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
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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
ACCO Brands COM 00081T108 753,513 251,171 SH SOLE 200,311 0 50,860
Acacia Research Corp COM 003881307 3,930,934 817,242 SH SOLE 509,375 0 307,867
Aebi Schmidt Holding AG COM H00501108 783,723 80,713 SH SOLE 64,365 0 16,348
Alico Inc COM 016230104 11,772,798 285,332 SH SOLE 177,824 0 107,508
Alight Cls A COM 01626W101 195,660 335,781 SH SOLE 267,781 0 68,000
Alpine Income Property Trust COM 02083X103 4,793,760 266,320 SH SOLE 165,984 0 100,336
American Coastal Insurance COM 910710102 635,929 56,527 SH SOLE 45,077 0 11,450
American Integrity Insurance COM 026948109 7,508,018 389,420 SH SOLE 243,002 0 146,418
American Public Education COM 02913V103 9,535,989 167,651 SH SOLE 104,483 0 63,168
Amtech Systems COM 032332504 4,734,733 405,371 SH SOLE 253,209 0 152,162
Asure Software COM 04649U102 6,035,291 701,778 SH SOLE 450,893 0 250,885
Aviat Networks Inc COM 05366Y201 8,665,079 383,241 SH SOLE 239,081 0 144,160
BGSF Inc COM 05601C105 2,484,719 384,037 SH SOLE 239,345 0 144,692
Banc of California Inc COM 05990K106 681,594 38,771 SH SOLE 30,921 0 7,850
Bankwell Financial Group COM 06654A103 8,151,360 168,000 SH SOLE 104,710 0 63,290
Barrett Business Services Inc COM 068463108 1,122,117 38,455 SH SOLE 30,665 0 7,790
Benchmark Electronics, Inc COM 08160H101 940,631 16,779 SH SOLE 13,379 0 3,400
Bloomin Brands COM 094235108 360,736 66,803 SH SOLE 53,273 0 13,530
Bowman Consulting Grp COM 103002101 6,983,499 245,552 SH SOLE 153,034 0 92,518
Brandywine Realty Trust COM 105368203 671,611 247,827 SH SOLE 197,577 0 50,250
Bridgewater Bancshares COM 108621103 1,274,701 72,017 SH SOLE 57,427 0 14,590
Build A Bear Workshop COM 120076104 8,088,264 215,975 SH SOLE 134,738 0 81,237
Burke Herbert Financial Servic COM 12135Y108 351,939 5,650 SH SOLE 4,510 0 1,140
Business First Bancshares Inc COM 12326C105 1,281,236 47,383 SH SOLE 37,783 0 9,600
CPI Card Group COM 12634H200 6,762,168 466,035 SH SOLE 290,307 0 175,728
Caleres Inc COM 129500104 988,473 93,783 SH SOLE 74,803 0 18,980
California Bancorp COM 84252A106 757,512 42,749 SH SOLE 34,089 0 8,660
Capital Bancorp COM 139737100 6,878,446 231,286 SH SOLE 144,360 0 86,926
Carters COM 146229109 1,548,336 43,298 SH SOLE 34,598 0 8,700
Chiron Real Estate Inc COM 37954A303 4,353,659 131,610 SH SOLE 85,688 0 45,922
Coastal Financial COM 19046P209 1,552,288 20,398 SH SOLE 16,268 0 4,130
Cohu Inc COM 192576106 1,408,214 45,990 SH SOLE 36,670 0 9,320
Colony Bankcorp COM 19623P101 6,427,305 321,848 SH SOLE 200,781 0 121,067
Columbus McKinnon Corp COM 199333105 291,239 20,044 SH SOLE 15,994 0 4,050
Commercial Banc Group COM 20112C106 5,867,666 225,506 SH SOLE 140,716 0 84,790
Comtech Telecom Corp COM 205826209 1,539,763 463,784 SH SOLE 289,144 0 174,640
ConnectOne Bancorp COM 20786W107 1,324,446 49,475 SH SOLE 39,455 0 10,020
Cooper Standard Hlds COM 21676P103 3,663,233 131,440 SH SOLE 82,021 0 49,419
Core Laboratories COM 21867A105 745,996 44,431 SH SOLE 35,431 0 9,000
Core Molding Technologies COM 218683100 3,232,230 144,296 SH SOLE 89,928 0 54,368
Cra Intl Inc COM 12618T105 406,643 2,512 SH SOLE 2,002 0 510
Crawford & Co Cls A COM 224633206 638,220 64,014 SH SOLE 51,054 0 12,960
Customers Bancorp COM 23204G100 760,664 10,959 SH SOLE 8,739 0 2,220
DHI Group COM 23331S100 10,197,847 3,629,127 SH SOLE 2,261,382 0 1,367,745
DMC Global Inc COM 23291C103 4,192,060 804,618 SH SOLE 523,162 0 281,456
DXP Enterprises, Inc COM 233377407 1,641,828 11,750 SH SOLE 9,370 0 2,380
Daktronics, Inc COM 234264109 915,155 46,811 SH SOLE 37,331 0 9,480
Designer Brands COM 250565108 918,912 161,496 SH SOLE 128,786 0 32,710
Douglas Dynamics Inc COM 25960R105 1,338,167 31,793 SH SOLE 25,353 0 6,440
EPlus Inc COM 294268107 782,374 10,397 SH SOLE 8,287 0 2,110
Edgewell Personal Care COM 28035Q102 612,074 28,682 SH SOLE 22,892 0 5,790
Enerpac Tool Group COM 292765104 303,576 8,324 SH SOLE 6,634 0 1,690
Ennis Inc COM 293389102 1,040,541 48,578 SH SOLE 38,758 0 9,820
FS Bancorp COM 30263Y104 8,030,347 208,094 SH SOLE 129,693 0 78,401
First Business Financial Servi COM 319390100 7,598,306 140,892 SH SOLE 87,801 0 53,091
First Financial Corp COM 320218100 1,189,045 18,814 SH SOLE 15,004 0 3,810
Five Star Bancorp COM 33830T103 6,667,048 176,751 SH SOLE 115,907 0 60,844
Forrester Research COM 346563109 4,023,394 710,847 SH SOLE 443,833 0 267,014
Gbank Financial Holdings COM 36166F100 1,076,020 40,210 SH SOLE 32,070 0 8,140
Genasys COM 36872P103 2,642,929 1,452,159 SH SOLE 906,686 0 545,473
GigaCloud Tech Cls A COM G38644103 965,369 21,273 SH SOLE 16,963 0 4,310
Global Net Lease REIT COM 379378201 731,681 78,171 SH SOLE 62,334 0 15,837
Hackett Group, Inc COM 404609109 878,721 67,542 SH SOLE 53,862 0 13,680
Hamilton Beach Brands Hld COM 40701T104 6,520,866 344,109 SH SOLE 214,441 0 129,668
Healthcare Services Group Inc COM 421906108 1,832,388 98,781 SH SOLE 78,921 0 19,860
Heartland Express COM 422347104 425,786 40,941 SH SOLE 32,651 0 8,290
Helen of Troy Corp COM G4388N106 827,420 57,380 SH SOLE 45,760 0 11,620
Heritage Financial COM 42722X106 910,702 35,027 SH SOLE 27,937 0 7,090
Heritage Insurance Hlds Inc COM 42727J102 10,653,825 405,860 SH SOLE 253,266 0 152,594
Home Bancorp, Inc COM 43689E107 3,014,824 49,766 SH SOLE 31,619 0 18,147
Horizon Bancorp COM 440407104 7,102,681 428,647 SH SOLE 267,127 0 161,520
Hudson Technologies COM 444144109 863,948 146,930 SH SOLE 117,140 0 29,790
Hurco Companies Inc COM 447324104 2,516,307 171,061 SH SOLE 106,619 0 64,442
Hyster-Yale Cls A COM 449172105 905,176 27,843 SH SOLE 22,203 0 5,640
InTest Corp COM 461147100 6,856,381 502,299 SH SOLE 313,243 0 189,056
J. Jill Inc COM 46620W201 4,095,414 357,366 SH SOLE 219,646 0 137,720
JAKKS Pacific Inc COM 47012E403 8,703,825 436,939 SH SOLE 272,346 0 164,593
Janus International group COM 47103N106 292,304 56,758 SH SOLE 45,248 0 11,510
Jefferson Capital COM 47248R103 552,939 28,754 SH SOLE 22,934 0 5,820
Kelly Services Cls A COM 488152208 4,843,118 547,245 SH SOLE 364,115 0 183,130
Kimball Electronics COM 49428J109 7,639,954 322,497 SH SOLE 200,985 0 121,512
Koppers Holdings COM 50060P106 1,682,155 43,489 SH SOLE 34,679 0 8,810
Lakeland Industries COM 511795106 7,608,354 928,981 SH SOLE 579,553 0 349,428
Lifetime Brands Inc COM 53222Q103 2,845,530 495,737 SH SOLE 308,872 0 186,865
Marcus Corp COM 566330106 2,883,015 167,910 SH SOLE 104,670 0 63,240
Matrix Service Co COM 576853105 624,535 54,402 SH SOLE 43,382 0 11,020
Merchants Bancorp COM 58844R108 1,233,791 28,753 SH SOLE 22,933 0 5,820
Metropolitan Bank Hld COM 591774104 11,392,406 136,780 SH SOLE 88,899 0 47,881
Miller Industries Inc COM 600551204 6,232,105 136,819 SH SOLE 85,303 0 51,516
Mistras Group Inc COM 60649T107 4,216,350 285,274 SH SOLE 183,447 0 101,827
Monro Muffler Brake Inc COM 610236101 508,885 31,726 SH SOLE 25,306 0 6,420
MotorCar Parts of America Inc COM 620071100 8,542,976 772,421 SH SOLE 481,885 0 290,536
NN Inc COM 629337106 599,656 413,556 SH SOLE 258,578 0 154,978
NPK International COM 651718504 738,367 50,957 SH SOLE 40,637 0 10,320
NWPX Infrastructure COM 667746101 8,575,812 110,144 SH SOLE 68,736 0 41,408
National Cinemedia COM 635309206 480,055 157,395 SH SOLE 125,505 0 31,890
Natural Gas Services Group Inc COM 63886Q109 11,524,815 305,374 SH SOLE 190,513 0 114,861
Northeast Bank COM 66405S100 14,330,996 127,534 SH SOLE 82,813 0 44,721
OneSpan Inc COM 68287N100 752,095 71,424 SH SOLE 56,954 0 14,470
Orrstown Financial Services COM 687380105 5,319,419 147,434 SH SOLE 91,874 0 55,560
PAMT Corp COM 693149106 1,644,700 194,639 SH SOLE 121,315 0 73,324
PC Connection COM 69318J100 574,428 9,826 SH SOLE 7,836 0 1,990
PRA Group COM 69354N106 770,350 44,020 SH SOLE 35,110 0 8,910
Park Dental COM 700402100 2,273,690 135,500 SH SOLE 84,640 0 50,860
Parke Bancorp COM 700885106 8,333,668 293,439 SH SOLE 182,885 0 110,554
Pathward Financial Inc COM 59100U108 1,761,400 19,740 SH SOLE 15,740 0 4,000
Penguin Solutions COM 706915105 1,166,387 66,272 SH SOLE 52,842 0 13,430
Perdoceo Education Corp. COM 71363P106 2,040,782 54,845 SH SOLE 43,735 0 11,110
Photronics Inc COM 719405102 2,086,813 51,641 SH SOLE 41,181 0 10,460
QCR Holdings Inc COM 74727A104 1,062,229 12,431 SH SOLE 9,911 0 2,520
RCM Technologies COM 749360400 5,466,556 285,609 SH SOLE 178,325 0 107,284
Red Robin Gourmet Burgers COM 75689M101 5,253,461 1,792,990 SH SOLE 1,118,567 0 674,423
Repay Holdings Cls A COM 76029L100 3,674,780 1,413,377 SH SOLE 881,897 0 531,480
Resources Connection COM 76122Q105 195,191 52,330 SH SOLE 41,730 0 10,600
Ribbon Communications Inc COM 762544104 521,893 246,176 SH SOLE 196,236 0 49,940
Rimini Street Inc. COM 76674Q107 6,276,359 1,913,524 SH SOLE 1,239,463 0 674,061
Riverview Bancorp COM 769397100 4,154,453 755,355 SH SOLE 470,706 0 284,649
Sensus Healthcare COM 81728J109 3,168,367 796,072 SH SOLE 496,382 0 299,690
Shimmick COM 82455M109 1,613,985 439,778 SH SOLE 274,056 0 165,722
Shoe Carnival Inc COM 824889109 4,824,793 309,480 SH SOLE 193,070 0 116,410
Silvercrest Asset Mgmnt Cls A COM 828359109 2,777,860 206,686 SH SOLE 128,816 0 77,870
Sleep Number Corp COM 83125X103 3,172,564 1,767,445 SH SOLE 1,101,103 0 666,342
Smith Micro Software COM 832154405 374,047 519,799 SH SOLE 323,227 0 196,572
Stagwell Inc COM 85256A109 1,529,225 243,120 SH SOLE 193,890 0 49,230
Standard Motor COM 853666105 514,048 14,797 SH SOLE 11,797 0 3,000
Sunrise Realty Trust COM 867981102 3,091,278 403,035 SH SOLE 251,496 0 151,539
Tilly's Inc Cls A COM 886885102 2,807,946 693,320 SH SOLE 432,414 0 260,906
TrueBlue Inc COM 89785X101 291,178 74,470 SH SOLE 59,410 0 15,060
Twin Disc Inc COM 901476101 7,995,630 530,566 SH SOLE 330,669 0 199,897
USCB Financial Hlds COM 90355N101 6,346,613 342,320 SH SOLE 213,345 0 128,975
Ultra Clean Holdings COM 90385V107 570,315 9,172 SH SOLE 7,312 0 1,860
Unity Bancorp COM 913290102 8,233,144 158,849 SH SOLE 99,175 0 59,674
Universal Electronics Inc COM 913483103 1,445,708 350,900 SH SOLE 218,607 0 132,293
Universal Logistics COM 91388P105 722,100 34,158 SH SOLE 27,238 0 6,920
Versabank COM 92512J106 8,360,484 590,013 SH SOLE 367,631 0 222,382
Wabash National Corp. COM 929566107 967,198 112,204 SH SOLE 89,484 0 22,720
Zumiez Inc COM 989817101 492,883 22,242 SH SOLE 17,732 0 4,510