# EDGAR Filing Document

**Accession Number:** 0001238990
**File Stem:** 0001398344-26-009222
**Filing Date:** 2026-5
**Character Count:** 20193
**Document Hash:** 49acda5b8f2873570dc3eb062c46e839
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-009222.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001398344-26-009222

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
- **CENTRAL INDEX KEY:** 0001238990

**ORGANIZATION NAME:**
- **EIN:** 820566501
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10972
- **FILM NUMBER:** 26982752

**BUSINESS ADDRESS:**
- **STREET 1:** 7701 FRANCE AVE. SOUTH
- **STREET 2:** SUITE 300
- **CITY:** EDINA
- **STATE:** MN
- **ZIP:** 55435
- **BUSINESS PHONE:** 9522244350

**MAIL ADDRESS:**
- **STREET 1:** 7701 FRANCE AVE. SOUTH
- **STREET 2:** SUITE 300
- **CITY:** EDINA
- **STATE:** MN
- **ZIP:** 55435

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRIDGEWATER CAPITAL ADVISORS INC
- **DATE OF NAME CHANGE:** 20030605

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** PUNCH  ASSOCIATES INVESTMENT MANAGEMENT INC.<br>**Address:** 7701 FRANCE AVE. SOUTH<br>SUITE 300<br>EDINA, MN 55435

**Form 13F File Number:** 028-10972

**CRD Number (if applicable):** 000117962

**SEC File Number (if applicable):** 801-61205

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:** Howard D. Punch Jr.<br>**Title:** Chief Investment Officer<br>**Phone:** 952-224-4350

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

/s/ Howard D. Punch Jr.  Edina, MN  04-29-2026<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:** 163

**Form 13F Information Table Value Total:** $1733047981

      (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 |
| A10 NETWORKS INC | COM | 002121101 |  | 33753113 | 1459910 | SH |  | SOLE |  | 1459910 | 0 | 0 |
| ACCESS NEWSWIRE INC | COM NEW | 46520M204 |  | 1350353 | 152410 | SH |  | SOLE |  | 152410 | 0 | 0 |
| ADDUS HOMECARE CORP | COM | 006739106 |  | 18157776 | 193890 | SH |  | SOLE |  | 193890 | 0 | 0 |
| AGILYSYS INC | COM | 00847J105 |  | 4461189 | 62710 | SH |  | SOLE |  | 62710 | 0 | 0 |
| ALAMO GROUP INC | COM | 011311107 |  | 11702497 | 70937 | SH |  | SOLE |  | 70937 | 0 | 0 |
| ALEXANDERS INC | COM | 014752109 |  | 4822087 | 20415 | SH |  | SOLE |  | 20415 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 30853274 | 107293 | SH |  | SOLE |  | 107293 | 0 | 0 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 3679073 | 69891 | SH |  | SOLE |  | 69891 | 0 | 0 |
| AMERICAN COASTAL INS CORP | COM | 910710102 |  | 9097931 | 808705 | SH |  | SOLE |  | 808705 | 0 | 0 |
| AMERICAN PUB ED INC | COM | 02913V103 |  | 11091600 | 195000 | SH |  | SOLE |  | 195000 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 1106505 | 2490 | SH |  | SOLE |  | 2490 | 0 | 0 |
| AMRIZE LTD | SHS | H2927K103 |  | 8863821 | 158226 | SH |  | SOLE |  | 158226 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 10900748 | 97835 | SH |  | SOLE |  | 97835 | 0 | 0 |
| ARCOS DORADOS HLDGS INC | SHS CLASS -A - | G0457F107 |  | 146479 | 17755 | SH |  | SOLE |  | 17755 | 0 | 0 |
| ARCOSA INC | COM | 039653100 |  | 38457332 | 362326 | SH |  | SOLE |  | 362326 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 7052079 | 391347 | SH |  | SOLE |  | 391347 | 0 | 0 |
| ARHAUS INC | COM CL A | 04035M102 |  | 7564208 | 1115665 | SH |  | SOLE |  | 1115665 | 0 | 0 |
| ARTISAN PARTNERS ASSET MGMT | CL A | 04316A108 |  | 20063123 | 551336 | SH |  | SOLE |  | 551336 | 0 | 0 |
| AVANOS MED INC | COM | 05350V106 |  | 6123561 | 437085 | SH |  | SOLE |  | 437085 | 0 | 0 |
| BCP INVESTMENT CORPORATION | COM NEW | 73688F201 |  | 886984 | 117950 | SH |  | SOLE |  | 117950 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 14917732 | 31130 | SH |  | SOLE |  | 31130 | 0 | 0 |
| BLACKROCK TECH AND PRIVATE E | SHS BEN INT | 09260Q108 |  | 164373 | 24905 | SH |  | SOLE |  | 24905 | 0 | 0 |
| BLACKSTONE MORTGAGE TRUST IN | COM CL A | 09257W100 |  | 9261394 | 483624 | SH |  | SOLE |  | 483624 | 0 | 0 |
| BLUELINX HLDGS INC | COM NEW | 09624H208 |  | 17439125 | 321874 | SH |  | SOLE |  | 321874 | 0 | 0 |
| BOEING CO | DEP CONV PFD A | 097023204 |  | 6866899 | 105840 | SH |  | SOLE |  | 105840 | 0 | 0 |
| BRIDGEWATER BANCSHARES INC | COM | 108621103 |  | 7693482 | 434660 | SH |  | SOLE |  | 434660 | 0 | 0 |
| BRIGHTSPIRE CAPITAL INC | COM CL A | 10949T109 |  | 12934736 | 2309774 | SH |  | SOLE |  | 2309774 | 0 | 0 |
| BRIGHTVIEW HLDGS INC | COM | 10948C107 |  | 13167439 | 1116831 | SH |  | SOLE |  | 1116831 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 10582515 | 128538 | SH |  | SOLE |  | 128538 | 0 | 0 |
| BUNGE GLOBAL SA | COM SHS | H11356104 |  | 23176660 | 182206 | SH |  | SOLE |  | 182206 | 0 | 0 |
| CARRIAGE SVCS INC | COM | 143905107 |  | 12042836 | 263750 | SH |  | SOLE |  | 263750 | 0 | 0 |
| CASS INFORMATION SYS INC | COM | 14808P109 |  | 4976901 | 113060 | SH |  | SOLE |  | 113060 | 0 | 0 |
| CAVCO INDS INC DEL | COM | 149568107 |  | 24694400 | 50991 | SH |  | SOLE |  | 50991 | 0 | 0 |
| CION INVT CORP | COM | 17259U204 |  | 101540 | 14845 | SH |  | SOLE |  | 14845 | 0 | 0 |
| CIVEO CORP CDA | COM NEW | 17878Y207 |  | 4187560 | 158260 | SH |  | SOLE |  | 158260 | 0 | 0 |
| CLEARFIELD INC | COM | 18482P103 |  | 7665977 | 289610 | SH |  | SOLE |  | 289610 | 0 | 0 |
| CLIMB GLOBAL SOLUTIONS INC | COM | 946760105 |  | 10934000 | 551665 | SH |  | SOLE |  | 551665 | 0 | 0 |
| CSW INDUSTRIALS INC | COM | 126402106 |  | 13286117 | 50987 | SH |  | SOLE |  | 50987 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 7779376 | 13810 | SH |  | SOLE |  | 13810 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 11191185 | 116115 | SH |  | SOLE |  | 116115 | 0 | 0 |
| DOUGLAS DYNAMICS INC | COM | 25960R105 |  | 26173468 | 621845 | SH |  | SOLE |  | 621845 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 6232290 | 47597 | SH |  | SOLE |  | 47597 | 0 | 0 |
| ELECTROMED INC | COM | 285409108 |  | 5256013 | 224520 | SH |  | SOLE |  | 224520 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 6800296 | 23229 | SH |  | SOLE |  | 23229 | 0 | 0 |
| ENOVA INTL INC | COM | 29357K103 |  | 20846129 | 153472 | SH |  | SOLE |  | 153472 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 13058717 | 90328 | SH |  | SOLE |  | 90328 | 0 | 0 |
| EPSILON ENERGY LTD | COM | 294375209 |  | 2937581 | 476880 | SH |  | SOLE |  | 476880 | 0 | 0 |
| FIRST FNDTN INC | COM | 32026V104 |  | 2360000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| FIRST INTST BANCSYSTEM INC | COM | 32055Y201 |  | 24562993 | 735419 | SH |  | SOLE |  | 735419 | 0 | 0 |
| FIRST TR HIGH YIELD OPPRT 20 | COM | 33741Q107 |  | 11997657 | 886745 | SH |  | SOLE |  | 886745 | 0 | 0 |
| FIRST WESTN FINL INC | COM | 33751L105 |  | 6100633 | 248195 | SH |  | SOLE |  | 248195 | 0 | 0 |
| FLEXSTEEL INDS INC | COM | 339382103 |  | 4113133 | 91525 | SH |  | SOLE |  | 91525 | 0 | 0 |
| GLOBAL SHIP LEASE INC | COM CL A | Y27183600 |  | 26733859 | 718073 | SH |  | SOLE |  | 718073 | 0 | 0 |
| GRAHAM CORP | COM | 384556106 |  | 4509331 | 57138 | SH |  | SOLE |  | 57138 | 0 | 0 |
| GRAND CANYON ED INC | COM | 38526M106 |  | 204036 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| GREEN BRICK PARTNERS INC | COM | 392709101 |  | 23095102 | 358341 | SH |  | SOLE |  | 358341 | 0 | 0 |
| GREENLIGHT CAP RE LTD | CLASS A | G4095J109 |  | 1380209 | 79827 | SH |  | SOLE |  | 79827 | 0 | 0 |
| HACKETT GROUP INC | COM | 404609109 |  | 5799863 | 445800 | SH |  | SOLE |  | 445800 | 0 | 0 |
| HCI GROUP INC | COM | 40416E103 |  | 1855320 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| HEARTLAND EXPRESS INC | COM | 422347104 |  | 3439956 | 330765 | SH |  | SOLE |  | 330765 | 0 | 0 |
| HERITAGE GLOBAL INC | COM | 42727E103 |  | 3052041 | 2244148 | SH |  | SOLE |  | 2244148 | 0 | 0 |
| HILLMAN SOLUTIONS CORP | COM | 431636109 |  | 14760588 | 1774109 | SH |  | SOLE |  | 1774109 | 0 | 0 |
| I3 VERTICALS INC | COM CL A | 46571Y107 |  | 23089070 | 1032606 | SH |  | SOLE |  | 1032606 | 0 | 0 |
| IDAHO STRATEGIC RESOURCES | COM NEW | 645827205 |  | 6655906 | 207220 | SH |  | SOLE |  | 207220 | 0 | 0 |
| INFUSYSTEM HLDGS INC | COM | 45685K102 |  | 7734048 | 837925 | SH |  | SOLE |  | 837925 | 0 | 0 |
| INNOVATIVE SOLUTIONS  SUPPO | COM | 45769N105 |  | 10647228 | 518618 | SH |  | SOLE |  | 518618 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 15091030 | 88490 | SH |  | SOLE |  | 88490 | 0 | 0 |
| IRADIMED CORP | COM | 46266A109 |  | 1636420 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 9415 | 104 | SH |  | SOLE |  | 104 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 27435 | 42 | SH |  | SOLE |  | 42 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 18895 | 152 | SH |  | SOLE |  | 152 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 29781 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 13366 | 168 | SH |  | SOLE |  | 168 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 9046 | 83 | SH |  | SOLE |  | 83 | 0 | 0 |
| ISHARES TR | MICRO-CAP ETF | 464288869 |  | 63525 | 398 | SH |  | SOLE |  | 398 | 0 | 0 |
| ISHARES TR | ESG OPTIMIZED | 464288802 |  | 25099 | 190 | SH |  | SOLE |  | 190 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 45880 | 185 | SH |  | SOLE |  | 185 | 0 | 0 |
| ISHARES TR | RUSSELL 3000 ETF | 464287689 |  | 2034065 | 5487 | SH |  | SOLE |  | 5487 | 0 | 0 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 20586 | 182 | SH |  | SOLE |  | 182 | 0 | 0 |
| JEFFERSON CAPITAL INC | COM | 47248R103 |  | 21458469 | 1115885 | SH |  | SOLE |  | 1115885 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 9137247 | 37380 | SH |  | SOLE |  | 37380 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 13075953 | 44452 | SH |  | SOLE |  | 44452 | 0 | 0 |
| KARAT PACKAGING INC | COM | 48563L101 |  | 1929691 | 69115 | SH |  | SOLE |  | 69115 | 0 | 0 |
| KEWAUNEE SCIENTIFIC CORP | COM | 492854104 |  | 3451058 | 100702 | SH |  | SOLE |  | 100702 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 11096983 | 330957 | SH |  | SOLE |  | 330957 | 0 | 0 |
| KKR  CO INC | 6.25 CON SER D | 48251W500 |  | 3491498 | 86810 | SH |  | SOLE |  | 86810 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 14949334 | 161614 | SH |  | SOLE |  | 161614 | 0 | 0 |
| LAMAR ADVERTISING CO | CL A | 512816109 |  | 205189 | 1620 | SH |  | SOLE |  | 1620 | 0 | 0 |
| LAUREATE ED INC | COMMON STOCK | 518613203 |  | 40863168 | 1172881 | SH |  | SOLE |  | 1172881 | 0 | 0 |
| LEGACY ED INC | COM | 52474R207 |  | 2316200 | 185000 | SH |  | SOLE |  | 185000 | 0 | 0 |
| LEGACY HOUSING CORP | COM | 52472M101 |  | 8737196 | 427665 | SH |  | SOLE |  | 427665 | 0 | 0 |
| LEGALZOOM COM INC | COM | 52466B103 |  | 15248161 | 2689270 | SH |  | SOLE |  | 2689270 | 0 | 0 |
| LENDINGTREE INC | COM | 52603B107 |  | 27744989 | 647038 | SH |  | SOLE |  | 647038 | 0 | 0 |
| LINCOLN EDL SVCS CORP | COM | 533535100 |  | 10257462 | 252150 | SH |  | SOLE |  | 252150 | 0 | 0 |
| LIQUIDITY SVCS INC | COM | 53635B107 |  | 28136457 | 920394 | SH |  | SOLE |  | 920394 | 0 | 0 |
| MADDEN STEVEN LTD | COM | 556269108 |  | 11432921 | 337055 | SH |  | SOLE |  | 337055 | 0 | 0 |
| MAMAS CREATIONS INC | COM | 56146T103 |  | 2531100 | 165000 | SH |  | SOLE |  | 165000 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 13880552 | 140137 | SH |  | SOLE |  | 140137 | 0 | 0 |
| MATCH GROUP INC NEW | COM | 57667L107 |  | 11668950 | 379972 | SH |  | SOLE |  | 379972 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 16197321 | 9368 | SH |  | SOLE |  | 9368 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 15918708 | 43004 | SH |  | SOLE |  | 43004 | 0 | 0 |
| MILLER INDS INC TENN | COM NEW | 600551204 |  | 5032227 | 110477 | SH |  | SOLE |  | 110477 | 0 | 0 |
| MIMEDX GROUP INC | COM | 602496101 |  | 7977886 | 2019718 | SH |  | SOLE |  | 2019718 | 0 | 0 |
| MOUNT LOGAN CAP INC | COM | 62188E103 |  | 783676 | 218904 | SH |  | SOLE |  | 218904 | 0 | 0 |
| NATURES SUNSHINE PRODS INC | COM | 639027101 |  | 8156600 | 340000 | SH |  | SOLE |  | 340000 | 0 | 0 |
| NORTHEAST BK PORTLAND ME | COM | 66405S100 |  | 1656334 | 14740 | SH |  | SOLE |  | 14740 | 0 | 0 |
| NORTHRIM BANCORP INC | COM | 666762109 |  | 7468261 | 326410 | SH |  | SOLE |  | 326410 | 0 | 0 |
| NPK INTERNATIONAL INC | COM SHS | 651718504 |  | 26354273 | 1818790 | SH |  | SOLE |  | 1818790 | 0 | 0 |
| NVE CORP | COM NEW | 629445206 |  | 6783769 | 103569 | SH |  | SOLE |  | 103569 | 0 | 0 |
| OMEGA FLEX INC | COM | 682095104 |  | 1350240 | 43500 | SH |  | SOLE |  | 43500 | 0 | 0 |
| OPTEX SYS HLDGS INC | COM NEW | 68384X209 |  | 4277957 | 323475 | SH |  | SOLE |  | 323475 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 8770268 | 59617 | SH |  | SOLE |  | 59617 | 0 | 0 |
| ORACLE CORP | 6.5 DEP CUM SR D | 68389X204 |  | 3756760 | 83465 | SH |  | SOLE |  | 83465 | 0 | 0 |
| OXFORD INDS INC | COM | 691497309 |  | 4753674 | 123440 | SH |  | SOLE |  | 123440 | 0 | 0 |
| PAR PAC HOLDINGS INC | COM NEW | 69888T207 |  | 23628337 | 377208 | SH |  | SOLE |  | 377208 | 0 | 0 |
| PAYSIGN INC | COM | 70451A104 |  | 12143439 | 2058210 | SH |  | SOLE |  | 2058210 | 0 | 0 |
| PDF SOLUTIONS INC | COM | 693282105 |  | 211961 | 6480 | SH |  | SOLE |  | 6480 | 0 | 0 |
| PIEDMONT REALTY TRUST INC | COM CL A | 720190206 |  | 3613585 | 550013 | SH |  | SOLE |  | 550013 | 0 | 0 |
| PIMCO DYNAMIC INCOME STRATEG | COM SHS BEN INT | 69346N107 |  | 18802293 | 852325 | SH |  | SOLE |  | 852325 | 0 | 0 |
| PLUMAS BANCORP | COM | 729273102 |  | 3382005 | 69275 | SH |  | SOLE |  | 69275 | 0 | 0 |
| PRICESMART INC | COM | 741511109 |  | 24410076 | 162193 | SH |  | SOLE |  | 162193 | 0 | 0 |
| PRO-DEX INC COLO | COM NEW | 74265M205 |  | 3032423 | 61735 | SH |  | SOLE |  | 61735 | 0 | 0 |
| QXO INC | 5.50 DEP PFD | 82846H504 |  | 3646662 | 66315 | SH |  | SOLE |  | 66315 | 0 | 0 |
| RADNET INC | COM | 750491102 |  | 33270180 | 595280 | SH |  | SOLE |  | 595280 | 0 | 0 |
| RCM TECHNOLOGIES INC | COM NEW | 749360400 |  | 2938201 | 153511 | SH |  | SOLE |  | 153511 | 0 | 0 |
| RENTOKIL INITIAL PLC | SPONSORED ADR | 760125104 |  | 18916755 | 600913 | SH |  | SOLE |  | 600913 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 9212299 | 42061 | SH |  | SOLE |  | 42061 | 0 | 0 |
| RESEARCH SOLUTIONS INC | COM | 761025105 |  | 5768548 | 2552455 | SH |  | SOLE |  | 2552455 | 0 | 0 |
| RF INDS LTD | COM PAR $0.01 | 749552105 |  | 8483068 | 822800 | SH |  | SOLE |  | 822800 | 0 | 0 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 28715651 | 598617 | SH |  | SOLE |  | 598617 | 0 | 0 |
| ROYCE MICRO-CAP TR INC | COM | 780915104 |  | 6171471 | 545665 | SH |  | SOLE |  | 545665 | 0 | 0 |
| SAN JUAN BASIN RTY TR | UNIT BEN INT | 798241105 |  | 4517672 | 939225 | SH |  | SOLE |  | 939225 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 11004290 | 132886 | SH |  | SOLE |  | 132886 | 0 | 0 |
| SELECT WATER SOLUTIONS INC | CL A COM | 81617J301 |  | 23392100 | 1528895 | SH |  | SOLE |  | 1528895 | 0 | 0 |
| SILA REALTY TRUST INC | COMMON STOCK | 146280508 |  | 31909039 | 1347510 | SH |  | SOLE |  | 1347510 | 0 | 0 |
| SILVERCREST ASSET MGMT GROUP | CL A | 828359109 |  | 3293211 | 245031 | SH |  | SOLE |  | 245031 | 0 | 0 |
| SIRIUSPOINT LTD | COM | G8192H106 |  | 30490502 | 1415529 | SH |  | SOLE |  | 1415529 | 0 | 0 |
| SMARTRENT INC | COM CL A | 83193G107 |  | 7549320 | 5032880 | SH |  | SOLE |  | 5032880 | 0 | 0 |
| SPROUTS FMRS MKT INC | COM | 85208M102 |  | 16784632 | 217615 | SH |  | SOLE |  | 217615 | 0 | 0 |
| SS TECH HLDGS | COM | 78467J100 |  | 10051349 | 148755 | SH |  | SOLE |  | 148755 | 0 | 0 |
| STONEX GROUP INC | COM | 861896108 |  | 76099624 | 943579 | SH |  | SOLE |  | 943579 | 0 | 0 |
| TACTILE SYS TECHNOLOGY INC | COM | 87357P100 |  | 7839000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 239422 | 750 | SH |  | SOLE |  | 750 | 0 | 0 |
| TALKSPACE INC | COM | 87427V103 |  | 2326835 | 449630 | SH |  | SOLE |  | 449630 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 10397134 | 85785 | SH |  | SOLE |  | 85785 | 0 | 0 |
| TAYLOR DEVICES INC | COM | 877163105 |  | 1841100 | 32300 | SH |  | SOLE |  | 32300 | 0 | 0 |
| TFS FINL CORP | COM | 87240R107 |  | 154831 | 11020 | SH |  | SOLE |  | 11020 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 13430933 | 27325 | SH |  | SOLE |  | 27325 | 0 | 0 |
| TIDEWATER INC NEW | COM | 88642R109 |  | 29068133 | 347913 | SH |  | SOLE |  | 347913 | 0 | 0 |
| TRANSCAT INC | COM | 893529107 |  | 4757724 | 64775 | SH |  | SOLE |  | 64775 | 0 | 0 |
| TRIMAS CORP | COM NEW | 896215209 |  | 8795201 | 244719 | SH |  | SOLE |  | 244719 | 0 | 0 |
| UFP TECHNOLOGIES INC | COM | 902673102 |  | 4394720 | 22700 | SH |  | SOLE |  | 22700 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 10283215 | 19673 | SH |  | SOLE |  | 19673 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 7294036 | 26956 | SH |  | SOLE |  | 26956 | 0 | 0 |
| UNIVERSAL TECHNICAL INST INC | COM | 913915104 |  | 38874863 | 1076866 | SH |  | SOLE |  | 1076866 | 0 | 0 |
| VERRA MOBILITY CORP | CL A COM STK | 92511U102 |  | 16393060 | 1147170 | SH |  | SOLE |  | 1147170 | 0 | 0 |
| VIANT TECHNOLOGY INC | COM CL A | 92557A101 |  | 15088226 | 1347163 | SH |  | SOLE |  | 1347163 | 0 | 0 |
| VIEMED HEALTHCARE INC | COM | 92663R105 |  | 4949095 | 537361 | SH |  | SOLE |  | 537361 | 0 | 0 |
| VITESSE ENERGY INC | COMMON STOCK | 92852X103 |  | 24220346 | 1333720 | SH |  | SOLE |  | 1333720 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 10499499 | 45692 | SH |  | SOLE |  | 45692 | 0 | 0 |
| WESTERN ASSET DIVERSIFIED IN | COM SHS BEN INT | 95790K109 |  | 159331 | 11855 | SH |  | SOLE |  | 11855 | 0 | 0 |
| WHIRLPOOL CORP | 8.5 DEP SR A CNV | 963320205 |  | 4105442 | 100255 | SH |  | SOLE |  | 100255 | 0 | 0 |
| TELADOC HEALTH INC | NOTE 1.250% 6/0 | 87918AAF2 |  | 28620 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |

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