# EDGAR Filing Document

**Accession Number:** 0001158202
**File Stem:** 0001420506-25-002135
**Filing Date:** 2025-8
**Character Count:** 19605
**Document Hash:** f40df92ffde41fadbefa05e803f82699
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-002135.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001420506-25-002135

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Penn Capital Management Company, LLC
- **CENTRAL INDEX KEY:** 0001158202

**ORGANIZATION NAME:**
- **EIN:** 222796848
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11296
- **FILM NUMBER:** 251216801

**BUSINESS ADDRESS:**
- **STREET 1:** 1200 INTREPID AVENUE
- **STREET 2:** SUITE 400
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19112
- **BUSINESS PHONE:** 2153021500

**MAIL ADDRESS:**
- **STREET 1:** 1200 INTREPID AVENUE
- **STREET 2:** SUITE 400
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENN CAPITAL MANAGEMENT CO INC
- **DATE OF NAME CHANGE:** 20010827

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 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:** Penn Capital Management Company LLC<br>**Address:** 1200 INTREPID AVENUE<br>SUITE 400<br>PHILADELPHIA, PA 19112

**Form 13F File Number:** 028-11296

**CRD Number (if applicable):** 000105081

**SEC File Number (if applicable):** 801-31452

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Marty Keane<br>**Title:** Chief Compliance Officer<br>**Phone:** 215-302-1568

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

Marty Keane Chief Compliance Officer  PHILADELPHIA, PA  08-12-2025<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:** 157

**Form 13F Information Table Value Total:** $1156403010

      (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 |
| ACADEMY SPORTS  OUTDOORS IN | COM | 00402L107 |  | 11917289 | 265661 | SH |  | SOLE |  | 265661 | 0 | 0 |
| ADDUS HOMECARE CORP | COM | 006739106 |  | 1469364 | 12756 | SH |  | SOLE |  | 12756 | 0 | 0 |
| AFFILIATED MANAGERS GROUP IN | COM | 008252108 |  | 1523488 | 7606 | SH |  | SOLE |  | 7606 | 0 | 0 |
| AGILYSYS INC | COM | 00847J105 |  | 18155893 | 157944 | SH |  | SOLE |  | 157944 | 0 | 0 |
| ALPHATEC HLDGS INC | COM NEW | 02081G201 |  | 19196792 | 1725250 | SH |  | SOLE |  | 1725250 | 0 | 0 |
| AMALGAMATED FINANCIAL CORP | COM | 022671101 |  | 357365 | 11454 | SH |  | SOLE |  | 11454 | 0 | 0 |
| AMENTUM HOLDINGS INC | COM | 023939101 |  | 23756902 | 1003472 | SH |  | SOLE |  | 1003472 | 0 | 0 |
| AMERICAN WOODMARK CORPORATIO | COM | 030506109 |  | 1539938 | 28854 | SH |  | SOLE |  | 28854 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 |  | 20417637 | 314806 | SH |  | SOLE |  | 314806 | 0 | 0 |
| ANI PHARMACEUTICALS INC | COM | 00182C103 |  | 389999 | 5977 | SH |  | SOLE |  | 5977 | 0 | 0 |
| AQUESTIVE THERAPEUTICS INC | COM | 03843E104 |  | 288351 | 87115 | SH |  | SOLE |  | 87115 | 0 | 0 |
| ARTIVION INC | COM | 228903100 |  | 505593 | 16257 | SH |  | SOLE |  | 16257 | 0 | 0 |
| ASP ISOTOPES INC | COM | 00218A105 |  | 137374 | 18665 | SH |  | SOLE |  | 18665 | 0 | 0 |
| ASPEN AEROGELS INC | COM | 04523Y105 |  | 4420341 | 745877 | SH |  | SOLE |  | 745877 | 0 | 0 |
| BANC OF CALIFORNIA INC | COM | 05990K106 |  | 12605898 | 896239 | SH |  | SOLE |  | 896239 | 0 | 0 |
| BANDWIDTH INC | COM CL A | 05988J103 |  | 1130617 | 71108 | SH |  | SOLE |  | 71108 | 0 | 0 |
| BANK7 CORP | COM | 06652N107 |  | 711654 | 17013 | SH |  | SOLE |  | 17013 | 0 | 0 |
| BEAZER HOMES USA INC | COM NEW | 07556Q881 |  | 414315 | 18521 | SH |  | SOLE |  | 18521 | 0 | 0 |
| BGC GROUP INC | CL A | 088929104 |  | 22958463 | 2238373 | SH |  | SOLE |  | 2238373 | 0 | 0 |
| BLACKBAUD INC | COM | 09227Q100 |  | 12103673 | 187988 | SH |  | SOLE |  | 187988 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 |  | 12659173 | 161635 | SH |  | SOLE |  | 161635 | 0 | 0 |
| BRANDYWINE RLTY TR | SH BEN INT NEW | 105368203 |  | 8180095 | 1901748 | SH |  | SOLE |  | 1901748 | 0 | 0 |
| BRIGHTVIEW HLDGS INC | COM | 10948C107 |  | 14498597 | 870001 | SH |  | SOLE |  | 870001 | 0 | 0 |
| BUSINESS FIRST BANCSHARES IN | COM | 12326C105 |  | 519622 | 21080 | SH |  | SOLE |  | 21080 | 0 | 0 |
| CABLE ONE INC | NOTE         3/1 | 12685JAE5 |  | 274369 | 290000 | PRN |  | SOLE |  | 290000 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 16011721 | 562471 | SH |  | SOLE |  | 562471 | 0 | 0 |
| CALAVO GROWERS INC | COM | 128246105 |  | 2596194 | 97638 | SH |  | SOLE |  | 97638 | 0 | 0 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 |  | 12140453 | 265534 | SH |  | SOLE |  | 265534 | 0 | 0 |
| CALIX INC | COM | 13100M509 |  | 16846084 | 315847 | SH |  | SOLE |  | 315847 | 0 | 0 |
| CAMTEK LTD | ORD | M20791105 |  | 18156558 | 214151 | SH |  | SOLE |  | 214151 | 0 | 0 |
| CARPENTER TECHNOLOGY CORP | COM | 144285103 |  | 15442968 | 55708 | SH |  | SOLE |  | 55708 | 0 | 0 |
| CENTURI HOLDINGS INC | COM SHS | 155923105 |  | 2015359 | 89811 | SH |  | SOLE |  | 89811 | 0 | 0 |
| CHART INDS INC | COM | 16115Q308 |  | 17977675 | 108881 | SH |  | SOLE |  | 108881 | 0 | 0 |
| CHEFS WHSE INC | COM | 163086101 |  | 15789069 | 246781 | SH |  | SOLE |  | 246781 | 0 | 0 |
| CIVISTA BANCSHARES INC | COM NO PAR | 178867107 |  | 310416 | 13380 | SH |  | SOLE |  | 13380 | 0 | 0 |
| CLEAR CHANNEL OUTDOOR HLDGS | COM | 18453H106 |  | 5707003 | 4872296 | SH |  | SOLE |  | 4872296 | 0 | 0 |
| CLEARFIELD INC | COM | 18482P103 |  | 293669 | 6765 | SH |  | SOLE |  | 6765 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 11341862 | 1278733 | SH |  | SOLE |  | 1278733 | 0 | 0 |
| COMMERCIAL METALS CO | COM | 201723103 |  | 11305548 | 230397 | SH |  | SOLE |  | 230397 | 0 | 0 |
| COVENANT LOGISTICS GROUP INC | CL A | 22284P105 |  | 410473 | 17025 | SH |  | SOLE |  | 17025 | 0 | 0 |
| DIME CMNTY BANCSHARES INC | COM | 25432X102 |  | 13125615 | 486074 | SH |  | SOLE |  | 486074 | 0 | 0 |
| DIVERSIFIED ENERGY COMPANY P | SHS NEW | G2891G204 |  | 650761 | 44360 | SH |  | SOLE |  | 44360 | 0 | 0 |
| DNOW INC | COM | 67011P100 |  | 15396812 | 1035515 | SH |  | SOLE |  | 1035515 | 0 | 0 |
| DOLE PLC | ORD SHS | G27907107 |  | 1804486 | 128984 | SH |  | SOLE |  | 128984 | 0 | 0 |
| DOUBLEDOWN INTERACTIVE CO LT | ADS | 25862B109 |  | 194462 | 20320 | SH |  | SOLE |  | 20320 | 0 | 0 |
| DRAFTKINGS INC NEW | COM CL A | 26142V105 |  | 2365926 | 54150 | SH |  | SOLE |  | 54150 | 0 | 0 |
| DUCOMMUN INC DEL | COM | 264147109 |  | 427776 | 5177 | SH |  | SOLE |  | 5177 | 0 | 0 |
| DYCOM INDS INC | COM | 267475101 |  | 22787549 | 93141 | SH |  | SOLE |  | 93141 | 0 | 0 |
| ETORO GROUP LTD | SHS CL A | G32089107 |  | 12280259 | 183949 | SH |  | SOLE |  | 183949 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 2049594 | 17228 | SH |  | SOLE |  | 17228 | 0 | 0 |
| EXTREME NETWORKS | COM | 30226D106 |  | 20124413 | 1118021 | SH |  | SOLE |  | 1118021 | 0 | 0 |
| EZCORP INC | CL A NON VTG | 302301106 |  | 2998746 | 216048 | SH |  | SOLE |  | 216048 | 0 | 0 |
| FB FINL CORP | COM | 30257X104 |  | 12566074 | 277096 | SH |  | SOLE |  | 277096 | 0 | 0 |
| FIRST COMWLTH FINL CORP PA | COM | 319829107 |  | 362546 | 22338 | SH |  | SOLE |  | 22338 | 0 | 0 |
| FIRST WATCH RESTAURANT GROUP | COM | 33748L101 |  | 16175531 | 1005891 | SH |  | SOLE |  | 1005891 | 0 | 0 |
| FLOOR  DECOR HLDGS INC | CL A | 339750101 |  | 826871 | 10669 | SH |  | SOLE |  | 10669 | 0 | 0 |
| FLOWCO HLDGS INC | COM CL A | 342909108 |  | 284728 | 15987 | SH |  | SOLE |  | 15987 | 0 | 0 |
| FORTUNA MNG CORP | COM NEW | 349942102 |  | 2293068 | 350622 | SH |  | SOLE |  | 350622 | 0 | 0 |
| FORWARD AIR CORP | COM | 34986A104 |  | 255142 | 10397 | SH |  | SOLE |  | 10397 | 0 | 0 |
| FOX FACTORY HLDG CORP | COM | 35138V102 |  | 2979987 | 114880 | SH |  | SOLE |  | 114880 | 0 | 0 |
| FULLER H B CO | COM | 359694106 |  | 7815665 | 129578 | SH |  | SOLE |  | 129578 | 0 | 0 |
| GCM GROSVENOR INC | COM CL A | 36831E108 |  | 7833414 | 676897 | SH |  | SOLE |  | 676897 | 0 | 0 |
| GENIUS SPORTS LIMITED | SHARES CL A | G3934V109 |  | 470912 | 45280 | SH |  | SOLE |  | 45280 | 0 | 0 |
| GILAT SATELLITE NETWORKS LTD | SHS NEW | M51474118 |  | 1565855 | 220854 | SH |  | SOLE |  | 220854 | 0 | 0 |
| GLOBAL WTR RES INC | COM | 379463102 |  | 1316945 | 129239 | SH |  | SOLE |  | 129239 | 0 | 0 |
| GOGO INC | COM | 38046C109 |  | 453201 | 30872 | SH |  | SOLE |  | 30872 | 0 | 0 |
| GOLDEN ENTMT INC | COM | 381013101 |  | 20068561 | 680167 | SH |  | SOLE |  | 680167 | 0 | 0 |
| GRAY MEDIA INC | COM | 389375106 |  | 10233849 | 2253582 | SH |  | SOLE |  | 2253582 | 0 | 0 |
| GUARDIAN PHARMACY SVCS INC | CL A | 40145W101 |  | 11366263 | 532787 | SH |  | SOLE |  | 532787 | 0 | 0 |
| GULFPORT ENERGY CORP | COMMON SHARES | 402635502 |  | 22108717 | 109599 | SH |  | SOLE |  | 109599 | 0 | 0 |
| GXO LOGISTICS INCORPORATED | COMMON STOCK | 36262G101 |  | 10940289 | 224056 | SH |  | SOLE |  | 224056 | 0 | 0 |
| HEALTHEQUITY INC | COM | 42226A107 |  | 1531237 | 14359 | SH |  | SOLE |  | 14359 | 0 | 0 |
| HERITAGE FINL CORP WASH | COM | 42722X106 |  | 571540 | 23974 | SH |  | SOLE |  | 23974 | 0 | 0 |
| HNI CORP | COM | 404251100 |  | 8884941 | 180145 | SH |  | SOLE |  | 180145 | 0 | 0 |
| INSPIRED ENTMT INC | COM | 45782N108 |  | 491899 | 60208 | SH |  | SOLE |  | 60208 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 991657 | 4595 | SH |  | SOLE |  | 4595 | 0 | 0 |
| KNIFE RIVER CORP | COMMON STOCK | 498894104 |  | 14817660 | 180984 | SH |  | SOLE |  | 180984 | 0 | 0 |
| KYNDRYL HLDGS INC | COMMON STOCK | 50155Q100 |  | 15606877 | 370842 | SH |  | SOLE |  | 370842 | 0 | 0 |
| LAZARD INC | COM | 52110M109 |  | 11148931 | 231724 | SH |  | SOLE |  | 231724 | 0 | 0 |
| LEONARDO DRS INC | COM | 52661A108 |  | 2150419 | 45474 | SH |  | SOLE |  | 45474 | 0 | 0 |
| LESLIES INC | COM | 527064109 |  | 289957 | 690538 | SH |  | SOLE |  | 690538 | 0 | 0 |
| LIFE TIME GROUP HOLDINGS INC | COMMON STOCK | 53190C102 |  | 15904736 | 522947 | SH |  | SOLE |  | 522947 | 0 | 0 |
| LIGAND PHARMACEUTICALS INC | COM NEW | 53220K504 |  | 13700617 | 120384 | SH |  | SOLE |  | 120384 | 0 | 0 |
| LIMONEIRA CO | COM | 532746104 |  | 210649 | 13460 | SH |  | SOLE |  | 13460 | 0 | 0 |
| LINDBLAD EXPEDITIONS HLDGS I | COM | 535219109 |  | 11134965 | 953121 | SH |  | SOLE |  | 953121 | 0 | 0 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 22968748 | 240991 | SH |  | SOLE |  | 240991 | 0 | 0 |
| MACH NATURAL RESOURCES LP | COM UNIT LTD PAR | 55445L100 |  | 481921 | 33374 | SH |  | SOLE |  | 33374 | 0 | 0 |
| MAGNITE INC | COM | 55955D100 |  | 18086739 | 747834 | SH |  | SOLE |  | 747834 | 0 | 0 |
| MAMAS CREATIONS INC | COM | 56146T103 |  | 464244 | 55933 | SH |  | SOLE |  | 55933 | 0 | 0 |
| MARTEN TRANS LTD | COM | 573075108 |  | 1289296 | 99253 | SH |  | SOLE |  | 99253 | 0 | 0 |
| MASTEC INC | COM | 576323109 |  | 2342511 | 13507 | SH |  | SOLE |  | 13507 | 0 | 0 |
| MIDDLESEX WTR CO | COM | 596680108 |  | 936393 | 17283 | SH |  | SOLE |  | 17283 | 0 | 0 |
| MIRUM PHARMACEUTICALS INC | COM | 604749101 |  | 17462612 | 342256 | SH |  | SOLE |  | 342256 | 0 | 0 |
| MISSION PRODUCE INC | COM | 60510V108 |  | 2232918 | 190522 | SH |  | SOLE |  | 190522 | 0 | 0 |
| MRC GLOBAL INC | COM | 55345K103 |  | 277340 | 20229 | SH |  | SOLE |  | 20229 | 0 | 0 |
| MSC INDL DIRECT INC | CL A | 553530106 |  | 1498726 | 17319 | SH |  | SOLE |  | 17319 | 0 | 0 |
| NATIONAL ENERGY SERVICES REU | SHS | G6375R107 |  | 314419 | 52229 | SH |  | SOLE |  | 52229 | 0 | 0 |
| NEWMARK GROUP INC | CL A | 65158N102 |  | 20555255 | 1687380 | SH |  | SOLE |  | 1687380 | 0 | 0 |
| NEXSTAR MEDIA GROUP INC | COMMON STOCK | 65336K103 |  | 17292702 | 99648 | SH |  | SOLE |  | 99648 | 0 | 0 |
| NORTHERN OIL  GAS INC | COM | 665531307 |  | 14661232 | 515934 | SH |  | SOLE |  | 515934 | 0 | 0 |
| NORTHWEST NAT HLDG CO | COM | 66765N105 |  | 2933878 | 73864 | SH |  | SOLE |  | 73864 | 0 | 0 |
| NORWEGIAN CRUISE LINE HLDG L | SHS | G66721104 |  | 9393671 | 461388 | SH |  | SOLE |  | 461388 | 0 | 0 |
| ODDITY TECH LTD | SHS CL A | M7518J104 |  | 13164492 | 173960 | SH |  | SOLE |  | 173960 | 0 | 0 |
| OFG BANCORP | COM | 67103X102 |  | 794668 | 18567 | SH |  | SOLE |  | 18567 | 0 | 0 |
| ONEMAIN HLDGS INC | COM | 68268W103 |  | 12913403 | 225917 | SH |  | SOLE |  | 225917 | 0 | 0 |
| ONESPAN INC | COM | 68287N100 |  | 2663707 | 159599 | SH |  | SOLE |  | 159599 | 0 | 0 |
| ONESPAWORLD HOLDINGS LIMITED | COM | P73684113 |  | 587110 | 28794 | SH |  | SOLE |  | 28794 | 0 | 0 |
| ORION S.A. | COM | L72967109 |  | 1495370 | 142552 | SH |  | SOLE |  | 142552 | 0 | 0 |
| OUSTER INC | COM NEW | 68989M202 |  | 16698172 | 687866 | SH |  | SOLE |  | 687866 | 0 | 0 |
| PARK AEROSPACE CORP | COM | 70014A104 |  | 1755178 | 118834 | SH |  | SOLE |  | 118834 | 0 | 0 |
| PDF SOLUTIONS INC | COM | 693282105 |  | 2451645 | 114670 | SH |  | SOLE |  | 114670 | 0 | 0 |
| PEGASYSTEMS INC | COM | 705573103 |  | 12027022 | 221577 | SH |  | SOLE |  | 221577 | 0 | 0 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 12035712 | 672791 | SH |  | SOLE |  | 672791 | 0 | 0 |
| PENNANT GROUP INC | COM | 70805E109 |  | 1977294 | 66241 | SH |  | SOLE |  | 66241 | 0 | 0 |
| PERELLA WEINBERG PARTNERS | CLASS A COM | 71367G102 |  | 11330091 | 582810 | SH |  | SOLE |  | 582810 | 0 | 0 |
| PERFORMANCE FOOD GROUP CO | COM | 71377A103 |  | 917325 | 10291 | SH |  | SOLE |  | 10291 | 0 | 0 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 8132315 | 73350 | SH |  | SOLE |  | 73350 | 0 | 0 |
| POPULAR INC | COM NEW | 733174700 |  | 15888333 | 143703 | SH |  | SOLE |  | 143703 | 0 | 0 |
| PORTILLOS INC | COM CL A | 73642K106 |  | 675063 | 57846 | SH |  | SOLE |  | 57846 | 0 | 0 |
| PROS HOLDINGS INC | COM | 74346Y103 |  | 1825408 | 116565 | SH |  | SOLE |  | 116565 | 0 | 0 |
| PURSUIT ATTRACTIONS AND HOSP | COM | 92552R406 |  | 9710255 | 336455 | SH |  | SOLE |  | 336455 | 0 | 0 |
| QUAKER HOUGHTON | COM | 747316107 |  | 2212158 | 19762 | SH |  | SOLE |  | 19762 | 0 | 0 |
| RADNET INC | COM | 750491102 |  | 16047884 | 281256 | SH |  | SOLE |  | 281256 | 0 | 0 |
| RAMBUS INC DEL | COM | 750917106 |  | 18377076 | 286263 | SH |  | SOLE |  | 286263 | 0 | 0 |
| RIBBON COMMUNICATIONS INC | COM | 762544104 |  | 480458 | 119815 | SH |  | SOLE |  | 119815 | 0 | 0 |
| RISKIFIED LTD | SHS CL A | M8216R109 |  | 1591890 | 319016 | SH |  | SOLE |  | 319016 | 0 | 0 |
| RUSH STREET INTERACTIVE INC | COM | 782011100 |  | 16291425 | 1092190 | SH |  | SOLE |  | 1092190 | 0 | 0 |
| RXO INC | COMMON STOCK | 74982T103 |  | 15835873 | 1004868 | SH |  | SOLE |  | 1004868 | 0 | 0 |
| RYMAN HOSPITALITY PPTYS INC | COM | 78377T107 |  | 15777592 | 159474 | SH |  | SOLE |  | 159474 | 0 | 0 |
| SABLE OFFSHORE CORP | COM SHS | 78574H104 |  | 657158 | 29898 | SH |  | SOLE |  | 29898 | 0 | 0 |
| SCRIPPS E W CO OHIO | CL A NEW | 811054402 |  | 4208533 | 1429966 | SH |  | SOLE |  | 1429966 | 0 | 0 |
| SELECT WATER SOLUTIONS INC | CL A COM | 81617J301 |  | 9089259 | 1050904 | SH |  | SOLE |  | 1050904 | 0 | 0 |
| SENTINELONE INC | CL A | 81730H109 |  | 1277243 | 68780 | SH |  | SOLE |  | 68780 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 |  | 1599211 | 15852 | SH |  | SOLE |  | 15852 | 0 | 0 |
| SILICON MOTION TECHNOLOGY CO | SPONSORED ADR | 82706C108 |  | 427642 | 5689 | SH |  | SOLE |  | 5689 | 0 | 0 |
| SIMILARWEB LTD | SHS | M84137104 |  | 3231381 | 412166 | SH |  | SOLE |  | 412166 | 0 | 0 |
| SOLARIS ENERGY INFRAS INC | COM CL A | 83418M103 |  | 403981 | 14280 | SH |  | SOLE |  | 14280 | 0 | 0 |
| SPORTRADAR GROUP AG | CLASS A ORD SHS | H8088L103 |  | 15537482 | 551783 | SH |  | SOLE |  | 551783 | 0 | 0 |
| STAGWELL INC | COM CL A | 85256A109 |  | 11642816 | 2580078 | SH |  | SOLE |  | 2580078 | 0 | 0 |
| STRATASYS LTD | SHS | M85548101 |  | 1452928 | 126672 | SH |  | SOLE |  | 126672 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 232616 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| TAT TECHNOLOGIES LTD | ORD NEW | M8740S227 |  | 939197 | 30753 | SH |  | SOLE |  | 30753 | 0 | 0 |
| TENNANT CO | COM | 880345103 |  | 2457201 | 31714 | SH |  | SOLE |  | 31714 | 0 | 0 |
| TEXAS CAP BANCSHARES INC | COM | 88224Q107 |  | 16837897 | 211478 | SH |  | SOLE |  | 211478 | 0 | 0 |
| TG THERAPEUTICS INC | COM | 88322Q108 |  | 15999562 | 443365 | SH |  | SOLE |  | 443365 | 0 | 0 |
| THERMON GROUP HLDGS INC | COM | 88362T103 |  | 222674 | 7930 | SH |  | SOLE |  | 7930 | 0 | 0 |
| THIRD COAST BANCSHARES INC | COM | 88422P109 |  | 553495 | 16942 | SH |  | SOLE |  | 16942 | 0 | 0 |
| TRANSOCEAN LTD | REGISTERED SHS | H8817H100 |  | 8271985 | 3186056 | SH |  | SOLE |  | 3186056 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | COM | 89422G107 |  | 285995 | 19324 | SH |  | SOLE |  | 19324 | 0 | 0 |
| TREEHOUSE FOODS INC | COM | 89469A104 |  | 1737236 | 89456 | SH |  | SOLE |  | 89456 | 0 | 0 |
| UNITED PARKS  RESORTS INC | COM | 81282V100 |  | 14394534 | 304502 | SH |  | SOLE |  | 304502 | 0 | 0 |
| V2X INC | COM | 92242T101 |  | 276347 | 5692 | SH |  | SOLE |  | 5692 | 0 | 0 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 2018179 | 10262 | SH |  | SOLE |  | 10262 | 0 | 0 |
| VSE CORP | COM | 918284100 |  | 375913 | 2870 | SH |  | SOLE |  | 2870 | 0 | 0 |
| WAYSTAR HLDG CORP | COM | 946784105 |  | 20344538 | 496466 | SH |  | SOLE |  | 496466 | 0 | 0 |
| WEATHERFORD INTL PLC | ORD SHS | G48833118 |  | 15170913 | 300752 | SH |  | SOLE |  | 300752 | 0 | 0 |
| YORK WTR CO | COM | 987184108 |  | 1869614 | 59165 | SH |  | SOLE |  | 59165 | 0 | 0 |

---