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
AGILYSYS INC COM 00847J105 44,971,781 430,352 SH SOLE 90,331 0 340,021
AGILYSYS INC COM 00847J105 12,770,423 122,205 SH OTR 1 0 0 122,205
ARGAN INC COM 04010E109 56,263,381 70,457 SH SOLE 14,786 0 55,671
ARGAN INC COM 04010E109 15,982,978 20,015 SH OTR 1 0 0 20,015
BAKER HUGHES COMPANY CL A 05722G100 48,792,270 879,140 SH SOLE 879,140 0 0
BGC GROUP INC CL A 088929104 27,853,319 2,605,549 SH SOLE 547,112 0 2,058,437
BGC GROUP INC CL A 088929104 7,896,927 738,721 SH OTR 1 0 0 738,721
CLIMB GLOBAL SOLUTIONS INC COM 946760105 16,987,631 731,910 SH SOLE 153,704 0 578,206
CLIMB GLOBAL SOLUTIONS INC COM 946760105 4,824,523 207,864 SH OTR 1 0 0 207,864
CONSOLIDATED WATER CO INC ORD G23773107 15,643,407 530,285 SH SOLE 111,339 0 418,946
CONSOLIDATED WATER CO INC ORD G23773107 4,434,883 150,335 SH OTR 1 0 0 150,335
DAILY JOURNAL CORP COM 233912104 22,626,988 37,637 SH SOLE 7,896 0 29,741
DAILY JOURNAL CORP COM 233912104 6,420,108 10,679 SH OTR 1 0 0 10,679
ECOVYST INC COM 27923Q109 19,475,286 1,564,280 SH SOLE 328,180 0 1,236,100
ECOVYST INC COM 27923Q109 5,529,668 444,150 SH OTR 1 0 0 444,150
EPLUS INC COM 294268107 69,333,087 833,030 SH SOLE 616,032 0 216,998
EPLUS INC COM 294268107 6,480,537 77,863 SH OTR 1 0 0 77,863
FIRSTSERVICE CORP NEW COM 33767E202 24,970,148 175,710 SH SOLE 36,870 0 138,840
FIRSTSERVICE CORP NEW COM 33767E202 7,093,421 49,915 SH OTR 1 0 0 49,915
I3 VERTICALS INC COM CL A 46571Y107 18,639,847 872,652 SH SOLE 183,206 0 689,446
I3 VERTICALS INC COM CL A 46571Y107 5,284,336 247,394 SH OTR 1 0 0 247,394
IES HOLDINGS INC COM 44951W106 55,107,618 75,011 SH SOLE 15,740 0 59,271
IES HOLDINGS INC COM 44951W106 15,652,666 21,306 SH OTR 1 0 0 21,306
LSI INDS INC OHIO COM 50216C108 28,816,734 1,084,151 SH SOLE 227,440 0 856,711
LSI INDS INC OHIO COM 50216C108 8,170,745 307,402 SH OTR 1 0 0 307,402
MARRIOTT INTL INC NEW CL A 571903202 44,203,975 119,280 SH SOLE 119,280 0 0
NAYAX LTD SHS M7S750159 40,391,370 616,568 SH SOLE 440,595 0 175,973
NAYAX LTD SHS M7S750159 4,819,374 73,567 SH OTR 1 0 0 73,567
NB BANCORP INC COM 63945M107 27,236,950 1,289,018 SH SOLE 270,620 0 1,018,398
NB BANCORP INC COM 63945M107 7,735,482 366,090 SH OTR 1 0 0 366,090
NVR INC COM 62944T105 41,357,338 6,070 SH SOLE 6,070 0 0
OIL DRI CORP AMER COM 677864100 25,374,450 248,258 SH SOLE 52,136 0 196,122
OIL DRI CORP AMER COM 677864100 7,207,032 70,512 SH OTR 1 0 0 70,512
SIGA TECHNOLOGIES INC COM 826917106 6,606,982 1,815,105 SH SOLE 379,059 0 1,436,046
SIGA TECHNOLOGIES INC COM 826917106 1,863,822 512,039 SH OTR 1 0 0 512,039
STONEX GROUP INC COM 861896108 148,890,488 1,256,460 SH SOLE 920,664 0 335,796
STONEX GROUP INC COM 861896108 14,301,054 120,684 SH OTR 1 0 0 120,684
TRIUMPH FINANCIAL INC COM 89679E300 97,074,180 1,272,103 SH SOLE 902,394 0 369,709
TRIUMPH FINANCIAL INC COM 89679E300 10,127,405 132,714 SH OTR 1 0 0 132,714
UFP TECHNOLOGIES INC COM 902673102 30,461,568 114,893 SH SOLE 24,138 0 90,755
UFP TECHNOLOGIES INC COM 902673102 8,636,079 32,573 SH OTR 1 0 0 32,573
UL SOLUTIONS INC CLASS A COM SHS 903731107 71,537,908 702,316 SH SOLE 702,316 0 0
UNITEDHEALTH GROUP INC COM 91324P102 58,903,084 141,720 SH SOLE 141,720 0 0
VSE CORP COM 918284100 105,489,767 461,662 SH SOLE 315,385 0 146,277
VSE CORP COM 918284100 11,995,108 52,495 SH OTR 1 0 0 52,495
WINMARK CORP COM 974250102 65,339,646 154,438 SH SOLE 104,572 0 49,866
WINMARK CORP COM 974250102 7,583,709 17,925 SH OTR 1 0 0 17,925