Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MGNI	MAGNITE INC	480,000	$9.11M	4.5%	$18.98	—	COM	55955D100
ACVA	ACV AUCTIONS INC	1,135,000	$8.161M	4.0%	$7.19	—	COM CL A	00091G104
MAX	MEDIAALPHA INC	440,000	$5.531M	2.7%	$12.57	—	CL A	58450V104
IFF	INTERNATIONAL FLAVORS&FRAGRA	35,000	$2.773M	1.4%	$79.22	—	COM	459506101
NWL	NEWELL BRANDS INC	430,000	$2.64M	1.3%	$6.14	—	COM	651229106
ATEX	ANTERIX INC	25,000	$2.574M	1.3%	$102.94	—	COM	03676C100
TRS	TRIMAS CORP	50,000	$2.252M	1.1%	$45.03	—	COM NEW	896215209
KFRC	KFORCE INC	25,000	$1.173M	0.6%	$46.92	—	COM	493732101
WNC	WABASH NATL CORP	58,000	$783K	0.4%	$13.50	—	COM	929566107

Increased Positions (8)

SON SONOCO PRODS CO 7.2%

Value $14.65M (+238.6%) Shares 260,000 (+225.0%) Est. Cost $51.97 Unrealized —

GEF GREIF INC 9.2%

Value $18.62M (+73.5%) Shares 250,000 (+56.3%) Est. Cost $66.62 Unrealized —

SARO STANDARDAERO INC 5.7%

Value $11.49M (+169.5%) Shares 384,000 (+132.7%) Est. Cost $30.50 Unrealized —

HTLD HEARTLAND EXPRESS INC 3.6%

Value $7.306M (+112.9%) Shares 480,000 (+45.5%) Est. Cost $12.17 Unrealized —

TITN TITAN MACHY INC 4.5%

Value $9.086M (+27.9%) Shares 430,200 (+1.2%) Est. Cost $16.78 Unrealized —

DAN DANA INC 4.3%

Value $8.707M (+29.4%) Shares 320,000 (+60.0%) Est. Cost $19.13 Unrealized —

NCMI NATIONAL CINEMEDIA INC 2.2%

Value $4.408M (+27.9%) Shares 1,160,000 (+2.7%) Est. Cost $3.66 Unrealized —

AVD AMERICAN VANGUARD CORP 1.1%

Value $2.17M (+21.0%) Shares 775,000 (+7.6%) Est. Cost $4.48 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SON	SONOCO PRODS CO	260,000 (+225.0%)	$14.65M (+238.6%)	7.2%	$51.97	—	COM	835495102
GEF	GREIF INC	250,000 (+56.3%)	$18.62M (+73.5%)	9.2%	$66.62	—	CL A	397624107
SARO	STANDARDAERO INC	384,000 (+132.7%)	$11.49M (+169.5%)	5.7%	$30.50	—	COM	85423L103
HTLD	HEARTLAND EXPRESS INC	480,000 (+45.5%)	$7.306M (+112.9%)	3.6%	$12.17	—	COM	422347104
TITN	TITAN MACHY INC	430,200 (+1.2%)	$9.086M (+27.9%)	4.5%	$16.78	—	COM	88830R101
DAN	DANA INC	320,000 (+60.0%)	$8.707M (+29.4%)	4.3%	$19.13	—	COM	235825205
NCMI	NATIONAL CINEMEDIA INC	1,160,000 (+2.7%)	$4.408M (+27.9%)	2.2%	$3.66	—	COM NEW	635309206
AVD	AMERICAN VANGUARD CORP	775,000 (+7.6%)	$2.17M (+21.0%)	1.1%	$4.48	—	COM	030371108

Exited Positions (11)

IWM ISHARES TR 36.7%

Value $74.4M Shares 3,000 Est. Cost — Unrealized —

NPK NATIONAL PRESTO INDS INC 4.4%

Value $8.909M Shares 65,000 Est. Cost $105.55 Unrealized —

OMCL OMNICELL COM 2.9%

Value $5.775M Shares 173,000 Est. Cost $45.06 Unrealized —

CSGP COSTAR GROUP INC 2.6%

Value $5.244M Shares 130,000 Est. Cost $56.92 Unrealized —

ENOV ENOVIS CORPORATION 2.5%

Value $5.119M Shares 225,000 Est. Cost $23.62 Unrealized —

WY WEYERHAEUSER CO 2.4%

Value $4.886M Shares 200,000 Est. Cost $23.80 Unrealized —

SCHL SCHOLASTIC CORP 2.1%

Value $4.297M Shares 110,000 Est. Cost $27.35 Unrealized —

LAD LITHIA MTRS INC 1.8%

Value $3.746M Shares 15,000 Est. Cost $321.76 Unrealized —

SENEA SENECA FOODS CORP NEW 1.7%

Value $3.476M Shares 23,000 Est. Cost $106.56 Unrealized —

CE CELANESE CORP DEL 1.3%

Value $2.631M Shares 40,000 Est. Cost $40.78 Unrealized —

CCO CLEAR CHANNEL OUTDOOR HLDGS 0.6%

Value $1.149M Shares 485,000 Est. Cost $1.25 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	3,000	$74.4M	36.7%	—	—	PUT	464287655
NPK	NATIONAL PRESTO INDS INC	65,000	$8.909M	4.4%	$105.55	—	—	637215104
OMCL	OMNICELL COM	173,000	$5.775M	2.9%	$45.06	—	—	68213N109
CSGP	COSTAR GROUP INC	130,000	$5.244M	2.6%	$56.92	—	—	22160N109
ENOV	ENOVIS CORPORATION	225,000	$5.119M	2.5%	$23.62	—	—	194014502
WY	WEYERHAEUSER CO	200,000	$4.886M	2.4%	$23.80	—	—	962166104
SCHL	SCHOLASTIC CORP	110,000	$4.297M	2.1%	$27.35	—	—	807066105
LAD	LITHIA MTRS INC	15,000	$3.746M	1.8%	$321.76	—	—	536797103
SENEA	SENECA FOODS CORP NEW	23,000	$3.476M	1.7%	$106.56	—	—	817070501
CE	CELANESE CORP DEL	40,000	$2.631M	1.3%	$40.78	—	—	150870103
CCO	CLEAR CHANNEL OUTDOOR HLDGS	485,000	$1.149M	0.6%	$1.25	—	—	18453H106

Decreased Positions (11)

WKC WORLD KINECT CORPORATION 14.3%

Value $28.99M (+33.7%) Shares 880,000 (-6.4%) Est. Cost $26.48 Unrealized —

MEC MAYVILLE ENGR CO INC 8.2%

Value $16.55M (+48.7%) Shares 441,908 (-28.7%) Est. Cost $16.39 Unrealized —

FND FLOOR & DECOR HLDGS INC 4.4%

Value $8.904M (-23.8%) Shares 150,000 (-34.8%) Est. Cost $68.05 Unrealized —

CPS COOPER-STANDARD HOLDINGS INC 4.8%

Value $9.738M (-19.7%) Shares 360,000 (-17.2%) Est. Cost $32.01 Unrealized —

WTTR SELECT WATER SOLUTIONS INC 2.4%

Value $4.795M (-30.4%) Shares 240,000 (-46.7%) Est. Cost $10.53 Unrealized —

SRI STONERIDGE INC 2.5%

Value $5.124M (+37.8%) Shares 700,000 (-9.1%) Est. Cost $7.22 Unrealized —

GTES GATES INDL CORP PLC 1.1%

Value $2.238M (-38.1%) Shares 80,000 (-50.0%) Est. Cost $21.47 Unrealized —

DRVN DRIVEN BRANDS HLDGS INC 2.8%

Value $5.576M (-18.1%) Shares 400,000 (-25.9%) Est. Cost $15.81 Unrealized —

ARHS ARHAUS INC 1.2%

Value $2.442M (-28.0%) Shares 290,000 (-42.0%) Est. Cost $10.30 Unrealized —

TTGT TECHTARGET INC 2.2%

Value $4.374M (-11.9%) Shares 1,215,000 (-5.1%) Est. Cost $6.34 Unrealized —

MBC MASTERBRAND INC 1.2%

Value $2.367M (-5.1%) Shares 230,000 (-23.3%) Est. Cost $11.91 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WKC	WORLD KINECT CORPORATION	880,000 (-6.4%)	$28.99M (+33.7%)	14.3%	$26.48	—	COM	981475106
MEC	MAYVILLE ENGR CO INC	441,908 (-28.7%)	$16.55M (+48.7%)	8.2%	$16.39	—	COM	578605107
FND	FLOOR & DECOR HLDGS INC	150,000 (-34.8%)	$8.904M (-23.8%)	4.4%	$68.05	—	CL A	339750101
CPS	COOPER-STANDARD HOLDINGS INC	360,000 (-17.2%)	$9.738M (-19.7%)	4.8%	$32.01	—	COM	21676P103
WTTR	SELECT WATER SOLUTIONS INC	240,000 (-46.7%)	$4.795M (-30.4%)	2.4%	$10.53	—	CL A COM	81617J301
SRI	STONERIDGE INC	700,000 (-9.1%)	$5.124M (+37.8%)	2.5%	$7.22	—	COM	86183P102
GTES	GATES INDL CORP PLC	80,000 (-50.0%)	$2.238M (-38.1%)	1.1%	$21.47	—	ORD SHS	G39108108
DRVN	DRIVEN BRANDS HLDGS INC	400,000 (-25.9%)	$5.576M (-18.1%)	2.8%	$15.81	—	COM	26210V102
ARHS	ARHAUS INC	290,000 (-42.0%)	$2.442M (-28.0%)	1.2%	$10.30	—	COM CL A	04035M102
TTGT	TECHTARGET INC	1,215,000 (-5.1%)	$4.374M (-11.9%)	2.2%	$6.34	—	COM NEW	87874R308
MBC	MASTERBRAND INC	230,000 (-23.3%)	$2.367M (-5.1%)	1.2%	$11.91	—	COMMON STOCK	57638P104