# EDGAR Filing Document

**Accession Number:** 0001105907
**File Stem:** 0001105907-25-000015
**Filing Date:** 2025-11
**Character Count:** 19539
**Document Hash:** 3e1882ceea7856e4728daa38f92cef54
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001105907-25-000015.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001105907-25-000015

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARD ASSOCIATES INC
- **CENTRAL INDEX KEY:** 0001105907

**ORGANIZATION NAME:**
- **EIN:** 363452497
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11597
- **FILM NUMBER:** 251484201

**BUSINESS ADDRESS:**
- **STREET 1:** 233 SOUTH WACKER DRIVE
- **STREET 2:** SUITE 4400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3127829600

**MAIL ADDRESS:**
- **STREET 1:** 233 SOUTH WACKER DRIVE
- **STREET 2:** SUITE 4400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

### 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:** BARD ASSOCIATES INC<br>**Address:** 233 SOUTH WACKER DRIVE<br>SUITE 4400<br>CHICAGO, IL 60606

**Form 13F File Number:** 028-11597

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:** Molly Wheeler<br>**Title:** Compliance Consultant<br>**Phone:** (720) 343-1278

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

Molly Wheeler  Broomfield, CO  11-14-2025<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:** 160

**Form 13F Information Table Value Total:** $376816195

      (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 |
| ACME UTD CORP | COM | 004816104 |  | 4546543 | 110407 | SH |  | SOLE |  | 0 | 0 | 110407 |
| ALICO INC | COM | 016230104 |  | 1947255 | 56102 | SH |  | SOLE |  | 0 | 0 | 56102 |
| AVINO SILVER  GOLD MINES LT | COM | 053906103 |  | 3038574 | 578776 | SH |  | SOLE |  | 0 | 0 | 578776 |
| BRT APARTMENTS CORP | COM | 055645303 |  | 997659 | 62770 | SH |  | SOLE |  | 0 | 0 | 62770 |
| BALCHEM CORP | COM | 057665200 |  | 240096 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1526822 | 3037 | SH |  | SOLE |  | 0 | 0 | 3037 |
| CECO ENVIRONMENTAL CORP | COM | 125141101 |  | 359629 | 7024 | SH |  | SOLE |  | 0 | 0 | 7024 |
| CALLAN JMB INC | COM | 131100109 |  | 1925819 | 394635 | SH |  | SOLE |  | 0 | 0 | 394635 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 |  | 270474 | 12373 | SH |  | SOLE |  | 0 | 0 | 12373 |
| CARRIAGE SVCS INC | COM | 143905107 |  | 4544149 | 102024 | SH |  | SOLE |  | 0 | 0 | 102024 |
| COEUR MNG INC | COM NEW | 192108504 |  | 912975 | 48666 | SH |  | SOLE |  | 0 | 0 | 48666 |
| CONCRETE PUMPING HLDGS INC | COM | 206704108 |  | 397797 | 56425 | SH |  | SOLE |  | 0 | 0 | 56425 |
| CORE MOLDING TECHNOLOGIES IN | COM | 218683100 |  | 2689420 | 130872 | SH |  | SOLE |  | 0 | 0 | 130872 |
| CREXENDO INC | COM | 226552107 |  | 3995550 | 614700 | SH |  | SOLE |  | 0 | 0 | 614700 |
| CROWN CRAFTS INC | COM | 228309100 |  | 371624 | 124331 | SH |  | SOLE |  | 0 | 0 | 124331 |
| FS KKR CAP CORP | COM | 302635206 |  | 1425970 | 92918 | SH |  | SOLE |  | 0 | 0 | 92918 |
| FLAHERTY  CRUMRINE PFD SECS | COM | 338478100 |  | 14438235 | 854839 | SH |  | SOLE |  | 0 | 0 | 854839 |
| FRANCO NEV CORP | COM | 351858105 |  | 2397645 | 10756 | SH |  | SOLE |  | 0 | 0 | 10756 |
| FULL HSE RESORTS INC | COM | 359678109 |  | 114517 | 35675 | SH |  | SOLE |  | 0 | 0 | 35675 |
| GLADSTONE LD CORP | COM | 376549101 |  | 563081 | 61472 | SH |  | SOLE |  | 0 | 0 | 61472 |
| GLOBAL WTR RES INC | COM | 379463102 |  | 1413151 | 137199 | SH |  | SOLE |  | 0 | 0 | 137199 |
| HARROW INC | COM | 415858109 |  | 2021392 | 41955 | SH |  | SOLE |  | 0 | 0 | 41955 |
| HENRY JACK  ASSOC INC | COM | 426281101 |  | 781883 | 5250 | SH |  | SOLE |  | 0 | 0 | 5250 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 481255 | 31745 | SH |  | SOLE |  | 0 | 0 | 31745 |
| MULTISENSOR AI HOLDINGS INC | COM | 456948108 |  | 372810 | 578000 | SH |  | SOLE |  | 0 | 0 | 578000 |
| INTEST CORP | COM | 461147100 |  | 1645856 | 210737 | SH |  | SOLE |  | 0 | 0 | 210737 |
| ISHARES TR | RESIDENTIAL MULT | 464288562 |  | 6650263 | 78266 | SH |  | SOLE |  | 0 | 0 | 78266 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 14838961 | 469290 | SH |  | SOLE |  | 0 | 0 | 469290 |
| KAYNE ANDERSON ENERGY INFRST | COM | 486606106 |  | 4861472 | 393005 | SH |  | SOLE |  | 0 | 0 | 393005 |
| KINGSWAY FINL SVCS INC | COM NEW | 496904202 |  | 4100764 | 280490 | SH |  | SOLE |  | 0 | 0 | 280490 |
| LXP INDUSTRIAL TRUST | COM | 529043101 |  | 175861 | 19336 | SH |  | SOLE |  | 0 | 0 | 19336 |
| MANHATTAN BRDG CAP INC | COM | 562803106 |  | 1094028 | 199429 | SH |  | SOLE |  | 0 | 0 | 199429 |
| MARTEN TRANS LTD | COM | 573075108 |  | 294813 | 27656 | SH |  | SOLE |  | 0 | 0 | 27656 |
| MILLER INDS INC TENN | COM NEW | 600551204 |  | 596074 | 14747 | SH |  | SOLE |  | 0 | 0 | 14747 |
| NEPHROS INC | COM | 640671400 |  | 601283 | 127121 | SH |  | SOLE |  | 0 | 0 | 127121 |
| NEW MTN FIN CORP | COM | 647551100 |  | 212042 | 21996 | SH |  | SOLE |  | 0 | 0 | 21996 |
| NEWMONT CORP | COM | 651639106 |  | 1431507 | 16979 | SH |  | SOLE |  | 0 | 0 | 16979 |
| NEWTEKONE INC | COM NEW | 652526203 |  | 1392772 | 121639 | SH |  | SOLE |  | 0 | 0 | 121639 |
| OIL DRI CORP AMER | COM | 677864100 |  | 6309095 | 103360 | SH |  | SOLE |  | 0 | 0 | 103360 |
| OOMA INC | COM | 683416101 |  | 309534 | 25816 | SH |  | SOLE |  | 0 | 0 | 25816 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 672648 | 16625 | SH |  | SOLE |  | 0 | 0 | 16625 |
| PERFECT MOMENT LTD | COM SHS | 713715100 |  | 1930704 | 4380000 | SH |  | SOLE |  | 0 | 0 | 4380000 |
| PLYMOUTH INDL REIT INC | COM | 729640102 |  | 474806 | 21037 | SH |  | SOLE |  | 0 | 0 | 21037 |
| POTLATCHDELTIC CORPORATION | COM | 737630103 |  | 1287945 | 31606 | SH |  | SOLE |  | 0 | 0 | 31606 |
| PURE CYCLE CORP | COM NEW | 746228303 |  | 3745767 | 338371 | SH |  | SOLE |  | 0 | 0 | 338371 |
| QUAKER HOUGHTON | COM | 747316107 |  | 2255560 | 17120 | SH |  | SOLE |  | 0 | 0 | 17120 |
| KORU MEDICAL SYSTEMS INC | COM | 759910102 |  | 55880 | 14590 | SH |  | SOLE |  | 0 | 0 | 14590 |
| RESEARCH SOLUTIONS INC | COM | 761025105 |  | 2270679 | 608761 | SH |  | SOLE |  | 0 | 0 | 608761 |
| ROYAL GOLD INC | COM | 780287108 |  | 3233952 | 16123 | SH |  | SOLE |  | 0 | 0 | 16123 |
| ROYCE MICRO-CAP TR INC | COM | 780915104 |  | 1246063 | 119929 | SH |  | SOLE |  | 0 | 0 | 119929 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 |  | 6743371 | 276368 | SH |  | SOLE |  | 0 | 0 | 276368 |
| SMITH MIDLAND CORP | COM | 832156103 |  | 3002590 | 81371 | SH |  | SOLE |  | 0 | 0 | 81371 |
| SONO TEK CORP | COM | 835483108 |  | 179003 | 40406 | SH |  | SOLE |  | 0 | 0 | 40406 |
| STANDARD LITHIUM LTD | COM | 853606101 |  | 48427 | 14370 | SH |  | SOLE |  | 0 | 0 | 14370 |
| ARROWMARK FINANCIAL CORP | COM | 861780104 |  | 595238 | 27155 | SH |  | SOLE |  | 0 | 0 | 27155 |
| ASCENT INDUSTRIES CO | COM | 871565107 |  | 4211091 | 326948 | SH |  | SOLE |  | 0 | 0 | 326948 |
| TORTOISE CAPITAL SERIES TRUS | ESSENTIAL ENERGY | 890930100 |  | 6014152 | 286261 | SH |  | SOLE |  | 0 | 0 | 286261 |
| TRANSACT TECHNOLOGIES INC | COM | 892918103 |  | 604195 | 111475 | SH |  | SOLE |  | 0 | 0 | 111475 |
| TUCOWS INC | COM NEW | 898697206 |  | 278140 | 14990 | SH |  | SOLE |  | 0 | 0 | 14990 |
| UMH PPTYS INC | COM | 903002103 |  | 425601 | 28660 | SH |  | SOLE |  | 0 | 0 | 28660 |
| UTAH MED PRODS INC | COM | 917488108 |  | 1313776 | 20771 | SH |  | SOLE |  | 0 | 0 | 20771 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 202522 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 6260351 | 68479 | SH |  | SOLE |  | 0 | 0 | 68479 |
| VICI PPTYS INC | COM | 925652109 |  | 1373226 | 41767 | SH |  | SOLE |  | 0 | 0 | 41767 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 5512718 | 49291 | SH |  | SOLE |  | 0 | 0 | 49291 |
| VENU HLDG CORP | COM | 92333E104 |  | 2521521 | 196840 | SH |  | SOLE |  | 0 | 0 | 196840 |
| PENNANT GROUP INC | COM | 70805E109 |  | 668330 | 26500 | SH |  | SOLE |  | 0 | 0 | 26500 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 4743732 | 101081 | SH |  | SOLE |  | 0 | 0 | 101081 |
| A-MARK PRECIOUS METALS INC | COM | 00181T107 |  | 2436980 | 94201 | SH |  | SOLE |  | 0 | 0 | 94201 |
| AEHR TEST SYS | COM | 00760J108 |  | 5468579 | 181620 | SH |  | SOLE |  | 0 | 0 | 181620 |
| AIRGAIN INC | COM | 00938A104 |  | 617483 | 142277 | SH |  | SOLE |  | 0 | 0 | 142277 |
| AMERIS BANCORP | COM | 03076K108 |  | 719205 | 9784 | SH |  | SOLE |  | 0 | 0 | 9784 |
| AMPLITECH GROUP INC | W EXP 02/26/202 | 03211Q119 |  | 33893 | 83315 | SH |  | SOLE |  | 0 | 0 | 83315 |
| AMPLITECH GROUP INC | COM NEW | 03211Q200 |  | 6316306 | 1623729 | SH |  | SOLE |  | 0 | 0 | 1623729 |
| ARCHROCK INC | COM | 03957W106 |  | 4799365 | 182416 | SH |  | SOLE |  | 0 | 0 | 182416 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 303497 | 14870 | SH |  | SOLE |  | 0 | 0 | 14870 |
| ATOMERA INC | COM | 04965B100 |  | 636370 | 143975 | SH |  | SOLE |  | 0 | 0 | 143975 |
| BK TECHNOLOGIES CORPORATION | COM NEW | 05587G203 |  | 5932017 | 70218 | SH |  | SOLE |  | 0 | 0 | 70218 |
| BARINGS BDC INC | COM | 06759L103 |  | 475248 | 54252 | SH |  | SOLE |  | 0 | 0 | 54252 |
| BIOFRONTERA INC | W EXP 10/27/202 | 09077D118 |  | 15041 | 154900 | SH |  | SOLE |  | 0 | 0 | 154900 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 |  | 1377000 | 51304 | SH |  | SOLE |  | 0 | 0 | 51304 |
| BRIDGELINE DIGITAL INC | COM | 10807Q700 |  | 1833193 | 1388782 | SH |  | SOLE |  | 0 | 0 | 1388782 |
| CARETRUST REIT INC | COM | 14174T107 |  | 653522 | 18664 | SH |  | SOLE |  | 0 | 0 | 18664 |
| CELSIUS HLDGS INC | COM NEW | 15118V207 |  | 2391584 | 41600 | SH |  | SOLE |  | 0 | 0 | 41600 |
| CLEARFIELD INC | COM | 18482P103 |  | 328673 | 9560 | SH |  | SOLE |  | 0 | 0 | 9560 |
| COHERENT CORP | COM | 19247G107 |  | 8814836 | 81831 | SH |  | SOLE |  | 0 | 0 | 81831 |
| COMPOSECURE INC | COM CL A | 20459V105 |  | 6013046 | 288811 | SH |  | SOLE |  | 0 | 0 | 288811 |
| DATA STORAGE CORP | W EXP 05/18/202 | 23786R110 |  | 19622 | 145021 | SH |  | SOLE |  | 0 | 0 | 145021 |
| DATA STORAGE CORP | COM NEW | 23786R201 |  | 1212624 | 280700 | SH |  | SOLE |  | 0 | 0 | 280700 |
| EVI INDS INC | COM | 26929N102 |  | 449755 | 14089 | SH |  | SOLE |  | 0 | 0 | 14089 |
| EDIBLE GARDEN AG INC | W EXP 99/99/999 | 28059P113 |  | 14467 | 144525 | SH |  | SOLE |  | 0 | 0 | 144525 |
| ENSIGN GROUP INC | COM | 29358P101 |  | 9243083 | 53480 | SH |  | SOLE |  | 0 | 0 | 53480 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 4657725 | 415127 | SH |  | SOLE |  | 0 | 0 | 415127 |
| EVOLUTION PETE CORP | COM | 30049A107 |  | 824423 | 171042 | SH |  | SOLE |  | 0 | 0 | 171042 |
| FITLIFE BRANDS INC | COM NEW | 33817P405 |  | 332183 | 16701 | SH |  | SOLE |  | 0 | 0 | 16701 |
| FTAI INFRASTRUCTURE INC | COMMON STOCK | 35953C106 |  | 5309303 | 1217730 | SH |  | SOLE |  | 0 | 0 | 1217730 |
| GLOBAL X FDS | US INFR DEV ETF | 37954Y673 |  | 976569 | 20503 | SH |  | SOLE |  | 0 | 0 | 20503 |
| GLOBAL SELF STORAGE INC | COM | 37955N106 |  | 1680247 | 334045 | SH |  | SOLE |  | 0 | 0 | 334045 |
| HA SUSTAINABLE INFRA CAP INC | COM | 41068X100 |  | 257573 | 8390 | SH |  | SOLE |  | 0 | 0 | 8390 |
| IDEX CORP | COM | 45167R104 |  | 1073077 | 6593 | SH |  | SOLE |  | 0 | 0 | 6593 |
| INDEPENDENCE RLTY TR INC | COM | 45378A106 |  | 1203184 | 72656 | SH |  | SOLE |  | 0 | 0 | 72656 |
| INFUSYSTEM HLDGS INC | COM | 45685K102 |  | 459984 | 44400 | SH |  | SOLE |  | 0 | 0 | 44400 |
| INTELLINETICS INC | COM | 45825X204 |  | 2482260 | 219669 | SH |  | SOLE |  | 0 | 0 | 219669 |
| INUVO INC | COM | 46122W303 |  | 873376 | 248825 | SH |  | SOLE |  | 0 | 0 | 248825 |
| INVESCO EXCH TRADED FD TR II | S SMLCP UTIL | 46138G409 |  | 1623617 | 28232 | SH |  | SOLE |  | 0 | 0 | 28232 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 808378 | 19079 | SH |  | SOLE |  | 0 | 0 | 19079 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 341217 | 6679 | SH |  | SOLE |  | 0 | 0 | 6679 |
| ACCESS NEWSWIRE INC | COM NEW | 46520M204 |  | 1442670 | 134452 | SH |  | SOLE |  | 0 | 0 | 134452 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 8810506 | 173503 | SH |  | SOLE |  | 0 | 0 | 173503 |
| JAPAN SMALLER CAPITALIZATION | COM | 47109U104 |  | 503380 | 47759 | SH |  | SOLE |  | 0 | 0 | 47759 |
| JOINT CORP | COM | 47973J102 |  | 534145 | 55990 | SH |  | SOLE |  | 0 | 0 | 55990 |
| KRATOS DEFENSE  SEC SOLUTIO | COM NEW | 50077B207 |  | 7470229 | 81758 | SH |  | SOLE |  | 0 | 0 | 81758 |
| LGL GROUP INC | COM | 50186A108 |  | 3390597 | 508183 | SH |  | SOLE |  | 0 | 0 | 508183 |
| LEGACY HOUSING CORP | COM | 52472M101 |  | 5013313 | 182236 | SH |  | SOLE |  | 0 | 0 | 182236 |
| LEGACY ED INC | COM | 52474R207 |  | 4351164 | 454667 | SH |  | SOLE |  | 0 | 0 | 454667 |
| M-TRON INDS INC | COM | 55380K109 |  | 4828813 | 87037 | SH |  | SOLE |  | 0 | 0 | 87037 |
| M-TRON INDS INC | W EXP 04/25/202 | 55380K125 |  | 152740 | 87280 | SH |  | SOLE |  | 0 | 0 | 87280 |
| MAMAS CREATIONS INC | COM | 56146T103 |  | 7581778 | 721387 | SH |  | SOLE |  | 0 | 0 | 721387 |
| MOBILICOM LTD | SPON ADS | 60742B102 |  | 4278307 | 460033 | SH |  | SOLE |  | 0 | 0 | 460033 |
| MOBILICOM LTD | W EXP 08/31/202 | 60742B110 |  | 627781 | 144650 | SH |  | SOLE |  | 0 | 0 | 144650 |
| MODIV INDUSTRIAL INC | COM STK CL C | 60784B101 |  | 777165 | 52925 | SH |  | SOLE |  | 0 | 0 | 52925 |
| MODULAR MED INC | COM NEW | 60785L207 |  | 2188628 | 3127505 | SH |  | SOLE |  | 0 | 0 | 3127505 |
| NANO DIMENSION LTD | SPONSORD ADS NEW | 63008G203 |  | 151505 | 96500 | SH |  | SOLE |  | 0 | 0 | 96500 |
| NEOGENOMICS INC | COM NEW | 64049M209 |  | 365813 | 47385 | SH |  | SOLE |  | 0 | 0 | 47385 |
| NETCAPITAL INC | W EXP 07/12/202 | 64113L111 |  | 5101 | 203188 | SH |  | SOLE |  | 0 | 0 | 203188 |
| NEUROONE MED TECHNOLOGIES CO | COM NEW | 64130M209 |  | 1644799 | 1851000 | SH |  | SOLE |  | 0 | 0 | 1851000 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 4359548 | 57750 | SH |  | SOLE |  | 0 | 0 | 57750 |
| ONE STOP SYS INC | COM | 68247W109 |  | 4916739 | 917302 | SH |  | SOLE |  | 0 | 0 | 917302 |
| OR ROYALTIES INC | COM SHS | 68390D106 |  | 7118649 | 177611 | SH |  | SOLE |  | 0 | 0 | 177611 |
| BLUE OWL CAPITAL CORPORATION | COM | 69121K104 |  | 428970 | 32670 | SH |  | SOLE |  | 0 | 0 | 32670 |
| PACER FDS TR | INDUSTRIAL RELET | 69374H766 |  | 1035026 | 27814 | SH |  | SOLE |  | 0 | 0 | 27814 |
| PAYSIGN INC | COM | 70451A104 |  | 229435 | 36476 | SH |  | SOLE |  | 0 | 0 | 36476 |
| POLAR PWR INC | COM NEW | 73102V204 |  | 1262770 | 380926 | SH |  | SOLE |  | 0 | 0 | 380926 |
| POSTAL REALTY TRUST INC | CL A | 73757R102 |  | 1404522 | 89517 | SH |  | SOLE |  | 0 | 0 | 89517 |
| POWERFLEET INC | COM | 73931J109 |  | 1657276 | 316274 | SH |  | SOLE |  | 0 | 0 | 316274 |
| PRO-DEX INC COLO | COM NEW | 74265M205 |  | 358438 | 10589 | SH |  | SOLE |  | 0 | 0 | 10589 |
| PROSHARES TR | PSHS ULTRUSS2000 | 74347R842 |  | 818254 | 17650 | SH |  | SOLE |  | 0 | 0 | 17650 |
| RED VIOLET INC | COM | 75704L104 |  | 403893 | 7730 | SH |  | SOLE |  | 0 | 0 | 7730 |
| RIMINI STR INC DEL | COM | 76674Q107 |  | 1155787 | 246963 | SH |  | SOLE |  | 0 | 0 | 246963 |
| RUNWAY GROWTH FINANCE CORP | COM | 78163D100 |  | 1436279 | 141366 | SH |  | SOLE |  | 0 | 0 | 141366 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 446115 | 1255 | SH |  | SOLE |  | 0 | 0 | 1255 |
| SANDSTORM GOLD LTD | COM NEW | 80013R206 |  | 313952 | 25076 | SH |  | SOLE |  | 0 | 0 | 25076 |
| SANGOMA TECHNOLOGIES CORP | COM NEW | 80100R408 |  | 368098 | 74969 | SH |  | SOLE |  | 0 | 0 | 74969 |
| SARATOGA INVT CORP | COM NEW | 80349A208 |  | 347704 | 14256 | SH |  | SOLE |  | 0 | 0 | 14256 |
| TARGA RES CORP | COM | 87612G101 |  | 1374899 | 8206 | SH |  | SOLE |  | 0 | 0 | 8206 |
| TECOGEN INC NEW | COM NEW | 87876P201 |  | 6084283 | 690611 | SH |  | SOLE |  | 0 | 0 | 690611 |
| TORTOISE ENERGY INFRA CORP | COM | 89147L886 |  | 4930315 | 114419 | SH |  | SOLE |  | 0 | 0 | 114419 |
| USA COMPRESSION PARTNERS LP | COMUNIT LTDPAR | 90290N109 |  | 4496400 | 187350 | SH |  | SOLE |  | 0 | 0 | 187350 |
| U S PHYSICAL THERAPY | COM | 90337L108 |  | 3913562 | 46069 | SH |  | SOLE |  | 0 | 0 | 46069 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 1711131 | 22397 | SH |  | SOLE |  | 0 | 0 | 22397 |
| VANECK ETF TRUST | BDC INCOME ETF | 92189F411 |  | 9991593 | 668781 | SH |  | SOLE |  | 0 | 0 | 668781 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 4853560 | 49011 | SH |  | SOLE |  | 0 | 0 | 49011 |
| VANGUARD WORLD FD | UTILITIES ETF | 92204A876 |  | 4079324 | 21537 | SH |  | SOLE |  | 0 | 0 | 21537 |
| VANGUARD SCOTTSDALE FDS | MTG-BKD SECS ETF | 92206C771 |  | 698391 | 14872 | SH |  | SOLE |  | 0 | 0 | 14872 |
| VIEMED HEALTHCARE INC | COM | 92663R105 |  | 2315370 | 340997 | SH |  | SOLE |  | 0 | 0 | 340997 |
| WELLTOWER INC | COM | 95040Q104 |  | 852400 | 4785 | SH |  | SOLE |  | 0 | 0 | 4785 |
| WHERE FOOD COMES FROM INC | COM NEW | 96327X200 |  | 835890 | 63086 | SH |  | SOLE |  | 0 | 0 | 63086 |
| WHITEHORSE FIN INC | COM | 96524V106 |  | 129291 | 17741 | SH |  | SOLE |  | 0 | 0 | 17741 |
| WILLDAN GROUP INC | COM | 96924N100 |  | 7200215 | 74467 | SH |  | SOLE |  | 0 | 0 | 74467 |
| PYXIS TANKERS INC | W EXP 10/13/202 | Y71726122 |  | 539 | 70800 | SH |  | SOLE |  | 0 | 0 | 70800 |

---