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
AEBI SCHMIDT HLDG AG COM H00501108 2,948,861 234,969 SH SOLE 234,969 0 0
ARCOSA INC COM 039653100 3,960,605 27,260 SH SOLE 27,260 0 0
ATLAS ENERGY SOLUTIONS INC COM NEW 642045108 1,249,687 75,237 SH SOLE 75,237 0 0
AXOS FINANCIAL INC COM 05465C100 2,190,398 22,491 SH SOLE 22,491 0 0
AZZ INC COM 002474104 605,005 3,902 SH SOLE 3,902 0 0
BANC OF CALIFORNIA INC COM 05990K106 3,011,648 147,413 SH SOLE 147,413 0 0
BANCORP INC DEL COM 05969A105 7,328,567 116,995 SH SOLE 116,995 0 0
BANNER CORP COM NEW 06652V208 201,247 3,029 SH SOLE 3,029 0 0
CASEYS GEN STORES INC COM 147528103 317,916 400 SH SOLE 400 0 0
CF INDUSTRIES HOLD COM 125269100 226,913 2,096 SH SOLE 2,096 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603 218,742 13,862 SH SOLE 13,862 0 0
DMC GLOBAL INC COM 23291C103 122,893 21,152 SH SOLE 21,152 0 0
DRIVEN BRANDS HLDGS INC COM 26210V102 1,837,083 131,785 SH SOLE 131,785 0 0
DUCOMMUN INC DEL COM 264147109 4,392,811 23,718 SH SOLE 23,718 0 0
ENOVA INTL INC COM 29357K103 5,253,692 21,824 SH SOLE 21,824 0 0
FERROGLOBE PLC SHS G33856108 2,194,200 690,000 SH SOLE 690,000 0 0
FOSTER L B CO COM 350060109 333,309 7,379 SH SOLE 7,379 0 0
FRANKLIN BSP RLTY TR INC COMMON STOCK 35243J101 2,180,348 267,856 SH SOLE 267,856 0 0
FRANKLIN ELEC INC COM 353514102 367,340 3,427 SH SOLE 3,427 0 0
FTAI INFRASTRUCTURE INC COMMON STOCK 35953C106 3,815,709 822,351 SH SOLE 822,351 0 0
GARRETT MOTION INC COM 366505105 3,665,280 101,167 SH SOLE 101,167 0 0
GLADSTONE LD CORP COM 376549101 167,998 19,695 SH SOLE 19,695 0 0
GREEN BRICK PARTNERS INC COM 392709101 240,120 3,000 SH SOLE 3,000 0 0
GREEN DOT CORP CL A 39304D102 5,526,387 409,059 SH SOLE 409,059 0 0
HUDBAY MINERALS INC COM 443628102 3,154,461 133,607 SH SOLE 133,607 0 0
IDAHO STRATEGIC RESOURCES COM NEW 645827205 326,059 9,956 SH SOLE 9,956 0 0
INTELLIA THERAPEUTICS INC COM 45826J105 1,345,191 79,503 SH SOLE 79,503 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 11,414,200 15,500 SH Put SOLE 15,500 0 0
METALLUS INC COM 887399103 2,554,007 136,651 SH SOLE 136,651 0 0
MYERS INDS INC COM 628464109 2,665,446 75,487 SH SOLE 75,487 0 0
NI HLDGS INC COM 65342T106 1,896,857 120,742 SH SOLE 120,742 0 0
NORTH AMERN CONSTR GROUP LTD COM 656811106 3,012,942 226,537 SH SOLE 226,537 0 0
PATHWARD FINANCIAL INC COM 59100U108 1,840,797 21,144 SH SOLE 21,144 0 0
REVOLVE GROUP INC CL A 76156B107 1,234,137 53,916 SH SOLE 53,916 0 0
RIOT PLATFORMS INC COM 767292105 5,194,780 189,729 SH SOLE 189,729 0 0
SOLARIS ENERGY INFRAS INC COM CL A 83418M103 462,645 5,750 SH SOLE 5,750 0 0
TALEN ENERGY CORP COM 87422Q109 407,316 1,060 SH SOLE 1,060 0 0
TIDEWATER INC NEW COM 88642R109 3,248,879 48,760 SH SOLE 48,760 0 0
TRANSOCEAN LTD REGISTERED SHS H8817H100 49,805 10,185 SH SOLE 10,185 0 0
TREKOR METALS LTD COM 89472Y107 2,508,152 364,557 SH SOLE 364,557 0 0
TRINITY INDS INC COM 896522109 2,705,366 78,235 SH SOLE 78,235 0 0
TRIUMPH FINANCIAL INC COM 89679E300 3,787,494 49,633 SH SOLE 49,633 0 0
UNITED STATES ANTIMONY CORP COM 911549103 2,230,083 307,174 SH SOLE 307,174 0 0
WABTEC COM 929740108 245,875 912 SH SOLE 912 0 0