# EDGAR Filing Document

**Accession Number:** 0001158202
**File Stem:** 0001420506-23-000431
**Filing Date:** 2023-2
**Character Count:** 19820
**Document Hash:** 8f0f6dcabc42dff9866e95ef79f353ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-23-000431.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001420506-23-000431

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Penn Capital Management Company, LLC
- **CENTRAL INDEX KEY:** 0001158202
- **IRS NUMBER:** 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:** 23617091

**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:** 12-31-2022

**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:** Andrew Daly<br>**Title:** Chief Compliance Officer<br>**Phone:** 2153021500

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

Andrew Daly Chief Compliance Officer  PHILADELPHIA, PA  02-13-2023<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:** 167

**Form 13F Information Table Value Total:** $978889

      (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 |
| ACADIA HEALTHCARE COMPANY IN | COM | 00404A109 |  | 12132 | 147175 | SH |  | SOLE |  | 147175 | 0 | 0 |
| ALLEGRO MICROSYSTEMS INC | COM | 01749D105 |  | 13580 | 450489 | SH |  | SOLE |  | 450489 | 0 | 0 |
| ALPHATEC HLDGS INC | COM NEW | 02081G201 |  | 15472 | 1251241 | SH |  | SOLE |  | 1251241 | 0 | 0 |
| ALTO INGREDIENTS INC | COM | 021513106 |  | 2202 | 764430 | SH |  | SOLE |  | 764430 | 0 | 0 |
| AMERICAN AXLE  MFG HLDGS IN | COM | 024061103 |  | 12514 | 1598213 | SH |  | SOLE |  | 1598213 | 0 | 0 |
| AMERICOLD REALTY TRUST INC | COM | 03064D108 |  | 329 | 11625 | SH |  | SOLE |  | 11625 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 |  | 11593 | 245597 | SH |  | SOLE |  | 245597 | 0 | 0 |
| AMETEK INC | COM | 031100100 |  | 475 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| APARTMENT INCOME REIT CORP | COM | 03750L109 |  | 1552 | 44281 | SH |  | SOLE |  | 44281 | 0 | 0 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 4861 | 76264 | SH |  | SOLE |  | 76264 | 0 | 0 |
| ASPEN AEROGELS INC | COM | 04523Y105 |  | 8149 | 690481 | SH |  | SOLE |  | 690481 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 229 | 1416 | SH |  | SOLE |  | 1416 | 0 | 0 |
| AVANTOR INC | COM | 05352A100 |  | 1933 | 90084 | SH |  | SOLE |  | 90084 | 0 | 0 |
| AVIENT CORPORATION | COM | 05368V106 |  | 9631 | 284913 | SH |  | SOLE |  | 284913 | 0 | 0 |
| AXIS CAP HLDGS LTD | SHS | G0692U109 |  | 3068 | 55792 | SH |  | SOLE |  | 55792 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 2842 | 27077 | SH |  | SOLE |  | 27077 | 0 | 0 |
| BLOOMIN BRANDS INC | COM | 094235108 |  | 13375 | 664049 | SH |  | SOLE |  | 664049 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 |  | 8414 | 154094 | SH |  | SOLE |  | 154094 | 0 | 0 |
| BURLINGTON STORES INC | COM | 122017106 |  | 2598 | 12623 | SH |  | SOLE |  | 12623 | 0 | 0 |
| CACI INTL INC | CL A | 127190304 |  | 440 | 1464 | SH |  | SOLE |  | 1464 | 0 | 0 |
| CALAMP CORP | COM | 128126109 |  | 3079 | 687371 | SH |  | SOLE |  | 687371 | 0 | 0 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 |  | 10760 | 246971 | SH |  | SOLE |  | 246971 | 0 | 0 |
| CARPENTER TECHNOLOGY CORP | COM | 144285103 |  | 12139 | 328190 | SH |  | SOLE |  | 328190 | 0 | 0 |
| CENTERSPACE | COM | 15202L107 |  | 2610 | 44489 | SH |  | SOLE |  | 44489 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 1804 | 20900 | SH |  | SOLE |  | 20900 | 0 | 0 |
| CHAMPIONX CORPORATION | COM | 15872M104 |  | 8822 | 303911 | SH |  | SOLE |  | 303911 | 0 | 0 |
| CHART INDS INC | COM | 16115Q308 |  | 9758 | 84363 | SH |  | SOLE |  | 84363 | 0 | 0 |
| CHESAPEAKE ENERGY CORP | COM | 165167735 |  | 3406 | 35565 | SH |  | SOLE |  | 35565 | 0 | 0 |
| CHIMERIX INC | COM | 16934W106 |  | 44 | 23802 | SH |  | SOLE |  | 23802 | 0 | 0 |
| CIVISTA BANCSHARES INC | COM NO PAR | 178867107 |  | 875 | 39737 | SH |  | SOLE |  | 39737 | 0 | 0 |
| CLEAR CHANNEL OUTDOOR HLDGS | COM | 18453H106 |  | 5068 | 4820268 | SH |  | SOLE |  | 4820268 | 0 | 0 |
| CODEX DNA INC | COM | 192003101 |  | 1468 | 1174062 | SH |  | SOLE |  | 1174062 | 0 | 0 |
| COLUMBUS MCKINNON CORP N Y | COM | 199333105 |  | 331 | 10182 | SH |  | SOLE |  | 10182 | 0 | 0 |
| COMPASS MINERALS INTL INC | COM | 20451N101 |  | 9598 | 233785 | SH |  | SOLE |  | 233785 | 0 | 0 |
| CONMED CORP | COM | 207410101 |  | 1992 | 22084 | SH |  | SOLE |  | 22084 | 0 | 0 |
| CONSTRUCTION PARTNERS INC | COM CL A | 21044C107 |  | 2447 | 91679 | SH |  | SOLE |  | 91679 | 0 | 0 |
| CROCS INC | COM | 227046109 |  | 12394 | 114005 | SH |  | SOLE |  | 114005 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 3759 | 27016 | SH |  | SOLE |  | 27016 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 268 | 2669 | SH |  | SOLE |  | 2669 | 0 | 0 |
| DIVERSEY HLDGS LTD | ORD SHS | G28923103 |  | 986 | 231434 | SH |  | SOLE |  | 231434 | 0 | 0 |
| DUCOMMUN INC DEL | COM | 264147109 |  | 1228 | 24574 | SH |  | SOLE |  | 24574 | 0 | 0 |
| EARTHSTONE ENERGY INC | CL A | 27032D304 |  | 10877 | 763357 | SH |  | SOLE |  | 763357 | 0 | 0 |
| EASTERLY GOVT PPTYS INC | COM | 27616P103 |  | 3521 | 246740 | SH |  | SOLE |  | 246740 | 0 | 0 |
| ESSENTIAL PPTYS RLTY TR INC | COM | 29670E107 |  | 10278 | 437364 | SH |  | SOLE |  | 437364 | 0 | 0 |
| EVENTBRITE INC | COM CL A | 29975E109 |  | 1780 | 303735 | SH |  | SOLE |  | 303735 | 0 | 0 |
| FARMER BROS CO | COM | 307675108 |  | 3514 | 762354 | SH |  | SOLE |  | 762354 | 0 | 0 |
| FB FINL CORP | COM | 30257X104 |  | 15124 | 418023 | SH |  | SOLE |  | 418023 | 0 | 0 |
| FIRST BANCORP N C | COM | 318910106 |  | 501 | 11698 | SH |  | SOLE |  | 11698 | 0 | 0 |
| FIRST BANCORP P R | COM NEW | 318672706 |  | 13817 | 1084812 | SH |  | SOLE |  | 1084812 | 0 | 0 |
| FIRST WATCH RESTAURANT GROUP | COM | 33748L101 |  | 2422 | 179001 | SH |  | SOLE |  | 179001 | 0 | 0 |
| FIVE BELOW INC | COM | 33829M101 |  | 15656 | 88199 | SH |  | SOLE |  | 88199 | 0 | 0 |
| FLOOR  DECOR HLDGS INC | CL A | 339750101 |  | 1052 | 14849 | SH |  | SOLE |  | 14849 | 0 | 0 |
| FOX CORP | CL B COM | 35137L204 |  | 2378 | 82287 | SH |  | SOLE |  | 82287 | 0 | 0 |
| GODADDY INC | CL A | 380237107 |  | 2567 | 33818 | SH |  | SOLE |  | 33818 | 0 | 0 |
| GOGO INC | COM | 38046C109 |  | 8458 | 572291 | SH |  | SOLE |  | 572291 | 0 | 0 |
| GOLDEN ENTMT INC | COM | 381013101 |  | 16161 | 431557 | SH |  | SOLE |  | 431557 | 0 | 0 |
| GRAY TELEVISION INC | COM | 389375106 |  | 11659 | 1040581 | SH |  | SOLE |  | 1040581 | 0 | 0 |
| GXO LOGISTICS INCORPORATED | COMMON STOCK | 36262G101 |  | 11072 | 259032 | SH |  | SOLE |  | 259032 | 0 | 0 |
| H  E EQUIPMENT SERVICES INC | COM | 404030108 |  | 19425 | 426530 | SH |  | SOLE |  | 426530 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | COM | 40637H109 |  | 16368 | 286523 | SH |  | SOLE |  | 286523 | 0 | 0 |
| HANCOCK WHITNEY CORPORATION | COM | 410120109 |  | 8846 | 182558 | SH |  | SOLE |  | 182558 | 0 | 0 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 9710 | 175987 | SH |  | SOLE |  | 175987 | 0 | 0 |
| HAWAIIAN ELEC INDUSTRIES | COM | 419870100 |  | 222 | 5294 | SH |  | SOLE |  | 5294 | 0 | 0 |
| HEALTHCARE RLTY TR | CL A COM | 42226K105 |  | 1525 | 77419 | SH |  | SOLE |  | 77419 | 0 | 0 |
| HELIOS TECHNOLOGIES INC | COM | 42328H109 |  | 2054 | 37731 | SH |  | SOLE |  | 37731 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 668 | 4712 | SH |  | SOLE |  | 4712 | 0 | 0 |
| HILLMAN SOLUTIONS CORP | COM | 431636109 |  | 8314 | 1151590 | SH |  | SOLE |  | 1151590 | 0 | 0 |
| HILTON GRAND VACATIONS INC | COM | 43283X105 |  | 4634 | 120080 | SH |  | SOLE |  | 120080 | 0 | 0 |
| INDEPENDENCE RLTY TR INC | COM | 45378A106 |  | 445 | 26393 | SH |  | SOLE |  | 26393 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 234 | 3474 | SH |  | SOLE |  | 3474 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 846 | 4853 | SH |  | SOLE |  | 4853 | 0 | 0 |
| KAISER ALUMINUM CORP | COM PAR $0.01 | 483007704 |  | 9019 | 118573 | SH |  | SOLE |  | 118573 | 0 | 0 |
| KENNEDY-WILSON HOLDINGS INC | COM | 489398107 |  | 1350 | 84174 | SH |  | SOLE |  | 84174 | 0 | 0 |
| KIMBALL INTL INC | CL B | 494274103 |  | 1326 | 204008 | SH |  | SOLE |  | 204008 | 0 | 0 |
| KIRBY CORP | COM | 497266106 |  | 13609 | 210538 | SH |  | SOLE |  | 210538 | 0 | 0 |
| KULICKE  SOFFA INDS INC | COM | 501242101 |  | 12855 | 289375 | SH |  | SOLE |  | 289375 | 0 | 0 |
| LANTHEUS HLDGS INC | COM | 516544103 |  | 11618 | 227038 | SH |  | SOLE |  | 227038 | 0 | 0 |
| LENNOX INTL INC | COM | 526107107 |  | 1894 | 7780 | SH |  | SOLE |  | 7780 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM A SIRIUSXM | 531229409 |  | 2521 | 63148 | SH |  | SOLE |  | 63148 | 0 | 0 |
| LIVENT CORP | COM | 53814L108 |  | 10071 | 505079 | SH |  | SOLE |  | 505079 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 367 | 2530 | SH |  | SOLE |  | 2530 | 0 | 0 |
| MAGNITE INC | COM | 55955D100 |  | 170 | 16059 | SH |  | SOLE |  | 16059 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 2420 | 7063 | SH |  | SOLE |  | 7063 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 290 | 7828 | SH |  | SOLE |  | 7828 | 0 | 0 |
| MASCO CORP | COM | 574599106 |  | 315 | 6742 | SH |  | SOLE |  | 6742 | 0 | 0 |
| MERCURY SYS INC | COM | 589378108 |  | 1725 | 37862 | SH |  | SOLE |  | 37862 | 0 | 0 |
| METROPOLITAN BK HLDG CORP | COM | 591774104 |  | 1912 | 32581 | SH |  | SOLE |  | 32581 | 0 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 1883 | 55331 | SH |  | SOLE |  | 55331 | 0 | 0 |
| MIDDLESEX WTR CO | COM | 596680108 |  | 3656 | 46478 | SH |  | SOLE |  | 46478 | 0 | 0 |
| MODIVCARE INC | COM | 60783X104 |  | 8378 | 93293 | SH |  | SOLE |  | 93293 | 0 | 0 |
| MONRO INC | COM | 610236101 |  | 3346 | 74022 | SH |  | SOLE |  | 74022 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 391 | 3271 | SH |  | SOLE |  | 3271 | 0 | 0 |
| NEW RELIC INC | COM | 64829B100 |  | 6767 | 119709 | SH |  | SOLE |  | 119709 | 0 | 0 |
| NEXPOINT RESIDENTIAL TR INC | COM | 65341D102 |  | 817 | 18775 | SH |  | SOLE |  | 18775 | 0 | 0 |
| NEXSTAR MEDIA GROUP INC | COMMON STOCK | 65336K103 |  | 15177 | 86596 | SH |  | SOLE |  | 86596 | 0 | 0 |
| NORTHERN OIL AND GAS INC MN | COM | 665531307 |  | 13499 | 437421 | SH |  | SOLE |  | 437421 | 0 | 0 |
| NORTHWEST NAT HLDG CO | COM | 66765N105 |  | 3707 | 77904 | SH |  | SOLE |  | 77904 | 0 | 0 |
| NOW INC | COM | 67011P100 |  | 14812 | 1164747 | SH |  | SOLE |  | 1164747 | 0 | 0 |
| NVENT ELECTRIC PLC | SHS | G6700G107 |  | 2637 | 67384 | SH |  | SOLE |  | 67384 | 0 | 0 |
| O-I GLASS INC | COM | 67098H104 |  | 10870 | 655164 | SH |  | SOLE |  | 655164 | 0 | 0 |
| OFG BANCORP | COM | 67103X102 |  | 1724 | 62544 | SH |  | SOLE |  | 62544 | 0 | 0 |
| OLIN CORP | COM PAR $1 | 680665205 |  | 1857 | 34477 | SH |  | SOLE |  | 34477 | 0 | 0 |
| OLO INC | CL A | 68134L109 |  | 1116 | 178592 | SH |  | SOLE |  | 178592 | 0 | 0 |
| OPERA LTD | SPONSORED ADS | 68373M107 |  | 1372 | 218072 | SH |  | SOLE |  | 218072 | 0 | 0 |
| OPTION CARE HEALTH INC | COM NEW | 68404L201 |  | 11151 | 370083 | SH |  | SOLE |  | 370083 | 0 | 0 |
| OUSTER INC | COM | 68989M103 |  | 2856 | 3305373 | SH |  | SOLE |  | 3305373 | 0 | 0 |
| PAPA JOHNS INTL INC | COM | 698813102 |  | 9009 | 109326 | SH |  | SOLE |  | 109326 | 0 | 0 |
| PATTERSON-UTI ENERGY INC | COM | 703481101 |  | 14091 | 835679 | SH |  | SOLE |  | 835679 | 0 | 0 |
| PEBBLEBROOK HOTEL TR | COM | 70509V100 |  | 1027 | 75082 | SH |  | SOLE |  | 75082 | 0 | 0 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 13045 | 438661 | SH |  | SOLE |  | 438661 | 0 | 0 |
| PENNANT GROUP INC | COM | 70805E109 |  | 3646 | 332087 | SH |  | SOLE |  | 332087 | 0 | 0 |
| PERFORMANCE FOOD GROUP CO | COM | 71377A103 |  | 17192 | 293478 | SH |  | SOLE |  | 293478 | 0 | 0 |
| PERRIGO CO PLC | SHS | G97822103 |  | 10008 | 292257 | SH |  | SOLE |  | 292257 | 0 | 0 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 14044 | 190549 | SH |  | SOLE |  | 190549 | 0 | 0 |
| PLANET FITNESS INC | CL A | 72703H101 |  | 16034 | 202674 | SH |  | SOLE |  | 202674 | 0 | 0 |
| PLAYA HOTELS  RESORTS NV | SHS | N70544106 |  | 73 | 11226 | SH |  | SOLE |  | 11226 | 0 | 0 |
| PLAYAGS INC | COM | 72814N104 |  | 192 | 37705 | SH |  | SOLE |  | 37705 | 0 | 0 |
| POSTAL REALTY TRUST INC | CL A | 73757R102 |  | 2918 | 200848 | SH |  | SOLE |  | 200848 | 0 | 0 |
| PRIMERICA INC | COM | 74164M108 |  | 2391 | 16568 | SH |  | SOLE |  | 16568 | 0 | 0 |
| PRIMIS FINANCIAL CORP | COM | 74167B109 |  | 1800 | 151929 | SH |  | SOLE |  | 151929 | 0 | 0 |
| PTC INC | COM | 69370C100 |  | 2001 | 16417 | SH |  | SOLE |  | 16417 | 0 | 0 |
| PURE STORAGE INC | CL A | 74624M102 |  | 11477 | 428310 | SH |  | SOLE |  | 428310 | 0 | 0 |
| RAMBUS INC DEL | COM | 750917106 |  | 11341 | 316189 | SH |  | SOLE |  | 316189 | 0 | 0 |
| RINGCENTRAL INC | CL A | 76680R206 |  | 7592 | 213493 | SH |  | SOLE |  | 213493 | 0 | 0 |
| ROGERS CORP | COM | 775133101 |  | 2418 | 20262 | SH |  | SOLE |  | 20262 | 0 | 0 |
| RYMAN HOSPITALITY PPTYS INC | COM | 78377T107 |  | 12937 | 157987 | SH |  | SOLE |  | 157987 | 0 | 0 |
| SABRE CORP | COM | 78573M104 |  | 8015 | 1295106 | SH |  | SOLE |  | 1295106 | 0 | 0 |
| SANDY SPRING BANCORP INC | COM | 800363103 |  | 3596 | 102080 | SH |  | SOLE |  | 102080 | 0 | 0 |
| SCRIPPS E W CO OHIO | CL A NEW | 811054402 |  | 12704 | 961843 | SH |  | SOLE |  | 961843 | 0 | 0 |
| SEACOAST BKG CORP FLA | COM NEW | 811707801 |  | 10758 | 343240 | SH |  | SOLE |  | 343240 | 0 | 0 |
| SEAWORLD ENTMT INC | COM | 81282V100 |  | 15551 | 290246 | SH |  | SOLE |  | 290246 | 0 | 0 |
| SHORE BANCSHARES INC | COM | 825107105 |  | 1161 | 66634 | SH |  | SOLE |  | 66634 | 0 | 0 |
| SI-BONE INC | COM | 825704109 |  | 7158 | 525664 | SH |  | SOLE |  | 525664 | 0 | 0 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 1205 | 12988 | SH |  | SOLE |  | 12988 | 0 | 0 |
| SOUTHERN FIRST BANCSHARES | COM | 842873101 |  | 2341 | 51175 | SH |  | SOLE |  | 51175 | 0 | 0 |
| SOUTHSTATE CORPORATION | COM | 840441109 |  | 11643 | 152287 | SH |  | SOLE |  | 152287 | 0 | 0 |
| SPIRIT AEROSYSTEMS HLDGS INC | COM CL A | 848574109 |  | 14805 | 499530 | SH |  | SOLE |  | 499530 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 2929 | 29577 | SH |  | SOLE |  | 29577 | 0 | 0 |
| STEELCASE INC | CL A | 858155203 |  | 1683 | 238037 | SH |  | SOLE |  | 238037 | 0 | 0 |
| STEREOTAXIS INC | COM NEW | 85916J409 |  | 231 | 111538 | SH |  | SOLE |  | 111538 | 0 | 0 |
| SUMMIT MATLS INC | CL A | 86614U100 |  | 4997 | 175787 | SH |  | SOLE |  | 175787 | 0 | 0 |
| SUMO LOGIC INC | COM | 86646P103 |  | 1156 | 142657 | SH |  | SOLE |  | 142657 | 0 | 0 |
| TALOS ENERGY INC | COM | 87484T108 |  | 11235 | 594315 | SH |  | SOLE |  | 594315 | 0 | 0 |
| TENNANT CO | COM | 880345103 |  | 2607 | 42344 | SH |  | SOLE |  | 42344 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 2124 | 23979 | SH |  | SOLE |  | 23979 | 0 | 0 |
| TEXAS CAP BANCSHARES INC | COM | 88224Q107 |  | 2320 | 37749 | SH |  | SOLE |  | 37749 | 0 | 0 |
| TEXTRON INC | COM | 883203101 |  | 2012 | 28006 | SH |  | SOLE |  | 28006 | 0 | 0 |
| TRANSOCEAN LTD | REG SHS | H8817H100 |  | 9943 | 2177504 | SH |  | SOLE |  | 2177504 | 0 | 0 |
| TRANSUNION | COM | 89400J107 |  | 258 | 4553 | SH |  | SOLE |  | 4553 | 0 | 0 |
| TRIUMPH GROUP INC NEW | COM | 896818101 |  | 9161 | 869664 | SH |  | SOLE |  | 869664 | 0 | 0 |
| TRIVAGO N V | SPON ADS A SHS | 89686D105 |  | 1838 | 1361446 | SH |  | SOLE |  | 1361446 | 0 | 0 |
| TURNING PT BRANDS INC | COM | 90041L105 |  | 3657 | 169077 | SH |  | SOLE |  | 169077 | 0 | 0 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 2472 | 7553 | SH |  | SOLE |  | 7553 | 0 | 0 |
| UMH PPTYS INC | COM | 903002103 |  | 2551 | 158437 | SH |  | SOLE |  | 158437 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 2513 | 6953 | SH |  | SOLE |  | 6953 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 3201 | 11326 | SH |  | SOLE |  | 11326 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 |  | 2206 | 9102 | SH |  | SOLE |  | 9102 | 0 | 0 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 1932 | 14505 | SH |  | SOLE |  | 14505 | 0 | 0 |
| VIAD CORP | COM | 92552R406 |  | 10492 | 429791 | SH |  | SOLE |  | 429791 | 0 | 0 |
| VICI PPTYS INC | COM | 925652109 |  | 2986 | 90855 | SH |  | SOLE |  | 90855 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 3011 | 127855 | SH |  | SOLE |  | 127855 | 0 | 0 |
| VOYA FINANCIAL INC | COM | 929089100 |  | 342 | 5557 | SH |  | SOLE |  | 5557 | 0 | 0 |
| WEATHERFORD INTL PLC | ORD SHS | G48833118 |  | 29932 | 593048 | SH |  | SOLE |  | 593048 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 |  | 2119 | 35013 | SH |  | SOLE |  | 35013 | 0 | 0 |
| WESTERN DIGITAL CORP. | COM | 958102105 |  | 1511 | 47103 | SH |  | SOLE |  | 47103 | 0 | 0 |
| XPO INC | COM | 983793100 |  | 12182 | 364792 | SH |  | SOLE |  | 364792 | 0 | 0 |
| YORK WTR CO | COM | 987184108 |  | 3284 | 73008 | SH |  | SOLE |  | 73008 | 0 | 0 |

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