The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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
AGILYSYS ORD COM 00847J105 5,461 96,030 SH   OTR 1 0 0 96,030
AGILYSYS ORD COM 00847J105 1,931 33,960 SH   OTR 2 0 0 33,960
ALEXANDER & BALDWIN INC COM 014491104 3,565 194,576 SH   OTR 1 0 0 194,576
ARGAN ORD COM 04010E109 3,607 75,485 SH   OTR 1 0 0 75,485
ARGAN ORD COM 04010E109 1,232 25,774 SH   OTR 2 0 0 25,774
AVID BIOSERVICES ORD COM 05368M106 17,726 691,087 SH   SOLE   691,087 0 0
AVID BIOSERVICES ORD COM 05368M106 8,723 340,090 SH   OTR 1 0 0 340,090
AVID BIOSERVICES ORD COM 05368M106 2,531 98,661 SH   OTR 2 0 0 98,661
BGC PARTNERS CL A ORD COM 05541T101 13,046 2,300,820 SH   SOLE   2,300,820 0 0
B RILEY FINANCIAL ORD COM 05580M108 1,517 20,090 SH   OTR 2 0 0 20,090
BAKER HUGHES CL A ORD COM 05722G100 14,370 628,340 SH   SOLE   628,340 0 0
CABLE ONE ORD COM 12685J105 12,529 6,550 SH   SOLE   6,550 0 0
CHASE ORD COM 16150R104 3,854 37,562 SH   OTR 1 0 0 37,562
CHASE ORD COM 16150R104 1,216 11,854 SH   OTR 2 0 0 11,854
CONCRETE PUMPING HOLDINGS ORD COM 206704108 1,866 220,260 SH   OTR 1 0 0 220,260
CONCRETE PUMPING HOLDINGS ORD COM 206704108 1,064 125,677 SH   OTR 2 0 0 125,677
DOLLAR GENERAL ORD COM 256677105 12,577 58,120 SH   SOLE   58,120 0 0
EPLUS ORD COM 294268107 8,835 101,920 SH   SOLE   101,920 0 0
EPLUS ORD COM 294268107 2,480 28,611 SH   OTR 1 0 0 28,611
EPLUS ORD COM 294268107 1,313 15,143 SH   OTR 2 0 0 15,143
FIRSTSERVICE SUB VTG ORD COM 33767E202 5,339 31,175 SH   OTR 1 0 0 31,175
HACKETT GROUP ORD COM 404609109 3,105 172,319 SH   OTR 1 0 0 172,319
HACKETT GROUP ORD COM 404609109 1,385 76,856 SH   OTR 2 0 0 76,856
IES ORD COM 44951W106 5,312 103,435 SH   OTR 1 0 0 103,435
IES ORD COM 44951W106 1,801 35,065 SH   OTR 2 0 0 35,065
MARRIOTT INTERNATIONAL CL A ORD COM 571903202 13,283 97,300 SH   SOLE   97,300 0 0
MUELLER INDUSTRIES ORD COM 624756102 4,438 102,469 SH   OTR 1 0 0 102,469
NVR ORD COM 62944T105 12,085 2,430 SH   SOLE   2,430 0 0
NOMAD FOODS ORD COM G6564A105 12,790 452,440 SH   SOLE   452,440 0 0
NOMAD FOODS ORD COM G6564A105 4,855 171,725 SH   OTR 1 0 0 171,725
NORTHRIM BANCORP ORD COM 666762109 3,418 79,959 SH   OTR 1 0 0 79,959
NORTHRIM BANCORP ORD COM 666762109 1,373 32,112 SH   OTR 2 0 0 32,112
OCEAN BIO CHEM ORD COM 674631106 1,159 94,996 SH   OTR 2 0 0 94,996
PALANTIR TECHNOLOGIES CL A ORD COM 69608A108 15,299 580,400 SH   SOLE   580,400 0 0
PAR PACIFIC HOLDINGS ORD COM 69888T207 3,220 191,439 SH   OTR 1 0 0 191,439
PAR PACIFIC HOLDINGS ORD COM 69888T207 1,117 66,434 SH   OTR 2 0 0 66,434
QAD CL A ORD COM 74727D306 13,984 160,693 SH   SOLE   160,693 0 0
QAD CL A ORD COM 74727D306 6,380 73,319 SH   OTR 1 0 0 73,319
QAD CL A ORD COM 74727D306 2,013 23,136 SH   OTR 2 0 0 23,136
SAFETY INSURANCE GROUP ORD COM 78648T100 3,272 41,802 SH   OTR 1 0 0 41,802
SIGA TECHNOLOGIES ORD COM 826917106 2,793 444,790 SH   OTR 1 0 0 444,790
SIGA TECHNOLOGIES ORD COM 826917106 1,017 161,882 SH   OTR 2 0 0 161,882
STEWART INFO SVC ORD COM 860372101 726 12,809 SH   OTR 2 0 0 12,809
STONEX GROUP ORD COM 861896108 15,957 263,009 SH   SOLE   263,009 0 0
STONEX GROUP ORD COM 861896108 4,509 74,317 SH   OTR 1 0 0 74,317
SUNSTONE HOTEL INVESTORS REIT ORD COM 867892101 4,689 377,541 SH   OTR 1 0 0 377,541
UFP TECHNOLOGIES ORD COM 902673102 4,803 83,653 SH   OTR 1 0 0 83,653
UFP TECHNOLOGIES ORD COM 902673102 1,644 28,627 SH   OTR 2 0 0 28,627
UNITEDHEALTH GRP ORD COM 91324P102 13,891 34,690 SH   SOLE   34,690 0 0
VILLAGE SUPER MARKET CL A ORD COM 927107409 1,114 47,385 SH   OTR 2 0 0 47,385
WINMARK ORD COM 974250102 2,551 13,282 SH   OTR 1 0 0 13,282
WINMARK ORD COM 974250102 1,217 6,334 SH   OTR 2 0 0 6,334