The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGILYSYS ORD COM 00847J105 13,207 331,177 SH   SOLE   94,360 0 236,817
AGILYSYS ORD COM 00847J105 3,970 99,550 SH   OTR 1 0 0 99,550
AGILYSYS ORD COM 00847J105 1,392 34,900 SH   OTR 2 34,900 0 0
ALEXANDER AND BALDWIN ORD COM 014491104 14,988 646,319 SH   SOLE   116,050 0 530,269
ALEXANDER AND BALDWIN ORD COM 014491104 4,512 194,576 SH   OTR 1 0 0 194,576
ARGAN ORD COM 04010E109 12,571 309,707 SH   SOLE   82,950 0 226,757
ARGAN ORD COM 04010E109 3,779 93,105 SH   OTR 1 0 0 93,105
ARGAN ORD COM 04010E109 1,109 27,334 SH   OTR 2 27,334 0 0
AVID BIOSERVICES ORD COM 05368M106 40,009 1,964,110 SH   SOLE   1,391,998 0 572,112
AVID BIOSERVICES ORD COM 05368M106 4,706 231,044 SH   OTR 1 0 0 231,044
AVID BIOSERVICES ORD COM 05368M106 1,186 58,212 SH   OTR 2 58,212 0 0
BGC PARTNERS CL A ORD COM 05541T101 31,256 7,103,549 SH   SOLE   5,956,072 0 1,147,477
BGC PARTNERS CL A ORD COM 05541T101 1,852 420,971 SH   OTR 1 420,971 0 0
B RILEY FINANCIAL ORD COM 05580M108 1,230 17,580 SH   OTR 2 17,580 0 0
BAKER HUGHES CL A ORD COM 05722G100 42,610 1,170,270 SH   SOLE   1,170,270 0 0
CABLE ONE ORD COM 12685J105 17,791 12,150 SH   SOLE   12,150 0 0
CHASE ORD COM 16150R104 12,309 141,627 SH   SOLE   37,027 0 104,600
CHASE ORD COM 16150R104 3,703 42,602 SH   OTR 1 0 0 42,602
CHASE ORD COM 16150R104 1,009 11,604 SH   OTR 2 11,604 0 0
CONCRETE PUMPING HOLDINGS ORD COM 206704108 10,114 1,509,590 SH   SOLE   438,025 0 1,071,565
CONCRETE PUMPING HOLDINGS ORD COM 206704108 3,042 454,029 SH   OTR 1 0 0 454,029
CONCRETE PUMPING HOLDINGS ORD COM 206704108 1,119 166,947 SH   OTR 2 166,947 0 0
DOLLAR GENERAL ORD COM 256677105 25,128 112,870 SH   SOLE   112,870 0 0
EPLUS ORD COM 294268107 40,063 714,652 SH   SOLE   534,634 0 180,018
EPLUS ORD COM 294268107 4,275 76,262 SH   OTR 1 0 0 76,262
EPLUS ORD COM 294268107 1,570 28,006 SH   OTR 2 28,006 0 0
FIRSTSERVICE SUB VTG ORD COM 33767E202 15,002 103,550 SH   SOLE   18,580 0 84,970
FIRSTSERVICE SUB VTG ORD COM 33767E202 4,517 31,175 SH   OTR 1 31,175 0 0
HACKETT GROUP ORD COM 404609109 14,777 640,803 SH   SOLE   182,287 0 458,516
HACKETT GROUP ORD COM 404609109 4,442 192,639 SH   OTR 1 0 0 192,639
HACKETT GROUP ORD COM 404609109 1,550 67,206 SH   OTR 2 67,206 0 0
IES ORD COM 44951W106 13,813 343,611 SH   SOLE   92,327 0 251,284
IES ORD COM 44951W106 4,158 103,435 SH   OTR 1 0 0 103,435
IES ORD COM 44951W106 1,234 30,685 SH   OTR 2 30,685 0 0
LUXFER HOLDINGS ORD COM 550678106 10,080 600,000 SH   SOLE   173,200 0 426,800
LUXFER HOLDINGS ORD COM 550678106 3,032 180,450 SH   OTR 1 0 0 180,450
LUXFER HOLDINGS ORD COM 550678106 1,100 65,450 SH   OTR 2 65,450 0 0
MARRIOTT INTERNATIONAL CL A ORD COM 571903202 28,651 163,020 SH   SOLE   163,020 0 0
MUELLER INDUSTRIES ORD COM 624756102 18,444 340,489 SH   SOLE   61,121 0 279,368
MUELLER INDUSTRIES ORD COM 624756102 5,551 102,469 SH   OTR 1 0 0 102,469
NVR ORD COM 62944T105 19,701 4,410 SH   SOLE   4,410 0 0
NOMAD FOODS ORD COM G6564A105 36,812 1,630,278 SH   SOLE   1,082,620 0 547,658
NOMAD FOODS ORD COM G6564A105 4,533 200,765 SH   OTR 1 0 0 200,765
NORTHRIM BANCORP ORD COM 666762109 11,573 265,628 SH   SOLE   75,756 0 189,872
NORTHRIM BANCORP ORD COM 666762109 3,484 79,959 SH   OTR 1 0 0 79,959
NORTHRIM BANCORP ORD COM 666762109 1,224 28,102 SH   OTR 2 28,102 0 0
OCEAN BIO CHEM ORD COM 674631106 1,044 127,946 SH   OTR 2 127,946 0 0
PALANTIR TECHNOLOGIES CL A ORD COM 69608A108 28,091 2,045,980 SH   SOLE   2,045,980 0 0
PAR PACIFIC HOLDINGS ORD COM 69888T207 384 29,504 SH   OTR 2 29,504 0 0
SAFETY INSURANCE GROUP ORD COM 78648T100 17,087 188,080 SH   SOLE   33,780 0 154,300
SAFETY INSURANCE GROUP ORD COM 78648T100 5,140 56,572 SH   OTR 1 0 0 56,572
SIGA TECHNOLOGIES ORD COM 826917106 12,783 1,803,014 SH   SOLE   450,704 0 1,352,310
SIGA TECHNOLOGIES ORD COM 826917106 3,843 542,010 SH   OTR 1 542,010 0 0
SIGA TECHNOLOGIES ORD COM 826917106 900 126,942 SH   OTR 2 126,942 0 0
STEWART INFO SVC ORD COM 860372101 908 14,989 SH   OTR 2 14,989 0 0
STONEX GROUP ORD COM 861896108 61,550 829,173 SH   SOLE   605,565 0 223,608
STONEX GROUP ORD COM 861896108 6,081 81,923 SH   OTR 1 0 0 81,923
SUNSTONE HOTEL INVESTORS REIT ORD COM 867892101 14,776 1,254,306 SH   SOLE   225,020 0 1,029,286
SUNSTONE HOTEL INVESTORS REIT ORD COM 867892101 4,447 377,541 SH   OTR 1 0 0 377,541
UFP TECHNOLOGIES ORD COM 902673102 18,403 278,111 SH   SOLE   75,037 0 203,074
UFP TECHNOLOGIES ORD COM 902673102 5,535 83,653 SH   OTR 1 0 0 83,653
UFP TECHNOLOGIES ORD COM 902673102 1,658 25,057 SH   OTR 2 25,057 0 0
UNITEDHEALTH GRP ORD COM 91324P102 33,638 65,960 SH   SOLE   65,960 0 0
VILLAGE SUPER MARKET CL A ORD COM 927107409 1,221 49,845 SH   OTR 2 49,845 0 0
WINMARK ORD COM 974250102 11,494 52,245 SH   SOLE   14,931 0 37,314
WINMARK ORD COM 974250102 3,459 15,722 SH   OTR 1 0 0 15,722
WINMARK ORD COM 974250102 1,222 5,554 SH   OTR 2 5,554 0 0