Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (51 quarters reported)
$147M in Q4 2013 → $551M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| NB Northeast Bank | 2.9% | Trimmed 6.6% | 119,173 | $15.8M |
| Red Robin Gourmet Burgers | 2.6% | Trimmed 0.8% | 1,779,173 | $14.2M |
| Versabank | 2.5% | Trimmed 0.8% | 585,516 | $13.6M |
| Natural Gas Services Group Inc | 2.4% | Trimmed 0.8% | 303,023 | $13.1M |
| HI Heritage Insurance Hlds Inc | 2.4% | Added 23% | 500,463 | $13.1M |
| Twin Disc Inc | 2.2% | Trimmed 0.8% | 526,488 | $12.2M |
| Dhi Group | 2.2% | Trimmed 11% | 3,228,701 | $12M |
| Motorcar Parts Of America Inc | 2.1% | Trimmed 0.8% | 766,467 | $11.7M |
| Alico Inc | 2.1% | Trimmed 0.8% | 283,139 | $11.7M |
| Kimball Electronics | 2.0% | Added 36% | 439,224 | $11.2M |
| AI American Integrity Insurance | 2.0% | Added 49% | 579,444 | $10.9M |
| Cpi Card Group | 1.9% | Added 8.9% | 507,681 | $10.5M |
| Lakeland Industries | 1.9% | Added 5.0% | 975,881 | $10.4M |
| Jakks Pacific Inc | 1.8% | Trimmed 0.8% | 433,495 | $10.1M |
| Capital Bancorp | 1.8% | Added 24% | 286,371 | $10.1M |
| Bankwell Financial Group | 1.8% | Trimmed 0.8% | 166,709 | $9.79M |
| Aviat Networks Inc | 1.8% | Added 15% | 441,141 | $9.79M |
| Parke Bancorp | 1.8% | Trimmed 0.8% | 291,183 | $9.66M |
| RH Repay Holdings Cls A | 1.7% | Added 59% | 2,240,738 | $9.41M |
| KS Kelly Services Cls A | 1.7% | Added 40% | 763,886 | $9.38M |
| UB Unity Bancorp | 1.7% | Trimmed 0.8% | 157,618 | $9.25M |
| Fs Bancorp | 1.6% | Trimmed 0.8% | 206,499 | $8.96M |
| FB First Business Financial Servi | 1.6% | Trimmed 0.8% | 139,808 | $8.83M |
| Build A Bear Workshop | 1.6% | Added 32% | 284,811 | $8.72M |
| Rimini Street Inc. | 1.6% | Added 6.8% | 2,044,428 | $8.71M |
| Rcm Technologies | 1.6% | Added 6.8% | 305,070 | $8.61M |
| HB Horizon Bancorp | 1.5% | Trimmed 0.8% | 425,352 | $8.5M |
| Five Star Bancorp | 1.5% | Trimmed 2.2% | 172,850 | $8.42M |
| BC Bowman Consulting Grp | 1.5% | Added 13% | 276,963 | $8.09M |
| HB Hamilton Beach Brands Hld | 1.4% | Trimmed 0.8% | 341,468 | $7.86M |
| American Public Education | 1.4% | Trimmed 14% | 144,579 | $7.76M |
| CB Commercial Banc Group | 1.3% | Trimmed 0.8% | 223,763 | $7.23M |
| UF Uscb Financial Hlds | 1.3% | Trimmed 0.8% | 339,688 | $6.95M |
| MI Miller Industries Inc | 1.3% | Trimmed 0.8% | 135,738 | $6.94M |
| MB Metropolitan Bank Hld | 1.2% | Trimmed 50% | 67,775 | $6.69M |
| J. Jill Inc | 1.2% | Added 17% | 417,667 | $6.63M |
| Hackett Group, Inc | 1.2% | Added 801% | 608,663 | $6.56M |
| Colony Bankcorp | 1.2% | Trimmed 0.8% | 319,367 | $6.42M |
| Orrstown Financial Services | 1.1% | Trimmed 0.8% | 146,302 | $5.97M |
| Forrester Research | 1.1% | Trimmed 0.8% | 705,344 | $5.93M |
| Asure Software | 1.0% | Trimmed 0.8% | 696,002 | $5.53M |
| Alpine Income Property Trust | 1.0% | Trimmed 0.8% | 264,271 | $5.49M |
| Shoe Station Group | 1.0% | Added 19% | 368,360 | $5.46M |
| Mistras Group Inc | 0.9% | Trimmed 0.8% | 282,880 | $4.94M |
| Chiron Real Estate Inc | 0.9% | Trimmed 0.8% | 130,529 | $4.9M |
| Intest Corp | 0.8% | Trimmed 51% | 248,275 | $4.51M |
| Dmc Global Inc | 0.8% | Trimmed 5.7% | 758,983 | $4.41M |
| Lifetime Brands Inc | 0.8% | Trimmed 0.8% | 491,911 | $4.2M |
| Sunrise Realty Trust | 0.8% | Added 31% | 529,714 | $4.18M |
| Riverview Bancorp | 0.7% | Trimmed 0.8% | 749,544 | $4.07M |
| Marcus Corp | 0.7% | Trimmed 0.8% | 166,613 | $3.91M |
| Hurco Companies Inc | 0.7% | Trimmed 0.8% | 169,747 | $3.89M |
| Acacia Research Corp | 0.7% | Trimmed 0.8% | 810,962 | $3.78M |
| PD Park Dental | 0.7% | Added 27% | 172,748 | $3.72M |
| CS Cooper Standard Hlds | 0.6% | Trimmed 0.8% | 130,423 | $3.53M |
| Core Molding Technologies | 0.6% | Trimmed 0.8% | 143,189 | $3.38M |
| TC Tilly's Inc Cls A | 0.6% | Added 16% | 803,638 | $3.38M |
| Home Bancorp, Inc | 0.6% | Trimmed 4.0% | 47,786 | $3.27M |
| Pamt Corp | 0.5% | Trimmed 0.8% | 193,151 | $2.71M |
| SA Silvercrest Asset Mgmnt Cls A | 0.5% | Added 19% | 245,859 | $2.49M |
Showing top 60 of 134 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nwpx Infrastructure | Exited | −110,144 | −$8.58M | — |
| MB Metropolitan Bank Hld | Trimmed | −69,005 | −$6.81M | 1.2% |
| Hackett Group, Inc | Added | +541,121 | +$5.83M | 1.2% |
| Amtech Systems | Exited | −405,371 | −$4.73M | — |
| Intest Corp | Trimmed | −254,024 | −$4.62M | 0.8% |
| AI American Integrity Insurance | Added | +190,024 | +$3.58M | 2.0% |
| RH Repay Holdings Cls A | Added | +827,361 | +$3.47M | 1.7% |
| Sleep Number Corp | Exited | −1,767,445 | −$3.17M | — |
| Kimball Electronics | Added | +116,727 | +$2.99M | 2.0% |
| KS Kelly Services Cls A | Added | +216,641 | +$2.66M | 1.7% |
Showing the 10 largest of 145 changes.
quarter ended March 31, 2026 · filed May 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| LE Lincoln Education Services | Exited | −303,558 | −$7.33M | — |
| KS Kelly Services Cls A | Added | +429,778 | +$3.8M | 1.0% |
| Nwpx Infrastructure | Trimmed | −39,979 | −$3.11M | 1.9% |
| One Stop Systems | Exited | −432,361 | −$3.1M | — |
| Amtech Systems | Trimmed | −222,440 | −$2.6M | 1.0% |
| SC Shoe Carnival Inc | Added | +157,076 | +$2.45M | 1.0% |
| CB Commercial Banc Group | Added | +85,931 | +$2.24M | 1.3% |
| J. Jill Inc | Added | +174,897 | +$2M | 0.9% |
| Home Bancorp, Inc | Trimmed | −31,449 | −$1.91M | 0.7% |
| Build A Bear Workshop | Added | +50,256 | +$1.88M | 1.8% |
Showing the 10 largest of 144 changes.
quarter ended December 31, 2025 · filed February 04, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Axt Inc | Exited | −1,793,797 | −$8.05M | — |
| Strattec Security | Exited | −78,561 | −$5.35M | — |
| Nwpx Infrastructure | Trimmed | −58,647 | −$3.66M | 2.1% |
| CB Commercial Banc Group | New | +139,575 | +$3.43M | 0.8% |
| Sleep Number Corp | Added | +371,336 | +$3.14M | 2.1% |
| EF Esquire Financial Hld | Exited | −27,687 | −$2.83M | — |
| Lakeland Industries | Added | +296,222 | +$2.62M | 1.5% |
| Marcus Corp | New | +167,258 | +$2.59M | 0.6% |
| SC Shoe Carnival Inc | New | +152,404 | +$2.57M | 0.6% |
| HI Heritage Insurance Hlds Inc | Trimmed | −86,976 | −$2.54M | 2.4% |
Showing the 10 largest of 145 changes.
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Strattec Security | Trimmed | −69,406 | −$4.72M | 1.2% |
| GM Global Medical REIT | Exited | −680,710 | −$4.72M | — |
| GM Global Medical REIT | New | +133,547 | +$4.5M | 1.0% |
| Motorcar Parts Of America Inc | Trimmed | −234,192 | −$3.87M | 2.4% |
| Barrett Business Services Inc | Trimmed | −87,066 | −$3.86M | 0.3% |
| Build A Bear Workshop | Trimmed | −56,318 | −$3.67M | 2.3% |
| CS Cooper Standard Hlds | Trimmed | −89,127 | −$3.29M | 1.3% |
| RH Repay Holdings Cls A | New | +617,474 | +$3.23M | 0.7% |
| Cpi Card Group | Added | +167,764 | +$2.54M | 1.3% |
| HI Heritage Insurance Hlds Inc | Added | +98,246 | +$2.47M | 2.5% |
Showing the 10 largest of 98 changes.
quarter ended June 30, 2025 · filed August 11, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| HI Heritage Insurance Hlds Inc | Trimmed | −415,412 | −$10.4M | 2.2% |
| Barrett Business Services Inc | Trimmed | −150,141 | −$6.26M | 1.2% |
| AI American Integrity Insurance | New | +196,540 | +$3.61M | 0.9% |
| Lakeland Industries | Added | +183,606 | +$2.5M | 1.6% |
| Orrstown Financial Services | Added | +70,021 | +$2.23M | 1.2% |
| Strattec Security | Trimmed | −32,979 | −$2.05M | 2.2% |
| LE Lincoln Education Services | Trimmed | −88,904 | −$2.05M | 1.3% |
| Cpi Card Group | Added | +83,276 | +$1.98M | 1.3% |
| Forrester Research | Added | +196,121 | +$1.94M | 1.0% |
| Motorcar Parts Of America Inc | Trimmed | −163,499 | −$1.83M | 2.4% |
Showing the 10 largest of 105 changes.
quarter ended March 31, 2025 · filed May 09, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Manitex International Inc | Exited | −843,302 | −$4.89M | — |
| Civista Bancshares | Exited | −150,471 | −$3.17M | — |
| Aviat Networks Inc | New | +162,756 | +$3.12M | 0.8% |
| Universal Technical Institute | Exited | −115,238 | −$2.96M | — |
| Bm Technologies Inc | Exited | −503,711 | −$2.46M | — |
| IR Ishares Russell 2000 Value Ind | Exited | −14,129 | −$2.32M | — |
| Sunrise Realty Trust | New | +193,486 | +$2.14M | 0.6% |
| Versabank | Added | +187,160 | +$1.94M | 1.6% |
| OP Office Properties Income | Exited | −1,866,238 | −$1.87M | — |
| FN Farmers National Banc Corp | Exited | −99,947 | −$1.42M | — |
Showing the 10 largest of 145 changes.
quarter ended December 31, 2024 · filed February 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| C Composecure | Trimmed | −381,556 | −$5.85M | 0.2% |
| Versabank | New | +403,463 | +$5.59M | 1.3% |
| Cpi Card Group | New | +147,238 | +$4.4M | 1.0% |
| Arc Document Solutions | Exited | −1,180,669 | −$3.99M | — |
| Build A Bear Workshop | Trimmed | −79,269 | −$3.65M | 2.6% |
| Profire Energy | Exited | −1,753,039 | −$2.95M | — |
| Orrstown Financial Services | Trimmed | −78,358 | −$2.87M | 0.8% |
| NB Northeast Bank | Trimmed | −30,915 | −$2.84M | 2.7% |
| Rcm Technologies | New | +120,386 | +$2.67M | 0.6% |
| Eagle Bancorp Montana | Exited | −166,797 | −$2.63M | — |
Showing the 10 largest of 104 changes.
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CI Cra Intl Inc | Exited | −19,020 | −$3.28M | — |
| MB Metropolitan Bank Hld | Trimmed | −47,603 | −$2.5M | 2.6% |
| GA Great Ajax Corp | Exited | −676,305 | −$2.41M | — |
| NB Northeast Bank | Trimmed | −31,293 | −$2.41M | 2.9% |
| Forrester Research | New | +129,540 | +$2.33M | 0.6% |
| NP Northwest Pipe | Trimmed | −51,655 | −$2.33M | 2.5% |
| Barrett Business Services Inc | Trimmed | −59,209 | −$2.22M | 2.8% |
| Civista Bancshares | Trimmed | −124,490 | −$2.22M | 1.0% |
| MI Miller Industries Inc | Trimmed | −35,935 | −$2.19M | 1.4% |
| Jakks Pacific Inc | Added | +78,290 | +$2M | 1.4% |
Showing the 10 largest of 144 changes.
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