The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACCO Brands COM 00081T108 1,105,289 263,164 SH SOLE 196,974 0 66,190
Acacia Research Corp COM 003881307 3,475,080 806,283 SH SOLE 501,876 0 304,407
Aebi Schmidt Holding AG COM H00501108 1,064,359 100,601 SH SOLE 75,313 0 25,288
Alico Inc COM 016230104 12,351,117 320,143 SH SOLE 199,105 0 121,038
Alight Cls A COM 01626W200 383,498 42,993 SH SOLE 32,178 0 10,815
American Coastal Insurance COM 910710102 713,527 78,930 SH SOLE 59,080 0 19,850
American Integrity Insurance COM 026948109 14,387,443 575,728 SH SOLE 358,220 0 217,508
American Public Education COM 02913V103 7,441,100 176,413 SH SOLE 109,735 0 66,678
Asure Software COM 04649U102 5,275,995 696,961 SH SOLE 444,036 0 252,925
Aviat Networks Inc COM 05366Y201 8,796,577 438,732 SH SOLE 272,972 0 165,760
BGSF Inc COM 05601C105 1,896,190 378,481 SH SOLE 235,409 0 143,072
Banc of California Inc COM 05990K106 699,986 40,626 SH SOLE 30,406 0 10,220
Bankwell Financial Group COM 06654A103 6,384,096 98,520 SH SOLE 61,270 0 37,250
Barrett Business Services Inc COM 068463108 1,318,791 43,582 SH SOLE 32,622 0 10,960
Benchmark Electronics, Inc COM 08160H101 435,858 5,257 SH SOLE 3,937 0 1,320
Bloomin Brands COM 094235108 542,392 69,986 SH SOLE 52,386 0 17,600
Bowman Consulting Grp COM 103002101 11,738,963 275,304 SH SOLE 171,286 0 104,018
Brandywine Realty Trust COM 105368203 726,720 259,543 SH SOLE 194,263 0 65,280
Bridgewater Bancshares COM 108621103 1,261,291 62,533 SH SOLE 46,803 0 15,730
Build A Bear Workshop COM 120076104 9,107,630 363,288 SH SOLE 225,931 0 137,357
Burke Herbert Financial Servic COM 12135Y108 916,359 13,358 SH SOLE 9,998 0 3,360
Business First Bancshares Inc COM 12326C105 1,494,059 49,653 SH SOLE 37,163 0 12,490
CPI Card Group COM 12634H200 12,374,241 504,865 SH SOLE 314,137 0 190,728
Caleres Inc COM 129500104 1,196,722 98,253 SH SOLE 73,553 0 24,700
California Bancorp COM 84252A106 552,410 25,874 SH SOLE 19,364 0 6,510
Capital Bancorp COM 139737100 11,193,719 284,755 SH SOLE 177,179 0 107,576
Carters COM 146229109 1,409,576 45,020 SH SOLE 33,700 0 11,320
Chiron Real Estate Inc COM 37954A303 4,557,210 131,105 SH SOLE 84,403 0 46,702
Choiceone Financial Services COM 170386106 1,949,909 60,350 SH SOLE 37,530 0 22,820
Coastal Financial COM 19046P209 7,391,736 185,071 SH SOLE 121,641 0 63,430
Colony Bankcorp COM 19623P101 6,398,115 317,682 SH SOLE 197,695 0 119,987
Columbus McKinnon Corp COM 199333105 881,025 55,306 SH SOLE 41,396 0 13,910
Commercial Banc Group COM 20112C106 5,741,282 183,135 SH SOLE 113,935 0 69,200
Comtech Telecom Corp COM 205826209 626,165 457,055 SH SOLE 284,295 0 172,760
ConnectOne Bancorp COM 20786W107 1,558,002 51,847 SH SOLE 38,807 0 13,040
Cooper Standard Hlds COM 21676P103 2,702,323 129,670 SH SOLE 80,671 0 48,999
Core Laboratories COM 21867A105 569,603 58,722 SH SOLE 43,952 0 14,770
Core Molding Technologies COM 218683100 3,239,168 142,381 SH SOLE 88,613 0 53,768
Cra Intl Inc COM 12618T105 1,715,860 10,453 SH SOLE 7,823 0 2,630
Crawford & Co Cls A COM 224633206 1,054,498 84,495 SH SOLE 63,225 0 21,270
Customers Bancorp COM 23204G100 849,816 11,484 SH SOLE 8,594 0 2,890
DHI Group COM 23331S100 12,289,052 2,614,692 SH SOLE 1,624,727 0 989,965
DMC Global Inc COM 23291C103 4,172,395 747,741 SH SOLE 462,695 0 285,046
DXP Enterprises, Inc COM 233377407 1,396,404 7,706 SH SOLE 5,766 0 1,940
Daktronics, Inc COM 234264109 853,119 49,058 SH SOLE 36,718 0 12,340
Designer Brands COM 250565108 1,438,430 237,757 SH SOLE 178,047 0 59,710
Douglas Dynamics Inc COM 25960R105 1,307,692 33,317 SH SOLE 24,937 0 8,380
EPlus Inc COM 294268107 1,671,846 18,574 SH SOLE 13,904 0 4,670
EVI Industries COM 26929N102 2,473,361 128,888 SH SOLE 79,528 0 49,360
Enerpac Tool Group COM 292765104 472,585 13,545 SH SOLE 10,135 0 3,410
Ennis Inc COM 293389102 1,146,254 50,922 SH SOLE 38,112 0 12,810
FS Bancorp COM 30263Y104 8,886,528 205,279 SH SOLE 127,738 0 77,541
First Business Financial Servi COM 319390100 9,558,494 138,972 SH SOLE 86,471 0 52,501
First Carolina Financial Servi COM 31943F200 699,525 55,386 SH SOLE 41,476 0 13,910
First Financial Corp COM 320218100 1,457,160 19,718 SH SOLE 14,758 0 4,960
Five Star Bancorp COM 33830T103 6,469,730 152,696 SH SOLE 98,592 0 54,104
Forrester Research COM 346563109 8,087,490 702,649 SH SOLE 437,325 0 265,324
Gbank Financial Holdings COM 36166F100 1,138,213 62,608 SH SOLE 46,888 0 15,720
Genasys COM 36872P103 2,079,072 1,433,843 SH SOLE 891,760 0 542,083
Gibraltar Industries COM 374689107 541,372 13,671 SH SOLE 10,231 0 3,440
GigaCloud Tech Cls A COM G38644103 1,436,136 27,789 SH SOLE 20,799 0 6,990
Grid Dynamis Hlds COM 39813G109 6,431,033 816,121 SH SOLE 507,691 0 308,430
Hackett Group, Inc COM 404609109 7,915,752 787,637 SH SOLE 505,827 0 281,810
Hamilton Beach Brands Hld COM 40701T104 11,155,613 291,650 SH SOLE 181,432 0 110,218
Healthcare Services Group Inc COM 421906108 1,588,985 77,701 SH SOLE 58,161 0 19,540
Heartland Express COM 422347104 497,895 42,885 SH SOLE 32,105 0 10,780
Helen of Troy Corp COM G4388N106 1,647,807 60,117 SH SOLE 44,997 0 15,120
Heritage Financial COM 42722X106 1,014,049 36,701 SH SOLE 27,471 0 9,230
Heritage Insurance Hlds Inc COM 42727J102 8,443,902 254,718 SH SOLE 158,454 0 96,264
Home Bancorp, Inc COM 43689E107 3,138,048 47,503 SH SOLE 29,526 0 17,977
Horizon Bancorp COM 440407104 7,104,032 377,272 SH SOLE 234,682 0 142,590
Hudson Technologies COM 444144109 952,941 185,037 SH SOLE 138,497 0 46,540
Hurco Companies Inc COM 447324104 3,649,888 168,820 SH SOLE 105,068 0 63,752
Huron Consulting Group COM 447462102 2,488,422 15,867 SH SOLE 11,877 0 3,990
Hyster-Yale Cls A COM 449172105 1,040,965 33,078 SH SOLE 24,758 0 8,320
InTest Corp COM 461147100 2,919,478 246,786 SH SOLE 153,510 0 93,276
J. Jill Inc COM 46620W201 10,111,771 414,927 SH SOLE 258,127 0 156,800
JAKKS Pacific Inc COM 47012E403 10,824,974 430,759 SH SOLE 268,056 0 162,703
Janus International group COM 47103N106 665,725 162,769 SH SOLE 121,819 0 40,950
Jefferson Capital COM 47248R103 1,099,619 57,632 SH SOLE 43,162 0 14,470
Kelly Services Cls A COM 488152208 12,445,422 767,762 SH SOLE 495,022 0 272,740
Kimball Electronics COM 49428J109 12,822,744 469,182 SH SOLE 291,860 0 177,322
Koppers Holdings COM 50060P106 2,077,172 45,562 SH SOLE 34,102 0 11,460
Lakeland Industries COM 511795106 9,584,015 970,042 SH SOLE 603,544 0 366,498
Lifetime Brands Inc COM 53222Q103 4,233,780 492,300 SH SOLE 306,475 0 185,825
Marcus Corp COM 566330106 4,619,923 165,648 SH SOLE 103,098 0 62,550
Matrix Service Co COM 576853105 545,327 56,983 SH SOLE 42,653 0 14,330
Merchants Bancorp COM 58844R108 1,475,214 30,131 SH SOLE 22,551 0 7,580
Metropolitan Bank Hld COM 591774104 6,199,982 71,166 SH SOLE 47,315 0 23,851
Miller Industries Inc COM 600551204 7,099,193 134,940 SH SOLE 83,994 0 50,946
Mistras Group Inc COM 60649T107 5,960,696 283,034 SH SOLE 180,337 0 102,697
Monro Muffler Brake Inc COM 610236101 1,119,704 80,036 SH SOLE 59,896 0 20,140
MotorCar Parts of America Inc COM 620071100 9,060,748 863,751 SH SOLE 537,295 0 326,456
N Able Inc COM 62878D100 928,687 226,509 SH SOLE 169,519 0 56,990
NN Inc COM 629337106 1,498,487 408,307 SH SOLE 254,309 0 153,998
NPK International COM 651718504 609,817 53,399 SH SOLE 39,969 0 13,430
National Cinemedia COM 635309206 674,473 301,104 SH SOLE 225,374 0 75,730
Natural Gas Services Group Inc COM 63886Q109 9,677,022 298,858 SH SOLE 184,967 0 113,891
Northeast Bank COM 66405S100 14,801,978 119,699 SH SOLE 77,028 0 42,671
OneSpan Inc COM 68287N100 1,710,298 95,494 SH SOLE 71,494 0 24,000
Orrstown Financial Services COM 687380105 5,902,199 145,446 SH SOLE 90,526 0 54,920
PAMT Corp COM 693149106 2,188,643 191,818 SH SOLE 119,334 0 72,484
PRA Group COM 69354N106 898,937 46,123 SH SOLE 34,523 0 11,600
Park Dental COM 700402100 2,791,116 137,223 SH SOLE 85,253 0 51,970
Parke Bancorp COM 700885106 9,463,936 289,417 SH SOLE 180,103 0 109,314
Pathward Financial Inc COM 59100U108 1,471,033 20,678 SH SOLE 15,478 0 5,200
Perdoceo Education Corp. COM 71363P106 1,777,534 57,451 SH SOLE 43,001 0 14,450
Phoenix Education Partners COM 718968100 1,007,460 39,617 SH SOLE 29,647 0 9,970
Photronics Inc COM 719405102 2,061,921 66,989 SH SOLE 50,139 0 16,850
Private Bancorp of America COM 74274F100 5,213,310 61,297 SH SOLE 38,147 0 23,150
QCR Holdings Inc COM 74727A104 801,988 8,194 SH SOLE 6,134 0 2,060
RCM Technologies COM 749360400 12,343,451 303,428 SH SOLE 188,784 0 114,644
Red Robin Gourmet Burgers COM 75689M101 13,523,336 1,786,438 SH SOLE 1,111,025 0 675,413
Repay Holdings Cls A COM 76029L100 8,062,475 2,227,203 SH SOLE 1,385,743 0 841,460
Resources Connection COM 76122Q105 1,697,591 451,487 SH SOLE 280,797 0 170,690
Ribbon Communications Inc COM 762544104 645,804 366,934 SH SOLE 274,614 0 92,320
Rimini Street Inc. COM 76674Q107 8,761,001 2,056,573 SH SOLE 1,326,312 0 730,261
Riverview Bancorp COM 769397100 4,434,779 745,341 SH SOLE 463,862 0 281,479
Sensus Healthcare COM 81728J109 2,345,174 784,339 SH SOLE 487,969 0 296,370
Shimmick COM 82455M109 1,600,337 538,834 SH SOLE 335,112 0 203,722
Shoe Station Group COM 824889109 4,683,672 366,198 SH SOLE 227,838 0 138,360
Smith Micro Software COM 832154504 276,076 103,788 SH SOLE 64,624 0 39,164
Stagwell Inc COM 85256A109 1,560,633 191,724 SH SOLE 143,484 0 48,240
Standard Motor COM 853666105 575,124 15,502 SH SOLE 11,602 0 3,900
Sunrise Realty Trust COM 867981102 3,383,968 526,278 SH SOLE 327,439 0 198,839
Tilly's Inc Cls A COM 886885102 4,898,577 1,058,008 SH SOLE 658,272 0 399,736
Twin Disc Inc COM 901476101 13,709,019 523,245 SH SOLE 325,608 0 197,637
USCB Financial Hlds COM 90355N101 7,372,100 337,705 SH SOLE 210,190 0 127,515
Unity Bancorp COM 913290102 8,510,588 156,964 SH SOLE 97,690 0 59,274
Universal Electronics Inc COM 913483103 2,071,338 396,808 SH SOLE 246,845 0 149,963
Universal Logistics COM 91388P105 618,498 35,772 SH SOLE 26,782 0 8,990
Versabank COM 92512J106 12,933,484 582,065 SH SOLE 362,143 0 219,922
Wabash National Corp. COM 929566107 1,967,732 159,589 SH SOLE 119,449 0 40,140
West Coast Community Bancorp COM 952170108 444,544 7,360 SH SOLE 5,510 0 1,850
Zumiez Inc COM 989817101 312,220 23,300 SH SOLE 17,440 0 5,860