22NW, LP Diversified Active

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $237,584 (100.0% shares, 0.0% debt)

Holdings (20)

New Positions (1)

Value ($000) $3,729 Shares 96,300 Est. Cost $39.43 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NSP	INSPERITY INC	96,300	$3,729	1.6%	$39.43	0.0%	COM	45778Q107

Increased Positions (2)

SRI STONERIDGE INC 5.3%

Value ($000) $12,696 (-20.9%) Shares 2,192,764 (+4.1%) Est. Cost $5.72 Unrealized +9.9%

MEC MAYVILLE ENGR CO INC 3.3%

Value ($000) $7,755 (+40.9%) Shares 414,280 (+3.6%) Est. Cost $14.80 Unrealized +10.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SRI	STONERIDGE INC	2,192,764 (+4.1%)	$12,696 (-20.9%)	5.3%	$5.72	+9.9%	COM	86183P102
MEC	MAYVILLE ENGR CO INC	414,280 (+3.6%)	$7,755 (+40.9%)	3.3%	$14.80	+10.2%	COM	578605107

Exited Positions (2)

DHX DHI GROUP INC 2.4%

Value ($000) $5,663 Shares 2,036,988 Est. Cost $2.17 Unrealized -12.8%

AEBI AEBI SCHMIDT HLDG AG 1.8%

Value ($000) $4,338 Shares 347,840 Est. Cost $11.40 Unrealized +4.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DHX	DHI GROUP INC	2,036,988	$5,663	2.4%	$2.17	-12.8%	—	23331S100
AEBI	AEBI SCHMIDT HLDG AG	347,840	$4,338	1.8%	$11.40	+4.4%	—	H00501108

Decreased Positions (2)

FSTR FOSTER L B CO 13.5%

Value ($000) $32,099 (-9.3%) Shares 1,191,046 (-9.3%) Est. Cost $15.22 Unrealized +77.3%

UFI UNIFI INC 1.3%

Value ($000) $2,984 (-35.9%) Shares 852,455 (-12.8%) Est. Cost $5.56 Unrealized -30.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FSTR	FOSTER L B CO	1,191,046 (-9.3%)	$32,099 (-9.3%)	13.5%	$15.22	+77.3%	COM	350060109
UFI	UNIFI INC	852,455 (-12.8%)	$2,984 (-35.9%)	1.3%	$5.56	-30.4%	COM NEW	904677200

Unchanged Positions (15)

ANEB ANEBULO PHARMACEUTICALS INC 35.7%

Value ($000) $84,761 Shares 15,467,300 Est. Cost $3.13 Unrealized -27.1%

RZLT REZOLUTE INC 0.8%

Value ($000) $1,937 Shares 820,653 Est. Cost $6.66 Unrealized +17.7%

NKTR NEKTAR THERAPEUTICS 5.9%

Value ($000) $14,000 Shares 331,115 Est. Cost $23.45 Unrealized +138.6%

RGNX REGENXBIO INC 5.6%

Value ($000) $13,301 Shares 923,679 Est. Cost $7.70 Unrealized +62.0%

LFCR LIFECORE BIOMEDICAL INC 9.7%

Value ($000) $23,026 Shares 1,254 Est. Cost $10.60 Unrealized -30.2%

CULP CULP INC 2.8%

Value ($000) $6,618 Shares 1,859,061 Est. Cost $7.31 Unrealized -46.1%

ELDN ELEDON PHARMACEUTICALS INC 0.4%

Value ($000) $961 Shares 636,364 Est. Cost $4.12 Unrealized -42.2%

MLYS MINERALYS THERAPEUTICS INC 5.5%

Value ($000) $13,004 Shares 358,325 Est. Cost $12.03 Unrealized +233.4%

FARM FARMER BROS CO 1.2%

Value ($000) $2,855 Shares 1,955,526 Est. Cost $7.06 Unrealized -77.2%

SSKN STRATA SKIN SCIENCES INC 0.3%

Value ($000) $677 Shares 536,995 Est. Cost $4.06 Unrealized -61.2%

TISI TEAM INC 1.0%

Value ($000) $2,405 Shares 170,187 Est. Cost $19.38 Unrealized -22.7%

PFX PHENIXFIN CORP 2.2%

Value ($000) $5,208 Shares 117,885 Est. Cost $35.64 Unrealized +24.0%

MGTX MEIRAGTX HLDGS PLC 2.0%

Value ($000) $4,663 Shares 586,519 Est. Cost $5.90 Unrealized +40.8%

PMDI PSYCHEMEDICS CORPORATION CMN 0.2%

Value ($000) $442 Shares 276,034 Est. Cost $2.29 Unrealized -13.6%

CMT CORE MOLDING TECHNOLOGIES 1.9%

Value ($000) $4,466 Shares 222,738 Est. Cost $16.13 Unrealized +18.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ANEB	ANEBULO PHARMACEUTICALS INC	15,467,300	$84,761	35.7%	$3.13	-27.1%	COM	034569103
RZLT	REZOLUTE INC	820,653	$1,937	0.8%	$6.66	+17.7%	COM NEW	76200L309
NKTR	NEKTAR THERAPEUTICS	331,115	$14,000	5.9%	$23.45	+138.6%	COM NEW	640268306
RGNX	REGENXBIO INC	923,679	$13,301	5.6%	$7.70	+62.0%	COM	75901B107
LFCR	LIFECORE BIOMEDICAL INC	1,254	$23,026	9.7%	$10.60	-30.2%	COM	514766104
CULP	CULP INC	1,859,061	$6,618	2.8%	$7.31	-46.1%	COM	230215105
ELDN	ELEDON PHARMACEUTICALS INC	636,364	$961	0.4%	$4.12	-42.2%	COM	28617K101
MLYS	MINERALYS THERAPEUTICS INC	358,325	$13,004	5.5%	$12.03	+233.4%	COM	603170101
FARM	FARMER BROS CO	1,955,526	$2,855	1.2%	$7.06	-77.2%	COM	307675108
SSKN	STRATA SKIN SCIENCES INC	536,995	$677	0.3%	$4.06	-61.2%	COM	86272A305
TISI	TEAM INC	170,187	$2,405	1.0%	$19.38	-22.7%	COM NEW	878155308
PFX	PHENIXFIN CORP	117,885	$5,208	2.2%	$35.64	+24.0%	COM	71742W103
MGTX	MEIRAGTX HLDGS PLC	586,519	$4,663	2.0%	$5.90	+40.8%	COM	G59665102
PMDI	PSYCHEMEDICS CORPORATION CMN	276,034	$442	0.2%	$2.29	-13.6%	COM	744375304
CMT	CORE MOLDING TECHNOLOGIES	222,738	$4,466	1.9%	$16.13	+18.7%	COM	218683100