# EDGAR Filing Document

**Accession Number:** 0001015083
**File Stem:** 0001104659-25-073440
**Filing Date:** 2025-8
**Character Count:** 28503
**Document Hash:** bf877f1e06f4b74f72ad91903c70ad82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-073440.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001104659-25-073440

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**EFFECTIVENESS DATE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EMERALD ADVISERS, LLC
- **CENTRAL INDEX KEY:** 0001015083

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** PA

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05618
- **FILM NUMBER:** 251178530

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EMERALD ADVISERS INC/PA
- **DATE OF NAME CHANGE:** 19990406

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

**Form 13F File Number:** 028-05618

**CRD Number (if applicable):** 000107496

**SEC File Number (if applicable):** 801-40263

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  08-04-2025<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:** 248

**Form 13F Information Table Value Total:** $2728375940

      (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 |  | 15935019 | 620281 | SH |  | SOLE |  | 469908 | 0 | 150373 |
| APPLE INC | COM | 037833100 |  | 3562777 | 17365 | SH |  | SOLE |  | 17365 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 |  | 7329151 | 113279 | SH |  | SOLE |  | 78638 | 0 | 34641 |
| ACADIA PHARMACEUTICALS INC | COM | 004225108 |  | 12777162 | 592358 | SH |  | SOLE |  | 448157 | 0 | 144201 |
| ADOBE INC | COM | 00724F101 |  | 30564 | 79 | SH |  | SOLE |  | 79 | 0 | 0 |
| AGILYSYS INC | COM | 00847J105 |  | 38645373 | 337102 | SH |  | SOLE |  | 248612 | 0 | 88490 |
| AMERICAN INTEGRITY INSURANCE GROUP | COM | 026948109 |  | 652661 | 35490 | SH |  | SOLE |  | 35490 | 0 | 0 |
| AAR CORPORATION | COM | 000361105 |  | 23182574 | 337005 | SH |  | SOLE |  | 253079 | 0 | 83926 |
| AKERO THERAPEUTCS INC | COM | 00973Y108 |  | 15564685 | 291692 | SH |  | SOLE |  | 215849 | 0 | 75843 |
| ASTERA LABS INC | COM | 04626A103 |  | 342149 | 3784 | SH |  | SOLE |  | 2486 | 0 | 1298 |
| ALLEGIANT TRAVEL CO | COM | 01748X102 |  | 18997918 | 345731 | SH |  | SOLE |  | 258487 | 0 | 87244 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 632941 | 1941 | SH |  | SOLE |  | 1275 | 0 | 666 |
| AMBARELLA INC | COM | G037AX101 |  | 235059 | 3558 | SH |  | SOLE |  | 3558 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 73157 | 262 | SH |  | SOLE |  | 262 | 0 | 0 |
| AMERICAN SEMICONDUCTOR CORP | COM | 030111207 |  | 18346981 | 500054 | SH |  | SOLE |  | 372409 | 0 | 127645 |
| AMERICAN TOWER CORP | COM | 03027X100 |  | 26080 | 118 | SH |  | SOLE |  | 118 | 0 | 0 |
| AMAZON.COM INC | COM | 023135106 |  | 4005842 | 18259 | SH |  | SOLE |  | 18259 | 0 | 0 |
| ANI PHARMACEUTICALS INC | COM | 00182C103 |  | 81954 | 1256 | SH |  | SOLE |  | 1256 | 0 | 0 |
| APOLLO GLOBAL MANAGEMENT LLC | COM | 03769M106 |  | 513144 | 3617 | SH |  | SOLE |  | 2372 | 0 | 1245 |
| ARHAUS INC | COM | 04035M102 |  | 15002317 | 1730371 | SH |  | SOLE |  | 1286687 | 0 | 443684 |
| ARIS WATER SOLUTION INC | COM | 04041L106 |  | 46449 | 1964 | SH |  | SOLE |  | 1964 | 0 | 0 |
| ARLO TECHNOLOGIES | COM | 04206A101 |  | 29679729 | 1749984 | SH |  | SOLE |  | 1325549 | 0 | 424435 |
| ATEGRITY SPECIALTY HOLDINGS | COM | 04681Y103 |  | 8608473 | 400022 | SH |  | SOLE |  | 298277 | 0 | 101745 |
| ALPHATEC HOLDINGS INC | COM | 02081G201 |  | 18696107 | 1684334 | SH |  | SOLE |  | 1258981 | 0 | 425353 |
| ATI Inc | COM | 01741R102 |  | 27530631 | 318863 | SH |  | SOLE |  | 236200 | 0 | 82663 |
| AEROVIRONMENT INC | COM | 008073108 |  | 72002876 | 252686 | SH |  | SOLE |  | 188834 | 0 | 63852 |
| BROADCOM LTD | COM | 11135F101 |  | 3065504 | 11121 | SH |  | SOLE |  | 11121 | 0 | 0 |
| AXOS FINANCIAL INC | COM | 05465C100 |  | 42095060 | 553591 | SH |  | SOLE |  | 414132 | 0 | 139459 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 1156632 | 1397 | SH |  | SOLE |  | 916 | 0 | 481 |
| AXSOME THERAPEUTICS INC | COM | 05464T104 |  | 11740639 | 112469 | SH |  | SOLE |  | 82631 | 0 | 29838 |
| AUTOZONE INC | COM | 053332102 |  | 831540 | 224 | SH |  | SOLE |  | 175 | 0 | 49 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 44097877 | 1021257 | SH |  | SOLE |  | 757413 | 0 | 263844 |
| BLOOM ENERGY CO | COM | 093712107 |  | 8989040 | 375796 | SH |  | SOLE |  | 286998 | 0 | 88798 |
| BIOHAVEN LTD | COM | G1110E107 |  | 4529437 | 321009 | SH |  | SOLE |  | 238061 | 0 | 82948 |
| BIOGEN IDEC INC | COM | 09062X103 |  | 399502 | 3181 | SH |  | SOLE |  | 2090 | 0 | 1091 |
| BJ'S RESTAURANT INC | COM | 09180C106 |  | 26469119 | 593478 | SH |  | SOLE |  | 443702 | 0 | 149776 |
| BOOT BARN HOLDINGS INC | COM | 099406100 |  | 24716568 | 162609 | SH |  | SOLE |  | 120715 | 0 | 41894 |
| BOWHEAD SPECIALTY HOLDINGS | COM | 10240L102 |  | 9189746 | 244864 | SH |  | SOLE |  | 180796 | 0 | 64068 |
| POPULAR INC | COM | 733174700 |  | 46839 | 425 | SH |  | SOLE |  | 425 | 0 | 0 |
| DUTCH BROS INC | COM | 26701L100 |  | 468540 | 6853 | SH |  | SOLE |  | 4504 | 0 | 2349 |
| BURLINGTON STORES INC | COM | 122017106 |  | 504364 | 2168 | SH |  | SOLE |  | 1448 | 0 | 720 |
| FIRST BUSEY CORP | COM | 319383204 |  | 57418 | 2509 | SH |  | SOLE |  | 2509 | 0 | 0 |
| BALDWIN INSURANCE GROUP INC | COM | 05589G102 |  | 34517275 | 806290 | SH |  | SOLE |  | 606459 | 0 | 199831 |
| BOWMAN CONSULTING GROUP LTD | COM | 103002101 |  | 182074 | 6333 | SH |  | SOLE |  | 6333 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 661524 | 4592 | SH |  | SOLE |  | 3553 | 0 | 1039 |
| CADENCE BANK | COM | 12740C103 |  | 5000873 | 156375 | SH |  | SOLE |  | 116853 | 0 | 39522 |
| CAVA GROUP INC | COM | 148929102 |  | 412559 | 4898 | SH |  | SOLE |  | 3218 | 0 | 1680 |
| CERIBELL INC | COM | 15678C102 |  | 2357526 | 125869 | SH |  | SOLE |  | 95151 | 0 | 30718 |
| COASTAL FINANCIAL CORP | COM | 19046P209 |  | 718872 | 7421 | SH |  | SOLE |  | 7421 | 0 | 0 |
| CNB FINL CORP PA | COM | 126128107 |  | 886488 | 38779 | SH |  | SOLE |  | 2779 | 0 | 36000 |
| COGENT COMMUNICATIONS HOLDINGS | COM | 19239V302 |  | 11725251 | 243212 | SH |  | SOLE |  | 181294 | 0 | 61918 |
| CONFLUENT INC | COM | 20717M103 |  | 401921 | 16122 | SH |  | SOLE |  | 10583 | 0 | 5539 |
| CHURCHILL DOWNS INC | COM | 171484108 |  | 568832 | 5632 | SH |  | SOLE |  | 3702 | 0 | 1930 |
| COGENT BIOSCIENCES INC | COM | 19240Q201 |  | 10380657 | 1445774 | SH |  | SOLE |  | 1028238 | 0 | 417536 |
| COINBASE GLOBAL INC | COM | 19260Q107 |  | 815240 | 2326 | SH |  | SOLE |  | 1514 | 0 | 812 |
| COLLEGIUM PHARMACEUTICAL INC | COM | 19459J104 |  | 24766324 | 837549 | SH |  | SOLE |  | 629333 | 0 | 208216 |
| CENCORA INC | COM | 03073E105 |  | 627586 | 2093 | SH |  | SOLE |  | 1375 | 0 | 718 |
| CORCEPT THERAPEUTICS INC | COM | 218352102 |  | 17766690 | 242053 | SH |  | SOLE |  | 180839 | 0 | 61214 |
| COSTCO WHOLESALE CORP | COM | 22160K105 |  | 742455 | 750 | SH |  | SOLE |  | 750 | 0 | 0 |
| CREDO TECHNOLOGY GROUP HOLDINGS | COM | G25457105 |  | 84397081 | 911514 | SH |  | SOLE |  | 680587 | 0 | 230927 |
| CARPENTER TECHNOLOGY CORP | COM | 144285103 |  | 27297776 | 98769 | SH |  | SOLE |  | 73445 | 0 | 25324 |
| COSTAR GROUP INC | COM | 22160N109 |  | 463345 | 5763 | SH |  | SOLE |  | 3782 | 0 | 1981 |
| COMMVAULT SYSTEMS INC | COM | 204166102 |  | 18552896 | 106424 | SH |  | SOLE |  | 77510 | 0 | 28914 |
| CLEARWATER ANALYTICS HDS | COM | 185123106 |  | 23515693 | 1072307 | SH |  | SOLE |  | 795760 | 0 | 276547 |
| CITIZENS  NORTHERN CORP | COM | 172922106 |  | 43562 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| DELTA AIR LINES INC | COM | 247361702 |  | 110065 | 2238 | SH |  | SOLE |  | 1466 | 0 | 772 |
| DOORDASH INC | COM | 25809K105 |  | 1337563 | 5426 | SH |  | SOLE |  | 4314 | 0 | 1112 |
| DATADOG INC | COM | 23804L103 |  | 1252090 | 9321 | SH |  | SOLE |  | 6946 | 0 | 2375 |
| DECKERS OUTDOOR CORPORATION | COM | 243537107 |  | 449282 | 4359 | SH |  | SOLE |  | 2865 | 0 | 1494 |
| DUOLINGO INC CL A | COM | 26603R106 |  | 392799 | 958 | SH |  | SOLE |  | 734 | 0 | 224 |
| EXCELERATE ENERGY INC | COM | 30069T101 |  | 11739523 | 400393 | SH |  | SOLE |  | 296292 | 0 | 104101 |
| ENTERPRISE FINL SVCS CORP | COM | 293712105 |  | 29203 | 530 | SH |  | SOLE |  | 530 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 371790 | 6375 | SH |  | SOLE |  | 4190 | 0 | 2185 |
| ESCO TECHNOLOGIES INC | COM | 296315104 |  | 17084105 | 89040 | SH |  | SOLE |  | 60908 | 0 | 28132 |
| 89BIO INC | COM | 282559103 |  | 18111713 | 1844370 | SH |  | SOLE |  | 1385090 | 0 | 459280 |
| EVERQUOTE INC | COM | 30041R108 |  | 14981565 | 619585 | SH |  | SOLE |  | 462843 | 0 | 156742 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 268942 | 5061 | SH |  | SOLE |  | 3321 | 0 | 1740 |
| EXPEDIA GROUP INC | COM | 30212P303 |  | 193982 | 1150 | SH |  | SOLE |  | 753 | 0 | 397 |
| NATIONAL VISION HOLDINGS | COM | 63845R107 |  | 37320494 | 1621925 | SH |  | SOLE |  | 1211716 | 0 | 410209 |
| FIRST ADVANTAGE CORP | COM | 31846B108 |  | 23781052 | 1431731 | SH |  | SOLE |  | 1069195 | 0 | 362536 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 282632 | 2057 | SH |  | SOLE |  | 1352 | 0 | 705 |
| FIRST COMMONWEALTH FINANCIAL CORPORATION | COM | 319829107 |  | 65634 | 4044 | SH |  | SOLE |  | 4044 | 0 | 0 |
| FIRST CITIZENS BANCSHARES INC CL A | COM | 31946M103 |  | 223038 | 114 | SH |  | SOLE |  | 75 | 0 | 39 |
| FIRST FINL BANCSHARES INC | COM | 32020R109 |  | 5370807 | 149272 | SH |  | SOLE |  | 111840 | 0 | 37432 |
| FAIR ISAAC CORP | COM | 303250104 |  | 862797 | 472 | SH |  | SOLE |  | 309 | 0 | 163 |
| FIVE BELOW | COM | 33829M101 |  | 11617038 | 88558 | SH |  | SOLE |  | 66121 | 0 | 22437 |
| FLOWCO HOLDINGS INC | COM | 342909108 |  | 3852535 | 216313 | SH |  | SOLE |  | 158127 | 0 | 58186 |
| FABRINET | COM | G3323L100 |  | 40140720 | 136218 | SH |  | SOLE |  | 99638 | 0 | 36580 |
| F N B CORP PA | COM | 302520101 |  | 112251 | 7699 | SH |  | SOLE |  | 7699 | 0 | 0 |
| FORMFACTOR INC | COM | 346375108 |  | 16309755 | 473983 | SH |  | SOLE |  | 354669 | 0 | 119314 |
| SHIFT4 PAYMENTS INC | COM | 82452J109 |  | 28048526 | 283004 | SH |  | SOLE |  | 213435 | 0 | 69569 |
| FRESHPET INC | COM | 358039105 |  | 35419053 | 521175 | SH |  | SOLE |  | 391415 | 0 | 129760 |
| FTAI AVIATION LTD | COM | G3730V105 |  | 1143152 | 9937 | SH |  | SOLE |  | 8500 | 0 | 1437 |
| TECHNIPFMC PLC | COM | G87110105 |  | 940143 | 27298 | SH |  | SOLE |  | 21264 | 0 | 6034 |
| FULTON FINL CORP PA | COM | 360271100 |  | 75436 | 4182 | SH |  | SOLE |  | 4182 | 0 | 0 |
| FORWARD AIR CORP COM | COM | 34986A104 |  | 14356 | 585 | SH |  | SOLE |  | 585 | 0 | 0 |
| FIRST WATCH RESTAURANT GROUP | COM | 33748L101 |  | 6172802 | 384838 | SH |  | SOLE |  | 270611 | 0 | 114227 |
| GBANK FINANCIAL HOLDINGS INC | COM | 36166F100 |  | 320177 | 9042 | SH |  | SOLE |  | 9042 | 0 | 0 |
| GOODRX HOLDINGS INC | COM | 38246G108 |  | 1519 | 305 | SH |  | SOLE |  | 305 | 0 | 0 |
| GENIUS SPORTS LIMITED | COM | G3934V109 |  | 536931 | 51628 | SH |  | SOLE |  | 51628 | 0 | 0 |
| GUARDANT HEALTH INC | COM | 40131M109 |  | 36423941 | 699922 | SH |  | SOLE |  | 525388 | 0 | 174534 |
| GOLAR LNG LIMITED | COM | G9456A100 |  | 230046 | 5585 | SH |  | SOLE |  | 5585 | 0 | 0 |
| GENERAC HOLDINGS INC | COM | 368736104 |  | 303605 | 2120 | SH |  | SOLE |  | 1393 | 0 | 727 |
| ALPHABET INC CLA A | COM | 02079K305 |  | 2897045 | 16439 | SH |  | SOLE |  | 16439 | 0 | 0 |
| CHART INDS INC | COM | 16115Q308 |  | 17946521 | 108998 | SH |  | SOLE |  | 81421 | 0 | 27577 |
| HYATT HOTELS CORPORATION | COM | 448579102 |  | 376636 | 2697 | SH |  | SOLE |  | 1772 | 0 | 925 |
| HEICO CORPORATION | COM | 422806109 |  | 984000 | 3000 | SH |  | SOLE |  | 1968 | 0 | 1032 |
| HOULIHAN LOKEY | COM | 441593100 |  | 62083 | 345 | SH |  | SOLE |  | 345 | 0 | 0 |
| HINGE HEALTH INC | COM | 433313103 |  | 108313 | 2093 | SH |  | SOLE |  | 2093 | 0 | 0 |
| ROBINHOOD MARKETS INC | COM | 770700102 |  | 1036578 | 11071 | SH |  | SOLE |  | 7278 | 0 | 3793 |
| HUBSPOT INC | COM | 443573100 |  | 503194 | 904 | SH |  | SOLE |  | 594 | 0 | 310 |
| INTERDIGITAL INC PA COM | COM | 45867G101 |  | 39127911 | 174499 | SH |  | SOLE |  | 130798 | 0 | 43701 |
| INDIE SEMICONDUCTOR INC | COM | 45569U101 |  | 369361 | 103753 | SH |  | SOLE |  | 103753 | 0 | 0 |
| INFINITY NATURAL RESOURCES | COM | 456941103 |  | 6713636 | 366665 | SH |  | SOLE |  | 273972 | 0 | 92693 |
| INSMED INC | COM | 457669307 |  | 1334889 | 13264 | SH |  | SOLE |  | 10914 | 0 | 2350 |
| IONQ INC | COM | 46222L108 |  | 12949310 | 301357 | SH |  | SOLE |  | 224963 | 0 | 76394 |
| INTEGER HOLDINGS CORP | COM | 45826H109 |  | 12767237 | 103824 | SH |  | SOLE |  | 72541 | 0 | 31283 |
| KALVISTA PHARMACEUTICALS INC | COM | 483497103 |  | 11735144 | 1038049 | SH |  | SOLE |  | 776347 | 0 | 261702 |
| KULICKE AND SOFFA INDUSTRIES | COM | 501242101 |  | 14276721 | 412622 | SH |  | SOLE |  | 319546 | 0 | 93076 |
| KINSALE CAPITAL GROUP INC | COM | 49714P108 |  | 797951 | 1649 | SH |  | SOLE |  | 1109 | 0 | 540 |
| KITE REALTY GROUP INC | COM | 49803T300 |  | 46953 | 2073 | SH |  | SOLE |  | 2073 | 0 | 0 |
| KRATOS DEFENSE AND SECURITY | COM | 50077B207 |  | 70158916 | 1510418 | SH |  | SOLE |  | 1134546 | 0 | 375872 |
| NLIGHT INC | COM | 65487K100 |  | 96137 | 4885 | SH |  | SOLE |  | 4885 | 0 | 0 |
| L3 HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 613053 | 2444 | SH |  | SOLE |  | 1606 | 0 | 838 |
| LIFE360 INC | COM | 532206109 |  | 18350192 | 281229 | SH |  | SOLE |  | 209103 | 0 | 72126 |
| LUMENTUM HOLDINGS INC | COM | 55024U109 |  | 42406456 | 446102 | SH |  | SOLE |  | 336028 | 0 | 110074 |
| LIVANOVA PLC | COM | G5509L101 |  | 24265735 | 538999 | SH |  | SOLE |  | 410818 | 0 | 128181 |
| ELI LILLY  CO | COM | 532457108 |  | 816168 | 1047 | SH |  | SOLE |  | 1047 | 0 | 0 |
| CHENIERE ENERGY INC | COM | 16411R208 |  | 2328051 | 9560 | SH |  | SOLE |  | 7594 | 0 | 1966 |
| LOAR HOLDINGS INC | COM | 53947R105 |  | 998021 | 11582 | SH |  | SOLE |  | 11582 | 0 | 0 |
| LPL FINANCIAL HOLDINGS INC | COM | 50212V100 |  | 749940 | 2000 | SH |  | SOLE |  | 1314 | 0 | 686 |
| LOUISIANA-PACIFIC CORPORATION | COM | 546347105 |  | 14070458 | 163629 | SH |  | SOLE |  | 112232 | 0 | 51397 |
| LIFETIME GROUP HOLDINGS INC | COM | 53190C102 |  | 21313710 | 702727 | SH |  | SOLE |  | 525668 | 0 | 177059 |
| MARATHON DIGITAL HOLDINGS INC | COM | 565788106 |  | 9087673 | 579571 | SH |  | SOLE |  | 431180 | 0 | 148391 |
| MOELIS  CO | COM | 60786M105 |  | 28542934 | 458006 | SH |  | SOLE |  | 328439 | 0 | 129567 |
| MONGODB INC | COM | 60937P106 |  | 814971 | 3881 | SH |  | SOLE |  | 3236 | 0 | 645 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 16072605 | 53108 | SH |  | SOLE |  | 39752 | 0 | 13356 |
| META PLATFORMS INC | COM | 30303M102 |  | 3373809 | 4571 | SH |  | SOLE |  | 4571 | 0 | 0 |
| MIRION TECHNOLOGIES INC | COM | 60471A101 |  | 20781725 | 965245 | SH |  | SOLE |  | 720845 | 0 | 244400 |
| MIRUM PHARMACEUTICALS INC | COM | 604749101 |  | 15560432 | 305766 | SH |  | SOLE |  | 228203 | 0 | 77563 |
| MERIT MED SYS INC | COM | 589889104 |  | 27276529 | 291790 | SH |  | SOLE |  | 218221 | 0 | 73569 |
| MODINE MANUFACTURING CO | COM | 607828100 |  | 31771865 | 322557 | SH |  | SOLE |  | 241457 | 0 | 81100 |
| MID PENN BANCORP INC | COM | 59540G107 |  | 68216 | 2419 | SH |  | SOLE |  | 2419 | 0 | 0 |
| MONOLITHICPOWER SYSTEMS INC | COM | 609839105 |  | 1116086 | 1526 | SH |  | SOLE |  | 1002 | 0 | 524 |
| MERCURY SYSTEMS INC | COM | 589378108 |  | 24598562 | 456713 | SH |  | SOLE |  | 324290 | 0 | 132423 |
| MSCI INC | COM | 55354G100 |  | 502341 | 871 | SH |  | SOLE |  | 576 | 0 | 295 |
| MICROSOFT CORP | COM | 594918104 |  | 6335511 | 12737 | SH |  | SOLE |  | 12737 | 0 | 0 |
| MATADOR RESOURCES CO | COM | 576485205 |  | 297677 | 6238 | SH |  | SOLE |  | 4098 | 0 | 2140 |
| MACOM TECHNOLOGY SOLUTIONS | COM | 55405Y100 |  | 26171632 | 182648 | SH |  | SOLE |  | 136200 | 0 | 46448 |
| MASTEC INC | COM | 576323109 |  | 1493649 | 8764 | SH |  | SOLE |  | 6902 | 0 | 1862 |
| NORWEGIAN CRUISE LINE HOLDINGS LTD | COM | G66721104 |  | 1272509 | 62747 | SH |  | SOLE |  | 52465 | 0 | 10282 |
| CLOUDFLARE INC | COM | 18915M107 |  | 984829 | 5029 | SH |  | SOLE |  | 3300 | 0 | 1729 |
| NETFLIX INC | COM | 64110L106 |  | 1347165 | 1006 | SH |  | SOLE |  | 1006 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 646662 | 629 | SH |  | SOLE |  | 629 | 0 | 0 |
| NAPCO SECURITY | COM | 630402105 |  | 15431674 | 519760 | SH |  | SOLE |  | 373791 | 0 | 145969 |
| NU HOLDINGS LTD | COM | G6683N103 |  | 340750 | 24836 | SH |  | SOLE |  | 16319 | 0 | 8517 |
| NOVOCURE LTD | COM | G6674U108 |  | 8212297 | 461365 | SH |  | SOLE |  | 345389 | 0 | 115976 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 8416201 | 53270 | SH |  | SOLE |  | 53270 | 0 | 0 |
| NORWOOD FINANCIAL CORP | COM | 669549107 |  | 116010 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| OCULAR THERAPEUTIX INC | COM | 67576A100 |  | 192727 | 20768 | SH |  | SOLE |  | 20768 | 0 | 0 |
| ORTHOFIX MEDICAL INC | COM | 68752M108 |  | 1132 | 102 | SH |  | SOLE |  | 102 | 0 | 0 |
| OLLIE'S BARGAIN OUTLET HOLDINGS | COM | 681116109 |  | 40567287 | 307841 | SH |  | SOLE |  | 226717 | 0 | 81124 |
| OMADA HEALTH INC | COM | 68170A108 |  | 5089157 | 278096 | SH |  | SOLE |  | 207556 | 0 | 70540 |
| OLD NATL BANCORP IND | COM | 680033107 |  | 252004 | 11809 | SH |  | SOLE |  | 7763 | 0 | 4046 |
| ONTO INNOVATION INC | COM | 683344105 |  | 13136040 | 130150 | SH |  | SOLE |  | 97188 | 0 | 32962 |
| ORACLE SYS CORP | COM | 68389X105 |  | 445568 | 2038 | SH |  | SOLE |  | 2038 | 0 | 0 |
| ORRSTOWN FINL SVCS INC | COM | 687380105 |  | 292613 | 9193 | SH |  | SOLE |  | 9193 | 0 | 0 |
| ONESPAWORLD HOLDINGS LIMITED | COM | P73684113 |  | 18866113 | 925263 | SH |  | SOLE |  | 683449 | 0 | 241814 |
| PROFICIENT AUTO LOGISTICS INC | COM | 74317M104 |  | 326882 | 45025 | SH |  | SOLE |  | 45025 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 677358 | 3310 | SH |  | SOLE |  | 3310 | 0 | 0 |
| PDF SOLUTIONS INC | COM | 693282105 |  | 20404238 | 954361 | SH |  | SOLE |  | 715494 | 0 | 238867 |
| IMPINJ INC | COM | 453204109 |  | 17540063 | 157919 | SH |  | SOLE |  | 117938 | 0 | 39981 |
| PINTEREST INC | COM | 72352L106 |  | 341064 | 9511 | SH |  | SOLE |  | 6251 | 0 | 3260 |
| PALOMAR HOLDINGS INC | COM | 69753M105 |  | 49536925 | 321147 | SH |  | SOLE |  | 241058 | 0 | 80089 |
| PLANET FITNESS INC | COM | 72703H101 |  | 607627 | 5572 | SH |  | SOLE |  | 3661 | 0 | 1911 |
| PALANTIR TECHNOLOGIES INC | COM | 69608A108 |  | 218248 | 1601 | SH |  | SOLE |  | 1601 | 0 | 0 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 44937 | 407 | SH |  | SOLE |  | 407 | 0 | 0 |
| PURE STORAGE | COM | 74624M102 |  | 715892 | 12433 | SH |  | SOLE |  | 8158 | 0 | 4275 |
| PORTILLOS INC | COM | 73642K106 |  | 15095040 | 1293491 | SH |  | SOLE |  | 961290 | 0 | 332201 |
| PERELLA WEINBERG PARTNERS | COM | 71367G102 |  | 11034561 | 568206 | SH |  | SOLE |  | 430728 | 0 | 137478 |
| QUANTA SVCS INC | COM | 74762E102 |  | 193199 | 511 | SH |  | SOLE |  | 335 | 0 | 176 |
| D-WAVE QUANTUM INC | COM | 26740W109 |  | 8170042 | 558063 | SH |  | SOLE |  | 403270 | 0 | 154793 |
| Q2 HOLDINGS INC | COM | 74736L109 |  | 47919577 | 512016 | SH |  | SOLE |  | 382098 | 0 | 129918 |
| ULTRAGENYX PHARMACEUTICAL INC | COM | 90400D108 |  | 16776577 | 461402 | SH |  | SOLE |  | 349859 | 0 | 111543 |
| ROBLOX CORPORATION | COM | 771049103 |  | 703052 | 6683 | SH |  | SOLE |  | 4390 | 0 | 2293 |
| ROYAL CARIBBEAN CRUISES LTD | COM | V7780T103 |  | 575551 | 1838 | SH |  | SOLE |  | 1208 | 0 | 630 |
| RADNET INC | COM | 750491102 |  | 38263780 | 672356 | SH |  | SOLE |  | 503111 | 0 | 169245 |
| RYMAN HOSPITALITY PROPERTIES | COM | 78377T107 |  | 17715924 | 179547 | SH |  | SOLE |  | 135099 | 0 | 44448 |
| RAMBUS INC | COM | 750917106 |  | 45462074 | 710123 | SH |  | SOLE |  | 519749 | 0 | 190374 |
| ROKU INC | COM | 77543R102 |  | 466784 | 5311 | SH |  | SOLE |  | 3490 | 0 | 1821 |
| RUSH STREET INTERACTIVE INC | COM | 782011100 |  | 17758133 | 1191821 | SH |  | SOLE |  | 863712 | 0 | 328109 |
| RXO INC | COM | 74982T103 |  | 11500752 | 731600 | SH |  | SOLE |  | 547051 | 0 | 184549 |
| SOLARIS ENERGY INFRASTRUCTURE INC | COM | 83418M103 |  | 18059685 | 638377 | SH |  | SOLE |  | 487697 | 0 | 150680 |
| SITIME CORPORATION | COM | 82982T106 |  | 31903190 | 149724 | SH |  | SOLE |  | 110348 | 0 | 39376 |
| SKYWARD SPECIALTY INSURANCE | COM | 830940102 |  | 41479350 | 717760 | SH |  | SOLE |  | 536606 | 0 | 181154 |
| SKYWATER TECHNOLOGY INC | COM | 83089J108 |  | 13411753 | 1362983 | SH |  | SOLE |  | 1029658 | 0 | 333325 |
| SLIDE INSURANCE HOLDINGS INC | COM | 831349105 |  | 707979 | 32686 | SH |  | SOLE |  | 32686 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 56376232 | 672908 | SH |  | SOLE |  | 504918 | 0 | 167990 |
| SUPER MICRO COMPUTER INC | COM | 86800U302 |  | 2318565 | 47308 | SH |  | SOLE |  | 39250 | 0 | 8058 |
| SNOWFLAKE INC CLASS A | COM | 833445109 |  | 23496 | 105 | SH |  | SOLE |  | 105 | 0 | 0 |
| SABLE OFFSHORE CORP | COM | 78574H104 |  | 13443254 | 611613 | SH |  | SOLE |  | 461227 | 0 | 150386 |
| S GLOBAL INC | COM | 78409V104 |  | 480361 | 911 | SH |  | SOLE |  | 604 | 0 | 307 |
| SPROUT SOCIAL INC | COM | 85209W109 |  | 5196741 | 248529 | SH |  | SOLE |  | 174587 | 0 | 73942 |
| SPX TECHNOLOGIES INC | COM | 78473E103 |  | 22654239 | 135104 | SH |  | SOLE |  | 100215 | 0 | 34889 |
| STERIS PUBLIC LIMITED COMPANY | COM | G8473T100 |  | 403329 | 1679 | SH |  | SOLE |  | 1103 | 0 | 576 |
| STERLING INFRASTRUCTURE INC | COM | 859241101 |  | 12679767 | 54955 | SH |  | SOLE |  | 40016 | 0 | 14939 |
| SAVARA INC | COM | 805111101 |  | 8058359 | 3534368 | SH |  | SOLE |  | 2615409 | 0 | 918959 |
| LATHAM GROUP INC | COM | 51819L107 |  | 6267310 | 982337 | SH |  | SOLE |  | 736058 | 0 | 246279 |
| SPYRE THERAPEUTICS | COM | 00773J202 |  | 8470969 | 565863 | SH |  | SOLE |  | 430675 | 0 | 135188 |
| THE BANCORP INC | COM | 05969A105 |  | 35686749 | 626413 | SH |  | SOLE |  | 470443 | 0 | 155970 |
| TELEDYNE TECHNOLOGIES INC | COM | 879360105 |  | 687520 | 1342 | SH |  | SOLE |  | 881 | 0 | 461 |
| TENABLE HOLDING | COM | 88025T102 |  | 20909685 | 618996 | SH |  | SOLE |  | 457337 | 0 | 161659 |
| TEVA PHARMACEUTICAL INDUSTRIES LIMITED | COM | 881624209 |  | 687747 | 41035 | SH |  | SOLE |  | 26963 | 0 | 14072 |
| MILLICOM INTL CELLULAR S A  SHS NEW | COM | L6388F110 |  | 824 | 22 | SH |  | SOLE |  | 22 | 0 | 0 |
| TJX COS. | COM | 872540109 |  | 963222 | 7800 | SH |  | SOLE |  | 7800 | 0 | 0 |
| TRANSMEDICS GROUP INC | COM | 89377M109 |  | 58874479 | 439329 | SH |  | SOLE |  | 329991 | 0 | 109338 |
| LENDINGTREE INC | COM | 52603B107 |  | 14159924 | 381978 | SH |  | SOLE |  | 289209 | 0 | 92769 |
| TARGA RESOURCES CORP | COM | 87612G101 |  | 860129 | 4941 | SH |  | SOLE |  | 3246 | 0 | 1695 |
| TRINITY CAPITAL INC | COM | 896442308 |  | 11674020 | 829710 | SH |  | SOLE |  | 628990 | 0 | 200720 |
| TERRENO REALTY CORP | COM | 88146M101 |  | 59771 | 1066 | SH |  | SOLE |  | 1066 | 0 | 0 |
| TRACTOR SUPPLY COMPANY | COM | 892356106 |  | 414245 | 7850 | SH |  | SOLE |  | 5150 | 0 | 2700 |
| TESLA MOTORS INC | COM | 88160R101 |  | 492373 | 1550 | SH |  | SOLE |  | 1550 | 0 | 0 |
| THE TRADE DESK | COM | 88339J105 |  | 282273 | 3921 | SH |  | SOLE |  | 2576 | 0 | 1345 |
| TETRA TECHNOLOGIES | COM | 88162F105 |  | 718066 | 213710 | SH |  | SOLE |  | 213710 | 0 | 0 |
| TTM TECHNOLOGIES INC | COM | 87305R109 |  | 57283400 | 1403317 | SH |  | SOLE |  | 1047932 | 0 | 355385 |
| TAKE TWO INTERACTIVE SOFTWARE | COM | 874054109 |  | 1504699 | 6196 | SH |  | SOLE |  | 4731 | 0 | 1465 |
| TRAVERE THERAPEUTICS INC | COM | 89422G107 |  | 30952128 | 2091360 | SH |  | SOLE |  | 1567778 | 0 | 523582 |
| TWILIO INC | COM | 90138F102 |  | 257674 | 2072 | SH |  | SOLE |  | 1396 | 0 | 676 |
| TEXAS ROADHOUSE INC CL A | COM | 882681109 |  | 225454 | 1203 | SH |  | SOLE |  | 790 | 0 | 413 |
| URANIUM ENERGY CORPORATION | COM | 916896103 |  | 279405 | 41089 | SH |  | SOLE |  | 41089 | 0 | 0 |
| UMB FINANCIAL CORP | COM | 902788108 |  | 22407621 | 213081 | SH |  | SOLE |  | 153204 | 0 | 59877 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 249132 | 867 | SH |  | SOLE |  | 569 | 0 | 298 |
| UTZ BRANDS INC | COM | 918090101 |  | 5469842 | 435844 | SH |  | SOLE |  | 320341 | 0 | 115503 |
| VISA INC-CLASS A | COM | 92826C839 |  | 773299 | 2178 | SH |  | SOLE |  | 2178 | 0 | 0 |
| VEEVA SYSTEMS INC | COM | 922475108 |  | 771498 | 2679 | SH |  | SOLE |  | 1758 | 0 | 921 |
| VITAL FARMS INC | COM | 92847W103 |  | 39106467 | 1015225 | SH |  | SOLE |  | 755996 | 0 | 259229 |
| VARONIS SYSTEMS INC | COM | 922280102 |  | 47842177 | 942703 | SH |  | SOLE |  | 712267 | 0 | 230436 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 383768 | 1232 | SH |  | SOLE |  | 807 | 0 | 425 |
| VERTIV HOLDINGS | COM | 92537N108 |  | 1108820 | 8635 | SH |  | SOLE |  | 5674 | 0 | 2961 |
| VSE CORPORATION | COM | 918284100 |  | 29704168 | 226784 | SH |  | SOLE |  | 169582 | 0 | 57202 |
| VISTRA CORP | COM | 92840M102 |  | 854896 | 4411 | SH |  | SOLE |  | 2899 | 0 | 1512 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 |  | 459224 | 5889 | SH |  | SOLE |  | 3871 | 0 | 2018 |
| CACTUS INC | COM | 127203107 |  | 30604 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| WESBANCO INC | COM | 950810101 |  | 12130959 | 383527 | SH |  | SOLE |  | 279846 | 0 | 103681 |
| WAVE LIFE SCIENCES LTD | COM | Y95308105 |  | 21171274 | 3257119 | SH |  | SOLE |  | 2456313 | 0 | 800806 |
| XPO LOGISTICS | COM | 983793100 |  | 328733 | 2603 | SH |  | SOLE |  | 1711 | 0 | 892 |
| ZSCALER INC | COM | 98980G102 |  | 978237 | 3116 | SH |  | SOLE |  | 2047 | 0 | 1069 |
| ZEVIA PBC | COM | 98955K104 |  | 418140 | 129857 | SH |  | SOLE |  | 129857 | 0 | 0 |

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