Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MTA	Metalla Royalty and Streaming	463,858	$3.53M	2.2%	$7.61	—	COM	59124U605
—	Uranium Royalty Corp	1,197,988	$3.33M	2.0%	$2.78	—	COM	91703d100
MCFT	MasterCraft Boat Holdings	120,112	$3.101M	1.9%	$25.82	—	COM	57637H103
ECVT	Ecovyst	239,128	$2.977M	1.8%	$12.45	—	COM	27923Q109
ALK	Alaska Air Group	35,185	$1.837M	1.1%	$52.20	—	COM	011659109
MCHB	HomeStreet ⚠	77,704	$1.235M	0.8%	$14.54	—	COM	43785V102
AEO	AMERICAN EAGLE OUTFITTER	60,550	$1.041M	0.6%	$17.20	—	COM	02553E106
ITRI	ITRON INC	11,730	$1.015M	0.6%	$86.53	—	COM	465741106
EQX	Equinox Gold	84,050	$817K	0.5%	$9.72	—	COM	29446Y502

Increased Positions (20)

CBRL Cracker Barrel Old Country Sto 6.3%

Value $10.38M (+217.3%) Shares 194,671 (+67.3%) Est. Cost $40.22 Unrealized —

PGNY Progyny Inc 6.4%

Value $10.42M (+144.9%) Shares 361,429 (+44.2%) Est. Cost $24.97 Unrealized —

PACK Ranpack Holdings Corp 4.9%

Value $8.028M (+226.4%) Shares 1,098,157 (+59.4%) Est. Cost $6.06 Unrealized —

PUBM PubMatic 5.6%

Value $9.104M (+128.9%) Shares 693,903 (+42.7%) Est. Cost $9.87 Unrealized —

ARHS Arhaus Inc 4.8%

Value $7.802M (+104.9%) Shares 926,656 (+65.0%) Est. Cost $9.58 Unrealized —

HZO MarineMax Inc 4.9%

Value $8.11M (+75.9%) Shares 221,470 (+30.0%) Est. Cost $27.98 Unrealized —

NOA NORTH AMERICAN CONSTRUCTION GR 3.2%

Value $5.238M (+140.6%) Shares 393,867 (+143.8%) Est. Cost $14.23 Unrealized —

ORN ORION MARINE GROUP INC 3.8%

Value $6.164M (+93.5%) Shares 366,441 (+25.4%) Est. Cost $11.14 Unrealized —

GOOS Canada Goose Holdings 3.5%

Value $5.755M (+67.7%) Shares 605,130 (+93.5%) Est. Cost $11.34 Unrealized —

INBK FIRST INTERNET BANCORP 3.5%

Value $5.804M (+65.5%) Shares 208,777 (+21.3%) Est. Cost $21.97 Unrealized —

GDOT Green Dot Corp 3.8%

Value $6.283M (+49.4%) Shares 465,030 (+24.1%) Est. Cost $12.63 Unrealized —

METC Ramaco Resources 2.6%

Value $4.29M (+78.4%) Shares 324,235 (+108.5%) Est. Cost $16.30 Unrealized —

OPRT Oportun Financial Corp 3.9%

Value $6.476M (+40.2%) Shares 1,134,197 (+13.2%) Est. Cost $5.33 Unrealized —

MCHB Mechanics Bank ⚠ 4.2%

Value $6.832M (+33.2%) Shares 429,680 (+23.6%) Est. Cost $14.54 Unrealized —

FTK Flotek Industries 2.8%

Value $4.555M (+40.1%) Shares 193,682 (+1.1%) Est. Cost $15.99 Unrealized —

TLYS TILLY'S INC CL A 2.2%

Value $3.667M (+46.2%) Shares 873,110 (+41.0%) Est. Cost $2.33 Unrealized —

GROY Gold Royalty 2.1%

Value $3.401M (+23.4%) Shares 1,232,072 (+60.1%) Est. Cost $3.43 Unrealized —

YTRA Yatra Online Inc. 1.5%

Value $2.524M (-14.2%) Shares 2,678,415 (+1.1%) Est. Cost $1.64 Unrealized —

METCB Ramaco Resources Inc 0.9%

Value $1.463M (-13.5%) Shares 171,062 (+3.2%) Est. Cost $13.99 Unrealized —

KRMD KORU Medical Systems 2.1%

Value $3.475M (-0.8%) Shares 827,393 (+2.0%) Est. Cost $4.85 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CBRL	Cracker Barrel Old Country Sto	194,671 (+67.3%)	$10.38M (+217.3%)	6.3%	$40.22	—	COM	22410J106
PGNY	Progyny Inc	361,429 (+44.2%)	$10.42M (+144.9%)	6.4%	$24.97	—	COM	74340E103
PACK	Ranpack Holdings Corp	1,098,157 (+59.4%)	$8.028M (+226.4%)	4.9%	$6.06	—	COM	75321W103
PUBM	PubMatic	693,903 (+42.7%)	$9.104M (+128.9%)	5.6%	$9.87	—	COM	74467Q103
ARHS	Arhaus Inc	926,656 (+65.0%)	$7.802M (+104.9%)	4.8%	$9.58	—	COM	04035M102
HZO	MarineMax Inc	221,470 (+30.0%)	$8.11M (+75.9%)	4.9%	$27.98	—	COM	567908108
NOA	NORTH AMERICAN CONSTRUCTION GR	393,867 (+143.8%)	$5.238M (+140.6%)	3.2%	$14.23	—	COM	656811106
ORN	ORION MARINE GROUP INC	366,441 (+25.4%)	$6.164M (+93.5%)	3.8%	$11.14	—	COM	68628V308
GOOS	Canada Goose Holdings	605,130 (+93.5%)	$5.755M (+67.7%)	3.5%	$11.34	—	COM	135086106
INBK	FIRST INTERNET BANCORP	208,777 (+21.3%)	$5.804M (+65.5%)	3.5%	$21.97	—	COM	320557101
GDOT	Green Dot Corp	465,030 (+24.1%)	$6.283M (+49.4%)	3.8%	$12.63	—	COM	39304D102
METC	Ramaco Resources	324,235 (+108.5%)	$4.29M (+78.4%)	2.6%	$16.30	—	COM	75134P600
OPRT	Oportun Financial Corp	1,134,197 (+13.2%)	$6.476M (+40.2%)	3.9%	$5.33	—	COM	68376D104
MCHB	Mechanics Bank ⚠	429,680 (+23.6%)	$6.832M (+33.2%)	4.2%	$14.54	—	COM	43785V102
FTK	Flotek Industries	193,682 (+1.1%)	$4.555M (+40.1%)	2.8%	$15.99	—	COM	343389409
TLYS	TILLY'S INC CL A	873,110 (+41.0%)	$3.667M (+46.2%)	2.2%	$2.33	—	COM	886885102
GROY	Gold Royalty	1,232,072 (+60.1%)	$3.401M (+23.4%)	2.1%	$3.43	—	COM	38071H106
YTRA	Yatra Online Inc.	2,678,415 (+1.1%)	$2.524M (-14.2%)	1.5%	$1.64	—	COM	G98338109
METCB	Ramaco Resources Inc	171,062 (+3.2%)	$1.463M (-13.5%)	0.9%	$13.99	—	COM	75134P501
KRMD	KORU Medical Systems	827,393 (+2.0%)	$3.475M (-0.8%)	2.1%	$4.85	—	COM	759910102

Exited Positions (3)

CTKB Cytek Biosciences 2.4%

Value $3.855M Shares 882,113 Est. Cost $4.84 Unrealized —

VPG VISHAY PRECISION GROUP INC 2.1%

Value $3.364M Shares 77,476 Est. Cost $35.53 Unrealized —

UROY Uranium Royalty Corp 1.6%

Value $2.563M Shares 702,160 Est. Cost $3.91 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CTKB	Cytek Biosciences	882,113	$3.855M	2.4%	$4.84	—	—	23285D109
VPG	VISHAY PRECISION GROUP INC	77,476	$3.364M	2.1%	$35.53	—	—	92835K103
UROY	Uranium Royalty Corp	702,160	$2.563M	1.6%	$3.91	—	—	91702V101

Decreased Positions (6)

NAT NORDIC AMERICAN TANKER SHIPPIN 2.5%

Value $4.134M (-32.2%) Shares 746,153 (-28.3%) Est. Cost $3.55 Unrealized —

HLX HELIX ENERGY SOLUTIONS GROUP I 2.3%

Value $3.822M (-29.0%) Shares 437,298 (-19.7%) Est. Cost $6.64 Unrealized —

RNGR Ranger Energy Services Inc 1.3%

Value $2.185M (-37.3%) Shares 136,504 (-32.9%) Est. Cost $13.61 Unrealized —

INVX Innovex International 1.8%

Value $2.978M (-28.1%) Shares 120,088 (-29.3%) Est. Cost $20.97 Unrealized —

SEI SOLARIS ENERGY INFRASTRUCTURE 1.0%

Value $1.59M (-42.1%) Shares 19,758 (-59.3%) Est. Cost $48.29 Unrealized —

AESI Atlas Energy Solutions 2.8%

Value $4.67M (+7.1%) Shares 281,131 (-15.4%) Est. Cost $10.30 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NAT	NORDIC AMERICAN TANKER SHIPPIN	746,153 (-28.3%)	$4.134M (-32.2%)	2.5%	$3.55	—	COM	G65773106
HLX	HELIX ENERGY SOLUTIONS GROUP I	437,298 (-19.7%)	$3.822M (-29.0%)	2.3%	$6.64	—	COM	42330P107
RNGR	Ranger Energy Services Inc	136,504 (-32.9%)	$2.185M (-37.3%)	1.3%	$13.61	—	COM	75282U104
INVX	Innovex International	120,088 (-29.3%)	$2.978M (-28.1%)	1.8%	$20.97	—	COM	457651107
SEI	SOLARIS ENERGY INFRASTRUCTURE	19,758 (-59.3%)	$1.59M (-42.1%)	1.0%	$48.29	—	COM	83418M103
AESI	Atlas Energy Solutions	281,131 (-15.4%)	$4.67M (+7.1%)	2.8%	$10.30	—	COM	642045108

Unchanged Positions (2)

XOMA XOMA Corp 1.8%

Value $2.892M Shares 68,053 Est. Cost $26.12 Unrealized —

SND SMART SAND INC 1.9%

Value $3.111M Shares 620,962 Est. Cost $4.59 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOMA	XOMA Corp	68,053	$2.892M	1.8%	$26.12	—	COM	98419J206
SND	SMART SAND INC	620,962	$3.111M	1.9%	$4.59	—	COM	83191H107