# EDGAR Filing Document

**Accession Number:** 0001142941
**File Stem:** 0001398344-26-008814
**Filing Date:** 2026-5
**Character Count:** 34360
**Document Hash:** 4a350612597e9dc430293015ff4f6667
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-008814.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0001398344-26-008814

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**EFFECTIVENESS DATE**: 20260508

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DENALI ADVISORS LLC
- **CENTRAL INDEX KEY:** 0001142941

**ORGANIZATION NAME:**
- **EIN:** 330957285
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10130
- **FILM NUMBER:** 26959321

**BUSINESS ADDRESS:**
- **STREET 1:** 5075 SHOREHAM PLACE
- **STREET 2:** SUITE 120
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122
- **BUSINESS PHONE:** 858-558-3600

**MAIL ADDRESS:**
- **STREET 1:** 5075 SHOREHAM PLACE
- **STREET 2:** SUITE 120
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122

### 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:** DENALI ADVISORS LLC<br>**Address:** 5075 SHOREHAM PLACE<br>SUITE 120<br>SAN DIEGO, CA 92122

**Form 13F File Number:** 028-10130

**CRD Number (if applicable):** 000110242

**SEC File Number (if applicable):** 801-60039

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:** Adam Fagan<br>**Title:** Chief Compliance Officer<br>**Phone:** 907-306-9561

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

/s/ Adam Fagan  Chicago, IL  05-08-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **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).)

[x] **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:** 307

**Form 13F Information Table Value Total:** $899707650

      (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.]

|   No. | Name                         | Form 13F File Number   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | Bank of New York Mellon Corp | 028-12592              |  |  |

### 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 |
| 1ST FINL BANCORP | COM | 320209109 |  | 7825916 | 280700 | SH |  | SOLE |  | 61300 | 0 | 219400 |
| 1ST SOURCE CORP | COM | 336901103 |  | 8277516 | 119600 | SH |  | SOLE |  | 26300 | 0 | 93300 |
| ACCEL ENTERTAINMENT INC | COM CL A1 | 00436Q106 |  | 388396 | 35600 | SH |  | SOLE |  | 10400 | 0 | 25200 |
| AFLAC INC | COM | 001055102 |  | 921564 | 8400 | SH |  | SOLE |  | 8400 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 7996383 | 39507 | SH |  | SOLE |  | 35585 | 0 | 3922 |
| ALAMOS GOLD INC | COM CL A | 011532108 |  | 332611 | 7500 | SH |  | SOLE |  | 0 | 0 | 7500 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 458325 | 26897 | SH |  | SOLE |  | 26400 | 0 | 497 |
| ALEXANDERS INC | COM | 014752109 |  | 5408980 | 22900 | SH |  | SOLE |  | 3800 | 0 | 19100 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 477680 | 3807 | SH |  | SOLE |  | 185 | 0 | 3622 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 495047 | 4229 | SH |  | SOLE |  | 4200 | 0 | 29 |
| ALLSTATE CORP | COM | 020002101 |  | 479163 | 2311 | SH |  | SOLE |  | 2300 | 0 | 11 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 26473793 | 92288 | SH |  | SOLE |  | 56237 | 0 | 36051 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1725360 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 4968901 | 94394 | SH |  | SOLE |  | 13865 | 0 | 80529 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 7733955 | 117199 | SH |  | SOLE |  | 88181 | 0 | 29018 |
| AMAZON COM INC | COM | 023135106 |  | 16991916 | 81586 | SH |  | SOLE |  | 46170 | 0 | 35416 |
| AMC NETWORKS INC | CL A | 00164V103 |  | 1489726 | 219400 | SH |  | SOLE |  | 53200 | 0 | 166200 |
| AMDOCS LTD | SHS | G02602103 |  | 542311 | 8310 | SH |  | SOLE |  | 8300 | 0 | 10 |
| AMERICAN ASSETS TR INC | COM | 024013104 |  | 1156148 | 62800 | SH |  | SOLE |  | 11200 | 0 | 51600 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 489729 | 1102 | SH |  | SOLE |  | 1100 | 0 | 2 |
| AMPHASTAR PHARMACEUTICALS IN | COM | 03209R103 |  | 5220049 | 266465 | SH |  | SOLE |  | 57900 | 0 | 208565 |
| APA CORPORATION | COM | 03743Q108 |  | 310067 | 7306 | SH |  | SOLE |  | 7000 | 0 | 306 |
| APPLE INC | COM | 037833100 |  | 30084239 | 118540 | SH |  | SOLE |  | 56976 | 0 | 61564 |
| APPLIED MATLS INC | COM | 038222105 |  | 1554895 | 4549 | SH |  | SOLE |  | 145 | 0 | 4404 |
| APTIV PLC | COM SHS | G3265R107 |  | 975285 | 14045 | SH |  | SOLE |  | 14000 | 0 | 45 |
| ARBOR REALTY TRUST INC | COM | 038923108 |  | 515799 | 66900 | SH |  | SOLE |  | 14800 | 0 | 52100 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 655996 | 6834 | SH |  | SOLE |  | 6800 | 0 | 34 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 1150683 | 15830 | SH |  | SOLE |  | 15800 | 0 | 30 |
| ARDENT HEALTH INC | COM | 03980N107 |  | 2135292 | 249450 | SH |  | SOLE |  | 54300 | 0 | 195150 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 6804553 | 377611 | SH |  | SOLE |  | 12476 | 0 | 365135 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 1252847 | 10204 | SH |  | SOLE |  | 331 | 0 | 9873 |
| ARROW ELECTRS INC | COM | 042735100 |  | 1302593 | 9083 | SH |  | SOLE |  | 9000 | 0 | 83 |
| ASBURY AUTOMOTIVE GROUP INC | COM | 043436104 |  | 5886140 | 30122 | SH |  | SOLE |  | 6700 | 0 | 23422 |
| ASTRAZENECA PLC | ORD | G0593M107 |  | 1443454 | 7319 | SH |  | SOLE |  | 730 | 0 | 6589 |
| AT INC | COM | 00206R102 |  | 10296369 | 355170 | SH |  | SOLE |  | 253036 | 0 | 102134 |
| ATKORE INC | COM | 047649108 |  | 3240050 | 55000 | SH |  | SOLE |  | 11100 | 0 | 43900 |
| AVNET INC | COM | 053807103 |  | 1097021 | 17803 | SH |  | SOLE |  | 17600 | 0 | 203 |
| BAIN CAP SPECIALTY FIN INC | COM STK | 05684B107 |  | 298356 | 24061 | SH |  | SOLE |  | 0 | 0 | 24061 |
| BANCFIRST CORP | COM | 05945F103 |  | 336350 | 3100 | SH |  | SOLE |  | 400 | 0 | 2700 |
| BANK AMERICA CORP | COM | 060505104 |  | 1053000 | 21600 | SH |  | SOLE |  | 21600 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 225397 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| BANK OF N T BUTTERFIELD  SO | SHS NEW | G0772R208 |  | 8127525 | 154869 | SH |  | SOLE |  | 32600 | 0 | 122269 |
| BARCLAYS PLC | ADR | 06738E204 |  | 225248 | 10645 | SH |  | SOLE |  | 271 | 0 | 10374 |
| BARINGS BDC INC | COM | 06759L103 |  | 749317 | 91047 | SH |  | SOLE |  | 0 | 0 | 91047 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 4173832 | 8710 | SH |  | SOLE |  | 8710 | 0 | 0 |
| BHP BILLITON LIMITED | SPONSORED ADS | 088606108 |  | 412218 | 5667 | SH |  | SOLE |  | 755 | 0 | 4912 |
| BLACKROCK INC | COM | 09290D101 |  | 2721639 | 2830 | SH |  | SOLE |  | 2830 | 0 | 0 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 |  | 4836290 | 204149 | SH |  | SOLE |  | 5900 | 0 | 198249 |
| BLUE OWL CAPITAL CORPORATION | COM | 69121K104 |  | 5084793 | 459746 | SH |  | SOLE |  | 9922 | 0 | 449824 |
| BLUE OWL TECHNOLOGY FIN CORP | COMMON STOCK | 095924106 |  | 2336011 | 188540 | SH |  | SOLE |  | 0 | 0 | 188540 |
| BOISE CASCADE CO DEL | COM | 09739D100 |  | 235211 | 3101 | SH |  | SOLE |  | 1550 | 0 | 1551 |
| BP PLC | SPONSORED ADR | 055622104 |  | 908261 | 19325 | SH |  | SOLE |  | 2574 | 0 | 16751 |
| BRISTOW GROUP INC | COM | 11040G103 |  | 418306 | 8921 | SH |  | SOLE |  | 3700 | 0 | 5221 |
| BROADCOM INC | COM | 11135F101 |  | 12684976 | 40984 | SH |  | SOLE |  | 11346 | 0 | 29638 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 448945 | 10100 | SH |  | SOLE |  | 10100 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 925792 | 22876 | SH |  | SOLE |  | 2250 | 0 | 20626 |
| BUCKLE INC | COM | 118440106 |  | 5871976 | 116600 | SH |  | SOLE |  | 27100 | 0 | 89500 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 206731 | 2511 | SH |  | SOLE |  | 2500 | 0 | 11 |
| BUNGE GLOBAL SA | COM SHS | H11356104 |  | 1543063 | 12131 | SH |  | SOLE |  | 12100 | 0 | 31 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 1449629 | 7089 | SH |  | SOLE |  | 225 | 0 | 6864 |
| BYLINE BANCORP INC | COM | 124411109 |  | 5285323 | 167416 | SH |  | SOLE |  | 38300 | 0 | 129116 |
| CABOT CORP | COM | 127055101 |  | 8052070 | 106919 | SH |  | SOLE |  | 22200 | 0 | 84719 |
| CAL MAINE FOODS INC | COM NEW | 128030202 |  | 2588205 | 32700 | SH |  | SOLE |  | 8000 | 0 | 24700 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 |  | 1677738 | 75847 | SH |  | SOLE |  | 3473 | 0 | 72374 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 8286771 | 39216 | SH |  | SOLE |  | 33240 | 0 | 5976 |
| CARLYLE SECURED LENDING INC | COM | 872280102 |  | 795469 | 72712 | SH |  | SOLE |  | 0 | 0 | 72712 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 5102299 | 7010 | SH |  | SOLE |  | 4965 | 0 | 2045 |
| CATERPILLAR INC | COM | 149123101 |  | 6869943 | 9697 | SH |  | SOLE |  | 7779 | 0 | 1918 |
| CATHAY GEN BANCORP | COM | 149150104 |  | 7930831 | 159062 | SH |  | SOLE |  | 35700 | 0 | 123362 |
| CELESTICA INC | COM | 15101Q207 |  | 293793 | 1043 | SH |  | SOLE |  | 26 | 0 | 1017 |
| CENTRAL GARDEN  PET CO | CL A NON-VTG | 153527205 |  | 988810 | 30500 | SH |  | SOLE |  | 5500 | 0 | 25000 |
| CENTURY COMMUNITIES INC | COM | 156504300 |  | 2124093 | 37018 | SH |  | SOLE |  | 8900 | 0 | 28118 |
| CF INDUSTRIES HOLD | COM | 125269100 |  | 1573920 | 12122 | SH |  | SOLE |  | 12100 | 0 | 22 |
| CHARTER COMMUNICATIONS INC | CL A | 16119P108 |  | 1276930 | 5915 | SH |  | SOLE |  | 5900 | 0 | 15 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 2417068 | 8518 | SH |  | SOLE |  | 8500 | 0 | 18 |
| CHEVRON CORPORATION | COM | 166764100 |  | 3942686 | 19056 | SH |  | SOLE |  | 19056 | 0 | 0 |
| CHUBB LTD SWITZ | COM | H1467J104 |  | 977790 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 1262576 | 8024 | SH |  | SOLE |  | 8000 | 0 | 24 |
| CIRRUS LOGIC INC | COM | 172755100 |  | 318453 | 2202 | SH |  | SOLE |  | 2200 | 0 | 2 |
| CNA FINL CORP | COM | 126117100 |  | 234605 | 5109 | SH |  | SOLE |  | 5100 | 0 | 9 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 933808 | 15221 | SH |  | SOLE |  | 15200 | 0 | 21 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 950301 | 33100 | SH |  | SOLE |  | 33100 | 0 | 0 |
| CONSENSUS CLOUD SOLUTIONS IN | COM | 20848V105 |  | 6342948 | 267184 | SH |  | SOLE |  | 57700 | 0 | 209484 |
| COSTAMARE INC | SHS | Y1771G102 |  | 6604131 | 390777 | SH |  | SOLE |  | 92100 | 0 | 298677 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 |  | 8588329 | 8619 | SH |  | SOLE |  | 5587 | 0 | 3032 |
| CREDICORP LTD | COM | G2519Y108 |  | 207578 | 612 | SH |  | SOLE |  | 15 | 0 | 597 |
| CRESCENT CAP BDC INC | COM | 225655109 |  | 1235497 | 101687 | SH |  | SOLE |  | 4562 | 0 | 97125 |
| DAVITA INC | COM | 23918K108 |  | 866965 | 5641 | SH |  | SOLE |  | 5600 | 0 | 41 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 410325 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| DELTA AIR LINES INC | COM NEW | 247361702 |  | 546466 | 8220 | SH |  | SOLE |  | 8200 | 0 | 20 |
| DELUXE CORP MEDIUM TERM NTS | COM | 248019101 |  | 2040714 | 74100 | SH |  | SOLE |  | 12500 | 0 | 61600 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 688981 | 13692 | SH |  | SOLE |  | 13600 | 0 | 92 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 775443 | 4303 | SH |  | SOLE |  | 577 | 0 | 3726 |
| DOLE PLC | ORD SHS | G27907107 |  | 4702839 | 329100 | SH |  | SOLE |  | 71200 | 0 | 257900 |
| DREAM FINDERS HOMES INC | COM CL A | 26154D100 |  | 4708885 | 338282 | SH |  | SOLE |  | 74100 | 0 | 264182 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 607038 | 4636 | SH |  | SOLE |  | 623 | 0 | 4013 |
| EASTMAN CHEM CO | COM | 277432100 |  | 260251 | 3410 | SH |  | SOLE |  | 3400 | 0 | 10 |
| EASTMAN KODAK CO | COM NEW | 277461406 |  | 1181921 | 130599 | SH |  | SOLE |  | 26200 | 0 | 104399 |
| ELI LILLY  CO | COM | 532457108 |  | 8546624 | 9292 | SH |  | SOLE |  | 4879 | 0 | 4413 |
| ENACT HLDGS INC | COM | 29249E109 |  | 7439173 | 182288 | SH |  | SOLE |  | 39600 | 0 | 142688 |
| ENI SPA | SPONSORED ADR | 26874R108 |  | 254859 | 4502 | SH |  | SOLE |  | 114 | 0 | 4388 |
| ENTERPRISE FINL SVCS CORP | COM | 293712105 |  | 7618688 | 140800 | SH |  | SOLE |  | 30700 | 0 | 110100 |
| EOG RES INC | COM | 26875P101 |  | 1156560 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| EPLUS INC | COM | 294268107 |  | 842800 | 11200 | SH |  | SOLE |  | 2700 | 0 | 8500 |
| EVERCORE INC | CLASS A | 29977A105 |  | 200327 | 671 | SH |  | SOLE |  | 44 | 0 | 627 |
| F ANNUITIES  LIFE INC | COMMON STOCK | 30190A104 |  | 6927552 | 273600 | SH |  | SOLE |  | 59700 | 0 | 213900 |
| FABRINET | SHS | G3323L100 |  | 349418 | 670 | SH |  | SOLE |  | 18 | 0 | 652 |
| FARMLAND PARTNERS INC | COM | 31154R109 |  | 1303803 | 116100 | SH |  | SOLE |  | 19400 | 0 | 96700 |
| FEDEX CORP | COM | 31428X106 |  | 284944 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| FIRST CTZNS BANCSHARES INC D | CL A | 31946M103 |  | 282699 | 150 | SH |  | SOLE |  | 150 | 0 | 0 |
| FIRST MERCHANTS CORP | COM | 320817109 |  | 7947396 | 205200 | SH |  | SOLE |  | 44400 | 0 | 160800 |
| FLEXTRONICS INTL LTD | ORD | Y2573F102 |  | 4417634 | 67486 | SH |  | SOLE |  | 62440 | 0 | 5046 |
| FLOWCO HLDGS INC | COM CL A | 342909108 |  | 1296420 | 62933 | SH |  | SOLE |  | 13000 | 0 | 49933 |
| FORESTAR GROUP INC | COM | 346232101 |  | 7185140 | 293991 | SH |  | SOLE |  | 63400 | 0 | 230591 |
| FOX CORP | CL A COM | 35137L105 |  | 475668 | 8145 | SH |  | SOLE |  | 8100 | 0 | 45 |
| FRANKLIN BSP RLTY TR INC | COMMON STOCK | 35243J101 |  | 1534992 | 180800 | SH |  | SOLE |  | 24500 | 0 | 156300 |
| FS KKR CAP CORP | COM | 302635206 |  | 1674297 | 164469 | SH |  | SOLE |  | 2514 | 0 | 161955 |
| GAMING  LEISURE P | COM | 36467J108 |  | 1153759 | 26003 | SH |  | SOLE |  | 10562 | 0 | 15441 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 363018 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 308898 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 826950 | 11100 | SH |  | SOLE |  | 11100 | 0 | 0 |
| GIGACLOUD TECHNOLOGY INC | CLASS A ORD | G38644103 |  | 1735422 | 38242 | SH |  | SOLE |  | 4200 | 0 | 34042 |
| GLADSTONE CAP CORP | COM NEW | 376535878 |  | 381422 | 21984 | SH |  | SOLE |  | 0 | 0 | 21984 |
| GLOBAL INDUSTRIAL COMPANY | COM | 37892E102 |  | 1815552 | 57600 | SH |  | SOLE |  | 13000 | 0 | 44600 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 |  | 997589 | 13066 | SH |  | SOLE |  | 6869 | 0 | 6197 |
| GLOBALFOUNDRIES INC | ORDINARY SHARES | G39387108 |  | 690241 | 15518 | SH |  | SOLE |  | 15500 | 0 | 18 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 322066 | 7094 | SH |  | SOLE |  | 478 | 0 | 6616 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 991754 | 111684 | SH |  | SOLE |  | 4310 | 0 | 107374 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 4624467 | 365282 | SH |  | SOLE |  | 11468 | 0 | 353814 |
| GRAHAM HLDGS CO | COM CL B | 384637104 |  | 1903068 | 1800 | SH |  | SOLE |  | 400 | 0 | 1400 |
| GRAPHIC PACKAGING HLDG CO | COM | 388689101 |  | 312106 | 31399 | SH |  | SOLE |  | 30900 | 0 | 499 |
| GREEN BRICK PARTNERS INC | COM | 392709101 |  | 7390739 | 114674 | SH |  | SOLE |  | 24800 | 0 | 89874 |
| GREENBRIER COS INC | COM | 393657101 |  | 6946694 | 131941 | SH |  | SOLE |  | 27200 | 0 | 104741 |
| GREIF INC | CL A | 397624107 |  | 7776834 | 115951 | SH |  | SOLE |  | 25300 | 0 | 90651 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 1617767 | 29313 | SH |  | SOLE |  | 3259 | 0 | 26054 |
| HAMILTON INSURANCE GROUP LTD | CL B | G42706104 |  | 7481364 | 250800 | SH |  | SOLE |  | 55900 | 0 | 194900 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 1677799 | 59900 | SH |  | SOLE |  | 15300 | 0 | 44600 |
| HARMONY GOLD MNG LTD | SPONSORED ADR | 413216300 |  | 245244 | 15956 | SH |  | SOLE |  | 397 | 0 | 15559 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 609482 | 4507 | SH |  | SOLE |  | 4500 | 0 | 7 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 851832 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| HERCULES CAPITAL INC | COM | 427096508 |  | 3313650 | 224350 | SH |  | SOLE |  | 7109 | 0 | 217241 |
| HOME DEPOT INC | COM | 437076102 |  | 5474526 | 16645 | SH |  | SOLE |  | 8779 | 0 | 7866 |
| HONEYWELL INTL INC | COM | 438516106 |  | 312147 | 1381 | SH |  | SOLE |  | 183 | 0 | 1198 |
| HOVNANIAN ENTERPRISES INC | CL A NEW | 442487401 |  | 1786871 | 16111 | SH |  | SOLE |  | 3200 | 0 | 12911 |
| HP INC | COM | 40434L105 |  | 848352 | 44162 | SH |  | SOLE |  | 44100 | 0 | 62 |
| IBEX LTD | SHS NEW | G4690M101 |  | 1411510 | 52629 | SH |  | SOLE |  | 14200 | 0 | 38429 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 572638 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| INGLES MKTS INC | CL A | 457030104 |  | 8701352 | 96800 | SH |  | SOLE |  | 20600 | 0 | 76200 |
| INGRAM MICRO HLDG CORP | COM | 457152106 |  | 239231 | 10263 | SH |  | SOLE |  | 9800 | 0 | 463 |
| INGREDION INC | COM | 457187102 |  | 261033 | 2317 | SH |  | SOLE |  | 2300 | 0 | 17 |
| INTERCONTINENTAL HOTELS GROU | SPONSORED ADS | 45857P806 |  | 322974 | 2420 | SH |  | SOLE |  | 60 | 0 | 2360 |
| INTERNATIONAL BANCSHARES COR | COM | 459044103 |  | 7887532 | 117217 | SH |  | SOLE |  | 26700 | 0 | 90517 |
| INTERNATIONAL SEAWAYS INC | COM | Y41053102 |  | 2370641 | 32528 | SH |  | SOLE |  | 6000 | 0 | 26528 |
| IRON MTN INC DEL | COM | 46284V101 |  | 955826 | 9358 | SH |  | SOLE |  | 1250 | 0 | 8108 |
| ISHARES INC | MSCI GBL GOLD MN | 46434G855 |  | 662642 | 8390 | SH |  | SOLE |  | 4411 | 0 | 3979 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 2586281 | 26053 | SH |  | SOLE |  | 13696 | 0 | 12357 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 660444 | 14100 | SH |  | SOLE |  | 0 | 0 | 14100 |
| ISHARES TR | MSCI SAUDI ARBIA | 46434V423 |  | 675750 | 17000 | SH |  | SOLE |  | 0 | 0 | 17000 |
| ISHARES TR | MSCI QATAR ETF | 46434V779 |  | 122760 | 6600 | SH |  | SOLE |  | 0 | 0 | 6600 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 689421 | 6849 | SH |  | SOLE |  | 3601 | 0 | 3248 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 798196 | 3265 | SH |  | SOLE |  | 436 | 0 | 2829 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 5227223 | 17770 | SH |  | SOLE |  | 17770 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 3855469 | 126326 | SH |  | SOLE |  | 7820 | 0 | 118506 |
| KOPPERS HOLDINGS INC | COM | 50060P106 |  | 2126046 | 54965 | SH |  | SOLE |  | 11700 | 0 | 43265 |
| LADDER CAP CORP | CL A | 505743104 |  | 4711094 | 482200 | SH |  | SOLE |  | 80400 | 0 | 401800 |
| LEAR CORP | COM NEW | 521865204 |  | 230657 | 1905 | SH |  | SOLE |  | 1900 | 0 | 5 |
| LINCOLN NATL CORP IND | COM | 534187109 |  | 669566 | 18861 | SH |  | SOLE |  | 18600 | 0 | 261 |
| LITHIA MTRS INC | COM | 536797103 |  | 227994 | 913 | SH |  | SOLE |  | 900 | 0 | 13 |
| LOEWS CORP | COM | 540424108 |  | 684097 | 6409 | SH |  | SOLE |  | 6400 | 0 | 9 |
| M  T BK CORP | COM | 55261F104 |  | 871738 | 4217 | SH |  | SOLE |  | 4200 | 0 | 17 |
| M/I HOMES INC | COM | 55305B101 |  | 7266795 | 59345 | SH |  | SOLE |  | 13000 | 0 | 46345 |
| MAIN STR CAP CORP | COM | 56035L104 |  | 5374624 | 101485 | SH |  | SOLE |  | 3510 | 0 | 97975 |
| MARATHON PETE CORP | COM | 56585A102 |  | 2398824 | 9824 | SH |  | SOLE |  | 9800 | 0 | 24 |
| MARKEL GROUP INC | COM | 570535104 |  | 1592506 | 832 | SH |  | SOLE |  | 830 | 0 | 2 |
| MASTERBRAND INC | COMMON STOCK | 57638P104 |  | 1405221 | 169100 | SH |  | SOLE |  | 42200 | 0 | 126900 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 4770754 | 9548 | SH |  | SOLE |  | 5739 | 0 | 3809 |
| MCDONALDS CORP | COM | 580135101 |  | 1934607 | 6225 | SH |  | SOLE |  | 598 | 0 | 5627 |
| MCGRATH RENTCORP | COM | 580589109 |  | 2922420 | 26500 | SH |  | SOLE |  | 6700 | 0 | 19800 |
| MCKESSON CORP | COM | 58155Q103 |  | 1465958 | 1694 | SH |  | SOLE |  | 55 | 0 | 1639 |
| MERCHANTS BANCORP IND | COM | 58844R108 |  | 8355006 | 194710 | SH |  | SOLE |  | 42400 | 0 | 152310 |
| MERCURY GENL CORP NEW | COM | 589400100 |  | 3368564 | 38214 | SH |  | SOLE |  | 8500 | 0 | 29714 |
| META PLATFORMS INC | CL A | 30303M102 |  | 13629303 | 23822 | SH |  | SOLE |  | 13935 | 0 | 9887 |
| MICROSOFT CORP | COM | 594918104 |  | 25806305 | 69715 | SH |  | SOLE |  | 31702 | 0 | 38013 |
| MIDCAP FINANCIAL INVSTMNT CO | COM NEW | 03761U502 |  | 671376 | 59731 | SH |  | SOLE |  | 0 | 0 | 59731 |
| MITSUBISHI UFJ FINANCIAL GRO | SPONSORED ADS | 606822104 |  | 294786 | 17371 | SH |  | SOLE |  | 436 | 0 | 16935 |
| MORGAN STANLEY DIRECT LENDIN | COM SHS | 61774A103 |  | 806288 | 57757 | SH |  | SOLE |  | 0 | 0 | 57757 |
| NATIONAL BEVERAGE CORP | COM | 635017106 |  | 7958864 | 236519 | SH |  | SOLE |  | 51000 | 0 | 185519 |
| NATIONAL HEALTHCARE CORP | COM | 635906100 |  | 2092070 | 13100 | SH |  | SOLE |  | 2800 | 0 | 10300 |
| NELNET INC | CL A | 64031N108 |  | 5313152 | 41200 | SH |  | SOLE |  | 8900 | 0 | 32300 |
| NETFLIX INC. | COM | 64110L106 |  | 9896431 | 102927 | SH |  | SOLE |  | 68812 | 0 | 34115 |
| NEW MTN FIN CORP | COM | 647551100 |  | 604388 | 77885 | SH |  | SOLE |  | 0 | 0 | 77885 |
| NMI HLDGS INC | COM | 629209305 |  | 7813333 | 208300 | SH |  | SOLE |  | 45500 | 0 | 162800 |
| NORTHERN OIL  GAS INC | COM | 665531307 |  | 8344025 | 285461 | SH |  | SOLE |  | 59100 | 0 | 226361 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 2076395 | 13593 | SH |  | SOLE |  | 1432 | 0 | 12161 |
| NUCOR CORP | COM | 670346105 |  | 1220733 | 7219 | SH |  | SOLE |  | 7200 | 0 | 19 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 38117947 | 218566 | SH |  | SOLE |  | 111586 | 0 | 106980 |
| OAKTREE SPECIALTY LENDING | COM | 67401P405 |  | 1088752 | 96350 | SH |  | SOLE |  | 4128 | 0 | 92222 |
| OFG BANCORP | COM | 67103X102 |  | 291312 | 7200 | SH |  | SOLE |  | 1800 | 0 | 5400 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 |  | 1300622 | 29681 | SH |  | SOLE |  | 3968 | 0 | 25713 |
| ORACLE CORP | COM | 68389X105 |  | 5159326 | 35071 | SH |  | SOLE |  | 26212 | 0 | 8859 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 949500 | 10286 | SH |  | SOLE |  | 333 | 0 | 9953 |
| OSHKOSH CORP | COM | 688239201 |  | 236272 | 1605 | SH |  | SOLE |  | 1600 | 0 | 5 |
| OTTER TAIL CORP | COM | 689648103 |  | 7891313 | 89909 | SH |  | SOLE |  | 18300 | 0 | 71609 |
| OVINTIV INC | COM | 69047Q102 |  | 404895 | 6821 | SH |  | SOLE |  | 6800 | 0 | 21 |
| PACCAR INC | COM | 693718108 |  | 848925 | 7350 | SH |  | SOLE |  | 7350 | 0 | 0 |
| PAGSEGURO DIGITAL LTD | COM CL A | G68707101 |  | 291873 | 29129 | SH |  | SOLE |  | 8500 | 0 | 20629 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 7849677 | 53662 | SH |  | SOLE |  | 38033 | 0 | 15629 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 3375377 | 21054 | SH |  | SOLE |  | 14239 | 0 | 6815 |
| PATHWARD FINANCIAL INC | COM | 59100U108 |  | 4316055 | 48370 | SH |  | SOLE |  | 48370 | 0 | 0 |
| PC CONNECTION INC | COM | 69318J100 |  | 4869718 | 83300 | SH |  | SOLE |  | 22200 | 0 | 61100 |
| PEABODY ENGR CORP | COM | 704551100 |  | 1536524 | 46632 | SH |  | SOLE |  | 20300 | 0 | 26332 |
| PENNANTPARK FLOATING RATE CA | COM | 70806A106 |  | 378153 | 47034 | SH |  | SOLE |  | 0 | 0 | 47034 |
| PENNANTPARK INVT CORP | COM | 708062104 |  | 317927 | 70808 | SH |  | SOLE |  | 4825 | 0 | 65983 |
| PENSKE AUTOMOTIVE GRP INC | COM | 70959W103 |  | 1103607 | 7381 | SH |  | SOLE |  | 7300 | 0 | 81 |
| PEPSICO INC | COM | 713448108 |  | 291725 | 1879 | SH |  | SOLE |  | 250 | 0 | 1629 |
| PERDOCEO ED CORP | COM | 71363P106 |  | 276210 | 7423 | SH |  | SOLE |  | 2700 | 0 | 4723 |
| PG CORP | COM | 69331C108 |  | 723058 | 41153 | SH |  | SOLE |  | 41100 | 0 | 53 |
| PHIBRO ANIMAL HEALTH CORP | CL A COM | 71742Q106 |  | 882139 | 15949 | SH |  | SOLE |  | 3600 | 0 | 12349 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 2358245 | 14263 | SH |  | SOLE |  | 1284 | 0 | 12979 |
| PHILLIPS 66 | COM | 718546104 |  | 1348496 | 7402 | SH |  | SOLE |  | 7400 | 0 | 2 |
| PHOTRONICS INC | COM | 719405102 |  | 5194827 | 128553 | SH |  | SOLE |  | 29400 | 0 | 99153 |
| PITNEY BOWES INC | COM | 724479100 |  | 1655732 | 149840 | SH |  | SOLE |  | 149840 | 0 | 0 |
| PLAYTIKA HLDG CORP | COM | 72815L107 |  | 3970713 | 1428314 | SH |  | SOLE |  | 169300 | 0 | 1259014 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 915596 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| PREFERRED BK LOS ANGELES CA | COM NEW | 740367404 |  | 799523 | 8816 | SH |  | SOLE |  | 3000 | 0 | 5816 |
| PREFORMED LINE PRODS CO | COM | 740444104 |  | 202521 | 748 | SH |  | SOLE |  | 300 | 0 | 448 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 371287 | 4119 | SH |  | SOLE |  | 4100 | 0 | 19 |
| PRIMORIS SVCS CORP | COM | 74164F103 |  | 3498759 | 24460 | SH |  | SOLE |  | 19258 | 0 | 5202 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 965581 | 6685 | SH |  | SOLE |  | 887 | 0 | 5798 |
| PROG HOLDINGS INC | COM NPV | 74319R101 |  | 3173430 | 110611 | SH |  | SOLE |  | 28100 | 0 | 82511 |
| PROSPECT CAP CORP | COM | 74348T102 |  | 220678 | 84551 | SH |  | SOLE |  | 0 | 0 | 84551 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 772923 | 7912 | SH |  | SOLE |  | 7900 | 0 | 12 |
| PUBLIC SVC ENTERPRISE GROUP | COM | 744573106 |  | 1393959 | 17220 | SH |  | SOLE |  | 17200 | 0 | 20 |
| PULTE GROUP INC | COM | 745867101 |  | 1391914 | 11835 | SH |  | SOLE |  | 11800 | 0 | 35 |
| PVH CORPORATION | COM | 693656100 |  | 274157 | 3930 | SH |  | SOLE |  | 3900 | 0 | 30 |
| RADIAN GROUP INC | COM | 750236101 |  | 208404 | 6300 | SH |  | SOLE |  | 5400 | 0 | 900 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 386320 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| RELIANCE INC | COM | 759509102 |  | 517272 | 1702 | SH |  | SOLE |  | 1700 | 0 | 2 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 927060 | 3119 | SH |  | SOLE |  | 3100 | 0 | 19 |
| REPUBLIC BANCORP INC KY | CL A | 760281204 |  | 1622650 | 23000 | SH |  | SOLE |  | 5400 | 0 | 17600 |
| REX AMERICAN RES CORP | COM | 761624105 |  | 1224056 | 26861 | SH |  | SOLE |  | 5400 | 0 | 21461 |
| RILEY EXPLORATION PERMIAN IN | COM | 76665T102 |  | 511794 | 14041 | SH |  | SOLE |  | 2400 | 0 | 11641 |
| RLJ LODGING TR | COM | 74965L101 |  | 1475838 | 198900 | SH |  | SOLE |  | 42200 | 0 | 156700 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 4646357 | 67047 | SH |  | SOLE |  | 52410 | 0 | 14637 |
| RPC INC | COM | 749660106 |  | 1782744 | 251800 | SH |  | SOLE |  | 48300 | 0 | 203500 |
| RUSH ENTERPRISES INC | CL A | 781846209 |  | 7728986 | 116911 | SH |  | SOLE |  | 25525 | 0 | 91386 |
| RYDER SYS INC | COM | 783549108 |  | 474722 | 2319 | SH |  | SOLE |  | 2300 | 0 | 19 |
| S  T BANCORP INC | COM | 783859101 |  | 6349794 | 151800 | SH |  | SOLE |  | 34000 | 0 | 117800 |
| SAFE BULKERS INC | COM | Y7388L103 |  | 3195536 | 504824 | SH |  | SOLE |  | 133700 | 0 | 371124 |
| SAFEHOLD INC | COM | 78646V107 |  | 4188888 | 309600 | SH |  | SOLE |  | 57100 | 0 | 252500 |
| SALLY BEAUTY HLDGS INC | COM | 79546E104 |  | 809602 | 58455 | SH |  | SOLE |  | 11500 | 0 | 46955 |
| SANDRIDGE ENERGY INC | COM NEW | 80007P869 |  | 6645526 | 407451 | SH |  | SOLE |  | 87800 | 0 | 319651 |
| SAUL CTRS INC | COM | 804395101 |  | 2329470 | 71500 | SH |  | SOLE |  | 12400 | 0 | 59100 |
| SCANSOURCE INC | COM | 806037107 |  | 2243304 | 61799 | SH |  | SOLE |  | 16200 | 0 | 45599 |
| SELECT MED HLDGS CORP | COM | 81619Q105 |  | 4285899 | 263100 | SH |  | SOLE |  | 58200 | 0 | 204900 |
| SHELL PLC | SPON ADS | 780259305 |  | 1000032 | 10753 | SH |  | SOLE |  | 1435 | 0 | 9318 |
| SIGA TECHNOLOGIES INC | COM | 826917106 |  | 2337345 | 436887 | SH |  | SOLE |  | 88300 | 0 | 348587 |
| SIMPSON MFG INC | COM | 829073105 |  | 206802 | 1205 | SH |  | SOLE |  | 1200 | 0 | 5 |
| SIXTH STREET SPECIALTY LENDI | COM | 83012A109 |  | 2662937 | 144882 | SH |  | SOLE |  | 4461 | 0 | 140421 |
| SLR INVESTMENT CORP | COM | 83413U100 |  | 1247649 | 87187 | SH |  | SOLE |  | 3209 | 0 | 83978 |
| SM ENERGY COMPANY | COM | 78454L100 |  | 6323304 | 202800 | SH |  | SOLE |  | 42300 | 0 | 160500 |
| SMITHFIELD FOODS INC | COM | 832248207 |  | 392279 | 14025 | SH |  | SOLE |  | 13600 | 0 | 425 |
| SNAP ON INC | COM | 833034101 |  | 1055517 | 2906 | SH |  | SOLE |  | 2900 | 0 | 6 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 2469577 | 14353 | SH |  | SOLE |  | 5291 | 0 | 9062 |
| SS TECH HLDGS | COM | 78467J100 |  | 472990 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 1598579 | 12631 | SH |  | SOLE |  | 12600 | 0 | 31 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 849060 | 4717 | SH |  | SOLE |  | 4700 | 0 | 17 |
| STMICROELECTRONICS N V | NY REGISTRY | 861012102 |  | 306770 | 8879 | SH |  | SOLE |  | 223 | 0 | 8656 |
| STRYKER CORPORATION | COM | 863667101 |  | 571747 | 1740 | SH |  | SOLE |  | 57 | 0 | 1683 |
| SUNCOKE ENERGY INC | COM | 86722A103 |  | 143871 | 22100 | SH |  | SOLE |  | 10000 | 0 | 12100 |
| SYLVAMO CORP | COMMON STOCK | 871332102 |  | 2386560 | 56500 | SH |  | SOLE |  | 13500 | 0 | 43000 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 1472565 | 21649 | SH |  | SOLE |  | 21600 | 0 | 49 |
| TACTILE SYS TECHNOLOGY INC | COM | 87357P100 |  | 538696 | 20616 | SH |  | SOLE |  | 4700 | 0 | 15916 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 |  | 2405595 | 7118 | SH |  | SOLE |  | 233 | 0 | 6885 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 439827 | 2607 | SH |  | SOLE |  | 2600 | 0 | 7 |
| TECHNIPFMC PLC | COM | G87110105 |  | 2300094 | 33272 | SH |  | SOLE |  | 26340 | 0 | 6932 |
| TECNOGLASS INC | ORD SHS | G87264100 |  | 3093507 | 69439 | SH |  | SOLE |  | 15700 | 0 | 53739 |
| TEEKAY CORPORATION LTD | SHS | G8726T105 |  | 3454588 | 282931 | SH |  | SOLE |  | 48900 | 0 | 234031 |
| TEEKAY TANKERS LTD | CL A | G8726X106 |  | 7382591 | 100690 | SH |  | SOLE |  | 20800 | 0 | 79890 |
| TELEFONAKTIEBOLAGET LM ERICS | ADR B SEK 10 | 294821608 |  | 4555789 | 404240 | SH |  | SOLE |  | 341524 | 0 | 62716 |
| TESLA INC | COM | 88160R101 |  | 8174784 | 21990 | SH |  | SOLE |  | 10744 | 0 | 11246 |
| TEXTRON INC | COM | 883203101 |  | 832958 | 9513 | SH |  | SOLE |  | 9500 | 0 | 13 |
| THE CIGNA GROUP | COM | 125523100 |  | 400125 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| TITAN AMER SA | COMMON SHARES | B9151N105 |  | 1920062 | 128175 | SH |  | SOLE |  | 27800 | 0 | 100375 |
| TOLL BROTHERS INC | COM | 889478103 |  | 506577 | 3712 | SH |  | SOLE |  | 3700 | 0 | 12 |
| TOTALENERGIES SE | ACT | F92124100 |  | 211165 | 2321 | SH |  | SOLE |  | 58 | 0 | 2263 |
| TRINITY CAP INC | COM | 896442308 |  | 1242127 | 84441 | SH |  | SOLE |  | 0 | 0 | 84441 |
| UNION PAC CORP | COM | 907818108 |  | 707879 | 2918 | SH |  | SOLE |  | 384 | 0 | 2534 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 424995 | 4616 | SH |  | SOLE |  | 4600 | 0 | 16 |
| UNITED PARCEL SVCS INC | CL B | 911312106 |  | 649308 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 829101 | 1138 | SH |  | SOLE |  | 36 | 0 | 1102 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 890656 | 1502 | SH |  | SOLE |  | 1500 | 0 | 2 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 |  | 395703 | 2211 | SH |  | SOLE |  | 2200 | 0 | 11 |
| UNUM GROUP | COM | 91529Y106 |  | 373914 | 5120 | SH |  | SOLE |  | 5100 | 0 | 20 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 1186972 | 4804 | SH |  | SOLE |  | 4800 | 0 | 4 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 397752 | 7963 | SH |  | SOLE |  | 4185 | 0 | 3778 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 1226081 | 16409 | SH |  | SOLE |  | 8626 | 0 | 7783 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1652785 | 32924 | SH |  | SOLE |  | 18076 | 0 | 14848 |
| VICI PPTYS INC | COM | 925652109 |  | 982536 | 35964 | SH |  | SOLE |  | 35800 | 0 | 164 |
| VISA INC | COM CL A | 92826C839 |  | 2024129 | 6697 | SH |  | SOLE |  | 254 | 0 | 6443 |
| VISTRA CORP | COM | 92840M102 |  | 5821990 | 38728 | SH |  | SOLE |  | 21371 | 0 | 17357 |
| WALMART INC | COM | 931142103 |  | 10310675 | 82963 | SH |  | SOLE |  | 54296 | 0 | 28667 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 6141347 | 26726 | SH |  | SOLE |  | 19673 | 0 | 7053 |
| WELLTOWER INC | COM | 95040Q104 |  | 1845623 | 9335 | SH |  | SOLE |  | 1252 | 0 | 8083 |
| WHITESTONE REIT | COM | 966084204 |  | 415071 | 25701 | SH |  | SOLE |  | 5900 | 0 | 19801 |
| WILLIS LEASE FIN CORP | COM | 970646105 |  | 6972488 | 40952 | SH |  | SOLE |  | 9000 | 0 | 31952 |
| WORTHINGTON STL INC | COM SHS | 982104101 |  | 6052245 | 199415 | SH |  | SOLE |  | 43500 | 0 | 155915 |

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