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
Expires: July 31, 2015
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
89BIO INC COM 282559103 1,945,529 198,119 SH SOLE 198,119 0 0
AKEBIA THERAPEUTICS INC COM 00972D105 194,776 53,510 SH SOLE 53,510 0 0
ARCBEST CORP COM 03937C105 2,015,968 26,178 SH SOLE 26,178 0 0
ARCOSA INC COM 039653100 2,827,700 32,611 SH SOLE 32,611 0 0
ARMSTRONG WORLD INDS INC NEW COM 04247X102 294,991 1,816 SH SOLE 1,816 0 0
ATLAS ENERGY SOLUTIONS INC COM NEW 642045108 937,210 70,098 SH SOLE 70,098 0 0
AXOS FINANCIAL INC COM 05465C100 2,880,851 37,886 SH SOLE 37,886 0 0
AZZ INC COM 002474104 368,661 3,902 SH SOLE 3,902 0 0
BANC OF CALIFORNIA INC COM 05990K106 2,412,624 171,717 SH SOLE 171,717 0 0
BANCORP INC DEL COM 05969A105 6,935,300 121,736 SH SOLE 121,736 0 0
CASEYS GEN STORES INC COM 147528103 204,108 400 SH SOLE 400 0 0
CENTRAL GARDEN & PET CO CL A NON-VTG 153527205 334,146 10,679 SH SOLE 10,679 0 0
CENTRAL GARDEN & PET CO COM 153527106 1,502,890 42,720 SH SOLE 42,720 0 0
CRITEO S A SPONS ADS 226718104 1,313,655 54,827 SH SOLE 54,827 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603 143,472 13,862 SH SOLE 13,862 0 0
DUCOMMUN INC DEL COM 264147109 2,262,244 27,378 SH SOLE 27,378 0 0
ENOVA INTL INC COM 29357K103 2,304,338 20,663 SH SOLE 20,663 0 0
FERROGLOBE PLC SHS G33856108 1,721,780 469,150 SH SOLE 469,150 0 0
FRANKLIN BSP RLTY TR INC COMMON STOCK 35243J101 1,644,421 153,828 SH SOLE 153,828 0 0
FRANKLIN ELEC INC COM 353514102 307,539 3,427 SH SOLE 3,427 0 0
FTAI INFRASTRUCTURE INC COMMON STOCK 35953C106 4,731,057 766,784 SH SOLE 766,784 0 0
GARRETT MOTION INC COM 366505105 3,139,673 298,732 SH SOLE 298,732 0 0
GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 3,431,139 238,771 SH SOLE 238,771 0 0
HERON THERAPEUTICS INC COM 427746102 1,366,061 659,933 SH SOLE 659,933 0 0
HUDBAY MINERALS INC COM 443628102 4,358,832 410,823 SH SOLE 410,823 0 0
INTELLIA THERAPEUTICS INC COM 45826J105 742,971 79,208 SH SOLE 79,208 0 0
NI HLDGS INC COM 65342T106 1,461,686 114,732 SH SOLE 114,732 0 0
NORTH AMERN CONSTR GROUP LTD COM 656811106 2,359,079 147,627 SH SOLE 147,627 0 0
PATHWARD FINANCIAL INC COM 59100U108 1,563,886 19,766 SH SOLE 19,766 0 0
PERFORMANT HEALTHCARE INC COM 71377E105 80,000 20,000 SH SOLE 20,000 0 0
POTBELLY CORP COM 73754Y100 255,878 20,888 SH SOLE 20,888 0 0
REVOLVE GROUP INC CL A 76156B107 1,789,884 89,271 SH SOLE 89,271 0 0
SHYFT GROUP INC COM 825698103 1,768,002 140,989 SH SOLE 140,989 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 24,714,000 40,000 SH SOLE 40,000 0 0
TALEN ENERGY CORP COM 87422Q109 831,311 2,859 SH SOLE 2,859 0 0
TIDEWATER INC NEW COM 88642R109 2,116,444 45,880 SH SOLE 45,880 0 0
TRANSOCEAN LTD REGISTERED SHS H8817H100 26,379 10,185 SH SOLE 10,185 0 0
TRINITY INDS INC COM 896522109 1,319,655 48,858 SH SOLE 48,858 0 0
TRIUMPH FINANCIAL INC COM 89679E300 1,820,945 33,042 SH SOLE 33,042 0 0