Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AGYS	AGILYSYS INC	552,557 (+36.1%)	$57.74M (+99.9%)	4.2%	$58.38	—	COM	00847J105
FSV	FIRSTSERVICE CORP NEW	225,625 (+78.7%)	$32.06M (+82.8%)	2.3%	$136.03	—	COM	33767E202
NYAX	NAYAX LTD	690,135 (+25.6%)	$45.21M (+46.9%)	3.3%	$54.34	—	SHS	M7S750159
NBBK	NB BANCORP INC	1,655,108 (+26.9%)	$34.97M (+27.3%)	2.5%	$20.24	—	COM	63945M107
WINA	WINMARK CORP	172,363 (+6.5%)	$72.92M (+5.4%)	5.3%	$296.34	—	COM	974250102

Exited Positions (2)

TRIP TRIPADVISOR INC 1.3%

Value $18.3M Shares 1,717,020 Est. Cost $14.49 Unrealized —

NOMD NOMAD FOODS LTD 0.9%

Value $12.35M Shares 1,284,653 Est. Cost $21.97 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRIP	TRIPADVISOR INC	1,717,020	$18.3M	1.3%	$14.49	—	—	896945201
NOMD	NOMAD FOODS LTD	1,284,653	$12.35M	0.9%	$21.97	—	—	G6564A105

Decreased Positions (15)

SNEX STONEX GROUP INC 11.8%

Value $163M (+24.2%) Shares 1,377,144 (-15.5%) Est. Cost $59.49 Unrealized —

TFIN TRIUMPH FINANCIAL INC 7.7%

Value $107M (+25.5%) Shares 1,404,817 (-1.9%) Est. Cost $63.14 Unrealized —

VSEC VSE CORP 8.5%

Value $117M (+21.4%) Shares 514,157 (-2.0%) Est. Cost $82.98 Unrealized —

AGX ARGAN INC 5.2%

Value $72.25M (+18.6%) Shares 90,472 (-19.1%) Est. Cost $43.63 Unrealized —

ODC OIL DRI CORP AMER 2.3%

Value $32.58M (+50.3%) Shares 318,770 (-4.3%) Est. Cost $58.94 Unrealized —

LYTS LSI INDS INC OHIO 2.7%

Value $36.99M (+36.8%) Shares 1,391,553 (-4.3%) Est. Cost $14.73 Unrealized —

UFPT UFP TECHNOLOGIES INC 2.8%

Value $39.1M (+31.1%) Shares 147,466 (-4.3%) Est. Cost $53.89 Unrealized —

IESC IES HOLDINGS INC 5.1%

Value $70.76M (+14.4%) Shares 96,317 (-25.8%) Est. Cost $46.50 Unrealized —

PLUS EPLUS INC 5.5%

Value $75.81M (+8.7%) Shares 910,893 (-1.7%) Est. Cost $50.87 Unrealized —

DJCO DAILY JOURNAL CORP 2.1%

Value $29.05M (+19.3%) Shares 48,316 (-4.3%) Est. Cost $402.41 Unrealized —

SIGA SIGA TECHNOLOGIES INC 0.6%

Value $8.471M (-34.9%) Shares 2,327,144 (-4.3%) Est. Cost $5.17 Unrealized —

CWCO CONSOLIDATED WATER CO INC 1.4%

Value $20.08M (-14.7%) Shares 680,620 (-4.3%) Est. Cost $30.15 Unrealized —

CLMB CLIMB GLOBAL SOLUTIONS INC 1.6%

Value $21.81M (+12.1%) Shares 939,774 (-4.3%) Est. Cost $116.44 Unrealized —

IIIV I3 VERTICALS INC 1.7%

Value $23.92M (-8.6%) Shares 1,120,046 (-4.3%) Est. Cost $23.95 Unrealized —

BGC BGC GROUP INC 2.6%

Value $35.75M (+4.6%) Shares 3,344,270 (-4.3%) Est. Cost $4.93 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SNEX	STONEX GROUP INC	1,377,144 (-15.5%)	$163M (+24.2%)	11.8%	$59.49	—	COM	861896108
TFIN	TRIUMPH FINANCIAL INC	1,404,817 (-1.9%)	$107M (+25.5%)	7.7%	$63.14	—	COM	89679E300
VSEC	VSE CORP	514,157 (-2.0%)	$117M (+21.4%)	8.5%	$82.98	—	COM	918284100
AGX	ARGAN INC	90,472 (-19.1%)	$72.25M (+18.6%)	5.2%	$43.63	—	COM	04010E109
ODC	OIL DRI CORP AMER	318,770 (-4.3%)	$32.58M (+50.3%)	2.3%	$58.94	—	COM	677864100
LYTS	LSI INDS INC OHIO	1,391,553 (-4.3%)	$36.99M (+36.8%)	2.7%	$14.73	—	COM	50216C108
UFPT	UFP TECHNOLOGIES INC	147,466 (-4.3%)	$39.1M (+31.1%)	2.8%	$53.89	—	COM	902673102
IESC	IES HOLDINGS INC	96,317 (-25.8%)	$70.76M (+14.4%)	5.1%	$46.50	—	COM	44951W106
PLUS	EPLUS INC	910,893 (-1.7%)	$75.81M (+8.7%)	5.5%	$50.87	—	COM	294268107
DJCO	DAILY JOURNAL CORP	48,316 (-4.3%)	$29.05M (+19.3%)	2.1%	$402.41	—	COM	233912104
SIGA	SIGA TECHNOLOGIES INC	2,327,144 (-4.3%)	$8.471M (-34.9%)	0.6%	$5.17	—	COM	826917106
CWCO	CONSOLIDATED WATER CO INC	680,620 (-4.3%)	$20.08M (-14.7%)	1.4%	$30.15	—	ORD	G23773107
CLMB	CLIMB GLOBAL SOLUTIONS INC	939,774 (-4.3%)	$21.81M (+12.1%)	1.6%	$116.44	—	COM	946760105
IIIV	I3 VERTICALS INC	1,120,046 (-4.3%)	$23.92M (-8.6%)	1.7%	$23.95	—	COM CL A	46571Y107
BGC	BGC GROUP INC	3,344,270 (-4.3%)	$35.75M (+4.6%)	2.6%	$4.93	—	CL A	088929104

Unchanged Positions (5)

UNH UNITEDHEALTH GROUP INC 4.2%

Value $58.9M Shares 141,720 Est. Cost $340.34 Unrealized —

ULS UL SOLUTIONS INC 5.2%

Value $71.54M Shares 702,316 Est. Cost $37.86 Unrealized —

MAR MARRIOTT INTL INC NEW 3.2%

Value $44.2M Shares 119,280 Est. Cost $127.17 Unrealized —

BKR BAKER HUGHES COMPANY 3.5%

Value $48.79M Shares 879,140 Est. Cost $18.00 Unrealized —

NVR NVR INC 3.0%

Value $41.36M Shares 6,070 Est. Cost $4620.37 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNH	UNITEDHEALTH GROUP INC	141,720	$58.9M	4.2%	$340.34	—	COM	91324P102
ULS	UL SOLUTIONS INC	702,316	$71.54M	5.2%	$37.86	—	CLASS A COM SHS	903731107
MAR	MARRIOTT INTL INC NEW	119,280	$44.2M	3.2%	$127.17	—	CL A	571903202
BKR	BAKER HUGHES COMPANY	879,140	$48.79M	3.5%	$18.00	—	CL A	05722G100
NVR	NVR INC	6,070	$41.36M	3.0%	$4620.37	—	COM	62944T105