# EDGAR Filing Document

**Accession Number:** 0001595521
**File Stem:** 0001595521-25-000015
**Filing Date:** 2025-11
**Character Count:** 27674
**Document Hash:** 492a065a3716bae5767212e942a05e82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001595521-25-000015.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001595521-25-000015

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aristides Capital LLC
- **CENTRAL INDEX KEY:** 0001595521

**ORGANIZATION NAME:**
- **EIN:** 262056777
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 21380073BP4RXI68KO65

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19976
- **FILM NUMBER:** 251477778

**BUSINESS ADDRESS:**
- **STREET 1:** 552 E MARKET ST
- **STREET 2:** STE 200
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40202
- **BUSINESS PHONE:** 502-694-8001

**MAIL ADDRESS:**
- **STREET 1:** 552 E MARKET ST
- **STREET 2:** STE 200
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40202

### 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:** Aristides Capital LLC<br>**Address:** 552 E MARKET ST<br>STE 200<br>LOUISVILLE, KY 40202

**Form 13F File Number:** 028-19976

**CRD Number (if applicable):** 000162368

**SEC File Number (if applicable):** 801-119110

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:** DANIEL NALL<br>**Title:** CCO PRINCIPAL<br>**Phone:** 502-694-8001

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

Daniel Nall  LOUISVILLE, KY  11-13-2025<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:** 237

**Form 13F Information Table Value Total:** $693480090

      (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 |
| ALLIANCEBERNSTEIN HLDG L P | UNIT LTD PARTN | 01881G106 |  | 1563962 | 40920 | SH |  | SOLE | NONE | 40920 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 2080775 | 17137 | SH |  | SOLE | NONE | 17137 | 0 | 0 |
| ARBOR REALTY TRUST INC | Put | 038923958 |  | 356532 | 29200 | SH | Put | SOLE | NONE | 29200 | 0 | 0 |
| ACI WORLDWIDE INC | COM | 004498101 |  | 1654498 | 31353 | SH |  | SOLE | NONE | 31353 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 4387507 | 17792 | SH |  | SOLE | NONE | 17792 | 0 | 0 |
| ALPHA COGNITION INC | COM NEW | 02074J501 |  | 1077132 | 165458 | SH |  | SOLE | NONE | 165458 | 0 | 0 |
| ADT INC DEL | COM | 00090Q103 |  | 275881 | 31674 | SH |  | SOLE | NONE | 31674 | 0 | 0 |
| AMERICAN EAGLE OUTFITTERS IN | COM | 02553E106 |  | 1069375 | 62500 | SH |  | SOLE | NONE | 62500 | 0 | 0 |
| FEDERAL AGRIC MTG CORP | CL A | 313148108 |  | 1724096 | 13904 | SH |  | SOLE | NONE | 13904 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 1680054 | 22176 | SH |  | SOLE | NONE | 22176 | 0 | 0 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 265420 | 3127 | SH |  | SOLE | NONE | 3127 | 0 | 0 |
| AUTOLIV INC | COM | 052800109 |  | 278863 | 2258 | SH |  | SOLE | NONE | 2258 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 845118 | 5800 | SH |  | SOLE | NONE | 5800 | 0 | 0 |
| APPLOVIN CORP | Put | 03831W958 |  | 4670510 | 6500 | SH | Put | SOLE | NONE | 6500 | 0 | 0 |
| ARK 21SHARES BITCOIN ETF | SHS BEN INT | 040919102 |  | 7415041 | 195030 | SH |  | SOLE | NONE | 195030 | 0 | 0 |
| ARK ETF TR | Call | 00214Q904 |  | 21575000 | 250000 | SH | Call | SOLE | NONE | 250000 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 6421341 | 6633 | SH |  | SOLE | NONE | 6633 | 0 | 0 |
| AST SPACEMOBILE INC | COM CL A | 00217D100 |  | 627046 | 12776 | SH |  | SOLE | NONE | 12776 | 0 | 0 |
| ATKORE INC | COM | 047649108 |  | 292619 | 4664 | SH |  | SOLE | NONE | 4664 | 0 | 0 |
| ATMUS FILTRATION TECHNOLOGIE | COM | 04956D107 |  | 286998 | 6365 | SH |  | SOLE | NONE | 6365 | 0 | 0 |
| AVIAT NETWORKS INC | COM NEW | 05366Y201 |  | 2296096 | 100135 | SH |  | SOLE | NONE | 100135 | 0 | 0 |
| ANAVEX LIFE SCIENCES CORP | Put | 032797950 |  | 979000 | 110000 | SH | Put | SOLE | NONE | 110000 | 0 | 0 |
| ARMSTRONG WORLD INDS INC NEW | COM | 04247X102 |  | 277354 | 1415 | SH |  | SOLE | NONE | 1415 | 0 | 0 |
| AWARE INC MASS | COM | 05453N100 |  | 168917 | 70090 | SH |  | SOLE | NONE | 70090 | 0 | 0 |
| A2Z CUST2MATE SOLUTIONS CORP | COM | 002205102 |  | 495380 | 62000 | SH |  | SOLE | NONE | 62000 | 0 | 0 |
| CONCRETE PUMPING HLDGS INC | COM | 206704108 |  | 650363 | 92250 | SH |  | SOLE | NONE | 92250 | 0 | 0 |
| BATH  BODY WORKS INC | COM | 070830104 |  | 1044954 | 40565 | SH |  | SOLE | NONE | 40565 | 0 | 0 |
| BRINKS CO | COM | 109696104 |  | 288761 | 2471 | SH |  | SOLE | NONE | 2471 | 0 | 0 |
| BROWN FORMAN CORP | CL A | 115637100 |  | 941850 | 35000 | SH |  | SOLE | NONE | 35000 | 0 | 0 |
| BILL HOLDINGS INC | COM | 090043100 |  | 344305 | 6500 | SH |  | SOLE | NONE | 6500 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | Put | 46138G958 |  | 1046500 | 50000 | SH | Put | SOLE | NONE | 50000 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 2645642 | 490 | SH |  | SOLE | NONE | 490 | 0 | 0 |
| BANK UTICA/NY | COM | 065437105 |  | 1321494 | 2572 | SH |  | SOLE | NONE | 2572 | 0 | 0 |
| BANK UTICA N Y | COM | 065437204 |  | 6942000 | 13884 | SH |  | SOLE | NONE | 13884 | 0 | 0 |
| BLACKBAUD INC | COM | 09227Q100 |  | 1607750 | 25000 | SH |  | SOLE | NONE | 25000 | 0 | 0 |
| BIONTECH SE | SPONSORED ADS | 09075V102 |  | 2500905 | 25359 | SH |  | SOLE | NONE | 25359 | 0 | 0 |
| PIMCO ETF TR | ACTIVE BD ETF | 72201R775 |  | 1338359 | 14337 | SH |  | SOLE | NONE | 14337 | 0 | 0 |
| BRC INC | COM CL A | 05601U105 |  | 62400 | 40000 | SH |  | SOLE | NONE | 40000 | 0 | 0 |
| BLACK STONE MINERALS L P | COM UNIT | 09225M101 |  | 451963 | 34396 | SH |  | SOLE | NONE | 34396 | 0 | 0 |
| BORGWARNER INC | COM | 099724106 |  | 286751 | 6523 | SH |  | SOLE | NONE | 6523 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 2170035 | 11770 | SH |  | SOLE | NONE | 11770 | 0 | 0 |
| BEYOND MEAT INC | NOTE           3/1 | 08862EAB5 |  | 139900 | 500000 | PRN |  | SOLE | NONE | 500000 | 0 | 0 |
| CARGURUS INC | COM CL A | 141788109 |  | 309493 | 8313 | SH |  | SOLE | NONE | 8313 | 0 | 0 |
| MAPLEBEAR INC | COM | 565394103 |  | 1102800 | 30000 | SH |  | SOLE | NONE | 30000 | 0 | 0 |
| MAPLEBEAR INC | Call | 565394903 |  | 3676000 | 100000 | SH | Call | SOLE | NONE | 100000 | 0 | 0 |
| CATO CORP NEW | CL A | 149205106 |  | 160931 | 38226 | SH |  | SOLE | NONE | 38226 | 0 | 0 |
| CBL  ASSOC PPTYS INC | COMMON STOCK | 124830878 |  | 274486 | 8976 | SH |  | SOLE | NONE | 8976 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 1410357 | 16818 | SH |  | SOLE | NONE | 16818 | 0 | 0 |
| CELCUITY INC | COM | 15102K100 |  | 741000 | 15000 | SH |  | SOLE | NONE | 15000 | 0 | 0 |
| CENTRAL GARDEN  PET CO | CL A NON-VTG | 153527205 |  | 249115 | 8436 | SH |  | SOLE | NONE | 8436 | 0 | 0 |
| PC CONNECTION INC | COM | 69318J100 |  | 267115 | 4309 | SH |  | SOLE | NONE | 4309 | 0 | 0 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 |  | 11292720 | 212349 | SH |  | SOLE | NONE | 212349 | 0 | 0 |
| CALIFORNIA RES CORP | Call | 13057Q905 |  | 7285660 | 137000 | SH | Call | SOLE | NONE | 137000 | 0 | 0 |
| CARTERS INC | COM | 146229109 |  | 242353 | 8588 | SH |  | SOLE | NONE | 8588 | 0 | 0 |
| CERAGON NETWORKS LTD | ORD | M22013102 |  | 314550 | 135000 | SH |  | SOLE | NONE | 135000 | 0 | 0 |
| CONSTELLIUM SE | CL A SHS | F21107101 |  | 278539 | 18719 | SH |  | SOLE | NONE | 18719 | 0 | 0 |
| CTO RLTY GROWTH INC NEW | Put | 22948Q951 |  | 847600 | 52000 | SH | Put | SOLE | NONE | 52000 | 0 | 0 |
| CTS CORP | COM | 126501105 |  | 256694 | 6427 | SH |  | SOLE | NONE | 6427 | 0 | 0 |
| CARNIVAL PLC | ADS | 14365C103 |  | 1399020 | 52913 | SH |  | SOLE | NONE | 52913 | 0 | 0 |
| CAVCO INDS INC DEL | COM | 149568107 |  | 500589 | 862 | SH |  | SOLE | NONE | 862 | 0 | 0 |
| CARVANA CO | Put | 146869952 |  | 12712988 | 33700 | SH | Put | SOLE | NONE | 33700 | 0 | 0 |
| SPDR SERIES TRUST | BBG CONV SEC ETF | 78464A359 |  | 1568908 | 17336 | SH |  | SOLE | NONE | 17336 | 0 | 0 |
| CYCURION INC | *W EXP 02/13/203 | 95758L115 |  | 4400 | 100000 | SH |  | SOLE | NONE | 100000 | 0 | 0 |
| DANAOS CORPORATION | SHS | Y1968P121 |  | 266915 | 2972 | SH |  | SOLE | NONE | 2972 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 6793089 | 119702 | SH |  | SOLE | NONE | 119702 | 0 | 0 |
| DROPBOX INC | CL A | 26210C104 |  | 294396 | 9745 | SH |  | SOLE | NONE | 9745 | 0 | 0 |
| DONALDSON INC | COM | 257651109 |  | 302272 | 3693 | SH |  | SOLE | NONE | 3693 | 0 | 0 |
| DOUBLEDOWN INTERACTIVE CO LT | ADS | 25862B109 |  | 305549 | 32714 | SH |  | SOLE | NONE | 32714 | 0 | 0 |
| DENNYS CORP | COM | 24869P104 |  | 366100 | 70000 | SH |  | SOLE | NONE | 70000 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 345760 | 2000 | SH |  | SOLE | NONE | 2000 | 0 | 0 |
| DORMAN PRODS INC | COM | 258278100 |  | 2248569 | 14425 | SH |  | SOLE | NONE | 14425 | 0 | 0 |
| AMDOCS LTD | SHS | G02602103 |  | 260345 | 3173 | SH |  | SOLE | NONE | 3173 | 0 | 0 |
| ENERFLEX LTD | COM | 29269R105 |  | 308028 | 28574 | SH |  | SOLE | NONE | 28574 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 343993 | 11907 | SH |  | SOLE | NONE | 11907 | 0 | 0 |
| ELECTROMED INC | COM | 285409108 |  | 725944 | 29570 | SH |  | SOLE | NONE | 29570 | 0 | 0 |
| ENERSYS | COM | 29275Y102 |  | 310640 | 2750 | SH |  | SOLE | NONE | 2750 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 1931721 | 35490 | SH |  | SOLE | NONE | 35490 | 0 | 0 |
| ESGL HLDGS LTD | *W EXP 10/19/202 | G3R95P116 |  | 4624 | 42000 | SH |  | SOLE | NONE | 42000 | 0 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 1476244 | 46850 | SH |  | SOLE | NONE | 46850 | 0 | 0 |
| ISHARES ETHEREUM TR | Call | 46438R905 |  | 3970260 | 126000 | SH | Call | SOLE | NONE | 126000 | 0 | 0 |
| ETON PHARMACEUTICALS INC | COM | 29772L108 |  | 3641666 | 167587 | SH |  | SOLE | NONE | 167587 | 0 | 0 |
| ETSY INC | COM | 29786A106 |  | 995850 | 15000 | SH |  | SOLE | NONE | 15000 | 0 | 0 |
| EVERTEC INC | COM | 30040P103 |  | 4004146 | 118536 | SH |  | SOLE | NONE | 118536 | 0 | 0 |
| EUROPEAN WAX CTR INC | CLASS A COM | 29882P106 |  | 127628 | 31987 | SH |  | SOLE | NONE | 31987 | 0 | 0 |
| EAGLE MATLS INC | COM | 26969P108 |  | 1295935 | 5561 | SH |  | SOLE | NONE | 5561 | 0 | 0 |
| ISHARES TR | FALN ANGLS USD | 46435G474 |  | 546099 | 19658 | SH |  | SOLE | NONE | 19658 | 0 | 0 |
| FREQUENCY ELECTRS INC | COM | 358010106 |  | 627335 | 18500 | SH |  | SOLE | NONE | 18500 | 0 | 0 |
| FRANKLIN ELEC INC | COM | 353514102 |  | 267988 | 2815 | SH |  | SOLE | NONE | 2815 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 |  | 9459103 | 224842 | SH |  | SOLE | NONE | 224842 | 0 | 0 |
| FOX CORP | CL B COM | 35137L204 |  | 854824 | 14921 | SH |  | SOLE | NONE | 14921 | 0 | 0 |
| FS BANCORP INC | COM | 30263Y104 |  | 1265105 | 31691 | SH |  | SOLE | NONE | 31691 | 0 | 0 |
| FORTUNA MNG CORP | COM NEW | 349942102 |  | 332004 | 37054 | SH |  | SOLE | NONE | 37054 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 267448 | 1404 | SH |  | SOLE | NONE | 1404 | 0 | 0 |
| FRONTDOOR INC | COM | 35905A109 |  | 312697 | 4647 | SH |  | SOLE | NONE | 4647 | 0 | 0 |
| FATHOM HOLDINGS INC | COM | 31189V109 |  | 360000 | 200000 | SH |  | SOLE | NONE | 200000 | 0 | 0 |
| FLOTEK INDS INC DEL | COM NEW | 343389409 |  | 438000 | 30000 | SH |  | SOLE | NONE | 30000 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S A | 531229771 |  | 625405 | 6568 | SH |  | SOLE | NONE | 6568 | 0 | 0 |
| GENPACT LIMITED | SHS | G3922B107 |  | 2370052 | 56578 | SH |  | SOLE | NONE | 56578 | 0 | 0 |
| GAMBLING COM GROUP LIMITED | ORDINARY SHARES | G3R239101 |  | 269441 | 32939 | SH |  | SOLE | NONE | 32939 | 0 | 0 |
| GREIF INC | CL B | 397624206 |  | 1225731 | 19895 | SH |  | SOLE | NONE | 19895 | 0 | 0 |
| GRIFFON CORP | COM | 398433102 |  | 281298 | 3694 | SH |  | SOLE | NONE | 3694 | 0 | 0 |
| GRACO INC | COM | 384109104 |  | 382320 | 4500 | SH |  | SOLE | NONE | 4500 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 289289 | 5005 | SH |  | SOLE | NONE | 5005 | 0 | 0 |
| GENASYS INC | COM | 36872P103 |  | 271448 | 110795 | SH |  | SOLE | NONE | 110795 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 15188888 | 62480 | SH |  | SOLE | NONE | 62480 | 0 | 0 |
| GOLD ROYALTY CORP | COMMON SHARES | 38071H106 |  | 386000 | 100000 | SH |  | SOLE | NONE | 100000 | 0 | 0 |
| GOLD ROYALTY CORP | *W EXP 05/31/202 | 38071H122 |  | 202628 | 113200 | SH |  | SOLE | NONE | 113200 | 0 | 0 |
| GITLAB INC | CLASS A COM | 37637K108 |  | 811440 | 18000 | SH |  | SOLE | NONE | 18000 | 0 | 0 |
| ZOOMINFO TECHNOLOGIES INC | COMMON STOCK | 98980F104 |  | 818250 | 75000 | SH |  | SOLE | NONE | 75000 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 364295 | 24030 | SH |  | SOLE | NONE | 24030 | 0 | 0 |
| HACKETT GROUP INC | COM | 404609109 |  | 3145376 | 165459 | SH |  | SOLE | NONE | 165459 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 3598087 | 8880 | SH |  | SOLE | NONE | 8880 | 0 | 0 |
| HUDSON TECHNOLOGIES INC | COM | 444144109 |  | 286749 | 28877 | SH |  | SOLE | NONE | 28877 | 0 | 0 |
| HEICO CORP NEW | CL A | 422806208 |  | 485312 | 1910 | SH |  | SOLE | NONE | 1910 | 0 | 0 |
| HIGHLAND OPPS  INCOME FD | HIGHLAND INCOME | 43010E404 |  | 847700 | 133496 | SH |  | SOLE | NONE | 133496 | 0 | 0 |
| HINGHAM INSTN SVGS MASS | COM | 433323102 |  | 791340 | 3000 | SH |  | SOLE | NONE | 3000 | 0 | 0 |
| HNI CORP | COM | 404251100 |  | 292016 | 6233 | SH |  | SOLE | NONE | 6233 | 0 | 0 |
| HESAI GROUP | SPONSORED ADS | 428050108 |  | 3411733 | 121414 | SH |  | SOLE | NONE | 121414 | 0 | 0 |
| ISHARES TR | Put | 464288953 |  | 8119000 | 100000 | SH | Put | SOLE | NONE | 100000 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 25165010 | 387154 | SH |  | SOLE | NONE | 387154 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | Call | 46438F901 |  | 52520000 | 808000 | SH | Call | SOLE | NONE | 808000 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | Put | 46438F951 |  | 39000000 | 600000 | SH | Put | SOLE | NONE | 600000 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 7129800 | 60000 | SH |  | SOLE | NONE | 60000 | 0 | 0 |
| INDIVIOR PLC | ORD | G4766E116 |  | 278229 | 11540 | SH |  | SOLE | NONE | 11540 | 0 | 0 |
| INMODE LTD | SHS | M5425M103 |  | 281536 | 18895 | SH |  | SOLE | NONE | 18895 | 0 | 0 |
| IONQ INC | Put | 46222L958 |  | 26106750 | 424500 | SH | Put | SOLE | NONE | 424500 | 0 | 0 |
| INTERPUBLIC GROUP COS INC | COM | 460690100 |  | 287306 | 10294 | SH |  | SOLE | NONE | 10294 | 0 | 0 |
| IRADIMED CORP | COM | 46266A109 |  | 1880403 | 26425 | SH |  | SOLE | NONE | 26425 | 0 | 0 |
| INVESTORS TITLE CO NC | COM | 461804106 |  | 4263854 | 15920 | SH |  | SOLE | NONE | 15920 | 0 | 0 |
| ITURAN LOCATION AND CONTROL | SHS | M6158M104 |  | 10015709 | 280395 | SH |  | SOLE | NONE | 280395 | 0 | 0 |
| JOHNSON OUTDOORS INC | CL A | 479167108 |  | 3652872 | 90440 | SH |  | SOLE | NONE | 90440 | 0 | 0 |
| JACKSON FINANCIAL INC | COM CL A | 46817M107 |  | 757504 | 7483 | SH |  | SOLE | NONE | 7483 | 0 | 0 |
| KIMBALL ELECTRONICS INC | COM | 49428J109 |  | 292986 | 9812 | SH |  | SOLE | NONE | 9812 | 0 | 0 |
| KIRBY CORP | COM | 497266106 |  | 232742 | 2789 | SH |  | SOLE | NONE | 2789 | 0 | 0 |
| KAMADA LTD | SHS | M6240T109 |  | 219200 | 31585 | SH |  | SOLE | NONE | 31585 | 0 | 0 |
| KOPPERS HOLDINGS INC | COM | 50060P106 |  | 259364 | 9263 | SH |  | SOLE | NONE | 9263 | 0 | 0 |
| KAYNE ANDERSON ENERGY INFRST | COM | 486606106 |  | 1127328 | 91134 | SH |  | SOLE | NONE | 91134 | 0 | 0 |
| LITHIA MTRS INC | COM | 536797103 |  | 817492 | 2587 | SH |  | SOLE | NONE | 2587 | 0 | 0 |
| LAUREATE EDUCATION INC | COMMON STOCK | 518613203 |  | 329656 | 10452 | SH |  | SOLE | NONE | 10452 | 0 | 0 |
| LEVI STRAUSS  CO NEW | CL A COM STK | 52736R102 |  | 305347 | 13105 | SH |  | SOLE | NONE | 13105 | 0 | 0 |
| LINDBLAD EXPEDITIONS HLDGS I | COM | 535219109 |  | 320000 | 25000 | SH |  | SOLE | NONE | 25000 | 0 | 0 |
| LIMONEIRA CO | Call | 532746904 |  | 200475 | 13500 | SH | Call | SOLE | NONE | 13500 | 0 | 0 |
| LINDSAY CORP | COM | 535555106 |  | 274514 | 1953 | SH |  | SOLE | NONE | 1953 | 0 | 0 |
| LIGHT  WONDER INC | COM | 80874P109 |  | 254422 | 3031 | SH |  | SOLE | NONE | 3031 | 0 | 0 |
| COMSTOCK INC | COM SHS | 205750409 |  | 448191 | 131050 | SH |  | SOLE | NONE | 131050 | 0 | 0 |
| GRAND CANYON ED INC | COM | 38526M106 |  | 297889 | 1357 | SH |  | SOLE | NONE | 1357 | 0 | 0 |
| LUMEN TECHNOLOGIES INC | COM | 550241103 |  | 718782 | 117448 | SH |  | SOLE | NONE | 117448 | 0 | 0 |
| LSI INDS INC OHIO | COM | 50216C108 |  | 1184419 | 50166 | SH |  | SOLE | NONE | 50166 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 796334 | 1400 | SH |  | SOLE | NONE | 1400 | 0 | 0 |
| MAMAS CREATIONS INC | COM | 56146T103 |  | 1884496 | 179305 | SH |  | SOLE | NONE | 179305 | 0 | 0 |
| MAMAS CREATIONS INC | COM | 56146T103 |  | 1366300 | 130000 | SH |  | SOLE | NONE | 130000 | 0 | 0 |
| MATTEL INC | COM | 577081102 |  | 257516 | 15301 | SH |  | SOLE | NONE | 15301 | 0 | 0 |
| MONARCH CASINO  RESORT INC | COM | 609027107 |  | 283228 | 2676 | SH |  | SOLE | NONE | 2676 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 2430418 | 1040 | SH |  | SOLE | NONE | 1040 | 0 | 0 |
| MITEK SYS INC | COM NEW | 606710200 |  | 518338 | 53054 | SH |  | SOLE | NONE | 53054 | 0 | 0 |
| MUELLER INDS INC | COM | 624756102 |  | 301409 | 2981 | SH |  | SOLE | NONE | 2981 | 0 | 0 |
| MOBIX LABS INC | *W EXP 99/99/999 | 60743G118 |  | 6514 | 72377 | SH |  | SOLE | NONE | 72377 | 0 | 0 |
| MODINE MFG CO | COM | 607828100 |  | 938540 | 6602 | SH |  | SOLE | NONE | 6602 | 0 | 0 |
| M-TRON INDS INC | COM | 55380K109 |  | 388360 | 7000 | SH |  | SOLE | NONE | 7000 | 0 | 0 |
| M-TRON INDS INC | *W EXP 04/25/202 | 55380K125 |  | 454088 | 259479 | SH |  | SOLE | NONE | 259479 | 0 | 0 |
| MSA SAFETY INC | COM | 553498106 |  | 262751 | 1527 | SH |  | SOLE | NONE | 1527 | 0 | 0 |
| MULTISENSOR AI HOLDINGS INC | *W EXP 12/19/202 | 456948116 |  | 1425 | 37500 | SH |  | SOLE | NONE | 37500 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 8789612 | 16970 | SH |  | SOLE | NONE | 16970 | 0 | 0 |
| STRATEGY INC | Put | 594972958 |  | 9666300 | 30000 | SH | Put | SOLE | NONE | 30000 | 0 | 0 |
| MATCH GROUP INC NEW | COM | 57667L107 |  | 262816 | 7441 | SH |  | SOLE | NONE | 7441 | 0 | 0 |
| NATURES SUNSHINE PRODS INC | COM | 639027101 |  | 569941 | 36723 | SH |  | SOLE | NONE | 36723 | 0 | 0 |
| NEWMARKET CORP | COM | 651587107 |  | 315548 | 381 | SH |  | SOLE | NONE | 381 | 0 | 0 |
| NEXTDECADE CORP | Call | 65342K905 |  | 171787 | 25300 | SH | Call | SOLE | NONE | 25300 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 1568925 | 22500 | SH |  | SOLE | NONE | 22500 | 0 | 0 |
| NL INDS INC | COM NEW | 629156407 |  | 2551875 | 414939 | SH |  | SOLE | NONE | 414939 | 0 | 0 |
| NAVIOS MARITIME PARTNERS L P | COM UNIT LPI | Y62267409 |  | 267552 | 5939 | SH |  | SOLE | NONE | 5939 | 0 | 0 |
| NEXTNAV INC | Put | 65345N956 |  | 1202630 | 84100 | SH | Put | SOLE | NONE | 84100 | 0 | 0 |
| NOMAD FOODS LTD | USD ORD SHS | G6564A105 |  | 235306 | 17894 | SH |  | SOLE | NONE | 17894 | 0 | 0 |
| NUTANIX INC | CL A | 67059N108 |  | 349633 | 4700 | SH |  | SOLE | NONE | 4700 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 1574793 | 196 | SH |  | SOLE | NONE | 196 | 0 | 0 |
| NEWELL BRANDS INC | COM | 651229106 |  | 538227 | 102715 | SH |  | SOLE | NONE | 102715 | 0 | 0 |
| OKLO INC | Put | 02156V959 |  | 3348900 | 30000 | SH | Put | SOLE | NONE | 30000 | 0 | 0 |
| OPTION CARE HEALTH INC | COM NEW | 68404L201 |  | 265774 | 9574 | SH |  | SOLE | NONE | 9574 | 0 | 0 |
| OPENDOOR TECHNOLOGIES INC | COM | 683712103 |  | 278950 | 35000 | SH |  | SOLE | NONE | 35000 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 319935 | 8559 | SH |  | SOLE | NONE | 8559 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 567885 | 4480 | SH |  | SOLE | NONE | 4480 | 0 | 0 |
| POTLATCHDELTIC CORPORATION | COM | 737630103 |  | 684600 | 16800 | SH |  | SOLE | NONE | 16800 | 0 | 0 |
| PURECYCLE TECHNOLOGIES INC | Put | 74623V953 |  | 8768420 | 666800 | SH | Put | SOLE | NONE | 666800 | 0 | 0 |
| PROGYNY INC | COM | 74340E103 |  | 256906 | 11938 | SH |  | SOLE | NONE | 11938 | 0 | 0 |
| PHINIA INC | COMMON STOCK | 71880K101 |  | 277571 | 4829 | SH |  | SOLE | NONE | 4829 | 0 | 0 |
| PERPETUA RESOURCES CORP | Call | 714266903 |  | 2625854 | 129800 | SH | Call | SOLE | NONE | 129800 | 0 | 0 |
| D-WAVE QUANTUM INC | Put | 26740W959 |  | 9884000 | 400000 | SH | Put | SOLE | NONE | 400000 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 9371776 | 15610 | SH |  | SOLE | NONE | 15610 | 0 | 0 |
| QUANTUM COMPUTING INC | Put | 74766W958 |  | 15758960 | 856000 | SH | Put | SOLE | NONE | 856000 | 0 | 0 |
| UNIQURE NV | SHS | N90064101 |  | 1313325 | 22500 | SH |  | SOLE | NONE | 22500 | 0 | 0 |
| RYDER SYS INC | COM | 783549108 |  | 290128 | 1538 | SH |  | SOLE | NONE | 1538 | 0 | 0 |
| ROCKY BRANDS INC | COM | 774515100 |  | 892002 | 29943 | SH |  | SOLE | NONE | 29943 | 0 | 0 |
| RICHARDSON ELECTRS LTD | COM | 763165107 |  | 195800 | 20000 | SH |  | SOLE | NONE | 20000 | 0 | 0 |
| REX AMERICAN RES CORP | COM | 761624105 |  | 290768 | 9496 | SH |  | SOLE | NONE | 9496 | 0 | 0 |
| RIGETTI COMPUTING INC | Call | 76655K903 |  | 2353410 | 79000 | SH | Call | SOLE | NONE | 79000 | 0 | 0 |
| RIGETTI COMPUTING INC | Put | 76655K953 |  | 36117396 | 1212400 | SH | Put | SOLE | NONE | 1212400 | 0 | 0 |
| RANGER ENERGY SVCS INC | COM CL A | 75282U104 |  | 168199 | 11980 | SH |  | SOLE | NONE | 11980 | 0 | 0 |
| RENEW ENERGY GLOBAL PLC | CL A SHS | G7500M104 |  | 1017170 | 132100 | SH |  | SOLE | NONE | 132100 | 0 | 0 |
| GIBRALTAR INDS INC | COM | 374689107 |  | 271798 | 4328 | SH |  | SOLE | NONE | 4328 | 0 | 0 |
| SANMINA CORPORATION | COM | 801056102 |  | 279717 | 2430 | SH |  | SOLE | NONE | 2430 | 0 | 0 |
| SOLARIS ENERGY INFRAS INC | Put | 83418M953 |  | 4672493 | 116900 | SH | Put | SOLE | NONE | 116900 | 0 | 0 |
| SELECT MED HLDGS CORP | COM | 81619Q105 |  | 268793 | 20934 | SH |  | SOLE | NONE | 20934 | 0 | 0 |
| SAGA COMMUNICATIONS INC | CL A NEW | 786598300 |  | 151270 | 12160 | SH |  | SOLE | NONE | 12160 | 0 | 0 |
| SOMNIGROUP INTERNATIONAL INC | COM | 88023U101 |  | 691506 | 8200 | SH |  | SOLE | NONE | 8200 | 0 | 0 |
| SHF HOLDINGS INC | *W EXP 09/28/202 | 824430110 |  | 845 | 25000 | SH |  | SOLE | NONE | 25000 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 498558 | 5993 | SH |  | SOLE | NONE | 5993 | 0 | 0 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 859549 | 8333 | SH |  | SOLE | NONE | 8333 | 0 | 0 |
| SABLE OFFSHORE CORP | Put | 78574H954 |  | 1922346 | 110100 | SH | Put | SOLE | NONE | 110100 | 0 | 0 |
| SUBURBAN PROPANE PARTNERS L | UNIT LTD PARTN | 864482104 |  | 378483 | 20294 | SH |  | SOLE | NONE | 20294 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 53019934 | 79588 | SH |  | SOLE | NONE | 79588 | 0 | 0 |
| SIMPSON MFG INC | COM | 829073105 |  | 375278 | 2241 | SH |  | SOLE | NONE | 2241 | 0 | 0 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 1845853 | 20796 | SH |  | SOLE | NONE | 20796 | 0 | 0 |
| STRATEGIC ED INC | COM | 86272C103 |  | 292606 | 3402 | SH |  | SOLE | NONE | 3402 | 0 | 0 |
| SYMBOTIC INC | Put | 87151X951 |  | 1342110 | 24900 | SH | Put | SOLE | NONE | 24900 | 0 | 0 |
| TABOOLA.COM LTD | ORD SHS | M8744T106 |  | 281966 | 82688 | SH |  | SOLE | NONE | 82688 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 2119342 | 23627 | SH |  | SOLE | NONE | 23627 | 0 | 0 |
| TILLYS INC | CL A | 886885102 |  | 124018 | 60203 | SH |  | SOLE | NONE | 60203 | 0 | 0 |
| TAYLOR MORRISON HOME CORP | COM | 87724P106 |  | 264964 | 4014 | SH |  | SOLE | NONE | 4014 | 0 | 0 |
| TRAVEL PLUS LEISURE CO | COM | 894164102 |  | 267943 | 4504 | SH |  | SOLE | NONE | 4504 | 0 | 0 |
| TURNING PT BRANDS INC | COM | 90041L105 |  | 8834130 | 89360 | SH |  | SOLE | NONE | 89360 | 0 | 0 |
| TRACTOR SUPPLY CO | Put | 892356956 |  | 1575299 | 27700 | SH | Put | SOLE | NONE | 27700 | 0 | 0 |
| TESLA INC | Put | 88160R951 |  | 55590000 | 125000 | SH | Put | SOLE | NONE | 125000 | 0 | 0 |
| TORO CO | COM | 891092108 |  | 269824 | 3541 | SH |  | SOLE | NONE | 3541 | 0 | 0 |
| TILE SHOP HLDGS INC | COM | 88677Q109 |  | 114944 | 18999 | SH |  | SOLE | NONE | 18999 | 0 | 0 |
| TRAVELZOO | COM NEW | 89421Q205 |  | 105899 | 10773 | SH |  | SOLE | NONE | 10773 | 0 | 0 |
| UNIFIRST CORP MASS | COM | 904708104 |  | 258810 | 1548 | SH |  | SOLE | NONE | 1548 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 2679833 | 7850 | SH |  | SOLE | NONE | 7850 | 0 | 0 |
| VONTIER CORPORATION | COM | 928881101 |  | 270161 | 6437 | SH |  | SOLE | NONE | 6437 | 0 | 0 |
| VERRA MOBILITY CORP | CL A COM STK | 92511U102 |  | 300624 | 12171 | SH |  | SOLE | NONE | 12171 | 0 | 0 |
| WAYSTAR HLDG CORP | COM | 946784105 |  | 834240 | 22000 | SH |  | SOLE | NONE | 22000 | 0 | 0 |
| WHERE FOOD COMES FROM INC | COM NEW | 96327X200 |  | 414076 | 31251 | SH |  | SOLE | NONE | 31251 | 0 | 0 |
| WALMART INC | Call | 931142903 |  | 5132388 | 49800 | SH | Call | SOLE | NONE | 49800 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 1760595 | 20188 | SH |  | SOLE | NONE | 20188 | 0 | 0 |
| XP INC | Put | G98239959 |  | 9395000 | 500000 | SH | Put | SOLE | NONE | 500000 | 0 | 0 |
| YELP INC | CL A | 985817105 |  | 271284 | 8695 | SH |  | SOLE | NONE | 8695 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 1641600 | 10800 | SH |  | SOLE | NONE | 10800 | 0 | 0 |
| YUM BRANDS INC | Call | 988498901 |  | 1520000 | 10000 | SH | Call | SOLE | NONE | 10000 | 0 | 0 |

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