# EDGAR Filing Document

**Accession Number:** 0001444874
**File Stem:** 0001140361-25-030817
**Filing Date:** 2025-8
**Character Count:** 22980
**Document Hash:** d642569aeddb21270c924093d930efab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-030817.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001140361-25-030817

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Teton Advisors, Inc.
- **CENTRAL INDEX KEY:** 0001444874
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 134008049
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13534
- **FILM NUMBER:** 251212171

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** (914) 457-1070

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Teton Advisors, LLC
- **DATE OF NAME CHANGE:** 20250730

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Teton Advisors, Inc.
- **DATE OF NAME CHANGE:** 20080910

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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 Inc.<br>**Address:** One Corporate Center<br>Rye, NY 10580

**Form 13F File Number:** 028-13534

**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  07-22-2025<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:** 184

**Form 13F Information Table Value Total:** $164327030

      (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 |  | 590400 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| 3D SYSTEMS CORP | EQUITY | 88554D205 |  | 61600 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| A10 NETWORKS INC | EQUITY | 002121101 |  | 696600 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| ACCURAY INC | EQUITY | 004397105 |  | 59595 | 43500 | SH |  | SOLE |  | 43500 | 0 | 0 |
| ACME UNITED CORP | EQUITY | 004816104 |  | 414500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ALIBABA GROUP HOLDING 0.500 06/01/31 CVT | BOND CONVERTIBLE | 01609WBG6 |  | 255100 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| ALLIENT INC | EQUITY | 019330109 |  | 2541700 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| AMERICAN OUTDOOR BRANDS INC | EQUITY | 02875D109 |  | 1217425 | 116500 | SH |  | SOLE |  | 116500 | 0 | 0 |
| AMPCO-PITTSBURGH CORP | EQUITY | 032037103 |  | 331520 | 112000 | SH |  | SOLE |  | 112000 | 0 | 0 |
| AMPCO-PITTSBURGH CORP WARRANTS 8/1/25 | WARRANT | 032037111 |  | 893 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| ANTERIX INC | EQUITY | 03676C100 |  | 1282500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ARKO CORP | EQUITY | 041242108 |  | 528750 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| ARLO TECHNOLOGIES INC | EQUITY | 04206A101 |  | 1051520 | 62000 | SH |  | SOLE |  | 62000 | 0 | 0 |
| ARRAY TECHNOLOGIES INC 1.000 12/01/28 CVT | BOND CONVERTIBLE | 04271TAB6 |  | 258513 | 328000 | PRN |  | SOLE |  | 328000 | 0 | 0 |
| ARTESIAN RESOURCES CORP-CL A | EQUITY | 043113208 |  | 1051099 | 31320 | SH |  | SOLE |  | 31320 | 0 | 0 |
| ASTEC INDUSTRIES INC | EQUITY | 046224101 |  | 2559766 | 61400 | SH |  | SOLE |  | 61400 | 0 | 0 |
| ASTRONICS CORP | EQUITY | 046433108 |  | 3917160 | 117000 | SH |  | SOLE |  | 117000 | 0 | 0 |
| ATLANTIC AMERICAN CORP | EQUITY | 048209100 |  | 40470 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| ATLANTIC UNION BANKSHARES CO | EQUITY | 04911A107 |  | 1047880 | 33500 | SH |  | SOLE |  | 33500 | 0 | 0 |
| AZZ INC | EQUITY | 002474104 |  | 462952 | 4900 | SH |  | SOLE |  | 4900 | 0 | 0 |
| BADGER METER INC | EQUITY | 056525108 |  | 796088 | 3250 | SH |  | SOLE |  | 3250 | 0 | 0 |
| BASSETT FURNITURE INDS | EQUITY | 070203104 |  | 152000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| BELLRING BRANDS INC | EQUITY | 07831C103 |  | 579300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| BIG 5 SPORTING GOODS CORP | EQUITY | 08915P101 |  | 28400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| BLOOM ENERGY CORP 3.000 06/01/28 CVT | BOND CONVERTIBLE | 093712AK3 |  | 296724 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| CAESARS ENTERTAINMENT INC | EQUITY | 12769G100 |  | 241315 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| CALAVO GROWERS INC | EQUITY | 128246105 |  | 2020840 | 76000 | SH |  | SOLE |  | 76000 | 0 | 0 |
| CALIFORNIA WATER SERVICE GRP | EQUITY | 130788102 |  | 912329 | 20060 | SH |  | SOLE |  | 20060 | 0 | 0 |
| CAPITAL CITY BANK GROUP INC | EQUITY | 139674105 |  | 2813525 | 71500 | SH |  | SOLE |  | 71500 | 0 | 0 |
| CARDLYTICS INC 4.250 04/01/29 CVT | BOND CONVERTIBLE | 14161WAD7 |  | 113900 | 275000 | PRN |  | SOLE |  | 275000 | 0 | 0 |
| CASELLA WASTE SYSTEMS INC-A | EQUITY | 147448104 |  | 1143416 | 9910 | SH |  | SOLE |  | 9910 | 0 | 0 |
| CITIZENS  NORTHERN CORP | EQUITY | 172922106 |  | 227280 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| COLUMBUS MCKINNON CORP/NY | EQUITY | 199333105 |  | 236685 | 15500 | SH |  | SOLE |  | 15500 | 0 | 0 |
| COMMERCIAL VEHICLE GROUP INC | EQUITY | 202608105 |  | 72588 | 43728 | SH |  | SOLE |  | 43728 | 0 | 0 |
| CONSOLIDATED WATER CO-ORD SH | EQUITY | G23773107 |  | 975650 | 32500 | SH |  | SOLE |  | 32500 | 0 | 0 |
| CORE MOLDING TECHNOLOGIES IN | EQUITY | 218683100 |  | 1537727 | 92690 | SH |  | SOLE |  | 92690 | 0 | 0 |
| CSG SYSTEMS INTERNATIONA 3.875 09/15/28 CVT | BOND CONVERTIBLE | 126349AH2 |  | 452528 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| CTS CORP | EQUITY | 126501105 |  | 2778172 | 65200 | SH |  | SOLE |  | 65200 | 0 | 0 |
| DALLASNEWS CORP | EQUITY | 235050101 |  | 43000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| DANA INC | EQUITY | 235825205 |  | 274400 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| DAWSON GEOPHYSICAL CO | EQUITY | 239360100 |  | 29200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| DENNY'S CORP | EQUITY | 24869P104 |  | 209100 | 51000 | SH |  | SOLE |  | 51000 | 0 | 0 |
| DHI GROUP INC | EQUITY | 23331S100 |  | 133650 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| DIGI INTERNATIONAL INC | EQUITY | 253798102 |  | 278880 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| DISTRIBUTION SOLUTIONS GROUP | EQUITY | 520776105 |  | 3428009 | 124791 | SH |  | SOLE |  | 124791 | 0 | 0 |
| DUCOMMUN INC | EQUITY | 264147109 |  | 7147495 | 86500 | SH |  | SOLE |  | 86500 | 0 | 0 |
| EASTERN CO/THE | EQUITY | 276317104 |  | 3267025 | 143165 | SH |  | SOLE |  | 143165 | 0 | 0 |
| ELECTROMED INC | EQUITY | 285409108 |  | 439800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ENERGY RECOVERY INC | EQUITY | 29270J100 |  | 357840 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| EVOLENT HEALTH INC 3.500 12/01/29 CVT | BOND CONVERTIBLE | 30050BAH4 |  | 233758 | 275000 | PRN |  | SOLE |  | 275000 | 0 | 0 |
| EW SCRIPPS CO NEW | EQUITY | 811054402 |  | 870240 | 296000 | SH |  | SOLE |  | 296000 | 0 | 0 |
| EXELIXIS INC | EQUITY | 30161Q104 |  | 2300715 | 52200 | SH |  | SOLE |  | 52200 | 0 | 0 |
| FARMER BROS CO | EQUITY | 307675108 |  | 447728 | 326809 | SH |  | SOLE |  | 326809 | 0 | 0 |
| FARMERS NATL BANC CORP | EQUITY | 309627107 |  | 521262 | 37800 | SH |  | SOLE |  | 37800 | 0 | 0 |
| FEDERAL SIGNAL CORP | EQUITY | 313855108 |  | 617236 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| FIRST INTERNET BANCORP | EQUITY | 320557101 |  | 269000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| FLUOR CORP 1.125 08/15/29 CVT | BOND CONVERTIBLE | 343412AJ1 |  | 262450 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| FLUSHING FINANCIAL CORP | EQUITY | 343873105 |  | 1936440 | 163000 | SH |  | SOLE |  | 163000 | 0 | 0 |
| FNB CORP | EQUITY | 302520101 |  | 1035180 | 71000 | SH |  | SOLE |  | 71000 | 0 | 0 |
| FOSTER (LB) CO-A | EQUITY | 350060109 |  | 3276935 | 149837 | SH |  | SOLE |  | 149837 | 0 | 0 |
| FRP HOLDINGS INC | EQUITY | 30292L107 |  | 941150 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| FS BANCORP INC | EQUITY | 30263Y104 |  | 826980 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| GAMBLING.COM GROUP LTD | EQUITY | G3R239101 |  | 475600 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| GARRETT MOTION INC | EQUITY | 366505105 |  | 472950 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| GENCOR INDUSTRIES INC | EQUITY | 368678108 |  | 3603600 | 257400 | SH |  | SOLE |  | 257400 | 0 | 0 |
| GENIUS SPORTS LTD | EQUITY | G3934V109 |  | 208000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| GIBRALTAR INDUSTRIES INC | EQUITY | 374689107 |  | 3304000 | 56000 | SH |  | SOLE |  | 56000 | 0 | 0 |
| GOLDEN ENTERTAINMENT INC | EQUITY | 381013101 |  | 2884140 | 98000 | SH |  | SOLE |  | 98000 | 0 | 0 |
| GORMAN-RUPP CO | EQUITY | 383082104 |  | 1733184 | 47200 | SH |  | SOLE |  | 47200 | 0 | 0 |
| GRAHAM CORP | EQUITY | 384556106 |  | 1752654 | 35400 | SH |  | SOLE |  | 35400 | 0 | 0 |
| GRANITE CONSTRUCTION INC | EQUITY | 387328107 |  | 439497 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| GRAY MEDIA INC | EQUITY | 389375106 |  | 1072432 | 236740 | SH |  | SOLE |  | 236740 | 0 | 0 |
| GRAY MEDIA INC-A | EQUITY | 389375205 |  | 944820 | 87000 | SH |  | SOLE |  | 87000 | 0 | 0 |
| GYRODYNE LLC | EQUITY | 403829104 |  | 152346 | 17700 | SH |  | SOLE |  | 17700 | 0 | 0 |
| HANOVER BANCORP INC | EQUITY | 410709109 |  | 320460 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| HAWKINS INC | EQUITY | 420261109 |  | 639450 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| HP ENTERPRISE CO 7.625 09/01/27 CVT | PREFERRED CONVER | 42824C208 |  | 294400 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| I3 VERTICALS INC-CLASS A | EQUITY | 46571Y107 |  | 961800 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| ICF INTERNATIONAL INC | EQUITY | 44925C103 |  | 254130 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| IMAX CORP | EQUITY | 45245E109 |  | 838800 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| INFUSYSTEM HOLDINGS INC | EQUITY | 45685K102 |  | 1185600 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |
| INNOVATIVE SOLUTIONS  SUPP | EQUITY | 45769N105 |  | 1970960 | 142000 | SH |  | SOLE |  | 142000 | 0 | 0 |
| INSPIRED ENTERTAINMENT INC | EQUITY | 45782N108 |  | 1740210 | 213000 | SH |  | SOLE |  | 213000 | 0 | 0 |
| KIMBALL ELECTRONICS INC | EQUITY | 49428J109 |  | 615360 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| KKR  CO INC | EQUITY | 48251W104 |  | 2128480 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| KKR  CO INC 6.250 03/01/28 SR:D CVT | PREFERRED CONVER | 48251W500 |  | 214400 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| KRATOS DEFENSE  SECURITY | EQUITY | 50077B207 |  | 278700 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| LANDS' END INC | EQUITY | 51509F105 |  | 246330 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| LEE ENTERPRISES | EQUITY | 523768406 |  | 102400 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| LEGACY HOUSING CORP | EQUITY | 52472M101 |  | 1019700 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| LEMAITRE VASCULAR INC | EQUITY | 525558201 |  | 207625 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| LIBERTY MEDIA CORP 2.250 08/15/27 CVT | BOND CONVERTIBLE | 531229AQ5 |  | 402540 | 300000 | PRN |  | SOLE |  | 300000 | 0 | 0 |
| LIFETIME BRANDS INC | EQUITY | 53222Q103 |  | 759900 | 149000 | SH |  | SOLE |  | 149000 | 0 | 0 |
| LIMONEIRA CO | EQUITY | 532746104 |  | 1846700 | 118000 | SH |  | SOLE |  | 118000 | 0 | 0 |
| LUMENTUM HOLDINGS INC 1.500 12/15/29 CVT | BOND CONVERTIBLE | 55024UAH2 |  | 230688 | 150000 | PRN |  | SOLE |  | 150000 | 0 | 0 |
| MANITOWOC COMPANY INC | EQUITY | 563571405 |  | 186310 | 15500 | SH |  | SOLE |  | 15500 | 0 | 0 |
| MARCUS CORPORATION | EQUITY | 566330106 |  | 1163340 | 69000 | SH |  | SOLE |  | 69000 | 0 | 0 |
| MARINE PRODUCTS CORP | EQUITY | 568427108 |  | 2076440 | 244000 | SH |  | SOLE |  | 244000 | 0 | 0 |
| MATERIALISE NV-ADR | DEPOSITORY RECEI | 57667T100 |  | 56500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| MEDALLION FINANCIAL CORP | EQUITY | 583928106 |  | 586095 | 61500 | SH |  | SOLE |  | 61500 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC 7.500 03/15/28 CVT | PREFERRED CONVER | 595017302 |  | 266560 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| MIDDLEBY CORP | EQUITY | 596278101 |  | 331200 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| MIDDLESEX WATER CO | EQUITY | 596680108 |  | 270900 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| MITEK SYSTEMS INC | EQUITY | 606710200 |  | 1069200 | 108000 | SH |  | SOLE |  | 108000 | 0 | 0 |
| MKS INC 1.250 06/01/30 CVT | BOND CONVERTIBLE | 55306NAB0 |  | 247270 | 250000 | PRN |  | SOLE |  | 250000 | 0 | 0 |
| MODINE MANUFACTURING CO | EQUITY | 607828100 |  | 295500 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| MOVADO GROUP INC | EQUITY | 624580106 |  | 870775 | 57100 | SH |  | SOLE |  | 57100 | 0 | 0 |
| MSA SAFETY INC | EQUITY | 553498106 |  | 787391 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| MYERS INDUSTRIES INC | EQUITY | 628464109 |  | 4738230 | 327000 | SH |  | SOLE |  | 327000 | 0 | 0 |
| MYR GROUP INC/DELAWARE | EQUITY | 55405W104 |  | 1088700 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| NABORS INDUSTRIES INC 1.750 06/15/29 CVT | BOND CONVERTIBLE | 62957HAL9 |  | 231032 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| NATHAN'S FAMOUS INC | EQUITY | 632347100 |  | 5572900 | 50397 | SH |  | SOLE |  | 50397 | 0 | 0 |
| NAVIGATOR HOLDINGS LTD | EQUITY | Y62132108 |  | 1228220 | 86800 | SH |  | SOLE |  | 86800 | 0 | 0 |
| NEOGEN CORP | EQUITY | 640491106 |  | 889845 | 186160 | SH |  | SOLE |  | 186160 | 0 | 0 |
| NEOGENOMICS INC | EQUITY | 64049M209 |  | 388161 | 53100 | SH |  | SOLE |  | 53100 | 0 | 0 |
| NIAGEN BIOSCIENCE INC | EQUITY | 171077407 |  | 360250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| NORTHERN OIL  GAS INC 3.625 04/15/29 CVT | BOND CONVERTIBLE | 665531AJ8 |  | 419500 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| NORTHRIM BANCORP INC | EQUITY | 666762109 |  | 317084 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| OIL-DRI CORP OF AMERICA | EQUITY | 677864100 |  | 884850 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| OOMA INC | EQUITY | 683416101 |  | 387000 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| OPENLANE INC | EQUITY | 48238T109 |  | 709050 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| OPKO HEALTH INC | EQUITY | 68375N103 |  | 187440 | 142000 | SH |  | SOLE |  | 142000 | 0 | 0 |
| OPTION CARE HEALTH INC | EQUITY | 68404L201 |  | 564113 | 17368 | SH |  | SOLE |  | 17368 | 0 | 0 |
| ORTHOFIX MEDICAL INC | EQUITY | 68752M108 |  | 202930 | 18200 | SH |  | SOLE |  | 18200 | 0 | 0 |
| PARK AEROSPACE CORP | EQUITY | 70014A104 |  | 849275 | 57500 | SH |  | SOLE |  | 57500 | 0 | 0 |
| PARK-OHIO HOLDINGS CORP | EQUITY | 700666100 |  | 2804020 | 157000 | SH |  | SOLE |  | 157000 | 0 | 0 |
| PARSONS CORP 2.625 03/01/29 CVT | BOND CONVERTIBLE | 70202LAD4 |  | 319662 | 300000 | PRN |  | SOLE |  | 300000 | 0 | 0 |
| PITNEY BOWES INC | EQUITY | 724479100 |  | 490950 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| PPL CAPITAL FUNDING INC 2.875 03/15/28 CVT | BOND CONVERTIBLE | 69352PAS2 |  | 539925 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| PRIMIS FINANCIAL CORP | EQUITY | 74167B109 |  | 162750 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| PROGRESS SOFTWARE CORP 3.500 03/01/30 CVT | BOND CONVERTIBLE | 743312AD2 |  | 231956 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| PURSUIT ATTRACTIONS AND HOSP | EQUITY | 92552R406 |  | 288300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| READING INTERNATIONAL INC-A | EQUITY | 755408101 |  | 216410 | 161500 | SH |  | SOLE |  | 161500 | 0 | 0 |
| READING INTERNATIONAL INC-B | EQUITY | 755408200 |  | 727041 | 75030 | SH |  | SOLE |  | 75030 | 0 | 0 |
| RED VIOLET INC | EQUITY | 75704L104 |  | 393600 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| REDFIN CORP 0.500 04/01/27 CVT | BOND CONVERTIBLE | 75737FAE8 |  | 225495 | 250000 | PRN |  | SOLE |  | 250000 | 0 | 0 |
| REDWOOD TRUST INC 7.750 06/15/27 CVT | BOND CONVERTIBLE | 758075AF2 |  | 249510 | 250000 | PRN |  | SOLE |  | 250000 | 0 | 0 |
| RENASANT CORP | EQUITY | 75970E107 |  | 917293 | 25530 | SH |  | SOLE |  | 25530 | 0 | 0 |
| RGC RESOURCES INC | EQUITY | 74955L103 |  | 2173769 | 97130 | SH |  | SOLE |  | 97130 | 0 | 0 |
| RPC INC | EQUITY | 749660106 |  | 274340 | 58000 | SH |  | SOLE |  | 58000 | 0 | 0 |
| RUSH ENTERPRISES INC - CL B | EQUITY | 781846308 |  | 2298624 | 43800 | SH |  | SOLE |  | 43800 | 0 | 0 |
| RUSH ENTERPRISES INC-CL A | EQUITY | 781846209 |  | 412080 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| SHIFT4 PAYMENTS INC 6.000 05/01/28 CVT | PREFERRED CONVER | 82452J307 |  | 230400 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| SILVERCREST ASSET MANAGEME-A | EQUITY | 828359109 |  | 878644 | 55400 | SH |  | SOLE |  | 55400 | 0 | 0 |
| SINCLAIR INC | EQUITY | 829242106 |  | 398016 | 28800 | SH |  | SOLE |  | 28800 | 0 | 0 |
| SKYWATER TECHNOLOGY INC | EQUITY | 83089J108 |  | 644363 | 65484 | SH |  | SOLE |  | 65484 | 0 | 0 |
| SOUTHERN FIRST BANCSHARES | EQUITY | 842873101 |  | 684540 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| SPORTSMAN'S WAREHOUSE HOLDIN | EQUITY | 84920Y106 |  | 225975 | 65500 | SH |  | SOLE |  | 65500 | 0 | 0 |
| STANDARD MOTOR PRODS | EQUITY | 853666105 |  | 998400 | 32500 | SH |  | SOLE |  | 32500 | 0 | 0 |
| STEEL PARTNERS HOLDINGS LP | EQUITY UNIT | 85814R107 |  | 514150 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| STELLAR BANCORP INC | EQUITY | 858927106 |  | 1566880 | 56000 | SH |  | SOLE |  | 56000 | 0 | 0 |
| STERIS PLC | EQUITY | G8473T100 |  | 216198 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| STONERIDGE INC | EQUITY | 86183P102 |  | 204160 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| STRATASYS LTD | EQUITY | M85548101 |  | 114700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| STRATTEC SECURITY CORP | EQUITY | 863111100 |  | 1405946 | 22600 | SH |  | SOLE |  | 22600 | 0 | 0 |
| TEJON RANCH CO | EQUITY | 879080109 |  | 1424640 | 84000 | SH |  | SOLE |  | 84000 | 0 | 0 |
| TENNANT CO | EQUITY | 880345103 |  | 674076 | 8700 | SH |  | SOLE |  | 8700 | 0 | 0 |
| TITAN INTERNATIONAL INC | EQUITY | 88830M102 |  | 210535 | 20500 | SH |  | SOLE |  | 20500 | 0 | 0 |
| TITAN MACHINERY INC | EQUITY | 88830R101 |  | 1703660 | 86000 | SH |  | SOLE |  | 86000 | 0 | 0 |
| TOWNSQUARE MEDIA INC - CL A | EQUITY | 892231101 |  | 925470 | 117000 | SH |  | SOLE |  | 117000 | 0 | 0 |
| TRANSACT TECHNOLOGIES INC | EQUITY | 892918103 |  | 118950 | 32500 | SH |  | SOLE |  | 32500 | 0 | 0 |
| TREDEGAR CORP | EQUITY | 894650100 |  | 1051600 | 119500 | SH |  | SOLE |  | 119500 | 0 | 0 |
| TWIN DISC INC | EQUITY | 901476101 |  | 869755 | 98500 | SH |  | SOLE |  | 98500 | 0 | 0 |
| TXNM ENERGY INC 5.750 06/01/54 CVT | BOND CONVERTIBLE | 69349HAF4 |  | 260210 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| TYLER TECHNOLOGIES INC | EQUITY | 902252105 |  | 592840 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| UBER TECHNOLOGIES INC 0.875 12/01/28 SR:2028 CVT | BOND CONVERTIBLE | 90353TAM2 |  | 285608 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| ULTRA CLEAN HOLDINGS INC | EQUITY | 90385V107 |  | 981795 | 43500 | SH |  | SOLE |  | 43500 | 0 | 0 |
| ULTRALIFE CORP | EQUITY | 903899102 |  | 989596 | 110200 | SH |  | SOLE |  | 110200 | 0 | 0 |
| UNITED BANKSHARES INC | EQUITY | 909907107 |  | 269582 | 7400 | SH |  | SOLE |  | 7400 | 0 | 0 |
| UNITED GUARDIAN INC | EQUITY | 910571108 |  | 431634 | 53961 | SH |  | SOLE |  | 53961 | 0 | 0 |
| UNIVERSAL TECHNICAL INSTITUT | EQUITY | 913915104 |  | 474460 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| VALLEY NATIONAL BANCORP | EQUITY | 919794107 |  | 385776 | 43200 | SH |  | SOLE |  | 43200 | 0 | 0 |
| VALUE LINE INC | EQUITY | 920437100 |  | 1225395 | 31300 | SH |  | SOLE |  | 31300 | 0 | 0 |
| VILLAGE SUPER MARKET-CLASS A | EQUITY | 927107409 |  | 296450 | 7700 | SH |  | SOLE |  | 7700 | 0 | 0 |
| VISHAY PRECISION GROUP | EQUITY | 92835K103 |  | 843984 | 30035 | SH |  | SOLE |  | 30035 | 0 | 0 |
| WABASH NATIONAL CORP | EQUITY | 929566107 |  | 465594 | 43800 | SH |  | SOLE |  | 43800 | 0 | 0 |
| WASHINGTON TRUST BANCORP | EQUITY | 940610108 |  | 941158 | 33280 | SH |  | SOLE |  | 33280 | 0 | 0 |
| WATERSTONE FINANCIAL INC | EQUITY | 94188P101 |  | 814790 | 59000 | SH |  | SOLE |  | 59000 | 0 | 0 |
| WESTERN NEW ENGLAND BANCORP | EQUITY | 958892101 |  | 618410 | 67000 | SH |  | SOLE |  | 67000 | 0 | 0 |
| WILLAMETTE VALLEY VINEYARDS | EQUITY | 969136100 |  | 127650 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| WILLDAN GROUP INC | EQUITY | 96924N100 |  | 687610 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| WINNEBAGO INDUSTRIES | EQUITY | 974637100 |  | 580000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| YORK WATER CO | EQUITY | 987184108 |  | 1142656 | 36160 | SH |  | SOLE |  | 36160 | 0 | 0 |
| ZIMVIE INC | EQUITY | 98888T107 |  | 701250 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |

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