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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BEACON FINANCIAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WORTHINGTON STEEL INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>REPUBLIC BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AMES NATIONAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CB FINANCIAL SERVICES INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INGLES MARKETS INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>APOGEE ENTERPRISES INC</name>
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          <isin value="US0375981091"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BEAZER HOMES USA INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLD.COM INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CAESARSTONE LTD</name>
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        <invCountry>IL</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>STRATEGIC EDUCATION INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PEOPLES BANCORP INC (OHIO)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MANITOWOC COMPANY INC (THE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OP BANCORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SIERRA BANCORP</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>REPAY HOLDINGS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HOPE BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SUMMIT MIDSTREAM CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>UNIVERSAL ELECTRONICS INC</name>
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        <title>UNIVERSAL ELECTRONICS INC COM</title>
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          <ticker value="UEIC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>METROCITY BANKSHARES INC</name>
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        <title>METROCITY BANKSHARES INC COM</title>
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          <ticker value="MCBS"/>
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        <fairValLevel>1</fairValLevel>
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        <name>AMERESCO INC</name>
        <lei>529900NZXZGBCBXYY327</lei>
        <title>AMERESCO INC CL A</title>
        <cusip>02361E108</cusip>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COMMUNITY TRUST BANCORP INC</name>
        <lei>N/A</lei>
        <title>COMMUNITY TRUST BANCORP INC COM</title>
        <cusip>204149108</cusip>
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          <isin value="US2041491083"/>
          <ticker value="CTBI"/>
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        <balance>19000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1374840.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JANUS INTERNATIONAL GROUP INC</name>
        <lei>N/A</lei>
        <title>JANUS INTERNATIONAL GROUP INC COMMON STOCK</title>
        <cusip>47103N106</cusip>
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          <isin value="US47103N1063"/>
          <ticker value="JBI"/>
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        <balance>282000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1565100.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WEST BANCORP INC</name>
        <lei>549300GKFOINCHIYU666</lei>
        <title>WEST BANCORP INC CAP STK</title>
        <cusip>95123P106</cusip>
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          <isin value="US95123P1066"/>
          <ticker value="WTBA"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>265300.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRST FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>FIRST FINANCIAL CORP COM</title>
        <cusip>320218100</cusip>
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          <isin value="US3202181000"/>
          <ticker value="THFF"/>
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        <balance>39362.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3048193.28000000</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>FIRST BUSEY CORP</name>
        <lei>549300X4ZNLYSX7GUY60</lei>
        <title>FIRST BUSEY CORP COM NEW</title>
        <cusip>319383204</cusip>
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          <isin value="US3193832041"/>
          <ticker value="BUSE"/>
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        <balance>242491.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7153484.50000000</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>FIDELITY D &amp; D BANCORP INC</name>
        <lei>N/A</lei>
        <title>FIDELITY D &amp; D BANCORP INC COM</title>
        <cusip>31609R100</cusip>
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          <isin value="US31609R1005"/>
          <ticker value="FDBC"/>
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        <balance>2000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102840.00000000</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>FIRST BUSINESS FINANCIAL SERVICES INC</name>
        <lei>549300BXKLW2T50TKU95</lei>
        <title>FIRST BUSINESS FINANCIAL SERVICES INC COM</title>
        <cusip>319390100</cusip>
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          <isin value="US3193901002"/>
          <ticker value="FBIZ"/>
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        <balance>35400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2236218.00000000</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>
      <invstOrSec>
        <name>CHOICEONE FINANCIAL SERVICES INC</name>
        <lei>N/A</lei>
        <title>CHOICEONE FINANCIAL SERVICES INC COM</title>
        <cusip>170386106</cusip>
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          <isin value="US1703861062"/>
          <ticker value="COFS"/>
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        <balance>28500.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORTHERN OIL &amp; GAS INC</name>
        <lei>OKFF0PIZDDMNH4UCYE51</lei>
        <title>NORTHERN OIL &amp; GAS INC COM</title>
        <cusip>665531307</cusip>
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          <isin value="US6655313079"/>
          <ticker value="NOG"/>
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        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4537500.00000000</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>RAMACO RESOURCES INC</name>
        <lei>5493001BYUI4TCQOPF70</lei>
        <title>RAMACO RESOURCES INC COM CL B</title>
        <cusip>75134P501</cusip>
        <identifiers>
          <isin value="US75134P5017"/>
          <ticker value="METCB"/>
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        <balance>52.62280400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>449.92000000</valUSD>
        <pctVal>0.000033962213</pctVal>
        <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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          <loanByFundCondition isLoanByFund="Y" loanVal="17.10000000"/>
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      <invstOrSec>
        <name>TITAN INTERNATIONAL INC</name>
        <lei>254900CXRGBE7C4B5A06</lei>
        <title>TITAN INTERNATIONAL INC COM</title>
        <cusip>88830M102</cusip>
        <identifiers>
          <isin value="US88830M1027"/>
          <ticker value="TWI"/>
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        <balance>158700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1223577.00000000</valUSD>
        <pctVal>0.092361715063</pctVal>
        <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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          <loanByFundCondition isLoanByFund="Y" loanVal="481705.38000000"/>
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      <invstOrSec>
        <name>INNOVIVA INC</name>
        <lei>549300ACOX4QTBES6535</lei>
        <title>INNOVIVA INC COM</title>
        <cusip>45781M101</cusip>
        <identifiers>
          <isin value="US45781M1018"/>
          <ticker value="INVA"/>
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        <balance>175000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3974250.00000000</valUSD>
        <pctVal>0.299996278200</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>
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      <invstOrSec>
        <name>PHINIA INC</name>
        <lei>254900HG6MORZE1FFM18</lei>
        <title>PHINIA INC COMMON STOCK</title>
        <cusip>71880K101</cusip>
        <identifiers>
          <isin value="US71880K1016"/>
          <ticker value="PHIN"/>
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        <balance>104000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8566480.00000000</valUSD>
        <pctVal>0.646640779336</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>
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      <invstOrSec>
        <name>PARKE BANCORP INC</name>
        <lei>5493000JF1TWXVD0CR78</lei>
        <title>PARKE BANCORP INC COM</title>
        <cusip>700885106</cusip>
        <identifiers>
          <isin value="US7008851062"/>
          <ticker value="PKBK"/>
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        <balance>47099.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1561802.84000000</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>SKYWEST INC</name>
        <lei>529900UYS2KGS6Z42P09</lei>
        <title>SKYWEST INC COM</title>
        <cusip>830879102</cusip>
        <identifiers>
          <isin value="US8308791024"/>
          <ticker value="SKYW"/>
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        <balance>3696.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>367123.68000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIRST INTERNET BANCORP</name>
        <lei>549300T25MP2M92XU194</lei>
        <title>FIRST INTERNET BANCORP COM</title>
        <cusip>320557101</cusip>
        <identifiers>
          <isin value="US3205571017"/>
          <ticker value="INBK"/>
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        <balance>16100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>447580.00000000</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>DLH HOLDINGS CORP</name>
        <lei>549300KRYPLQFKWVTE62</lei>
        <title>DLH HOLDINGS CORP COM</title>
        <cusip>23335Q100</cusip>
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          <isin value="US23335Q1004"/>
          <ticker value="DLHC"/>
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        <balance>35291.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>185277.75000000</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>NU SKIN ENTERPRISES INC</name>
        <lei>54930050DETB6CP71D38</lei>
        <title>NU SKIN ENTERPRISES INC CL A</title>
        <cusip>67018T105</cusip>
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          <isin value="US67018T1051"/>
          <ticker value="NUS"/>
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        <balance>94500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>498960.00000000</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>STANDARD MOTOR PRODUCTS INC</name>
        <lei>THGK1EO5B5HK0JHQVZ90</lei>
        <title>STANDARD MOTOR PRODUCTS INC COM</title>
        <cusip>853666105</cusip>
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          <isin value="US8536661056"/>
          <ticker value="SMP"/>
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        <balance>72967.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2843523.99000000</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>HAWTHORN BANCSHARES INC</name>
        <lei>N/A</lei>
        <title>HAWTHORN BANCSHARES INC COM</title>
        <cusip>420476103</cusip>
        <identifiers>
          <isin value="US4204761039"/>
          <ticker value="HWBK"/>
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        <balance>17904.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>703627.20000000</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>
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        <name>MASTERBRAND INC</name>
        <lei>549300E0Y4BR5Z9RDZ64</lei>
        <title>MASTERBRAND INC COMMON STOCK</title>
        <cusip>57638P104</cusip>
        <identifiers>
          <isin value="US57638P1049"/>
          <ticker value="MBC"/>
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        <balance>361343.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3718219.47000000</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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        <name>FEDERAL AGRICULTURAL MORTGAGE CORP</name>
        <lei>549300MS654K78GYF580</lei>
        <title>FEDERAL AGRICULTURAL MORTGAGE CORP CL C</title>
        <cusip>313148306</cusip>
        <identifiers>
          <isin value="US3131483063"/>
          <ticker value="AGM"/>
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        <balance>21600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4304232.00000000</valUSD>
        <pctVal>0.324904970877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>USGSE</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>TALOS ENERGY INC</name>
        <lei>549300OKFHZ84SFJFT95</lei>
        <title>TALOS ENERGY INC COM</title>
        <cusip>87484T108</cusip>
        <identifiers>
          <isin value="US87484T1088"/>
          <ticker value="TALO"/>
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        <balance>463379.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5982222.89000000</valUSD>
        <pctVal>0.451568120366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>REX AMERICAN RESOURCES CORP</name>
        <lei>N/A</lei>
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          <isin value="US7616241052"/>
          <ticker value="REX"/>
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        <curCd>USD</curCd>
        <valUSD>4596270.00000000</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>GAIA INC</name>
        <lei>529900QUX8SBA2D93M92</lei>
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          <isin value="US36269P1049"/>
          <ticker value="GAIA"/>
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        <balance>32000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67200.00000000</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>COMPASS INC</name>
        <lei>254900DMGQSTC3I2IM78</lei>
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          <isin value="US20464U1007"/>
          <ticker value="COMP"/>
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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>BRIDGEWATER BANCSHARES INC</name>
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          <isin value="US1086211034"/>
          <ticker value="BWB"/>
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        <balance>57500.00000000</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>SIMMONS FIRST NATIONAL CORP</name>
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          <isin value="US8287302009"/>
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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>VESTIS CORP</name>
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          <isin value="US29430C1027"/>
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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>ALPHA AND OMEGA SEMICONDUCTOR LTD</name>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HILLTOP HOLDINGS INC</name>
        <lei>54930010TA543US0PM65</lei>
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          <isin value="US4327481010"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ADVANSIX INC</name>
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          <isin value="US00773T1016"/>
          <ticker value="ASIX"/>
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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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        <name>FUTUREFUEL CORP</name>
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          <isin value="US36116M1062"/>
          <ticker value="FF"/>
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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>KVH INDUSTRIES INC</name>
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          <ticker value="KVHI"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>ESCALADE INC</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>PATTERSON-UTI ENERGY INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CONNECTONE BANCORP INC</name>
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          <ticker value="CNOB"/>
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        <fairValLevel>1</fairValLevel>
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        <name>WERNER ENTERPRISES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WIDEPOINT CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NI HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIDELITY COLCHESTER STREET TRUST</name>
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          <ticker value="FIGXX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>FINANCIAL INSTITUTIONS INC</name>
        <lei>N/A</lei>
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          <ticker value="FISI"/>
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        <fairValLevel>1</fairValLevel>
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        <name>AVIAT NETWORKS INC</name>
        <lei>549300Z3X8Z4MK52CI65</lei>
        <title>AVIAT NETWORKS INC COM NEW</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>NCS MULTISTAGE HOLDINGS INC</name>
        <lei>5493003WLG5T6MNJ7292</lei>
        <title>NCS MULTISTAGE HOLDINGS INC COM NEW</title>
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          <ticker value="NCSM"/>
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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>AMCON DISTRIBUTING COMPANY</name>
        <lei>N/A</lei>
        <title>AMCON DISTRIBUTING COMPANY COM NEW</title>
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          <ticker value="DIT"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>CITIZENS INC</name>
        <lei>549300Z39SMLUE3VF522</lei>
        <title>CITIZENS INC CL A</title>
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          <ticker value="CIA"/>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="276277.68000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GENESCO INC</name>
        <lei>549300VY2Q511P1K5P56</lei>
        <title>GENESCO INC COM</title>
        <cusip>371532102</cusip>
        <identifiers>
          <isin value="US3715321028"/>
          <ticker value="GCO"/>
        </identifiers>
        <balance>35700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1205589.00000000</valUSD>
        <pctVal>0.091003890806</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>LCI INDUSTRIES</name>
        <lei>549300E1B98YNJ1WIQ04</lei>
        <title>LCI INDUSTRIES COM</title>
        <cusip>50189K103</cusip>
        <identifiers>
          <isin value="US50189K1034"/>
          <ticker value="LCII"/>
        </identifiers>
        <balance>58828.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6228708.64000000</valUSD>
        <pctVal>0.470174098256</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>JOHNSON OUTDOORS INC</name>
        <lei>N/A</lei>
        <title>JOHNSON OUTDOORS INC CL A</title>
        <cusip>479167108</cusip>
        <identifiers>
          <isin value="US4791671088"/>
          <ticker value="JOUT"/>
        </identifiers>
        <balance>26959.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1241192.36000000</valUSD>
        <pctVal>0.093691410588</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>MAGNERA CORP</name>
        <lei>549300LDQLQBT38QDY28</lei>
        <title>MAGNERA CORP COM SHS</title>
        <cusip>55939A107</cusip>
        <identifiers>
          <isin value="US55939A1079"/>
          <ticker value="MAGN"/>
        </identifiers>
        <balance>64846.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>761940.50000000</valUSD>
        <pctVal>0.057515081892</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>KENNAMETAL INC</name>
        <lei>549300GZDSG25XUV0Y08</lei>
        <title>KENNAMETAL INC COM</title>
        <cusip>489170100</cusip>
        <identifiers>
          <isin value="US4891701009"/>
          <ticker value="KMT"/>
        </identifiers>
        <balance>192441.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6745057.05000000</valUSD>
        <pctVal>0.509150660187</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>SOUTHERN FIRST BANCSHARES INC</name>
        <lei>N/A</lei>
        <title>SOUTHERN FIRST BANCSHARES INC COM</title>
        <cusip>842873101</cusip>
        <identifiers>
          <isin value="US8428731017"/>
          <ticker value="SFST"/>
        </identifiers>
        <balance>19038.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1163221.80000000</valUSD>
        <pctVal>0.087805802534</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>KIMBALL ELECTRONICS INC</name>
        <lei>549300COBYN2GZCBIU87</lei>
        <title>KIMBALL ELECTRONICS INC COM</title>
        <cusip>49428J109</cusip>
        <identifiers>
          <isin value="US49428J1097"/>
          <ticker value="KE"/>
        </identifiers>
        <balance>77200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1976320.00000000</valUSD>
        <pctVal>0.149182523629</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>
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      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL ENERGY SERVICES REUNITED CORP</name>
        <lei>N/A</lei>
        <title>NATIONAL ENERGY SERVICES REUNITED CORP COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="VGG6375R1073"/>
          <ticker value="NESR"/>
          <other otherDesc="SEDOL" value="BYZLFM2"/>
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        <balance>267100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7994303.00000000</valUSD>
        <pctVal>0.603449996051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5381324.21000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>PROVIDENT FINANCIAL HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>PROVIDENT FINANCIAL HOLDINGS INC COM</title>
        <cusip>743868101</cusip>
        <identifiers>
          <isin value="US7438681014"/>
          <ticker value="PROV"/>
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        <balance>26600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>457520.00000000</valUSD>
        <pctVal>0.034535899151</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>
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      </invstOrSec>
      <invstOrSec>
        <name>ADIENT PLC</name>
        <lei>5493002QLDY8O75RTR78</lei>
        <title>ADIENT PLC COM USD0.001</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BD845X29"/>
          <ticker value="ADNT"/>
          <other otherDesc="SEDOL" value="BD845X2"/>
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        <balance>197400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3628212.00000000</valUSD>
        <pctVal>0.273875598294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN SHARED HOSPITAL SERVICES</name>
        <lei>N/A</lei>
        <title>AMERICAN SHARED HOSPITAL SERVICES COM</title>
        <cusip>029595105</cusip>
        <identifiers>
          <isin value="US0295951059"/>
          <ticker value="AMS"/>
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        <balance>8500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13430.00000000</valUSD>
        <pctVal>0.001013763607</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>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRST BANCORP INC (MAINE)</name>
        <lei>549300C7R45JOAEF1Y41</lei>
        <title>FIRST BANCORP INC (MAINE) COM</title>
        <cusip>31866P102</cusip>
        <identifiers>
          <isin value="US31866P1021"/>
          <ticker value="FNLC"/>
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        <balance>11000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>383020.00000000</valUSD>
        <pctVal>0.028912266333</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>
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      </invstOrSec>
      <invstOrSec>
        <name>ALERUS FINANCIAL CORP</name>
        <lei>5493008BXLBPPELQ3G57</lei>
        <title>ALERUS FINANCIAL CORP COM</title>
        <cusip>01446U103</cusip>
        <identifiers>
          <isin value="US01446U1034"/>
          <ticker value="ALRS"/>
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        <balance>9750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>303225.00000000</valUSD>
        <pctVal>0.022888940418</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>
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      </invstOrSec>
      <invstOrSec>
        <name>BANKUNITED INC</name>
        <lei>96OVUWEW5D4YX6PFXD91</lei>
        <title>BANKUNITED INC COM</title>
        <cusip>06652K103</cusip>
        <identifiers>
          <isin value="US06652K1034"/>
          <ticker value="BKU"/>
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        <balance>180964.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8767705.80000000</valUSD>
        <pctVal>0.661830309708</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>
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      </invstOrSec>
      <invstOrSec>
        <name>HOMETRUST BANCSHARES INC</name>
        <lei>N/A</lei>
        <title>HOMETRUST BANCSHARES INC COM</title>
        <cusip>437872104</cusip>
        <identifiers>
          <isin value="US4378721041"/>
          <ticker value="HTB"/>
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        <balance>42500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2120325.00000000</valUSD>
        <pctVal>0.160052741668</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>
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      </invstOrSec>
      <invstOrSec>
        <name>HAMILTON BEACH BRANDS HOLDING COMPANY</name>
        <lei>N/A</lei>
        <title>HAMILTON BEACH BRANDS HOLDING COMPANY COM CL A</title>
        <cusip>40701T104</cusip>
        <identifiers>
          <isin value="US40701T1043"/>
          <ticker value="HBB"/>
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        <balance>22000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>506660.00000000</valUSD>
        <pctVal>0.038245232260</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>
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      <invstOrSec>
        <name>BCB BANCORP INC</name>
        <lei>54930024V6Z8FYSN4291</lei>
        <title>BCB BANCORP INC COM</title>
        <cusip>055298103</cusip>
        <identifiers>
          <isin value="US0552981039"/>
          <ticker value="BCBP"/>
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        <balance>36400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>390208.00000000</valUSD>
        <pctVal>0.029454852544</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>
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      <invstOrSec>
        <name>RAYONIER ADVANCED MATERIALS INC</name>
        <lei>54930053QJ7OUGZG4F72</lei>
        <title>RAYONIER ADVANCED MATERIALS INC COM</title>
        <cusip>75508B104</cusip>
        <identifiers>
          <isin value="US75508B1044"/>
          <ticker value="RYAM"/>
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        <balance>246091.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1934275.26000000</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>WEYCO GROUP INC</name>
        <lei>549300I10J38MHJELM87</lei>
        <title>WEYCO GROUP INC COM</title>
        <cusip>962149100</cusip>
        <identifiers>
          <isin value="US9621491003"/>
          <ticker value="WEYS"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1573200.00000000</valUSD>
        <pctVal>0.118753008709</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>
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      </invstOrSec>
      <invstOrSec>
        <name>BJ'S RESTAURANTS INC</name>
        <lei>5299000EOW66I1OJNQ23</lei>
        <title>BJ'S RESTAURANTS INC COM</title>
        <cusip>09180C106</cusip>
        <identifiers>
          <isin value="US09180C1062"/>
          <ticker value="BJRI"/>
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        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3036750.00000000</valUSD>
        <pctVal>0.229229086702</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>
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      <invstOrSec>
        <name>MCEWEN INC</name>
        <lei>5493000FX50GEWAF3U70</lei>
        <title>MCEWEN INC COM NEW</title>
        <cusip>58039P305</cusip>
        <identifiers>
          <isin value="US58039P3055"/>
          <ticker value="MUX"/>
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        <balance>120000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2175600.00000000</valUSD>
        <pctVal>0.164225175279</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="2175600.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTHSIDE BANCSHARES INC</name>
        <lei>549300TC83207VQA2K65</lei>
        <title>SOUTHSIDE BANCSHARES INC COM</title>
        <cusip>84470P109</cusip>
        <identifiers>
          <isin value="US84470P1093"/>
          <ticker value="SBSI"/>
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        <balance>43800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1541322.00000000</valUSD>
        <pctVal>0.116346697743</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>
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      </invstOrSec>
      <invstOrSec>
        <name>SELECT WATER SOLUTIONS INC</name>
        <lei>54930094OK8LA3QDW486</lei>
        <title>SELECT WATER SOLUTIONS INC CL A COM</title>
        <cusip>81617J301</cusip>
        <identifiers>
          <isin value="US81617J3014"/>
          <ticker value="WTTR"/>
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        <balance>331300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6619374.00000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DANA INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MONRO INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>USANA HEALTH SCIENCES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RANPAK HOLDINGS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>LIBERTY LATIN AMERICA LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FIRST CAPITAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TRANSCONTINENTAL REALTY INVESTORS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BLACK DIAMOND THERAPEUTICS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>CENTRAL PACIFIC FINANCIAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SKYWARD SPECIALTY INSURANCE GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GENCO SHIPPING &amp; TRADING LTD</name>
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        <invCountry>MH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ROCKY BRANDS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AMC GLOBAL MEDIA INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SANDRIDGE ENERGY INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CARS.COM INC</name>
        <lei>5493002G6J07LNGX4M98</lei>
        <title>CARS.COM INC COM</title>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>PHOTRONICS INC</name>
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        <title>PHOTRONICS INC COM</title>
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          <ticker value="PLAB"/>
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        <fairValLevel>1</fairValLevel>
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        <name>TACTILE SYSTEMS TECHNOLOGY INC</name>
        <lei>54930069VDTITHOTKJ98</lei>
        <title>TACTILE SYSTEMS TECHNOLOGY INC COM</title>
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          <ticker value="TCMD"/>
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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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        <curCd>USD</curCd>
        <valUSD>945726.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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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>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WATERSTONE FINANCIAL INC</name>
        <lei>5493002KM21XRC2DCQ02</lei>
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          <isin value="US94188P1012"/>
          <ticker value="WSBF"/>
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        <balance>44500.00000000</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>BGSF INC</name>
        <lei>549300AUC6I9ZG3KKQ91</lei>
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        <balance>45100.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ORTHOFIX MEDICAL INC</name>
        <lei>N/A</lei>
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          <isin value="US68752M1080"/>
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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>ASTRONOVA INC</name>
        <lei>549300D8PFP62QX00223</lei>
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          <isin value="US04638F1084"/>
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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>CLEAN ENERGY FUELS CORP</name>
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          <isin value="US1844991018"/>
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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>AMPHASTAR PHARMACEUTICALS INC</name>
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          <isin value="US03209R1032"/>
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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>FINWISE BANCORP</name>
        <lei>N/A</lei>
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          <isin value="US31813A1097"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CABLE ONE INC</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>OXFORD INDUSTRIES INC</name>
        <lei>IDZ20O0XD3GS4UOI2L88</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>HAVERTY FURNITURE COMPANIES INC</name>
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          <ticker value="HVT"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>CORMEDIX INC</name>
        <lei>5299006YIA3L0MBW8358</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>HAMILTON INSURANCE GROUP LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WILLIS LEASE FINANCE CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NEXXEN INTERNATIONAL LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NEWELL BRANDS INC</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>SHOE STATION GROUP INC</name>
        <lei>N/A</lei>
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          <ticker value="SCVL"/>
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        <fairValLevel>1</fairValLevel>
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        <name>RAMACO RESOURCES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FARMERS NATIONAL BANC CORP</name>
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          <ticker value="FMNB"/>
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        <fairValLevel>1</fairValLevel>
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        <name>VIRTUS INVESTMENT PARTNERS INC</name>
        <lei>549300HWF93HB8BDM648</lei>
        <title>VIRTUS INVESTMENT PARTNERS INC COM</title>
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          <ticker value="VRTS"/>
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        <fairValLevel>1</fairValLevel>
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        <name>UMB FINANCIAL CORP</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB FINANCIAL CORP COM</title>
        <cusip>902788108</cusip>
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          <ticker value="UMBF"/>
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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>DOLE PLC</name>
        <lei>635400JUG5XJXOPPJJ47</lei>
        <title>DOLE PLC ORD SHS</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>METHODE ELECTRONICS INC</name>
        <lei>529900VM413LGLUS3F07</lei>
        <title>METHODE ELECTRONICS INC COM</title>
        <cusip>591520200</cusip>
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          <ticker value="MEI"/>
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        <balance>46500.00000000</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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          <isin value="US84252A1060"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CUSTOMERS BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SPECTRUM BRANDS HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LIVE OAK BANCSHARES INC</name>
        <lei>N/A</lei>
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          <isin value="US53803X1054"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MALIBU BOATS INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ALLIANCE ENTERTAINMENT HOLDING CORP</name>
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          <isin value="US01861F1021"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PENN ENTERTAINMENT INC</name>
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          <isin value="US7075691094"/>
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        <fairValLevel>1</fairValLevel>
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        <name>VISTANCE NETWORKS INC</name>
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          <isin value="US20337X1090"/>
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        <fairValLevel>1</fairValLevel>
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        <name>UNIVERSAL LOGISTICS HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AYTU BIOPHARMA INC</name>
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          <isin value="US0547548588"/>
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        <fairValLevel>1</fairValLevel>
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        <name>SALLY BEAUTY HOLDINGS INC</name>
        <lei>529900VXW6E8ONDIQ271</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>RICHMOND MUTUAL BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ARDMORE SHIPPING CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SCORPIO TANKERS INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BAYCOM CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ONEWATER MARINE INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>PAYSAFE LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LIFETIME BRANDS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BLUE RIDGE BANKSHARES INC (VA)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HANOVER BANCORP INC (MD)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MAMMOTH ENERGY SERVICES INC</name>
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          <ticker value="TUSK"/>
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        <fairValLevel>1</fairValLevel>
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        <name>SIGNET JEWELERS LTD</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BAR HARBOR BANKSHARES INC</name>
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        <title>BAR HARBOR BANKSHARES INC COM</title>
        <cusip>066849100</cusip>
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          <ticker value="BHB"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THIRD COAST BANCSHARES INC</name>
        <lei>254900LW0YOTBYSQCK19</lei>
        <title>THIRD COAST BANCSHARES INC COM</title>
        <cusip>88422P109</cusip>
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          <isin value="US88422P1093"/>
          <ticker value="TCBX"/>
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        <balance>36000.00000000</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>LEGGETT &amp; PLATT INC</name>
        <lei>DKOVQUCDW4ZLYCUD4T55</lei>
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        <cusip>524660107</cusip>
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          <isin value="US5246601075"/>
          <ticker value="LEG"/>
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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>CRESCENT ENERGY COMPANY</name>
        <lei>N/A</lei>
        <title>CRESCENT ENERGY COMPANY CL A COM</title>
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          <isin value="US44952J1043"/>
          <ticker value="CRGY"/>
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        <balance>565655.00000000</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>GLACIER BANCORP INC</name>
        <lei>549300SMJAUKZB5D7V74</lei>
        <title>GLACIER BANCORP INC COM</title>
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          <isin value="US37637Q1058"/>
          <ticker value="GBCI"/>
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        <balance>3000.00000000</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>ETHAN ALLEN INTERIORS INC</name>
        <lei>N/A</lei>
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          <isin value="US2976021046"/>
          <ticker value="ETD"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1117000.00000000</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>MEDIFAST INC</name>
        <lei>5299000YHQJ21T5KKI80</lei>
        <title>MEDIFAST INC COM</title>
        <cusip>58470H101</cusip>
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          <isin value="US58470H1014"/>
          <ticker value="MED"/>
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        <balance>15366.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>163033.26000000</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>ANGI INC</name>
        <lei>5493003ENY577E6SZL06</lei>
        <title>ANGI INC CL A NEW</title>
        <cusip>00183L201</cusip>
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          <isin value="US00183L2016"/>
          <ticker value="ANGI"/>
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        <balance>65000.00000000</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>CHEGG INC</name>
        <lei>549300AKX7O8JG0O3G77</lei>
        <title>CHEGG INC COM</title>
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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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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DORIAN LPG LTD</name>
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          <isin value="MHY2106R1100"/>
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          <other otherDesc="SEDOL" value="BM4QJF5"/>
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        <balance>121300.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>V2X INC</name>
        <lei>N/A</lei>
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        <cusip>92242T101</cusip>
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          <isin value="US92242T1016"/>
          <ticker value="VVX"/>
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        <balance>8886.00000000</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>FIRSTSUN CAPITAL BANCORP</name>
        <lei>N/A</lei>
        <title>FIRSTSUN CAPITAL BANCORP COM</title>
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          <isin value="US33767U1079"/>
          <ticker value="FSUN"/>
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        <balance>63394.00000000</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>LIBERTY LATIN AMERICA LTD</name>
        <lei>213800YWQHEAX7CAVO83</lei>
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          <isin value="BMG9001E1021"/>
          <ticker value="LILA"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OUTDOOR HOLDING COMPANY</name>
        <lei>549300WUBAV2G8RICP63</lei>
        <title>OUTDOOR HOLDING COMPANY COM</title>
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          <ticker value="POWW"/>
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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>AMERISERV FINANCIAL INC</name>
        <lei>N/A</lei>
        <title>AMERISERV FINANCIAL INC COM</title>
        <cusip>03074A102</cusip>
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          <isin value="US03074A1025"/>
          <ticker value="ASRV"/>
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        <balance>77900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>302252.00000000</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>PROPETRO HOLDING CORP</name>
        <lei>N/A</lei>
        <title>PROPETRO HOLDING CORP COM</title>
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          <isin value="US74347M1080"/>
          <ticker value="PUMP"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>CAPITAL CITY BANK GROUP INC</name>
        <lei>254900NVLVUJQZKTQE82</lei>
        <title>CAPITAL CITY BANK GROUP INC COM</title>
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          <isin value="US1396741050"/>
          <ticker value="CCBG"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>MATIV HOLDINGS INC</name>
        <lei>549300Z1FU4IDULG1R21</lei>
        <title>MATIV HOLDINGS INC COM</title>
        <cusip>808541106</cusip>
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          <isin value="US8085411069"/>
          <ticker value="MATV"/>
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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>VELOCITY FINANCIAL INC</name>
        <lei>N/A</lei>
        <title>VELOCITY FINANCIAL INC COM</title>
        <cusip>92262D101</cusip>
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          <isin value="US92262D1019"/>
          <ticker value="VEL"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>AMERICAN EAGLE OUTFITTERS INC</name>
        <lei>5299001Z9HXK01DHW793</lei>
        <title>AMERICAN EAGLE OUTFITTERS INC COM</title>
        <cusip>02553E106</cusip>
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          <isin value="US02553E1064"/>
          <ticker value="AEO"/>
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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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        <name>NMI HOLDINGS INC</name>
        <lei>529900KNNGFXJX1C3Z08</lei>
        <title>NMI HOLDINGS INC COM</title>
        <cusip>629209305</cusip>
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          <isin value="US6292093050"/>
          <ticker value="NMIH"/>
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        <balance>140000.00000000</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>LIBERTY LATIN AMERICA LTD</name>
        <lei>213800YWQHEAX7CAVO83</lei>
        <title>LIBERTY LATIN AMERICA LTD COM USD0.01 CL C</title>
        <cusip>000000000</cusip>
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          <isin value="BMG9001E1286"/>
          <ticker value="LILAK"/>
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        <balance>501500.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AUBURN NATIONAL BANCORP INC</name>
        <lei>N/A</lei>
        <title>AUBURN NATIONAL BANCORP INC COM</title>
        <cusip>050473107</cusip>
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          <isin value="US0504731078"/>
          <ticker value="AUBN"/>
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        <balance>11500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>310960.00000000</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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      <invstOrSec>
        <name>NETSOL TECHNOLOGIES INC</name>
        <lei>529900EXOTPTUR7O6B54</lei>
        <title>NETSOL TECHNOLOGIES INC COM PAR $.001</title>
        <cusip>64115A402</cusip>
        <identifiers>
          <isin value="US64115A4022"/>
          <ticker value="NTWK"/>
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        <balance>2500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11550.00000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DREY INST PREF GOV MM-M</name>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CAPITAL BANCORP INC (MARYLAND)</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PROVIDENT FINANCIAL SERVICES INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COSTAMARE INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PEABODY ENERGY CORP -</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SAFE BULKERS INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ZUMIEZ INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ARDENT HEALTH INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>BRISTOW GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VISTEON CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TETRA TECHNOLOGIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>GREAT SOUTHERN BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AMALGAMATED FINANCIAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TRIPADVISOR INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TRINITY INDUSTRIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FLEXSTEEL INDUSTRIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NATIONAL BANK HOLDINGS CORP</name>
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          <ticker value="NBHC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>TITAN MACHINERY INC</name>
        <lei>549300835ZM8G0BT5C94</lei>
        <title>TITAN MACHINERY INC COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>EPSILON ENERGY LTD</name>
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          <ticker value="EPSN"/>
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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>VINCE HOLDING CORP</name>
        <lei>5493002NOQOX2DHRRF35</lei>
        <title>VINCE HOLDING CORP COM NEW</title>
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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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          <isLoanByFund>N</isLoanByFund>
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        <name>CHINA AUTOMOTIVE SYSTEMS INC</name>
        <lei>N/A</lei>
        <title>CHINA AUTOMOTIVE SYSTEMS INC SHS</title>
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        <balance>98950.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>442306.50000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SUNCOKE ENERGY INC</name>
        <lei>1KF1J2NXQE2PI0QOB943</lei>
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          <isin value="US86722A1034"/>
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        <balance>295000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AZZ INC</name>
        <lei>549300HD1X2NFLWPYC83</lei>
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          <isin value="US0024741045"/>
          <ticker value="AZZ"/>
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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>OIL STATES INTERNATIONAL INC</name>
        <lei>5493004TF4KQJGMYL777</lei>
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          <isin value="US6780261052"/>
          <ticker value="OIS"/>
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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>SPOK HOLDINGS INC</name>
        <lei>549300HXXANIVN2ICC89</lei>
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          <isin value="US84863T1060"/>
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        <balance>8000.00000000</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>FS BANCORP INC</name>
        <lei>N/A</lei>
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          <isin value="US30263Y1047"/>
          <ticker value="FSBW"/>
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        <balance>39000.00000000</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>EZCORP INC</name>
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          <isin value="US3023011063"/>
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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>IMMERSION CORP</name>
        <lei>529900AKNC1UAMQ2YB35</lei>
        <title>IMMERSION CORP COM</title>
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          <isin value="US4525211078"/>
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        <balance>50000.00000000</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>PAR PACIFIC HOLDINGS INC</name>
        <lei>549300BTNS7MHSHRLR55</lei>
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        <cusip>69888T207</cusip>
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          <isin value="US69888T2078"/>
          <ticker value="PARR"/>
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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>SECURITY NATIONAL FINANCIAL CORP</name>
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        <title>SECURITY NATIONAL FINANCIAL CORP CL A NEW</title>
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          <isin value="US8147853092"/>
          <ticker value="SNFCA"/>
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        <balance>79071.00000000</balance>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WESTERN NEW ENGLAND BANCORP INC</name>
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        <title>WESTERN NEW ENGLAND BANCORP INC COM</title>
        <cusip>958892101</cusip>
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          <isin value="US9588921018"/>
          <ticker value="WNEB"/>
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        <balance>74897.00000000</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>AMPLIFY ENERGY CORP</name>
        <lei>J0TW5YQRAZXYN7VEU787</lei>
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          <isin value="US03212B1035"/>
          <ticker value="AMPY"/>
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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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      <invstOrSec>
        <name>KOLIBRI GLOBAL ENERGY INC</name>
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          <isin value="CA50043K4063"/>
          <ticker value="KGEI"/>
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        <curCd>USD</curCd>
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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>RIVERVIEW BANCORP INC</name>
        <lei>N/A</lei>
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          <ticker value="RVSB"/>
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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>B&amp;G FOODS INC</name>
        <lei>549300TRW1LZMDJZAQ78</lei>
        <title>B&amp;G FOODS INC COM</title>
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          <ticker value="BGS"/>
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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>FIRST FINANCIAL BANCORP</name>
        <lei>549300D3F5B3EZMY7P77</lei>
        <title>FIRST FINANCIAL BANCORP COM</title>
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          <isin value="US3202091092"/>
          <ticker value="FFBC"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CITIZENS &amp; NORTHERN CORP</name>
        <lei>N/A</lei>
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          <isin value="US1729221069"/>
          <ticker value="CZNC"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>CALERES INC</name>
        <lei>JFU6RQQJ8Z1CPOLBXQ18</lei>
        <title>CALERES INC COM</title>
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          <ticker value="CAL"/>
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        <fairValLevel>1</fairValLevel>
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        <name>JAKKS PACIFIC INC</name>
        <lei>549300UEF3348JRXQ295</lei>
        <title>JAKKS PACIFIC INC COM NEW</title>
        <cusip>47012E403</cusip>
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          <isin value="US47012E4035"/>
          <ticker value="JAKK"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AMN HEALTHCARE SERVICES INC</name>
        <lei>529900W3ARRTCNFH2I39</lei>
        <title>AMN HEALTHCARE SERVICES INC COM</title>
        <cusip>001744101</cusip>
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          <isin value="US0017441017"/>
          <ticker value="AMN"/>
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        <balance>81000.00000000</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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          <isCashCollateral>N</isCashCollateral>
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        <name>ASSOCIATED CAPITAL GROUP INC</name>
        <lei>549300FBGXGSSUE01W24</lei>
        <title>ASSOCIATED CAPITAL GROUP INC CL A</title>
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          <ticker value="ACGP"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35900.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BORR DRILLING LTD</name>
        <lei>213800J2JPCTXLHQ5R78</lei>
        <title>BORR DRILLING LTD SHS</title>
        <cusip>000000000</cusip>
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          <ticker value="BORR"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>GREENLAND TECHNOLOGIES HOLDING CORP</name>
        <lei>N/A</lei>
        <title>GREENLAND TECHNOLOGIES HOLDING CORP ORD SHS CL A</title>
        <cusip>000000000</cusip>
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          <isin value="VGG4095T1075"/>
          <ticker value="GTEC"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2742.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INTERNATIONAL SEAWAYS INC</name>
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          <isin value="MHY410531021"/>
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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>MID PENN BANCORP INC</name>
        <lei>N/A</lei>
        <title>MID PENN BANCORP INC COM</title>
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          <isin value="US59540G1076"/>
          <ticker value="MPB"/>
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        <balance>51603.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FORESTAR GROUP INC</name>
        <lei>549300BC2UB0GHV60V70</lei>
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          <isin value="US3462321015"/>
          <ticker value="FOR"/>
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        <curCd>USD</curCd>
        <valUSD>2532000.00000000</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>PERRIGO COMPANY PLC</name>
        <lei>549300IFOQS6R1QLY196</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RETRACTABLE TECHNOLOGIES INC</name>
        <lei>N/A</lei>
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          <isin value="US76129W1053"/>
          <ticker value="RVP"/>
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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>VALHI INC</name>
        <lei>N/A</lei>
        <title>VALHI INC COM</title>
        <cusip>918905209</cusip>
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          <isin value="US9189052098"/>
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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>TABOOLA.COM LTD</name>
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          <isin value="IL0011754137"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EXPRO GROUP HOLDINGS NV</name>
        <lei>724500LJYA8QIT73H017</lei>
        <title>EXPRO GROUP HOLDINGS NV EUR0.01</title>
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          <isin value="NL0010556684"/>
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          <other otherDesc="SEDOL" value="BCRY5H0"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HOLLEY INC</name>
        <lei>254900EEM9JI9G1A4D88</lei>
        <title>HOLLEY INC COM</title>
        <cusip>43538H103</cusip>
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          <isin value="US43538H1032"/>
          <ticker value="HLLY"/>
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        <balance>322300.00000000</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>NETSCOUT SYSTEMS INC</name>
        <lei>5493005HZXZ3SPNVCV76</lei>
        <title>NETSCOUT SYSTEMS INC COM</title>
        <cusip>64115T104</cusip>
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          <isin value="US64115T1043"/>
          <ticker value="NTCT"/>
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        <balance>198000.00000000</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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      <invstOrSec>
        <name>CF BANKSHARES INC</name>
        <lei>5493005T7GGZJKF4UK64</lei>
        <title>CF BANKSHARES INC COM</title>
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          <ticker value="CFBK"/>
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        <balance>19000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>622630.00000000</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>GREEN DOT CORP</name>
        <lei>N/A</lei>
        <title>GREEN DOT CORP CL A</title>
        <cusip>39304D102</cusip>
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          <isin value="US39304D1028"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>COSTAMARE BULKERS HOLDINGS LTD</name>
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        <title>COSTAMARE BULKERS HOLDINGS LTD COM SHS</title>
        <cusip>000000000</cusip>
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          <ticker value="CMDB"/>
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        <curCd>USD</curCd>
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        <invCountry>MH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DIME COMMERCIAL BANCSHARES INC</name>
        <lei>N/A</lei>
        <title>DIME COMMERCIAL BANCSHARES INC COM</title>
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          <isin value="US25432X1028"/>
          <ticker value="DCOM"/>
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        <fairValLevel>1</fairValLevel>
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        <name>PROTO LABS INC</name>
        <lei>529900QHG5MGWT2WQQ09</lei>
        <title>PROTO LABS INC COM</title>
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          <isin value="US7437131094"/>
          <ticker value="PRLB"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>CRACKER BARREL OLD COUNTRY STORE INC</name>
        <lei>8P4PHQIUWPIECBFBW745</lei>
        <title>CRACKER BARREL OLD COUNTRY STORE INC COM</title>
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          <isin value="US22410J1060"/>
          <ticker value="CBRL"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>NBT BANCORP INC</name>
        <lei>N/A</lei>
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        <cusip>628778102</cusip>
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          <isin value="US6287781024"/>
          <ticker value="NBTB"/>
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        <fairValLevel>1</fairValLevel>
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        <name>NABORS INDUSTRIES LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HF FOODS GROUP INC</name>
        <lei>54930040ARMFXM6CL697</lei>
        <title>HF FOODS GROUP INC COM</title>
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          <ticker value="HFFG"/>
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        <fairValLevel>1</fairValLevel>
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        <name>CENTRAL GARDEN &amp; PET COMPANY</name>
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        <title>CENTRAL GARDEN &amp; PET COMPANY CL A NON-VTG</title>
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          <ticker value="CENTA"/>
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        <fairValLevel>1</fairValLevel>
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        <name>WABASH NATIONAL CORP</name>
        <lei>5299004ZAWHQZI5XO485</lei>
        <title>WABASH NATIONAL CORP COM</title>
        <cusip>929566107</cusip>
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          <ticker value="WNC"/>
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        <balance>57700.00000000</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>VISHAY PRECISION GROUP INC</name>
        <lei>N/A</lei>
        <title>VISHAY PRECISION GROUP INC COM</title>
        <cusip>92835K103</cusip>
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          <ticker value="VPG"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UNITED BANCORP INC</name>
        <lei>N/A</lei>
        <title>UNITED BANCORP INC COM</title>
        <cusip>909911109</cusip>
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          <isin value="US9099111091"/>
          <ticker value="UBCP"/>
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        <balance>8400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>133392.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DESIGNER BRANDS INC</name>
        <lei>549300X8J6FI8PPRK859</lei>
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          <isin value="US2505651081"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STEWART INFORMATION SERVICES CORP</name>
        <lei>529900TV1XI0PLKENU10</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>O-I GLASS INC</name>
        <lei>N/A</lei>
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          <isin value="US67098H1041"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTH PLAINS FINANCIAL INC</name>
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          <isin value="US83946P1075"/>
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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"/>
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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>RYERSON HOLDING CORP</name>
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          <isin value="US7837541041"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JAMES RIVER GROUP HOLDINGS INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KELLY SERVICES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ZIFF DAVIS INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ORASURE TECHNOLOGIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BANNER CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PEAPACK-GLADSTONE FINANCIAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VILLAGE SUPER MARKET INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>EAGLE FINANCIAL SERVICES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>THRYV HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BIGLARI HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TIPTREE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GENCOR INDUSTRIES INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>FRIEDMAN INDUSTRIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VOYAGER THERAPEUTICS INC</name>
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        <title>VOYAGER THERAPEUTICS INC COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>LIBERTY ENERGY INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TRANSACT TECHNOLOGIES INC</name>
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        <title>TRANSACT TECHNOLOGIES INC COM</title>
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          <ticker value="TACT"/>
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        <fairValLevel>1</fairValLevel>
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        <name>SFL CORP LTD</name>
        <lei>549300RLYYPSB0C7RH77</lei>
        <title>SFL CORP LTD SHS</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EASTERN COMPANY (THE)</name>
        <lei>5493005F8SU7UCM5D285</lei>
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          <isin value="US2763171046"/>
          <ticker value="EML"/>
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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>ENNIS INC</name>
        <lei>N/A</lei>
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          <isin value="US2933891028"/>
          <ticker value="EBF"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MERIDIAN CORP</name>
        <lei>N/A</lei>
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          <isin value="US58958P1049"/>
          <ticker value="MRBK"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KIORA PHARMACEUTICALS INC</name>
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          <isin value="US49721T5074"/>
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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>ENOVA INTERNATIONAL INC</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>S&amp;T BANCORP INC</name>
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          <isin value="US7838591011"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OHIO VALLEY BANC CORP</name>
        <lei>N/A</lei>
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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>HANMI FINANCIAL CORP</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AMTECH SYSTEMS INC</name>
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          <isin value="US0323325045"/>
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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>
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          <ticker value="RGP"/>
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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>NAVIGATOR HOLDINGS LTD</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>MH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>STRATTEC SECURITY CORP</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>UNITED FIRE GROUP INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>RED RIVER BANCSHARES INC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>GRAY MEDIA INC</name>
        <lei>529900TM5726KDN7UU35</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>KOHL'S CORP</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>PAMT CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NWPX INFRASTRUCTURE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MIDLAND STATES BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NORTHEAST COMMUNITY BANCORP INC (MD)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NLI HOLDINGS INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>WESTWOOD HOLDINGS GROUP INC</name>
        <lei>N/A</lei>
        <title>WESTWOOD HOLDINGS GROUP INC COM</title>
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          <ticker value="WHG"/>
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        <balance>26452.00000000</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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        <name>AVALON HOLDINGS CORP</name>
        <lei>N/A</lei>
        <title>AVALON HOLDINGS CORP CL A</title>
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          <ticker value="AWX"/>
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        <curCd>USD</curCd>
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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>WESBANCO INC</name>
        <lei>N/A</lei>
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          <isin value="US9508101014"/>
          <ticker value="WSBC"/>
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        <balance>198240.00000000</balance>
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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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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>OPTIMUMBANK HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>OPTIMUMBANK HOLDINGS INC COM</title>
        <cusip>68401P403</cusip>
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          <isin value="US68401P4037"/>
          <ticker value="OPHC"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>87600.00000000</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>NERDWALLET INC</name>
        <lei>254900FJ2Y4SH71DJ379</lei>
        <title>NERDWALLET INC COM CL A</title>
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          <isin value="US64082B1026"/>
          <ticker value="NRDS"/>
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        <balance>125000.00000000</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>VAALCO ENERGY INC</name>
        <lei>549300CFHFVIWB8M6T24</lei>
        <title>VAALCO ENERGY INC COM NEW</title>
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          <isin value="US91851C2017"/>
          <ticker value="EGY"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2032000.00000000</valUSD>
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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>TEEKAY TANKERS LTD</name>
        <lei>549300DE8ZAIYS2T6Q22</lei>
        <title>TEEKAY TANKERS LTD CL A</title>
        <cusip>000000000</cusip>
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          <isin value="BMG8726X1065"/>
          <ticker value="TNK"/>
          <other otherDesc="SEDOL" value="BL54JK6"/>
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        <balance>96800.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OPORTUN FINANCIAL CORP</name>
        <lei>549300351Y4J4FKIOR78</lei>
        <title>OPORTUN FINANCIAL CORP COM</title>
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          <isin value="US68376D1046"/>
          <ticker value="OPRT"/>
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        <balance>69003.00000000</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>CITIZENS COMMUNITY BANCORP INC</name>
        <lei>549300VKLJAF4WABEF16</lei>
        <title>CITIZENS COMMUNITY BANCORP INC COM</title>
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          <isin value="US1749031043"/>
          <ticker value="CZWI"/>
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        <balance>52500.00000000</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>TURTLE BEACH CORP</name>
        <lei>549300SZRV8U8PXSYI20</lei>
        <title>TURTLE BEACH CORP COM NEW</title>
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          <isin value="US9004502061"/>
          <ticker value="HEAR"/>
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        <balance>30000.00000000</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>SPHERE ENTERTAINMENT COMPANY</name>
        <lei>254900ZW4JWKYRZZ9A91</lei>
        <title>SPHERE ENTERTAINMENT COMPANY CL A</title>
        <cusip>55826T102</cusip>
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          <isin value="US55826T1025"/>
          <ticker value="SPHR"/>
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        <balance>63494.00000000</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>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>20380.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>503182.20000000</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>NORTHRIM BANCORP INC</name>
        <lei>5493006X7RLLTZ3SG075</lei>
        <title>NORTHRIM BANCORP INC COM</title>
        <cusip>666762109</cusip>
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          <isin value="US6667621097"/>
          <ticker value="NRIM"/>
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        <balance>34391.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>954006.34000000</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>MARINEMAX INC</name>
        <lei>254900TIXTN8WY3FNN63</lei>
        <title>MARINEMAX INC COM</title>
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          <isin value="US5679081084"/>
          <ticker value="HZO"/>
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        <balance>56400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2065368.00000000</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>COMMUNITY WEST BANCSHARES</name>
        <lei>N/A</lei>
        <title>COMMUNITY WEST BANCSHARES COM</title>
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          <ticker value="CWBC"/>
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        <curCd>USD</curCd>
        <valUSD>88638.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FERROGLOBE PLC</name>
        <lei>2138005GCFJACFTZUD90</lei>
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        <cusip>000000000</cusip>
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          <ticker value="GSM"/>
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        <balance>536100.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ENCORE CAPITAL GROUP INC</name>
        <lei>5493000UVC6H49CIH830</lei>
        <title>ENCORE CAPITAL GROUP INC COM</title>
        <cusip>292554102</cusip>
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          <isin value="US2925541029"/>
          <ticker value="ECPG"/>
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        <balance>67500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6297075.00000000</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>PROFRAC HOLDING CORP</name>
        <lei>N/A</lei>
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        <cusip>74319N100</cusip>
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          <isin value="US74319N1000"/>
          <ticker value="ACDC"/>
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        <balance>357500.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>RPC INC</name>
        <lei>549300ZDXAFBC3SB4918</lei>
        <title>RPC INC COM</title>
        <cusip>749660106</cusip>
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          <ticker value="RES"/>
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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>ANDERSONS INC (THE)</name>
        <lei>L38MWB8MVRFV7HVJPU11</lei>
        <title>ANDERSONS INC (THE) COM</title>
        <cusip>034164103</cusip>
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          <ticker value="ANDE"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PEDIATRIX MEDICAL GROUP INC</name>
        <lei>N/A</lei>
        <title>PEDIATRIX MEDICAL GROUP INC COM</title>
        <cusip>58502B106</cusip>
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          <isin value="US58502B1061"/>
          <ticker value="MD"/>
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        <balance>265000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6712450.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CAMDEN NATIONAL CORP</name>
        <lei>549300ZVEDL2L8UW4F28</lei>
        <title>CAMDEN NATIONAL CORP COM</title>
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          <ticker value="CAC"/>
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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>WINNEBAGO INDUSTRIES INC</name>
        <lei>549300B7OYKYJLTE3G11</lei>
        <title>WINNEBAGO INDUSTRIES INC COM</title>
        <cusip>974637100</cusip>
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          <isin value="US9746371007"/>
          <ticker value="WGO"/>
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        <balance>56000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1749440.00000000</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>RHINEBECK BANCORP INC</name>
        <lei>N/A</lei>
        <title>RHINEBECK BANCORP INC COM</title>
        <cusip>762093102</cusip>
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          <isin value="US7620931029"/>
          <ticker value="RBKB"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>259650.00000000</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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      <invstOrSec>
        <name>DHI GROUP INC</name>
        <lei>529900489RAC0CU0AO81</lei>
        <title>DHI GROUP INC COM</title>
        <cusip>23331S100</cusip>
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          <ticker value="DHX"/>
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        <balance>106800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>396228.00000000</valUSD>
        <pctVal>0.029909272269</pctVal>
        <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>INNOVEX INTERNATIONAL INC</name>
        <lei>5299007REICYIJNMW197</lei>
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        <cusip>457651107</cusip>
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          <isin value="US4576511079"/>
          <ticker value="INVX"/>
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        <balance>174800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4335040.00000000</valUSD>
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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>ICF INTERNATIONAL INC</name>
        <lei>5493003KYFDDC5B3WY64</lei>
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        <cusip>44925C103</cusip>
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          <isin value="US44925C1036"/>
          <ticker value="ICFI"/>
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        <balance>34000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2477240.00000000</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>DMC GLOBAL INC</name>
        <lei>549300CBDXD1Z5MRNG02</lei>
        <title>DMC GLOBAL INC COM</title>
        <cusip>23291C103</cusip>
        <identifiers>
          <isin value="US23291C1036"/>
          <ticker value="BOOM"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>145250.00000000</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>
        <name>CLEARWATER PAPER CORP</name>
        <lei>549300HCVV19GXN4P292</lei>
        <title>CLEARWATER PAPER CORP COM</title>
        <cusip>18538R103</cusip>
        <identifiers>
          <isin value="US18538R1032"/>
          <ticker value="CLW"/>
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        <balance>37000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>580160.00000000</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>
        <name>MERCANTILE BANK CORP</name>
        <lei>P16VZZCKTJ5IONL6XE37</lei>
        <title>MERCANTILE BANK CORP COM</title>
        <cusip>587376104</cusip>
        <identifiers>
          <isin value="US5873761044"/>
          <ticker value="MBWM"/>
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        <balance>10003.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>574372.26000000</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>BV FINANCIAL INC</name>
        <lei>N/A</lei>
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        <cusip>05603E208</cusip>
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          <isin value="US05603E2081"/>
          <ticker value="BVFL"/>
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        <balance>3000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>63540.00000000</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>C&amp;F FINANCIAL CORP</name>
        <lei>549300VFPAZLNS1R0361</lei>
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          <isin value="US12466Q1040"/>
          <ticker value="CFFI"/>
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        <balance>13600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1088000.00000000</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>
      <invstOrSec>
        <name>RESOLUTE FOREST PRODUCTS INC</name>
        <lei>N/A</lei>
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        <cusip>761CVR042</cusip>
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          <isin value="US761CVR0427"/>
          <ticker value="RFP"/>
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        <balance>335500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50325.00000000</valUSD>
        <pctVal>0.003798782839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>QCR HOLDINGS INC</name>
        <lei>549300MWKWM7KWJVQO33</lei>
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          <isin value="US74727A1043"/>
          <ticker value="QCRH"/>
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        <balance>48000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4672800.00000000</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>
      <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>146650.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1407106.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <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>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>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>116000.00000000</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>WORLD KINECT CORP</name>
        <lei>D3W7PCXCBRQLL17DZ313</lei>
        <title>WORLD KINECT CORP COM</title>
        <cusip>981475106</cusip>
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          <ticker value="WKC"/>
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        <balance>139600.00000000</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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      <invstOrSec>
        <name>PELAGOS INSURANCE CAPITAL LTD</name>
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        <cusip>000000000</cusip>
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          <ticker value="FIHL"/>
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        <balance>262000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6379700.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TUTOR PERINI CORP</name>
        <lei>549300FHXYVPW8LJ6D98</lei>
        <title>TUTOR PERINI CORP COM</title>
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          <ticker value="TPC"/>
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        <balance>119800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9939806.00000000</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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      <invstOrSec>
        <name>CARTER'S INC</name>
        <lei>5299003WAQK4R3L3ZU36</lei>
        <title>CARTER'S INC COM</title>
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          <isin value="US1462291097"/>
          <ticker value="CRI"/>
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        <balance>78600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3235176.00000000</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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      <invstOrSec>
        <name>CUSTOM TRUCK ONE SOURCE INC</name>
        <lei>2549008QOVAS9KBZ4E50</lei>
        <title>CUSTOM TRUCK ONE SOURCE INC COM CL A</title>
        <cusip>23204X103</cusip>
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          <ticker value="CTOS"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>413350.00000000</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>NORDIC AMERICAN TANKERS LTD</name>
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          <ticker value="NAT"/>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ENTRAVISION COMMUNICATIONS CORP</name>
        <lei>549300SKHY2ALCLKV539</lei>
        <title>ENTRAVISION COMMUNICATIONS CORP CL A</title>
        <cusip>29382R107</cusip>
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          <isin value="US29382R1077"/>
          <ticker value="EVC"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PROFICIENT AUTO LOGISTICS INC</name>
        <lei>N/A</lei>
        <title>PROFICIENT AUTO LOGISTICS INC COM</title>
        <cusip>74317M104</cusip>
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          <isin value="US74317M1045"/>
          <ticker value="PAL"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>340500.00000000</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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      <invstOrSec>
        <name>SMARTFINANCIAL INC</name>
        <lei>N/A</lei>
        <title>SMARTFINANCIAL INC COM NEW</title>
        <cusip>83190L208</cusip>
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          <ticker value="SMBK"/>
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        <balance>56500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2650980.00000000</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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      <invstOrSec>
        <name>NPK INTERNATIONAL INC</name>
        <lei>54930073OHWDQW4DJN26</lei>
        <title>NPK INTERNATIONAL INC COM SHS</title>
        <cusip>651718504</cusip>
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          <isin value="US6517185046"/>
          <ticker value="NPKI"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15910.00000000</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>RICHARDSON ELECTRONICS LTD</name>
        <lei>N/A</lei>
        <title>RICHARDSON ELECTRONICS LTD COM</title>
        <cusip>763165107</cusip>
        <identifiers>
          <isin value="US7631651079"/>
          <ticker value="RELL"/>
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        <balance>25800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>490458.00000000</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>HENNESSY ADVISORS INC</name>
        <lei>549300OM5HCSFZO7FR31</lei>
        <title>HENNESSY ADVISORS INC COM</title>
        <cusip>425885100</cusip>
        <identifiers>
          <isin value="US4258851009"/>
          <ticker value="HNNA"/>
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        <balance>7000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DONEGAL GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MONTE ROSA THERAPEUTICS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AMERICAN PUBLIC EDUCATION INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OCTAVE SPECIALTY GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AMERANT BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CITIZENS FINANCIAL SERVICES INC</name>
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          <ticker value="CZFS"/>
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        <fairValLevel>1</fairValLevel>
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        <name>NATURAL ALTERNATIVES INTERNATIONAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LEGACY HOUSING CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BROADWIND INC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>VANDA PHARMACEUTICALS INC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>G-III APPAREL GROUP LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>UNITY BANCORP INC</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>ENTERPRISE FINANCIAL SERVICES CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VIASAT INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LOVESAC COMPANY (THE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BENCHMARK ELECTRONICS INC</name>
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          <ticker value="BHE"/>
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        <fairValLevel>1</fairValLevel>
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        <name>PAGSEGURO DIGITAL LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HYSTER-YALE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>COMPX INTERNATIONAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>COMSCORE INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>SUPERIOR GROUP OF COMPANIES INC</name>
        <lei>UOX145EEO0TB0ZWX2152</lei>
        <title>SUPERIOR GROUP OF COMPANIES INC COM</title>
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          <ticker value="SGC"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>CASTLE BIOSCIENCES INC</name>
        <lei>2549007M2Q4HLR1XD252</lei>
        <title>CASTLE BIOSCIENCES INC COM</title>
        <cusip>14843C105</cusip>
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          <ticker value="CSTL"/>
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        <balance>79000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1884150.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CHEMUNG FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>CHEMUNG FINANCIAL CORP COM</title>
        <cusip>164024101</cusip>
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          <isin value="US1640241014"/>
          <ticker value="CHMG"/>
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        <balance>19500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1454310.00000000</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>
      <invstOrSec>
        <name>PACIRA BIOSCIENCES INC</name>
        <lei>549300P56LERYBDHCF69</lei>
        <title>PACIRA BIOSCIENCES INC COM</title>
        <cusip>695127100</cusip>
        <identifiers>
          <isin value="US6951271005"/>
          <ticker value="PCRX"/>
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        <balance>129300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3280341.00000000</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>BREAD FINANCIAL HOLDINGS INC</name>
        <lei>549300G8S4PO686J7H97</lei>
        <title>BREAD FINANCIAL HOLDINGS INC COM</title>
        <cusip>018581108</cusip>
        <identifiers>
          <isin value="US0185811082"/>
          <ticker value="BFH"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10293250.00000000</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>INVESTORS TITLE CO INC</name>
        <lei>N/A</lei>
        <title>INVESTORS TITLE CO INC COM</title>
        <cusip>461804106</cusip>
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          <isin value="US4618041069"/>
          <ticker value="ITIC"/>
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        <curCd>USD</curCd>
        <valUSD>135197.92000000</valUSD>
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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>PATHWARD FINANCIAL INC</name>
        <lei>5493004X52BH1NBLW813</lei>
        <title>PATHWARD FINANCIAL INC COM</title>
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          <isin value="US59100U1088"/>
          <ticker value="CASH"/>
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        <balance>30884.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2688761.04000000</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>FIRST US BANCSHARES INC</name>
        <lei>54930017QY1V8LM2TC68</lei>
        <title>FIRST US BANCSHARES INC COM</title>
        <cusip>33744V103</cusip>
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          <isin value="US33744V1035"/>
          <ticker value="FUSB"/>
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        <balance>6468.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>107045.40000000</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>PROG HOLDINGS INC</name>
        <lei>549300DHYTLBOVRXIG52</lei>
        <title>PROG HOLDINGS INC COM NPV</title>
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          <isin value="US74319R1014"/>
          <ticker value="PRG"/>
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        <balance>90192.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4203849.12000000</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>PETCO HEALTH AND WELLNESS COMPANY INC</name>
        <lei>2549007TYGV6RVSE9M61</lei>
        <title>PETCO HEALTH AND WELLNESS COMPANY INC CL A COM</title>
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          <isin value="US71601V1052"/>
          <ticker value="WOOF"/>
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        <balance>598000.00000000</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>MOTORCAR PARTS OF AMERICA INC</name>
        <lei>549300AG4610OSV3H429</lei>
        <title>MOTORCAR PARTS OF AMERICA INC COM</title>
        <cusip>620071100</cusip>
        <identifiers>
          <isin value="US6200711009"/>
          <ticker value="MPAA"/>
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        <balance>94121.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1441933.72000000</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>METROPOLITAN BANK HOLDING CORP</name>
        <lei>N/A</lei>
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        <cusip>591774104</cusip>
        <identifiers>
          <isin value="US5917741044"/>
          <ticker value="MCB"/>
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        <balance>23300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2301108.00000000</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>YELP INC</name>
        <lei>5299007OU2DOSXPQBO35</lei>
        <title>YELP INC CL A</title>
        <cusip>985817105</cusip>
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          <isin value="US9858171054"/>
          <ticker value="YELP"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2942400.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SIRIUSPOINT LTD</name>
        <lei>549300OGXFI85N3YZZ51</lei>
        <title>SIRIUSPOINT LTD COM USD0.1</title>
        <cusip>000000000</cusip>
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          <isin value="BMG8192H1060"/>
          <ticker value="SPNT"/>
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        <balance>339455.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ONITY GROUP INC</name>
        <lei>549300DDD1YQ8EIAT278</lei>
        <title>ONITY GROUP INC COM NEW</title>
        <cusip>675746606</cusip>
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          <isin value="US6757466064"/>
          <ticker value="ONIT"/>
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        <balance>15705.00000000</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>TREDEGAR CORP</name>
        <lei>54930003228ERHCH6K87</lei>
        <title>TREDEGAR CORP COM</title>
        <cusip>894650100</cusip>
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          <isin value="US8946501009"/>
          <ticker value="TG"/>
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        <curCd>USD</curCd>
        <valUSD>365364.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MISTRAS GROUP INC</name>
        <lei>5493000CMNXVLND3FU73</lei>
        <title>MISTRAS GROUP INC COM</title>
        <cusip>60649T107</cusip>
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          <isin value="US60649T1079"/>
          <ticker value="MG"/>
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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>DRILLING TOOLS INTERNATIONAL CORP</name>
        <lei>5493000EQOTBVWM31L08</lei>
        <title>DRILLING TOOLS INTERNATIONAL CORP COM</title>
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          <isin value="US26205E1073"/>
          <ticker value="DTI"/>
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        <balance>71741.00000000</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>STONERIDGE INC</name>
        <lei>PNBCIH9LE7WI83VJIF08</lei>
        <title>STONERIDGE INC COM</title>
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          <isin value="US86183P1021"/>
          <ticker value="SRI"/>
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        <curCd>USD</curCd>
        <valUSD>321348.00000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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        <name>HURCO COMPANIES INC</name>
        <lei>XSC5XDOTBYOBQPOG2O82</lei>
        <title>HURCO COMPANIES INC COM</title>
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          <isin value="US4473241044"/>
          <ticker value="HURC"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CARTER BANKSHARES INC</name>
        <lei>549300SO0M022D8D8358</lei>
        <title>CARTER BANKSHARES INC COM NEW</title>
        <cusip>146103106</cusip>
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          <isin value="US1461031064"/>
          <ticker value="CARE"/>
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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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        <name>OPPENHEIMER HOLDINGS INC (US)</name>
        <lei>N/A</lei>
        <title>OPPENHEIMER HOLDINGS INC (US) CL A NON VTG</title>
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          <isin value="US6837971042"/>
          <ticker value="OPY"/>
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        <curCd>USD</curCd>
        <valUSD>2848841.22000000</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>GEOSPACE TECHNOLOGIES CORP</name>
        <lei>N/A</lei>
        <title>GEOSPACE TECHNOLOGIES CORP COM</title>
        <cusip>37364X109</cusip>
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          <isin value="US37364X1090"/>
          <ticker value="GEOS"/>
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        <curCd>USD</curCd>
        <valUSD>176710.54000000</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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      <invstOrSec>
        <name>QUANEX BUILDING PRODUCTS CORP</name>
        <lei>5493000TL30VL5WOAW87</lei>
        <title>QUANEX BUILDING PRODUCTS CORP COM</title>
        <cusip>747619104</cusip>
        <identifiers>
          <isin value="US7476191041"/>
          <ticker value="NX"/>
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        <balance>96900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1804278.00000000</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>BANKWELL FINANCIAL GROUP INC</name>
        <lei>5493004NUBQXPY84NX67</lei>
        <title>BANKWELL FINANCIAL GROUP INC COM</title>
        <cusip>06654A103</cusip>
        <identifiers>
          <isin value="US06654A1034"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KEY TRONIC CORP</name>
        <lei>40TF3VPKEM3IMMIU0O47</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AIR INDUSTRIES GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CONCENTRIX CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NAVIENT CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SONIC AUTOMOTIVE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ECOVYST INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STEPAN COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ENVIRI CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KEARNY FINANCIAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MILLER INDUSTRIES INC (TENNESSE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>UNIFI INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ARK RESTAURANTS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SUMMIT STATE BANK</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>MILLERKNOLL INC</name>
        <lei>U98HXD3PNK7HYU2MU887</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>GULFPORT ENERGY CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIRST NATIONAL CORP (VA)</name>
        <lei>549300TDCMDRFUMP0106</lei>
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          <ticker value="FXNC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>HORACE MANN EDUCATORS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MEDALLION FINANCIAL CORP</name>
        <lei>549300FJ4FMGJ2C34Y48</lei>
        <title>MEDALLION FINANCIAL CORP COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>HOOKER FURNISHINGS CORP</name>
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          <isin value="US4390381006"/>
          <ticker value="HOFT"/>
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        <fairValLevel>1</fairValLevel>
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        <name>FOSSIL GROUP INC</name>
        <lei>DDMY8YZ6L8UEMS1FDM73</lei>
        <title>FOSSIL GROUP INC COM</title>
        <cusip>34988V106</cusip>
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          <ticker value="FOSL"/>
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        <fairValLevel>1</fairValLevel>
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        <name>ULTRALIFE CORP</name>
        <lei>529900NVAFLKA00F3U05</lei>
        <title>ULTRALIFE CORP COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>MAGYAR BANCORP INC</name>
        <lei>N/A</lei>
        <title>MAGYAR BANCORP INC COM</title>
        <cusip>55977T208</cusip>
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          <ticker value="MGYR"/>
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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>A.K.A. BRANDS HOLDING CORP</name>
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        <title>A.K.A. BRANDS HOLDING CORP COM SHS</title>
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          <ticker value="AKA"/>
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        <fairValLevel>1</fairValLevel>
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        <name>SPORTSMAN'S WAREHOUSE HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CENTURY COMMUNITIES INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ABM INDUSTRIES INC</name>
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          <isin value="US0009571003"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HOVNANIAN ENTERPRISES INC</name>
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          <isin value="US4424874018"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LSB INDUSTRIES INC</name>
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          <isin value="US5021601043"/>
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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>CORECIVIC INC</name>
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          <isin value="US21871N1019"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>LANDS' END INC</name>
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          <isin value="US51509F1057"/>
          <ticker value="LE"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CORE MOLDING TECHNOLOGIES INC</name>
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          <isin value="US2186831002"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COFFEE HOLDING COMPANY INC</name>
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        <title>COFFEE HOLDING COMPANY INC COM</title>
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          <isin value="US1921761052"/>
          <ticker value="JVA"/>
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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>DAUCH CORP</name>
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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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        <name>PAGAYA TECHNOLOGIES LTD</name>
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        <invCountry>IL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CIVISTA BANCSHARES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LIVE VENTURES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FUNKO INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INVESTAR HOLDING CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AMERICAN OUTDOOR BRANDS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PCB BANCORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BANC OF CALIFORNIA INC</name>
        <lei>549300ZKWUJDP6LJ1X87</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>FVCBANKCORP INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>1ST SOURCE CORP</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>MASTECH DIGITAL INC</name>
        <lei>549300GD5HFB0F451006</lei>
        <title>MASTECH DIGITAL INC COM</title>
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          <ticker value="MHH"/>
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        <fairValLevel>1</fairValLevel>
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        <name>HERITAGE INSURANCE HOLDINGS INC</name>
        <lei>9845008CCYDD87F66B45</lei>
        <title>HERITAGE INSURANCE HOLDINGS INC COM</title>
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          <ticker value="HRTG"/>
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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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          <isin value="US4923271013"/>
          <ticker value="KROS"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LENDINGTREE INC</name>
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          <isin value="US52603B1070"/>
          <ticker value="TREE"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTREPID POTASH INC</name>
        <lei>549300OZ696E2PRRTO45</lei>
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          <isin value="US46121Y2019"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TOWNSQUARE MEDIA INC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>NETGEAR INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HARLEY-DAVIDSON INC</name>
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          <isin value="US4128221086"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OCEANFIRST FINANCIAL CORP</name>
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          <isin value="US6752341080"/>
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        <fairValLevel>1</fairValLevel>
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        <name>PERMA-PIPE INTERNATIONAL HOLDINGS INC</name>
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          <isin value="US7141671039"/>
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        <fairValLevel>1</fairValLevel>
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        <name>PATHFINDER BANCORP INC</name>
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          <isin value="US70319R1095"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NACCO INDUSTRIES INC</name>
        <lei>N/A</lei>
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          <isin value="US6295791031"/>
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        <fairValLevel>1</fairValLevel>
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        <name>HUNTSMAN CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CENTRAL GARDEN &amp; PET COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OFG BANCORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BYLINE BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BURKE &amp; HERBERT FINANCIAL SERVICES CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TARGET HOSPITALITY CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PEOPLES FINANCIAL SERVICES CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NB BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HEARTLAND EXPRESS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ADAPTHEALTH CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CBAK ENERGY TECHNOLOGY LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>WEIS MARKETS INC</name>
        <lei>N/A</lei>
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          <ticker value="WMK"/>
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        <fairValLevel>1</fairValLevel>
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        <name>DNOW INC</name>
        <lei>549300AVH5SOCFVVDW91</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>ARKO CORP</name>
        <lei>N/A</lei>
        <title>ARKO CORP COM</title>
        <cusip>041242108</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SOUTHERN MISSOURI BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HIMALAYA SHIPPING LTD</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PERDOCEO EDUCATION CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FORUM ENERGY TECHNOLOGIES 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>PORTILLO'S INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>GROCERY OUTLET HOLDING CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HUDSON TECHNOLOGIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CLARITEV CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>RENASANT CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>GREENLIGHT CAPITAL RE LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>EL POLLO LOCO HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>ATKORE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>AMPCO PITTSBURGH CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIRST BANK (WILLIAMSTOWN NJ)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HELIX ENERGY SOLUTIONS GROUP INC</name>
        <lei>416AP2JOUTCWEGSOZW41</lei>
        <title>HELIX ENERGY SOLUTIONS GROUP INC COM</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CLARIVATE PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SYLVAMO CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>QUIDELORTHO CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DEL MONTE CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RBB BANCORP</name>
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          <isin value="US74930B1052"/>
          <ticker value="RBB"/>
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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>EDGEWELL PERSONAL CARE COMPANY</name>
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          <isin value="US28035Q1022"/>
          <ticker value="EPC"/>
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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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        <name>GENTHERM INC</name>
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          <ticker value="THRM"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UNION BANKSHARES INC</name>
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          <isin value="US9054001071"/>
          <ticker value="UNB"/>
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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>CNB FINANCIAL CORP (PENNSYLVANIA)</name>
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          <isin value="US1261281075"/>
          <ticker value="CCNE"/>
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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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      <invstOrSec>
        <name>BUMBLE INC</name>
        <lei>N/A</lei>
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          <ticker value="BMBL"/>
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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>BASSETT FURNITURE INDUSTRIES INC</name>
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          <isin value="US0702031040"/>
          <ticker value="BSET"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>PLUMAS BANCORP</name>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>MANPOWERGROUP INC</name>
        <lei>ERO1WSFOSR0JJ6CRQ987</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>UNITED NATURAL FOODS INC</name>
        <lei>549300GKGW6WPZ282D40</lei>
        <title>UNITED NATURAL FOODS INC COM</title>
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          <ticker value="UNFI"/>
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        <fairValLevel>1</fairValLevel>
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        <name>UPBOUND GROUP INC</name>
        <lei>529900QUHE15UQNCCJ63</lei>
        <title>UPBOUND GROUP INC COM</title>
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          <ticker value="UPBD"/>
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        <fairValLevel>1</fairValLevel>
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        <name>FARMERS &amp; MERCHANTS BANCORP (OHIO)</name>
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          <ticker value="FMAO"/>
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        <fairValLevel>1</fairValLevel>
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        <name>HARTE-HANKS INC</name>
        <lei>549300J5W5N8Q3OYMS84</lei>
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          <ticker value="HHS"/>
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        <fairValLevel>1</fairValLevel>
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        <name>FIRST GUARANTY BANCSHARES INC</name>
        <lei>549300600XNPWN48W622</lei>
        <title>FIRST GUARANTY BANCSHARES INC COM</title>
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          <ticker value="FGBI"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COLONY BANKCORP INC</name>
        <lei>N/A</lei>
        <title>COLONY BANKCORP INC COM</title>
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          <ticker value="CBAN"/>
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        <fairValLevel>1</fairValLevel>
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        <name>FLANIGANS ENTERPRISES INC</name>
        <lei>3SQB3XBDRJL87DZJOO94</lei>
        <title>FLANIGANS ENTERPRISES INC COM</title>
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          <ticker value="BDL"/>
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        <fairValLevel>1</fairValLevel>
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        <name>MOVADO GROUP INC</name>
        <lei>549300WCGCGPWGHVXM59</lei>
        <title>MOVADO GROUP INC COM</title>
        <cusip>624580106</cusip>
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          <ticker value="MOV"/>
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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>TRUSTCO BANK CORP NY</name>
        <lei>N/A</lei>
        <title>TRUSTCO BANK CORP NY COM NEW</title>
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          <ticker value="TRST"/>
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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>ATLANTICUS HOLDINGS CORP</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>BURFORD CAPITAL LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CROWN CRAFTS INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VICI PROPERTIES INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SENECA FOODS CORP</name>
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          <isin value="US8170705011"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DELUXE CORP</name>
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          <isin value="US2480191012"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ALLEGIANT TRAVEL COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KINGSTONE COMPANIES INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OLD SECOND BANCORP INC</name>
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          <isin value="US6802771005"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GOOD TIMES RESTAURANTS INC</name>
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          <isin value="US3821408792"/>
          <ticker value="GTIM"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PETMED EXPRESS INC</name>
        <lei>529900PGHW5ASJ1AZL48</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>RE/MAX HOLDINGS INC</name>
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        <title>RE/MAX HOLDINGS INC CL A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>WARRIOR MET COAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>US GLOBAL INVESTORS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NUTEX HEALTH INC</name>
        <lei>254900RSD2OET3HENJ50</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>FRANKLIN FINANCIAL SERVICES CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INDEPENDENT BANK CORP (MICHIGAN)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ALPHA PRO TECH LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PARK-OHIO HOLDINGS CORP</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>E.W. SCRIPPS COMPANY (THE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BLUELINX HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIRST MERCHANTS CORP</name>
        <lei>TZTBT0OTGQ2FEK6XMX94</lei>
        <title>FIRST MERCHANTS CORP COM</title>
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          <ticker value="FRME"/>
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        <fairValLevel>1</fairValLevel>
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        <name>TELADOC HEALTH INC</name>
        <lei>549300I2PVFBC9MFAC61</lei>
        <title>TELADOC HEALTH INC COM</title>
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          <ticker value="TDOC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>REGIONAL MANAGEMENT CORP</name>
        <lei>549300S5O87W87JW4146</lei>
        <title>REGIONAL MANAGEMENT CORP COM</title>
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          <isin value="US75902K1060"/>
          <ticker value="RM"/>
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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>FIRST COMMUNITY CORP (SOUTH CAROLINA)</name>
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        <title>FIRST COMMUNITY CORP (SOUTH CAROLINA) COM</title>
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          <isin value="US3198351047"/>
          <ticker value="FCCO"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNIVEST FINANCIAL CORP</name>
        <lei>4WII2HCR8UEWNU03U507</lei>
        <title>UNIVEST FINANCIAL CORP COM</title>
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          <isin value="US9152711001"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>1</fairValLevel>
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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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        <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>SCANSOURCE INC</name>
        <lei>7FHBAN017QDY4K2KP156</lei>
        <title>SCANSOURCE INC COM</title>
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          <isin value="US8060371072"/>
          <ticker value="SCSC"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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>BANK OF MARIN BANCORP</name>
        <lei>N/A</lei>
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          <isin value="US0634251021"/>
          <ticker value="BMRC"/>
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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>ORIGIN BANCORP INC</name>
        <lei>54930055DO2Z4KO3NB45</lei>
        <title>ORIGIN BANCORP INC COM</title>
        <cusip>68621T102</cusip>
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          <isin value="US68621T1025"/>
          <ticker value="OBK"/>
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        <balance>78222.00000000</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>BANDWIDTH INC</name>
        <lei>549300QC70JB7MUGXM66</lei>
        <title>BANDWIDTH INC COM CL A</title>
        <cusip>05988J103</cusip>
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          <isin value="US05988J1034"/>
          <ticker value="BAND"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4747500.00000000</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>BUSINESS FIRST BANCSHARES INC</name>
        <lei>549300ILTC50KHDX4A08</lei>
        <title>BUSINESS FIRST BANCSHARES INC COM</title>
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          <isin value="US12326C1053"/>
          <ticker value="BFST"/>
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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>BANK OF THE JAMES FINANCIAL GROUP INC</name>
        <lei>N/A</lei>
        <title>BANK OF THE JAMES FINANCIAL GROUP INC COM</title>
        <cusip>470299108</cusip>
        <identifiers>
          <isin value="US4702991088"/>
          <ticker value="BOTJ"/>
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        <balance>13000.00000000</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>HIVE DIGITAL TECHNOLOGIES LTD</name>
        <lei>5493004QCZ1QBI9FS784</lei>
        <title>HIVE DIGITAL TECHNOLOGIES LTD COM NEW</title>
        <cusip>433921103</cusip>
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          <isin value="CA4339211035"/>
          <ticker value="HIVE"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2184000.00000000</valUSD>
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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>BOWHEAD SPECIALTY HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>BOWHEAD SPECIALTY HOLDINGS INC COM SHS</title>
        <cusip>10240L102</cusip>
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          <isin value="US10240L1026"/>
          <ticker value="BOW"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>748250.00000000</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>GOODYEAR TIRE &amp; RUBBER COMPANY</name>
        <lei>5493002BI0S2ZQUY3437</lei>
        <title>GOODYEAR TIRE &amp; RUBBER COMPANY COM</title>
        <cusip>382550101</cusip>
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          <isin value="US3825501014"/>
          <ticker value="GT"/>
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        <balance>567648.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3746476.80000000</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>LCNB CORP</name>
        <lei>N/A</lei>
        <title>LCNB CORP COM</title>
        <cusip>50181P100</cusip>
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          <isin value="US50181P1003"/>
          <ticker value="LCNB"/>
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        <balance>43600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>766924.00000000</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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          <ticker value="CVEO"/>
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        <balance>42255.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LUXFER HOLDINGS PLC</name>
        <lei>21380045UF5SJYZOXE41</lei>
        <title>LUXFER HOLDINGS PLC ORD GBP0.50</title>
        <cusip>000000000</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TILLY'S INC</name>
        <lei>N/A</lei>
        <title>TILLY'S INC CL A</title>
        <cusip>886885102</cusip>
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          <isin value="US8868851028"/>
          <ticker value="TLYS"/>
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        <balance>1600.00000000</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>RANGER ENERGY SERVICES INC</name>
        <lei>549300J7RIVGVAN0RE23</lei>
        <title>RANGER ENERGY SERVICES INC COM CL A</title>
        <cusip>75282U104</cusip>
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          <ticker value="RNGR"/>
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        <fairValLevel>1</fairValLevel>
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        <name>CALEDONIA MINING CORP PLC</name>
        <lei>21380093ZBI4BFM75Y51</lei>
        <title>CALEDONIA MINING CORP PLC SHS NEW</title>
        <cusip>000000000</cusip>
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          <ticker value="CMCL"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ACNB CORP</name>
        <lei>N/A</lei>
        <title>ACNB CORP COM</title>
        <cusip>000868109</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>NORTHPOINTE BANCSHARES INC</name>
        <lei>549300EYMKMD4WKEKP72</lei>
        <title>NORTHPOINTE BANCSHARES INC COM SHS</title>
        <cusip>66661N886</cusip>
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          <ticker value="NPB"/>
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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>NORTHFIELD BANCORP INC (NEW)</name>
        <lei>N/A</lei>
        <title>NORTHFIELD BANCORP INC (NEW) COM</title>
        <cusip>66611T108</cusip>
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          <ticker value="NFBK"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAGA COMMUNICATIONS INC</name>
        <lei>N/A</lei>
        <title>SAGA COMMUNICATIONS INC CL A NEW</title>
        <cusip>786598300</cusip>
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          <isin value="US7865983008"/>
          <ticker value="SGA"/>
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        <balance>21009.00000000</balance>
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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>SHENANDOAH TELECOMMUNICATIONS COMPANY</name>
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          <ticker value="SHEN"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MARCUS CORP (THE)</name>
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          <isin value="US5663301068"/>
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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>VILLAGE FARMS INTERNATIONAL INC</name>
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          <isin value="CA92707Y1088"/>
          <ticker value="VFF"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BRIGHTVIEW HOLDINGS INC</name>
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          <isin value="US10948C1071"/>
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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>DXC TECHNOLOGY COMPANY</name>
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          <isin value="US23355L1061"/>
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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>STAGWELL INC</name>
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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>PANGAEA LOGISTICS SOLUTIONS LTD</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TEEKAY CORP LTD</name>
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          <isin value="BMG8726T1053"/>
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        <balance>340000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIRST UNITED CORP</name>
        <lei>549300G54QPXQLB4KN58</lei>
        <title>FIRST UNITED CORP COM</title>
        <cusip>33741H107</cusip>
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          <isin value="US33741H1077"/>
          <ticker value="FUNC"/>
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        <balance>29176.00000000</balance>
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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>RIGEL PHARMACEUTICALS INC</name>
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        <balance>45000.00000000</balance>
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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>LANDMARK BANCORP INC</name>
        <lei>N/A</lei>
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          <ticker value="LARK"/>
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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>GREAT ELM GROUP INC</name>
        <lei>N/A</lei>
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        <balance>4500.00000000</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>ACCO BRANDS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KAISER ALUMINUM CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>COVENANT LOGISTICS GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ATN INTERNATIONAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>EAGLE BANCORP MONTANA INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CALLAWAY GOLF COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KOPPERS HOLDINGS INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>FIRST MID BANCSHARES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LA-Z-BOY INC</name>
        <lei>549300WNO1WMN9ZG2519</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>COLUMBUS MCKINNON CORP</name>
        <lei>549300W3HQB0HO1F3G69</lei>
        <title>COLUMBUS MCKINNON CORP COM</title>
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          <ticker value="CMCO"/>
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        <fairValLevel>1</fairValLevel>
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        <name>MAYVILLE ENGINEERING COMPANY INC</name>
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        <title>MAYVILLE ENGINEERING COMPANY INC COM</title>
        <cusip>578605107</cusip>
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          <ticker value="MEC"/>
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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>
      <invstOrSec>
        <name>EQUITY BANCSHARES INC</name>
        <lei>549300BPQ2EJNU4WF694</lei>
        <title>EQUITY BANCSHARES INC COM CL A</title>
        <cusip>29460X109</cusip>
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          <isin value="US29460X1090"/>
          <ticker value="EQBK"/>
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        <balance>63891.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3130020.09000000</valUSD>
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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>RING ENERGY INC</name>
        <lei>549300HMY6TJ265I8S64</lei>
        <title>RING ENERGY INC COM</title>
        <cusip>76680V108</cusip>
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          <isin value="US76680V1089"/>
          <ticker value="REI"/>
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        <balance>565766.00000000</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>PATRICK INDUSTRIES INC</name>
        <lei>549300FZ5ZTCCJ3Z5W14</lei>
        <title>PATRICK INDUSTRIES INC COM</title>
        <cusip>703343103</cusip>
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          <isin value="US7033431039"/>
          <ticker value="PATK"/>
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        <balance>147.00000000</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>ALTO INGREDIENTS INC</name>
        <lei>549300TI77MKE21DLE34</lei>
        <title>ALTO INGREDIENTS INC COM</title>
        <cusip>021513106</cusip>
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          <isin value="US0215131063"/>
          <ticker value="ALTO"/>
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        <balance>77000.00000000</balance>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EMPLOYERS HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>EMPLOYERS HOLDINGS INC COM</title>
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          <isin value="US2922181043"/>
          <ticker value="EIG"/>
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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>HERITAGE FINANCIAL CORP</name>
        <lei>N/A</lei>
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          <isin value="US42722X1063"/>
          <ticker value="HFWA"/>
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        <balance>122500.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCHOLASTIC CORP</name>
        <lei>N/A</lei>
        <title>SCHOLASTIC CORP COM</title>
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          <isin value="US8070661058"/>
          <ticker value="SCHL"/>
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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>WAFD INC</name>
        <lei>N/A</lei>
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        <cusip>938824109</cusip>
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          <isin value="US9388241096"/>
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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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BLADEX INC</name>
        <lei>549300CN3134K4LC0651</lei>
        <title>BLADEX INC CLASS'E'COM NPV</title>
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          <isin value="PAP169941328"/>
          <ticker value="BLX"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>
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        <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>
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          <isin value="US7105771072"/>
          <ticker value="PEBK"/>
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        <balance>25617.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HELMERICH &amp; PAYNE INC</name>
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        <title>HELMERICH &amp; PAYNE INC COM</title>
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          <isin value="US4234521015"/>
          <ticker value="HP"/>
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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>OLIN CORP</name>
        <lei>549300GKK294V7W57P06</lei>
        <title>OLIN CORP COM PAR $1</title>
        <cusip>680665205</cusip>
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          <isin value="US6806652052"/>
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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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      <invstOrSec>
        <name>SMART SAND INC</name>
        <lei>549300JISW1T66DVOK23</lei>
        <title>SMART SAND INC COM</title>
        <cusip>83191H107</cusip>
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          <isin value="US83191H1077"/>
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        <curCd>USD</curCd>
        <valUSD>1104705.00000000</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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      <invstOrSec>
        <name>PREFORMED LINE PRODUCTS COMPANY</name>
        <lei>549300EYH53XDJID2098</lei>
        <title>PREFORMED LINE PRODUCTS COMPANY COM</title>
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          <ticker value="PLPC"/>
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        <curCd>USD</curCd>
        <valUSD>410560.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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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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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ACACIA RESEARCH CORP</name>
        <lei>529900BCN7BE6ESPDZ72</lei>
        <title>ACACIA RESEARCH CORP ACACIA TCH COM</title>
        <cusip>003881307</cusip>
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          <isin value="US0038813079"/>
          <ticker value="ACTG"/>
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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>SELECT MEDICAL HOLDINGS CORP</name>
        <lei>N/A</lei>
        <title>SELECT MEDICAL HOLDINGS CORP COM</title>
        <cusip>81619Q105</cusip>
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          <isin value="US81619Q1058"/>
          <ticker value="SEM"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TTEC HOLDINGS INC</name>
        <lei>GTJS1N8S8I28A7L4WG97</lei>
        <title>TTEC HOLDINGS INC COM</title>
        <cusip>89854H102</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GREENBRIER COMPANIES INC (THE)</name>
        <lei>5493001GAGGFR30BP390</lei>
        <title>GREENBRIER COMPANIES INC (THE) COM</title>
        <cusip>393657101</cusip>
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          <isin value="US3936571013"/>
          <ticker value="GBX"/>
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        <curCd>USD</curCd>
        <valUSD>3675750.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>PRINCETON BANCORP INC</name>
        <lei>549300ZWKMVQ4WLNLQ57</lei>
        <title>PRINCETON BANCORP INC COM</title>
        <cusip>74179A107</cusip>
        <identifiers>
          <isin value="US74179A1079"/>
          <ticker value="BPRN"/>
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        <balance>22480.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>853116.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>PRIMEENERGY RESOURCES CORP</name>
        <lei>9QMD37QNHRX1B7685Y44</lei>
        <title>PRIMEENERGY RESOURCES CORP COM</title>
        <cusip>74158E104</cusip>
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          <isin value="US74158E1047"/>
          <ticker value="PNRG"/>
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        <balance>5150.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>859483.50000000</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>MARRIOTT VACATIONS WORLDWIDE CORP</name>
        <lei>549300WA6BT5H4F7IO94</lei>
        <title>MARRIOTT VACATIONS WORLDWIDE CORP COM</title>
        <cusip>57164Y107</cusip>
        <identifiers>
          <isin value="US57164Y1073"/>
          <ticker value="VAC"/>
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        <balance>79500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8099460.00000000</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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      <invstOrSec>
        <name>BLOOMIN' BRANDS INC</name>
        <lei>E1UJ2GO305B5FXGV7N04</lei>
        <title>BLOOMIN' BRANDS INC COM</title>
        <cusip>094235108</cusip>
        <identifiers>
          <isin value="US0942351083"/>
          <ticker value="BLMN"/>
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        <balance>127225.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1162836.50000000</valUSD>
        <pctVal>0.087776718162</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>TRUSTMARK CORP</name>
        <lei>5493000HPQ4D2RZ79739</lei>
        <title>TRUSTMARK CORP COM</title>
        <cusip>898402102</cusip>
        <identifiers>
          <isin value="US8984021027"/>
          <ticker value="TRMK"/>
        </identifiers>
        <balance>145500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6694455.00000000</valUSD>
        <pctVal>0.505330964227</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>KRONOS WORLDWIDE INC</name>
        <lei>549300OBZ34C65APL277</lei>
        <title>KRONOS WORLDWIDE INC COM</title>
        <cusip>50105F105</cusip>
        <identifiers>
          <isin value="US50105F1057"/>
          <ticker value="KRO"/>
        </identifiers>
        <balance>800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5064.00000000</valUSD>
        <pctVal>0.000382256061</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>ORRSTOWN FINANCIAL SERVICES INC</name>
        <lei>5493008IR3FINUFGVM95</lei>
        <title>ORRSTOWN FINANCIAL SERVICES INC COM</title>
        <cusip>687380105</cusip>
        <identifiers>
          <isin value="US6873801053"/>
          <ticker value="ORRF"/>
        </identifiers>
        <balance>5762.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>235262.46000000</valUSD>
        <pctVal>0.017758787796</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>TRIO TECH INTERNATIONAL INC</name>
        <lei>N/A</lei>
        <title>TRIO TECH INTERNATIONAL INC COM NEW</title>
        <cusip>896712205</cusip>
        <identifiers>
          <isin value="US8967122057"/>
          <ticker value="TRT"/>
        </identifiers>
        <balance>23600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>290752.00000000</valUSD>
        <pctVal>0.021947415960</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="264880.00000000"/>
        </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>
