Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GDOT	GREEN DOT CORP	473,023	$6.391M	4.3%	$13.51	—	CL A	39304D102
EVC	ENTRAVISION COMMUNICATIONS C	258,348	$3.369M	2.3%	$13.04	—	CL A	29382R107
LWAY	LIFEWAY FOODS INC	39,412	$1.176M	0.8%	$29.84	—	COM	531914109
NRP	NATURAL RESOURCE PARTNERS LP	4,000	$388K	0.3%	$88.97	—	CALL	63900P608
PRT	PERMROCK ROYALTY TRUST	143,576	$322K	0.2%	$2.24	—	TR UNIT	714254109
TLYS	TILLYS INC	20,500	$86,100	0.1%	$4.20	—	CL A	886885102

Increased Positions (12)

FND FLOOR & DECOR HLDGS INC 7.6%

Value $11.13M (+182.9%) Shares 187,534 (+142.1%) Est. Cost $63.73 Unrealized —

NRP NATURAL RESOURCE PARTNERS LP 14.2%

Value $20.88M (-17.6%) Shares 215,216 (+2.7%) Est. Cost $88.97 Unrealized —

MU MICRON TECHNOLOGY INC 1.7%

Value $2.539M (+526.4%) Shares 2,200 (+83.3%) Est. Cost — Unrealized —

RAVE RAVE RESTAURANT GROUP INC 1.6%

Value $2.294M (+439.4%) Shares 701,483 (+337.1%) Est. Cost $3.19 Unrealized —

FPH FIVE POINT HOLDINGS LLC 2.3%

Value $3.383M (+73.8%) Shares 641,995 (+59.6%) Est. Cost $5.67 Unrealized —

DIS DISNEY WALT CO 3.8%

Value $5.592M (+20.9%) Shares 58,095 (+21.1%) Est. Cost $107.17 Unrealized —

GLW CORNING INC 0.8%

Value $1.226M (+350.9%) Shares 4,800 (+140.0%) Est. Cost — Unrealized —

V VISA INC 3.7%

Value $5.428M (+18.2%) Shares 15,820 (+4.1%) Est. Cost $236.16 Unrealized —

INTU INTUIT 1.1%

Value $1.662M (-28.3%) Shares 6,370 (+18.7%) Est. Cost $460.24 Unrealized —

NFLX NETFLIX INC. 2.5%

Value $3.606M (-8.8%) Shares 50,507 (+22.8%) Est. Cost $81.53 Unrealized —

CHCI COMSTOCK HLDG COS INC 0.9%

Value $1.285M (-6.1%) Shares 80,350 (+11.2%) Est. Cost $13.82 Unrealized —

BSM BLACK STONE MINERALS L P 5.9%

Value $8.618M (-0.4%) Shares 616,921 (+7.8%) Est. Cost $13.46 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FND	FLOOR & DECOR HLDGS INC	187,534 (+142.1%)	$11.13M (+182.9%)	7.6%	$63.73	—	CL A	339750101
NRP	NATURAL RESOURCE PARTNERS LP	215,216 (+2.7%)	$20.88M (-17.6%)	14.2%	$88.97	—	COM UNIT LTD PAR	63900P608
MU	MICRON TECHNOLOGY INC	2,200 (+83.3%)	$2.539M (+526.4%)	1.7%	—	—	PUT	595112103
RAVE	RAVE RESTAURANT GROUP INC	701,483 (+337.1%)	$2.294M (+439.4%)	1.6%	$3.19	—	COM	754198109
FPH	FIVE POINT HOLDINGS LLC	641,995 (+59.6%)	$3.383M (+73.8%)	2.3%	$5.67	—	COM CL A	33833Q106
DIS	DISNEY WALT CO	58,095 (+21.1%)	$5.592M (+20.9%)	3.8%	$107.17	—	COM	254687106
GLW	CORNING INC	4,800 (+140.0%)	$1.226M (+350.9%)	0.8%	—	—	PUT	219350105
V	VISA INC	15,820 (+4.1%)	$5.428M (+18.2%)	3.7%	$236.16	—	COM CL A	92826C839
INTU	INTUIT	6,370 (+18.7%)	$1.662M (-28.3%)	1.1%	$460.24	—	COM	461202103
NFLX	NETFLIX INC.	50,507 (+22.8%)	$3.606M (-8.8%)	2.5%	$81.53	—	COM	64110L106
CHCI	COMSTOCK HLDG COS INC	80,350 (+11.2%)	$1.285M (-6.1%)	0.9%	$13.82	—	CL A NEW	205684202
BSM	BLACK STONE MINERALS L P	616,921 (+7.8%)	$8.618M (-0.4%)	5.9%	$13.46	—	COM UNIT	09225M101

Exited Positions (2)

WDAY WORKDAY INC 0.8%

Value $1.152M Shares 8,868 Est. Cost $172.62 Unrealized —

PHM PULTE GROUP INC 0.2%

Value $275K Shares 2,336 Est. Cost $40.72 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WDAY	WORKDAY INC	8,868	$1.152M	0.8%	$172.62	—	—	98138H101
PHM	PULTE GROUP INC	2,336	$275K	0.2%	$40.72	—	—	745867101

Decreased Positions (13)

PBI PITNEY BOWES INC 11.1%

Value $16.37M (+33.6%) Shares 934,244 (-15.7%) Est. Cost $10.38 Unrealized —

CNK CINEMARK HLDGS INC 1.7%

Value $2.539M (-61.2%) Shares 80,004 (-65.2%) Est. Cost $22.22 Unrealized —

TEAM ATLASSIAN CORPORATION 0.4%

Value $647K (-79.3%) Shares 8,312 (-81.9%) Est. Cost $113.29 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.5%

Value $790K (-68.7%) Shares 1,900 (-79.6%) Est. Cost $337.21 Unrealized —

CRC CALIFORNIA RES CORP 3.0%

Value $4.468M (-24.6%) Shares 84,510 (-1.3%) Est. Cost $47.17 Unrealized —

MCS MARCUS CORP DEL 5.0%

Value $7.334M (-15.4%) Shares 312,599 (-38.1%) Est. Cost $14.87 Unrealized —

PBI PITNEY BOWES INC 0.0%

Value $35,040 (-92.3%) Shares 2,000 (-95.1%) Est. Cost $10.38 Unrealized —

BVFL BV FINL INC 0.2%

Value $367K (-39.3%) Shares 17,314 (-45.1%) Est. Cost $12.38 Unrealized —

WMT WALMART INC 1.2%

Value $1.744M (-11.7%) Shares 15,400 (-3.1%) Est. Cost — Unrealized —

SRBK SR BANCORP INC 2.8%

Value $4.104M (+4.4%) Shares 208,552 (-10.5%) Est. Cost $15.74 Unrealized —

LE LANDS END INC NEW 0.6%

Value $907K (-12.9%) Shares 86,587 (-6.5%) Est. Cost $16.73 Unrealized —

DOUG DOUGLAS ELLIMAN INC 1.6%

Value $2.365M (+5.4%) Shares 1,336,220 (-2.3%) Est. Cost $2.57 Unrealized —

MRP MILLROSE PPTYS INC 0.6%

Value $945K (+1.9%) Shares 31,460 (-5.1%) Est. Cost $29.87 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PBI	PITNEY BOWES INC	934,244 (-15.7%)	$16.37M (+33.6%)	11.1%	$10.38	—	COM	724479100
CNK	CINEMARK HLDGS INC	80,004 (-65.2%)	$2.539M (-61.2%)	1.7%	$22.22	—	COM	17243V102
TEAM	ATLASSIAN CORPORATION	8,312 (-81.9%)	$647K (-79.3%)	0.4%	$113.29	—	CL A	049468101
UNH	UNITEDHEALTH GROUP INC	1,900 (-79.6%)	$790K (-68.7%)	0.5%	$337.21	—	COM	91324P102
CRC	CALIFORNIA RES CORP	84,510 (-1.3%)	$4.468M (-24.6%)	3.0%	$47.17	—	COM STOCK	13057Q305
MCS	MARCUS CORP DEL	312,599 (-38.1%)	$7.334M (-15.4%)	5.0%	$14.87	—	COM	566330106
PBI	PITNEY BOWES INC	2,000 (-95.1%)	$35,040 (-92.3%)	0.0%	$10.38	—	CALL	724479100
BVFL	BV FINL INC	17,314 (-45.1%)	$367K (-39.3%)	0.2%	$12.38	—	COM NEW	05603E208
WMT	WALMART INC	15,400 (-3.1%)	$1.744M (-11.7%)	1.2%	—	—	PUT	931142103
SRBK	SR BANCORP INC	208,552 (-10.5%)	$4.104M (+4.4%)	2.8%	$15.74	—	COM	85227J106
LE	LANDS END INC NEW	86,587 (-6.5%)	$907K (-12.9%)	0.6%	$16.73	—	COM	51509F105
DOUG	DOUGLAS ELLIMAN INC	1,336,220 (-2.3%)	$2.365M (+5.4%)	1.6%	$2.57	—	COM	25961D105
MRP	MILLROSE PPTYS INC	31,460 (-5.1%)	$945K (+1.9%)	0.6%	$29.87	—	COM CL A	601137102

Unchanged Positions (7)

FCNCA FIRST CTZNS BANCSHARES INC D 9.0%

Value $13.17M Shares 6,329 Est. Cost $1668.67 Unrealized —

SLV ISHARES SILVER TR 1.4%

Value $2.037M Shares 38,100 Est. Cost — Unrealized —

CPRT COPART INC 1.8%

Value $2.673M Shares 94,828 Est. Cost $37.91 Unrealized —

GFR GREENFIRE RES LTD NEW 2.6%

Value $3.815M Shares 675,236 Est. Cost $4.75 Unrealized —

NVR NVR INC 0.9%

Value $1.26M Shares 185 Est. Cost $4759.46 Unrealized —

NC NACCO INDS INC 0.7%

Value $1.032M Shares 20,626 Est. Cost $45.82 Unrealized —

MSFT MICROSOFT CORP 0.7%

Value $1.082M Shares 2,900 Est. Cost $325.70 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FCNCA	FIRST CTZNS BANCSHARES INC D	6,329	$13.17M	9.0%	$1668.67	—	CL A	31946M103
SLV	ISHARES SILVER TR	38,100	$2.037M	1.4%	—	—	PUT	46428Q109
CPRT	COPART INC	94,828	$2.673M	1.8%	$37.91	—	COM	217204106
GFR	GREENFIRE RES LTD NEW	675,236	$3.815M	2.6%	$4.75	—	COM SHS	39525U107
NVR	NVR INC	185	$1.26M	0.9%	$4759.46	—	COM	62944T105
NC	NACCO INDS INC	20,626	$1.032M	0.7%	$45.82	—	CL A	629579103
MSFT	MICROSOFT CORP	2,900	$1.082M	0.7%	$325.70	—	COM	594918104