Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AZZ	AZZ INC	20,000	$3.101M	1.7%	$155.05	—	COM	002474104
VTS	VITESSE ENERGY INC	150,000	$2.365M	1.3%	$15.77	—	COMMON STOCK	92852X103
TSSI	TSS INC DEL	100,000	$1.23M	0.7%	$12.30	—	COM	87288V101
PCYO	PURE CYCLE CORP	70,000	$750K	0.4%	$10.71	—	COM NEW	746228303
FOSL	FOSSIL GROUP INC	100,000	$414K	0.2%	$4.14	—	COM	34988V106

Increased Positions (5)

PDFS PDF SOLUTIONS INC 1.6%

Value $2.832M (+246.6%) Shares 40,000 (+60.0%) Est. Cost $46.81 Unrealized —

KGS KODIAK GAS SVCS INC 2.5%

Value $4.508M (+54.6%) Shares 60,000 (+20.0%) Est. Cost $41.36 Unrealized —

STRS STRATUS PPTYS INC 0.4%

Value $786K (+108.6%) Shares 27,356 (+121.4%) Est. Cost $28.36 Unrealized —

APEI AMERICAN PUB ED INC 1.8%

Value $3.222M (+13.3%) Shares 60,000 (+20.0%) Est. Cost $38.78 Unrealized —

AYTU AYTU BIOPHARMA INC 0.2%

Value $430K (+8.9%) Shares 200,000 (+37.9%) Est. Cost $2.42 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PDFS	PDF SOLUTIONS INC	40,000 (+60.0%)	$2.832M (+246.6%)	1.6%	$46.81	—	COM	693282105
KGS	KODIAK GAS SVCS INC	60,000 (+20.0%)	$4.508M (+54.6%)	2.5%	$41.36	—	COM	50012A108
STRS	STRATUS PPTYS INC	27,356 (+121.4%)	$786K (+108.6%)	0.4%	$28.36	—	COM NEW	863167201
APEI	AMERICAN PUB ED INC	60,000 (+20.0%)	$3.222M (+13.3%)	1.8%	$38.78	—	COM	02913V103
AYTU	AYTU BIOPHARMA INC	200,000 (+37.9%)	$430K (+8.9%)	0.2%	$2.42	—	COM	054754858

Exited Positions (2)

AVNW AVIAT NETWORKS INC 1.2%

Value $2.261M Shares 100,000 Est. Cost $23.15 Unrealized —

NAUT NAUTILUS BIOTECHNOLOGY INC 0.2%

Value $388K Shares 100,000 Est. Cost $2.21 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AVNW	AVIAT NETWORKS INC	100,000	$2.261M	1.2%	$23.15	—	—	05366Y201
NAUT	NAUTILUS BIOTECHNOLOGY INC	100,000	$388K	0.2%	$2.21	—	—	63909J108

Decreased Positions (8)

NWPX NWPX INFRASTRUCTURE INC 5.8%

Value $10.5M (+79.8%) Shares 70,000 (-6.7%) Est. Cost $27.54 Unrealized —

LRCX LAM RESEARCH CORPORATION CMN 8.3%

Value $15.17M (+42.0%) Shares 35,000 (-30.0%) Est. Cost $74.98 Unrealized —

LOPE GRAND CANYON EDUCATION, INC. CMN 2.8%

Value $5.009M (-34.5%) Shares 35,000 (-22.2%) Est. Cost $131.01 Unrealized —

FIX COMFORT SYS USA INC 10.9%

Value $19.82M (+10.6%) Shares 10,000 (-23.1%) Est. Cost $287.85 Unrealized —

LBRT LIBERTY ENERGY INC 0.7%

Value $1.31M (-54.5%) Shares 50,000 (-50.0%) Est. Cost $23.21 Unrealized —

GRBK GREEN BRICK PARTNERS INC 0.9%

Value $1.601M (-44.8%) Shares 20,000 (-55.6%) Est. Cost $63.03 Unrealized —

NVR N V R INC CMN 0.7%

Value $1.363M (-48.3%) Shares 200 (-50.0%) Est. Cost $4004.42 Unrealized —

GBX GREENBRIER COS INC 0.9%

Value $1.715M (-27.6%) Shares 35,000 (-22.2%) Est. Cost $27.46 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NWPX	NWPX INFRASTRUCTURE INC	70,000 (-6.7%)	$10.5M (+79.8%)	5.8%	$27.54	—	COM	667746101
LRCX	LAM RESEARCH CORPORATION CMN	35,000 (-30.0%)	$15.17M (+42.0%)	8.3%	$74.98	—	COM NEW	512807306
LOPE	GRAND CANYON EDUCATION, INC. CMN	35,000 (-22.2%)	$5.009M (-34.5%)	2.8%	$131.01	—	COM	38526M106
FIX	COMFORT SYS USA INC	10,000 (-23.1%)	$19.82M (+10.6%)	10.9%	$287.85	—	COM	199908104
LBRT	LIBERTY ENERGY INC	50,000 (-50.0%)	$1.31M (-54.5%)	0.7%	$23.21	—	COM CL A	53115L104
GRBK	GREEN BRICK PARTNERS INC	20,000 (-55.6%)	$1.601M (-44.8%)	0.9%	$63.03	—	COM	392709101
NVR	N V R INC CMN	200 (-50.0%)	$1.363M (-48.3%)	0.7%	$4004.42	—	COM	62944T105
GBX	GREENBRIER COS INC	35,000 (-22.2%)	$1.715M (-27.6%)	0.9%	$27.46	—	COM	393657101

Unchanged Positions (25)

STRL STERLING INFRASTRUCTURE INC 9.2%

Value $16.79M Shares 20,000 Est. Cost $221.58 Unrealized —

ENVA ENOVA INTL INC 3.3%

Value $6.018M Shares 25,000 Est. Cost $77.48 Unrealized —

TER TERADYNE INC 2.7%

Value $4.838M Shares 10,000 Est. Cost $265.87 Unrealized —

NVDA NVIDIA CORPORATION CMN 6.6%

Value $12.01M Shares 60,000 Est. Cost $91.28 Unrealized —

AROC ARCHROCK INC 4.5%

Value $8.142M Shares 200,000 Est. Cost $12.08 Unrealized —

FCFS FIRSTCASH HOLDINGS INC 4.8%

Value $8.653M Shares 40,000 Est. Cost $87.55 Unrealized —

EZPW EZCORP INC 1.9%

Value $3.457M Shares 100,000 Est. Cost $22.79 Unrealized —

BBW BUILD-A-BEAR WORKSHOP INC 1.7%

Value $3.061M Shares 100,000 Est. Cost $18.51 Unrealized —

CVCO CAVCO INDS INC DEL 1.7%

Value $3.072M Shares 5,000 Est. Cost $461.55 Unrealized —

XBI SPDR SERIES TRUST 1.7%

Value $3.165M Shares 20,000 Est. Cost $79.00 Unrealized —

FANG DIAMONDBACK ENERGY INC 2.4%

Value $4.394M Shares 25,000 Est. Cost $96.69 Unrealized —

XOM EXXON MOBIL CORP 1.0%

Value $1.906M Shares 13,940 Est. Cost $110.09 Unrealized —

NGS NATURAL GAS SERVICES GROUP 1.9%

Value $3.451M Shares 80,000 Est. Cost $24.03 Unrealized —

BBSI BARRETT BUSINESS SVCS INC 1.2%

Value $2.131M Shares 60,000 Est. Cost $28.97 Unrealized —

FSS FEDERAL SIGNAL CORP 1.1%

Value $1.927M Shares 15,000 Est. Cost $85.36 Unrealized —

PR PERMIAN RESOURCES CORP 1.0%

Value $1.841M Shares 100,000 Est. Cost $15.78 Unrealized —

HAS HASBRO INC 1.1%

Value $2.065M Shares 25,000 Est. Cost $61.59 Unrealized —

TTEK TETRA TECH INC (NEW) CMN 2.0%

Value $3.611M Shares 125,000 Est. Cost $38.22 Unrealized —

LAUR LAUREATE ED INC 2.0%

Value $3.632M Shares 100,000 Est. Cost $14.96 Unrealized —

NPKI NPK INTERNATIONAL INC 0.9%

Value $1.591M Shares 100,000 Est. Cost $13.81 Unrealized —

ROST ROSS STORES,INC CMN 3.0%

Value $5.534M Shares 26,000 Est. Cost $64.50 Unrealized —

CVSA COVISTA INC 0.5%

Value $997K Shares 8,000 Est. Cost $114.51 Unrealized —

BLDR BUILDERS FIRSTSOURCE, INC. CMN 0.5%

Value $895K Shares 10,000 Est. Cost $21.46 Unrealized —

TPB TURNING PT BRANDS INC 0.7%

Value $1.272M Shares 15,000 Est. Cost $80.72 Unrealized —

JLL JONES LANG LASALLE INC 0.9%

Value $1.55M Shares 5,000 Est. Cost $291.22 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
STRL	STERLING INFRASTRUCTURE INC	20,000	$16.79M	9.2%	$221.58	—	COM	859241101
ENVA	ENOVA INTL INC	25,000	$6.018M	3.3%	$77.48	—	COM	29357K103
TER	TERADYNE INC	10,000	$4.838M	2.7%	$265.87	—	COM	880770102
NVDA	NVIDIA CORPORATION CMN	60,000	$12.01M	6.6%	$91.28	—	COM	67066G104
AROC	ARCHROCK INC	200,000	$8.142M	4.5%	$12.08	—	COM	03957W106
FCFS	FIRSTCASH HOLDINGS INC	40,000	$8.653M	4.8%	$87.55	—	COM	33768G107
EZPW	EZCORP INC	100,000	$3.457M	1.9%	$22.79	—	CL A NON VTG	302301106
BBW	BUILD-A-BEAR WORKSHOP INC	100,000	$3.061M	1.7%	$18.51	—	COM	120076104
CVCO	CAVCO INDS INC DEL	5,000	$3.072M	1.7%	$461.55	—	COM	149568107
XBI	SPDR SERIES TRUST	20,000	$3.165M	1.7%	$79.00	—	ST STR SP BIOT	78464A870
FANG	DIAMONDBACK ENERGY INC	25,000	$4.394M	2.4%	$96.69	—	COM	25278X109
XOM	EXXON MOBIL CORP	13,940	$1.906M	1.0%	$110.09	—	COM	30231G102
NGS	NATURAL GAS SERVICES GROUP	80,000	$3.451M	1.9%	$24.03	—	COM	63886Q109
BBSI	BARRETT BUSINESS SVCS INC	60,000	$2.131M	1.2%	$28.97	—	COM	068463108
FSS	FEDERAL SIGNAL CORP	15,000	$1.927M	1.1%	$85.36	—	COM	313855108
PR	PERMIAN RESOURCES CORP	100,000	$1.841M	1.0%	$15.78	—	CLASS A COM	71424F105
HAS	HASBRO INC	25,000	$2.065M	1.1%	$61.59	—	COM	418056107
TTEK	TETRA TECH INC (NEW) CMN	125,000	$3.611M	2.0%	$38.22	—	COM	88162G103
LAUR	LAUREATE ED INC	100,000	$3.632M	2.0%	$14.96	—	COMMON STOCK	518613203
NPKI	NPK INTERNATIONAL INC	100,000	$1.591M	0.9%	$13.81	—	COM SHS	651718504
ROST	ROSS STORES,INC CMN	26,000	$5.534M	3.0%	$64.50	—	COM	778296103
CVSA	COVISTA INC	8,000	$997K	0.5%	$114.51	—	COM	00737L103
BLDR	BUILDERS FIRSTSOURCE, INC. CMN	10,000	$895K	0.5%	$21.46	—	COM	12008R107
TPB	TURNING PT BRANDS INC	15,000	$1.272M	0.7%	$80.72	—	COM	90041L105
JLL	JONES LANG LASALLE INC	5,000	$1.55M	0.9%	$291.22	—	COM	48020Q107