# EDGAR Filing Document

**Accession Number:** 0001352895
**File Stem:** 0001104659-26-011929
**Filing Date:** 2026-2
**Character Count:** 22287
**Document Hash:** 1abfe13c9dbc615deed48e99b03116d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-011929.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001104659-26-011929

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**EFFECTIVENESS DATE**: 20260209

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11623
- **FILM NUMBER:** 26610492

**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:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

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

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

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

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

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

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

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

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

/s/ Kenneth G. Mertz II  Lancaster, PA  02-09-2026<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:** 189

**Form 13F Information Table Value Total:** $2052863406

      (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 |  | 13910883 | 399050 | SH |  | SOLE |  | 399050 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 |  | 329907 | 4442 | SH |  | SOLE |  | 4442 | 0 | 0 |
| ACADIA PHARMACEUTICALS INC | COM | 004225108 |  | 12941155 | 484506 | SH |  | SOLE |  | 484506 | 0 | 0 |
| AFFIRM HOLDINGS INC | COM | 00827B106 |  | 485284 | 6520 | SH |  | SOLE |  | 6520 | 0 | 0 |
| ARGAN INC | COM | 04010E109 |  | 18468021 | 58943 | SH |  | SOLE |  | 58943 | 0 | 0 |
| AGILYSYS INC | COM | 00847J105 |  | 24464046 | 205857 | SH |  | SOLE |  | 205857 | 0 | 0 |
| AMERICAN INTEGRITY INSURANCE GROUP | COM | 026948109 |  | 3570866 | 171429 | SH |  | SOLE |  | 171429 | 0 | 0 |
| AAR CORPORATION | COM | 000361105 |  | 20926994 | 252772 | SH |  | SOLE |  | 252772 | 0 | 0 |
| ALLEGIANT TRAVEL CO | COM | 01748X102 |  | 18062318 | 211825 | SH |  | SOLE |  | 211825 | 0 | 0 |
| AMERICAN SEMICONDUCTOR CORP | COM | 030111207 |  | 12526380 | 435246 | SH |  | SOLE |  | 435246 | 0 | 0 |
| ARHAUS INC | COM | 04035M102 |  | 11100310 | 990215 | SH |  | SOLE |  | 990215 | 0 | 0 |
| ARLO TECHNOLOGIES | COM | 04206A101 |  | 17324111 | 1238321 | SH |  | SOLE |  | 1238321 | 0 | 0 |
| ATEGRITY SPECIALTY HOLDINGS | COM | 04681Y103 |  | 1127586 | 53669 | SH |  | SOLE |  | 53669 | 0 | 0 |
| ALPHATEC HOLDINGS INC | COM | 02081G201 |  | 19147515 | 910053 | SH |  | SOLE |  | 910053 | 0 | 0 |
| ATI Inc | COM | 01741R102 |  | 21064772 | 183555 | SH |  | SOLE |  | 183555 | 0 | 0 |
| ASTRONICS CORP | COM | 046433108 |  | 8500439 | 156719 | SH |  | SOLE |  | 156719 | 0 | 0 |
| AVEANNA HEALTHCARE HOLDINGS | COM | 05356F105 |  | 8010138 | 980433 | SH |  | SOLE |  | 980433 | 0 | 0 |
| AEROVIRONMENT INC | COM | 008073108 |  | 30403638 | 125692 | SH |  | SOLE |  | 125692 | 0 | 0 |
| BROADCOM LTD | COM | 11135F101 |  | 420858 | 1216 | SH |  | SOLE |  | 1216 | 0 | 0 |
| AXOS FINANCIAL INC | COM | 05465C100 |  | 29403134 | 341262 | SH |  | SOLE |  | 341262 | 0 | 0 |
| AXSOME THERAPEUTICS INC | COM | 05464T104 |  | 12347925 | 67608 | SH |  | SOLE |  | 67608 | 0 | 0 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 24230808 | 316784 | SH |  | SOLE |  | 316784 | 0 | 0 |
| BLOOM ENERGY CO | COM | 093712107 |  | 30533233 | 351401 | SH |  | SOLE |  | 351401 | 0 | 0 |
| BIOGEN IDEC INC | COM | 09062X103 |  | 433815 | 2465 | SH |  | SOLE |  | 2465 | 0 | 0 |
| BJ'S RESTAURANT INC | COM | 09180C106 |  | 12748776 | 323573 | SH |  | SOLE |  | 323573 | 0 | 0 |
| BILLIONTOONE INC | COM | 090168105 |  | 9668087 | 118134 | SH |  | SOLE |  | 118134 | 0 | 0 |
| BULLISH | COM | G16910120 |  | 189350 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| BITMINE IMMERSION TECHNOLOGIES | COM | 09175A206 |  | 313800 | 11558 | SH |  | SOLE |  | 11558 | 0 | 0 |
| BOOT BARN HOLDINGS INC | COM | 099406100 |  | 19225348 | 108944 | SH |  | SOLE |  | 108944 | 0 | 0 |
| BOWHEAD SPECIALTY HOLDINGS | COM | 10240L102 |  | 254406 | 8914 | SH |  | SOLE |  | 8914 | 0 | 0 |
| BLACK ROCK COFFEE BAR | COM | 092244102 |  | 7827305 | 351789 | SH |  | SOLE |  | 351789 | 0 | 0 |
| BANK7 CORP | COM | 06652N107 |  | 427626 | 10435 | SH |  | SOLE |  | 10435 | 0 | 0 |
| FIRST BUSEY CORP | COM | 319383204 |  | 247416 | 10400 | SH |  | SOLE |  | 10400 | 0 | 0 |
| BOWMAN CONSULTING GROUP LTD | COM | 103002101 |  | 2560140 | 77533 | SH |  | SOLE |  | 77533 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 332198 | 1922 | SH |  | SOLE |  | 1922 | 0 | 0 |
| BYRNA TECHNOLOGIES INC | COM | 12448X201 |  | 1886692 | 112370 | SH |  | SOLE |  | 112370 | 0 | 0 |
| PATHWARD FINANCIAL INC | COM | 59100U108 |  | 1176612 | 16572 | SH |  | SOLE |  | 16572 | 0 | 0 |
| CERIBELL INC | COM | 15678C102 |  | 2020433 | 92131 | SH |  | SOLE |  | 92131 | 0 | 0 |
| COASTAL FINANCIAL CORP | COM | 19046P209 |  | 12345583 | 107737 | SH |  | SOLE |  | 107737 | 0 | 0 |
| CNB FINL CORP PA | COM | 126128107 |  | 134933 | 5156 | SH |  | SOLE |  | 5156 | 0 | 0 |
| CARDINAL INFRASTRUCTURE GROUP | COM | 14154A102 |  | 7253879 | 299995 | SH |  | SOLE |  | 299995 | 0 | 0 |
| CECO ENVIRONMENTAL CORP | COM | 125141101 |  | 15596790 | 260598 | SH |  | SOLE |  | 260598 | 0 | 0 |
| CHIME FINANCIAL | COM | 16935C109 |  | 698115 | 27736 | SH |  | SOLE |  | 27736 | 0 | 0 |
| COGENT BIOSCIENCES INC | COM | 19240Q201 |  | 36887307 | 1038494 | SH |  | SOLE |  | 1038494 | 0 | 0 |
| COINBASE GLOBAL INC | COM | 19260Q107 |  | 282901 | 1251 | SH |  | SOLE |  | 1251 | 0 | 0 |
| COLLEGIUM PHARMACEUTICAL INC | COM | 19459J104 |  | 18134321 | 391670 | SH |  | SOLE |  | 391670 | 0 | 0 |
| COMPASS INC | COM | 20464U100 |  | 11349495 | 1073746 | SH |  | SOLE |  | 1073746 | 0 | 0 |
| CORCEPT THERAPEUTICS INC | COM | 218352102 |  | 6763345 | 194349 | SH |  | SOLE |  | 194349 | 0 | 0 |
| CIRCLE INTERNET GROUP | COM | 172573107 |  | 180963 | 2282 | SH |  | SOLE |  | 2282 | 0 | 0 |
| CREDO TECHNOLOGY GROUP HOLDINGS | COM | G25457105 |  | 42503235 | 295387 | SH |  | SOLE |  | 295387 | 0 | 0 |
| CARPENTER TECHNOLOGY CORP | COM | 144285103 |  | 14502160 | 46062 | SH |  | SOLE |  | 46062 | 0 | 0 |
| CUSTOMERS BANCORP INC | COM | 23204G100 |  | 15527544 | 212357 | SH |  | SOLE |  | 212357 | 0 | 0 |
| COMMVAULT SYSTEMS INC | COM | 204166102 |  | 12884501 | 102780 | SH |  | SOLE |  | 102780 | 0 | 0 |
| DAVE INC | COM | 23834J201 |  | 548654 | 2478 | SH |  | SOLE |  | 2478 | 0 | 0 |
| EXCELERATE ENERGY INC | COM | 30069T101 |  | 5170681 | 184338 | SH |  | SOLE |  | 184338 | 0 | 0 |
| ENOVA INTERNATI | COM | 29357K103 |  | 2609992 | 16603 | SH |  | SOLE |  | 16603 | 0 | 0 |
| ESCO TECHNOLOGIES INC | COM | 296315104 |  | 19246306 | 98502 | SH |  | SOLE |  | 98502 | 0 | 0 |
| ESQUIRE FINANCIAL HOLDINGS | COM | 29667J101 |  | 2344344 | 22968 | SH |  | SOLE |  | 22968 | 0 | 0 |
| EVERQUOTE INC | COM | 30041R108 |  | 11113362 | 411606 | SH |  | SOLE |  | 411606 | 0 | 0 |
| EVOLV TECHNOLOGIES | COM | 30049H102 |  | 17917821 | 2502489 | SH |  | SOLE |  | 2502489 | 0 | 0 |
| EAST WEST BANCORP INC | COM | 27579R104 |  | 709630 | 6314 | SH |  | SOLE |  | 6314 | 0 | 0 |
| NATIONAL VISION HOLDINGS | COM | 63845R107 |  | 24207283 | 937540 | SH |  | SOLE |  | 937540 | 0 | 0 |
| FIRST ADVANTAGE CORP | COM | 31846B108 |  | 9774563 | 672716 | SH |  | SOLE |  | 672716 | 0 | 0 |
| FIGURE TECHNOLOGY SOLUTIONS | COM | 349381103 |  | 1137802 | 27860 | SH |  | SOLE |  | 27860 | 0 | 0 |
| FINWISE BANCORP | COM | 31813A109 |  | 975290 | 54364 | SH |  | SOLE |  | 54364 | 0 | 0 |
| FIVE BELOW | COM | 33829M101 |  | 8983830 | 47695 | SH |  | SOLE |  | 47695 | 0 | 0 |
| FABRINET | COM | G3323L100 |  | 29964708 | 65816 | SH |  | SOLE |  | 65816 | 0 | 0 |
| SHIFT4 PAYMENTS INC | COM | 82452J109 |  | 10406989 | 165269 | SH |  | SOLE |  | 165269 | 0 | 0 |
| FRESHPET INC | COM | 358039105 |  | 15373005 | 252306 | SH |  | SOLE |  | 252306 | 0 | 0 |
| FIVE STAR BANCORP | COM | 33830T103 |  | 645471 | 18040 | SH |  | SOLE |  | 18040 | 0 | 0 |
| FTAI AVIATION LTD | COM | G3730V105 |  | 542912 | 2758 | SH |  | SOLE |  | 2758 | 0 | 0 |
| FIRST WATCH RESTAURANT GROUP | COM | 33748L101 |  | 8586823 | 569418 | SH |  | SOLE |  | 569418 | 0 | 0 |
| GBANK FINANCIAL HOLDINGS INC | COM | 36166F100 |  | 3344570 | 98689 | SH |  | SOLE |  | 98689 | 0 | 0 |
| GREEN DOT CORP | COM | 39304D102 |  | 1229453 | 95976 | SH |  | SOLE |  | 95976 | 0 | 0 |
| GENIUS SPORTS LIMITED | COM | G3934V109 |  | 427003 | 38748 | SH |  | SOLE |  | 38748 | 0 | 0 |
| GUARDANT HEALTH INC | COM | 40131M109 |  | 53514414 | 523932 | SH |  | SOLE |  | 523932 | 0 | 0 |
| GOLAR LNG LIMITED | COM | G9456A100 |  | 269140 | 7233 | SH |  | SOLE |  | 7233 | 0 | 0 |
| GLOBUS MEDICAL INC | COM | 379577208 |  | 1480690 | 16959 | SH |  | SOLE |  | 16959 | 0 | 0 |
| HIMS  HERS HEALTH INC | COM | 433000106 |  | 4788026 | 147460 | SH |  | SOLE |  | 147460 | 0 | 0 |
| ROBINHOOD MARKETS INC | COM | 770700102 |  | 1989090 | 17587 | SH |  | SOLE |  | 17587 | 0 | 0 |
| HEARTFLOW INC | COM | 42238D107 |  | 3826287 | 131262 | SH |  | SOLE |  | 131262 | 0 | 0 |
| ICU MEDICAL INC | COM | 44930G107 |  | 3136885 | 21987 | SH |  | SOLE |  | 21987 | 0 | 0 |
| INTERDIGITAL INC PA COM | COM | 45867G101 |  | 9668245 | 30367 | SH |  | SOLE |  | 30367 | 0 | 0 |
| IMAX CORP | COM | 45245E109 |  | 19440443 | 525986 | SH |  | SOLE |  | 525986 | 0 | 0 |
| INDIE SEMICONDUCTOR INC | COM | 45569U101 |  | 290872 | 82400 | SH |  | SOLE |  | 82400 | 0 | 0 |
| INSMED INC | COM | 457669307 |  | 2304464 | 13241 | SH |  | SOLE |  | 13241 | 0 | 0 |
| IONQ INC | COM | 46222L108 |  | 12458963 | 277668 | SH |  | SOLE |  | 277668 | 0 | 0 |
| IPG PHOTONICS CORP | COM | 44980X109 |  | 8751310 | 122225 | SH |  | SOLE |  | 122225 | 0 | 0 |
| INTEGER HOLDINGS CORP | COM | 45826H109 |  | 2000906 | 25512 | SH |  | SOLE |  | 25512 | 0 | 0 |
| INVIVYD INC | COM | 00534A102 |  | 1059252 | 428847 | SH |  | SOLE |  | 428847 | 0 | 0 |
| KALVISTA PHARMACEUTICALS INC | COM | 483497103 |  | 13815695 | 855461 | SH |  | SOLE |  | 855461 | 0 | 0 |
| KLARNA GROUP | COM | G5279N105 |  | 495691 | 17146 | SH |  | SOLE |  | 17146 | 0 | 0 |
| KULICKE AND SOFFA INDUSTRIES | COM | 501242101 |  | 14691141 | 322457 | SH |  | SOLE |  | 322457 | 0 | 0 |
| KINSALE CAPITAL GROUP INC | COM | 49714P108 |  | 208467 | 533 | SH |  | SOLE |  | 533 | 0 | 0 |
| KORRO BIO INC | COM | 500946108 |  | 525039 | 65548 | SH |  | SOLE |  | 65548 | 0 | 0 |
| KRATOS DEFENSE AND SECURITY | COM | 50077B207 |  | 39642024 | 522224 | SH |  | SOLE |  | 522224 | 0 | 0 |
| NLIGHT INC | COM | 65487K100 |  | 16120748 | 429772 | SH |  | SOLE |  | 429772 | 0 | 0 |
| LENDINGCLUB CORP | COM | 52603A208 |  | 10939574 | 577591 | SH |  | SOLE |  | 577591 | 0 | 0 |
| RBB FD INC | FM EMERALD LIFE | 74933W221 |  | 73120837 | 1997035 | SH |  | SOLE |  | 1997035 | 0 | 0 |
| LUMENTUM HOLDINGS INC | COM | 55024U109 |  | 32039686 | 86925 | SH |  | SOLE |  | 86925 | 0 | 0 |
| LIVANOVA PLC | COM | G5509L101 |  | 28073862 | 456263 | SH |  | SOLE |  | 456263 | 0 | 0 |
| LUMEXA IMAGING HOLDINGS INC | COM | 550249106 |  | 10890303 | 588665 | SH |  | SOLE |  | 588665 | 0 | 0 |
| LIFETIME GROUP HOLDINGS INC | COM | 53190C102 |  | 9448977 | 355492 | SH |  | SOLE |  | 355492 | 0 | 0 |
| MATTHEWS INTL CORP          CL A | COM | 577128101 |  | 277969 | 10642 | SH |  | SOLE |  | 10642 | 0 | 0 |
| MOELIS  CO | COM | 60786M105 |  | 24988571 | 363523 | SH |  | SOLE |  | 363523 | 0 | 0 |
| METROPOLITAN BANK HOLDING CO | COM | 591774104 |  | 2242693 | 29370 | SH |  | SOLE |  | 29370 | 0 | 0 |
| MECHANICS BANCORP | COM | 43785V102 |  | 884559 | 60462 | SH |  | SOLE |  | 60462 | 0 | 0 |
| MONGODB INC | COM | 60937P106 |  | 486421 | 1159 | SH |  | SOLE |  | 1159 | 0 | 0 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 14556171 | 24996 | SH |  | SOLE |  | 24996 | 0 | 0 |
| MIAMI INTERNATIONAL | COM | 59356Q108 |  | 110950 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| MIRION TECHNOLOGIES INC | COM | 60471A101 |  | 16499296 | 704496 | SH |  | SOLE |  | 704496 | 0 | 0 |
| MIRUM PHARMACEUTICALS INC | COM | 604749101 |  | 19140857 | 242320 | SH |  | SOLE |  | 242320 | 0 | 0 |
| MERIT MED SYS INC | COM | 589889104 |  | 9312079 | 105651 | SH |  | SOLE |  | 105651 | 0 | 0 |
| MODINE MANUFACTURING CO | COM | 607828100 |  | 31431592 | 235425 | SH |  | SOLE |  | 235425 | 0 | 0 |
| MP MATERIALS CORP | COM | 553368101 |  | 277658 | 5496 | SH |  | SOLE |  | 5496 | 0 | 0 |
| MID PENN BANCORP INC | COM | 59540G107 |  | 4789829 | 154411 | SH |  | SOLE |  | 154411 | 0 | 0 |
| MERCURY SYSTEMS INC | COM | 589378108 |  | 24535595 | 336058 | SH |  | SOLE |  | 336058 | 0 | 0 |
| MASTEC INC | COM | 576323109 |  | 291711 | 1342 | SH |  | SOLE |  | 1342 | 0 | 0 |
| MVB FINANCIAL CORP | COM | 553810102 |  | 704978 | 27293 | SH |  | SOLE |  | 27293 | 0 | 0 |
| NORTHEAST BANCORP | COM | 66405S100 |  | 2316496 | 22289 | SH |  | SOLE |  | 22289 | 0 | 0 |
| NEOGENOMICS INC | COM | 64049M209 |  | 528247 | 44919 | SH |  | SOLE |  | 44919 | 0 | 0 |
| NEKTAR THERAPEUTICS | COM | 640268306 |  | 10702125 | 253125 | SH |  | SOLE |  | 253125 | 0 | 0 |
| NEPTUNE INSURANCE HOLDINGS | COM | 64073B103 |  | 3589800 | 123107 | SH |  | SOLE |  | 123107 | 0 | 0 |
| NORWOOD FINANCIAL CORP | COM | 669549107 |  | 701250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| OLLIE'S BARGAIN OUTLET HOLDINGS | COM | 681116109 |  | 20346137 | 185623 | SH |  | SOLE |  | 185623 | 0 | 0 |
| ONTO INNOVATION INC | COM | 683344105 |  | 11900276 | 75385 | SH |  | SOLE |  | 75385 | 0 | 0 |
| OPENDOOR TECHNOLOGIES INC | COM | 683712103 |  | 96638 | 16576 | SH |  | SOLE |  | 16576 | 0 | 0 |
| ONESPAWORLD HOLDINGS LIMITED | COM | P73684113 |  | 12444519 | 600025 | SH |  | SOLE |  | 600025 | 0 | 0 |
| BANK OZK | COM | 06417N103 |  | 452929 | 9842 | SH |  | SOLE |  | 9842 | 0 | 0 |
| PRIVATE BANCORP OF AMERICA INC | COM | 74274F100 |  | 211480 | 3676 | SH |  | SOLE |  | 3676 | 0 | 0 |
| PDF SOLUTIONS INC | COM | 693282105 |  | 16964223 | 594610 | SH |  | SOLE |  | 594610 | 0 | 0 |
| PAGAYA TECHNOLOGIES | COM | M7S64L123 |  | 651349 | 31165 | SH |  | SOLE |  | 31165 | 0 | 0 |
| IMPINJ INC | COM | 453204109 |  | 17311733 | 99487 | SH |  | SOLE |  | 99487 | 0 | 0 |
| PIPER SANDLER CO | COM | 724078100 |  | 16729359 | 49246 | SH |  | SOLE |  | 49246 | 0 | 0 |
| PALOMAR HOLDINGS INC | COM | 69753M105 |  | 21792983 | 161717 | SH |  | SOLE |  | 161717 | 0 | 0 |
| PORCH GROUP INC | COM | 733245104 |  | 361338 | 39577 | SH |  | SOLE |  | 39577 | 0 | 0 |
| PERELLA WEINBERG PARTNERS | COM | 71367G102 |  | 9364213 | 541284 | SH |  | SOLE |  | 541284 | 0 | 0 |
| PIXELWORKS INC | COM | 72581M404 |  | 186558 | 29333 | SH |  | SOLE |  | 29333 | 0 | 0 |
| D-WAVE QUANTUM INC | COM | 26740W109 |  | 9378436 | 358640 | SH |  | SOLE |  | 358640 | 0 | 0 |
| QCR HOLDINGS INC | COM | 74727A104 |  | 1092063 | 13110 | SH |  | SOLE |  | 13110 | 0 | 0 |
| Q2 HOLDINGS INC | COM | 74736L109 |  | 20331008 | 281749 | SH |  | SOLE |  | 281749 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL INC | COM | 90400D108 |  | 2771615 | 120505 | SH |  | SOLE |  | 120505 | 0 | 0 |
| RADNET INC | COM | 750491102 |  | 17926402 | 251246 | SH |  | SOLE |  | 251246 | 0 | 0 |
| REMITLY GLOBAL | COM | 75960P104 |  | 388594 | 28159 | SH |  | SOLE |  | 28159 | 0 | 0 |
| ROCKET COMPANIES INC | COM | 77311W101 |  | 1046389 | 54049 | SH |  | SOLE |  | 54049 | 0 | 0 |
| RAMBUS INC | COM | 750917106 |  | 35948746 | 391215 | SH |  | SOLE |  | 391215 | 0 | 0 |
| RUSH STREET INTERACTIVE INC | COM | 782011100 |  | 19078336 | 981901 | SH |  | SOLE |  | 981901 | 0 | 0 |
| SEACOAST BANKING CORPORATION OF FLORIDA | COM | 811707801 |  | 4298319 | 136802 | SH |  | SOLE |  | 136802 | 0 | 0 |
| SOLARIS ENERGY INFRASTRUCTURE INC | COM | 83418M103 |  | 14343881 | 312027 | SH |  | SOLE |  | 312027 | 0 | 0 |
| SHOPIFY INC | COM | 82509L107 |  | 652411 | 4053 | SH |  | SOLE |  | 4053 | 0 | 0 |
| SITIME CORPORATION | COM | 82982T106 |  | 18657262 | 52825 | SH |  | SOLE |  | 52825 | 0 | 0 |
| SKYWARD SPECIALTY INSURANCE | COM | 830940102 |  | 20311165 | 397401 | SH |  | SOLE |  | 397401 | 0 | 0 |
| SKYWATER TECHNOLOGY INC | COM | 83089J108 |  | 13241473 | 729156 | SH |  | SOLE |  | 729156 | 0 | 0 |
| SLIDE INSURANCE HOLDINGS INC | COM | 831349105 |  | 7172731 | 368210 | SH |  | SOLE |  | 368210 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 10764056 | 232485 | SH |  | SOLE |  | 232485 | 0 | 0 |
| SEMTECH CORP | COM | 816850101 |  | 21004377 | 285037 | SH |  | SOLE |  | 285037 | 0 | 0 |
| SOFI TECHNOLOGIES | COM | 83406F102 |  | 586223 | 22392 | SH |  | SOLE |  | 22392 | 0 | 0 |
| SPX TECHNOLOGIES INC | COM | 78473E103 |  | 18620384 | 93074 | SH |  | SOLE |  | 93074 | 0 | 0 |
| STERLING INFRASTRUCTURE INC | COM | 859241101 |  | 14966991 | 48875 | SH |  | SOLE |  | 48875 | 0 | 0 |
| SAVARA INC | COM | 805111101 |  | 14450642 | 2396458 | SH |  | SOLE |  | 2396458 | 0 | 0 |
| LATHAM GROUP INC | COM | 51819L107 |  | 4080218 | 642554 | SH |  | SOLE |  | 642554 | 0 | 0 |
| SYNAPTICS INC | COM | 87157D109 |  | 15459743 | 208859 | SH |  | SOLE |  | 208859 | 0 | 0 |
| SPYRE THERAPEUTICS | COM | 00773J202 |  | 13509274 | 412371 | SH |  | SOLE |  | 412371 | 0 | 0 |
| THE BANCORP INC | COM | 05969A105 |  | 23875207 | 353602 | SH |  | SOLE |  | 353602 | 0 | 0 |
| THIRD COAST BANCSHARES INC | COM | 88422P109 |  | 726295 | 19108 | SH |  | SOLE |  | 19108 | 0 | 0 |
| TENABLE HOLDING | COM | 88025T102 |  | 2201749 | 93572 | SH |  | SOLE |  | 93572 | 0 | 0 |
| TRANSMEDICS GROUP INC | COM | 89377M109 |  | 27967457 | 229901 | SH |  | SOLE |  | 229901 | 0 | 0 |
| LENDINGTREE INC | COM | 52603B107 |  | 11587901 | 218269 | SH |  | SOLE |  | 218269 | 0 | 0 |
| TRINITY CAPITAL INC | COM | 896442308 |  | 8046659 | 549260 | SH |  | SOLE |  | 549260 | 0 | 0 |
| TREVI THERAPEUTICS | COM | 89532M101 |  | 15930110 | 1272373 | SH |  | SOLE |  | 1272373 | 0 | 0 |
| TETRA TECHNOLOGIES | COM | 88162F105 |  | 16118321 | 1720205 | SH |  | SOLE |  | 1720205 | 0 | 0 |
| TTM TECHNOLOGIES INC | COM | 87305R109 |  | 37768047 | 547363 | SH |  | SOLE |  | 547363 | 0 | 0 |
| TAKE TWO INTERACTIVE SOFTWARE | COM | 874054109 |  | 458550 | 1791 | SH |  | SOLE |  | 1791 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | COM | 89422G107 |  | 36240618 | 948459 | SH |  | SOLE |  | 948459 | 0 | 0 |
| TWFG INC | COM | 87318A101 |  | 140973 | 4900 | SH |  | SOLE |  | 4900 | 0 | 0 |
| UNITED BANKSHARES INC | COM | 909907107 |  | 530611 | 13818 | SH |  | SOLE |  | 13818 | 0 | 0 |
| UMB FINANCIAL CORP | COM | 902788108 |  | 18247300 | 158617 | SH |  | SOLE |  | 158617 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 3703100 | 7600 | SH |  | SOLE |  | 7600 | 0 | 0 |
| UTZ BRANDS INC | COM | 918090101 |  | 749052 | 72163 | SH |  | SOLE |  | 72163 | 0 | 0 |
| VISTEON CORP | COM | 92839U206 |  | 5893347 | 61970 | SH |  | SOLE |  | 61970 | 0 | 0 |
| VITAL FARMS INC | COM | 92847W103 |  | 22295813 | 698053 | SH |  | SOLE |  | 698053 | 0 | 0 |
| VARONIS SYSTEMS INC | COM | 922280102 |  | 18232930 | 555882 | SH |  | SOLE |  | 555882 | 0 | 0 |
| VSE CORPORATION | COM | 918284100 |  | 29086175 | 168352 | SH |  | SOLE |  | 168352 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 |  | 1206152 | 14347 | SH |  | SOLE |  | 14347 | 0 | 0 |
| WAYSTAR HOLDING CORP | COM | 946784105 |  | 536707 | 16388 | SH |  | SOLE |  | 16388 | 0 | 0 |
| WESBANCO INC | COM | 950810101 |  | 3021450 | 90898 | SH |  | SOLE |  | 90898 | 0 | 0 |
| WINTRUST FINANCIAL CORP | COM | 97650W108 |  | 1221048 | 8733 | SH |  | SOLE |  | 8733 | 0 | 0 |
| WAVE LIFE SCIENCES LTD | COM | Y95308105 |  | 24049305 | 1414665 | SH |  | SOLE |  | 1414665 | 0 | 0 |
| ZEVIA PBC | COM | 98955K104 |  | 1856288 | 800124 | SH |  | SOLE |  | 800124 | 0 | 0 |

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