The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| COLUMN 1 | COLUMN 2 | COLUMN 3 | COLUMN 4 | COLUMN 5 | COLUMN 6 | COLUMN 7 | COLUMN 8 | ||||
| VALUE | SHRS OR | SH/ | PUT/ | INVESTMENT | OTHER | VOTING AUTHORITY | |||||
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| Agnico Eagle Mines Ltd | COM | 008474108 | 3,232,710 | 40,123 | SH | SOLE | 0 | 40,123 | 0 | 0 | |
| Alcoa Corp | COM | 013872106 | 771,700 | 20,000 | SH | SOLE | 0 | 20,000 | 0 | 0 | |
| Andersons Inc | COM | 034164103 | 1,932,126 | 38,550 | SH | SOLE | 0 | 38,550 | 0 | 0 | |
| Bar Harbor Bankshares | COM | 066849100 | 1,316,436 | 42,686 | SH | SOLE | 0 | 42,686 | 0 | 0 | |
| Barrick Gold Corp | COM | 067901108 | 3,042,405 | 153,000 | SH | SOLE | 0 | 153,000 | 0 | 0 | |
| Blue Bird Corp | COM | 095306106 | 2,752,968 | 57,417 | SH | SOLE | 0 | 57,417 | 0 | 0 | |
| Brunswick Corp | COM | 117043109 | 3,428,238 | 40,900 | SH | SOLE | 0 | 40,900 | 0 | 0 | |
| Build-A-Bear Workshop Inc | COM | 120076104 | 25,186,942 | 732,911 | SH | SOLE | 0 | 732,911 | 0 | 0 | |
| CF Industries Holdings Inc | COM | 125269100 | 3,775,400 | 44,000 | SH | SOLE | 0 | 44,000 | 0 | 0 | |
| CVR Partners LP | COM | 126633205 | 3,071,112 | 45,717 | SH | SOLE | 0 | 45,717 | 0 | 0 | |
| Capital Bancorp Inc | COM | 139737100 | 1,184,286 | 46,162 | SH | SOLE | 0 | 46,162 | 0 | 0 | |
| Central Pacific Financial Corp | COM NEW | 154760409 | 1,330,024 | 45,055 | SH | SOLE | 0 | 45,055 | 0 | 0 | |
| Citizens Financial Group Inc | COM | 174610105 | 610,498 | 14,863 | SH | SOLE | 0 | 14,863 | 0 | 0 | |
| Citizens Financial Services Inc | COM | 174615104 | 896,674 | 15,354 | SH | SOLE | 0 | 15,354 | 0 | 0 | |
| Cleaveland-Cliffs Inc | COM | 185899101 | 945,275 | 74,000 | SH | SOLE | 0 | 74,000 | 0 | 0 | |
| Columbia Banking System Inc | COM | 197236102 | 266,921 | 10,221 | SH | SOLE | 0 | 10,221 | 0 | 0 | |
| Coty Inc | COM CL A | 222070203 | 2,411,945 | 257,000 | SH | SOLE | 0 | 257,000 | 0 | 0 | |
| Crown Crafts Inc | COM | 228309100 | 1,900,879 | 396,326 | SH | SOLE | 0 | 396,326 | 0 | 0 | |
| DXP Enterprises Inc | COM NEW | 233377407 | 1,157,081 | 21,654 | SH | SOLE | 0 | 21,654 | 0 | 0 | |
| Deere & Co | COM | 244199105 | 4,799,245 | 11,500 | SH | SOLE | 0 | 11,500 | 0 | 0 | |
| Denison Mines Corp | COM | 248356107 | 3,088,873 | 1,687,909 | SH | SOLE | 0 | 1,687,909 | 0 | 0 | |
| Eastern Co | COM | 276317104 | 1,319,735 | 40,922 | SH | SOLE | 0 | 40,922 | 0 | 0 | |
| ENNIS INC | COM | 293389102 | 249,937 | 10,277 | SH | SOLE | 0 | 10,277 | 0 | 0 | |
| Epsilon Energy Ltd | COM | 294375209 | 855,772 | 146,411 | SH | SOLE | 0 | 146,411 | 0 | 0 | |
| Escalade Inc | COM | 296056104 | 1,176,726 | 83,886 | SH | SOLE | 0 | 83,886 | 0 | 0 | |
| Espey MFG and Electronics Corp | COM | 296650104 | 1,297,516 | 43,114 | SH | SOLE | 0 | 43,114 | 0 | 0 | |
| FIRST BANCORP N C | COM | 318910106 | 240,765 | 5,789 | SH | SOLE | 0 | 5,789 | 0 | 0 | |
| First Business Financial Services Inc | COM | 319390100 | 3,039,586 | 66,774 | SH | SOLE | 0 | 66,774 | 0 | 0 | |
| Fortuna Mining Corp | COM NEW | 349942102 | 1,672,200 | 360,000 | SH | SOLE | 0 | 360,000 | 0 | 0 | |
| L.B. Foster Co | COM | 350060109 | 960,534 | 46,944 | SH | SOLE | 0 | 46,944 | 0 | 0 | |
| Friedman Industries Inc | COM | 358435105 | 6,643,827 | 419,816 | SH | SOLE | 0 | 419,816 | 0 | 0 | |
| Garrett Motion Inc | COM | 366505105 | 2,837,501 | 347,520 | SH | SOLE | 0 | 347,520 | 0 | 0 | |
| Gencor Industries Inc | COM | 368678108 | 1,818,301 | 87,294 | SH | SOLE | 0 | 87,294 | 0 | 0 | |
| Graham Corp | COM | 384556106 | 1,880,445 | 63,550 | SH | SOLE | 0 | 63,550 | 0 | 0 | |
| Greenbrier Companies Inc | COM | 393657101 | 4,776,837 | 93,949 | SH | SOLE | 0 | 93,949 | 0 | 0 | |
| Group 1 Automotive Inc | COM | 398905109 | 5,901,357 | 15,400 | SH | SOLE | 0 | 15,400 | 0 | 0 | |
| Gulf Island Fabrication Inc | COM | 402307102 | 1,343,874 | 241,270 | SH | SOLE | 0 | 241,270 | 0 | 0 | |
| Hanmi Financial Corp | COM NEW | 410495204 | 959,029 | 51,533 | SH | SOLE | 0 | 51,533 | 0 | 0 | |
| Hawkins Inc | COM | 420261109 | 11,745,023 | 92,024 | SH | SOLE | 0 | 92,024 | 0 | 0 | |
| Hayward Holdings Inc | COM | 421298100 | 5,182,448 | 337,949 | SH | SOLE | 0 | 337,949 | 0 | 0 | |
| Helmerich and Payne Inc | COM | 423452101 | 1,739,738 | 57,200 | SH | SOLE | 0 | 57,200 | 0 | 0 | |
| Hingham Institution For Savings | COM | 433323102 | 4,413,999 | 18,227 | SH | SOLE | 0 | 18,227 | 0 | 0 | |
| Hyster-Yale Materials Handling Inc | CL A | 449172105 | 2,564,358 | 40,241 | SH | SOLE | 0 | 40,241 | 0 | 0 | |
| Innovex International Inc | COM | 457651107 | 3,276,726 | 223,591 | SH | SOLE | 0 | 223,591 | 0 | 0 | |
| Johnson Outdoors Inc | CL A | 479167108 | 3,838,691 | 105,925 | SH | SOLE | 0 | 105,925 | 0 | 0 | |
| Kewaunee Scientific Corp | COM | 492854104 | 1,446,455 | 42,958 | SH | SOLE | 0 | 42,958 | 0 | 0 | |
| Vital Energy Inc | COM | 516806205 | 646,734 | 24,002 | SH | SOLE | 0 | 24,002 | 0 | 0 | |
| Lifeway Foods Inc | COM | 531914109 | 1,551,642 | 59,782 | SH | SOLE | 0 | 59,782 | 0 | 0 | |
| LIMONEIRA COMPANY | COM | 532746104 | 269,320 | 10,163 | SH | SOLE | 0 | 10,163 | 0 | 0 | |
| Manitex International Inc | COM | 563420108 | 6,775,535 | 1,202,466 | SH | SOLE | 0 | 1,202,466 | 0 | 0 | |
| Manitowoc Company Inc | COM NEW | 563571405 | 228,575 | 23,750 | SH | SOLE | 0 | 23,750 | 0 | 0 | |
| MarineMax Inc | COM | 567908108 | 4,727,507 | 134,149 | SH | SOLE | 0 | 134,149 | 0 | 0 | |
| Marine Products Corp | COM | 568427108 | 2,900,534 | 297,992 | SH | SOLE | 0 | 297,992 | 0 | 0 | |
| Martin Midstream Partners LP | UNIT L P INT | 573331105 | 953,345 | 260,833 | SH | SOLE | 0 | 260,833 | 0 | 0 | |
| Matrix Service Co | COM | 576853105 | 2,129,269 | 184,592 | SH | SOLE | 0 | 184,592 | 0 | 0 | |
| Medallion Financial Corp | COM | 583928106 | 841,629 | 103,545 | SH | SOLE | 0 | 103,545 | 0 | 0 | |
| Mercantile Bank Corp | COM | 587376104 | 2,416,681 | 55,310 | SH | SOLE | 0 | 55,310 | 0 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 1,290,900 | 3,000 | SH | SOLE | 0 | 3,000 | 0 | 0 | |
| MORGAN STANLEY | COM NEW | 617446448 | 521,200 | 5,000 | SH | SOLE | 0 | 5,000 | 0 | 0 | |
| Murphy Usa Inc | COM | 626755102 | 17,432,246 | 35,406 | SH | SOLE | 0 | 35,406 | 0 | 0 | |
| Myers Industries Inc | COM | 628464109 | 1,059,215 | 76,745 | SH | SOLE | 0 | 76,745 | 0 | 0 | |
| NBT BANCORP INC | COM | 628778102 | 222,610 | 5,033 | SH | SOLE | 0 | 5,033 | 0 | 0 | |
| NN Inc | COM | 629337106 | 1,314,933 | 337,595 | SH | SOLE | 0 | 337,595 | 0 | 0 | |
| New York Community Bancorp Inc | COM NEW | 649445400 | 485,768 | 43,237 | SH | SOLE | 0 | 43,237 | 0 | 0 | |
| Northrim BanCorp Inc | COM | 666762109 | 5,475,850 | 77,095 | SH | SOLE | 0 | 77,095 | 0 | 0 | |
| PACKAGING CORP OF AMERICA | COM | 695156109 | 495,420 | 2,300 | SH | SOLE | 0 | 2,300 | 0 | 0 | |
| Patrick Industries Inc | COM | 703343103 | 5,009,518 | 35,201 | SH | SOLE | 0 | 35,201 | 0 | 0 | |
| PEOPLES BANCORP OF NC | COM | 710577107 | 544,895 | 21,461 | SH | SOLE | 0 | 21,461 | 0 | 0 | |
| Plumas Bancorp | COM | 729273102 | 6,067,991 | 149,779 | SH | SOLE | 0 | 149,779 | 0 | 0 | |
| Preferred Bank | COM NEW | 740367404 | 3,290,311 | 41,034 | SH | SOLE | 0 | 41,034 | 0 | 0 | |
| Scotts Miracle-Gro Co | CL A | 810186106 | 10,162,131 | 117,190 | SH | SOLE | 0 | 117,190 | 0 | 0 | |
| Seabridge Gold Inc | COM | 811916105 | 672,000 | 40,000 | SH | SOLE | 0 | 40,000 | 0 | 0 | |
| SOUTHSTATE CORP | COM | 840441109 | 252,765 | 2,601 | SH | SOLE | 0 | 2,601 | 0 | 0 | |
| Southern First Bancshares Inc | COM | 842873101 | 430,844 | 12,591 | SH | SOLE | 0 | 12,591 | 0 | 0 | |
| Sterling Construction Company Inc | COM | 859241101 | 11,431,899 | 78,857 | SH | SOLE | 0 | 78,857 | 0 | 0 | |
| Strattec Security Corp | COM | 863111100 | 1,829,867 | 43,094 | SH | SOLE | 0 | 43,094 | 0 | 0 | |
| Superior Group of Companies Inc | COM | 868358102 | 984,443 | 63,540 | SH | SOLE | 0 | 63,540 | 0 | 0 | |
| Ascent Industries Co | COM | 871565107 | 1,913,947 | 197,824 | SH | SOLE | 0 | 197,824 | 0 | 0 | |
| Taylor Devices Inc | COM | 877163105 | 1,165,673 | 23,599 | SH | SOLE | 0 | 23,599 | 0 | 0 | |
| Thor Industries Inc | COM | 885160101 | 2,549,567 | 23,205 | SH | SOLE | 0 | 23,205 | 0 | 0 | |
| Thryv Holdings Inc | COM NEW | 886029206 | 1,174,817 | 68,224 | SH | SOLE | 0 | 68,224 | 0 | 0 | |
| Timberland Bancorp Inc | COM | 887098101 | 1,619,340 | 53,633 | SH | SOLE | 0 | 53,633 | 0 | 0 | |
| Toll Brothers Inc | COM | 889478103 | 3,398,010 | 22,000 | SH | SOLE | 0 | 22,000 | 0 | 0 | |
| UFP Technologies Inc | COM | 902673102 | 21,069,765 | 66,573 | SH | SOLE | 0 | 66,573 | 0 | 0 | |
| Valmont Industries Inc | COM | 920253101 | 5,453,504 | 18,800 | SH | SOLE | 0 | 18,800 | 0 | 0 | |
| Virginia National Bankshares Corp | COM | 928031103 | 1,258,943 | 30,269 | SH | SOLE | 0 | 30,269 | 0 | 0 | |
| Climb Global Solutions Inc | COM | 946760105 | 19,272,104 | 194,280 | SH | SOLE | 0 | 194,280 | 0 | 0 | |
| Westwood Holdings Group Inc | COM | 961765104 | 972,258 | 68,680 | SH | SOLE | 0 | 68,680 | 0 | 0 | |
| Willamette Valley Vineyards Inc | COM | 969136100 | 34,300 | 10,000 | SH | SOLE | 0 | 10,000 | 0 | 0 | |
| Winnebago Industries Inc | COM | 974637100 | 8,439,570 | 145,223 | SH | SOLE | 0 | 145,223 | 0 | 0 | |
| Worthington Enterprises Inc | COM | 981811102 | 1,077,967 | 26,019 | SH | SOLE | 0 | 26,019 | 0 | 0 | |
| Worthington Steel Inc | COM SHS | 982104101 | 1,673,826 | 49,194 | SH | SOLE | 0 | 49,194 | 0 | 0 | |
| Home Bancorp Inc | COM | 43689E107 | 1,114,238 | 24,985 | SH | SOLE | 0 | 24,985 | 0 | 0 | |
| Pennant Group Inc | COM | 70805E109 | 12,253,908 | 343,340 | SH | SOLE | 0 | 343,340 | 0 | 0 | |
| Alta Equipment Group Inc | COMMON STOCK | 02128L106 | 1,044,390 | 155,069 | SH | SOLE | 0 | 155,069 | 0 | 0 | |
| Ameris Bancorp | COM | 03076K108 | 1,183,867 | 18,968 | SH | SOLE | 0 | 18,968 | 0 | 0 | |
| Antero Resources Corp | COM | 03674X106 | 1,433,000 | 50,000 | SH | SOLE | 0 | 50,000 | 0 | 0 | |
| Atlantic Union Bankshares Corp | COM | 04911A107 | 1,097,081 | 29,118 | SH | SOLE | 0 | 29,118 | 0 | 0 | |
| BRP Inc | COM SUN VTG | 05577W200 | 1,643,050 | 27,605 | SH | SOLE | 0 | 27,605 | 0 | 0 | |
| Bm Technologies Inc | CL A COM | 05591L107 | 1,512,497 | 444,852 | SH | SOLE | 0 | 444,852 | 0 | 0 | |
| BM Technologies Inc (Warrant 04-01-2026) | *W EXP 01/04/202 | 05591L115 | 8,672 | 279,757 | SH | SOLE | 0 | 279,757 | 0 | 0 | |
| BG Staffing Inc | COM | 05601C105 | 204,823 | 24,834 | SH | SOLE | 0 | 24,834 | 0 | 0 | |
| Bank Ozk | COM | 06417N103 | 1,891,560 | 44,000 | SH | SOLE | 0 | 44,000 | 0 | 0 | |
| BARINGS BDC INC | COM | 06759L103 | 149,989 | 15,305 | SH | SOLE | 0 | 15,305 | 0 | 0 | |
| Bluelinx Holdings Inc | COM NEW | 09624H208 | 5,094,609 | 48,373 | SH | SOLE | 0 | 48,373 | 0 | 0 | |
| Blueprint Medicines Corp | COM | 09627Y109 | 462,275 | 5,000 | SH | SOLE | 0 | 5,000 | 0 | 0 | |
| B2Gold Corp | COM | 11777Q209 | 1,386,000 | 450,000 | SH | SOLE | 0 | 450,000 | 0 | 0 | |
| Builders FirstSource Inc | COM | 12008R107 | 14,548,456 | 75,001 | SH | SOLE | 0 | 75,001 | 0 | 0 | |
| CB Financial Services Inc | COM | 12479G101 | 822,504 | 29,255 | SH | SOLE | 0 | 29,255 | 0 | 0 | |
| CF Bankshares Inc | COM | 12520L109 | 1,119,567 | 51,498 | SH | SOLE | 0 | 51,498 | 0 | 0 | |
| Cameco Corp | COM | 13321L108 | 22,583,079 | 472,706 | SH | SOLE | 0 | 472,706 | 0 | 0 | |
| CARETRUST REIT INC | COM | 14174T107 | 958,913 | 31,073 | SH | SOLE | 0 | 31,073 | 0 | 0 | |
| Celestica Inc | COM | 15101Q207 | 10,052,351 | 196,623 | SH | SOLE | 0 | 196,623 | 0 | 0 | |
| Cenovus Energy Inc | COM | 15135U109 | 4,518,450 | 270,000 | SH | SOLE | 0 | 270,000 | 0 | 0 | |
| Colony Bankcorp Inc | COM | 19623P101 | 1,057,732 | 68,087 | SH | SOLE | 0 | 68,087 | 0 | 0 | |
| COMPASS DIVERSIFIED HOLDINGS | SH BEN INT | 20451Q104 | 338,589 | 15,300 | SH | SOLE | 0 | 15,300 | 0 | 0 | |
| Customers Bancorp Inc | COM | 23204G100 | 1,950,989 | 42,020 | SH | SOLE | 0 | 42,020 | 0 | 0 | |
| DLH Holdings Corp | COM | 23335Q100 | 215,932 | 23,045 | SH | SOLE | 0 | 23,045 | 0 | 0 | |
| DELL TECHNOLOGIES INC CL C | CL C | 24703L202 | 687,532 | 5,800 | SH | SOLE | 0 | 5,800 | 0 | 0 | |
| Dream Finders Homes Inc | COM CL A | 26154D100 | 6,263,131 | 172,943 | SH | SOLE | 0 | 172,943 | 0 | 0 | |
| Ensign Group Inc | COM | 29358P101 | 3,168,080 | 22,010 | SH | SOLE | 0 | 22,010 | 0 | 0 | |
| Evans Bancorp Inc | COM NEW | 29911Q208 | 1,829,369 | 46,943 | SH | SOLE | 0 | 46,943 | 0 | 0 | |
| FS Bancorp Inc | COM | 30263Y104 | 15,982,252 | 358,765 | SH | SOLE | 0 | 358,765 | 0 | 0 | |
| First National Corp | COM | 32106V107 | 641,623 | 35,895 | SH | SOLE | 0 | 35,895 | 0 | 0 | |
| First United Corp | COM | 33741H107 | 3,619,098 | 120,838 | SH | SOLE | 0 | 120,838 | 0 | 0 | |
| Forum Energy Technologies Inc | COM | 34984V209 | 3,416,736 | 221,938 | SH | SOLE | 0 | 221,938 | 0 | 0 | |
| Freeport-McMoRan Inc | CL B | 35671D857 | 5,955,820 | 119,000 | SH | SOLE | 0 | 119,000 | 0 | 0 | |
| Galiano Gold Inc | COM | 36352H100 | 1,153,814 | 815,416 | SH | SOLE | 0 | 815,416 | 0 | 0 | |
| Geospace Technologies Corp | COM | 37364X109 | 1,495,707 | 144,234 | SH | SOLE | 0 | 144,234 | 0 | 0 | |
| Jewett-Cameron Trading Company Ltd | COM NEW | 47733C207 | 251,938 | 50,948 | SH | SOLE | 0 | 50,948 | 0 | 0 | |
| Karat Packaging Inc | COM | 48563L101 | 3,856,092 | 149,143 | SH | SOLE | 0 | 149,143 | 0 | 0 | |
| LCI Industries | COM | 50189K103 | 2,975,373 | 24,652 | SH | SOLE | 0 | 24,652 | 0 | 0 | |
| Landmark Bancorp Inc | COM | 51504L107 | 1,369,270 | 67,595 | SH | SOLE | 0 | 67,595 | 0 | 0 | |
| Lazydays Holdings Inc | COM | 52110H100 | 376,028 | 250,685 | SH | SOLE | 0 | 250,685 | 0 | 0 | |
| M/I Homes Inc | COM | 55305B101 | 12,782,317 | 74,589 | SH | SOLE | 0 | 74,589 | 0 | 0 | |
| MPLX LP | COM UNIT REP LTD | 55336V100 | 222,350 | 5,000 | SH | SOLE | 0 | 5,000 | 0 | 0 | |
| Malibu Boats Inc | COM CL A | 56117J100 | 4,130,690 | 106,369 | SH | SOLE | 0 | 106,369 | 0 | 0 | |
| MasterBrand Inc | COMMON STOCK | 57638P104 | 20,471,953 | 1,104,493 | SH | SOLE | 0 | 1,104,493 | 0 | 0 | |
| Metrocity Bankshares Inc | COM | 59165J105 | 2,424,623 | 79,249 | SH | SOLE | 0 | 79,249 | 0 | 0 | |
| Mid Penn Bancorp Inc | COM | 59540G107 | 1,825,604 | 61,263 | SH | SOLE | 0 | 61,263 | 0 | 0 | |
| Mosaic Co | COM | 61945C103 | 2,436,230 | 90,989 | SH | SOLE | 0 | 90,989 | 0 | 0 | |
| Mr. Cooper Group Inc | COM | 62482R107 | 1,105,620 | 12,000 | SH | SOLE | 0 | 12,000 | 0 | 0 | |
| NVR INC | COM | 62944T105 | 490,590 | 50 | SH | SOLE | 0 | 50 | 0 | 0 | |
| Nov Inc | COM | 62955J103 | 1,989,924 | 124,721 | SH | SOLE | 0 | 124,721 | 0 | 0 | |
| Nexgen Energy Ltd | COM | 65340P106 | 7,697,120 | 1,178,732 | SH | SOLE | 0 | 1,178,732 | 0 | 0 | |
| NVIDIA CORP | COM | 67066G104 | 2,428,800 | 20,000 | SH | SOLE | 0 | 20,000 | 0 | 0 | |
| Nutrien Ltd | COM | 67077M108 | 1,297,515 | 27,000 | SH | SOLE | 0 | 27,000 | 0 | 0 | |
| OneWater Marine Inc | CL A COM | 68280L101 | 1,390,240 | 58,043 | SH | SOLE | 0 | 58,043 | 0 | 0 | |
| Orion Group Holdings Inc | COM | 68628V308 | 2,144,782 | 375,144 | SH | SOLE | 0 | 375,144 | 0 | 0 | |
| Ovintiv Inc | COM | 69047Q102 | 383,050 | 10,000 | SH | SOLE | 0 | 10,000 | 0 | 0 | |
| PBF Energy Inc | CL A | 69318G106 | 1,145,335 | 37,000 | SH | SOLE | 0 | 37,000 | 0 | 0 | |
| Permian Resources Corp | CLASS A COM | 71424F105 | 2,432,764 | 178,814 | SH | SOLE | 0 | 178,814 | 0 | 0 | |
| PINNACLE FINANCIAL PARTNERS INC | COM | 72346Q104 | 575,476 | 5,874 | SH | SOLE | 0 | 5,874 | 0 | 0 | |
| PRIMIS FINL CORP | COM | 74167B109 | 255,975 | 21,016 | SH | SOLE | 0 | 21,016 | 0 | 0 | |
| Proficient Auto Logistics Inc | COM | 74317M104 | 7,905,865 | 557,000 | SH | SOLE | 0 | 557,000 | 0 | 0 | |
| Ring Energy Inc | COM | 76680V108 | 940,461 | 585,957 | SH | SOLE | 0 | 585,957 | 0 | 0 | |
| SEACOR Marine Holdings Inc | COM | 78413P101 | 991,591 | 102,490 | SH | SOLE | 0 | 102,490 | 0 | 0 | |
| SM Energy Co | COM | 78454L100 | 1,598,800 | 40,000 | SH | SOLE | 0 | 40,000 | 0 | 0 | |
| SentinelOne Inc | CL A | 81730H109 | 956,600 | 40,000 | SH | SOLE | 0 | 40,000 | 0 | 0 | |
| Six Flags Entertainment Corp | COM | 83001C108 | 2,986,891 | 74,064 | SH | SOLE | 0 | 74,064 | 0 | 0 | |
| STEEL PARTNERS HOLDINGS LTD PARTNERSHIP | LTD PRTRSHIP U | 85814R107 | 924,299 | 22,877 | SH | SOLE | 0 | 22,877 | 0 | 0 | |
| SUPER MICRO COMPUTER INC NEW | COM | 86800U104 | 1,249,200 | 3,000 | SH | SOLE | 0 | 3,000 | 0 | 0 | |
| TEMPUR SEALY INTL INC | COM | 88023U101 | 436,800 | 8,000 | SH | SOLE | 0 | 8,000 | 0 | 0 | |
| Tidewater Inc | COM | 88642R109 | 4,907,151 | 68,359 | SH | SOLE | 0 | 68,359 | 0 | 0 | |
| Tortoise Energy Infrastructure Corp | COM | 89147L886 | 2,593,337 | 66,093 | SH | SOLE | 0 | 66,093 | 0 | 0 | |
| Towne Bank | COM | 89214P109 | 3,856,021 | 116,625 | SH | SOLE | 0 | 116,625 | 0 | 0 | |
| Triple Flag Precious Metals Corp | COM | 89679M104 | 1,925,149 | 119,020 | SH | SOLE | 0 | 119,020 | 0 | 0 | |
| Ufp Industries Inc | COM | 90278Q108 | 8,664,633 | 66,054 | SH | SOLE | 0 | 66,054 | 0 | 0 | |
| Ulta Beauty Inc | COM | 90384S303 | 3,503,160 | 9,000 | SH | SOLE | 0 | 9,000 | 0 | 0 | |
| V2X Inc | COM | 92242T101 | 502,470 | 9,000 | SH | SOLE | 0 | 9,000 | 0 | 0 | |
| Vertiv Holdings Co | COM CL A | 92537N108 | 1,194,360 | 12,000 | SH | SOLE | 0 | 12,000 | 0 | 0 | |
| Village Bank and Trust Financial Corp | COM NEW | 92705T200 | 608,785 | 7,971 | SH | SOLE | 0 | 7,971 | 0 | 0 | |
| Vital Farms Inc | COM | 92847W103 | 4,240,813 | 120,826 | SH | SOLE | 0 | 120,826 | 0 | 0 | |
| West Bancorporation Inc | CAP STK | 95123P106 | 611,538 | 32,156 | SH | SOLE | 0 | 32,156 | 0 | 0 | |
| William Penn Bancorp | COM | 96927A105 | 192,889 | 15,682 | SH | SOLE | 0 | 15,682 | 0 | 0 | |
| YETI HOLDINGS INC | COM | 98585X104 | 533,390 | 13,000 | SH | SOLE | 0 | 13,000 | 0 | 0 | |
| Assured Guaranty Ltd | COM | G0585R106 | 1,747,005 | 21,968 | SH | SOLE | 0 | 21,968 | 0 | 0 | |
| Borr Drilling Ltd | SHS | G1466R173 | 8,619,261 | 1,571,424 | SH | SOLE | 0 | 1,571,424 | 0 | 0 | |
| CAPRI HOLDINGS LTD | SHS | G1890L107 | 318,300 | 7,500 | SH | SOLE | 0 | 7,500 | 0 | 0 | |
| FLEX LNG Ltd | SHS | G35947202 | 1,056,175 | 41,500 | SH | SOLE | 0 | 41,500 | 0 | 0 | |
| Gates Industrial Corporation PLC | ORD SHS | G39108108 | 1,866,577 | 106,388 | SH | SOLE | 0 | 106,388 | 0 | 0 | |
| Weatherford International PLC | ORD SHS | G48833118 | 3,395,600 | 40,000 | SH | SOLE | 0 | 40,000 | 0 | 0 | |
| Noble Corp (Cayman Island) | ORD SHS A | G65431127 | 3,349,399 | 92,640 | SH | SOLE | 0 | 92,640 | 0 | 0 | |
| Roivant Sciences Ltd | SHS | G76279101 | 1,038,150 | 90,000 | SH | SOLE | 0 | 90,000 | 0 | 0 | |
| Seadrill Ltd | COM | G7997W102 | 4,011,872 | 100,953 | SH | SOLE | 0 | 100,953 | 0 | 0 | |
| Smurfit Westrock PLC | SHS | G8267P108 | 4,940,500 | 100,000 | SH | SOLE | 0 | 100,000 | 0 | 0 | |
| TechnipFMC PLC | COM | G87110105 | 4,436,181 | 169,094 | SH | SOLE | 0 | 169,094 | 0 | 0 | |
| Tsakos Energy Navigation Ltd | SHS | G9108L173 | 410,165 | 16,338 | SH | SOLE | 0 | 16,338 | 0 | 0 | |
| Golar LNG Ltd | SHS | G9456A100 | 9,168,823 | 249,390 | SH | SOLE | 0 | 249,390 | 0 | 0 | |
| Valaris Ltd | CL A | G9460G101 | 3,252,271 | 58,321 | SH | SOLE | 0 | 58,321 | 0 | 0 | |
| Bunge Ltd | COM SHS | H11356104 | 2,153,608 | 22,286 | SH | SOLE | 0 | 22,286 | 0 | 0 | |
| Transocean Ltd | REGISTERED SHS | H8817H100 | 425,500 | 100,000 | SH | SOLE | 0 | 100,000 | 0 | 0 | |
| Urogen Pharma Ltd | COM | M96088105 | 1,035,585 | 81,510 | SH | SOLE | 0 | 81,510 | 0 | 0 | |
| Playa Hotels & Resorts NV | SHS | N70544106 | 1,777,058 | 229,150 | SH | SOLE | 0 | 229,150 | 0 | 0 | |
| Scorpio Tankers Inc | SHS | Y7542C130 | 1,444,497 | 20,258 | SH | SOLE | 0 | 20,258 | 0 | 0 | |
