# EDGAR Filing Document

**Accession Number:** 0001238990
**File Stem:** 0001398344-23-003382
**Filing Date:** 2023-2
**Character Count:** 26052
**Document Hash:** 4c46191bf438aa98e517fe136d8d8a32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-003382.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001398344-23-003382

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
- **CENTRAL INDEX KEY:** 0001238990
- **IRS NUMBER:** 820566501
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10972
- **FILM NUMBER:** 23628398

**BUSINESS ADDRESS:**
- **STREET 1:** 7701 FRANCE AVE. SOUTH
- **STREET 2:** SUITE 300
- **CITY:** EDINA
- **STATE:** MN
- **ZIP:** 55435
- **BUSINESS PHONE:** 9522244350

**MAIL ADDRESS:**
- **STREET 1:** 7701 FRANCE AVE. SOUTH
- **STREET 2:** SUITE 300
- **CITY:** EDINA
- **STATE:** MN
- **ZIP:** 55435

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRIDGEWATER CAPITAL ADVISORS INC
- **DATE OF NAME CHANGE:** 20030605

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** PUNCH  ASSOCIATES INVESTMENT MANAGEMENT INC.<br>**Address:** 7701 FRANCE AVE. SOUTH<br>SUITE 300<br>EDINA, MN 55435

**Form 13F File Number:** 028-10972

**CRD Number (if applicable):** 000117962

**SEC File Number (if applicable):** 801-61205

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Howard D. Punch Jr.<br>**Title:** President<br>**Phone:** 952-224-4350

**Signature, Place, and Date of Signing:**

/s/ Howard D. Punch Jr.  Edina, MN  02-13-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 224

**Form 13F Information Table Value Total:** $1544641291

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 180 DEGREE CAP CORP | COM NEW | 68235B208 |  | 3751181 | 710451 | SH |  | SOLE |  | 710451 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 2019697 | 16842 | SH |  | SOLE |  | 16842 | 0 | 0 |
| A10 NETWORKS INC | COM | 002121101 |  | 15956672 | 959511 | SH |  | SOLE |  | 959511 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 217274 | 1979 | SH |  | SOLE |  | 1979 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 258576 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 9542968 | 35763 | SH |  | SOLE |  | 35763 | 0 | 0 |
| ACRES COMMERCIAL REALTY CORP | COM NEW | 00489Q102 |  | 6258957 | 757743 | SH |  | SOLE |  | 757743 | 0 | 0 |
| ADDUS HOMECARE CORP | COM | 006739106 |  | 14069617 | 141417 | SH |  | SOLE |  | 141417 | 0 | 0 |
| AGILYSYS INC | COM | 00847J105 |  | 15723852 | 198684 | SH |  | SOLE |  | 198684 | 0 | 0 |
| AGNC INVT CORP | COM | 00123Q104 |  | 8483465 | 819658 | SH |  | SOLE |  | 819658 | 0 | 0 |
| ALAMO GROUP INC | COM | 011311107 |  | 10197955 | 72019 | SH |  | SOLE |  | 72019 | 0 | 0 |
| ALLIED MOTION TECHNOLOGIES I | COM | 019330109 |  | 11616889 | 333723 | SH |  | SOLE |  | 333723 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 10157889 | 115130 | SH |  | SOLE |  | 115130 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 725820 | 8180 | SH |  | SOLE |  | 8180 | 0 | 0 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 11798256 | 309910 | SH |  | SOLE |  | 309910 | 0 | 0 |
| ALTA EQUIPMENT GROUP INC | COMMON STOCK | 02128L106 |  | 11971702 | 907635 | SH |  | SOLE |  | 907635 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 11590107 | 37223 | SH |  | SOLE |  | 37223 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1368451 | 10532 | SH |  | SOLE |  | 10532 | 0 | 0 |
| ARBOR REALTY TRUST INC | COM | 038923108 |  | 6626407 | 502381 | SH |  | SOLE |  | 502381 | 0 | 0 |
| ARCOSA INC | COM | 039653100 |  | 15299080 | 281544 | SH |  | SOLE |  | 281544 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 6633969 | 359175 | SH |  | SOLE |  | 359175 | 0 | 0 |
| ARLINGTON ASSET INVST CORP | CL A NEW | 041356205 |  | 4040763 | 1379100 | SH |  | SOLE |  | 1379100 | 0 | 0 |
| ASTRONOVA INC | COM | 04638F108 |  | 6341090 | 494625 | SH |  | SOLE |  | 494625 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 8824912 | 479354 | SH |  | SOLE |  | 479354 | 0 | 0 |
| ATLAS CORP | SHARES | Y0436Q109 |  | 12518089 | 816042 | SH |  | SOLE |  | 816042 | 0 | 0 |
| AVIAT NETWORKS INC | COM NEW | 05366Y201 |  | 15057378 | 482763 | SH |  | SOLE |  | 482763 | 0 | 0 |
| AVID BIOSERVICES INC | COM | 05368M106 |  | 11152198 | 809891 | SH |  | SOLE |  | 809891 | 0 | 0 |
| B. RILEY FINANCIAL INC | COM | 05580M108 |  | 23436759 | 685285 | SH |  | SOLE |  | 685285 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 326066 | 9845 | SH |  | SOLE |  | 9845 | 0 | 0 |
| BAR HBR BANKSHARES | COM | 066849100 |  | 12283205 | 383371 | SH |  | SOLE |  | 383371 | 0 | 0 |
| BARINGS BDC INC | COM | 06759L103 |  | 22035180 | 2703703 | SH |  | SOLE |  | 2703703 | 0 | 0 |
| BASSETT FURNITURE INDS INC | COM | 070203104 |  | 704411 | 40530 | SH |  | SOLE |  | 40530 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 7989014 | 181775 | SH |  | SOLE |  | 181775 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 937422 | 2 | SH |  | SOLE |  | 2 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 13895949 | 44985 | SH |  | SOLE |  | 44985 | 0 | 0 |
| BLUELINX HLDGS INC | COM NEW | 09624H208 |  | 38692668 | 544124 | SH |  | SOLE |  | 544124 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 7683720 | 40337 | SH |  | SOLE |  | 40337 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 361415 | 7811 | SH |  | SOLE |  | 7811 | 0 | 0 |
| BRIDGEWATER BANCSHARES INC | COM ACCD INV | 108621103 |  | 10808982 | 609300 | SH |  | SOLE |  | 609300 | 0 | 0 |
| BRIGHTVIEW HLDGS INC | COM | 10948C107 |  | 8745343 | 1269280 | SH |  | SOLE |  | 1269280 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 230240 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| BRUNSWICK CORP | COM | 117043109 |  | 8804849 | 122154 | SH |  | SOLE |  | 122154 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 13441842 | 207180 | SH |  | SOLE |  | 207180 | 0 | 0 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 |  | 12791772 | 748057 | SH |  | SOLE |  | 748057 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 6018936 | 145914 | SH |  | SOLE |  | 145914 | 0 | 0 |
| CELCUITY INC | COM | 15102K100 |  | 840600 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| CHARLES  COLVARD LTD | COM | 159765106 |  | 1548394 | 1882546 | SH |  | SOLE |  | 1882546 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 383929 | 2139 | SH |  | SOLE |  | 2139 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 11267832 | 24950 | SH |  | SOLE |  | 24950 | 0 | 0 |
| CION INVT CORP | COM | 17259U204 |  | 16401274 | 1682182 | SH |  | SOLE |  | 1682182 | 0 | 0 |
| CIVEO CORP CDA | COM NEW | 17878Y207 |  | 3691943 | 118712 | SH |  | SOLE |  | 118712 | 0 | 0 |
| CIVITAS RESOURCES INC | COM NEW | 17888H103 |  | 12214674 | 210852 | SH |  | SOLE |  | 210852 | 0 | 0 |
| CLIMB GLOBAL SOLUTIONS INC | COM | 946760105 |  | 4778813 | 151564 | SH |  | SOLE |  | 151564 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 203552 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| COLUMBUS MCKINNON CORP N Y | COM | 199333105 |  | 10098399 | 311007 | SH |  | SOLE |  | 311007 | 0 | 0 |
| CSW INDUSTRIALS INC | COM | 126402106 |  | 11473409 | 98968 | SH |  | SOLE |  | 98968 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 7957335 | 85388 | SH |  | SOLE |  | 85388 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 11821181 | 27571 | SH |  | SOLE |  | 27571 | 0 | 0 |
| DHI GROUP INC | COM | 23331S100 |  | 13211405 | 2497430 | SH |  | SOLE |  | 2497430 | 0 | 0 |
| DIAMOND HILL INVT GROUP INC | COM NEW | 25264R207 |  | 3792910 | 20500 | SH |  | SOLE |  | 20500 | 0 | 0 |
| DIGI INTL INC | COM | 253798102 |  | 18667903 | 510750 | SH |  | SOLE |  | 510750 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 2717679 | 31281 | SH |  | SOLE |  | 31281 | 0 | 0 |
| DISTRIBUTION SOLUTIONS GRP I | COM | 520776105 |  | 5901360 | 160102 | SH |  | SOLE |  | 160102 | 0 | 0 |
| DLH HLDGS CORP | COM | 23335Q100 |  | 6881937 | 580020 | SH |  | SOLE |  | 580020 | 0 | 0 |
| DOCGO INC | COM | 256086109 |  | 13196777 | 1866588 | SH |  | SOLE |  | 1866588 | 0 | 0 |
| DOUGLAS DYNAMICS INC | COM | 25960R105 |  | 10155862 | 280859 | SH |  | SOLE |  | 280859 | 0 | 0 |
| ECOFIN SUSTAINABLE AND SOCIA | COM SH BEN INT | 27901F109 |  | 7634239 | 594104 | SH |  | SOLE |  | 594104 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 759788 | 5220 | SH |  | SOLE |  | 5220 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 223830 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| ELECTROMED INC | COM | 285409108 |  | 4369242 | 416515 | SH |  | SOLE |  | 416515 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 12803766 | 24960 | SH |  | SOLE |  | 24960 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 243224 | 2532 | SH |  | SOLE |  | 2532 | 0 | 0 |
| ENSTAR GROUP LIMITED | SHS | G3075P101 |  | 12166300 | 52659 | SH |  | SOLE |  | 52659 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 6365233 | 49145 | SH |  | SOLE |  | 49145 | 0 | 0 |
| EPSILON ENERGY LTD | COM | 294375209 |  | 927172 | 139845 | SH |  | SOLE |  | 139845 | 0 | 0 |
| EQUITY COMWLTH | COM SH BEN INT | 294628102 |  | 186631 | 7474 | SH |  | SOLE |  | 7474 | 0 | 0 |
| EQUITY COMWLTH | 6.5% CNV PFD D | 294628201 |  | 2214491 | 88394 | SH |  | SOLE |  | 88394 | 0 | 0 |
| ETSY INC | COM | 29786A106 |  | 9083522 | 75835 | SH |  | SOLE |  | 75835 | 0 | 0 |
| EVOLUTION PETE CORP | COM | 30049A107 |  | 2820831 | 373620 | SH |  | SOLE |  | 373620 | 0 | 0 |
| FIRST TR HIGH YIELD OPPRT 20 | COM | 33741Q107 |  | 13001077 | 964472 | SH |  | SOLE |  | 964472 | 0 | 0 |
| FIRST TR MLP  ENERGY INCOM | COM | 33739B104 |  | 2421100 | 310000 | SH |  | SOLE |  | 310000 | 0 | 0 |
| FIRST WESTN FINL INC | COM | 33751L105 |  | 6477371 | 230102 | SH |  | SOLE |  | 230102 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 10772413 | 106584 | SH |  | SOLE |  | 106584 | 0 | 0 |
| FLEXSTEEL INDS INC | COM | 339382103 |  | 3007620 | 195300 | SH |  | SOLE |  | 195300 | 0 | 0 |
| FRANCHISE GROUP INC | COM | 35180X105 |  | 20104721 | 844027 | SH |  | SOLE |  | 844027 | 0 | 0 |
| FRANKLIN COVEY CO | COM | 353469109 |  | 23959304 | 512279 | SH |  | SOLE |  | 512279 | 0 | 0 |
| GENTHERM INC | COM | 37253A103 |  | 6940538 | 106303 | SH |  | SOLE |  | 106303 | 0 | 0 |
| GLOBAL SHIP LEASE INC NEW | COM CL A | Y27183600 |  | 31300764 | 1879926 | SH |  | SOLE |  | 1879926 | 0 | 0 |
| GLOBE LIFE INC | COM | 37959E102 |  | 531625 | 4410 | SH |  | SOLE |  | 4410 | 0 | 0 |
| GREEN BRICK PARTNERS INC | COM | 392709101 |  | 25691142 | 1060303 | SH |  | SOLE |  | 1060303 | 0 | 0 |
| HACKETT GROUP INC | COM | 404609109 |  | 8793442 | 431686 | SH |  | SOLE |  | 431686 | 0 | 0 |
| HARVARD BIOSCIENCE INC | COM | 416906105 |  | 7656388 | 2764039 | SH |  | SOLE |  | 2764039 | 0 | 0 |
| HEALTHSTREAM INC | COM | 42222N103 |  | 17759914 | 714972 | SH |  | SOLE |  | 714972 | 0 | 0 |
| HERITAGE CRYSTAL CLEAN INC | COM | 42726M106 |  | 29707994 | 914655 | SH |  | SOLE |  | 914655 | 0 | 0 |
| HERITAGE GLOBAL INC | COM | 42727E103 |  | 6031345 | 2566530 | SH |  | SOLE |  | 2566530 | 0 | 0 |
| LUMENT FINANCE TRUST INC | COM | 55025L108 |  | 2909331 | 1531227 | SH |  | SOLE |  | 1531227 | 0 | 0 |
| IAC INC | COM NEW | 44891N208 |  | 3835707 | 86390 | SH |  | SOLE |  | 86390 | 0 | 0 |
| INDUS REALTY TRUST INC | COM | 45580R103 |  | 232373 | 3660 | SH |  | SOLE |  | 3660 | 0 | 0 |
| INFUSYSTEM HLDGS INC | COM | 45685K102 |  | 5874546 | 676791 | SH |  | SOLE |  | 676791 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 475951 | 18008 | SH |  | SOLE |  | 18008 | 0 | 0 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 31567 | 631 | SH |  | SOLE |  | 631 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 3707314 | 79386 | SH |  | SOLE |  | 79386 | 0 | 0 |
| ISHARES TR | CORE MSCI EURO | 46434V738 |  | 3081085 | 64865 | SH |  | SOLE |  | 64865 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 96821 | 252 | SH |  | SOLE |  | 252 | 0 | 0 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 103701 | 429 | SH |  | SOLE |  | 429 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 109709 | 1159 | SH |  | SOLE |  | 1159 | 0 | 0 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 165360 | 1950 | SH |  | SOLE |  | 1950 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 4228764 | 43600 | SH |  | SOLE |  | 43600 | 0 | 0 |
| ISHARES TR | DOW JONES US ETF | 464287846 |  | 8738 | 94 | SH |  | SOLE |  | 94 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 40277 | 231 | SH |  | SOLE |  | 231 | 0 | 0 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 13294613 | 227258 | SH |  | SOLE |  | 227258 | 0 | 0 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 7180930 | 49500 | SH |  | SOLE |  | 49500 | 0 | 0 |
| ISHARES TR | S MC 400GR ETF | 464287606 |  | 20490 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 18814 | 156 | SH |  | SOLE |  | 156 | 0 | 0 |
| ISHARES TR | SP SMCP600VL ETF | 464287879 |  | 4736592 | 51874 | SH |  | SOLE |  | 51874 | 0 | 0 |
| ISHARES TR | U.S. TECH ETF | 464287721 |  | 5310 | 71 | SH |  | SOLE |  | 71 | 0 | 0 |
| ISSUER DIRECT CORP | COM NEW | 46520M204 |  | 1302080 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 11931254 | 67542 | SH |  | SOLE |  | 67542 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 10492114 | 78241 | SH |  | SOLE |  | 78241 | 0 | 0 |
| KIMBALL ELECTRONICS INC | COM | 49428J109 |  | 7241224 | 320550 | SH |  | SOLE |  | 320550 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 208240 | 1534 | SH |  | SOLE |  | 1534 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 10320463 | 570822 | SH |  | SOLE |  | 570822 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 7917467 | 170562 | SH |  | SOLE |  | 170562 | 0 | 0 |
| LEGACY HOUSING CORP | COM | 52472M101 |  | 6341968 | 334492 | SH |  | SOLE |  | 334492 | 0 | 0 |
| LENDINGTREE INC | NOTE 0.500% 7/1 | 52603BAD9 |  | 3048644 | 4190000 | PRN |  | SOLE |  | 4190000 | 0 | 0 |
| LIFECORE BIOMEDICAL INC | COM | 514766104 |  | 5031461 | 776460 | SH |  | SOLE |  | 776460 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 4163625 | 11381 | SH |  | SOLE |  | 11381 | 0 | 0 |
| LINCOLN EDL SVCS CORP | COM | 533535100 |  | 3615455 | 624431 | SH |  | SOLE |  | 624431 | 0 | 0 |
| LIQUIDITY SVCS INC | COM | 53635B107 |  | 1687200 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| LITHIA MTRS INC | COM | 536797103 |  | 7684591 | 37533 | SH |  | SOLE |  | 37533 | 0 | 0 |
| LOGAN RIDGE FINANCE CORP | COM | 541098109 |  | 2879616 | 128786 | SH |  | SOLE |  | 128786 | 0 | 0 |
| LUNA INNOVATIONS INC | COM | 550351100 |  | 10789505 | 1227475 | SH |  | SOLE |  | 1227475 | 0 | 0 |
| MADDEN STEVEN LTD | COM | 556269108 |  | 6405861 | 200434 | SH |  | SOLE |  | 200434 | 0 | 0 |
| MALIBU BOATS INC | COM CL A | 56117J100 |  | 11735122 | 220171 | SH |  | SOLE |  | 220171 | 0 | 0 |
| MASTERCRAFT BOAT HLDGS INC | COM | 57637H103 |  | 8828655 | 341270 | SH |  | SOLE |  | 341270 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 495436 | 1880 | SH |  | SOLE |  | 1880 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 250436 | 3222 | SH |  | SOLE |  | 3222 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 221900 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 16112311 | 67185 | SH |  | SOLE |  | 67185 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 251652 | 976 | SH |  | SOLE |  | 976 | 0 | 0 |
| NOODLES  CO | COM CL A | 65540B105 |  | 2786175 | 507500 | SH |  | SOLE |  | 507500 | 0 | 0 |
| NORTHERN TECHNOLOGIES INTL C | COM | 665809109 |  | 6992117 | 525328 | SH |  | SOLE |  | 525328 | 0 | 0 |
| NUVEEN PFD  INCOME TERM FD | COM | 67075A106 |  | 6634318 | 357068 | SH |  | SOLE |  | 357068 | 0 | 0 |
| NVE CORP | COM NEW | 629445206 |  | 7045059 | 108804 | SH |  | SOLE |  | 108804 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 292280 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| OAKTREE SPECIALTY LENDING CO | COM | 67401P108 |  | 11892754 | 1731114 | SH |  | SOLE |  | 1731114 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 10248137 | 125375 | SH |  | SOLE |  | 125375 | 0 | 0 |
| PAR PAC HOLDINGS INC | COM NEW | 69888T207 |  | 28400560 | 1221529 | SH |  | SOLE |  | 1221529 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 238445 | 3348 | SH |  | SOLE |  | 3348 | 0 | 0 |
| PERFORMANT FINL CORP | COM | 71377E105 |  | 8533607 | 2363880 | SH |  | SOLE |  | 2363880 | 0 | 0 |
| PERMA-FIX ENVIRONMENTAL SVCS | COM NEW | 714157203 |  | 593153 | 168032 | SH |  | SOLE |  | 168032 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 1005380 | 19621 | SH |  | SOLE |  | 19621 | 0 | 0 |
| PHX MINERALS INC | CL A | 69291A100 |  | 3006097 | 772776 | SH |  | SOLE |  | 772776 | 0 | 0 |
| PIMCO ENERGY  TACTICAL CR O | COM SHS BEN INT | 69346N107 |  | 16071125 | 1075711 | SH |  | SOLE |  | 1075711 | 0 | 0 |
| PLUMAS BANCORP | COM | 729273102 |  | 1024062 | 27640 | SH |  | SOLE |  | 27640 | 0 | 0 |
| PORTMAN RIDGE FIN CORP | COM NEW | 73688F201 |  | 3160890 | 137430 | SH |  | SOLE |  | 137430 | 0 | 0 |
| POTBELLY CORP | COM | 73754Y100 |  | 7118922 | 1278083 | SH |  | SOLE |  | 1278083 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 410879 | 2711 | SH |  | SOLE |  | 2711 | 0 | 0 |
| PRO-DEX INC COLO | COM NEW | 74265M205 |  | 883960 | 55595 | SH |  | SOLE |  | 55595 | 0 | 0 |
| QUEST RESOURCE HLDG CORP | COM NEW | 74836W203 |  | 2368010 | 387563 | SH |  | SOLE |  | 387563 | 0 | 0 |
| QUIPT HOME MEDICAL CORP | COM | 74880P104 |  | 513390 | 109000 | SH |  | SOLE |  | 109000 | 0 | 0 |
| RADNET INC | COM | 750491102 |  | 20483950 | 1087836 | SH |  | SOLE |  | 1087836 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 9389080 | 72789 | SH |  | SOLE |  | 72789 | 0 | 0 |
| RESEARCH SOLUTIONS INC | COM | 761025105 |  | 729600 | 380000 | SH |  | SOLE |  | 380000 | 0 | 0 |
| RF INDS LTD | COM PAR $0.01 | 749552105 |  | 3071921 | 597650 | SH |  | SOLE |  | 597650 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 388881 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| ROYCE MICRO-CAP TR INC | COM | 780915104 |  | 3578470 | 412266 | SH |  | SOLE |  | 412266 | 0 | 0 |
| SCRIPPS E W CO OHIO | CL A NEW | 811054402 |  | 15871445 | 1203294 | SH |  | SOLE |  | 1203294 | 0 | 0 |
| SELECT ENERGY SVCS INC | CL A COM | 81617J301 |  | 13603949 | 1472289 | SH |  | SOLE |  | 1472289 | 0 | 0 |
| SEMLER SCIENTIFIC INC | COM | 81684M104 |  | 5169683 | 156657 | SH |  | SOLE |  | 156657 | 0 | 0 |
| SENSUS HEALTHCARE INC | COM | 81728J109 |  | 3691450 | 497500 | SH |  | SOLE |  | 497500 | 0 | 0 |
| SILVERCREST ASSET MGMT GROUP | CL A | 828359109 |  | 5300648 | 282400 | SH |  | SOLE |  | 282400 | 0 | 0 |
| SLEEP NUMBER CORP | COM | 83125X103 |  | 2756204 | 106089 | SH |  | SOLE |  | 106089 | 0 | 0 |
| SLR INVESTMENT CORP | COM | 83413U100 |  | 6030951 | 433569 | SH |  | SOLE |  | 433569 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 424100 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| SPDR SER TR | PORTFOLIO S | 78468R853 |  | 8841 | 239 | SH |  | SOLE |  | 239 | 0 | 0 |
| SPDR SER TR | PRTFLO S HI | 78468R788 |  | 282720 | 7143 | SH |  | SOLE |  | 7143 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1351171 | 3533 | SH |  | SOLE |  | 3533 | 0 | 0 |
| SPROUTS FMRS MKT INC | COM | 85208M102 |  | 14617549 | 451577 | SH |  | SOLE |  | 451577 | 0 | 0 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 |  | 5126438 | 403657 | SH |  | SOLE |  | 403657 | 0 | 0 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 6674831 | 128214 | SH |  | SOLE |  | 128214 | 0 | 0 |
| ARROWMARK FINANCIAL CORP | COM | 861780104 |  | 345920 | 20300 | SH |  | SOLE |  | 20300 | 0 | 0 |
| STONEX GROUP INC | COM | 861896108 |  | 47792578 | 501496 | SH |  | SOLE |  | 501496 | 0 | 0 |
| STREAMLINE HEALTH SOLUTIONS | COM | 86323X106 |  | 2301270 | 1456500 | SH |  | SOLE |  | 1456500 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 325661 | 1332 | SH |  | SOLE |  | 1332 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 8418516 | 56485 | SH |  | SOLE |  | 56485 | 0 | 0 |
| TECHTARGET INC | COM | 87874R100 |  | 9447087 | 214414 | SH |  | SOLE |  | 214414 | 0 | 0 |
| TELADOC HEALTH INC | COM | 87918A105 |  | 47 | 2 | SH |  | SOLE |  | 2 | 0 | 0 |
| TELADOC HEALTH INC | NOTE 1.250% 6/0 | 87918AAF2 |  | 4351853 | 5665000 | PRN |  | SOLE |  | 5665000 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 10622246 | 19289 | SH |  | SOLE |  | 19289 | 0 | 0 |
| TILE SHOP HLDGS INC | COM | 88677Q109 |  | 3210996 | 733104 | SH |  | SOLE |  | 733104 | 0 | 0 |
| TOPGOLF CALLAWAY BRANDS CORP | COM | 131193104 |  | 21911672 | 1109452 | SH |  | SOLE |  | 1109452 | 0 | 0 |
| TRANSCAT INC | COM | 893529107 |  | 9985583 | 140900 | SH |  | SOLE |  | 140900 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM | 023586100 |  | 1087302 | 18064 | SH |  | SOLE |  | 18064 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM SER N | 023586506 |  | 8840328 | 160792 | SH |  | SOLE |  | 160792 | 0 | 0 |
| UFP TECHNOLOGIES INC | COM | 902673102 |  | 11175972 | 94800 | SH |  | SOLE |  | 94800 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 20613651 | 38880 | SH |  | SOLE |  | 38880 | 0 | 0 |
| UNIVERSAL TECHNICAL INST INC | COM | 913915104 |  | 8859178 | 1318330 | SH |  | SOLE |  | 1318330 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 669588 | 15354 | SH |  | SOLE |  | 15354 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 517369 | 4781 | SH |  | SOLE |  | 4781 | 0 | 0 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 24996 | 143 | SH |  | SOLE |  | 143 | 0 | 0 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 3008 | 15 | SH |  | SOLE |  | 15 | 0 | 0 |
| VANGUARD WORLD FDS | INF TECH ETF | 92204A702 |  | 5797 | 18 | SH |  | SOLE |  | 18 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 113749 | 558 | SH |  | SOLE |  | 558 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 7836 | 95 | SH |  | SOLE |  | 95 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 6484461 | 18456 | SH |  | SOLE |  | 18456 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000IDX | 92206C730 |  | 8788 | 50 | SH |  | SOLE |  | 50 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000VAL | 92206C714 |  | 376443 | 5654 | SH |  | SOLE |  | 5654 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 1386131 | 7552 | SH |  | SOLE |  | 7552 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 1935387 | 12188 | SH |  | SOLE |  | 12188 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 35549 | 186 | SH |  | SOLE |  | 186 | 0 | 0 |
| VANGUARD WORLD FDS | COMM SRVC ETF | 92204A884 |  | 3563726 | 43328 | SH |  | SOLE |  | 43328 | 0 | 0 |
| VIEMED HEALTHCARE INC | COM | 92663R105 |  | 2974399 | 393439 | SH |  | SOLE |  | 393439 | 0 | 0 |
| VIRTRA INC | COM PAR | 92827K301 |  | 374400 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| VIRTUS CONVERTIBLE  INC 202 | COM | 92838R105 |  | 9874470 | 1142879 | SH |  | SOLE |  | 1142879 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 8727419 | 55631 | SH |  | SOLE |  | 55631 | 0 | 0 |
| WAYFAIR INC | NOTE 0.625%10/0 | 94419LAM3 |  | 4247505 | 6570000 | PRN |  | SOLE |  | 6570000 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 419506 | 10160 | SH |  | SOLE |  | 10160 | 0 | 0 |
| WESTERN ASSET GLOBAL CORP DE | COM | 95790C107 |  | 10698055 | 837749 | SH |  | SOLE |  | 837749 | 0 | 0 |
| WESTERN ASSET HIGH YIELD DEF | COM | 95768B107 |  | 10344418 | 828880 | SH |  | SOLE |  | 828880 | 0 | 0 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 6297370 | 203141 | SH |  | SOLE |  | 203141 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 9444208 | 287058 | SH |  | SOLE |  | 287058 | 0 | 0 |
| XPEL INC | COM | 98379L100 |  | 7157056 | 119165 | SH |  | SOLE |  | 119165 | 0 | 0 |
| XYLEM INC | COM | 98419M100 |  | 221140 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |

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