+332.7%	COM	120076104
RVSB	Riverview Bancorp	723,684 (+3.5%)	$3,633 (-3.3%)	0.8%	$5.60	-6.8%	COM	769397100
THFF	First Financial Corp	18,810 (+4.7%)	$1,137 (+12.1%)	0.2%	$32.66	+74.7%	COM	320218100
BHE	Benchmark Electronics, Inc	19,246 (+4.5%)	$823 (+15.9%)	0.2%	$23.37	+84.7%	COM	08160H101
KELYA	Kelly Services Cls A	117,467 (+35.5%)	$1,034 (-9.1%)	0.2%	$14.12	-28.4%	COM	488152208
WNC	Wabash National Corp.	112,183 (+27.2%)	$970 (+11.5%)	0.2%	$12.23	-29.3%	COM	929566107
TBI	TrueBlue Inc	74,456 (+4.6%)	$339 (-22.4%)	0.1%	$13.23	-61.2%	COM	89785X101
ACCO	ACCO Brands	251,123 (+18.2%)	$937 (+10.5%)	0.2%	$5.43	-32.6%	COM	00081T108
PLOW	Douglas Dynamics Inc	31,787 (+4.7%)	$1,038 (+9.3%)	0.2%	$24.60	+28.6%	COM	25960R105
PRAA	PRA Group	27,779 (+4.5%)	$491 (+19.7%)	0.1%	$32.92	-52.7%	COM	69354N106
BBSI	Barrett Business Services Inc	38,447 (+15.9%)	$1,392 (-5.3%)	0.3%	$28.08	+36.1%	COM	068463108
CMCO	Columbus McKinnon Corp	20,040 (+4.4%)	$346 (+25.6%)	0.1%	$25.43	-37.3%	COM	199333105
EPC	Edgewell Personal Care	28,676 (+4.6%)	$489 (-12.4%)	0.1%	$32.86	-44.1%	COM	28035Q102
GNL	Global Net Lease REIT	78,156 (+4.7%)	$672 (+10.7%)	0.1%	$9.56	—	COM	379378201
GNSS	Genasys	1,327,187 (+16.8%)	$2,847 (+2.3%)	0.6%	$2.61	-14.2%	COM	36872P103
AEBI	Aebi Schmidt Holding AG	80,698 (+4.7%)	$1,021 (+6.2%)	0.2%	$11.42	+4.2%	COM	H00501108
NPKI	NPK International	50,947 (+4.7%)	$607 (+10.4%)	0.1%	$9.39	+29.9%	COM	651718504
NCMI	National Cinemedia	124,626 (+4.6%)	$485 (-9.8%)	0.1%	$5.12	-19.0%	COM	635309206
BWB	Bridgewater Bancshares	72,003 (+4.5%)	$1,262 (+4.1%)	0.3%	$11.83	+46.7%	COM	108621103
ICHR	Ichor Holdings	28,494 (+4.6%)	$525 (+10.1%)	0.1%	$27.47	-32.5%	COM	G4740B105
BLMN	Bloomin Brands	66,790 (+4.6%)	$412 (-10.0%)	0.1%	$14.38	-51.6%	COM	094235108
DXPE	DXP Enterprises, Inc	11,747 (+4.8%)	$1,290 (-3.4%)	0.3%	$32.23	+238.0%	COM	233377407
HTLD	Heartland Express	40,933 (+4.7%)	$370 (+12.8%)	0.1%	$8.46	-1.6%	COM	422347104
GPGI	Composecure	66,176 (+4.6%)	$1,276 (-3.1%)	0.3%	$6.60	+202.4%	COM	20459V105
HELE	Helen of Troy Corp	50,536 (+14.9%)	$1,074 (-3.1%)	0.2%	$34.00	-40.0%	COM	G4388N106
SMP	Standard Motor	14,794 (+4.7%)	$545 (-5.5%)	0.1%	$39.85	-3.7%	COM	853666105
MTRX	Matrix Service Co	37,305 (+4.7%)	$436 (-6.4%)	0.1%	$16.59	-24.2%	COM	576853105
UCTT	Ultra Clean Holdings	36,140 (+4.6%)	$915 (-2.7%)	0.2%	$25.08	+6.1%	COM	90385V107
HFWA	Heritage Financial	43,925 (+4.7%)	$1,039 (+2.3%)	0.2%	$17.84	+32.0%	COM	42722X106
CNXN	PC Connection	9,824 (+4.7%)	$567 (-2.5%)	0.1%	$24.98	+137.4%	COM	69318J100
KOP	Koppers Holdings	39,568 (+4.7%)	$1,072 (+1.2%)	0.2%	$30.35	-8.0%	COM	50060P106
RGP	Resources Connection	52,320 (+4.7%)	$264 (+4.5%)	0.1%	$15.46	-69.1%	COM	76122Q105
DAKT	Daktronics, Inc	46,802 (+4.7%)	$925 (-1.0%)	0.2%	$8.46	+126.0%	COM	234264109
EPAC	Enerpac Tool Group	8,322 (+5.0%)	$318 (-2.0%)	0.1%	$24.95	+58.7%	COM	292765104

Exited Positions (7)

AXTI AXT Inc 1.8%

Value ($000) $8,054 Shares 1,793,797 Est. Cost $4.25 Unrealized +127.5%

STRT Strattec Security 1.2%

Value ($000) $5,347 Shares 78,561 Est. Cost $33.20 Unrealized +115.7%

ESQ Esquire Financial Hld 0.6%

Value ($000) $2,826 Shares 27,687 Est. Cost $18.00 Unrealized +461.7%

DXLG Destination XL Group 0.3%

Value ($000) $1,538 Shares 1,173,808 Est. Cost $5.23 Unrealized -80.4%

— Heidrick & Struggles Intl 0.3%

Value ($000) $1,370 Shares 27,536 Est. Cost $29.90 Unrealized —

— Penguin Solutions 0.3%

Value ($000) $1,251 Shares 47,589 Est. Cost $19.07 Unrealized —

WTBA West Bancorporation 0.2%

Value ($000) $869 Shares 42,751 Est. Cost $21.66 Unrealized -0.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AXTI	AXT Inc	1,793,797	$8,054	1.8%	$4.25	+127.5%	—	00246W103
STRT	Strattec Security	78,561	$5,347	1.2%	$33.20	+115.7%	—	863111100
ESQ	Esquire Financial Hld	27,687	$2,826	0.6%	$18.00	+461.7%	—	29667J101
DXLG	Destination XL Group	1,173,808	$1,538	0.3%	$5.23	-80.4%	—	25065K104
—	Heidrick & Struggles Intl	27,536	$1,370	0.3%	$29.90	—	—	422819102
—	Penguin Solutions	47,589	$1,251	0.3%	$19.07	—	—	G8232Y101
WTBA	West Bancorporation	42,751	$869	0.2%	$21.66	-0.3%	—	95123P106

Decreased Positions (52)

BWMN Bowman Consulting Grp 1.8%

Value ($000) $8,082 (-24.3%) Shares 244,772 (-2.9%) Est. Cost $15.61 Unrealized +142.8%

ASYS Amtech Systems 1.7%

Value ($000) $7,879 (+31.6%) Shares 627,811 (-2.9%) Est. Cost $7.34 Unrealized +22.7%

NWPX NWPX Infrastructure 2.1%

Value ($000) $9,381 (-15.1%) Shares 150,123 (-28.1%) Est. Cost $23.39 Unrealized +146.5%

VBNK Versabank 1.9%

Value ($000) $8,765 (+19.2%) Shares 585,118 (-2.9%) Est. Cost $12.69 Unrealized —

BOOM DMC Global Inc 0.9%

Value ($000) $4,303 (-24.0%) Shares 643,136 (-4.1%) Est. Cost $18.79 Unrealized -63.3%

TWIN Twin Disc Inc 1.9%

Value ($000) $8,804 (+15.9%) Shares 527,838 (-3.1%) Est. Cost $11.98 Unrealized +28.8%

CMTL Comtech Telecom Corp 0.5%

Value ($000) $2,429 (+97.8%) Shares 459,095 (-3.5%) Est. Cost $12.52 Unrealized -73.9%

BGSF BGSF Inc 0.4%

Value ($000) $1,650 (-41.1%) Shares 356,475 (-9.6%) Est. Cost $6.65 Unrealized -38.9%

KE Kimball Electronics 2.0%

Value ($000) $8,944 (-9.5%) Shares 321,492 (-2.9%) Est. Cost $21.94 Unrealized +31.6%

CBNK Capital Bancorp 1.2%

Value ($000) $5,476 (-14.2%) Shares 194,408 (-2.9%) Est. Cost $14.34 Unrealized +99.1%

PKBK Parke Bancorp 1.6%

Value ($000) $7,323 (+12.8%) Shares 292,438 (-2.9%) Est. Cost $14.73 Unrealized +51.8%

CPS Cooper Standard Hlds 1.1%

Value ($000) $4,984 (-13.7%) Shares 151,827 (-2.9%) Est. Cost $21.42 Unrealized +52.0%

MG Mistras Group Inc 0.8%

Value ($000) $3,590 (+25.5%) Shares 283,829 (-2.3%) Est. Cost $10.27 Unrealized +9.9%

ASUR Asure Software 1.4%

Value ($000) $6,582 (+12.3%) Shares 698,707 (-2.2%) Est. Cost $8.95 Unrealized -6.1%

OSS One Stop Systems 0.7%

Value ($000) $3,104 (+29.9%) Shares 432,361 (-3.0%) Est. Cost $4.36 Unrealized +35.7%

NGS Natural Gas Services Group Inc 2.6%

Value ($000) $11,632 (+6.2%) Shares 345,662 (-11.7%) Est. Cost $13.20 Unrealized +125.1%

HRTG Heritage Insurance Hlds Inc 2.4%

Value ($000) $10,883 (-5.8%) Shares 371,953 (-19.0%) Est. Cost $12.91 Unrealized +109.4%

DBI Designer Brands 0.3%

Value ($000) $1,200 (+93.7%) Shares 161,465 (-7.7%) Est. Cost $7.89 Unrealized -39.4%

SUNS Sunrise Realty Trust 0.7%

Value ($000) $3,320 (-14.3%) Shares 352,092 (-5.5%) Est. Cost $10.77 Unrealized —

PINE Alpine Income Property Trust 1.0%

Value ($000) $4,417 (+14.0%) Shares 264,148 (-3.3%) Est. Cost $17.43 Unrealized —

FSBC Five Star Bancorp 1.5%

Value ($000) $6,997 (+7.8%) Shares 195,563 (-3.0%) Est. Cost $22.37 Unrealized +53.7%

HURC Hurco Companies Inc 0.6%

Value ($000) $2,557 (-16.3%) Shares 165,503 (-5.7%) Est. Cost $26.75 Unrealized -38.0%

APEI American Public Education 1.4%

Value ($000) $6,323 (-7.0%) Shares 167,275 (-2.9%) Est. Cost $21.07 Unrealized +69.9%

UEIC Universal Electronics Inc 0.3%

Value ($000) $1,224 (-27.2%) Shares 339,097 (-6.0%) Est. Cost $20.53 Unrealized -82.3%

CUBI Customers Bancorp 0.3%

Value ($000) $1,268 (-24.4%) Shares 17,343 (-32.4%) Est. Cost $29.48 Unrealized +132.7%

NNBR NN Inc 0.1%

Value ($000) $512 (-41.7%) Shares 400,334 (-6.2%) Est. Cost $10.22 Unrealized -85.0%

INTT InTest Corp 0.8%

Value ($000) $3,866 (-8.1%) Shares 517,531 (-4.0%) Est. Cost $9.58 Unrealized -17.4%

ACTG Acacia Research Corp 0.7%

Value ($000) $3,031 (+11.1%) Shares 810,324 (-3.4%) Est. Cost $5.04 Unrealized -28.8%

— Abacus Global Management Inc 0.2%

Value ($000) $962 (+39.8%) Shares 112,505 (-6.3%) Est. Cost $6.08 Unrealized —

SAMG Silvercrest Asset Mgmnt Cls A 0.7%

Value ($000) $3,127 (-6.4%) Shares 205,877 (-2.9%) Est. Cost $13.14 Unrealized +10.4%

FBIZ First Business Financial Servi 1.7%

Value ($000) $7,627 (+2.9%) Shares 140,455 (-2.9%) Est. Cost $22.01 Unrealized +135.5%

UNTY Unity Bancorp 1.7%

Value ($000) $7,741 (+2.8%) Shares 149,667 (-2.9%) Est. Cost $21.37 Unrealized +132.6%

BCAL California Bancorp 0.2%

Value ($000) $798 (-20.4%) Shares 42,740 (-28.9%) Est. Cost $14.48 Unrealized +26.4%

ALCO Alico Inc 2.3%

Value ($000) $10,349 (+1.9%) Shares 284,470 (-2.9%) Est. Cost $27.75 Unrealized +25.3%

HBNC Horizon Bancorp 1.6%

Value ($000) $7,242 (+2.7%) Shares 427,021 (-3.1%) Est. Cost $13.63 Unrealized +21.5%

USCB USCB Financial Hlds 1.4%

Value ($000) $6,284 (+2.5%) Shares 341,168 (-2.9%) Est. Cost $12.88 Unrealized +38.8%

HBCP Home Bancorp, Inc 1.0%

Value ($000) $4,694 (+3.3%) Shares 81,215 (-2.9%) Est. Cost $43.30 Unrealized +27.7%

GMRE Global Medical REIT 1.0%

Value ($000) $4,352 (-3.3%) Shares 128,983 (-3.4%) Est. Cost $33.71 Unrealized —

GCT GigaCloud Tech Cls A 0.2%

Value ($000) $835 (+21.2%) Shares 21,269 (-12.4%) Est. Cost $22.55 Unrealized +46.6%

CMT Core Molding Technologies 0.6%

Value ($000) $2,906 (-4.5%) Shares 144,951 (-2.2%) Est. Cost $15.98 Unrealized +19.8%

PLAB Photronics Inc 0.4%

Value ($000) $1,770 (+8.0%) Shares 55,305 (-22.6%) Est. Cost $16.00 Unrealized +61.3%

SMSI Smith Micro Software 0.1%

Value ($000) $272 (-30.6%) Shares 503,528 (-7.2%) Est. Cost $2.67 Unrealized -75.4%

CBAN Colony Bankcorp 1.5%

Value ($000) $6,773 (+1.7%) Shares 380,092 (-2.9%) Est. Cost $12.57 Unrealized +33.7%

LCUT Lifetime Brands Inc 0.4%

Value ($000) $1,904 (-4.4%) Shares 482,065 (-6.3%) Est. Cost $9.26 Unrealized -61.0%

SHIM Shimmick 0.3%

Value ($000) $1,256 (+6.5%) Shares 430,031 (-4.8%) Est. Cost $5.43 Unrealized —

BANC Banc of California Inc 0.3%

Value ($000) $1,468 (+4.8%) Shares 76,115 (-10.1%) Est. Cost $13.56 Unrealized +31.6%

ORRF Orrstown Financial Services 1.1%

Value ($000) $5,209 (+1.2%) Shares 147,064 (-2.9%) Est. Cost $21.91 Unrealized +57.6%

BWFG Bankwell Financial Group 1.7%

Value ($000) $7,678 (+0.6%) Shares 167,564 (-2.9%) Est. Cost $25.45 Unrealized +76.4%

MCB Metropolitan Bank Hld 2.2%

Value ($000) $10,035 (+0.2%) Shares 131,418 (-1.8%) Est. Cost $41.88 Unrealized +76.3%

LINC Lincoln Education Services 1.6%

Value ($000) $7,331 (-0.2%) Shares 303,558 (-2.9%) Est. Cost $10.23 Unrealized +113.0%

FSBW FS Bancorp 1.9%

Value ($000) $8,541 (+0.1%) Shares 207,465 (-2.9%) Est. Cost $24.68 Unrealized +61.1%

CCB Coastal Financial 0.4%

Value ($000) $1,800 (-0.5%) Shares 15,706 (-6.1%) Est. Cost $57.04 Unrealized +91.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BWMN	Bowman Consulting Grp	244,772 (-2.9%)	$8,082 (-24.3%)	1.8%	$15.61	+142.8%	COM	103002101
ASYS	Amtech Systems	627,811 (-2.9%)	$7,879 (+31.6%)	1.7%	$7.34	+22.7%	COM	032332504
NWPX	NWPX Infrastructure	150,123 (-28.1%)	$9,381 (-15.1%)	2.1%	$23.39	+146.5%	COM	667746101
VBNK	Versabank	585,118 (-2.9%)	$8,765 (+19.2%)	1.9%	$12.69	—	COM	92512J106
BOOM	DMC Global Inc	643,136 (-4.1%)	$4,303 (-24.0%)	0.9%	$18.79	-63.3%	COM	23291C103
TWIN	Twin Disc Inc	527,838 (-3.1%)	$8,804 (+15.9%)	1.9%	$11.98	+28.8%	COM	901476101
CMTL	Comtech Telecom Corp	459,095 (-3.5%)	$2,429 (+97.8%)	0.5%	$12.52	-73.9%	COM	205826209
BGSF	BGSF Inc	356,475 (-9.6%)	$1,650 (-41.1%)	0.4%	$6.65	-38.9%	COM	05601C105
KE	Kimball Electronics	321,492 (-2.9%)	$8,944 (-9.5%)	2.0%	$21.94	+31.6%	COM	49428J109
CBNK	Capital Bancorp	194,408 (-2.9%)	$5,476 (-14.2%)	1.2%	$14.34	+99.1%	COM	139737100
PKBK	Parke Bancorp	292,438 (-2.9%)	$7,323 (+12.8%)	1.6%	$14.73	+51.8%	COM	700885106
CPS	Cooper Standard Hlds	151,827 (-2.9%)	$4,984 (-13.7%)	1.1%	$21.42	+52.0%	COM	21676P103
MG	Mistras Group Inc	283,829 (-2.3%)	$3,590 (+25.5%)	0.8%	$10.27	+9.9%	COM	60649T107
ASUR	Asure Software	698,707 (-2.2%)	$6,582 (+12.3%)	1.4%	$8.95	-6.1%	COM	04649U102
OSS	One Stop Systems	432,361 (-3.0%)	$3,104 (+29.9%)	0.7%	$4.36	+35.7%	COM	68247W109
NGS	Natural Gas Services Group Inc	345,662 (-11.7%)	$11,632 (+6.2%)	2.6%	$13.20	+125.1%	COM	63886Q109
HRTG	Heritage Insurance Hlds Inc	371,953 (-19.0%)	$10,883 (-5.8%)	2.4%	$12.91	+109.4%	COM	42727J102
DBI	Designer Brands	161,465 (-7.7%)	$1,200 (+93.7%)	0.3%	$7.89	-39.4%	COM	250565108
SUNS	Sunrise Realty Trust	352,092 (-5.5%)	$3,320 (-14.3%)	0.7%	$10.77	—	COM	867981102
PINE	Alpine Income Property Trust	264,148 (-3.3%)	$4,417 (+14.0%)	1.0%	$17.43	—	COM	02083X103
FSBC	Five Star Bancorp	195,563 (-3.0%)	$6,997 (+7.8%)	1.5%	$22.37	+53.7%	COM	33830T103
HURC	Hurco Companies Inc	165,503 (-5.7%)	$2,557 (-16.3%)	0.6%	$26.75	-38.0%	COM	447324104
APEI	American Public Education	167,275 (-2.9%)	$6,323 (-7.0%)	1.4%	$21.07	+69.9%	COM	02913V103
UEIC	Universal Electronics Inc	339,097 (-6.0%)	$1,224 (-27.2%)	0.3%	$20.53	-82.3%	COM	913483103
CUBI	Customers Bancorp	17,343 (-32.4%)	$1,268 (-24.4%)	0.3%	$29.48	+132.7%	COM	23204G100
NNBR	NN Inc	400,334 (-6.2%)	$512 (-41.7%)	0.1%	$10.22	-85.0%	COM	629337106
INTT	InTest Corp	517,531 (-4.0%)	$3,866 (-8.1%)	0.8%	$9.58	-17.4%	COM	461147100
ACTG	Acacia Research Corp	810,324 (-3.4%)	$3,031 (+11.1%)	0.7%	$5.04	-28.8%	COM	003881307
—	Abacus Global Management Inc	112,505 (-6.3%)	$962 (+39.8%)	0.2%	$6.08	—	COM	00258y104
SAMG	Silvercrest Asset Mgmnt Cls A	205,877 (-2.9%)	$3,127 (-6.4%)	0.7%	$13.14	+10.4%	COM	828359109
FBIZ	First Business Financial Servi	140,455 (-2.9%)	$7,627 (+2.9%)	1.7%	$22.01	+135.5%	COM	319390100
UNTY	Unity Bancorp	149,667 (-2.9%)	$7,741 (+2.8%)	1.7%	$21.37	+132.6%	COM	913290102
BCAL	California Bancorp	42,740 (-28.9%)	$798 (-20.4%)	0.2%	$14.48	+26.4%	COM	84252A106
ALCO	Alico Inc	284,470 (-2.9%)	$10,349 (+1.9%)	2.3%	$27.75	+25.3%	COM	016230104
HBNC	Horizon Bancorp	427,021 (-3.1%)	$7,242 (+2.7%)	1.6%	$13.63	+21.5%	COM	440407104
USCB	USCB Financial Hlds	341,168 (-2.9%)	$6,284 (+2.5%)	1.4%	$12.88	+38.8%	COM	90355N101
HBCP	Home Bancorp, Inc	81,215 (-2.9%)	$4,694 (+3.3%)	1.0%	$43.30	+27.7%	COM	43689E107
GMRE	Global Medical REIT	128,983 (-3.4%)	$4,352 (-3.3%)	1.0%	$33.71	—	COM	37954A303
GCT	GigaCloud Tech Cls A	21,269 (-12.4%)	$835 (+21.2%)	0.2%	$22.55	+46.6%	COM	G38644103
CMT	Core Molding Technologies	144,951 (-2.2%)	$2,906 (-4.5%)	0.6%	$15.98	+19.8%	COM	218683100
PLAB	Photronics Inc	55,305 (-22.6%)	$1,770 (+8.0%)	0.4%	$16.00	+61.3%	COM	719405102
SMSI	Smith Micro Software	503,528 (-7.2%)	$272 (-30.6%)	0.1%	$2.67	-75.4%	COM	832154405
CBAN	Colony Bankcorp	380,092 (-2.9%)	$6,773 (+1.7%)	1.5%	$12.57	+33.7%	COM	19623P101
LCUT	Lifetime Brands Inc	482,065 (-6.3%)	$1,904 (-4.4%)	0.4%	$9.26	-61.0%	COM	53222Q103
SHIM	Shimmick	430,031 (-4.8%)	$1,256 (+6.5%)	0.3%	$5.43	—	COM	82455M109
BANC	Banc of California Inc	76,115 (-10.1%)	$1,468 (+4.8%)	0.3%	$13.56	+31.6%	COM	05990K106
ORRF	Orrstown Financial Services	147,064 (-2.9%)	$5,209 (+1.2%)	1.1%	$21.91	+57.6%	COM	687380105
BWFG	Bankwell Financial Group	167,564 (-2.9%)	$7,678 (+0.6%)	1.7%	$25.45	+76.4%	COM	06654A103
MCB	Metropolitan Bank Hld	131,418 (-1.8%)	$10,035 (+0.2%)	2.2%	$41.88	+76.3%	COM	591774104
LINC	Lincoln Education Services	303,558 (-2.9%)	$7,331 (-0.2%)	1.6%	$10.23	+113.0%	COM	533535100
FSBW	FS Bancorp	207,465 (-2.9%)	$8,541 (+0.1%)	1.9%	$24.68	+61.1%	COM	30263Y104
CCB	Coastal Financial	15,706 (-6.1%)	$1,800 (-0.5%)	0.4%	$57.04	+91.3%	COM	19046P209