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| # | Issuer | Value | Shares | % Portfolio |
|---|---|---|---|---|
| 1 | Northeast Bank | $14.3M | 127534 | 3.10% |
| 2 | Alico Inc | $11.8M | 285332 | 2.55% |
| 3 | Natural Gas Services Group Inc | $11.5M | 305374 | 2.50% |
| 4 | Metropolitan Bank Hld | $11.4M | 136780 | 2.47% |
| 5 | Heritage Insurance Hlds Inc | $10.7M | 405860 | 2.31% |
| 6 | DHI Group | $10.2M | 3629127 | 2.21% |
| 7 | American Public Education | $9.5M | 167651 | 2.06% |
| 8 | JAKKS Pacific Inc | $8.7M | 436939 | 1.88% |
| 9 | Aviat Networks Inc | $8.7M | 383241 | 1.88% |
| 10 | NWPX Infrastructure | $8.6M | 110144 | 1.86% |
| 11 | MotorCar Parts of America Inc | $8.5M | 772421 | 1.85% |
| 12 | Versabank | $8.4M | 590013 | 1.81% |
| 13 | Parke Bancorp | $8.3M | 293439 | 1.80% |
| 14 | Unity Bancorp | $8.2M | 158849 | 1.78% |
| 15 | Bankwell Financial Group | $8.2M | 168000 | 1.76% |
| 16 | Build A Bear Workshop | $8.1M | 215975 | 1.75% |
| 17 | FS Bancorp | $8.0M | 208094 | 1.74% |
| 18 | Twin Disc Inc | $8.0M | 530566 | 1.73% |
| 19 | Kimball Electronics | $7.6M | 322497 | 1.65% |
| 20 | Lakeland Industries | $7.6M | 928981 | 1.65% |
| 21 | First Business Financial Servi | $7.6M | 140892 | 1.65% |
| 22 | American Integrity Insurance | $7.5M | 389420 | 1.63% |
| 23 | Horizon Bancorp | $7.1M | 428647 | 1.54% |
| 24 | Bowman Consulting Grp | $7.0M | 245552 | 1.51% |
| 25 | Capital Bancorp | $6.9M | 231286 | 1.49% |
| 26 | InTest Corp | $6.9M | 502299 | 1.48% |
| 27 | CPI Card Group | $6.8M | 466035 | 1.46% |
| 28 | Five Star Bancorp | $6.7M | 176751 | 1.44% |
| 29 | Hamilton Beach Brands Hld | $6.5M | 344109 | 1.41% |
| 30 | Colony Bankcorp | $6.4M | 321848 | 1.39% |
| 31 | USCB Financial Hlds | $6.3M | 342320 | 1.37% |
| 32 | Rimini Street Inc. | $6.3M | 1913524 | 1.36% |
| 33 | Miller Industries Inc | $6.2M | 136819 | 1.35% |
| 34 | Asure Software | $6.0M | 701778 | 1.31% |
| 35 | Commercial Banc Group | $5.9M | 225506 | 1.27% |
| 36 | RCM Technologies | $5.5M | 285609 | 1.18% |
| 37 | Orrstown Financial Services | $5.3M | 147434 | 1.15% |
| 38 | Red Robin Gourmet Burgers | $5.3M | 1792990 | 1.14% |
| 39 | Kelly Services Cls A | $4.8M | 547245 | 1.05% |
| 40 | Shoe Carnival Inc | $4.8M | 309480 | 1.04% |
| 41 | Alpine Income Property Trust | $4.8M | 266320 | 1.04% |
| 42 | Amtech Systems | $4.7M | 405371 | 1.03% |
| 43 | Chiron Real Estate Inc | $4.4M | 131610 | 0.94% |
| 44 | Mistras Group Inc | $4.2M | 285274 | 0.91% |
| 45 | DMC Global Inc | $4.2M | 804618 | 0.91% |
| 46 | Riverview Bancorp | $4.2M | 755355 | 0.90% |
| 47 | J. Jill Inc | $4.1M | 357366 | 0.89% |
| 48 | Forrester Research | $4.0M | 710847 | 0.87% |
| 49 | Acacia Research Corp | $3.9M | 817242 | 0.85% |
| 50 | Repay Holdings Cls A | $3.7M | 1413377 | 0.80% |
Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.