Topline Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
S	SENTINELONE INC	7,612,982	$114,195	10.3%	$16.38	0.0%	CL A	81730H109
DV	DOUBLEVERIFY HLDGS INC	8,453,543	$96,709	8.7%	$11.03	0.0%	COM	25862V105
MNDY	MONDAY COM LTD	468,000	$69,058	6.2%	$168.41	0.0%	SHS	M7S64H106
ILMN	ILLUMINA INC	110,076	$14,438	1.3%	$117.40	0.0%	COM	452327109
ZVIA	ZEVIA PBC	5,121,790	$11,883	1.1%	$2.48	0.0%	CL A	98955K104
STAA	STAAR SURGICAL CO	297,672	$6,873	0.6%	$25.77	0.0%	COM PAR $0.01	852312305
SSTI	SOUNDTHINKING INC	545,666	$4,382	0.4%	$8.72	0.0%	COM	82536T107
CRCT	CRICUT INC	644,621	$3,191	0.3%	$5.00	0.0%	COM CL A	22658D100
EEFT	EURONET WORLDWIDE INC	22,515	$1,714	0.2%	$77.96	0.0%	COM	298736109
TRC	TEJON RANCH CO	80,273	$1,266	0.1%	$15.95	0.0%	COM	879080109
CERS	CERUS CORP	410,963	$847	0.1%	$1.73	0.0%	COM	157085101
SOTK	SONO TEK CORP	169,875	$702	0.1%	$4.17	0.0%	COM	835483108
FORR	FORRESTER RESH INC	65,168	$529	0.0%	$7.85	0.0%	COM	346563109
NAII	NATURAL ALTERNATIVES INTL IN	109,503	$392	0.0%	$3.05	0.0%	COM NEW	638842302
KRT	KARAT PACKAGING INC	14,022	$316	0.0%	$23.15	0.0%	COM	48563L101

Increased Positions (22)

NUTX NUTEX HEALTH INC 10.1%

Value ($000) $111,200 (+93.4%) Shares 675,494 (+21.4%) Est. Cost $91.60 Unrealized +44.8%

FRSH FRESHWORKS INC 6.9%

Value ($000) $76,240 (+134.3%) Shares 6,223,651 (+125.1%) Est. Cost $12.79 Unrealized -7.6%

WK WORKIVA INC 2.2%

Value ($000) $24,862 (+3309.5%) Shares 288,250 (+3302.8%) Est. Cost $87.96 Unrealized +0.7%

SPT SPROUT SOCIAL INC 2.9%

Value ($000) $32,564 (+85.5%) Shares 2,889,410 (+112.7%) Est. Cost $13.40 Unrealized -19.4%

CTKB CYTEK BIOSCIENCES INC 3.4%

Value ($000) $37,584 (+56.0%) Shares 7,442,466 (+7.2%) Est. Cost $3.91 Unrealized +18.8%

PRAA PRA GROUP INC 4.7%

Value ($000) $51,628 (+27.8%) Shares 2,918,487 (+11.6%) Est. Cost $17.44 Unrealized -10.7%

CERT CERTARA INC 1.6%

Value ($000) $17,540 (+162.7%) Shares 1,990,927 (+264.3%) Est. Cost $10.48 Unrealized -1.7%

DCBO DOCEBO INC 1.8%

Value ($000) $19,343 (+119.0%) Shares 871,299 (+169.6%) Est. Cost $26.12 Unrealized -8.6%

UNF UNIFIRST CORP MASS 2.8%

Value ($000) $30,501 (+49.1%) Shares 158,117 (+29.2%) Est. Cost $181.11 Unrealized -7.0%

MITK MITEK SYS INC 1.8%

Value ($000) $20,148 (+95.4%) Shares 1,909,722 (+80.9%) Est. Cost $9.42 Unrealized +0.3%

KRMD KORU MEDICAL SYSTEMS INC 2.1%

Value ($000) $22,897 (+63.9%) Shares 3,941,014 (+8.0%) Est. Cost $3.37 Unrealized +42.2%

NABL N-ABLE INC 0.9%

Value ($000) $10,376 (+192.7%) Shares 1,387,181 (+205.2%) Est. Cost $7.76 Unrealized -1.6%

PAYS PAYSIGN INC 2.6%

Value ($000) $28,347 (-17.2%) Shares 5,504,288 (+1.1%) Est. Cost $3.53 Unrealized +52.9%

LAW CS DISCO INC 2.3%

Value ($000) $25,743 (+24.3%) Shares 3,317,374 (+3.5%) Est. Cost $5.12 Unrealized +37.8%

INMD INMODE LTD 0.8%

Value ($000) $8,703 (+120.6%) Shares 592,461 (+123.8%) Est. Cost $14.68 Unrealized +0.3%

OSPN ONESPAN INC 0.8%

Value ($000) $8,737 (+57.5%) Shares 680,433 (+94.9%) Est. Cost $14.27 Unrealized -5.4%

DSP VIANT TECHNOLOGY INC 0.4%

Value ($000) $4,442 (+106.7%) Shares 368,959 (+48.1%) Est. Cost $10.95 Unrealized -8.7%

RSSS RESEARCH SOLUTIONS INC 0.1%

Value ($000) $1,630 (+78.4%) Shares 554,506 (+126.4%) Est. Cost $3.07 Unrealized +1.6%

HGBL HERITAGE GLOBAL INC 0.2%

Value ($000) $2,295 (-17.6%) Shares 1,850,964 (+10.3%) Est. Cost $1.66 Unrealized -16.3%

GMGI GOLDEN MATRIX GROUP INC 0.1%

Value ($000) $1,118 (+58.6%) Shares 1,396,108 (+123.8%) Est. Cost $1.13 Unrealized -19.5%

NEPH NEPHROS INC 0.3%

Value ($000) $2,998 (+6.3%) Shares 614,302 (+3.0%) Est. Cost $2.20 Unrealized +132.7%

CRGO FREIGHTOS LTD 0.1%

Value ($000) $814 (-8.4%) Shares 356,834 (+32.6%) Est. Cost $2.47 Unrealized +31.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NUTX	NUTEX HEALTH INC	675,494 (+21.4%)	$111,200 (+93.4%)	10.1%	$91.60	+44.8%	COM	67079U306
FRSH	FRESHWORKS INC	6,223,651 (+125.1%)	$76,240 (+134.3%)	6.9%	$12.79	-7.6%	CLASS A COM	358054104
WK	WORKIVA INC	288,250 (+3302.8%)	$24,862 (+3309.5%)	2.2%	$87.96	+0.7%	COM CL A	98139A105
SPT	SPROUT SOCIAL INC	2,889,410 (+112.7%)	$32,564 (+85.5%)	2.9%	$13.40	-19.4%	COM CL A	85209W109
CTKB	CYTEK BIOSCIENCES INC	7,442,466 (+7.2%)	$37,584 (+56.0%)	3.4%	$3.91	+18.8%	COM	23285D109
PRAA	PRA GROUP INC	2,918,487 (+11.6%)	$51,628 (+27.8%)	4.7%	$17.44	-10.7%	COM	69354N106
CERT	CERTARA INC	1,990,927 (+264.3%)	$17,540 (+162.7%)	1.6%	$10.48	-1.7%	COM	15687V109
DCBO	DOCEBO INC	871,299 (+169.6%)	$19,343 (+119.0%)	1.8%	$26.12	-8.6%	COM	25609L105
UNF	UNIFIRST CORP MASS	158,117 (+29.2%)	$30,501 (+49.1%)	2.8%	$181.11	-7.0%	COM	904708104
MITK	MITEK SYS INC	1,909,722 (+80.9%)	$20,148 (+95.4%)	1.8%	$9.42	+0.3%	COM NEW	606710200
KRMD	KORU MEDICAL SYSTEMS INC	3,941,014 (+8.0%)	$22,897 (+63.9%)	2.1%	$3.37	+42.2%	COM	759910102
NABL	N-ABLE INC	1,387,181 (+205.2%)	$10,376 (+192.7%)	0.9%	$7.76	-1.6%	COMMON STOCK	62878D100
PAYS	PAYSIGN INC	5,504,288 (+1.1%)	$28,347 (-17.2%)	2.6%	$3.53	+52.9%	COM	70451A104
LAW	CS DISCO INC	3,317,374 (+3.5%)	$25,743 (+24.3%)	2.3%	$5.12	+37.8%	COM	126327105
INMD	INMODE LTD	592,461 (+123.8%)	$8,703 (+120.6%)	0.8%	$14.68	+0.3%	SHS	M5425M103
OSPN	ONESPAN INC	680,433 (+94.9%)	$8,737 (+57.5%)	0.8%	$14.27	-5.4%	COM	68287N100
DSP	VIANT TECHNOLOGY INC	368,959 (+48.1%)	$4,442 (+106.7%)	0.4%	$10.95	-8.7%	COM CL A	92557A101
RSSS	RESEARCH SOLUTIONS INC	554,506 (+126.4%)	$1,630 (+78.4%)	0.1%	$3.07	+1.6%	COM	761025105
HGBL	HERITAGE GLOBAL INC	1,850,964 (+10.3%)	$2,295 (-17.6%)	0.2%	$1.66	-16.3%	COM	42727E103
GMGI	GOLDEN MATRIX GROUP INC	1,396,108 (+123.8%)	$1,118 (+58.6%)	0.1%	$1.13	-19.5%	COM	381098300
NEPH	NEPHROS INC	614,302 (+3.0%)	$2,998 (+6.3%)	0.3%	$2.20	+132.7%	COM	640671400
CRGO	FREIGHTOS LTD	356,834 (+32.6%)	$814 (-8.4%)	0.1%	$2.47	+31.4%	ORD SHS	G51405101

Exited Positions (8)

— CORECARD CORPORATION 0.6%

Value ($000) $6,425 Shares 238,675 Est. Cost $24.64 Unrealized —

JYNT JOINT CORP 0.4%

Value ($000) $4,107 Shares 430,451 Est. Cost $11.11 Unrealized -23.6%

SEMR SEMRUSH HLDGS INC 0.4%

Value ($000) $3,923 Shares 554,126 Est. Cost $8.15 Unrealized +14.9%

— JAMF HLDG CORP 0.2%

Value ($000) $1,782 Shares 166,581 Est. Cost $10.70 Unrealized —

RPAY REPAY HLDGS CORP 0.1%

Value ($000) $1,588 Shares 303,638 Est. Cost $5.35 Unrealized -25.1%

SVCO SILVACO GROUP INC 0.1%

Value ($000) $921 Shares 170,293 Est. Cost $4.73 Unrealized +4.9%

PLPC PREFORMED LINE PRODS CO 0.0%

Value ($000) $413 Shares 2,104 Est. Cost $175.57 Unrealized +21.3%

OFLX OMEGA FLEX INC 0.0%

Value ($000) $342 Shares 10,975 Est. Cost $33.90 Unrealized -15.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CORECARD CORPORATION	238,675	$6,425	0.6%	$24.64	—	—	45816D100
JYNT	JOINT CORP	430,451	$4,107	0.4%	$11.11	-23.6%	—	47973J102
SEMR	SEMRUSH HLDGS INC	554,126	$3,923	0.4%	$8.15	+14.9%	—	81686C104
—	JAMF HLDG CORP	166,581	$1,782	0.2%	$10.70	—	—	47074L105
RPAY	REPAY HLDGS CORP	303,638	$1,588	0.1%	$5.35	-25.1%	—	76029L100
SVCO	SILVACO GROUP INC	170,293	$921	0.1%	$4.73	+4.9%	—	82728C102
PLPC	PREFORMED LINE PRODS CO	2,104	$413	0.0%	$175.57	+21.3%	—	740444104
OFLX	OMEGA FLEX INC	10,975	$342	0.0%	$33.90	-15.8%	—	682095104

Decreased Positions (7)

GDOT GREEN DOT CORP 3.8%

Value ($000) $42,473 (-31.5%) Shares 3,315,574 (-28.1%) Est. Cost $10.90 Unrealized +14.0%

BL BLACKLINE INC 1.2%

Value ($000) $13,113 (-56.7%) Shares 237,173 (-58.4%) Est. Cost $59.63 Unrealized -7.6%

ELA ENVELA CORP 1.0%

Value ($000) $11,397 (+69.1%) Shares 851,763 (-1.3%) Est. Cost $6.21 Unrealized +68.1%

CTEV CLARITEV CORPORATION 0.8%

Value ($000) $8,410 (-21.5%) Shares 196,718 (-2.5%) Est. Cost $8.83 Unrealized +476.2%

NTWK NETSOL TECHNOLOGIES INC 0.1%

Value ($000) $1,337 (-37.1%) Shares 441,264 (-1.4%) Est. Cost $2.87 Unrealized +27.3%

DIBS 1STDIBS COM INC 0.1%

Value ($000) $818 (+64.3%) Shares 136,514 (-28.9%) Est. Cost $2.69 Unrealized +67.1%

PRPO PRECIPIO INC 0.1%

Value ($000) $1,124 (-3.0%) Shares 48,896 (-24.9%) Est. Cost $15.62 Unrealized +39.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GDOT	GREEN DOT CORP	3,315,574 (-28.1%)	$42,473 (-31.5%)	3.8%	$10.90	+14.0%	CL A	39304D102
BL	BLACKLINE INC	237,173 (-58.4%)	$13,113 (-56.7%)	1.2%	$59.63	-7.6%	COM	09239B109
ELA	ENVELA CORP	851,763 (-1.3%)	$11,397 (+69.1%)	1.0%	$6.21	+68.1%	COM	29402E102
CTEV	CLARITEV CORPORATION	196,718 (-2.5%)	$8,410 (-21.5%)	0.8%	$8.83	+476.2%	CL A NEW	62548M209
NTWK	NETSOL TECHNOLOGIES INC	441,264 (-1.4%)	$1,337 (-37.1%)	0.1%	$2.87	+27.3%	COM PAR $.001	64115A402
DIBS	1STDIBS COM INC	136,514 (-28.9%)	$818 (+64.3%)	0.1%	$2.69	+67.1%	COM	320551104
PRPO	PRECIPIO INC	48,896 (-24.9%)	$1,124 (-3.0%)	0.1%	$15.62	+39.6%	COM	74019L602

Unchanged Positions (5)

NRDS NERDWALLET INC 6.4%

Value ($000) $71,153 Shares 5,251,145 Est. Cost $13.34 Unrealized -1.9%

CGNT COGNYTE SOFTWARE LTD 6.2%

Value ($000) $68,039 Shares 7,238,153 Est. Cost $7.58 Unrealized +14.2%

IDN INTELLICHECK INC 0.5%

Value ($000) $5,084 Shares 761,026 Est. Cost $2.52 Unrealized +124.1%

ACCS ACCESS NEWSWIRE INC 0.6%

Value ($000) $6,596 Shares 709,264 Est. Cost $9.93 Unrealized -7.8%

OPXS OPTEX SYS HLDGS INC 0.9%

Value ($000) $9,542 Shares 672,934 Est. Cost $8.39 Unrealized +76.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NRDS	NERDWALLET INC	5,251,145	$71,153	6.4%	$13.34	-1.9%	COM CL A	64082B102
CGNT	COGNYTE SOFTWARE LTD	7,238,153	$68,039	6.2%	$7.58	+14.2%	ORD SHS	M25133105
IDN	INTELLICHECK INC	761,026	$5,084	0.5%	$2.52	+124.1%	COM NEW	45817G201
ACCS	ACCESS NEWSWIRE INC	709,264	$6,596	0.6%	$9.93	-7.8%	COM NEW	46520M204
OPXS	OPTEX SYS HLDGS INC	672,934	$9,542	0.9%	$8.39	+76.0%	COM NEW	68384X209