# EDGAR Filing Document

**Accession Number:** 0001352895
**File Stem:** 0001104659-25-104193
**Filing Date:** 2025-10
**Character Count:** 25002
**Document Hash:** 7ee4b6bad8ca91cc50345dbd560a6071
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-104193.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001104659-25-104193

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EMERALD MUTUAL FUND ADVISERS TRUST
- **CENTRAL INDEX KEY:** 0001352895

**ORGANIZATION NAME:**
- **EIN:** 202531403
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11623
- **FILM NUMBER:** 251433648

**BUSINESS ADDRESS:**
- **STREET 1:** 3175 OREGON PIKE
- **CITY:** LEOLA
- **STATE:** PA
- **ZIP:** 17540
- **BUSINESS PHONE:** 717-556-8900

**MAIL ADDRESS:**
- **STREET 1:** 3175 OREGON PIKE
- **CITY:** LEOLA
- **STATE:** PA
- **ZIP:** 17540

### 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:** EMERALD MUTUAL FUND ADVISERS TRUST<br>**Address:** 3175 Oregon Pike<br>Leola, PA 17540

**Form 13F File Number:** 028-11623

**CRD Number (if applicable):** 000135130

**SEC File Number (if applicable):** 801-64204

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:** Kenneth G. Mertz II<br>**Title:** President<br>**Phone:** 717-396-1116

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

/s/ Kenneth G. Mertz II  Lancaster, PA  10-30-2025<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:** 219

**Form 13F Information Table Value Total:** $1936772068

      (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 |
| APPLIED OPTOELECTRONICS INC | COM | 03823U102 |  | 9848110 | 379796 | SH |  | SOLE |  | 379796 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1120627 | 4401 | SH |  | SOLE |  | 4401 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 |  | 325643 | 4442 | SH |  | SOLE |  | 4442 | 0 | 0 |
| ACADIA PHARMACEUTICALS INC | COM | 004225108 |  | 6729014 | 315324 | SH |  | SOLE |  | 315324 | 0 | 0 |
| AFFIRM HOLDINGS INC | COM | 00827B106 |  | 476482 | 6520 | SH |  | SOLE |  | 6520 | 0 | 0 |
| ARGAN INC | COM | 04010E109 |  | 14137658 | 52352 | SH |  | SOLE |  | 52352 | 0 | 0 |
| AGILYSYS INC | COM | 00847J105 |  | 21666449 | 205857 | SH |  | SOLE |  | 205857 | 0 | 0 |
| AMERICAN INTEGRITY INSURANCE GROUP | COM | 026948109 |  | 3824581 | 171429 | SH |  | SOLE |  | 171429 | 0 | 0 |
| AAR CORPORATION | COM | 000361105 |  | 18932206 | 211132 | SH |  | SOLE |  | 211132 | 0 | 0 |
| AKERO THERAPEUTCS INC | COM | 00973Y108 |  | 5258268 | 110747 | SH |  | SOLE |  | 110747 | 0 | 0 |
| ALLEGIANT TRAVEL CO | COM | 01748X102 |  | 15857020 | 260935 | SH |  | SOLE |  | 260935 | 0 | 0 |
| AMERICAN SEMICONDUCTOR CORP | COM | 030111207 |  | 18276500 | 307737 | SH |  | SOLE |  | 307737 | 0 | 0 |
| AMAZON.COM INC | COM | 023135106 |  | 841392 | 3832 | SH |  | SOLE |  | 3832 | 0 | 0 |
| APPLOVIN CORP | COM | 03831W108 |  | 190413 | 265 | SH |  | SOLE |  | 265 | 0 | 0 |
| ARHAUS INC | COM | 04035M102 |  | 9931960 | 934333 | SH |  | SOLE |  | 934333 | 0 | 0 |
| ARLO TECHNOLOGIES | COM | 04206A101 |  | 16612119 | 980066 | SH |  | SOLE |  | 980066 | 0 | 0 |
| ATEGRITY SPECIALTY HOLDINGS | COM | 04681Y103 |  | 3440356 | 174019 | SH |  | SOLE |  | 174019 | 0 | 0 |
| ALPHATEC HOLDINGS INC | COM | 02081G201 |  | 13900952 | 956049 | SH |  | SOLE |  | 956049 | 0 | 0 |
| ATI Inc | COM | 01741R102 |  | 14930364 | 183555 | SH |  | SOLE |  | 183555 | 0 | 0 |
| AEROVIRONMENT INC | COM | 008073108 |  | 44575199 | 141558 | SH |  | SOLE |  | 141558 | 0 | 0 |
| BROADCOM LTD | COM | 11135F101 |  | 800032 | 2425 | SH |  | SOLE |  | 2425 | 0 | 0 |
| AXOS FINANCIAL INC | COM | 05465C100 |  | 28887828 | 341262 | SH |  | SOLE |  | 341262 | 0 | 0 |
| AXSOME THERAPEUTICS INC | COM | 05464T104 |  | 7955582 | 65505 | SH |  | SOLE |  | 65505 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 81515 | 19 | SH |  | SOLE |  | 19 | 0 | 0 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 21369518 | 411427 | SH |  | SOLE |  | 411427 | 0 | 0 |
| BLOOM ENERGY CO | COM | 093712107 |  | 34625918 | 409435 | SH |  | SOLE |  | 409435 | 0 | 0 |
| BIOHAVEN LTD | COM | G1110E107 |  | 2606577 | 173656 | SH |  | SOLE |  | 173656 | 0 | 0 |
| BIOGEN IDEC INC | COM | 09062X103 |  | 87270 | 623 | SH |  | SOLE |  | 623 | 0 | 0 |
| BJ'S RESTAURANT INC | COM | 09180C106 |  | 9878684 | 323573 | SH |  | SOLE |  | 323573 | 0 | 0 |
| BAKER HUGHES COMPANY | COM | 05722G100 |  | 65382 | 1342 | SH |  | SOLE |  | 1342 | 0 | 0 |
| BULLISH | COM | G16910120 |  | 318050 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| BITMINE IMMERSION TECHNOLOGIES | COM | 09175A206 |  | 600207 | 11558 | SH |  | SOLE |  | 11558 | 0 | 0 |
| BOOT BARN HOLDINGS INC | COM | 099406100 |  | 16232771 | 97953 | SH |  | SOLE |  | 97953 | 0 | 0 |
| BOWHEAD SPECIALTY HOLDINGS | COM | 10240L102 |  | 3130015 | 115755 | SH |  | SOLE |  | 115755 | 0 | 0 |
| BLACK ROCK COFFEE BAR | COM | 092244102 |  | 4023058 | 168611 | SH |  | SOLE |  | 168611 | 0 | 0 |
| BANK7 CORP | COM | 06652N107 |  | 482827 | 10435 | SH |  | SOLE |  | 10435 | 0 | 0 |
| FIRST BUSEY CORP | COM | 319383204 |  | 488997 | 21123 | SH |  | SOLE |  | 21123 | 0 | 0 |
| BALDWIN INSURANCE GROUP INC | COM | 05589G102 |  | 1470305 | 52120 | SH |  | SOLE |  | 52120 | 0 | 0 |
| BOWMAN CONSULTING GROUP LTD | COM | 103002101 |  | 1709523 | 40357 | SH |  | SOLE |  | 40357 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 97532 | 529 | SH |  | SOLE |  | 529 | 0 | 0 |
| BYLINE BANCORP INC | COM | 124411109 |  | 451167 | 16270 | SH |  | SOLE |  | 16270 | 0 | 0 |
| CADENCE BANK | COM | 12740C103 |  | 7853143 | 209194 | SH |  | SOLE |  | 209194 | 0 | 0 |
| PATHWARD FINANCIAL INC | COM | 59100U108 |  | 1226494 | 16572 | SH |  | SOLE |  | 16572 | 0 | 0 |
| CERIBELL INC | COM | 15678C102 |  | 1785086 | 155360 | SH |  | SOLE |  | 155360 | 0 | 0 |
| COASTAL FINANCIAL CORP | COM | 19046P209 |  | 8456947 | 78182 | SH |  | SOLE |  | 78182 | 0 | 0 |
| CNB FINL CORP PA | COM | 126128107 |  | 124775 | 5156 | SH |  | SOLE |  | 5156 | 0 | 0 |
| COGENT COMMUNICATIONS HOLDINGS | COM | 19239V302 |  | 3350103 | 87356 | SH |  | SOLE |  | 87356 | 0 | 0 |
| CECO ENVIRONMENTAL CORP | COM | 125141101 |  | 3678413 | 71844 | SH |  | SOLE |  | 71844 | 0 | 0 |
| CONNECTONE BANCORP INC | COM | 20786W107 |  | 629082 | 25356 | SH |  | SOLE |  | 25356 | 0 | 0 |
| COGENT BIOSCIENCES INC | COM | 19240Q201 |  | 14688241 | 1022858 | SH |  | SOLE |  | 1022858 | 0 | 0 |
| COINBASE GLOBAL INC | COM | 19260Q107 |  | 422200 | 1251 | SH |  | SOLE |  | 1251 | 0 | 0 |
| COLLEGIUM PHARMACEUTICAL INC | COM | 19459J104 |  | 13844178 | 395661 | SH |  | SOLE |  | 395661 | 0 | 0 |
| COMPASS INC | COM | 20464U100 |  | 8587876 | 1069474 | SH |  | SOLE |  | 1069474 | 0 | 0 |
| CORCEPT THERAPEUTICS INC | COM | 218352102 |  | 13143182 | 158142 | SH |  | SOLE |  | 158142 | 0 | 0 |
| COSTCO WHOLESALE CORP | COM | 22160K105 |  | 156431 | 169 | SH |  | SOLE |  | 169 | 0 | 0 |
| CORPAY INC | COM | 219948106 |  | 93043 | 323 | SH |  | SOLE |  | 323 | 0 | 0 |
| CIRCLE INTERNET GROUP | COM | 172573107 |  | 302548 | 2282 | SH |  | SOLE |  | 2282 | 0 | 0 |
| CREDO TECHNOLOGY GROUP HOLDINGS | COM | G25457105 |  | 50908023 | 349619 | SH |  | SOLE |  | 349619 | 0 | 0 |
| CARPENTER TECHNOLOGY CORP | COM | 144285103 |  | 11310063 | 46062 | SH |  | SOLE |  | 46062 | 0 | 0 |
| CUSTOMERS BANCORP INC | COM | 23204G100 |  | 9480742 | 145032 | SH |  | SOLE |  | 145032 | 0 | 0 |
| COMMVAULT SYSTEMS INC | COM | 204166102 |  | 17536341 | 92893 | SH |  | SOLE |  | 92893 | 0 | 0 |
| CLEARWATER ANALYTICS HDS | COM | 185123106 |  | 10682292 | 592802 | SH |  | SOLE |  | 592802 | 0 | 0 |
| DOORDASH INC | COM | 25809K105 |  | 130283 | 479 | SH |  | SOLE |  | 479 | 0 | 0 |
| DAVE INC | COM | 23834J201 |  | 493989 | 2478 | SH |  | SOLE |  | 2478 | 0 | 0 |
| DATADOG INC | COM | 23804L103 |  | 75045 | 527 | SH |  | SOLE |  | 527 | 0 | 0 |
| EXCELERATE ENERGY INC | COM | 30069T101 |  | 4381045 | 173920 | SH |  | SOLE |  | 173920 | 0 | 0 |
| ESCO TECHNOLOGIES INC | COM | 296315104 |  | 18455025 | 87419 | SH |  | SOLE |  | 87419 | 0 | 0 |
| ESQUIRE FINANCIAL HOLDINGS | COM | 29667J101 |  | 2343999 | 22968 | SH |  | SOLE |  | 22968 | 0 | 0 |
| 89BIO INC | COM | 282559103 |  | 7527150 | 512051 | SH |  | SOLE |  | 512051 | 0 | 0 |
| EVERQUOTE INC | COM | 30041R108 |  | 9529060 | 416662 | SH |  | SOLE |  | 416662 | 0 | 0 |
| EVOLV TECHNOLOGIES | COM | 30049H102 |  | 10268468 | 1360062 | SH |  | SOLE |  | 1360062 | 0 | 0 |
| EAST WEST BANCORP INC | COM | 27579R104 |  | 672125 | 6314 | SH |  | SOLE |  | 6314 | 0 | 0 |
| NATIONAL VISION HOLDINGS | COM | 63845R107 |  | 28205305 | 966266 | SH |  | SOLE |  | 966266 | 0 | 0 |
| FIRST ADVANTAGE CORP | COM | 31846B108 |  | 11892099 | 772716 | SH |  | SOLE |  | 772716 | 0 | 0 |
| FIRST FINL BANCSHARES INC | COM | 32020R109 |  | 468072 | 13910 | SH |  | SOLE |  | 13910 | 0 | 0 |
| FIGURE TECHNOLOGY SOLUTIONS | COM | 349381103 |  | 1013268 | 27860 | SH |  | SOLE |  | 27860 | 0 | 0 |
| FINWISE BANCORP | COM | 31813A109 |  | 1656371 | 85424 | SH |  | SOLE |  | 85424 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 201812 | 4530 | SH |  | SOLE |  | 4530 | 0 | 0 |
| FIVE BELOW | COM | 33829M101 |  | 7378417 | 47695 | SH |  | SOLE |  | 47695 | 0 | 0 |
| FABRINET | COM | G3323L100 |  | 23997830 | 65816 | SH |  | SOLE |  | 65816 | 0 | 0 |
| SHIFT4 PAYMENTS INC | COM | 82452J109 |  | 13136173 | 169718 | SH |  | SOLE |  | 169718 | 0 | 0 |
| FRESHPET INC | COM | 358039105 |  | 12398097 | 224970 | SH |  | SOLE |  | 224970 | 0 | 0 |
| FIVE STAR BANCORP | COM | 33830T103 |  | 580888 | 18040 | SH |  | SOLE |  | 18040 | 0 | 0 |
| FTAI AVIATION LTD | COM | G3730V105 |  | 208408 | 1249 | SH |  | SOLE |  | 1249 | 0 | 0 |
| FIRST WATCH RESTAURANT GROUP | COM | 33748L101 |  | 7792255 | 498226 | SH |  | SOLE |  | 498226 | 0 | 0 |
| GBANK FINANCIAL HOLDINGS INC | COM | 36166F100 |  | 3482817 | 88689 | SH |  | SOLE |  | 88689 | 0 | 0 |
| GENIUS SPORTS LIMITED | COM | G3934V109 |  | 164270 | 13269 | SH |  | SOLE |  | 13269 | 0 | 0 |
| GUARDANT HEALTH INC | COM | 40131M109 |  | 34739442 | 556009 | SH |  | SOLE |  | 556009 | 0 | 0 |
| GOLAR LNG LIMITED | COM | G9456A100 |  | 80375 | 1989 | SH |  | SOLE |  | 1989 | 0 | 0 |
| GLOBUS MEDICAL INC | COM | 379577208 |  | 816727 | 14261 | SH |  | SOLE |  | 14261 | 0 | 0 |
| ALPHABET INC CLA A | COM | 02079K305 |  | 868839 | 3574 | SH |  | SOLE |  | 3574 | 0 | 0 |
| HIMS  HERS HEALTH INC | COM | 433000106 |  | 10397003 | 183304 | SH |  | SOLE |  | 183304 | 0 | 0 |
| ROBINHOOD MARKETS INC | COM | 770700102 |  | 2086849 | 14575 | SH |  | SOLE |  | 14575 | 0 | 0 |
| HEARTFLOW INC | COM | 42238D107 |  | 4418279 | 131262 | SH |  | SOLE |  | 131262 | 0 | 0 |
| ICU MEDICAL INC | COM | 44930G107 |  | 1096194 | 9138 | SH |  | SOLE |  | 9138 | 0 | 0 |
| INTERDIGITAL INC PA COM | COM | 45867G101 |  | 21130493 | 61207 | SH |  | SOLE |  | 61207 | 0 | 0 |
| IMAX CORP | COM | 45245E109 |  | 4892883 | 149401 | SH |  | SOLE |  | 149401 | 0 | 0 |
| INDIE SEMICONDUCTOR INC | COM | 45569U101 |  | 92023 | 22610 | SH |  | SOLE |  | 22610 | 0 | 0 |
| INSMED INC | COM | 457669307 |  | 1774491 | 12322 | SH |  | SOLE |  | 12322 | 0 | 0 |
| IONQ INC | COM | 46222L108 |  | 17076582 | 277668 | SH |  | SOLE |  | 277668 | 0 | 0 |
| IPG PHOTONICS CORP | COM | 44980X109 |  | 6645308 | 83916 | SH |  | SOLE |  | 83916 | 0 | 0 |
| INTEGER HOLDINGS CORP | COM | 45826H109 |  | 6283187 | 60807 | SH |  | SOLE |  | 60807 | 0 | 0 |
| KALVISTA PHARMACEUTICALS INC | COM | 483497103 |  | 11180936 | 917975 | SH |  | SOLE |  | 917975 | 0 | 0 |
| KLARNA GROUP | COM | G5279N105 |  | 628401 | 17146 | SH |  | SOLE |  | 17146 | 0 | 0 |
| KULICKE AND SOFFA INDUSTRIES | COM | 501242101 |  | 9026794 | 222116 | SH |  | SOLE |  | 222116 | 0 | 0 |
| KINSALE CAPITAL GROUP INC | COM | 49714P108 |  | 460982 | 1084 | SH |  | SOLE |  | 1084 | 0 | 0 |
| KORRO BIO INC | COM | 500946108 |  | 2821248 | 58911 | SH |  | SOLE |  | 58911 | 0 | 0 |
| KRATOS DEFENSE AND SECURITY | COM | 50077B207 |  | 53614363 | 586783 | SH |  | SOLE |  | 586783 | 0 | 0 |
| NLIGHT INC | COM | 65487K100 |  | 8625530 | 291108 | SH |  | SOLE |  | 291108 | 0 | 0 |
| LENDINGCLUB CORP | COM | 52603A208 |  | 2857999 | 188150 | SH |  | SOLE |  | 188150 | 0 | 0 |
| RBB FD INC | FM EMERALD LIFE | 74933W221 |  | 59381836 | 1997035 | SH |  | SOLE |  | 1997035 | 0 | 0 |
| LIFE360 INC | COM | 532206109 |  | 11052117 | 103971 | SH |  | SOLE |  | 103971 | 0 | 0 |
| LUMENTUM HOLDINGS INC | COM | 55024U109 |  | 35093293 | 215680 | SH |  | SOLE |  | 215680 | 0 | 0 |
| LIVANOVA PLC | COM | G5509L101 |  | 18315400 | 349664 | SH |  | SOLE |  | 349664 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 175490 | 230 | SH |  | SOLE |  | 230 | 0 | 0 |
| CHENIERE ENERGY INC | COM | 16411R208 |  | 198323 | 844 | SH |  | SOLE |  | 844 | 0 | 0 |
| LIVE OAK BANCSHARES INC | COM | 53803X105 |  | 511606 | 14526 | SH |  | SOLE |  | 14526 | 0 | 0 |
| LIFETIME GROUP HOLDINGS INC | COM | 53190C102 |  | 11329579 | 410492 | SH |  | SOLE |  | 410492 | 0 | 0 |
| MOELIS  CO | COM | 60786M105 |  | 19495393 | 273351 | SH |  | SOLE |  | 273351 | 0 | 0 |
| METROPOLITAN BANK HOLDING CO | COM | 591774104 |  | 2324134 | 31063 | SH |  | SOLE |  | 31063 | 0 | 0 |
| MECHANICS BANCORP | COM | 43785V102 |  | 804749 | 60462 | SH |  | SOLE |  | 60462 | 0 | 0 |
| MONGODB INC | COM | 60937P106 |  | 127566 | 411 | SH |  | SOLE |  | 411 | 0 | 0 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 16094838 | 35091 | SH |  | SOLE |  | 35091 | 0 | 0 |
| META PLATFORMS INC | COM | 30303M102 |  | 734380 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| MIAMI INTERNATIONAL | COM | 59356Q108 |  | 100650 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| MIRION TECHNOLOGIES INC | COM | 60471A101 |  | 16386577 | 704496 | SH |  | SOLE |  | 704496 | 0 | 0 |
| MIRUM PHARMACEUTICALS INC | COM | 604749101 |  | 16057676 | 219038 | SH |  | SOLE |  | 219038 | 0 | 0 |
| MERIT MED SYS INC | COM | 589889104 |  | 13793708 | 165730 | SH |  | SOLE |  | 165730 | 0 | 0 |
| MODINE MANUFACTURING CO | COM | 607828100 |  | 33276244 | 234076 | SH |  | SOLE |  | 234076 | 0 | 0 |
| MP MATERIALS CORP | COM | 553368101 |  | 89606 | 1336 | SH |  | SOLE |  | 1336 | 0 | 0 |
| MID PENN BANCORP INC | COM | 59540G107 |  | 4135931 | 144411 | SH |  | SOLE |  | 144411 | 0 | 0 |
| MERCURY SYSTEMS INC | COM | 589378108 |  | 26010889 | 336058 | SH |  | SOLE |  | 336058 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1434204 | 2769 | SH |  | SOLE |  | 2769 | 0 | 0 |
| MACOM TECHNOLOGY SOLUTIONS | COM | 55405Y100 |  | 9881518 | 79376 | SH |  | SOLE |  | 79376 | 0 | 0 |
| MASTEC INC | COM | 576323109 |  | 183868 | 864 | SH |  | SOLE |  | 864 | 0 | 0 |
| NORTHEAST BANCORP | COM | 66405S100 |  | 2288956 | 22853 | SH |  | SOLE |  | 22853 | 0 | 0 |
| NORWEGIAN CRUISE LINE HOLDINGS LTD | COM | G66721104 |  | 175981 | 7145 | SH |  | SOLE |  | 7145 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 258967 | 216 | SH |  | SOLE |  | 216 | 0 | 0 |
| NEKTAR THERAPEUTICS | COM | 640268306 |  | 13269365 | 233205 | SH |  | SOLE |  | 233205 | 0 | 0 |
| NEPTUNE INSURANCE HOLDINGS | COM | 64073B103 |  | 495220 | 24761 | SH |  | SOLE |  | 24761 | 0 | 0 |
| NAPCO SECURITY | COM | 630402105 |  | 8138810 | 189495 | SH |  | SOLE |  | 189495 | 0 | 0 |
| NU HOLDINGS LTD | COM | G6683N103 |  | 600887 | 37532 | SH |  | SOLE |  | 37532 | 0 | 0 |
| NOVOCURE LTD | COM | G6674U108 |  | 247715 | 19173 | SH |  | SOLE |  | 19173 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 2154439 | 11547 | SH |  | SOLE |  | 11547 | 0 | 0 |
| NORWOOD FINANCIAL CORP | COM | 669549107 |  | 1123564 | 44200 | SH |  | SOLE |  | 44200 | 0 | 0 |
| ORTHOFIX MEDICAL INC | COM | 68752M108 |  | 970954 | 66322 | SH |  | SOLE |  | 66322 | 0 | 0 |
| OLLIE'S BARGAIN OUTLET HOLDINGS | COM | 681116109 |  | 23833993 | 185623 | SH |  | SOLE |  | 185623 | 0 | 0 |
| OMADA HEALTH INC | COM | 68170A108 |  | 1369162 | 61925 | SH |  | SOLE |  | 61925 | 0 | 0 |
| ONTO INNOVATION INC | COM | 683344105 |  | 9741250 | 75385 | SH |  | SOLE |  | 75385 | 0 | 0 |
| ORACLE SYS CORP | COM | 68389X105 |  | 125152 | 445 | SH |  | SOLE |  | 445 | 0 | 0 |
| ONESPAWORLD HOLDINGS LIMITED | COM | P73684113 |  | 12684529 | 600025 | SH |  | SOLE |  | 600025 | 0 | 0 |
| BANK OZK | COM | 06417N103 |  | 501745 | 9842 | SH |  | SOLE |  | 9842 | 0 | 0 |
| PROFICIENT AUTO LOGISTICS INC | COM | 74317M104 |  | 1882961 | 273289 | SH |  | SOLE |  | 273289 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 148439 | 729 | SH |  | SOLE |  | 729 | 0 | 0 |
| PRIVATE BANCORP OF AMERICA INC | COM | 74274F100 |  | 217068 | 3676 | SH |  | SOLE |  | 3676 | 0 | 0 |
| PDF SOLUTIONS INC | COM | 693282105 |  | 15352830 | 594610 | SH |  | SOLE |  | 594610 | 0 | 0 |
| PAGAYA TECHNOLOGIES | COM | M7S64L123 |  | 925289 | 31165 | SH |  | SOLE |  | 31165 | 0 | 0 |
| IMPINJ INC | COM | 453204109 |  | 16146217 | 89329 | SH |  | SOLE |  | 89329 | 0 | 0 |
| PALOMAR HOLDINGS INC | COM | 69753M105 |  | 18710238 | 160259 | SH |  | SOLE |  | 160259 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | COM | 69608A108 |  | 65124 | 357 | SH |  | SOLE |  | 357 | 0 | 0 |
| PORCH GROUP INC | COM | 733245104 |  | 664102 | 39577 | SH |  | SOLE |  | 39577 | 0 | 0 |
| PERELLA WEINBERG PARTNERS | COM | 71367G102 |  | 10545981 | 494652 | SH |  | SOLE |  | 494652 | 0 | 0 |
| D-WAVE QUANTUM INC | COM | 26740W109 |  | 8861994 | 358640 | SH |  | SOLE |  | 358640 | 0 | 0 |
| QCR HOLDINGS INC | COM | 74727A104 |  | 991640 | 13110 | SH |  | SOLE |  | 13110 | 0 | 0 |
| Q2 HOLDINGS INC | COM | 74736L109 |  | 21517566 | 297245 | SH |  | SOLE |  | 297245 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL INC | COM | 90400D108 |  | 7303484 | 242802 | SH |  | SOLE |  | 242802 | 0 | 0 |
| RADNET INC | COM | 750491102 |  | 28409564 | 372780 | SH |  | SOLE |  | 372780 | 0 | 0 |
| REMITLY GLOBAL | COM | 75960P104 |  | 458992 | 28159 | SH |  | SOLE |  | 28159 | 0 | 0 |
| RYMAN HOSPITALITY PROPERTIES | COM | 78377T107 |  | 8314579 | 92807 | SH |  | SOLE |  | 92807 | 0 | 0 |
| ROCKET COMPANIES INC | COM | 77311W101 |  | 1047470 | 54049 | SH |  | SOLE |  | 54049 | 0 | 0 |
| RAMBUS INC | COM | 750917106 |  | 40764603 | 391215 | SH |  | SOLE |  | 391215 | 0 | 0 |
| REPAY HOLDINGS CORP CL A | COM | 76029L100 |  | 97628 | 18667 | SH |  | SOLE |  | 18667 | 0 | 0 |
| RUSH STREET INTERACTIVE INC | COM | 782011100 |  | 16900997 | 825244 | SH |  | SOLE |  | 825244 | 0 | 0 |
| RXO INC | COM | 74982T103 |  | 735718 | 47836 | SH |  | SOLE |  | 47836 | 0 | 0 |
| SEACOAST BANKING CORPORATION OF FLORIDA | COM | 811707801 |  | 404902 | 13306 | SH |  | SOLE |  | 13306 | 0 | 0 |
| SOLARIS ENERGY INFRASTRUCTURE INC | COM | 83418M103 |  | 12342656 | 308798 | SH |  | SOLE |  | 308798 | 0 | 0 |
| SHOPIFY INC | COM | 82509L107 |  | 602316 | 4053 | SH |  | SOLE |  | 4053 | 0 | 0 |
| SITIME CORPORATION | COM | 82982T106 |  | 29735983 | 98689 | SH |  | SOLE |  | 98689 | 0 | 0 |
| SKYWARD SPECIALTY INSURANCE | COM | 830940102 |  | 18610371 | 391303 | SH |  | SOLE |  | 391303 | 0 | 0 |
| SKYWATER TECHNOLOGY INC | COM | 83089J108 |  | 13530739 | 725120 | SH |  | SOLE |  | 725120 | 0 | 0 |
| SLIDE INSURANCE HOLDINGS INC | COM | 831349105 |  | 3200156 | 202734 | SH |  | SOLE |  | 202734 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 25681240 | 379900 | SH |  | SOLE |  | 379900 | 0 | 0 |
| SUPER MICRO COMPUTER INC | COM | 86800U302 |  | 69561 | 1451 | SH |  | SOLE |  | 1451 | 0 | 0 |
| SEMTECH CORP | COM | 816850101 |  | 17750752 | 248436 | SH |  | SOLE |  | 248436 | 0 | 0 |
| SABLE OFFSHORE CORP | COM | 78574H104 |  | 6203957 | 355324 | SH |  | SOLE |  | 355324 | 0 | 0 |
| SOFI TECHNOLOGIES | COM | 83406F102 |  | 591597 | 22392 | SH |  | SOLE |  | 22392 | 0 | 0 |
| SPX TECHNOLOGIES INC | COM | 78473E103 |  | 17384362 | 93074 | SH |  | SOLE |  | 93074 | 0 | 0 |
| SOUTHSTATE BANK CORP | COM | 84472E102 |  | 784039 | 7930 | SH |  | SOLE |  | 7930 | 0 | 0 |
| STERLING INFRASTRUCTURE INC | COM | 859241101 |  | 16601860 | 48875 | SH |  | SOLE |  | 48875 | 0 | 0 |
| SAVARA INC | COM | 805111101 |  | 7680348 | 2151358 | SH |  | SOLE |  | 2151358 | 0 | 0 |
| LATHAM GROUP INC | COM | 51819L107 |  | 4889836 | 642554 | SH |  | SOLE |  | 642554 | 0 | 0 |
| SPYRE THERAPEUTICS | COM | 00773J202 |  | 5165633 | 308212 | SH |  | SOLE |  | 308212 | 0 | 0 |
| THE BANCORP INC | COM | 05969A105 |  | 26743069 | 357098 | SH |  | SOLE |  | 357098 | 0 | 0 |
| THIRD COAST BANCSHARES INC | COM | 88422P109 |  | 725531 | 19108 | SH |  | SOLE |  | 19108 | 0 | 0 |
| TENABLE HOLDING | COM | 88025T102 |  | 7217275 | 247506 | SH |  | SOLE |  | 247506 | 0 | 0 |
| TJX COS. | COM | 872540109 |  | 246296 | 1704 | SH |  | SOLE |  | 1704 | 0 | 0 |
| TRANSMEDICS GROUP INC | COM | 89377M109 |  | 26752744 | 238438 | SH |  | SOLE |  | 238438 | 0 | 0 |
| LENDINGTREE INC | COM | 52603B107 |  | 14288953 | 220747 | SH |  | SOLE |  | 220747 | 0 | 0 |
| TRINITY CAPITAL INC | COM | 896442308 |  | 8502545 | 549260 | SH |  | SOLE |  | 549260 | 0 | 0 |
| TESLA MOTORS INC | COM | 88160R101 |  | 153873 | 346 | SH |  | SOLE |  | 346 | 0 | 0 |
| TETRA TECHNOLOGIES | COM | 88162F105 |  | 311673 | 54204 | SH |  | SOLE |  | 54204 | 0 | 0 |
| TTM TECHNOLOGIES INC | COM | 87305R109 |  | 35099597 | 609368 | SH |  | SOLE |  | 609368 | 0 | 0 |
| TAKE TWO INTERACTIVE SOFTWARE | COM | 874054109 |  | 206430 | 799 | SH |  | SOLE |  | 799 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | COM | 89422G107 |  | 28702514 | 1200942 | SH |  | SOLE |  | 1200942 | 0 | 0 |
| TWFG INC | COM | 87318A101 |  | 134456 | 4900 | SH |  | SOLE |  | 4900 | 0 | 0 |
| UNITED BANKSHARES INC | COM | 909907107 |  | 748219 | 20108 | SH |  | SOLE |  | 20108 | 0 | 0 |
| UMB FINANCIAL CORP | COM | 902788108 |  | 13410949 | 113316 | SH |  | SOLE |  | 113316 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 2294756 | 5474 | SH |  | SOLE |  | 5474 | 0 | 0 |
| UTZ BRANDS INC | COM | 918090101 |  | 2636672 | 217010 | SH |  | SOLE |  | 217010 | 0 | 0 |
| VISA INC-CLASS A | COM | 92826C839 |  | 162497 | 476 | SH |  | SOLE |  | 476 | 0 | 0 |
| VISTEON CORP | COM | 92839U206 |  | 7427724 | 61970 | SH |  | SOLE |  | 61970 | 0 | 0 |
| VITAL FARMS INC | COM | 92847W103 |  | 25454320 | 618574 | SH |  | SOLE |  | 618574 | 0 | 0 |
| VARONIS SYSTEMS INC | COM | 922280102 |  | 31946539 | 555882 | SH |  | SOLE |  | 555882 | 0 | 0 |
| VSE CORPORATION | COM | 918284100 |  | 22528180 | 135516 | SH |  | SOLE |  | 135516 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 |  | 1554976 | 17931 | SH |  | SOLE |  | 17931 | 0 | 0 |
| WESBANCO INC | COM | 950810101 |  | 3529191 | 110529 | SH |  | SOLE |  | 110529 | 0 | 0 |
| WINTRUST FINANCIAL CORP | COM | 97650W108 |  | 1724369 | 13020 | SH |  | SOLE |  | 13020 | 0 | 0 |
| WAVE LIFE SCIENCES LTD | COM | Y95308105 |  | 12927574 | 1766062 | SH |  | SOLE |  | 1766062 | 0 | 0 |
| ZEVIA PBC | COM | 98955K104 |  | 2513617 | 924124 | SH |  | SOLE |  | 924124 | 0 | 0 |

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