# EDGAR Filing Document

**Accession Number:** 0001158202
**File Stem:** 0001420506-26-000232
**Filing Date:** 2026-2
**Character Count:** 20437
**Document Hash:** 9c6d3d459aa04e0e8145c26af5fa29e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-26-000232.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001420506-26-000232

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**EFFECTIVENESS DATE**: 20260209

**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:** 26612072

**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:** 12-31-2025

**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:** 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  02-09-2026<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:** 165

**Form 13F Information Table Value Total:** $1254849659

      (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 |
| 3-D SYS CORP DEL | COM NEW | 88554D205 |  | 2287511 | 1292379 | SH |  | SOLE |  | 1292379 | 0 | 0 |
| ACM RESH INC | COM CL A | 00108J109 |  | 17212421 | 435843 | SH |  | SOLE |  | 435843 | 0 | 0 |
| AFFILIATED MANAGERS GROUP IN | COM | 008252108 |  | 1679334 | 5734 | SH |  | SOLE |  | 5734 | 0 | 0 |
| AGILYSYS INC | COM | 00847J105 |  | 16563179 | 139024 | SH |  | SOLE |  | 139024 | 0 | 0 |
| ALPHATEC HLDGS INC | COM NEW | 02081G201 |  | 22629380 | 1073090 | SH |  | SOLE |  | 1073090 | 0 | 0 |
| AMENTUM HOLDINGS INC | COM | 023939101 |  | 21629913 | 743937 | SH |  | SOLE |  | 743937 | 0 | 0 |
| AMERESCO INC | CL A | 02361E108 |  | 2421082 | 82659 | SH |  | SOLE |  | 82659 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 |  | 20170720 | 270921 | SH |  | SOLE |  | 270921 | 0 | 0 |
| AMNEAL PHARMACEUTICALS INC | COM STK CL A | 03168L105 |  | 12655440 | 1001951 | SH |  | SOLE |  | 1001951 | 0 | 0 |
| AMPLITUDE INC | COM CL A | 03213A104 |  | 508837 | 43941 | SH |  | SOLE |  | 43941 | 0 | 0 |
| ANI PHARMACEUTICALS INC | COM | 00182C103 |  | 10857730 | 137394 | SH |  | SOLE |  | 137394 | 0 | 0 |
| APPLIED OPTOELECTRONICS INC | COM | 03823U102 |  | 15565142 | 446032 | SH |  | SOLE |  | 446032 | 0 | 0 |
| AQUESTIVE THERAPEUTICS INC | COM | 03843E104 |  | 748947 | 115936 | SH |  | SOLE |  | 115936 | 0 | 0 |
| ARTIVION INC | COM | 228903100 |  | 723876 | 15871 | SH |  | SOLE |  | 15871 | 0 | 0 |
| ASP ISOTOPES INC | COM | 00218A105 |  | 679001 | 126916 | SH |  | SOLE |  | 126916 | 0 | 0 |
| ASTEC INDS INC | COM | 046224101 |  | 8869856 | 204535 | SH |  | SOLE |  | 204535 | 0 | 0 |
| BANC OF CALIFORNIA INC | COM | 05990K106 |  | 19104882 | 988064 | SH |  | SOLE |  | 988064 | 0 | 0 |
| BANCORP INC DEL | COM | 05969A105 |  | 12899735 | 190838 | SH |  | SOLE |  | 190838 | 0 | 0 |
| BANK7 CORP | COM | 06652N107 |  | 776407 | 18946 | SH |  | SOLE |  | 18946 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 |  | 13596872 | 159328 | SH |  | SOLE |  | 159328 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS INC | COM | 10482B101 |  | 551462 | 192147 | SH |  | SOLE |  | 192147 | 0 | 0 |
| BRIGHTVIEW HLDGS INC | COM | 10948C107 |  | 2664792 | 210323 | SH |  | SOLE |  | 210323 | 0 | 0 |
| BUSINESS FIRST BANCSHARES IN | COM | 12326C105 |  | 573930 | 21956 | SH |  | SOLE |  | 21956 | 0 | 0 |
| BYRNA TECHNOLOGIES INC | COM NEW | 12448X201 |  | 2785142 | 165881 | SH |  | SOLE |  | 165881 | 0 | 0 |
| CABLE ONE INC | NOTE         3/1 | 12685JAE5 |  | 285650 | 290000 | PRN |  | SOLE |  | 290000 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 17820378 | 759842 | SH |  | SOLE |  | 759842 | 0 | 0 |
| CALAVO GROWERS INC | COM | 128246105 |  | 2761663 | 126973 | SH |  | SOLE |  | 126973 | 0 | 0 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 |  | 11756618 | 262676 | SH |  | SOLE |  | 262676 | 0 | 0 |
| CALIX INC | COM | 13100M509 |  | 13429576 | 253087 | SH |  | SOLE |  | 253087 | 0 | 0 |
| CAMTEK LTD | ORD | M20791105 |  | 13270789 | 124487 | SH |  | SOLE |  | 124487 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 9918879 | 405546 | SH |  | SOLE |  | 405546 | 0 | 0 |
| CARPENTER TECHNOLOGY CORP | COM | 144285103 |  | 1455398 | 4552 | SH |  | SOLE |  | 4552 | 0 | 0 |
| CELSIUS HLDGS INC | COM NEW | 15118V207 |  | 1084644 | 23276 | SH |  | SOLE |  | 23276 | 0 | 0 |
| CENTURI HOLDINGS INC | COM SHS | 155923105 |  | 10654043 | 421536 | SH |  | SOLE |  | 421536 | 0 | 0 |
| CHEFS WHSE INC | COM | 163086101 |  | 16537966 | 264614 | SH |  | SOLE |  | 264614 | 0 | 0 |
| CHEMOURS CO | COM | 163851108 |  | 16365838 | 1386819 | SH |  | SOLE |  | 1386819 | 0 | 0 |
| CIVISTA BANCSHARES INC | COM NO PAR | 178867107 |  | 419314 | 18871 | SH |  | SOLE |  | 18871 | 0 | 0 |
| CLEAR CHANNEL OUTDOOR HLDGS | COM | 18453H106 |  | 623717 | 282225 | SH |  | SOLE |  | 282225 | 0 | 0 |
| COMMERCIAL BANCGROUP INC | COM | 20112C106 |  | 677144 | 27571 | SH |  | SOLE |  | 27571 | 0 | 0 |
| COMMUNITY HEALTH SYS INC NEW | COM | 203668108 |  | 446647 | 143156 | SH |  | SOLE |  | 143156 | 0 | 0 |
| CONMED CORP | COM | 207410101 |  | 2090616 | 51493 | SH |  | SOLE |  | 51493 | 0 | 0 |
| CONSTELLIUM SE | CL A SHS | F21107101 |  | 6899942 | 365194 | SH |  | SOLE |  | 365194 | 0 | 0 |
| COVENANT LOGISTICS GROUP INC | CL A | 22284P105 |  | 614277 | 27871 | SH |  | SOLE |  | 27871 | 0 | 0 |
| DIME CMNTY BANCSHARES INC | COM | 25432X102 |  | 17242194 | 571625 | SH |  | SOLE |  | 571625 | 0 | 0 |
| DIVERSIFIED ENERGY CO | COMMON STOCK | 25520W107 |  | 757043 | 52282 | SH |  | SOLE |  | 52282 | 0 | 0 |
| DNOW INC | COM | 67011P100 |  | 15659087 | 1179012 | SH |  | SOLE |  | 1179012 | 0 | 0 |
| DRAFTKINGS INC NEW | COM CL A | 26142V105 |  | 1156545 | 32837 | SH |  | SOLE |  | 32837 | 0 | 0 |
| DUCOMMUN INC DEL | COM | 264147109 |  | 590852 | 6211 | SH |  | SOLE |  | 6211 | 0 | 0 |
| DYCOM INDS INC | COM | 267475101 |  | 17765846 | 52521 | SH |  | SOLE |  | 52521 | 0 | 0 |
| ELAUWIT CONNECTION INC | COM | 28417M109 |  | 1024824 | 202135 | SH |  | SOLE |  | 202135 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 18302572 | 508439 | SH |  | SOLE |  | 508439 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 1835416 | 16369 | SH |  | SOLE |  | 16369 | 0 | 0 |
| EXTREME NETWORKS | COM | 30226D106 |  | 16377581 | 981278 | SH |  | SOLE |  | 981278 | 0 | 0 |
| EZCORP INC | CL A NON VTG | 302301106 |  | 9639129 | 495962 | SH |  | SOLE |  | 495962 | 0 | 0 |
| FB FINL CORP | COM | 30257X104 |  | 15320351 | 274255 | SH |  | SOLE |  | 274255 | 0 | 0 |
| FIRST COMWLTH FINL CORP PA | COM | 319829107 |  | 458895 | 27218 | SH |  | SOLE |  | 27218 | 0 | 0 |
| FIRST WATCH RESTAURANT GROUP | COM | 33748L101 |  | 17102070 | 1131552 | SH |  | SOLE |  | 1131552 | 0 | 0 |
| FREIGHTCAR AMER INC | COM | 357023100 |  | 734052 | 66310 | SH |  | SOLE |  | 66310 | 0 | 0 |
| FULLER H B CO | COM | 359694106 |  | 7458267 | 125083 | SH |  | SOLE |  | 125083 | 0 | 0 |
| GATES INDL CORP PLC | ORD SHS | G39108108 |  | 14084408 | 654191 | SH |  | SOLE |  | 654191 | 0 | 0 |
| GCM GROSVENOR INC | COM CL A | 36831E108 |  | 5099162 | 449973 | SH |  | SOLE |  | 449973 | 0 | 0 |
| GENIUS SPORTS LIMITED | SHARES CL A | G3934V109 |  | 13668791 | 1239059 | SH |  | SOLE |  | 1239059 | 0 | 0 |
| GILAT SATELLITE NETWORKS LTD | SHS NEW | M51474118 |  | 529155 | 40893 | SH |  | SOLE |  | 40893 | 0 | 0 |
| GLOBAL WTR RES INC | COM | 379463102 |  | 1502131 | 177767 | SH |  | SOLE |  | 177767 | 0 | 0 |
| GRAY MEDIA INC | COM | 389375106 |  | 15275794 | 3147855 | SH |  | SOLE |  | 3147855 | 0 | 0 |
| GULFPORT ENERGY CORP | COMMON SHARES | 402635502 |  | 20183781 | 96798 | SH |  | SOLE |  | 96798 | 0 | 0 |
| GXO LOGISTICS INCORPORATED | COMMON STOCK | 36262G101 |  | 16329553 | 309427 | SH |  | SOLE |  | 309427 | 0 | 0 |
| HARROW INC | COM | 415858109 |  | 19257312 | 392067 | SH |  | SOLE |  | 392067 | 0 | 0 |
| HEALTHEQUITY INC | COM | 42226A107 |  | 1485049 | 15944 | SH |  | SOLE |  | 15944 | 0 | 0 |
| HERBALIFE LTD | COM SHS | G4412G101 |  | 449268 | 34854 | SH |  | SOLE |  | 34854 | 0 | 0 |
| HERITAGE FINL CORP WASH | COM | 42722X106 |  | 537683 | 22735 | SH |  | SOLE |  | 22735 | 0 | 0 |
| INGEVITY CORP | COM | 45688C107 |  | 369816 | 6249 | SH |  | SOLE |  | 6249 | 0 | 0 |
| INNOVIZ TECHNOLOGIES LTD | SHS | M5R635108 |  | 188294 | 220717 | SH |  | SOLE |  | 220717 | 0 | 0 |
| INSPIRED ENTMT INC | COM | 45782N108 |  | 514519 | 54970 | SH |  | SOLE |  | 54970 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 2648941 | 10761 | SH |  | SOLE |  | 10761 | 0 | 0 |
| ITRON INC | COM | 465741106 |  | 9575966 | 102832 | SH |  | SOLE |  | 102832 | 0 | 0 |
| KNIFE RIVER CORP | COMMON STOCK | 498894104 |  | 14933358 | 211725 | SH |  | SOLE |  | 211725 | 0 | 0 |
| LAZARD INC | COM | 52110M109 |  | 12750847 | 261866 | SH |  | SOLE |  | 261866 | 0 | 0 |
| LEONARDO DRS INC | COM | 52661A108 |  | 1259535 | 36293 | SH |  | SOLE |  | 36293 | 0 | 0 |
| LIFE TIME GROUP HOLDINGS INC | COMMON STOCK | 53190C102 |  | 13712132 | 514571 | SH |  | SOLE |  | 514571 | 0 | 0 |
| LIGAND PHARMACEUTICALS INC | COM NEW | 53220K504 |  | 18709559 | 98848 | SH |  | SOLE |  | 98848 | 0 | 0 |
| LINDBLAD EXPEDITIONS HLDGS I | COM | 535219109 |  | 13683452 | 947890 | SH |  | SOLE |  | 947890 | 0 | 0 |
| LUMEN TECHNOLOGIES INC | COM | 550241103 |  | 18515494 | 2376354 | SH |  | SOLE |  | 2376354 | 0 | 0 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 1990729 | 5330 | SH |  | SOLE |  | 5330 | 0 | 0 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 1718808 | 2902 | SH |  | SOLE |  | 2902 | 0 | 0 |
| MAGNITE INC | COM | 55955D100 |  | 11304521 | 694766 | SH |  | SOLE |  | 694766 | 0 | 0 |
| MAMAS CREATIONS INC | COM | 56146T103 |  | 515358 | 38203 | SH |  | SOLE |  | 38203 | 0 | 0 |
| MASTEC INC | COM | 576323109 |  | 2262336 | 10245 | SH |  | SOLE |  | 10245 | 0 | 0 |
| MATERION CORP | COM | 576690101 |  | 593006 | 4770 | SH |  | SOLE |  | 4770 | 0 | 0 |
| MERCURY SYS INC | COM | 589378108 |  | 14046923 | 191883 | SH |  | SOLE |  | 191883 | 0 | 0 |
| METHODE ELECTRS INC | COM | 591520200 |  | 1967213 | 296267 | SH |  | SOLE |  | 296267 | 0 | 0 |
| MIAMI INTL HLDGS INC | COM | 59356Q108 |  | 11215844 | 252125 | SH |  | SOLE |  | 252125 | 0 | 0 |
| MIDDLESEX WTR CO | COM | 596680108 |  | 2569202 | 50956 | SH |  | SOLE |  | 50956 | 0 | 0 |
| MIRUM PHARMACEUTICALS INC | COM | 604749101 |  | 22321530 | 281918 | SH |  | SOLE |  | 281918 | 0 | 0 |
| MODINE MFG CO | COM | 607828100 |  | 14749684 | 110193 | SH |  | SOLE |  | 110193 | 0 | 0 |
| NATIONAL ENERGY SERVICES REU | SHS | G6375R107 |  | 1586703 | 101322 | SH |  | SOLE |  | 101322 | 0 | 0 |
| NCR ATLEOS CORPORATION | COM SHS | 63001N106 |  | 12270809 | 321200 | SH |  | SOLE |  | 321200 | 0 | 0 |
| NEWMARK GROUP INC | CL A | 65158N102 |  | 18674283 | 1074219 | SH |  | SOLE |  | 1074219 | 0 | 0 |
| NEXSTAR MEDIA GROUP INC | COMMON STOCK | 65336K103 |  | 21112463 | 103668 | SH |  | SOLE |  | 103668 | 0 | 0 |
| NORTHERN OIL  GAS INC | COM | 665531307 |  | 10650598 | 494843 | SH |  | SOLE |  | 494843 | 0 | 0 |
| NORTHWEST NAT HLDG CO | COM | 66765N105 |  | 759852 | 16257 | SH |  | SOLE |  | 16257 | 0 | 0 |
| NORWEGIAN CRUISE LINE HLDG L | SHS | G66721104 |  | 1176032 | 51749 | SH |  | SOLE |  | 51749 | 0 | 0 |
| NPK INTERNATIONAL INC | COM SHS | 651718504 |  | 632618 | 53072 | SH |  | SOLE |  | 53072 | 0 | 0 |
| OFG BANCORP | COM | 67103X102 |  | 773293 | 18870 | SH |  | SOLE |  | 18870 | 0 | 0 |
| ONEMAIN HLDGS INC | COM | 68268W103 |  | 1115498 | 16213 | SH |  | SOLE |  | 16213 | 0 | 0 |
| OPERA LTD | SPONSORED ADS | 68373M107 |  | 7544999 | 532279 | SH |  | SOLE |  | 532279 | 0 | 0 |
| OPPENHEIMER HLDGS INC | CL A NON VTG | 683797104 |  | 625959 | 8659 | SH |  | SOLE |  | 8659 | 0 | 0 |
| ORION S.A. | COM | L72967109 |  | 310385 | 58785 | SH |  | SOLE |  | 58785 | 0 | 0 |
| OUSTER INC | COM NEW | 68989M202 |  | 16817091 | 775297 | SH |  | SOLE |  | 775297 | 0 | 0 |
| PARK AEROSPACE CORP | COM | 70014A104 |  | 3695042 | 173151 | SH |  | SOLE |  | 173151 | 0 | 0 |
| PDF SOLUTIONS INC | COM | 693282105 |  | 569915 | 19976 | SH |  | SOLE |  | 19976 | 0 | 0 |
| PEGASYSTEMS INC | COM | 705573103 |  | 1193659 | 19623 | SH |  | SOLE |  | 19623 | 0 | 0 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 13205479 | 893055 | SH |  | SOLE |  | 893055 | 0 | 0 |
| PERELLA WEINBERG PARTNERS | CLASS A COM | 71367G102 |  | 596227 | 34464 | SH |  | SOLE |  | 34464 | 0 | 0 |
| POPULAR INC | COM NEW | 733174700 |  | 15887543 | 127202 | SH |  | SOLE |  | 127202 | 0 | 0 |
| PURSUIT ATTRACTIONS AND HOSP | COM | 92552R406 |  | 12270261 | 363936 | SH |  | SOLE |  | 363936 | 0 | 0 |
| QUAKER HOUGHTON | COM | 747316107 |  | 1145165 | 8340 | SH |  | SOLE |  | 8340 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 |  | 694780 | 35321 | SH |  | SOLE |  | 35321 | 0 | 0 |
| RADNET INC | COM | 750491102 |  | 19622362 | 274367 | SH |  | SOLE |  | 274367 | 0 | 0 |
| RAMBUS INC DEL | COM | 750917106 |  | 1560058 | 16705 | SH |  | SOLE |  | 16705 | 0 | 0 |
| REDWIRE CORPORATION | COM | 75776W103 |  | 350330 | 46096 | SH |  | SOLE |  | 46096 | 0 | 0 |
| RISKIFIED LTD | SHS CL A | M8216R109 |  | 522486 | 105128 | SH |  | SOLE |  | 105128 | 0 | 0 |
| RUSH STREET INTERACTIVE INC | COM | 782011100 |  | 14359168 | 738220 | SH |  | SOLE |  | 738220 | 0 | 0 |
| RXO INC | COMMON STOCK | 74982T103 |  | 12168679 | 960118 | SH |  | SOLE |  | 960118 | 0 | 0 |
| RYMAN HOSPITALITY PPTYS INC | COM | 78377T107 |  | 11496813 | 121198 | SH |  | SOLE |  | 121198 | 0 | 0 |
| SABLE OFFSHORE CORP | COM SHS | 78574H104 |  | 512877 | 56860 | SH |  | SOLE |  | 56860 | 0 | 0 |
| SCRIPPS E W CO OHIO | CL A NEW | 811054402 |  | 13111209 | 3282529 | SH |  | SOLE |  | 3282529 | 0 | 0 |
| SELECT MED HLDGS CORP | COM | 81619Q105 |  | 1914269 | 128907 | SH |  | SOLE |  | 128907 | 0 | 0 |
| SELECT WATER SOLUTIONS INC | CL A COM | 81617J301 |  | 12122254 | 1151131 | SH |  | SOLE |  | 1151131 | 0 | 0 |
| SI-BONE INC | COM | 825704109 |  | 565885 | 28696 | SH |  | SOLE |  | 28696 | 0 | 0 |
| SILICON MOTION TECHNOLOGY CO | SPONSORED ADR | 82706C108 |  | 460719 | 4970 | SH |  | SOLE |  | 4970 | 0 | 0 |
| SIMILARWEB LTD | SHS | M84137104 |  | 11909417 | 1588680 | SH |  | SOLE |  | 1588680 | 0 | 0 |
| SINCLAIR INC | CL A | 829242106 |  | 375676 | 24554 | SH |  | SOLE |  | 24554 | 0 | 0 |
| SOLARIS ENERGY INFRAS INC | COM CL A | 83418M103 |  | 13268964 | 288343 | SH |  | SOLE |  | 288343 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 12797484 | 275782 | SH |  | SOLE |  | 275782 | 0 | 0 |
| SPHERE ENTERTAINMENT CO | CL A | 55826T102 |  | 659095 | 6932 | SH |  | SOLE |  | 6932 | 0 | 0 |
| SPORTRADAR GROUP AG | CLASS A ORD SHS | H8088L103 |  | 1520000 | 62938 | SH |  | SOLE |  | 62938 | 0 | 0 |
| STAGWELL INC | COM CL A | 85256A109 |  | 10614219 | 2165045 | SH |  | SOLE |  | 2165045 | 0 | 0 |
| STEWART INFORMATION SVCS COR | COM | 860372101 |  | 2630043 | 37433 | SH |  | SOLE |  | 37433 | 0 | 0 |
| STRATASYS LTD | SHS | M85548101 |  | 2905717 | 334760 | SH |  | SOLE |  | 334760 | 0 | 0 |
| SUPER GROUP SGHC LIMITED | ORD SHS | G8588X103 |  | 589398 | 49322 | SH |  | SOLE |  | 49322 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 219656 | 586 | SH |  | SOLE |  | 586 | 0 | 0 |
| TAT TECHNOLOGIES LTD | ORD NEW | M8740S227 |  | 15806843 | 353577 | SH |  | SOLE |  | 353577 | 0 | 0 |
| TENNANT CO | COM | 880345103 |  | 2544345 | 34523 | SH |  | SOLE |  | 34523 | 0 | 0 |
| TEXAS CAP BANCSHARES INC | COM | 88224Q107 |  | 16525465 | 182055 | SH |  | SOLE |  | 182055 | 0 | 0 |
| TG THERAPEUTICS INC | COM | 88322Q108 |  | 16082092 | 538117 | SH |  | SOLE |  | 538117 | 0 | 0 |
| THE REALREAL INC | COM | 88339P101 |  | 21112328 | 1336674 | SH |  | SOLE |  | 1336674 | 0 | 0 |
| THIRD COAST BANCSHARES INC | COM | 88422P109 |  | 719301 | 18924 | SH |  | SOLE |  | 18924 | 0 | 0 |
| THREDUP INC | CL A | 88556E102 |  | 1567454 | 245298 | SH |  | SOLE |  | 245298 | 0 | 0 |
| TRANSOCEAN LTD | REGISTERED SHS | H8817H100 |  | 15550959 | 3755392 | SH |  | SOLE |  | 3755392 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | COM | 89422G107 |  | 453438 | 11867 | SH |  | SOLE |  | 11867 | 0 | 0 |
| ULTRA CLEAN HLDGS INC | COM | 90385V107 |  | 1768363 | 69813 | SH |  | SOLE |  | 69813 | 0 | 0 |
| UNITED PARKS  RESORTS INC | COM | 81282V100 |  | 15069947 | 414124 | SH |  | SOLE |  | 414124 | 0 | 0 |
| UNITI GROUP LLC | COM SHS | 912932100 |  | 8900382 | 1268710 | SH |  | SOLE |  | 1268710 | 0 | 0 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 3225373 | 15384 | SH |  | SOLE |  | 15384 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 314952 | 1221 | SH |  | SOLE |  | 1221 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 592608 | 1767 | SH |  | SOLE |  | 1767 | 0 | 0 |
| VSE CORP | COM | 918284100 |  | 13995567 | 80918 | SH |  | SOLE |  | 80918 | 0 | 0 |
| WAYSTAR HLDG CORP | COM | 946784105 |  | 8957756 | 272798 | SH |  | SOLE |  | 272798 | 0 | 0 |
| WEATHERFORD INTL PLC | ORD SHS | G48833118 |  | 22527353 | 287065 | SH |  | SOLE |  | 287065 | 0 | 0 |
| WHITEFIBER INC | SHS | G96115103 |  | 423503 | 26804 | SH |  | SOLE |  | 26804 | 0 | 0 |
| XERIS BIOPHARMA HOLDINGS INC | COM | 98422E103 |  | 377302 | 48064 | SH |  | SOLE |  | 48064 | 0 | 0 |
| XOMETRY INC | CLASS A COM | 98423F109 |  | 1898954 | 31566 | SH |  | SOLE |  | 31566 | 0 | 0 |
| YORK WTR CO | COM | 987184108 |  | 2846050 | 89386 | SH |  | SOLE |  | 89386 | 0 | 0 |
| ZETA GLOBAL HOLDINGS CORP | CL A | 98956A105 |  | 16811324 | 824085 | SH |  | SOLE |  | 824085 | 0 | 0 |

---