# EDGAR Filing Document

**Accession Number:** 0002086025
**File Stem:** 0001140361-25-041668
**Filing Date:** 2025-11
**Character Count:** 19790
**Document Hash:** 2f1b830a88c0a31c9575ad1f28a3aeb7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-041668.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001140361-25-041668

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Teton Advisors, LLC
- **CENTRAL INDEX KEY:** 0002086025

**ORGANIZATION NAME:**
- **EIN:** 873233047
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-25840
- **FILM NUMBER:** 251473692

**BUSINESS ADDRESS:**
- **STREET 1:** 189 MASON STREET
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 914-457-1070

**MAIL ADDRESS:**
- **STREET 1:** 189 MASON STREET
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** Teton Advisors LLC<br>**Address:** 189 MASON STREET<br>GREENWICH, CT 06830

**Form 13F File Number:** 028-25840

**CRD Number (if applicable):** 000105963

**SEC File Number (if applicable):** 801-47568

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:** Tiffany Hayden<br>**Title:** Chief Compliance Officer<br>**Phone:** 914-457-1077

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

/s/ Tiffany Hayden  Austin, TX  11-05-2025<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:** 162

**Form 13F Information Table Value Total:** $162121172

      (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 |
| 1-800-FLOWERS.COM INC-CL A | EQUITY | 68243Q106 |  | 487600 | 106000 | SH |  | SOLE |  | 106000 | 0 | 0 |
| 3D SYSTEMS CORP | EQUITY | 88554D205 |  | 116000 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| A10 NETWORKS INC | EQUITY | 002121101 |  | 653400 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| ACCURAY INC | EQUITY | 004397105 |  | 66800 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| ACME UNITED CORP | EQUITY | 004816104 |  | 411800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ALLIENT INC | EQUITY | 019330109 |  | 3007200 | 67200 | SH |  | SOLE |  | 67200 | 0 | 0 |
| AMERICAN OUTDOOR BRANDS INC | EQUITY | 02875D109 |  | 1006507 | 115957 | SH |  | SOLE |  | 115957 | 0 | 0 |
| AMPCO-PITTSBURGH CORP | EQUITY | 032037103 |  | 248465 | 108500 | SH |  | SOLE |  | 108500 | 0 | 0 |
| ANTERIX INC | EQUITY | 03676C100 |  | 1245260 | 58000 | SH |  | SOLE |  | 58000 | 0 | 0 |
| ARKO CORP | EQUITY | 041242108 |  | 594100 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| ARLO TECHNOLOGIES INC | EQUITY | 04206A101 |  | 1050900 | 62000 | SH |  | SOLE |  | 62000 | 0 | 0 |
| ARTESIAN RESOURCES CORP-CL A | EQUITY | 043113208 |  | 1020875 | 31320 | SH |  | SOLE |  | 31320 | 0 | 0 |
| ASTEC INDUSTRIES INC | EQUITY | 046224101 |  | 2753036 | 57200 | SH |  | SOLE |  | 57200 | 0 | 0 |
| ASTRONICS CORP | EQUITY | 046433108 |  | 5017100 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| ATLANTIC AMERICAN CORP | EQUITY | 048209100 |  | 54530 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| ATLANTIC UNION BANKSHARES CO | EQUITY | 04911A107 |  | 1136338 | 32200 | SH |  | SOLE |  | 32200 | 0 | 0 |
| AZZ INC | EQUITY | 002474104 |  | 425607 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| BADGER METER INC | EQUITY | 056525108 |  | 580385 | 3250 | SH |  | SOLE |  | 3250 | 0 | 0 |
| BASSETT FURNITURE INDS | EQUITY | 070203104 |  | 156400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| BELLRING BRANDS INC | EQUITY | 07831C103 |  | 363500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| BIG 5 SPORTING GOODS CORP | EQUITY | 08915P101 |  | 115200 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| CADENCE BANK | EQUITY | 12740C103 |  | 225240 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| CAESARS ENTERTAINMENT INC | EQUITY | 12769G100 |  | 229713 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| CALAVO GROWERS INC | EQUITY | 128246105 |  | 1969110 | 76500 | SH |  | SOLE |  | 76500 | 0 | 0 |
| CALIFORNIA WATER SERVICE GRP | EQUITY | 130788102 |  | 920553 | 20060 | SH |  | SOLE |  | 20060 | 0 | 0 |
| CAPITAL CITY BANK GROUP INC | EQUITY | 139674105 |  | 2987985 | 71500 | SH |  | SOLE |  | 71500 | 0 | 0 |
| CASELLA WASTE SYSTEMS INC-A | EQUITY | 147448104 |  | 940261 | 9910 | SH |  | SOLE |  | 9910 | 0 | 0 |
| CITIZENS  NORTHERN CORP | EQUITY | 172922106 |  | 237720 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| COMMERCIAL VEHICLE GROUP INC | EQUITY | 202608105 |  | 78078 | 45928 | SH |  | SOLE |  | 45928 | 0 | 0 |
| CONSOLIDATED WATER CO-ORD SH | EQUITY | G23773107 |  | 1146600 | 32500 | SH |  | SOLE |  | 32500 | 0 | 0 |
| CORE MOLDING TECHNOLOGIES IN | EQUITY | 218683100 |  | 1744161 | 84874 | SH |  | SOLE |  | 84874 | 0 | 0 |
| CTS CORP | EQUITY | 126501105 |  | 2596100 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| DANA INC | EQUITY | 235825205 |  | 280560 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| DAWSON GEOPHYSICAL CO | EQUITY | 239360100 |  | 35200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| DENNY'S CORP | EQUITY | 24869P104 |  | 266730 | 51000 | SH |  | SOLE |  | 51000 | 0 | 0 |
| DHI GROUP INC | EQUITY | 23331S100 |  | 125100 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| DIGI INTERNATIONAL INC | EQUITY | 253798102 |  | 291680 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| DISTRIBUTION SOLUTIONS GROUP | EQUITY | 520776105 |  | 3188480 | 106000 | SH |  | SOLE |  | 106000 | 0 | 0 |
| DUCOMMUN INC | EQUITY | 264147109 |  | 4421980 | 46000 | SH |  | SOLE |  | 46000 | 0 | 0 |
| EASTERN CO/THE | EQUITY | 276317104 |  | 3292963 | 140365 | SH |  | SOLE |  | 140365 | 0 | 0 |
| ELECTROMED INC | EQUITY | 285409108 |  | 491000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ENERGY RECOVERY INC | EQUITY | 29270J100 |  | 431760 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| ENTRAVISION COMMUNICATIONS-A | EQUITY | 29382R107 |  | 111670 | 47927 | SH |  | SOLE |  | 47927 | 0 | 0 |
| EW SCRIPPS CO NEW | EQUITY | 811054402 |  | 728160 | 296000 | SH |  | SOLE |  | 296000 | 0 | 0 |
| EXELIXIS INC | EQUITY | 30161Q104 |  | 2065000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| FARMER BROS CO | EQUITY | 307675108 |  | 536613 | 313809 | SH |  | SOLE |  | 313809 | 0 | 0 |
| FARMERS NATL BANC CORP | EQUITY | 309627107 |  | 544698 | 37800 | SH |  | SOLE |  | 37800 | 0 | 0 |
| FEDERAL SIGNAL CORP | EQUITY | 313855108 |  | 452162 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| FIRST INTERNET BANCORP | EQUITY | 320557101 |  | 224300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| FLUSHING FINANCIAL CORP | EQUITY | 343873105 |  | 1470765 | 106500 | SH |  | SOLE |  | 106500 | 0 | 0 |
| FNB CORP | EQUITY | 302520101 |  | 1135755 | 70500 | SH |  | SOLE |  | 70500 | 0 | 0 |
| FOSTER (LB) CO-A | EQUITY | 350060109 |  | 3767017 | 139778 | SH |  | SOLE |  | 139778 | 0 | 0 |
| FRP HOLDINGS INC | EQUITY | 30292L107 |  | 852600 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| FS BANCORP INC | EQUITY | 30263Y104 |  | 838320 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| GAMBLING.COM GROUP LTD | EQUITY | G3R239101 |  | 327200 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| GARRETT MOTION INC | EQUITY | 366505105 |  | 612900 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| GENCOR INDUSTRIES INC | EQUITY | 368678108 |  | 3701390 | 253000 | SH |  | SOLE |  | 253000 | 0 | 0 |
| GENIUS SPORTS LTD | EQUITY | G3934V109 |  | 247600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| GIBRALTAR INDUSTRIES INC | EQUITY | 374689107 |  | 3422600 | 54500 | SH |  | SOLE |  | 54500 | 0 | 0 |
| GOLDEN ENTERTAINMENT INC | EQUITY | 381013101 |  | 2310840 | 98000 | SH |  | SOLE |  | 98000 | 0 | 0 |
| GORMAN-RUPP CO | EQUITY | 383082104 |  | 2190552 | 47200 | SH |  | SOLE |  | 47200 | 0 | 0 |
| GRAHAM CORP | EQUITY | 384556106 |  | 1899540 | 34600 | SH |  | SOLE |  | 34600 | 0 | 0 |
| GRANITE CONSTRUCTION INC | EQUITY | 387328107 |  | 515355 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| GRAY MEDIA INC | EQUITY | 389375106 |  | 1368357 | 236740 | SH |  | SOLE |  | 236740 | 0 | 0 |
| GRAY MEDIA INC-A | EQUITY | 389375205 |  | 843900 | 87000 | SH |  | SOLE |  | 87000 | 0 | 0 |
| GYRODYNE LLC | EQUITY | 403829104 |  | 177228 | 17700 | SH |  | SOLE |  | 17700 | 0 | 0 |
| HANOVER BANCORP INC | EQUITY | 410709109 |  | 314300 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| HAWKINS INC | EQUITY | 420261109 |  | 822240 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| I3 VERTICALS INC-CLASS A | EQUITY | 46571Y107 |  | 1136100 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| ICF INTERNATIONAL INC | EQUITY | 44925C103 |  | 464000 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| IMAX CORP | EQUITY | 45245E109 |  | 982500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| INFUSYSTEM HOLDINGS INC | EQUITY | 45685K102 |  | 1916600 | 185000 | SH |  | SOLE |  | 185000 | 0 | 0 |
| INNOVATIVE SOLUTIONS  SUPP | EQUITY | 45769N105 |  | 1707383 | 136700 | SH |  | SOLE |  | 136700 | 0 | 0 |
| INSPIRED ENTERTAINMENT INC | EQUITY | 45782N108 |  | 1903202 | 202900 | SH |  | SOLE |  | 202900 | 0 | 0 |
| JOHNSON OUTDOORS INC-A | EQUITY | 479167108 |  | 201950 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| KIMBALL ELECTRONICS INC | EQUITY | 49428J109 |  | 955520 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| KKR  CO INC | EQUITY | 48251W104 |  | 1884275 | 14500 | SH |  | SOLE |  | 14500 | 0 | 0 |
| KRATOS DEFENSE  SECURITY | EQUITY | 50077B207 |  | 456850 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| LANDS' END INC | EQUITY | 51509F105 |  | 324300 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| LEE ENTERPRISES | EQUITY | 523768406 |  | 81600 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| LEGACY HOUSING CORP | EQUITY | 52472M101 |  | 1100400 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| LIFETIME BRANDS INC | EQUITY | 53222Q103 |  | 381195 | 98500 | SH |  | SOLE |  | 98500 | 0 | 0 |
| LIFEWAY FOODS INC | EQUITY | 531914109 |  | 224856 | 8100 | SH |  | SOLE |  | 8100 | 0 | 0 |
| LIMONEIRA CO | EQUITY | 532746104 |  | 1744875 | 117500 | SH |  | SOLE |  | 117500 | 0 | 0 |
| MANITOWOC COMPANY INC | EQUITY | 563571405 |  | 144144 | 14400 | SH |  | SOLE |  | 14400 | 0 | 0 |
| MARCUS CORPORATION | EQUITY | 566330106 |  | 1070190 | 69000 | SH |  | SOLE |  | 69000 | 0 | 0 |
| MARINE PRODUCTS CORP | EQUITY | 568427108 |  | 2159845 | 243500 | SH |  | SOLE |  | 243500 | 0 | 0 |
| MATERIALISE NV-ADR | DEPOSITORY RECEI | 57667T100 |  | 55700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| MEDALLION FINANCIAL CORP | EQUITY | 583928106 |  | 606000 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| MIDDLEBY CORP | EQUITY | 596278101 |  | 265860 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| MIDDLESEX WATER CO | EQUITY | 596680108 |  | 270600 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| MINERALS TECHNOLOGIES INC | EQUITY | 603158106 |  | 217420 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| MITEK SYSTEMS INC | EQUITY | 606710200 |  | 918380 | 94000 | SH |  | SOLE |  | 94000 | 0 | 0 |
| MODINE MANUFACTURING CO | EQUITY | 607828100 |  | 426480 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| MONRO INC | EQUITY | 610236101 |  | 844590 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| MOVADO GROUP INC | EQUITY | 624580106 |  | 1178037 | 62100 | SH |  | SOLE |  | 62100 | 0 | 0 |
| MSA SAFETY INC | EQUITY | 553498106 |  | 705487 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| MYERS INDUSTRIES INC | EQUITY | 628464109 |  | 5183640 | 306000 | SH |  | SOLE |  | 306000 | 0 | 0 |
| MYR GROUP INC/DELAWARE | EQUITY | 55405W104 |  | 1248180 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| NATHAN'S FAMOUS INC | EQUITY | 632347100 |  | 5348742 | 48300 | SH |  | SOLE |  | 48300 | 0 | 0 |
| NATURAL GROCERS BY VITAMIN C | EQUITY | 63888U108 |  | 200000 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| NAVIGATOR HOLDINGS LTD | EQUITY | Y62132108 |  | 1319748 | 85200 | SH |  | SOLE |  | 85200 | 0 | 0 |
| NEOGEN CORP | EQUITY | 640491106 |  | 1062974 | 186160 | SH |  | SOLE |  | 186160 | 0 | 0 |
| NEOGENOMICS INC | EQUITY | 64049M209 |  | 409932 | 53100 | SH |  | SOLE |  | 53100 | 0 | 0 |
| NIAGEN BIOSCIENCE INC | EQUITY | 171077407 |  | 233250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| NORTHRIM BANCORP INC | EQUITY | 666762109 |  | 294576 | 13600 | SH |  | SOLE |  | 13600 | 0 | 0 |
| OIL-DRI CORP OF AMERICA | EQUITY | 677864100 |  | 842352 | 13800 | SH |  | SOLE |  | 13800 | 0 | 0 |
| OOMA INC | EQUITY | 683416101 |  | 239800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| OPENLANE INC | EQUITY | 48238T109 |  | 820230 | 28500 | SH |  | SOLE |  | 28500 | 0 | 0 |
| OPKO HEALTH INC | EQUITY | 68375N103 |  | 220100 | 142000 | SH |  | SOLE |  | 142000 | 0 | 0 |
| OPTION CARE HEALTH INC | EQUITY | 68404L201 |  | 482136 | 17368 | SH |  | SOLE |  | 17368 | 0 | 0 |
| ORTHOFIX MEDICAL INC | EQUITY | 68752M108 |  | 270840 | 18500 | SH |  | SOLE |  | 18500 | 0 | 0 |
| PARK AEROSPACE CORP | EQUITY | 70014A104 |  | 854280 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| PARK-OHIO HOLDINGS CORP | EQUITY | 700666100 |  | 3313440 | 156000 | SH |  | SOLE |  | 156000 | 0 | 0 |
| PITNEY BOWES INC | EQUITY | 724479100 |  | 513450 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| PRIMIS FINANCIAL CORP | EQUITY | 74167B109 |  | 157650 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| PURSUIT ATTRACTIONS AND HOSP | EQUITY | 92552R406 |  | 361800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| READING INTERNATIONAL INC-A | EQUITY | 755408101 |  | 222705 | 151500 | SH |  | SOLE |  | 151500 | 0 | 0 |
| READING INTERNATIONAL INC-B | EQUITY | 755408200 |  | 838085 | 75030 | SH |  | SOLE |  | 75030 | 0 | 0 |
| RED VIOLET INC | EQUITY | 75704L104 |  | 418000 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| RENASANT CORP | EQUITY | 75970E107 |  | 941802 | 25530 | SH |  | SOLE |  | 25530 | 0 | 0 |
| RGC RESOURCES INC | EQUITY | 74955L103 |  | 2154240 | 96000 | SH |  | SOLE |  | 96000 | 0 | 0 |
| RPC INC | EQUITY | 749660106 |  | 276080 | 58000 | SH |  | SOLE |  | 58000 | 0 | 0 |
| RUSH ENTERPRISES INC - CL B | EQUITY | 781846308 |  | 2497770 | 43500 | SH |  | SOLE |  | 43500 | 0 | 0 |
| RUSH ENTERPRISES INC-CL A | EQUITY | 781846209 |  | 427760 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| SILVERCREST ASSET MANAGEME-A | EQUITY | 828359109 |  | 866250 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| SINCLAIR INC | EQUITY | 829242106 |  | 434880 | 28800 | SH |  | SOLE |  | 28800 | 0 | 0 |
| SKYWATER TECHNOLOGY INC | EQUITY | 83089J108 |  | 1128631 | 60484 | SH |  | SOLE |  | 60484 | 0 | 0 |
| SOUTHERN FIRST BANCSHARES | EQUITY | 842873101 |  | 794160 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| SPORTSMAN'S WAREHOUSE HOLDIN | EQUITY | 84920Y106 |  | 182820 | 66000 | SH |  | SOLE |  | 66000 | 0 | 0 |
| STANDARD MOTOR PRODS | EQUITY | 853666105 |  | 1326650 | 32500 | SH |  | SOLE |  | 32500 | 0 | 0 |
| STELLAR BANCORP INC | EQUITY | 858927106 |  | 1683870 | 55500 | SH |  | SOLE |  | 55500 | 0 | 0 |
| STERIS PLC | EQUITY | G8473T100 |  | 222696 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| STONERIDGE INC | EQUITY | 86183P102 |  | 198120 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| STRATASYS LTD | EQUITY | M85548101 |  | 112000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| STRATTEC SECURITY CORP | EQUITY | 863111100 |  | 2416130 | 35500 | SH |  | SOLE |  | 35500 | 0 | 0 |
| TEJON RANCH CO | EQUITY | 879080109 |  | 1326340 | 83000 | SH |  | SOLE |  | 83000 | 0 | 0 |
| TENNANT CO | EQUITY | 880345103 |  | 705222 | 8700 | SH |  | SOLE |  | 8700 | 0 | 0 |
| TITAN INTERNATIONAL INC | EQUITY | 88830M102 |  | 152712 | 20200 | SH |  | SOLE |  | 20200 | 0 | 0 |
| TITAN MACHINERY INC | EQUITY | 88830R101 |  | 1439640 | 86000 | SH |  | SOLE |  | 86000 | 0 | 0 |
| TOWNSQUARE MEDIA INC - CL A | EQUITY | 892231101 |  | 779520 | 116000 | SH |  | SOLE |  | 116000 | 0 | 0 |
| TRANSACT TECHNOLOGIES INC | EQUITY | 892918103 |  | 176150 | 32500 | SH |  | SOLE |  | 32500 | 0 | 0 |
| TREDEGAR CORP | EQUITY | 894650100 |  | 971630 | 121000 | SH |  | SOLE |  | 121000 | 0 | 0 |
| TWIN DISC INC | EQUITY | 901476101 |  | 1359150 | 97500 | SH |  | SOLE |  | 97500 | 0 | 0 |
| TYLER TECHNOLOGIES INC | EQUITY | 902252105 |  | 523160 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| ULTRA CLEAN HOLDINGS INC | EQUITY | 90385V107 |  | 1185375 | 43500 | SH |  | SOLE |  | 43500 | 0 | 0 |
| ULTRALIFE CORP | EQUITY | 903899102 |  | 751564 | 110200 | SH |  | SOLE |  | 110200 | 0 | 0 |
| UNITED BANKSHARES INC | EQUITY | 909907107 |  | 260470 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| UNITED GUARDIAN INC | EQUITY | 910571108 |  | 424096 | 53961 | SH |  | SOLE |  | 53961 | 0 | 0 |
| UNIVERSAL TECHNICAL INSTITUT | EQUITY | 913915104 |  | 325500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| VALLEY NATIONAL BANCORP | EQUITY | 919794107 |  | 457920 | 43200 | SH |  | SOLE |  | 43200 | 0 | 0 |
| VALUE LINE INC | EQUITY | 920437100 |  | 1170759 | 29958 | SH |  | SOLE |  | 29958 | 0 | 0 |
| VILLAGE SUPER MARKET-CLASS A | EQUITY | 927107409 |  | 212952 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| VISHAY PRECISION GROUP | EQUITY | 92835K103 |  | 962622 | 30035 | SH |  | SOLE |  | 30035 | 0 | 0 |
| WABASH NATIONAL CORP | EQUITY | 929566107 |  | 426384 | 43200 | SH |  | SOLE |  | 43200 | 0 | 0 |
| WASHINGTON TRUST BANCORP | EQUITY | 940610108 |  | 961792 | 33280 | SH |  | SOLE |  | 33280 | 0 | 0 |
| WATERSTONE FINANCIAL INC | EQUITY | 94188P101 |  | 920400 | 59000 | SH |  | SOLE |  | 59000 | 0 | 0 |
| WESTERN NEW ENGLAND BANCORP | EQUITY | 958892101 |  | 804670 | 67000 | SH |  | SOLE |  | 67000 | 0 | 0 |
| WILLAMETTE VALLEY VINEYARDS | EQUITY | 969136100 |  | 82110 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| WINNEBAGO INDUSTRIES | EQUITY | 974637100 |  | 668800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| YORK WATER CO | EQUITY | 987184108 |  | 1099987 | 36160 | SH |  | SOLE |  | 36160 | 0 | 0 |
| ZIMVIE INC | EQUITY | 98888T107 |  | 1231100 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |

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