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      <invstOrSec>
        <name>NATURAL HEALTH TRENDS CORP</name>
        <lei>529900WSPRKOOD9HNF27</lei>
        <title>NATURAL HEALTH TRENDS CORP COM</title>
        <cusip>63888P406</cusip>
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          <isin value="US63888P4063"/>
          <ticker value="NHTC"/>
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        <balance>22600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40002.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WATERSTONE FINANCIAL INC</name>
        <lei>5493002KM21XRC2DCQ02</lei>
        <title>WATERSTONE FINANCIAL INC COM</title>
        <cusip>94188P101</cusip>
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          <isin value="US94188P1012"/>
          <ticker value="WSBF"/>
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        <balance>16646.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Q32 BIO INC</name>
        <lei>549300RWKPJEFTM3K452</lei>
        <title>Q32 BIO INC COM</title>
        <cusip>746964105</cusip>
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          <isin value="US7469641051"/>
          <ticker value="QTTB"/>
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        <balance>34613.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MEDALLION FINANCIAL CORP</name>
        <lei>549300FJ4FMGJ2C34Y48</lei>
        <title>MEDALLION FINANCIAL CORP COM</title>
        <cusip>583928106</cusip>
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          <isin value="US5839281061"/>
          <ticker value="MFIN"/>
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        <balance>17063.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHIO PHARMACEUTICALS CORP</name>
        <lei>549300KOGMLSPLDVHR52</lei>
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        <cusip>71880W501</cusip>
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          <isin value="US71880W5013"/>
          <ticker value="PHIO"/>
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        <balance>12000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITI TRENDS INC</name>
        <lei>529900D06Q0FPHV34S87</lei>
        <title>CITI TRENDS INC COM</title>
        <cusip>17306X102</cusip>
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          <isin value="US17306X1028"/>
          <ticker value="CTRN"/>
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        <balance>9300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>537912.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INNOVATE CORP</name>
        <lei>549300S6O246JWQQ1K58</lei>
        <title>INNOVATE CORP COM NEW</title>
        <cusip>45784J303</cusip>
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          <isin value="US45784J3032"/>
          <ticker value="VATE"/>
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        <balance>11500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>214705.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CIVEO CORP (CA)</name>
        <lei>254900H0BM0N0O4MSY43</lei>
        <title>CIVEO CORP (CA) COM NEW</title>
        <cusip>17878Y207</cusip>
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          <isin value="CA17878Y2078"/>
          <ticker value="CVEO"/>
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        <balance>13477.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>471695.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RCM TECHNOLOGIES INC</name>
        <lei>N/A</lei>
        <title>RCM TECHNOLOGIES INC COM NEW</title>
        <cusip>749360400</cusip>
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          <isin value="US7493604000"/>
          <ticker value="RCMT"/>
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        <balance>2700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>76221.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PEOPLES BANCORP OF NORTH CAROLINA INC</name>
        <lei>N/A</lei>
        <title>PEOPLES BANCORP OF NORTH CAROLINA INC COM</title>
        <cusip>710577107</cusip>
        <identifiers>
          <isin value="US7105771072"/>
          <ticker value="PEBK"/>
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        <balance>13457.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PMV PHARMACEUTICALS INC</name>
        <lei>N/A</lei>
        <title>PMV PHARMACEUTICALS INC COM</title>
        <cusip>69353Y103</cusip>
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          <isin value="US69353Y1038"/>
          <ticker value="PMVP"/>
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        <balance>331453.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>444147.02000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PRIMIS FINANCIAL CORP</name>
        <lei>549300JNX3M2EENG1F11</lei>
        <title>PRIMIS FINANCIAL CORP COM</title>
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          <isin value="US74167B1098"/>
          <ticker value="FRST"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>491100.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>PUBMATIC INC</name>
        <lei>N/A</lei>
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          <isin value="US74467Q1031"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ENERGY SERVICES OF AMERICA CORP</name>
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          <ticker value="ESOA"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>COMMERCE.COM INC</name>
        <lei>549300MOVEFQ78DMPG58</lei>
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          <ticker value="CMRC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>PERMA-PIPE INTERNATIONAL HOLDINGS INC</name>
        <lei>549300QBMR25XXRKXK93</lei>
        <title>PERMA-PIPE INTERNATIONAL HOLDINGS INC COM</title>
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          <isin value="US7141671039"/>
          <ticker value="PPIH"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>MVB FINANCIAL CORP</name>
        <lei>549300KSUQ2FUU1X2O74</lei>
        <title>MVB FINANCIAL CORP COM</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WETOUCH TECHNOLOGY INC</name>
        <lei>N/A</lei>
        <title>WETOUCH TECHNOLOGY INC COM NEW</title>
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          <ticker value="WETH"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FORRESTER RESEARCH INC</name>
        <lei>549300UUSFXYLJ80Z897</lei>
        <title>FORRESTER RESEARCH INC COM</title>
        <cusip>346563109</cusip>
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          <isin value="US3465631097"/>
          <ticker value="FORR"/>
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        <fairValLevel>1</fairValLevel>
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        <name>ELECTROMED INC</name>
        <lei>N/A</lei>
        <title>ELECTROMED INC COM</title>
        <cusip>285409108</cusip>
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          <isin value="US2854091087"/>
          <ticker value="ELMD"/>
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        <fairValLevel>1</fairValLevel>
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        <name>GENESCO INC</name>
        <lei>549300VY2Q511P1K5P56</lei>
        <title>GENESCO INC COM</title>
        <cusip>371532102</cusip>
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          <isin value="US3715321028"/>
          <ticker value="GCO"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BK TECHNOLOGIES CORP</name>
        <lei>N/A</lei>
        <title>BK TECHNOLOGIES CORP COM NEW</title>
        <cusip>05587G203</cusip>
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          <isin value="US05587G2030"/>
          <ticker value="BKTI"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>WHITEHAWK THERAPEUTICS INC</name>
        <lei>549300G3U7TKW1M58L09</lei>
        <title>WHITEHAWK THERAPEUTICS INC COM</title>
        <cusip>00032Q104</cusip>
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          <isin value="US00032Q1040"/>
          <ticker value="WHWK"/>
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        <balance>165284.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>757000.72000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>AVROBIO INC</name>
        <lei>N/A</lei>
        <title>AVROBIO INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="AVRO"/>
          <other otherDesc="INTERNAL" value="878CVR018"/>
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        <balance>11783.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STEM INC</name>
        <lei>549300GVWIYFILN5V546</lei>
        <title>STEM INC COM NEW</title>
        <cusip>85859N300</cusip>
        <identifiers>
          <isin value="US85859N3008"/>
          <ticker value="STEM"/>
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        <balance>44000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>343640.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CONTINEUM THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>CONTINEUM THERAPEUTICS INC CL A</title>
        <cusip>21217B100</cusip>
        <identifiers>
          <isin value="US21217B1008"/>
          <ticker value="CTNM"/>
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        <balance>22380.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>366808.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STAR EQUITY HOLDINGS INC</name>
        <lei>54930073WVI9H7ILKL69</lei>
        <title>STAR EQUITY HOLDINGS INC COM NEW</title>
        <cusip>443787205</cusip>
        <identifiers>
          <isin value="US4437872058"/>
          <ticker value="HSON"/>
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        <balance>1462.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15584.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MAINSTREET BANCSHARES INC</name>
        <lei>549300FHZZP7SP56TS88</lei>
        <title>MAINSTREET BANCSHARES INC COM</title>
        <cusip>56064Y100</cusip>
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          <isin value="US56064Y1001"/>
          <ticker value="MNSB"/>
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        <balance>9000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>222210.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>METAGENOMI THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>METAGENOMI THERAPEUTICS INC COM</title>
        <cusip>59102M104</cusip>
        <identifiers>
          <isin value="US59102M1045"/>
          <ticker value="MGX"/>
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        <balance>327100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>389249.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNIVERSAL SAFETY PRODUCTS INC</name>
        <lei>N/A</lei>
        <title>UNIVERSAL SAFETY PRODUCTS INC COM NEW</title>
        <cusip>913821302</cusip>
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          <isin value="US9138213023"/>
          <ticker value="UUU"/>
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        <balance>14377.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65990.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TIMBERLAND BANCORP INC</name>
        <lei>N/A</lei>
        <title>TIMBERLAND BANCORP INC COM</title>
        <cusip>887098101</cusip>
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          <isin value="US8870981011"/>
          <ticker value="TSBK"/>
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        <balance>23971.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1074140.51000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SEER INC</name>
        <lei>N/A</lei>
        <title>SEER INC COM CL A</title>
        <cusip>81578P106</cusip>
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          <isin value="US81578P1066"/>
          <ticker value="SEER"/>
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        <balance>380043.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>630871.38000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ZEDGE INC</name>
        <lei>549300EDIDRX7NRMGN17</lei>
        <title>ZEDGE INC CL B</title>
        <cusip>98923T104</cusip>
        <identifiers>
          <isin value="US98923T1043"/>
          <ticker value="ZDGE"/>
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        <balance>22404.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>69452.40000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHUNWARE INC</name>
        <lei>549300HLAJYKT2FUQZ26</lei>
        <title>PHUNWARE INC COM NEW</title>
        <cusip>71948P209</cusip>
        <identifiers>
          <isin value="US71948P2092"/>
          <ticker value="PHUN"/>
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        <balance>110996.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>227541.80000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ORTHOFIX MEDICAL INC</name>
        <lei>N/A</lei>
        <title>ORTHOFIX MEDICAL INC COM</title>
        <cusip>68752M108</cusip>
        <identifiers>
          <isin value="US68752M1080"/>
          <ticker value="OFIX"/>
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        <balance>2500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22850.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HAVERTY FURNITURE COMPANIES INC</name>
        <lei>529900CVFMMIRXZVPD70</lei>
        <title>HAVERTY FURNITURE COMPANIES INC COM</title>
        <cusip>419596101</cusip>
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          <isin value="US4195961010"/>
          <ticker value="HVT"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>255300.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TRUEBLUE INC</name>
        <lei>N/A</lei>
        <title>TRUEBLUE INC COM</title>
        <cusip>89785X101</cusip>
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          <isin value="US89785X1019"/>
          <ticker value="TBI"/>
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        <balance>129500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>902615.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COHERUS ONCOLOGY INC</name>
        <lei>5493007IL8W5MV932D26</lei>
        <title>COHERUS ONCOLOGY INC COM</title>
        <cusip>19249H103</cusip>
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          <isin value="US19249H1032"/>
          <ticker value="CHRS"/>
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        <balance>191000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>267400.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LULU'S FASHION LOUNGE HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>LULU'S FASHION LOUNGE HOLDINGS INC COM NEW</title>
        <cusip>55003A207</cusip>
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          <isin value="US55003A2078"/>
          <ticker value="LVLU"/>
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        <balance>4505.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36040.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASTECH DIGITAL INC</name>
        <lei>549300GD5HFB0F451006</lei>
        <title>MASTECH DIGITAL INC COM</title>
        <cusip>57633B100</cusip>
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          <isin value="US57633B1008"/>
          <ticker value="MHH"/>
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        <balance>13697.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CARECLOUD INC</name>
        <lei>549300GEO5Y45G5I3070</lei>
        <title>CARECLOUD INC COM</title>
        <cusip>14167R100</cusip>
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          <isin value="US14167R1005"/>
          <ticker value="CCLD"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>201400.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OPTICAL CABLE CORP</name>
        <lei>529900VDFC1HM862HG67</lei>
        <title>OPTICAL CABLE CORP COM NEW</title>
        <cusip>683827208</cusip>
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          <isin value="US6838272085"/>
          <ticker value="OCC"/>
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        <balance>74358.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1559287.26000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>PAYSIGN INC</name>
        <lei>N/A</lei>
        <title>PAYSIGN INC COM</title>
        <cusip>70451A104</cusip>
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          <isin value="US70451A1043"/>
          <ticker value="PAYS"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>204750.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>ANGI INC</name>
        <lei>5493003ENY577E6SZL06</lei>
        <title>ANGI INC CL A NEW</title>
        <cusip>00183L201</cusip>
        <identifiers>
          <isin value="US00183L2016"/>
          <ticker value="ANGI"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>446250.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VOX ROYALTY CORP</name>
        <lei>N/A</lei>
        <title>VOX ROYALTY CORP COM</title>
        <cusip>92919F103</cusip>
        <identifiers>
          <isin value="CA92919F1036"/>
          <ticker value="VOXR"/>
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        <balance>58000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>274340.00000000</valUSD>
        <pctVal>0.277704636017</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FORTRESS BIOTECH INC</name>
        <lei>529900DZUWSYUURECK24</lei>
        <title>FORTRESS BIOTECH INC COM NEW</title>
        <cusip>34960Q307</cusip>
        <identifiers>
          <isin value="US34960Q3074"/>
          <ticker value="FBIO"/>
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        <balance>152368.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>466246.08000000</valUSD>
        <pctVal>0.471964343300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="381582.00000000"/>
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      <invstOrSec>
        <name>FENNEC PHARMACEUTICALS INC</name>
        <lei>5299003IE70ITO2CBM73</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ATEA PHARMACEUTICALS INC</name>
        <lei>N/A</lei>
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          <ticker value="AVIR"/>
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        <fairValLevel>1</fairValLevel>
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        <name>VIRGINIA NATIONAL BANKSHARES CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PLIANT THERAPEUTICS INC</name>
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          <isin value="US7291391057"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ROADZEN INC</name>
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        <invCountry>VG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RBB BANCORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SMART SAND INC</name>
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          <isin value="US83191H1077"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RIMINI STREET INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RF INDUSTRIES LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>EGAIN CORP</name>
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          <ticker value="EGAN"/>
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        <fairValLevel>1</fairValLevel>
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        <name>MEDIFAST INC</name>
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          <isin value="US58470H1014"/>
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        <fairValLevel>1</fairValLevel>
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        <name>CATO CORP (THE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OOMA INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>ACRIVON THERAPEUTICS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FOSSIL GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ENVELA CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CERENCE INC</name>
        <lei>5493002WL2W5WMS89568</lei>
        <title>CERENCE INC COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>INFUSYSTEM HOLDINGS INC</name>
        <lei>549300F58N8PHJ4QUI59</lei>
        <title>INFUSYSTEM HOLDINGS INC COM</title>
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          <ticker value="INFU"/>
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        <fairValLevel>1</fairValLevel>
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        <name>SPECTRAL AI INC</name>
        <lei>N/A</lei>
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          <ticker value="MDAI"/>
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        <fairValLevel>1</fairValLevel>
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        <name>IKENA ONCOLOGY INC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>INVESTAR HOLDING CORP</name>
        <lei>54930001EK2YM28LOJ08</lei>
        <title>INVESTAR HOLDING CORP COM</title>
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          <ticker value="ISTR"/>
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        <fairValLevel>1</fairValLevel>
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        <name>ATLANTIC AMERICAN CORP</name>
        <lei>N/A</lei>
        <title>ATLANTIC AMERICAN CORP COM</title>
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          <ticker value="AAME"/>
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        <fairValLevel>1</fairValLevel>
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        <name>STRATTEC SECURITY CORP</name>
        <lei>549300Z394OP8S8TSR40</lei>
        <title>STRATTEC SECURITY CORP COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>INTEST CORP</name>
        <lei>549300RJJBPHDOAVDU15</lei>
        <title>INTEST CORP COM</title>
        <cusip>461147100</cusip>
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          <isin value="US4611471008"/>
          <ticker value="INTT"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COMTECH TELECOMMUNICATIONS CORP</name>
        <lei>529900FTEZ8MGM0Y8F73</lei>
        <title>COMTECH TELECOMMUNICATIONS CORP COM NEW</title>
        <cusip>205826209</cusip>
        <identifiers>
          <isin value="US2058262096"/>
          <ticker value="CMTL"/>
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        <balance>126989.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SECURITY NATIONAL FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>SECURITY NATIONAL FINANCIAL CORP CL A NEW</title>
        <cusip>814785309</cusip>
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          <isin value="US8147853092"/>
          <ticker value="SNFCA"/>
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        <balance>43600.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DMC GLOBAL INC</name>
        <lei>549300CBDXD1Z5MRNG02</lei>
        <title>DMC GLOBAL INC COM</title>
        <cusip>23291C103</cusip>
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          <isin value="US23291C1036"/>
          <ticker value="BOOM"/>
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        <balance>64797.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ACME UNITED CORP</name>
        <lei>549300NVT8NN13WP8M83</lei>
        <title>ACME UNITED CORP COM</title>
        <cusip>004816104</cusip>
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          <isin value="US0048161048"/>
          <ticker value="ACU"/>
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        <balance>9132.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>435779.04000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ADICET BIO INC</name>
        <lei>549300VRD2QO80WBOP18</lei>
        <title>ADICET BIO INC COM NEW</title>
        <cusip>007002207</cusip>
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          <isin value="US0070022076"/>
          <ticker value="ACET"/>
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        <balance>85959.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORTHEAST COMMUNITY BANCORP INC (MD)</name>
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        <title>NORTHEAST COMMUNITY BANCORP INC (MD) COM</title>
        <cusip>664121100</cusip>
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          <isin value="US6641211007"/>
          <ticker value="NECB"/>
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        <balance>13575.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>376570.50000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SPORTSMAN'S WAREHOUSE HOLDINGS INC</name>
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        <title>SPORTSMAN'S WAREHOUSE HOLDINGS INC COM</title>
        <cusip>84920Y106</cusip>
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          <isin value="US84920Y1064"/>
          <ticker value="SPWH"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INFORMATION SERVICES GROUP INC</name>
        <lei>549300ZUNI6DQ0G8Q273</lei>
        <title>INFORMATION SERVICES GROUP INC COM</title>
        <cusip>45675Y104</cusip>
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          <isin value="US45675Y1047"/>
          <ticker value="III"/>
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        <balance>66661.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AMERICAN INTEGRITY INSURANCE GROUP INC</name>
        <lei>529900Y2VOV2LYV4OK68</lei>
        <title>AMERICAN INTEGRITY INSURANCE GROUP INC COM</title>
        <cusip>026948109</cusip>
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          <isin value="US0269481091"/>
          <ticker value="AII"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LANDS' END INC</name>
        <lei>54930016WOL7P2P67Q43</lei>
        <title>LANDS' END INC COM</title>
        <cusip>51509F105</cusip>
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          <isin value="US51509F1057"/>
          <ticker value="LE"/>
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        <balance>23683.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>248197.84000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KELLY SERVICES INC</name>
        <lei>25490035B2ZPL6RM1974</lei>
        <title>KELLY SERVICES INC CL A</title>
        <cusip>488152208</cusip>
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          <isin value="US4881522084"/>
          <ticker value="KELYA"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1228000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MOTORSPORT GAMES INC</name>
        <lei>N/A</lei>
        <title>MOTORSPORT GAMES INC CL A NEW</title>
        <cusip>62011B201</cusip>
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          <isin value="US62011B2016"/>
          <ticker value="MSGM"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COMMERCIAL VEHICLE GROUP INC</name>
        <lei>5493006OG8I91X0K7Q22</lei>
        <title>COMMERCIAL VEHICLE GROUP INC COM</title>
        <cusip>202608105</cusip>
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          <isin value="US2026081057"/>
          <ticker value="CVGI"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TIGO ENERGY INC</name>
        <lei>N/A</lei>
        <title>TIGO ENERGY INC COM</title>
        <cusip>88675P103</cusip>
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          <isin value="US88675P1030"/>
          <ticker value="TYGO"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BIODESIX INC</name>
        <lei>N/A</lei>
        <title>BIODESIX INC COM</title>
        <cusip>09075X207</cusip>
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          <isin value="US09075X2071"/>
          <ticker value="BDSX"/>
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        <balance>15000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>1STDIBS.COM INC</name>
        <lei>N/A</lei>
        <title>1STDIBS.COM INC COM</title>
        <cusip>320551104</cusip>
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          <isin value="US3205511047"/>
          <ticker value="DIBS"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EDUCATIONAL DEVELOPMENT CORP</name>
        <lei>254900CR48GDX3OIGC82</lei>
        <title>EDUCATIONAL DEVELOPMENT CORP COM</title>
        <cusip>281479105</cusip>
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          <ticker value="EDUC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>BLACK DIAMOND THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>BLACK DIAMOND THERAPEUTICS INC COM</title>
        <cusip>09203E105</cusip>
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          <isin value="US09203E1055"/>
          <ticker value="BDTX"/>
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        <balance>375000.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KYVERNA THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>KYVERNA THERAPEUTICS INC COM</title>
        <cusip>501976104</cusip>
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          <isin value="US5019761049"/>
          <ticker value="KYTX"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SAGIMET BIOSCIENCES INC</name>
        <lei>2549002OT2F8BV0VPD02</lei>
        <title>SAGIMET BIOSCIENCES INC COM SER A</title>
        <cusip>786700104</cusip>
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          <isin value="US7867001049"/>
          <ticker value="SGMT"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ACUMEN PHARMACEUTICALS INC</name>
        <lei>N/A</lei>
        <title>ACUMEN PHARMACEUTICALS INC COM</title>
        <cusip>00509G209</cusip>
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          <isin value="US00509G2093"/>
          <ticker value="ABOS"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200250.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FORUM ENERGY TECHNOLOGIES INC</name>
        <lei>549300SF93HLCR1REE27</lei>
        <title>FORUM ENERGY TECHNOLOGIES INC COM</title>
        <cusip>34984V209</cusip>
        <identifiers>
          <isin value="US34984V2097"/>
          <ticker value="FET"/>
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        <balance>18139.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>911121.97000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TWIN DISC INC</name>
        <lei>549300FR8EHCY14BLP32</lei>
        <title>TWIN DISC INC COM</title>
        <cusip>901476101</cusip>
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          <isin value="US9014761012"/>
          <ticker value="TWIN"/>
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        <balance>44355.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ZURA BIO LTD</name>
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        <cusip>000000000</cusip>
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          <isin value="KYG9TY5A1016"/>
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        <curCd>USD</curCd>
        <valUSD>503553.20000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RANGER ENERGY SERVICES INC</name>
        <lei>549300J7RIVGVAN0RE23</lei>
        <title>RANGER ENERGY SERVICES INC COM CL A</title>
        <cusip>75282U104</cusip>
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          <isin value="US75282U1043"/>
          <ticker value="RNGR"/>
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        <balance>67890.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CABALETTA BIO INC</name>
        <lei>N/A</lei>
        <title>CABALETTA BIO INC COM</title>
        <cusip>12674W109</cusip>
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          <isin value="US12674W1099"/>
          <ticker value="CABA"/>
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        <balance>131497.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>J. JILL INC</name>
        <lei>529900I19PJIF8MIDL12</lei>
        <title>J. JILL INC COM</title>
        <cusip>46620W201</cusip>
        <identifiers>
          <isin value="US46620W2017"/>
          <ticker value="JILL"/>
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        <balance>17959.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INSEEGO CORP</name>
        <lei>549300E27VG1NWGNA141</lei>
        <title>INSEEGO CORP COM NEW</title>
        <cusip>45782B302</cusip>
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          <isin value="US45782B3024"/>
          <ticker value="INSG"/>
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        <balance>67200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>694176.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CURIOSITYSTREAM INC</name>
        <lei>549300MSP5P41EYSIZ09</lei>
        <title>CURIOSITYSTREAM INC COM CL A</title>
        <cusip>23130Q107</cusip>
        <identifiers>
          <isin value="US23130Q1076"/>
          <ticker value="CURI"/>
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        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>399000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALTO NEUROSCIENCE INC</name>
        <lei>N/A</lei>
        <title>ALTO NEUROSCIENCE INC COM SHS</title>
        <cusip>02157Q109</cusip>
        <identifiers>
          <isin value="US02157Q1094"/>
          <ticker value="ANRO"/>
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        <balance>23553.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ISABELLA BANK CORP</name>
        <lei>549300XYX207IABFXL60</lei>
        <title>ISABELLA BANK CORP COM</title>
        <cusip>464214105</cusip>
        <identifiers>
          <isin value="US4642141059"/>
          <ticker value="ISBA"/>
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        <balance>14240.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>562480.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>XILIO THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>XILIO THERAPEUTICS INC COM</title>
        <cusip>98422T209</cusip>
        <identifiers>
          <isin value="US98422T2096"/>
          <ticker value="XLO"/>
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        <balance>17544.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>168071.52000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMC GLOBAL MEDIA INC</name>
        <lei>549300VGG9K75226LR46</lei>
        <title>AMC GLOBAL MEDIA INC CL A</title>
        <cusip>00164V103</cusip>
        <identifiers>
          <isin value="US00164V1035"/>
          <ticker value="AMCX"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STEREOTAXIS INC</name>
        <lei>549300KPNOKI02O2ZP21</lei>
        <title>STEREOTAXIS INC COM NEW</title>
        <cusip>85916J409</cusip>
        <identifiers>
          <isin value="US85916J4094"/>
          <ticker value="STXS"/>
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        <balance>32375.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55685.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>USANA HEALTH SCIENCES INC</name>
        <lei>549300YTURXE814MAH96</lei>
        <title>USANA HEALTH SCIENCES INC COM</title>
        <cusip>90328M107</cusip>
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          <isin value="US90328M1071"/>
          <ticker value="USNA"/>
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        <balance>15100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>322385.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TENAX THERAPEUTICS INC</name>
        <lei>549300J03O6B1IJ2B606</lei>
        <title>TENAX THERAPEUTICS INC COM NEW</title>
        <cusip>88032L605</cusip>
        <identifiers>
          <isin value="US88032L6056"/>
          <ticker value="TENX"/>
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        <balance>59900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>871545.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MOVADO GROUP INC</name>
        <lei>549300WCGCGPWGHVXM59</lei>
        <title>MOVADO GROUP INC COM</title>
        <cusip>624580106</cusip>
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          <isin value="US6245801062"/>
          <ticker value="MOV"/>
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        <balance>45453.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1786757.43000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ATERIAN INC</name>
        <lei>N/A</lei>
        <title>ATERIAN INC COM NEW</title>
        <cusip>02156U200</cusip>
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          <isin value="US02156U2006"/>
          <ticker value="ATER"/>
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        <balance>52500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69300.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ACORN ENERGY INC</name>
        <lei>N/A</lei>
        <title>ACORN ENERGY INC COM NEW</title>
        <cusip>004848206</cusip>
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          <isin value="US0048482063"/>
          <ticker value="ACFN"/>
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        <balance>12500.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CF BANKSHARES INC</name>
        <lei>5493005T7GGZJKF4UK64</lei>
        <title>CF BANKSHARES INC COM</title>
        <cusip>12520L109</cusip>
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          <isin value="US12520L1098"/>
          <ticker value="CFBK"/>
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        <balance>9000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>XBIOTECH INC</name>
        <lei>5299002WACAY28TQAS52</lei>
        <title>XBIOTECH INC COM</title>
        <cusip>98400H102</cusip>
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          <isin value="CA98400H1029"/>
          <ticker value="XBIT"/>
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        <balance>38900.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VIEMED HEALTHCARE INC</name>
        <lei>N/A</lei>
        <title>VIEMED HEALTHCARE INC COM</title>
        <cusip>92663R105</cusip>
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          <isin value="CA92663R1055"/>
          <ticker value="VMD"/>
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        <balance>25391.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>EAGLE BANCORP MONTANA INC</name>
        <lei>549300P2SVRIY3YU1412</lei>
        <title>EAGLE BANCORP MONTANA INC COM</title>
        <cusip>26942G100</cusip>
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          <isin value="US26942G1004"/>
          <ticker value="EBMT"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KARYOPHARM THERAPEUTICS INC</name>
        <lei>549300J1VANRCNTYST87</lei>
        <title>KARYOPHARM THERAPEUTICS INC COM NEW</title>
        <cusip>48576U205</cusip>
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          <ticker value="KPTI"/>
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        <balance>49873.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>FREIGHTCAR AMERICA INC</name>
        <lei>254900UEML23YM2EQB31</lei>
        <title>FREIGHTCAR AMERICA INC COM</title>
        <cusip>357023100</cusip>
        <identifiers>
          <isin value="US3570231007"/>
          <ticker value="RAIL"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>584400.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>IMARA INC</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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        <name>E.W. SCRIPPS COMPANY (THE)</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HUDSON TECHNOLOGIES INC</name>
        <lei>N/A</lei>
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          <isin value="US4441441098"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GENCOR INDUSTRIES INC</name>
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          <isin value="US3686781085"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BRIDGER AEROSPACE GROUP HOLDINGS INC</name>
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          <isin value="US96812F1021"/>
          <ticker value="BAER"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>XPERI INC</name>
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          <isin value="US98423J1016"/>
          <ticker value="XPER"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NOVUSTERRA INC</name>
        <lei>N/A</lei>
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          <isin value="US67012E1047"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>PRINCETON BANCORP INC</name>
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          <isin value="US74179A1079"/>
          <ticker value="BPRN"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FIRST CAPITAL INC</name>
        <lei>N/A</lei>
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          <isin value="US31942S1042"/>
          <ticker value="FCAP"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>TREDEGAR CORP</name>
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          <isin value="US8946501009"/>
          <ticker value="TG"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LOVESAC COMPANY (THE)</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>FIRST NATIONAL CORP (VA)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PUMA BIOTECHNOLOGY INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIRST WESTERN FINANCIAL INC</name>
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          <ticker value="MYFW"/>
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        <fairValLevel>1</fairValLevel>
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        <name>C&amp;F FINANCIAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JAKKS PACIFIC INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>OAK VALLEY BANCORP</name>
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          <ticker value="OVLY"/>
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        <fairValLevel>1</fairValLevel>
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        <name>DHI GROUP INC</name>
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          <ticker value="DHX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>DOUGLAS ELLIMAN INC</name>
        <lei>549300BXICHPOXA1NO93</lei>
        <title>DOUGLAS ELLIMAN INC COM</title>
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          <ticker value="DOUG"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CONSUMER PORTFOLIO SERVICES INC</name>
        <lei>N/A</lei>
        <title>CONSUMER PORTFOLIO SERVICES INC COM</title>
        <cusip>210502100</cusip>
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          <isin value="US2105021008"/>
          <ticker value="CPSS"/>
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        <balance>38859.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>372852.11000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>ELECTROCORE INC</name>
        <lei>5493005O3QC5QV2L2186</lei>
        <title>ELECTROCORE INC COM NEW</title>
        <cusip>28531P202</cusip>
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          <isin value="US28531P2020"/>
          <ticker value="ECOR"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>216000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>FRANKLIN COVEY COMPANY</name>
        <lei>N/A</lei>
        <title>FRANKLIN COVEY COMPANY COM</title>
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          <isin value="US3534691098"/>
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        <balance>45200.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FVCBANKCORP INC</name>
        <lei>N/A</lei>
        <title>FVCBANKCORP INC COM</title>
        <cusip>36120Q101</cusip>
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          <isin value="US36120Q1013"/>
          <ticker value="FVCB"/>
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        <balance>14865.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ONEWATER MARINE INC</name>
        <lei>N/A</lei>
        <title>ONEWATER MARINE INC CL A COM</title>
        <cusip>68280L101</cusip>
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          <isin value="US68280L1017"/>
          <ticker value="ONEW"/>
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        <balance>20900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>235543.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FTC SOLAR INC</name>
        <lei>5493009MODNZ2HMPX761</lei>
        <title>FTC SOLAR INC COM NEW</title>
        <cusip>30320C301</cusip>
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          <isin value="US30320C3016"/>
          <ticker value="FTCI"/>
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        <balance>29034.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BROADWIND INC</name>
        <lei>529900ATI5MMWNW41F84</lei>
        <title>BROADWIND INC COM NEW</title>
        <cusip>11161T207</cusip>
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          <isin value="US11161T2078"/>
          <ticker value="BWEN"/>
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        <balance>53988.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>260762.04000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>THRYV HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>THRYV HOLDINGS INC COM NEW</title>
        <cusip>886029206</cusip>
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          <isin value="US8860292064"/>
          <ticker value="THRY"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>492500.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KEWAUNEE SCIENTIFIC CORP</name>
        <lei>549300Z8MHH8NUYXQ229</lei>
        <title>KEWAUNEE SCIENTIFIC CORP COM</title>
        <cusip>492854104</cusip>
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          <isin value="US4928541048"/>
          <ticker value="KEQU"/>
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        <balance>5600.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KORU MEDICAL SYSTEMS INC</name>
        <lei>N/A</lei>
        <title>KORU MEDICAL SYSTEMS INC COM</title>
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          <isin value="US7599101026"/>
          <ticker value="KRMD"/>
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        <balance>51805.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FRANKLIN FINANCIAL SERVICES CORP</name>
        <lei>N/A</lei>
        <title>FRANKLIN FINANCIAL SERVICES CORP COM</title>
        <cusip>353525108</cusip>
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          <isin value="US3535251082"/>
          <ticker value="FRAF"/>
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        <balance>5895.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>369027.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RESOURCES CONNECTION INC</name>
        <lei>N/A</lei>
        <title>RESOURCES CONNECTION INC COM</title>
        <cusip>76122Q105</cusip>
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          <isin value="US76122Q1058"/>
          <ticker value="RGP"/>
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        <balance>101800.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AVIAT NETWORKS INC</name>
        <lei>549300Z3X8Z4MK52CI65</lei>
        <title>AVIAT NETWORKS INC COM NEW</title>
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          <isin value="US05366Y2019"/>
          <ticker value="AVNW"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>444000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIRST BANCORP INC (MAINE)</name>
        <lei>549300C7R45JOAEF1Y41</lei>
        <title>FIRST BANCORP INC (MAINE) COM</title>
        <cusip>31866P102</cusip>
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          <isin value="US31866P1021"/>
          <ticker value="FNLC"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ENTRAVISION COMMUNICATIONS CORP</name>
        <lei>549300SKHY2ALCLKV539</lei>
        <title>ENTRAVISION COMMUNICATIONS CORP CL A</title>
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          <ticker value="EVC"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AMPLITECH GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AMCON DISTRIBUTING COMPANY</name>
        <lei>N/A</lei>
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          <ticker value="DIT"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ONKURE THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>ONKURE THERAPEUTICS INC COM CL A</title>
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          <ticker value="OKUR"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BIOAGE LABS INC</name>
        <lei>529900NG0C40250Z7875</lei>
        <title>BIOAGE LABS INC COM</title>
        <cusip>09077V100</cusip>
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          <ticker value="BIOA"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NEXPOINT REAL ESTATE FINANCE INC</name>
        <lei>N/A</lei>
        <title>NEXPOINT REAL ESTATE FINANCE INC COM</title>
        <cusip>65342V101</cusip>
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          <ticker value="NREF"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CLIMB BIO INC</name>
        <lei>N/A</lei>
        <title>CLIMB BIO INC COM</title>
        <cusip>28658R106</cusip>
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          <ticker value="CLYM"/>
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        <balance>50000.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>UNIVERSAL ELECTRONICS INC</name>
        <lei>549300ZW9EULAR7T6F89</lei>
        <title>UNIVERSAL ELECTRONICS INC COM</title>
        <cusip>913483103</cusip>
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          <isin value="US9134831034"/>
          <ticker value="UEIC"/>
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        <balance>54045.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>SIEBERT FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>SIEBERT FINANCIAL CORP COM</title>
        <cusip>826176109</cusip>
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          <isin value="US8261761097"/>
          <ticker value="SIEB"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>WW INTERNATIONAL INC</name>
        <lei>SGT8R1MU6ESIC7UJC518</lei>
        <title>WW INTERNATIONAL INC COM NEW</title>
        <cusip>98262P200</cusip>
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          <isin value="US98262P2002"/>
          <ticker value="WGHW"/>
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        <balance>21516.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SILVACO GROUP INC</name>
        <lei>89450009UUSWTJL6DP68</lei>
        <title>SILVACO GROUP INC COM</title>
        <cusip>82728C102</cusip>
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          <isin value="US82728C1027"/>
          <ticker value="SVCO"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>344750.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIRST COMMUNITY CORP (SOUTH CAROLINA)</name>
        <lei>549300TC167ECI9SMC70</lei>
        <title>FIRST COMMUNITY CORP (SOUTH CAROLINA) COM</title>
        <cusip>319835104</cusip>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IRONWOOD PHARMACEUTICALS INC</name>
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          <isin value="US46333X1081"/>
          <ticker value="IRWD"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COMMUNITY BANCORP INC (VERMONT)</name>
        <lei>N/A</lei>
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          <isin value="US20343A1016"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DULUTH HOLDINGS INC</name>
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          <isin value="US26443V1017"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GRAN TIERRA ENERGY INC</name>
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          <isin value="US38500T2006"/>
          <ticker value="GTE"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CABLE ONE INC</name>
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          <isin value="US12685J1051"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INOGEN INC</name>
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          <isin value="US45780L1044"/>
          <ticker value="INGN"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHEGG INC</name>
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          <isin value="US1630921096"/>
          <ticker value="CHGG"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OP BANCORP</name>
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          <isin value="US67109R1095"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>PODCASTONE INC</name>
        <lei>N/A</lei>
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        <balance>23000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>1-800 FLOWERS.COM INC</name>
        <lei>N/A</lei>
        <title>1-800 FLOWERS.COM INC CL A</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EPSILON ENERGY LTD</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NATURE'S SUNSHINE PRODUCTS INC</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>QUICKLOGIC CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>QUAD/GRAPHICS INC</name>
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        <title>QUAD/GRAPHICS INC COM CL A</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>ACLARION INC</name>
        <lei>529900MGK6H51761Z546</lei>
        <title>ACLARION INC COM NEW</title>
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        <fairValLevel>1</fairValLevel>
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        <name>LIFETIME BRANDS INC</name>
        <lei>549300GS38DC0OHLYK32</lei>
        <title>LIFETIME BRANDS INC COM</title>
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          <ticker value="LCUT"/>
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        <fairValLevel>1</fairValLevel>
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        <name>NAUTILUS BIOTECHNOLOGY INC</name>
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          <ticker value="NAUT"/>
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        <fairValLevel>1</fairValLevel>
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        <name>JAMES RIVER GROUP HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>JAMES RIVER GROUP HOLDINGS INC COM SHS</title>
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          <ticker value="JRVR"/>
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        <fairValLevel>1</fairValLevel>
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        <name>KEROS THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>KEROS THERAPEUTICS INC COM</title>
        <cusip>492327101</cusip>
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          <ticker value="KROS"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>IDENTIV INC</name>
        <lei>5299008KH3C585Z0DS77</lei>
        <title>IDENTIV INC COM NEW</title>
        <cusip>45170X205</cusip>
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          <isin value="US45170X2053"/>
          <ticker value="INVE"/>
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        <balance>19100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48132.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>IMMIX BIOPHARMA INC</name>
        <lei>N/A</lei>
        <title>IMMIX BIOPHARMA INC COM</title>
        <cusip>45258H106</cusip>
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          <ticker value="IMMX"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MICROBOT MEDICAL INC</name>
        <lei>549300AEUNO16KTJXD72</lei>
        <title>MICROBOT MEDICAL INC COM NEW</title>
        <cusip>59503A204</cusip>
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          <ticker value="MBOT"/>
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        <balance>44300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>86385.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INOVIO PHARMACEUTICALS INC</name>
        <lei>529900B9W875XDZXTM97</lei>
        <title>INOVIO PHARMACEUTICALS INC COM SHS</title>
        <cusip>45773H409</cusip>
        <identifiers>
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          <ticker value="INO"/>
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        <balance>173000.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MANHATTAN BRIDGE CAPITAL INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ALX ONCOLOGY HOLDINGS INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CS DISCO INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ROCKY BRANDS INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STONERIDGE INC</name>
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          <isin value="US86183P1021"/>
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        <fairValLevel>1</fairValLevel>
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        <name>INTELLICHECK INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>L.B. FOSTER COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BEACHBODY COMPANY INC (THE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AMERICAN WELL CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DESIGNER BRANDS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GROWGENERATION CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ORION GROUP HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CITIZENS COMMUNITY BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NATIONAL CINEMEDIA INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KINGSTONE COMPANIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIDELITY COLCHESTER STREET TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FS BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ZUMIEZ INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PARKE BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ATN INTERNATIONAL INC</name>
        <lei>54930013NP7VEU877V56</lei>
        <title>ATN INTERNATIONAL INC COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>VERA BRADLEY INC</name>
        <lei>52990005Q6LEJKXO7M51</lei>
        <title>VERA BRADLEY INC COM</title>
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          <ticker value="VRA"/>
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        <fairValLevel>1</fairValLevel>
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        <name>IMMUNEERING CORP</name>
        <lei>N/A</lei>
        <title>IMMUNEERING CORP CLASS A COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>DRILLING TOOLS INTERNATIONAL CORP</name>
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        <title>DRILLING TOOLS INTERNATIONAL CORP COM</title>
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          <ticker value="DTI"/>
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        <curCd>USD</curCd>
        <valUSD>96500.00000000</valUSD>
        <pctVal>0.097683521818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KVH INDUSTRIES INC</name>
        <lei>N/A</lei>
        <title>KVH INDUSTRIES INC COM</title>
        <cusip>482738101</cusip>
        <identifiers>
          <isin value="US4827381017"/>
          <ticker value="KVHI"/>
        </identifiers>
        <balance>90400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>895864.00000000</valUSD>
        <pctVal>0.906851301455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="770998.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORION ENERGY SYSTEMS INC</name>
        <lei>N/A</lei>
        <title>ORION ENERGY SYSTEMS INC COM NEW</title>
        <cusip>686275207</cusip>
        <identifiers>
          <isin value="US6862752077"/>
          <ticker value="OESX"/>
        </identifiers>
        <balance>31140.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>364026.60000000</valUSD>
        <pctVal>0.368491195063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARTIVA BIOTHERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>ARTIVA BIOTHERAPEUTICS INC COM</title>
        <cusip>04317A107</cusip>
        <identifiers>
          <isin value="US04317A1079"/>
          <ticker value="ARTV"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>485000.00000000</valUSD>
        <pctVal>0.490948270279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="468422.70000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KALTURA INC</name>
        <lei>254900WYME0NSA8DVA41</lei>
        <title>KALTURA INC COM</title>
        <cusip>483467106</cusip>
        <identifiers>
          <isin value="US4834671061"/>
          <ticker value="KLTR"/>
        </identifiers>
        <balance>120300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>156390.00000000</valUSD>
        <pctVal>0.158308041214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Bridgeway Funds, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Deborah Hanna</ncom:signature>
      <ncom:signerName>Deborah Hanna</ncom:signerName>
      <ncom:title>Secretary, Treasurer and Chief Compliance Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
