# EDGAR Filing Document

**Accession Number:** 0001158202
**File Stem:** 0001420506-26-000814
**Filing Date:** 2026-5
**Character Count:** 21049
**Document Hash:** 010a9005bc721f5127d207349d722dac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-26-000814.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001420506-26-000814

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260506

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Penn Capital Management Company, LLC
- **CENTRAL INDEX KEY:** 0001158202

**ORGANIZATION NAME:**
- **EIN:** 222796848
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11296
- **FILM NUMBER:** 26949943

**BUSINESS ADDRESS:**
- **STREET 1:** 1200 INTREPID AVENUE
- **STREET 2:** SUITE 400
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19112
- **BUSINESS PHONE:** 2153021500

**MAIL ADDRESS:**
- **STREET 1:** 1200 INTREPID AVENUE
- **STREET 2:** SUITE 400
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENN CAPITAL MANAGEMENT CO INC
- **DATE OF NAME CHANGE:** 20010827

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** Penn Capital Management Company LLC<br>**Address:** 1200 INTREPID AVENUE<br>SUITE 400<br>PHILADELPHIA, PA 19112

**Form 13F File Number:** 028-11296

**CRD Number (if applicable):** 000105081

**SEC File Number (if applicable):** 801-31452

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:** Marty Keane<br>**Title:** Chief Compliance Officer<br>**Phone:** 215-302-1568

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

Marty Keane Chief Compliance Officer  PHILADELPHIA, PA  05-06-2026<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:** 172

**Form 13F Information Table Value Total:** $1290414276

      (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 |
| 3D SYS CORP DEL | COM NEW | 88554D205 |  | 1634275 | 869295 | SH |  | SOLE |  | 869295 | 0 | 0 |
| ACM RESH INC | COM CL A | 00108J109 |  | 15684040 | 397766 | SH |  | SOLE |  | 397766 | 0 | 0 |
| AFFILIATED MANAGERS GROUP | COM | 008252108 |  | 1267451 | 4499 | SH |  | SOLE |  | 4499 | 0 | 0 |
| AGILYSYS INC | COM | 00847J105 |  | 13858796 | 194409 | SH |  | SOLE |  | 194409 | 0 | 0 |
| ALPHATEC HLDGS INC | COM NEW | 02081G201 |  | 15231633 | 1396942 | SH |  | SOLE |  | 1396942 | 0 | 0 |
| AMENTUM HOLDINGS INC | COM | 023939101 |  | 18152703 | 694352 | SH |  | SOLE |  | 694352 | 0 | 0 |
| AMERESCO INC | CL A | 02361E108 |  | 2066546 | 81041 | SH |  | SOLE |  | 81041 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 |  | 20565709 | 263029 | SH |  | SOLE |  | 263029 | 0 | 0 |
| AMNEAL PHARMACEUTICALS INC | COM STK CL A | 03168L105 |  | 14900783 | 1196073 | SH |  | SOLE |  | 1196073 | 0 | 0 |
| ANI PHARMACEUTICALS INC | COM | 00182C103 |  | 13833995 | 179716 | SH |  | SOLE |  | 179716 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 1855435 | 43007 | SH |  | SOLE |  | 43007 | 0 | 0 |
| APPLIED OPTOELECTRONICS INC | COM | 03823U102 |  | 14941641 | 176453 | SH |  | SOLE |  | 176453 | 0 | 0 |
| ARCUTIS BIOTHERAPEUTICS INC | COM | 03969K108 |  | 7864517 | 333130 | SH |  | SOLE |  | 333130 | 0 | 0 |
| ARTIVION INC | COM | 228903100 |  | 813110 | 22204 | SH |  | SOLE |  | 22204 | 0 | 0 |
| ASHLAND INC | COM | 044186104 |  | 2645090 | 47565 | SH |  | SOLE |  | 47565 | 0 | 0 |
| ASP ISOTOPES INC | COM | 00218A105 |  | 348393 | 78822 | SH |  | SOLE |  | 78822 | 0 | 0 |
| ASTEC INDS INC | COM | 046224101 |  | 477830 | 8875 | SH |  | SOLE |  | 8875 | 0 | 0 |
| BANC OF CALIFORNIA INC | COM | 05990K106 |  | 21371674 | 1213010 | SH |  | SOLE |  | 1213010 | 0 | 0 |
| BANK7 CORP | COM | 06652N107 |  | 755566 | 18946 | SH |  | SOLE |  | 18946 | 0 | 0 |
| BILLIONTOONE INC | CL A | 090168105 |  | 9992024 | 126335 | SH |  | SOLE |  | 126335 | 0 | 0 |
| BORR DRILLING LTD | SHS | G1466R173 |  | 526443 | 91238 | SH |  | SOLE |  | 91238 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 |  | 12815651 | 155779 | SH |  | SOLE |  | 155779 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS INC | COM | 10482B101 |  | 594781 | 252026 | SH |  | SOLE |  | 252026 | 0 | 0 |
| BRIGHTVIEW HLDGS INC | COM | 10948C107 |  | 2730316 | 231579 | SH |  | SOLE |  | 231579 | 0 | 0 |
| BUSINESS FIRST BANCSHARES IN | COM | 12326C105 |  | 672728 | 24879 | SH |  | SOLE |  | 24879 | 0 | 0 |
| BYRNA TECHNOLOGIES INC | COM NEW | 12448X201 |  | 552985 | 60238 | SH |  | SOLE |  | 60238 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 23731665 | 895540 | SH |  | SOLE |  | 895540 | 0 | 0 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 |  | 15818298 | 228290 | SH |  | SOLE |  | 228290 | 0 | 0 |
| CALIX INC | COM | 13100M509 |  | 18590822 | 378564 | SH |  | SOLE |  | 378564 | 0 | 0 |
| CAMPING WORLD HLDGS INC | CL A | 13462K109 |  | 1818528 | 266256 | SH |  | SOLE |  | 266256 | 0 | 0 |
| CAMTEK LTD | ORD | M20791105 |  | 11444367 | 75301 | SH |  | SOLE |  | 75301 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 15672165 | 887719 | SH |  | SOLE |  | 887719 | 0 | 0 |
| CARPENTER TECHNOLOGY CORP | COM | 144285103 |  | 1609044 | 4021 | SH |  | SOLE |  | 4021 | 0 | 0 |
| CELANESE CORP DEL | COM | 150870103 |  | 17863034 | 270998 | SH |  | SOLE |  | 270998 | 0 | 0 |
| CELSIUS HLDGS INC | COM NEW | 15118V207 |  | 951096 | 26298 | SH |  | SOLE |  | 26298 | 0 | 0 |
| CENTURI HOLDINGS INC | COM SHS | 155923105 |  | 12946312 | 442756 | SH |  | SOLE |  | 442756 | 0 | 0 |
| CERAGON NETWORKS LTD | ORD | M22013102 |  | 859941 | 398121 | SH |  | SOLE |  | 398121 | 0 | 0 |
| CHEFS WHSE INC | COM | 163086101 |  | 16047257 | 269219 | SH |  | SOLE |  | 269219 | 0 | 0 |
| CHEMOURS CO | COM | 163851108 |  | 21665011 | 981365 | SH |  | SOLE |  | 981365 | 0 | 0 |
| COMMERCIAL BANCGROUP INC | COM | 20112C106 |  | 638843 | 24552 | SH |  | SOLE |  | 24552 | 0 | 0 |
| COMMUNITY HEALTH SYS INC NEW | COM | 203668108 |  | 420879 | 143156 | SH |  | SOLE |  | 143156 | 0 | 0 |
| CONSTELLIUM SE | CL A SHS | F21107101 |  | 20814272 | 844934 | SH |  | SOLE |  | 844934 | 0 | 0 |
| COVENANT LOGISTICS GROUP INC | CL A | 22284P105 |  | 1255660 | 46249 | SH |  | SOLE |  | 46249 | 0 | 0 |
| CPI AEROSTRUCTURES INC | COM NEW | 125919308 |  | 139423 | 35567 | SH |  | SOLE |  | 35567 | 0 | 0 |
| DIME CMNTY BANCSHARES INC | COM | 25432X102 |  | 20661921 | 609488 | SH |  | SOLE |  | 609488 | 0 | 0 |
| DISTRIBUTION SOLUTIONS GRP I | COM | 520776105 |  | 1139629 | 43431 | SH |  | SOLE |  | 43431 | 0 | 0 |
| DNOW INC | COM | 67011P100 |  | 14062864 | 1177924 | SH |  | SOLE |  | 1177924 | 0 | 0 |
| DRAFTKINGS INC NEW | COM CL A | 26142V105 |  | 886669 | 40211 | SH |  | SOLE |  | 40211 | 0 | 0 |
| DUCOMMUN INC DEL | COM | 264147109 |  | 1497672 | 12276 | SH |  | SOLE |  | 12276 | 0 | 0 |
| DYCOM INDS INC | COM | 267475101 |  | 15108557 | 44545 | SH |  | SOLE |  | 44545 | 0 | 0 |
| ELECTROVAYA INC | COM NEW | 28617B606 |  | 217967 | 27873 | SH |  | SOLE |  | 27873 | 0 | 0 |
| EZCORP INC | CL A NON VTG | 302301106 |  | 14540975 | 572341 | SH |  | SOLE |  | 572341 | 0 | 0 |
| FB FINL CORP | COM | 30257X104 |  | 16617120 | 319597 | SH |  | SOLE |  | 319597 | 0 | 0 |
| FIRST COMWLTH FINL CORP PA | COM | 319829107 |  | 478492 | 27218 | SH |  | SOLE |  | 27218 | 0 | 0 |
| FIRST WATCH RESTAURANT GROUP | COM | 33748L101 |  | 11984481 | 1141157 | SH |  | SOLE |  | 1141157 | 0 | 0 |
| FREIGHTCAR AMER INC | COM | 357023100 |  | 1151793 | 144516 | SH |  | SOLE |  | 144516 | 0 | 0 |
| GATES INDL CORP PLC | ORD SHS | G39108108 |  | 18116476 | 799267 | SH |  | SOLE |  | 799267 | 0 | 0 |
| GILAT SATELLITE NETWORKS LTD | SHS NEW | M51474118 |  | 532835 | 35475 | SH |  | SOLE |  | 35475 | 0 | 0 |
| GLOBAL WTR RES INC | COM | 379463102 |  | 1347513 | 177538 | SH |  | SOLE |  | 177538 | 0 | 0 |
| GRAY MEDIA INC | COM | 389375106 |  | 15734911 | 3616210 | SH |  | SOLE |  | 3616210 | 0 | 0 |
| GULFPORT ENERGY CORP | COMMON SHARES | 402635502 |  | 23624824 | 111408 | SH |  | SOLE |  | 111408 | 0 | 0 |
| GXO LOGISTICS INCORPORATED | COMMON STOCK | 36262G101 |  | 15160225 | 291676 | SH |  | SOLE |  | 291676 | 0 | 0 |
| HALLADOR ENERGY COMPANY | COM | 40609P105 |  | 324037 | 19904 | SH |  | SOLE |  | 19904 | 0 | 0 |
| HANCOCK WHITNEY CORPORATION | COM | 410120109 |  | 11995043 | 188425 | SH |  | SOLE |  | 188425 | 0 | 0 |
| HARMONIC INC | COM | 413160102 |  | 1045488 | 116424 | SH |  | SOLE |  | 116424 | 0 | 0 |
| HARROW INC | COM | 415858109 |  | 14410983 | 407896 | SH |  | SOLE |  | 407896 | 0 | 0 |
| HEARTLAND EXPRESS INC | COM | 422347104 |  | 600943 | 57783 | SH |  | SOLE |  | 57783 | 0 | 0 |
| HERBALIFE LTD | COM SHS | G4412G101 |  | 10132566 | 687660 | SH |  | SOLE |  | 687660 | 0 | 0 |
| HERITAGE FINL CORP WASH | COM | 42722X106 |  | 591110 | 22735 | SH |  | SOLE |  | 22735 | 0 | 0 |
| HUB GROUP INC | CL A | 443320106 |  | 549105 | 15236 | SH |  | SOLE |  | 15236 | 0 | 0 |
| HUNTSMAN CORP | COM | 447011107 |  | 542675 | 40772 | SH |  | SOLE |  | 40772 | 0 | 0 |
| INFINITY NAT RES INC | COM CL A | 456941103 |  | 632393 | 35911 | SH |  | SOLE |  | 35911 | 0 | 0 |
| INNOSPEC INC | COM | 45768S105 |  | 2430544 | 33286 | SH |  | SOLE |  | 33286 | 0 | 0 |
| INNOVEX INTERNATIONAL INC | COM | 457651107 |  | 1328109 | 54453 | SH |  | SOLE |  | 54453 | 0 | 0 |
| INSPIRED ENTMT INC | COM | 45782N108 |  | 391936 | 54970 | SH |  | SOLE |  | 54970 | 0 | 0 |
| INTEGRA RES CORP | COM | 45826T509 |  | 383704 | 140551 | SH |  | SOLE |  | 140551 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 1593830 | 6427 | SH |  | SOLE |  | 6427 | 0 | 0 |
| ITRON INC | COM | 465741106 |  | 10769127 | 119824 | SH |  | SOLE |  | 119824 | 0 | 0 |
| KINIKSA PHARMACEUTICALS INTL | ORD SHS CL A | G52694109 |  | 14556586 | 301993 | SH |  | SOLE |  | 301993 | 0 | 0 |
| LANDSTAR SYS INC | COM | 515098101 |  | 746403 | 4656 | SH |  | SOLE |  | 4656 | 0 | 0 |
| LAZARD INC | COM | 52110M109 |  | 11282426 | 264864 | SH |  | SOLE |  | 264864 | 0 | 0 |
| LEGENCE CORP | CL A | 52476L109 |  | 20163614 | 356315 | SH |  | SOLE |  | 356315 | 0 | 0 |
| LEONARDO DRS INC | COM | 52661A108 |  | 1686842 | 37295 | SH |  | SOLE |  | 37295 | 0 | 0 |
| LIFE TIME GROUP HOLDINGS INC | COMMON STOCK | 53190C102 |  | 15125325 | 560011 | SH |  | SOLE |  | 560011 | 0 | 0 |
| LIGAND PHARMACEUTICALS INC | COM NEW | 53220K504 |  | 19077735 | 95456 | SH |  | SOLE |  | 95456 | 0 | 0 |
| LINDBLAD EXPEDITIONS HLDGS I | COM | 535219109 |  | 14500334 | 837284 | SH |  | SOLE |  | 837284 | 0 | 0 |
| LUMEN TECHNOLOGIES INC | COM | 550241103 |  | 18866207 | 2707654 | SH |  | SOLE |  | 2707654 | 0 | 0 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 2090402 | 2942 | SH |  | SOLE |  | 2942 | 0 | 0 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 1870107 | 3510 | SH |  | SOLE |  | 3510 | 0 | 0 |
| MAMAS CREATIONS INC | COM | 56146T103 |  | 513169 | 33453 | SH |  | SOLE |  | 33453 | 0 | 0 |
| MASTEC INC | COM | 576323109 |  | 2153286 | 6589 | SH |  | SOLE |  | 6589 | 0 | 0 |
| MATERION CORP | COM | 576690101 |  | 309117 | 2137 | SH |  | SOLE |  | 2137 | 0 | 0 |
| MERCURY SYS INC | COM | 589378108 |  | 9342617 | 127789 | SH |  | SOLE |  | 127789 | 0 | 0 |
| METHODE ELECTRS INC | COM | 591520200 |  | 1479216 | 267974 | SH |  | SOLE |  | 267974 | 0 | 0 |
| MIAMI INTL HLDGS INC | COM | 59356Q108 |  | 10679926 | 273834 | SH |  | SOLE |  | 273834 | 0 | 0 |
| MIDDLESEX WTR CO | COM | 596680108 |  | 2789620 | 53595 | SH |  | SOLE |  | 53595 | 0 | 0 |
| MIRUM PHARMACEUTICALS INC | COM | 604749101 |  | 23775181 | 256767 | SH |  | SOLE |  | 256767 | 0 | 0 |
| MODINE MFG CO | COM | 607828100 |  | 16201099 | 74554 | SH |  | SOLE |  | 74554 | 0 | 0 |
| MONRO INC | COM | 610236101 |  | 760793 | 47431 | SH |  | SOLE |  | 47431 | 0 | 0 |
| NATIONAL BK HLDGS CORP | CL A | 633707104 |  | 341671 | 8725 | SH |  | SOLE |  | 8725 | 0 | 0 |
| NATIONAL ENERGY SERVICES REU | SHS | G6375R107 |  | 1552904 | 72329 | SH |  | SOLE |  | 72329 | 0 | 0 |
| NEWMARK GROUP INC | CL A | 65158N102 |  | 17346186 | 1154425 | SH |  | SOLE |  | 1154425 | 0 | 0 |
| NEXSTAR MEDIA GROUP INC | COMMON STOCK | 65336K103 |  | 16321470 | 90017 | SH |  | SOLE |  | 90017 | 0 | 0 |
| NORTHERN OIL  GAS INC | COM | 665531307 |  | 16424623 | 560570 | SH |  | SOLE |  | 560570 | 0 | 0 |
| NORTHWEST NAT HLDG CO | COM | 66765N105 |  | 711605 | 13371 | SH |  | SOLE |  | 13371 | 0 | 0 |
| NPK INTERNATIONAL INC | COM SHS | 651718504 |  | 693825 | 47883 | SH |  | SOLE |  | 47883 | 0 | 0 |
| OFG BANCORP | COM | 67103X102 |  | 763480 | 18870 | SH |  | SOLE |  | 18870 | 0 | 0 |
| ONEMAIN HLDGS INC | COM | 68268W103 |  | 1088970 | 19983 | SH |  | SOLE |  | 19983 | 0 | 0 |
| OPERA LTD | SPONSORED ADS | 68373M107 |  | 7774515 | 544638 | SH |  | SOLE |  | 544638 | 0 | 0 |
| OPPENHEIMER HLDGS INC | CL A NON VTG | 683797104 |  | 610506 | 6845 | SH |  | SOLE |  | 6845 | 0 | 0 |
| ORION S.A. | COM | L72967109 |  | 1330108 | 204632 | SH |  | SOLE |  | 204632 | 0 | 0 |
| OUSTER INC | COM NEW | 68989M202 |  | 17853228 | 969605 | SH |  | SOLE |  | 969605 | 0 | 0 |
| PARK AEROSPACE CORP | COM | 70014A104 |  | 3331023 | 121659 | SH |  | SOLE |  | 121659 | 0 | 0 |
| PDF SOLUTIONS INC | COM | 693282105 |  | 653415 | 19976 | SH |  | SOLE |  | 19976 | 0 | 0 |
| PEGASYSTEMS INC | COM | 705573103 |  | 889080 | 20503 | SH |  | SOLE |  | 20503 | 0 | 0 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 16825887 | 1116813 | SH |  | SOLE |  | 1116813 | 0 | 0 |
| PENNANT GROUP INC | COM | 70805E109 |  | 609234 | 19988 | SH |  | SOLE |  | 19988 | 0 | 0 |
| PERELLA WEINBERG PARTNERS | CLASS A COM | 71367G102 |  | 726618 | 40012 | SH |  | SOLE |  | 40012 | 0 | 0 |
| PINNACLE FINL PARTNERS INC | COM | 72348N109 |  | 1091749 | 12415 | SH |  | SOLE |  | 12415 | 0 | 0 |
| POPULAR INC | COM NEW | 733174700 |  | 15103175 | 112204 | SH |  | SOLE |  | 112204 | 0 | 0 |
| PURSUIT ATTRACTIONS AND HOSP | COM | 92552R406 |  | 13507271 | 368366 | SH |  | SOLE |  | 368366 | 0 | 0 |
| QUAKER HOUGHTON | COM | 747316107 |  | 2131911 | 17161 | SH |  | SOLE |  | 17161 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 |  | 884830 | 44678 | SH |  | SOLE |  | 44678 | 0 | 0 |
| RADNET INC | COM | 750491102 |  | 15505650 | 276781 | SH |  | SOLE |  | 276781 | 0 | 0 |
| RAMBUS INC DEL | COM | 750917106 |  | 1083793 | 12371 | SH |  | SOLE |  | 12371 | 0 | 0 |
| REDWIRE CORPORATION | COM | 75776W103 |  | 471342 | 55452 | SH |  | SOLE |  | 55452 | 0 | 0 |
| RLJ LODGING TR | COM | 74965L101 |  | 1595248 | 214993 | SH |  | SOLE |  | 214993 | 0 | 0 |
| RUSH STREET INTERACTIVE INC | COM | 782011100 |  | 16176163 | 742931 | SH |  | SOLE |  | 742931 | 0 | 0 |
| RXO INC | COMMON STOCK | 74982T103 |  | 19748470 | 1347550 | SH |  | SOLE |  | 1347550 | 0 | 0 |
| RYMAN HOSPITALITY PPTYS INC | COM | 78377T107 |  | 13514621 | 146113 | SH |  | SOLE |  | 146113 | 0 | 0 |
| SABLE OFFSHORE CORP | COM SHS | 78574H104 |  | 498541 | 30178 | SH |  | SOLE |  | 30178 | 0 | 0 |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 |  | 578427 | 9286 | SH |  | SOLE |  | 9286 | 0 | 0 |
| SCRIPPS E W CO OHIO | CL A NEW | 811054402 |  | 16229146 | 4358265 | SH |  | SOLE |  | 4358265 | 0 | 0 |
| SELECT WATER SOLUTIONS INC | CL A COM | 81617J301 |  | 22369368 | 1458893 | SH |  | SOLE |  | 1458893 | 0 | 0 |
| SI BONE INC | COM | 825704109 |  | 512374 | 40568 | SH |  | SOLE |  | 40568 | 0 | 0 |
| SILICON MOTION TECHNOLOGY CO | SPONSORED ADR | 82706C108 |  | 547975 | 4880 | SH |  | SOLE |  | 4880 | 0 | 0 |
| SIMILARWEB LTD | SHS | M84137104 |  | 940555 | 360366 | SH |  | SOLE |  | 360366 | 0 | 0 |
| SOLARIS ENERGY INFRAS INC | COM CL A | 83418M103 |  | 15877526 | 280682 | SH |  | SOLE |  | 280682 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 9016768 | 268785 | SH |  | SOLE |  | 268785 | 0 | 0 |
| SPHERE ENTERTAINMENT CO | CL A | 55826T102 |  | 714849 | 6089 | SH |  | SOLE |  | 6089 | 0 | 0 |
| SPORTRADAR GROUP AG | CLASS A ORD SHS | H8088L103 |  | 1594528 | 94087 | SH |  | SOLE |  | 94087 | 0 | 0 |
| SSR MINING IN | COM | 784730103 |  | 18163774 | 616613 | SH |  | SOLE |  | 616613 | 0 | 0 |
| STAGWELL INC | COM CL A | 85256A109 |  | 13620119 | 2160479 | SH |  | SOLE |  | 2160479 | 0 | 0 |
| STEPAN CO | COM | 858586100 |  | 1982007 | 39656 | SH |  | SOLE |  | 39656 | 0 | 0 |
| STEWART INFORMATION SVCS COR | COM | 860372101 |  | 2563760 | 41633 | SH |  | SOLE |  | 41633 | 0 | 0 |
| STRATASYS LTD | SHS | M85548101 |  | 2556697 | 327362 | SH |  | SOLE |  | 327362 | 0 | 0 |
| SUMMIT HOTEL PPTYS | COM | 866082100 |  | 1375531 | 311206 | SH |  | SOLE |  | 311206 | 0 | 0 |
| SUPER GROUP SGHC LIMITED | ORD SHS | G8588X103 |  | 610654 | 56542 | SH |  | SOLE |  | 56542 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 1111194 | 3416 | SH |  | SOLE |  | 3416 | 0 | 0 |
| TASEKO MINES LTD | COM | 876511106 |  | 383227 | 59415 | SH |  | SOLE |  | 59415 | 0 | 0 |
| TAT TECHNOLOGIES LTD | ORD NEW | M8740S227 |  | 11819327 | 290600 | SH |  | SOLE |  | 290600 | 0 | 0 |
| TENNANT CO | COM | 880345103 |  | 1974205 | 29732 | SH |  | SOLE |  | 29732 | 0 | 0 |
| TEREX CORP NEW | COM | 880779103 |  | 6643840 | 112291 | SH |  | SOLE |  | 112291 | 0 | 0 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 948847 | 111367 | SH |  | SOLE |  | 111367 | 0 | 0 |
| TEXAS CAP BANCSHARES INC | COM | 88224Q107 |  | 15842275 | 166798 | SH |  | SOLE |  | 166798 | 0 | 0 |
| TG THERAPEUTICS INC | COM | 88322Q108 |  | 18046972 | 541960 | SH |  | SOLE |  | 541960 | 0 | 0 |
| THE REALREAL INC | COM | 88339P101 |  | 1874475 | 206440 | SH |  | SOLE |  | 206440 | 0 | 0 |
| THIRD COAST BANCSHARES INC | COM | 88422P109 |  | 715895 | 18924 | SH |  | SOLE |  | 18924 | 0 | 0 |
| TRANSOCEAN LTD | REGISTERED SHS | H8817H100 |  | 20958139 | 3152566 | SH |  | SOLE |  | 3152566 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | COM | 89422G107 |  | 376604 | 12676 | SH |  | SOLE |  | 12676 | 0 | 0 |
| UNITED PARKS  RESORTS INC | COM | 81282V100 |  | 14826178 | 452966 | SH |  | SOLE |  | 452966 | 0 | 0 |
| UNITI GROUP LLC | COM SHS | 912932100 |  | 10710813 | 1140776 | SH |  | SOLE |  | 1140776 | 0 | 0 |
| VALENS SEMICONDUCTOR LTD | ORDINARY SHARES | M9607U115 |  | 306006 | 270802 | SH |  | SOLE |  | 270802 | 0 | 0 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 4687425 | 22568 | SH |  | SOLE |  | 22568 | 0 | 0 |
| VSE CORP | COM | 918284100 |  | 12355732 | 66934 | SH |  | SOLE |  | 66934 | 0 | 0 |
| WEATHERFORD INTL PLC | ORD SHS | G48833118 |  | 22571027 | 238028 | SH |  | SOLE |  | 238028 | 0 | 0 |
| WERNER ENTERPRISES INC | COM | 950755108 |  | 13055156 | 443452 | SH |  | SOLE |  | 443452 | 0 | 0 |
| WHITEFIBER INC | SHS | G96115103 |  | 472517 | 39674 | SH |  | SOLE |  | 39674 | 0 | 0 |
| XERIS BIOPHARMA HOLDINGS INC | COM | 98422E103 |  | 399597 | 68896 | SH |  | SOLE |  | 68896 | 0 | 0 |
| XOMETRY INC | CLASS A COM | 98423F109 |  | 898538 | 21754 | SH |  | SOLE |  | 21754 | 0 | 0 |
| YORK WTR CO | COM | 987184108 |  | 2718302 | 89271 | SH |  | SOLE |  | 89271 | 0 | 0 |
| ZETA GLOBAL HOLDINGS CORP | CL A | 98956A105 |  | 13305561 | 833753 | SH |  | SOLE |  | 833753 | 0 | 0 |

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