# EDGAR Filing Document

**Accession Number:** 0000937394
**File Stem:** 0000892712-26-000080
**Filing Date:** 2026-2
**Character Count:** 28757
**Document Hash:** 66e3d39261ba0afb6c82a495a9e0d906
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000892712-26-000080.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0000892712-26-000080

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**EFFECTIVENESS DATE**: 20260211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HEARTLAND ADVISORS INC
- **CENTRAL INDEX KEY:** 0000937394

**ORGANIZATION NAME:**
- **EIN:** 391078128
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-04131
- **FILM NUMBER:** 26620839

**BUSINESS ADDRESS:**
- **STREET 1:** 790 N WATER STREET
- **STREET 2:** SUITE 1200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-347-7777

**MAIL ADDRESS:**
- **STREET 1:** 790 N WATER STREET
- **STREET 2:** SUITE 1200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

### 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:** HEARTLAND ADVISORS INC<br>**Address:** 790 N WATER STREET<br>SUITE 1200<br>MILWAUKEE, WI 53202

**Form 13F File Number:** 028-04131

**CRD Number (if applicable):** 000002943

**SEC File Number (if applicable):** 801-19074

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:** Vinita K. Paul<br>**Title:** Vice President General Counsel  Secretary<br>**Phone:** 414-347-7777

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

/s/ Vinita K. Paul  Milwaukee, WI  02-11-2026<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:** 253

**Form 13F Information Table Value Total:** $1856599713

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 169142 | 1350 | SH |  | DFND |  | 1350 | 0 | 0 |
| ACADEMY SPORTS  OUTDOORS IN | COM | 00402L107 |  | 16249340 | 325247 | SH |  | DFND |  | 298547 | 0 | 26700 |
| ACCURAY INC | COM | 004397105 |  | 2744522 | 3328307 | SH |  | DFND |  | 2733657 | 0 | 594650 |
| ACUSHNET HLDGS CORP | COM | 005098108 |  | 3017435 | 37803 | SH |  | DFND |  | 37803 | 0 | 0 |
| ADT INC DEL | COM | 00090Q103 |  | 3252952 | 403092 | SH |  | DFND |  | 403092 | 0 | 0 |
| ALASKA AIR GROUP INC | COM | 011659109 |  | 2070348 | 41160 | SH |  | DFND |  | 25660 | 0 | 15500 |
| ALEXANDER  BALDWIN INC NEW | COM | 014491104 |  | 8256000 | 400000 | SH |  | DFND |  | 400000 | 0 | 0 |
| ALGONQUIN PWR UTILS CORP | COM | 015857105 |  | 3075000 | 500000 | SH |  | DFND |  | 500000 | 0 | 0 |
| ALLEGIANT TRAVEL CO | COM | 01748X102 |  | 17674766 | 207280 | SH |  | DFND |  | 194580 | 0 | 12700 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 698205 | 2225 | SH |  | DFND |  | 2225 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 9305803 | 29731 | SH |  | DFND |  | 29731 | 0 | 0 |
| ALPINE INCOME PPTY TR INC | COM | 02083X103 |  | 7763430 | 464320 | SH |  | DFND |  | 415070 | 0 | 49250 |
| AMAZON COM INC | COM | 023135106 |  | 3620412 | 15685 | SH |  | DFND |  | 15685 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 117972 | 435 | SH |  | DFND |  | 435 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 982230 | 3613 | SH |  | DFND |  | 3613 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 1999382 | 7780 | SH |  | DFND |  | 7780 | 0 | 0 |
| ARAMARK | COM | 03852U106 |  | 9000364 | 244177 | SH |  | DFND |  | 244177 | 0 | 0 |
| ARCBEST CORP | COM | 03937C105 |  | 4451400 | 60000 | SH |  | DFND |  | 60000 | 0 | 0 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 8410074 | 87678 | SH |  | DFND |  | 87678 | 0 | 0 |
| ASSOCIATED BANC CORP | COM | 045487105 |  | 22635673 | 878714 | SH |  | DFND |  | 837464 | 0 | 41250 |
| ASTEC INDS INC | COM | 046224101 |  | 9932193 | 229275 | SH |  | DFND |  | 209775 | 0 | 19500 |
| AUDIOCODES LTD | ORD | M15342104 |  | 7279074 | 833800 | SH |  | DFND |  | 763600 | 0 | 70200 |
| BALL CORP | COM | 058498106 |  | 7398797 | 139679 | SH |  | DFND |  | 139679 | 0 | 0 |
| BANK MARIN BANCORP | COM | 063425102 |  | 5190816 | 199570 | SH |  | DFND |  | 199570 | 0 | 0 |
| BARRETT BSUINESS SVCS INC | COM | 068463108 |  | 16294500 | 450000 | SH |  | DFND |  | 450000 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 19456876 | 100257 | SH |  | DFND |  | 100257 | 0 | 0 |
| BENCHMARK ELECTRS INC | COM | 08160H101 |  | 5345000 | 125000 | SH |  | DFND |  | 125000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 4969198 | 9886 | SH |  | DFND |  | 9886 | 0 | 0 |
| BJS WHSL CLUB HLDGS INC | COM | 05550J101 |  | 2894915 | 32155 | SH |  | DFND |  | 32155 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 347861 | 325 | SH |  | DFND |  | 325 | 0 | 0 |
| BLUELINX HLDGS INC | COM NEW | 09624H208 |  | 4607250 | 75000 | SH |  | DFND |  | 75000 | 0 | 0 |
| BRADY CORP | CL A | 104674106 |  | 9615607 | 122695 | SH |  | DFND |  | 122695 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 5505438 | 53508 | SH |  | DFND |  | 53508 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 1808943 | 10466 | SH |  | DFND |  | 10466 | 0 | 0 |
| CALAVO GROWERS INC | COM | 128246105 |  | 10374206 | 476975 | SH |  | DFND |  | 457475 | 0 | 19500 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 13525530 | 122870 | SH |  | DFND |  | 122870 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 743253 | 7519 | SH |  | DFND |  | 7519 | 0 | 0 |
| CAPITAL CITY BK GROUP INC | COM | 139674105 |  | 21285000 | 500000 | SH |  | DFND |  | 500000 | 0 | 0 |
| CARLISLE COS INC | COM | 142339100 |  | 2651320 | 8289 | SH |  | DFND |  | 8289 | 0 | 0 |
| CARMAX INC | COM | 143130102 |  | 1139300 | 29485 | SH |  | DFND |  | 29485 | 0 | 0 |
| CARRIAGE SVCS INC | COM | 143905107 |  | 8768790 | 207300 | SH |  | DFND |  | 207300 | 0 | 0 |
| CASS INFORMATION SYS INC | COM | 14808P109 |  | 19308419 | 465039 | SH |  | DFND |  | 453289 | 0 | 11750 |
| CENTENE CORP DEL | COM | 15135B101 |  | 2106469 | 51190 | SH |  | DFND |  | 51190 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 |  | 31634837 | 2201450 | SH |  | DFND |  | 2082650 | 0 | 118800 |
| CENTURY CMNTYS INC | COM | 156504300 |  | 27019918 | 455264 | SH |  | DFND |  | 433864 | 0 | 21400 |
| CHEVRON CORP NEW | COM | 166764100 |  | 182892 | 1200 | SH |  | DFND |  | 1200 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 2406879 | 31246 | SH |  | DFND |  | 31246 | 0 | 0 |
| COLUMBIA SPORTSWEAR CO | COM | 198516106 |  | 4334977 | 78689 | SH |  | DFND |  | 78689 | 0 | 0 |
| COLUMBUS MCKINNON CORP N Y | COM | 199333105 |  | 10265475 | 595100 | SH |  | DFND |  | 558800 | 0 | 36300 |
| COMMUNITY TR BANCORP INC | COM | 204149108 |  | 9549913 | 169025 | SH |  | DFND |  | 161275 | 0 | 7750 |
| CONSOLIDATED WATER CO INC | ORD | G23773107 |  | 10578178 | 299750 | SH |  | DFND |  | 273250 | 0 | 26500 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 199951 | 566 | SH |  | DFND |  | 566 | 0 | 0 |
| COOPER COS INC | COM | 216648501 |  | 15348075 | 187263 | SH |  | DFND |  | 187263 | 0 | 0 |
| CTS CORP | COM | 126501105 |  | 6436073 | 150130 | SH |  | DFND |  | 150130 | 0 | 0 |
| CUSTOM TRUCK ONE SOURCE INC | COM CL A | 23204X103 |  | 4032000 | 700000 | SH |  | DFND |  | 700000 | 0 | 0 |
| CUSTOMERS BANCORP INC | COM | 23204G100 |  | 13371820 | 182875 | SH |  | DFND |  | 171025 | 0 | 11850 |
| D R HORTON INC | COM | 23331A109 |  | 11064961 | 76824 | SH |  | DFND |  | 76824 | 0 | 0 |
| DENTSPLY SIRONA INC | COM | 24906P109 |  | 1844802 | 161400 | SH |  | DFND |  | 126900 | 0 | 34500 |
| DNOW INC | COM | 67011P100 |  | 5962500 | 450000 | SH |  | DFND |  | 450000 | 0 | 0 |
| DONALDSON INC | COM | 257651109 |  | 17270436 | 194794 | SH |  | DFND |  | 194794 | 0 | 0 |
| DOUBLEDOWN INTERACTIVE CO LT | ADS | 25862B109 |  | 3452000 | 400000 | SH |  | DFND |  | 400000 | 0 | 0 |
| EASTGROUP PPTYS INC | COM | 277276101 |  | 7607469 | 42705 | SH |  | DFND |  | 42705 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 26342830 | 733375 | SH |  | DFND |  | 683825 | 0 | 49550 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 2343777 | 6686 | SH |  | DFND |  | 6686 | 0 | 0 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 |  | 1465900 | 13811 | SH |  | DFND |  | 13811 | 0 | 0 |
| ENCORE CAP GROUP INC | COM | 292554102 |  | 20969861 | 385830 | SH |  | DFND |  | 353430 | 0 | 32400 |
| ENERPAC TOOL GROUP CORP | CL A COM | 292765104 |  | 4098104 | 107168 | SH |  | DFND |  | 107168 | 0 | 0 |
| ENVISTA HOLDINGS CORPORATION | COM | 29415F104 |  | 9313525 | 428997 | SH |  | DFND |  | 428997 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 16137832 | 153679 | SH |  | DFND |  | 153679 | 0 | 0 |
| ESSENTIAL UTILS INC | COM | 29670G102 |  | 1744728 | 45483 | SH |  | DFND |  | 45483 | 0 | 0 |
| ESSEX PPTY TR INC | COM | 297178105 |  | 7027416 | 26855 | SH |  | DFND |  | 26855 | 0 | 0 |
| EVEREST GROUP LTD | COM | G3223R108 |  | 8585216 | 25299 | SH |  | DFND |  | 25299 | 0 | 0 |
| EVERTEC INC | COM | 30040P103 |  | 6908875 | 237500 | SH |  | DFND |  | 237500 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 17511149 | 401724 | SH |  | DFND |  | 401724 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1694869 | 14084 | SH |  | DFND |  | 14084 | 0 | 0 |
| EZCORP INC | CL A NON VTG | 302301106 |  | 13708695 | 705906 | SH |  | DFND |  | 705906 | 0 | 0 |
| F N B CORP | COM | 302520101 |  | 10551128 | 617025 | SH |  | DFND |  | 617025 | 0 | 0 |
| FB FINL CORP | COM | 30257X104 |  | 10463114 | 187511 | SH |  | DFND |  | 187511 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 1390742 | 20926 | SH |  | DFND |  | 20926 | 0 | 0 |
| FIRST AMERN FINL CORP | COM | 31847R102 |  | 2172518 | 35360 | SH |  | DFND |  | 35360 | 0 | 0 |
| FIRST INTERNET BANCORP | COM | 320557101 |  | 6022978 | 288595 | SH |  | DFND |  | 264770 | 0 | 23825 |
| FIRSTCASH HOLDINGS INC | COM | 33768G107 |  | 8410164 | 52768 | SH |  | DFND |  | 52768 | 0 | 0 |
| FIRSTENERGY CORP | COM | 337932107 |  | 12961900 | 289522 | SH |  | DFND |  | 289522 | 0 | 0 |
| FORESTAR GROUP INC | COM | 346232101 |  | 12473864 | 506450 | SH |  | DFND |  | 468800 | 0 | 37650 |
| GATES INDL CORP PLC | ORD SHS | G39108108 |  | 15891450 | 740170 | SH |  | DFND |  | 740170 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 |  | 2921455 | 21423 | SH |  | DFND |  | 21423 | 0 | 0 |
| GLACIER BANCORP INC NEW | COM | 37637Q105 |  | 16365808 | 371528 | SH |  | DFND |  | 371528 | 0 | 0 |
| GLOBAL MED REIT INC | COM NEW | 37954A303 |  | 14287540 | 423460 | SH |  | DFND |  | 413370 | 0 | 10090 |
| GLOBAL WTR RES INC | COM | 379463102 |  | 5800925 | 686500 | SH |  | DFND |  | 600000 | 0 | 86500 |
| GRAND CANYON ED INC | COM | 38526M106 |  | 3707549 | 22293 | SH |  | DFND |  | 22293 | 0 | 0 |
| GRANITE CONSTR INC | COM | 387328107 |  | 6187028 | 53637 | SH |  | DFND |  | 53637 | 0 | 0 |
| GROCERY OUTLET HLDG CORP | COM | 39874R101 |  | 6894765 | 682650 | SH |  | DFND |  | 609650 | 0 | 73000 |
| HAEMONETICS CORP MASS | COM | 405024100 |  | 6011250 | 75000 | SH |  | DFND |  | 75000 | 0 | 0 |
| HANOVER INS GROUP INC | COM | 410867105 |  | 7835167 | 42869 | SH |  | DFND |  | 42869 | 0 | 0 |
| HAYWARD HLDGS INC | COM | 421298100 |  | 5378068 | 348095 | SH |  | DFND |  | 348095 | 0 | 0 |
| HEALTHSTREAM INC | COM | 42222N103 |  | 1174401 | 50906 | SH |  | DFND |  | 50906 | 0 | 0 |
| HENRY SCHEIN INC | COM | 806407102 |  | 9069600 | 120000 | SH |  | DFND |  | 120000 | 0 | 0 |
| HERITAGE FINL CORP WASH | COM | 42722X106 |  | 6503750 | 275000 | SH |  | DFND |  | 275000 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 17684452 | 97178 | SH |  | DFND |  | 97178 | 0 | 0 |
| HEXCEL CORP NEW | COM | 428291108 |  | 12288609 | 166287 | SH |  | DFND |  | 166287 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 426340 | 1239 | SH |  | DFND |  | 1239 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 204845 | 1050 | SH |  | DFND |  | 1050 | 0 | 0 |
| HUBBELL INC | COM | 443510607 |  | 7546761 | 16993 | SH |  | DFND |  | 16993 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 6118433 | 23888 | SH |  | DFND |  | 23888 | 0 | 0 |
| HUNT J B TRANS SVCS INC | COM | 445658107 |  | 17604872 | 90588 | SH |  | DFND |  | 90588 | 0 | 0 |
| I3 VERTICALS INC | COM CL A | 46571Y107 |  | 13767595 | 546550 | SH |  | DFND |  | 529950 | 0 | 16600 |
| ICHOR HOLDINGS | SHS | G4740B105 |  | 5529000 | 300000 | SH |  | DFND |  | 300000 | 0 | 0 |
| ICON PLC | SHS | G4705A100 |  | 1468329 | 8058 | SH |  | DFND |  | 8058 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 427084 | 1734 | SH |  | DFND |  | 1734 | 0 | 0 |
| INFUSYSTEM HLDGS INC | COM | 45685K102 |  | 4485000 | 500000 | SH |  | DFND |  | 500000 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 6065954 | 55015 | SH |  | DFND |  | 55015 | 0 | 0 |
| INNOVEX INTERNATIONAL INC | COM | 457651107 |  | 6561000 | 300000 | SH |  | DFND |  | 300000 | 0 | 0 |
| INTEGER HLDGS CORP | COM | 45826H109 |  | 19036137 | 242715 | SH |  | DFND |  | 232315 | 0 | 10400 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 555060 | 8631 | SH |  | DFND |  | 8631 | 0 | 0 |
| INTERNATIONAL PAPER CO | COM | 460146103 |  | 51443 | 1306 | SH |  | DFND |  | 1306 | 0 | 0 |
| INTL GNRL INSURANCE HLDNGS L | SHS | G4809J106 |  | 7527000 | 300000 | SH |  | DFND |  | 300000 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | AEROSPACE DEFN | 46137V100 |  | 58736 | 375 | SH |  | DFND |  | 375 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 461065 | 2192 | SH |  | DFND |  | 2192 | 0 | 0 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 57625 | 318 | SH |  | DFND |  | 318 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 115755 | 169 | SH |  | DFND |  | 169 | 0 | 0 |
| ISHARES TR | MSCI INTL QUALTY | 46434V456 |  | 394733 | 8685 | SH |  | DFND |  | 8685 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 3821209 | 38258 | SH |  | DFND |  | 38258 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 4648925 | 22464 | SH |  | DFND |  | 22464 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 101822 | 316 | SH |  | DFND |  | 316 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 5615529 | 200483 | SH |  | DFND |  | 200483 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 2438280 | 12000 | SH |  | DFND |  | 12000 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 9873095 | 97860 | SH |  | DFND |  | 97860 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 5004280 | 182040 | SH |  | DFND |  | 182040 | 0 | 0 |
| KIRBY CORP | COM | 497266106 |  | 4931106 | 44755 | SH |  | DFND |  | 44755 | 0 | 0 |
| KNIFE RIVER CORP | COMMON STOCK | 498894104 |  | 4221000 | 60000 | SH |  | DFND |  | 60000 | 0 | 0 |
| LAKELAND FINL CORP | COM | 511656100 |  | 1297773 | 22744 | SH |  | DFND |  | 22744 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 5606145 | 32750 | SH |  | DFND |  | 32750 | 0 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 9826152 | 77628 | SH |  | DFND |  | 77628 | 0 | 0 |
| LANTRONIX INC | COM NEW | 516548203 |  | 9376000 | 1600000 | SH |  | DFND |  | 1600000 | 0 | 0 |
| LATTICE SEMICONDUCTOR CORP | COM | 518415104 |  | 5117783 | 69554 | SH |  | DFND |  | 69554 | 0 | 0 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 7888170 | 43726 | SH |  | DFND |  | 43726 | 0 | 0 |
| LINCOLN EDL SVCS CORP | COM | 533535100 |  | 31153500 | 1290000 | SH |  | DFND |  | 1290000 | 0 | 0 |
| LINCOLN ELEC HLDGS INC | COM | 533900106 |  | 5826128 | 24312 | SH |  | DFND |  | 24312 | 0 | 0 |
| LITTELFUSE INC | COM | 537008104 |  | 7448494 | 29450 | SH |  | DFND |  | 29450 | 0 | 0 |
| LYFT INC | CL A COM | 55087P104 |  | 10919838 | 563750 | SH |  | DFND |  | 501450 | 0 | 62300 |
| MAGNOLIA OIL  GAS CORP | CL A | 559663109 |  | 14255841 | 651249 | SH |  | DFND |  | 651249 | 0 | 0 |
| MAGNUM ICE CREAM CO NV | ORD SHS | N5505D105 |  | 213135 | 13447 | SH |  | DFND |  | 13447 | 0 | 0 |
| MAMAS CREATIONS INC | COM | 56146T103 |  | 2698000 | 200000 | SH |  | DFND |  | 200000 | 0 | 0 |
| MARCUS CORP DEL | COM | 566330106 |  | 3179550 | 205000 | SH |  | DFND |  | 205000 | 0 | 0 |
| MARKETAXESS HLDGS INC | COM | 57060D108 |  | 5151306 | 28421 | SH |  | DFND |  | 28421 | 0 | 0 |
| MARTEN TRANS LTD | COM | 573075108 |  | 3414000 | 300000 | SH |  | DFND |  | 300000 | 0 | 0 |
| MATADOR RES CO | COM | 576485205 |  | 8919997 | 210179 | SH |  | DFND |  | 192479 | 0 | 17700 |
| MATERION CORP | COM | 576690101 |  | 6322791 | 50859 | SH |  | DFND |  | 50859 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 299517 | 980 | SH |  | DFND |  | 980 | 0 | 0 |
| MGIC INVT CORP WIS | COM | 552848103 |  | 16802523 | 575035 | SH |  | DFND |  | 575035 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1407334 | 2910 | SH |  | DFND |  | 2910 | 0 | 0 |
| MIDDLEBY CORP | COM | 596278101 |  | 7983876 | 53702 | SH |  | DFND |  | 53702 | 0 | 0 |
| MIDWESTONE FINL GROUP INC NE | COM | 598511103 |  | 6761216 | 175616 | SH |  | DFND |  | 175616 | 0 | 0 |
| MOHAWK INDS INC | COM | 608190104 |  | 19057657 | 174361 | SH |  | DFND |  | 174361 | 0 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 7081300 | 40805 | SH |  | DFND |  | 40805 | 0 | 0 |
| NATIONAL RESH CORP | COM NEW | 637372202 |  | 938500 | 50000 | SH |  | DFND |  | 50000 | 0 | 0 |
| NATIONAL STORAGE AFFILIATES | COM SHS BEN IN | 637870106 |  | 13600746 | 482125 | SH |  | DFND |  | 455925 | 0 | 26200 |
| NEOGEN CORP | COM | 640491106 |  | 6990000 | 1000000 | SH |  | DFND |  | 1000000 | 0 | 0 |
| NEW FOUND GOLD CORP | COM | 64440N103 |  | 2599344 | 875200 | SH |  | DFND |  | 614700 | 0 | 260500 |
| NEW GOLD INC CDA | COM | 644535106 |  | 4790500 | 550000 | SH |  | DFND |  | 550000 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 208728 | 2600 | SH |  | DFND |  | 2600 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 14647229 | 107235 | SH |  | DFND |  | 107235 | 0 | 0 |
| NORTHWESTERN ENERGY GROUP IN | COM NEW | 668074305 |  | 4493727 | 69627 | SH |  | DFND |  | 69627 | 0 | 0 |
| NOV INC | COM | 62955J103 |  | 17024040 | 1089190 | SH |  | DFND |  | 1089190 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 7605656 | 46629 | SH |  | DFND |  | 46629 | 0 | 0 |
| NWPX INFRASTRUCTURE INC | COM | 667746101 |  | 15310050 | 245000 | SH |  | DFND |  | 245000 | 0 | 0 |
| OLD REP INTL CORP | COM | 680223104 |  | 9369892 | 205300 | SH |  | DFND |  | 205300 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 5845655 | 107953 | SH |  | DFND |  | 107953 | 0 | 0 |
| ONE GAS INC | COM | 68235P108 |  | 6214840 | 80451 | SH |  | DFND |  | 80451 | 0 | 0 |
| OXFORD INDS INC | COM | 691497309 |  | 5130000 | 150000 | SH |  | DFND |  | 150000 | 0 | 0 |
| PACKAGING CORP AMER | COM | 695156109 |  | 8072873 | 39145 | SH |  | DFND |  | 39145 | 0 | 0 |
| PAPA JOHNS INTL INC | COM | 698813102 |  | 6023685 | 156500 | SH |  | DFND |  | 146000 | 0 | 10500 |
| PARK DENTAL PARTNERS INC | COM | 700402100 |  | 2250900 | 152500 | SH |  | DFND |  | 152500 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 157872 | 1100 | SH |  | DFND |  | 1100 | 0 | 0 |
| PERMA-FIX ENVIRONMENTAL SVCS | COM NEW | 714157203 |  | 5036000 | 400000 | SH |  | DFND |  | 400000 | 0 | 0 |
| PERRIGO CO PLC | SHS | G97822103 |  | 3117843 | 223983 | SH |  | DFND |  | 223983 | 0 | 0 |
| PHINIA INC | COMMON STOCK | 71880K101 |  | 16111330 | 257000 | SH |  | DFND |  | 257000 | 0 | 0 |
| PHOTRONICS INC | COM | 719405102 |  | 12324800 | 385150 | SH |  | DFND |  | 337400 | 0 | 47750 |
| PLYMOUTH INDL REIT INC | COM | 729640102 |  | 6564000 | 300000 | SH |  | DFND |  | 300000 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 14393603 | 68958 | SH |  | DFND |  | 68958 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 3881287 | 37881 | SH |  | DFND |  | 37881 | 0 | 0 |
| PRESTIGE CONSMR HEALTHCARE I | COM | 74112D101 |  | 4626195 | 74991 | SH |  | DFND |  | 74991 | 0 | 0 |
| PRIMO BRANDS CORPORATION | CLASS A COM SHS | 741623102 |  | 7800585 | 477100 | SH |  | DFND |  | 443100 | 0 | 34000 |
| PRIMORIS SVCS CORP | COM | 74164F103 |  | 7448400 | 60000 | SH |  | DFND |  | 60000 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 513050 | 3580 | SH |  | DFND |  | 3580 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 21017684 | 80993 | SH |  | DFND |  | 80993 | 0 | 0 |
| PURE CYCLE CORP | COM NEW | 746228303 |  | 6893631 | 627264 | SH |  | DFND |  | 627264 | 0 | 0 |
| QORVO INC | COM | 74736K101 |  | 5695298 | 67392 | SH |  | DFND |  | 67392 | 0 | 0 |
| QUAD / GRAPHICS INC | COM CL A | 747301109 |  | 1881000 | 300000 | SH |  | DFND |  | 300000 | 0 | 0 |
| QUAKER HOUGHTON | COM | 747316107 |  | 17037150 | 124078 | SH |  | DFND |  | 124078 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 8375078 | 48263 | SH |  | DFND |  | 48263 | 0 | 0 |
| RADIAN GROUP INC | COM | 750236101 |  | 10797000 | 300000 | SH |  | DFND |  | 300000 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 3051371 | 19001 | SH |  | DFND |  | 19001 | 0 | 0 |
| RENASANT CORP | COM | 75970E107 |  | 6606708 | 187584 | SH |  | DFND |  | 187584 | 0 | 0 |
| RH | COM | 74967X103 |  | 4030875 | 22500 | SH |  | DFND |  | 22500 | 0 | 0 |
| ROBERT HALF INC. | COM | 770323103 |  | 2490328 | 91691 | SH |  | DFND |  | 91691 | 0 | 0 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 8268535 | 213989 | SH |  | DFND |  | 213989 | 0 | 0 |
| SANFILIPPO JOHN B  SON INC | COM | 800422107 |  | 4165400 | 59000 | SH |  | DFND |  | 59000 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US L | 808524771 |  | 25060 | 921 | SH |  | DFND |  | 921 | 0 | 0 |
| SEABOARD CORP DEL | COM | 811543107 |  | 8889640 | 2000 | SH |  | DFND |  | 2000 | 0 | 0 |
| SEACOAST BKG CORP FLA | COM NEW | 811707801 |  | 19859074 | 632052 | SH |  | DFND |  | 632052 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 1309109 | 29280 | SH |  | DFND |  | 29280 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET MAT | 81369Y100 |  | 499666 | 11018 | SH |  | DFND |  | 11018 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 |  | 2187313 | 28158 | SH |  | DFND |  | 28158 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 |  | 46440 | 300 | SH |  | DFND |  | 300 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 |  | 344558 | 6291 | SH |  | DFND |  | 6291 | 0 | 0 |
| SEMTECH CORP | COM | 816850101 |  | 4740625 | 64332 | SH |  | DFND |  | 64332 | 0 | 0 |
| SENSATA TECHNOLOGIES HLDG PL | SHS | G8060N102 |  | 6807805 | 204500 | SH |  | DFND |  | 186450 | 0 | 18050 |
| SENSIENT TECHNOLOGIES CORP | COM | 81725T100 |  | 6844633 | 72854 | SH |  | DFND |  | 72854 | 0 | 0 |
| SILICON MOTION TECHNOLOGY CO | SPONSORED ADR | 82706C108 |  | 25251295 | 272398 | SH |  | DFND |  | 264098 | 0 | 8300 |
| SIMPSON MFG INC | COM | 829073105 |  | 782322 | 4845 | SH |  | DFND |  | 4845 | 0 | 0 |
| SMITH  NEPHEW PLC | SPDN ADR NEW | 83175M205 |  | 9861603 | 300567 | SH |  | DFND |  | 300567 | 0 | 0 |
| SMITH A O CORP | COM | 831865209 |  | 9466396 | 141543 | SH |  | DFND |  | 141543 | 0 | 0 |
| SOLSTICE ADVANCED MATLS INC | COM SHS | 83443Q103 |  | 12728 | 262 | SH |  | DFND |  | 262 | 0 | 0 |
| SONOCO PRODS CO | COM | 835495102 |  | 4364000 | 100000 | SH |  | DFND |  | 100000 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 4233680 | 102436 | SH |  | DFND |  | 102436 | 0 | 0 |
| STAR EQUITY HOLDINGS INC | COM NEW | 443787205 |  | 140186 | 12461 | SH |  | DFND |  | 12461 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 662059 | 7862 | SH |  | DFND |  | 7862 | 0 | 0 |
| STEWART INFORMATION SVCS COR | COM | 860372101 |  | 8782500 | 125000 | SH |  | DFND |  | 125000 | 0 | 0 |
| STIFEL FINL CORP | COM | 860630102 |  | 10744753 | 85807 | SH |  | DFND |  | 85807 | 0 | 0 |
| SUN CMNTYS INC | COM | 866674104 |  | 5249695 | 42367 | SH |  | DFND |  | 42367 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 2062917 | 46504 | SH |  | DFND |  | 46504 | 0 | 0 |
| SUNOPTA INC | COM | 8676EP108 |  | 8162590 | 2148050 | SH |  | DFND |  | 1937650 | 0 | 210400 |
| SYNERGY CHC CORP | COM NEW | 87165D208 |  | 1023000 | 550000 | SH |  | DFND |  | 550000 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 11431014 | 155123 | SH |  | DFND |  | 155123 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 10986458 | 48290 | SH |  | DFND |  | 48290 | 0 | 0 |
| TELEDYNE TECHNOLOGIES INC | COM | 879360105 |  | 25585019 | 50095 | SH |  | DFND |  | 50095 | 0 | 0 |
| TELEFLEX INCORPORATED | COM | 879369106 |  | 12683251 | 103927 | SH |  | DFND |  | 103927 | 0 | 0 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 3402716 | 363150 | SH |  | DFND |  | 234150 | 0 | 129000 |
| TEXAS CAP BANCSHARES INC | COM | 88224Q107 |  | 31662924 | 349712 | SH |  | DFND |  | 344562 | 0 | 5150 |
| TEXAS INSTRS INC | COM | 882508104 |  | 2572163 | 14826 | SH |  | DFND |  | 14826 | 0 | 0 |
| THERMON GROUP HLDGS INC | COM | 88362T103 |  | 9495606 | 255533 | SH |  | DFND |  | 255533 | 0 | 0 |
| THOR INDS INC | COM | 885160101 |  | 16716421 | 162817 | SH |  | DFND |  | 162817 | 0 | 0 |
| TIPTREE INC | COM | 88822Q103 |  | 7308000 | 400000 | SH |  | DFND |  | 400000 | 0 | 0 |
| TRICO BANCSHARES | COM | 896095106 |  | 11842500 | 250000 | SH |  | DFND |  | 250000 | 0 | 0 |
| UGI CORP NEW | COM | 902681105 |  | 11940170 | 319000 | SH |  | DFND |  | 308900 | 0 | 10100 |
| UNILEVER PLC | SPON ADR NEW | 904767803 |  | 3910331 | 59791 | SH |  | DFND |  | 59791 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 133009 | 575 | SH |  | DFND |  | 575 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 311954 | 945 | SH |  | DFND |  | 945 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 106720 | 2000 | SH |  | DFND |  | 2000 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 |  | 4140704 | 31180 | SH |  | DFND |  | 31180 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 198879 | 771 | SH |  | DFND |  | 771 | 0 | 0 |
| VIPER ENERGY INC | CL A | 64361Q101 |  | 19864550 | 514226 | SH |  | DFND |  | 514226 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 668103 | 1905 | SH |  | DFND |  | 1905 | 0 | 0 |
| WALKER  DUNLOP INC | COM | 93148P102 |  | 4511250 | 75000 | SH |  | DFND |  | 75000 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 15213629 | 45151 | SH |  | DFND |  | 45151 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 6919547 | 65613 | SH |  | DFND |  | 65613 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 186400 | 2000 | SH |  | DFND |  | 2000 | 0 | 0 |
| WESCO INTL INC | COM | 95082P105 |  | 5235785 | 21402 | SH |  | DFND |  | 21402 | 0 | 0 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 5126160 | 15600 | SH |  | DFND |  | 15600 | 0 | 0 |
| WISDOMTREE INC | COM | 97717P104 |  | 1089786 | 89400 | SH |  | DFND |  | 60000 | 0 | 29400 |
| WYNDHAM HOTELS  RESORTS INC | COM | 98311A105 |  | 2841963 | 37612 | SH |  | DFND |  | 37612 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 8726264 | 118146 | SH |  | DFND |  | 118146 | 0 | 0 |

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