# EDGAR Filing Document

**Accession Number:** 0001352895
**File Stem:** 0001104659-23-010443
**Filing Date:** 2023-2
**Character Count:** 24947
**Document Hash:** 30b7a7808ab73f5b2b594cef8e529476
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-010443.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001104659-23-010443

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EMERALD MUTUAL FUND ADVISERS TRUST
- **CENTRAL INDEX KEY:** 0001352895
- **IRS NUMBER:** 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:** 23585505

**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:** 12-31-2022

**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

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  01-31-2023<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:** $1614684617

      (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 |
| APPLE INC | COM | 037833100 |  | 1301769 | 10019 | SH |  | SOLE |  | 10019 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 210248 | 1915 | SH |  | SOLE |  | 1915 | 0 | 0 |
| ACADIA PHARMACEUTICALS INC | COM | 004225108 |  | 16696100 | 1048750 | SH |  | SOLE |  | 1048750 | 0 | 0 |
| PROFRAC HOLDING CORP | COM | 74319N100 |  | 20468549 | 812244 | SH |  | SOLE |  | 812244 | 0 | 0 |
| AGNC INVESTMENT CORP | COM | 00123Q104 |  | 78505 | 7585 | SH |  | SOLE |  | 7585 | 0 | 0 |
| PLAYAGS INC | COM | 72814N104 |  | 2216190 | 434547 | SH |  | SOLE |  | 434547 | 0 | 0 |
| ADAPTHEALTH CORP | COM | 00653Q102 |  | 16481458 | 857516 | SH |  | SOLE |  | 857516 | 0 | 0 |
| ALTRA INDUSTRIAL MOTION CORP | COM | 02208R106 |  | 8224827 | 137654 | SH |  | SOLE |  | 137654 | 0 | 0 |
| AAR CORPORATION | COM | 000361105 |  | 1303447 | 29030 | SH |  | SOLE |  | 29030 | 0 | 0 |
| ALKERMES PLC | COM | G01767105 |  | 9994908 | 382507 | SH |  | SOLE |  | 382507 | 0 | 0 |
| ALLY FINANCIAL | COM | 02005N100 |  | 159414 | 6520 | SH |  | SOLE |  | 6520 | 0 | 0 |
| AMBARELLA INC | COM | G037AX101 |  | 5904936 | 71810 | SH |  | SOLE |  | 71810 | 0 | 0 |
| AMYLYX PHARMACEUTICALS INC | COM | 03237H101 |  | 24202804 | 655015 | SH |  | SOLE |  | 655015 | 0 | 0 |
| AMERESCO INC | COM | 02361E108 |  | 13698972 | 239744 | SH |  | SOLE |  | 239744 | 0 | 0 |
| AMAZON.COM INC | COM | 023135106 |  | 640080 | 7620 | SH |  | SOLE |  | 7620 | 0 | 0 |
| ANI PHARMACEUTICALS INC | COM | 00182C103 |  | 13343929 | 331691 | SH |  | SOLE |  | 331691 | 0 | 0 |
| EVOQUA WATER TECHNOLOGIES INC | COM | 30057T105 |  | 9431057 | 238158 | SH |  | SOLE |  | 238158 | 0 | 0 |
| ARHAUS INC | COM | 04035M102 |  | 4151336 | 425778 | SH |  | SOLE |  | 425778 | 0 | 0 |
| ARIS WATER SOLUTION INC | COM | 04041L106 |  | 11554500 | 801839 | SH |  | SOLE |  | 801839 | 0 | 0 |
| ARVINAS INC | COM | 04335A105 |  | 8295309 | 242482 | SH |  | SOLE |  | 242482 | 0 | 0 |
| ATRICURE INC | COM | 04963C209 |  | 18004966 | 405700 | SH |  | SOLE |  | 405700 | 0 | 0 |
| AEROVIRONMENT INC | COM | 008073108 |  | 10235342 | 119488 | SH |  | SOLE |  | 119488 | 0 | 0 |
| AXOS FINANCIAL INC | COM | 05465C100 |  | 2369755 | 62003 | SH |  | SOLE |  | 62003 | 0 | 0 |
| ALTERYX INC | COM | 02156B103 |  | 110106 | 2173 | SH |  | SOLE |  | 2173 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 110978 | 45 | SH |  | SOLE |  | 45 | 0 | 0 |
| BJ'S RESTAURANT INC | COM | 09180C106 |  | 10824242 | 410320 | SH |  | SOLE |  | 410320 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 108561 | 1049 | SH |  | SOLE |  | 1049 | 0 | 0 |
| BLUEPRINT MEDICINES CORP | COM | 09627Y109 |  | 13393111 | 305709 | SH |  | SOLE |  | 305709 | 0 | 0 |
| POPULAR INC | COM | 733174700 |  | 79319 | 1196 | SH |  | SOLE |  | 1196 | 0 | 0 |
| BRP GROUP INC | COM | 05589G102 |  | 21932840 | 872428 | SH |  | SOLE |  | 872428 | 0 | 0 |
| BABCOCK  WILCOX ENTERPRISES | COM | 05614L209 |  | 7263882 | 1258905 | SH |  | SOLE |  | 1258905 | 0 | 0 |
| BYLINE BANCORP INC | COM | 124411109 |  | 1016331 | 44246 | SH |  | SOLE |  | 44246 | 0 | 0 |
| PATHWARD FINANCIAL INC | COM | 59100U108 |  | 407640 | 9469 | SH |  | SOLE |  | 9469 | 0 | 0 |
| CAPITAL BANCORP INC | COM | 139737100 |  | 318826 | 13544 | SH |  | SOLE |  | 13544 | 0 | 0 |
| COASTAL FINANCIAL CORP | COM | 19046P209 |  | 3591799 | 75585 | SH |  | SOLE |  | 75585 | 0 | 0 |
| CROWN HOLDINGS INC | COM | 228368106 |  | 190563 | 2318 | SH |  | SOLE |  | 2318 | 0 | 0 |
| CNB FINL CORP PA | COM | 126128107 |  | 3448503 | 144956 | SH |  | SOLE |  | 144956 | 0 | 0 |
| COGENT COMMUNICATIONS HOLDINGS | COM | 19239V302 |  | 10962728 | 192059 | SH |  | SOLE |  | 192059 | 0 | 0 |
| CADENCE DESIGN SYS INC | COM | 127387108 |  | 157106 | 978 | SH |  | SOLE |  | 978 | 0 | 0 |
| CELSIUS HOLDINGS INC | COM | 15118V207 |  | 19060856 | 183207 | SH |  | SOLE |  | 183207 | 0 | 0 |
| CERTARA INC | COM | 15687V109 |  | 6776558 | 421690 | SH |  | SOLE |  | 421690 | 0 | 0 |
| CHURCHILL DOWNS INC | COM | 171484108 |  | 28944978 | 136901 | SH |  | SOLE |  | 136901 | 0 | 0 |
| CHUY'S HOLDINGS INC | COM | 171604101 |  | 10051481 | 355176 | SH |  | SOLE |  | 355176 | 0 | 0 |
| CHAMPIONX CORP | COM | 15872M104 |  | 13407237 | 462478 | SH |  | SOLE |  | 462478 | 0 | 0 |
| COMMUNITY HERITAGE FINANCIAL INC | COM | 20370L103 |  | 2322819 | 116842 | SH |  | SOLE |  | 116842 | 0 | 0 |
| CINEMARK HOLDINGS INC | COM | 17243V102 |  | 131978 | 15240 | SH |  | SOLE |  | 15240 | 0 | 0 |
| CONNECTONE BANCORP INC | COM | 20786W107 |  | 1404761 | 58024 | SH |  | SOLE |  | 58024 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 10007993 | 285128 | SH |  | SOLE |  | 285128 | 0 | 0 |
| COINBASE GLOBAL INC | COM | 19260Q107 |  | 82813 | 2340 | SH |  | SOLE |  | 2340 | 0 | 0 |
| COLLEGIUM PHARMACEUTICAL INC | COM | 19459J104 |  | 15912718 | 685893 | SH |  | SOLE |  | 685893 | 0 | 0 |
| COSTCO WHOLESALE CORP | COM | 22160K105 |  | 124625 | 273 | SH |  | SOLE |  | 273 | 0 | 0 |
| CREDO TECHNOLOGY GROUP HOLDINGS | COM | G25457105 |  | 4145160 | 311432 | SH |  | SOLE |  | 311432 | 0 | 0 |
| CARPENTER TECHNOLOGY CORP | COM | 144285103 |  | 19990635 | 541165 | SH |  | SOLE |  | 541165 | 0 | 0 |
| CROWDSTRIKE HOLDINGS INC | COM | 22788C105 |  | 152039 | 1444 | SH |  | SOLE |  | 1444 | 0 | 0 |
| CUSTOMERS BANCORP INC | COM | 23204G100 |  | 13858373 | 489004 | SH |  | SOLE |  | 489004 | 0 | 0 |
| CUTERA INC | COM | 232109108 |  | 11726436 | 265184 | SH |  | SOLE |  | 265184 | 0 | 0 |
| CVRx INC | COM | 126638105 |  | 2179430 | 118770 | SH |  | SOLE |  | 118770 | 0 | 0 |
| CVS CORP | COM | 126650100 |  | 78186 | 839 | SH |  | SOLE |  | 839 | 0 | 0 |
| CYTOKENETICS INC | COM | 23282W605 |  | 16999174 | 370999 | SH |  | SOLE |  | 370999 | 0 | 0 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 152407 | 2435 | SH |  | SOLE |  | 2435 | 0 | 0 |
| DOCGO INC | COM | 256086109 |  | 10728244 | 1517432 | SH |  | SOLE |  | 1517432 | 0 | 0 |
| DENBURY INC | COM | 24790A101 |  | 7980865 | 91713 | SH |  | SOLE |  | 91713 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 229634 | 1909 | SH |  | SOLE |  | 1909 | 0 | 0 |
| DYNEX CAPITAL INC | COM | 26817Q886 |  | 74412 | 5850 | SH |  | SOLE |  | 5850 | 0 | 0 |
| EASTERN BANKSHARES INC | COM | 27627N105 |  | 793328 | 45990 | SH |  | SOLE |  | 45990 | 0 | 0 |
| EBIX INC | COM | 278715206 |  | 212534 | 10648 | SH |  | SOLE |  | 10648 | 0 | 0 |
| EXCELERATE ENERGY INC | COM | 30069T101 |  | 13900145 | 554896 | SH |  | SOLE |  | 554896 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 120995 | 1282 | SH |  | SOLE |  | 1282 | 0 | 0 |
| ENTERPRISE FINL SVCS CORP | COM | 293712105 |  | 140907 | 2878 | SH |  | SOLE |  | 2878 | 0 | 0 |
| ESQUIRE FINANCIAL HOLDINGS | COM | 29667J101 |  | 763106 | 17640 | SH |  | SOLE |  | 17640 | 0 | 0 |
| EVERQUOTE INC | COM | 30041R108 |  | 1792222 | 121589 | SH |  | SOLE |  | 121589 | 0 | 0 |
| EVERI HOLDINGS INC | COM | 30034T103 |  | 23004342 | 1603090 | SH |  | SOLE |  | 1603090 | 0 | 0 |
| EXPONENT INC | COM | 30214U102 |  | 21396306 | 215928 | SH |  | SOLE |  | 215928 | 0 | 0 |
| NATIONAL VISION HOLDINGS | COM | 63845R107 |  | 24679887 | 636736 | SH |  | SOLE |  | 636736 | 0 | 0 |
| FIRST ADVANTAGE CORP | COM | 31846B108 |  | 6464575 | 497275 | SH |  | SOLE |  | 497275 | 0 | 0 |
| FIRST BANCORP | COM | 318672706 |  | 423703 | 33310 | SH |  | SOLE |  | 33310 | 0 | 0 |
| FIRST FINL BANCSHARES INC | COM | 32020R109 |  | 1401456 | 40740 | SH |  | SOLE |  | 40740 | 0 | 0 |
| FIRST FOUNDATION INC | COM | 32026V104 |  | 222301 | 15513 | SH |  | SOLE |  | 15513 | 0 | 0 |
| FINWISE BANCORP | COM | 31813A109 |  | 4159694 | 449211 | SH |  | SOLE |  | 449211 | 0 | 0 |
| FIVE BELOW | COM | 33829M101 |  | 9216165 | 52107 | SH |  | SOLE |  | 52107 | 0 | 0 |
| SHIFT4 PAYMENTS INC | COM | 82452J109 |  | 23258826 | 415856 | SH |  | SOLE |  | 415856 | 0 | 0 |
| FIRST BANK | COM | 31931U102 |  | 152846 | 11108 | SH |  | SOLE |  | 11108 | 0 | 0 |
| FIRST REPUBLIC | COM | 33616C100 |  | 2357962 | 19345 | SH |  | SOLE |  | 19345 | 0 | 0 |
| FRESHPET INC | COM | 358039105 |  | 21186575 | 401489 | SH |  | SOLE |  | 401489 | 0 | 0 |
| PRIMIS FINANCIAL CORP | COM | 74167B109 |  | 1687203 | 142380 | SH |  | SOLE |  | 142380 | 0 | 0 |
| FIVE STAR BANCORP | COM | 33830T103 |  | 491410 | 18040 | SH |  | SOLE |  | 18040 | 0 | 0 |
| FORWARD AIR CORP COM | COM | 349853101 |  | 18060275 | 172183 | SH |  | SOLE |  | 172183 | 0 | 0 |
| ALPHABET INC CLA A | COM | 02079K305 |  | 543056 | 6155 | SH |  | SOLE |  | 6155 | 0 | 0 |
| CHART INDS INC | COM | 16115Q308 |  | 17225848 | 149491 | SH |  | SOLE |  | 149491 | 0 | 0 |
| GXO LOGISTICS INC | COM | 36262G101 |  | 343953 | 8057 | SH |  | SOLE |  | 8057 | 0 | 0 |
| HYATT HOTELS CORPORATION | COM | 448579102 |  | 165162 | 1826 | SH |  | SOLE |  | 1826 | 0 | 0 |
| HAEMONETICS CORPORATION | COM | 405024100 |  | 10981270 | 139622 | SH |  | SOLE |  | 139622 | 0 | 0 |
| HANNON ARMSTRONG INFRASTRUCTURE CAPITAL | COM | 41068X100 |  | 3403440 | 117441 | SH |  | SOLE |  | 117441 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 120027 | 380 | SH |  | SOLE |  | 380 | 0 | 0 |
| HERITAGE FINL CORP WASH | COM | 42722X106 |  | 986302 | 32190 | SH |  | SOLE |  | 32190 | 0 | 0 |
| HOULIHAN LOKEY | COM | 441593100 |  | 13579702 | 155802 | SH |  | SOLE |  | 155802 | 0 | 0 |
| HERC HOLDINGS INC | COM | 42704L104 |  | 12683480 | 96401 | SH |  | SOLE |  | 96401 | 0 | 0 |
| IntercontinentalExchange Group Inc | COM | 45866F104 |  | 148756 | 1450 | SH |  | SOLE |  | 1450 | 0 | 0 |
| I3 VERTICALS INC | COM | 46571Y107 |  | 1384751 | 56892 | SH |  | SOLE |  | 56892 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 79262 | 392 | SH |  | SOLE |  | 392 | 0 | 0 |
| INSMED INC | COM | 457669307 |  | 14927977 | 747146 | SH |  | SOLE |  | 747146 | 0 | 0 |
| IPG PHOTONICS CORP | COM | 44980X109 |  | 3955407 | 41781 | SH |  | SOLE |  | 41781 | 0 | 0 |
| IVERIC BIO INC | COM | 46583P102 |  | 12828465 | 599181 | SH |  | SOLE |  | 599181 | 0 | 0 |
| INTEGER HOLDINGS CORP | COM | 45826H109 |  | 180666 | 2639 | SH |  | SOLE |  | 2639 | 0 | 0 |
| JACK IN THE BOX INC | COM | 466367109 |  | 16621306 | 243607 | SH |  | SOLE |  | 243607 | 0 | 0 |
| JAMF HOLDING CORP | COM | 47074L105 |  | 4899788 | 230037 | SH |  | SOLE |  | 230037 | 0 | 0 |
| KINSALE CAPITAL GROUP INC | COM | 49714P108 |  | 1609133 | 6153 | SH |  | SOLE |  | 6153 | 0 | 0 |
| KARUNA THERAPEUTICS INC | COM | 48576A100 |  | 15615069 | 79466 | SH |  | SOLE |  | 79466 | 0 | 0 |
| KRATOS DEFENSE AND SECURITY | COM | 50077B207 |  | 15551899 | 1506967 | SH |  | SOLE |  | 1506967 | 0 | 0 |
| LENDINGCLUB CORP | COM | 52603A208 |  | 2342120 | 266150 | SH |  | SOLE |  | 266150 | 0 | 0 |
| LINBLAD EXPEDITIONS HOLDINGS | COM | 535219109 |  | 3405017 | 442210 | SH |  | SOLE |  | 442210 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 94387 | 258 | SH |  | SOLE |  | 258 | 0 | 0 |
| CHENIERE ENERGY INC | COM | 16411R208 |  | 184001 | 1227 | SH |  | SOLE |  | 1227 | 0 | 0 |
| LINKBANCORP INC | COM | 53578P105 |  | 2431000 | 260000 | SH |  | SOLE |  | 260000 | 0 | 0 |
| LANTHEUS HOLDINGS INC | COM | 516544103 |  | 17265299 | 338801 | SH |  | SOLE |  | 338801 | 0 | 0 |
| LIVE OAK BANCSHARES INC | COM | 53803X105 |  | 1765371 | 58456 | SH |  | SOLE |  | 58456 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 131356 | 410 | SH |  | SOLE |  | 410 | 0 | 0 |
| 908 DEVICES INC | COM | 65443P102 |  | 495795 | 65065 | SH |  | SOLE |  | 65065 | 0 | 0 |
| MOELIS  CO | COM | 60786M105 |  | 23050317 | 600738 | SH |  | SOLE |  | 600738 | 0 | 0 |
| METROPOLITAN BANK HOLDING CO | COM | 591774104 |  | 3760454 | 64095 | SH |  | SOLE |  | 64095 | 0 | 0 |
| MECHANICS BANK RICHMOND CA | COM | 583614102 |  | 1272000 | 53 | SH |  | SOLE |  | 53 | 0 | 0 |
| MONGODB INC | COM | 60937P106 |  | 83066 | 422 | SH |  | SOLE |  | 422 | 0 | 0 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 3038627 | 10469 | SH |  | SOLE |  | 10469 | 0 | 0 |
| MONTROSE ENVIRONMENTAL GROUP | COM | 615111101 |  | 17832839 | 401731 | SH |  | SOLE |  | 401731 | 0 | 0 |
| META PLATFORMS INC | COM | 30303M102 |  | 94948 | 789 | SH |  | SOLE |  | 789 | 0 | 0 |
| MERIT MED SYS INC | COM | 589889104 |  | 28831886 | 408268 | SH |  | SOLE |  | 408268 | 0 | 0 |
| MANNKIND CORP | COM | 56400P706 |  | 9430871 | 1789539 | SH |  | SOLE |  | 1789539 | 0 | 0 |
| MODEL N INC | COM | 607525102 |  | 24018050 | 592161 | SH |  | SOLE |  | 592161 | 0 | 0 |
| MP MATERIALS CORP | COM | 553368101 |  | 95469 | 3932 | SH |  | SOLE |  | 3932 | 0 | 0 |
| MID PENN BANCORP INC | COM | 59540G107 |  | 4593832 | 153281 | SH |  | SOLE |  | 153281 | 0 | 0 |
| MERCURY SYSTEMS INC | COM | 589378108 |  | 9751083 | 217950 | SH |  | SOLE |  | 217950 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1422852 | 5933 | SH |  | SOLE |  | 5933 | 0 | 0 |
| MATCH GROUP INC | COM | 57667L107 |  | 113475 | 2735 | SH |  | SOLE |  | 2735 | 0 | 0 |
| MATADOR RESOURCES CO | COM | 576485205 |  | 17575485 | 307049 | SH |  | SOLE |  | 307049 | 0 | 0 |
| MACOM TECHNOLOGY SOLUTIONS | COM | 55405Y100 |  | 29715098 | 471818 | SH |  | SOLE |  | 471818 | 0 | 0 |
| MASTEC INC | COM | 576323109 |  | 104871 | 1229 | SH |  | SOLE |  | 1229 | 0 | 0 |
| MVB FINANCIAL CORP | COM | 553810102 |  | 491046 | 22300 | SH |  | SOLE |  | 22300 | 0 | 0 |
| NATIONAL BANK HOLDING | COM | 633707104 |  | 3073129 | 73048 | SH |  | SOLE |  | 73048 | 0 | 0 |
| NORTHEAST BANCORP | COM | 66405S100 |  | 1348589 | 32033 | SH |  | SOLE |  | 32033 | 0 | 0 |
| NOODLES AND COMPANY | COM | 65540B105 |  | 5334940 | 971756 | SH |  | SOLE |  | 971756 | 0 | 0 |
| NEOGENOMICS INC | COM | 64049M209 |  | 15287977 | 1654543 | SH |  | SOLE |  | 1654543 | 0 | 0 |
| NEWTEK BUSINESS SERVICES CORP | COM | 652526203 |  | 877013 | 53970 | SH |  | SOLE |  | 53970 | 0 | 0 |
| ANNALY CAPITAL MANAGEMENT | COM | 035710839 |  | 72073 | 3419 | SH |  | SOLE |  | 3419 | 0 | 0 |
| NORTHERN OIL AND GAS | COM | 665531307 |  | 20137911 | 653404 | SH |  | SOLE |  | 653404 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 563662 | 3857 | SH |  | SOLE |  | 3857 | 0 | 0 |
| NV5 GLOBAL INC | COM | 62945V109 |  | 26805915 | 202584 | SH |  | SOLE |  | 202584 | 0 | 0 |
| NEW YORK COMMUNITY BANCORP | COM | 649445103 |  | 76626 | 8910 | SH |  | SOLE |  | 8910 | 0 | 0 |
| OCULAR THERAPEUTIX INC | COM | 67576A100 |  | 1912452 | 680588 | SH |  | SOLE |  | 680588 | 0 | 0 |
| OFG BANCORP | COM | 67103X102 |  | 1025122 | 37196 | SH |  | SOLE |  | 37196 | 0 | 0 |
| ONEMAIN HOLDINGS INC | COM | 68268W103 |  | 153426 | 4606 | SH |  | SOLE |  | 4606 | 0 | 0 |
| OTC MARKETS GROUP INC | COM | 67106F108 |  | 604449 | 10623 | SH |  | SOLE |  | 10623 | 0 | 0 |
| BLUE OWL CAPITAL | COM | 09581B103 |  | 760296 | 71726 | SH |  | SOLE |  | 71726 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 144005 | 1032 | SH |  | SOLE |  | 1032 | 0 | 0 |
| PACIRA BIOSCIENCES INC | COM | 695127100 |  | 6821422 | 176675 | SH |  | SOLE |  | 176675 | 0 | 0 |
| PDF SOLUTIONS INC | COM | 693282105 |  | 8308732 | 291330 | SH |  | SOLE |  | 291330 | 0 | 0 |
| PALOMAR HOLDINGS INC | COM | 69753M105 |  | 18883970 | 418157 | SH |  | SOLE |  | 418157 | 0 | 0 |
| PLANET FITNESS INC | COM | 72703H101 |  | 24945716 | 316570 | SH |  | SOLE |  | 316570 | 0 | 0 |
| PENNYMAC MRTG INV | COM | 70931T103 |  | 72172 | 5825 | SH |  | SOLE |  | 5825 | 0 | 0 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 874928 | 11920 | SH |  | SOLE |  | 11920 | 0 | 0 |
| PACIFIC PREMIER BANCORP | COM | 69478X105 |  | 23151943 | 733585 | SH |  | SOLE |  | 733585 | 0 | 0 |
| PERFICIENT INC | COM | 71375U101 |  | 22899911 | 327938 | SH |  | SOLE |  | 327938 | 0 | 0 |
| PRIVIA HEALTH GROUP INC | COM | 74276R102 |  | 14824634 | 652780 | SH |  | SOLE |  | 652780 | 0 | 0 |
| PURE STORAGE | COM | 74624M102 |  | 114961 | 4296 | SH |  | SOLE |  | 4296 | 0 | 0 |
| PORTILLOS INC | COM | 73642K106 |  | 11088363 | 679434 | SH |  | SOLE |  | 679434 | 0 | 0 |
| POWER REIT | COM | 73933H101 |  | 646370 | 163638 | SH |  | SOLE |  | 163638 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL INC | COM | 90400D108 |  | 11714633 | 252852 | SH |  | SOLE |  | 252852 | 0 | 0 |
| REPLIMUNE GROUP INC | COM | 76029N106 |  | 26273514 | 965938 | SH |  | SOLE |  | 965938 | 0 | 0 |
| REATA PHARMACEUTICALS INC | COM | 75615P103 |  | 19999646 | 526445 | SH |  | SOLE |  | 526445 | 0 | 0 |
| RYMAN HOSPITALITY PROPERTIES | COM | 78377T107 |  | 9363156 | 114492 | SH |  | SOLE |  | 114492 | 0 | 0 |
| RITHM CAPITAL CORP | COM | 64828T201 |  | 73693 | 9020 | SH |  | SOLE |  | 9020 | 0 | 0 |
| RAPID7 INC | COM | 753422104 |  | 10185233 | 299742 | SH |  | SOLE |  | 299742 | 0 | 0 |
| RUNWAY GROWTH FINANCE CORP | COM | 78163D100 |  | 73562 | 6347 | SH |  | SOLE |  | 6347 | 0 | 0 |
| PROMETHEUS BIOSCIENCES INC | COM | 74349U108 |  | 13281950 | 120745 | SH |  | SOLE |  | 120745 | 0 | 0 |
| SEACOAST BANKING CORPORATION OF FLORIDA | COM | 811707801 |  | 1109740 | 35580 | SH |  | SOLE |  | 35580 | 0 | 0 |
| SIGNATURE BK NEW YORK N Y | COM | 82669G104 |  | 2039970 | 17705 | SH |  | SOLE |  | 17705 | 0 | 0 |
| SEAWORLD ENTERTAINMENT | COM | 81282V100 |  | 8880841 | 165966 | SH |  | SOLE |  | 165966 | 0 | 0 |
| SERVISFIRST BANCSHARES INC | COM | 81768T108 |  | 2269068 | 32928 | SH |  | SOLE |  | 32928 | 0 | 0 |
| SVB FINL GROUP | COM | 78486Q101 |  | 82850 | 360 | SH |  | SOLE |  | 360 | 0 | 0 |
| SKYWATER TECHNOLOGY INC | COM | 83089J108 |  | 4196023 | 590158 | SH |  | SOLE |  | 590158 | 0 | 0 |
| SUPER MICRO COMPUTER INC | COM | 86800U104 |  | 31290609 | 381128 | SH |  | SOLE |  | 381128 | 0 | 0 |
| SCOTTS MIRACLE GRO COMPANY | COM | 810186106 |  | 178714 | 3678 | SH |  | SOLE |  | 3678 | 0 | 0 |
| SIMPLY GOOD FOODS CO | COM | 82900L102 |  | 31732422 | 834405 | SH |  | SOLE |  | 834405 | 0 | 0 |
| SUN COUNTRY AIRLINES HOLDING | COM | 866683105 |  | 9173789 | 578423 | SH |  | SOLE |  | 578423 | 0 | 0 |
| SOFI TECHNOLOGIES | COM | 83406F102 |  | 96709 | 20978 | SH |  | SOLE |  | 20978 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 89429 | 267 | SH |  | SOLE |  | 267 | 0 | 0 |
| SEASPINE HOLDINGS CORP | COM | 81255T108 |  | 6182549 | 740425 | SH |  | SOLE |  | 740425 | 0 | 0 |
| SAREPTA THERAPEUTICS INC | COM | 803607100 |  | 271729 | 2097 | SH |  | SOLE |  | 2097 | 0 | 0 |
| THE BANCORP INC | COM | 05969A105 |  | 4404888 | 155211 | SH |  | SOLE |  | 155211 | 0 | 0 |
| TENABLE HOLDING | COM | 88025T102 |  | 6874477 | 180196 | SH |  | SOLE |  | 180196 | 0 | 0 |
| TRIUMPH FINANCIAL INC | COM | 89679E300 |  | 780503 | 15971 | SH |  | SOLE |  | 15971 | 0 | 0 |
| THORNE HEALTHTECH INC | COM | 885260109 |  | 3053077 | 841068 | SH |  | SOLE |  | 841068 | 0 | 0 |
| TJX COS. | COM | 872540109 |  | 381602 | 4794 | SH |  | SOLE |  | 4794 | 0 | 0 |
| TREACE MEDICAL CONCEPTS INC | COM | 89455T109 |  | 21747919 | 945973 | SH |  | SOLE |  | 945973 | 0 | 0 |
| TRANSMEDICS GROUP INC | COM | 89377M109 |  | 27267341 | 441791 | SH |  | SOLE |  | 441791 | 0 | 0 |
| TRINET GROUP IN | COM | 896288107 |  | 21316388 | 314401 | SH |  | SOLE |  | 314401 | 0 | 0 |
| TRINITY CAPITAL INC | COM | 896442308 |  | 4920883 | 450218 | SH |  | SOLE |  | 450218 | 0 | 0 |
| TERRENO REALTY CORP | COM | 88146M101 |  | 7506613 | 131996 | SH |  | SOLE |  | 131996 | 0 | 0 |
| TESLA MOTORS INC | COM | 88160R101 |  | 105812 | 859 | SH |  | SOLE |  | 859 | 0 | 0 |
| TETRA TECH INC | COM | 88162G103 |  | 2323040 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| TETRA TECHNOLOGIES | COM | 88162F105 |  | 8952535 | 2587438 | SH |  | SOLE |  | 2587438 | 0 | 0 |
| TAKE TWO INTERACTIVE SOFTWARE | COM | 874054109 |  | 168378 | 1617 | SH |  | SOLE |  | 1617 | 0 | 0 |
| TWO HARBORS INVESTMENT CORPORATION | COM | 90187B804 |  | 75223 | 4770 | SH |  | SOLE |  | 4770 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 243883 | 460 | SH |  | SOLE |  | 460 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 18865069 | 67838 | SH |  | SOLE |  | 67838 | 0 | 0 |
| UTZ BRANDS INC | COM | 918090101 |  | 5101591 | 321664 | SH |  | SOLE |  | 321664 | 0 | 0 |
| VISA INC-CLASS A | COM | 92826C839 |  | 363372 | 1749 | SH |  | SOLE |  | 1749 | 0 | 0 |
| VISTEON CORP | COM | 92839U206 |  | 11026352 | 84280 | SH |  | SOLE |  | 84280 | 0 | 0 |
| VIAVI SOLUTIONS INC | COM | 925550105 |  | 4606060 | 438255 | SH |  | SOLE |  | 438255 | 0 | 0 |
| VALLEY NATIONAL BANCORP | COM | 919794107 |  | 493116 | 43600 | SH |  | SOLE |  | 43600 | 0 | 0 |
| VARONIS SYSTEMS INC | COM | 922280102 |  | 17661855 | 737755 | SH |  | SOLE |  | 737755 | 0 | 0 |
| WASHINGTON FEDERAL INC | COM | 938824109 |  | 223946 | 6675 | SH |  | SOLE |  | 6675 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 |  | 3057810 | 51340 | SH |  | SOLE |  | 51340 | 0 | 0 |
| WEBSTER FINANCIAL CORPORATION | COM | 947890109 |  | 921710 | 19470 | SH |  | SOLE |  | 19470 | 0 | 0 |
| CACTUS INC | COM | 127203107 |  | 25522933 | 507818 | SH |  | SOLE |  | 507818 | 0 | 0 |
| PETCO HEALTH AND WELLNESS CO | COM | 71601V105 |  | 7097667 | 748699 | SH |  | SOLE |  | 748699 | 0 | 0 |
| WILLSCOT MOBILE MINI HOLDING | COM | 971378104 |  | 349209 | 7731 | SH |  | SOLE |  | 7731 | 0 | 0 |
| WINTRUST FINANCIAL CORP | COM | 97650W108 |  | 398089 | 4710 | SH |  | SOLE |  | 4710 | 0 | 0 |
| YETI HOLDINGS INC | COM | 98585X104 |  | 9119802 | 220765 | SH |  | SOLE |  | 220765 | 0 | 0 |
| ZEVIA PBC | COM | 98955K104 |  | 3862093 | 944277 | SH |  | SOLE |  | 944277 | 0 | 0 |

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