# EDGAR Filing Document

**Accession Number:** 0001142031
**File Stem:** 0001142031-23-000006
**Filing Date:** 2023-2
**Character Count:** 21840
**Document Hash:** a7e7672fac6ea4c9a197b4aa840021f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001142031-23-000006.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001142031-23-000006

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20220930

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRIVATE MANAGEMENT GROUP INC
- **CENTRAL INDEX KEY:** 0001142031
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05223
- **FILM NUMBER:** 23591737

**BUSINESS ADDRESS:**
- **STREET 1:** 15635 ALTON PARKWAY
- **STREET 2:** SUITE 400
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 9497527500

**MAIL ADDRESS:**
- **STREET 1:** 15635 ALTON PARKWAY
- **STREET 2:** SUITE 400
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2022

**Check here if Amendment** [x] **Amendment Number:** 2

**This Amendment (Check only one.):** [x] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** PRIVATE MANAGEMENT GROUP INC<br>**Address:** 15635 ALTON PARKWAY<br>SUITE 400<br>IRVINE, CA 92618

**Form 13F File Number:** 028-05223

**CRD Number (if applicable):** 000104707

**SEC File Number (if applicable):** 801-28023

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:** Robert T. Summers CFA<br>**Title:** Chief Financial Officer Private Management Group Inc.<br>**Phone:** 949-752-7500

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

Robert T. Summers CFA  Irvine, CA  02-06-2023<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:** 178

**Form 13F Information Table Value Total:** $2145988133

      (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 |
| 3M CO | COM | 88579Y101 |  | 415922 | 3764 | SH |  | SOLE | 0 | 3764 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 310980 | 2317 | SH |  | SOLE | 0 | 2317 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 241862 | 940 | SH |  | SOLE | 0 | 940 | 0 | 0 |
| AEGON N V | NY REGISTRY SHS | 007924103 |  | 21083052 | 5324003 | SH |  | SOLE | 0 | 5324003 | 0 | 0 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 38099342 | 1532556 | SH |  | SOLE | 0 | 1532556 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 16747906 | 209375 | SH |  | SOLE | 0 | 209375 | 0 | 0 |
| ALLEGHANY CORP MD | COM | 017175100 |  | 6191193 | 7376 | SH |  | SOLE | 0 | 7376 | 0 | 0 |
| ALLY FINL INC | COM | 02005N100 |  | 35567750 | 1278036 | SH |  | SOLE | 0 | 1278036 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 10022016 | 104778 | SH |  | SOLE | 0 | 104778 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 726292 | 7554 | SH |  | SOLE | 0 | 7554 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 493810 | 4370 | SH |  | SOLE | 0 | 4370 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 3958146 | 29339 | SH |  | SOLE | 0 | 29339 | 0 | 0 |
| ANDERSONS INC | COM | 034164103 |  | 24885067 | 801968 | SH |  | SOLE | 0 | 801968 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 3220694 | 23305 | SH |  | SOLE | 0 | 23305 | 0 | 0 |
| ARCOS DORADOS HOLDINGS INC | SHS CLASS -A - | G0457F107 |  | 16224959 | 2225646 | SH |  | SOLE | 0 | 2225646 | 0 | 0 |
| ARDAGH METAL PACKAGING S A | SHS | L02235106 |  | 20091682 | 4151174 | SH |  | SOLE | 0 | 4151174 | 0 | 0 |
| ARDMORE SHIPPING CORP | COM | Y0207T100 |  | 20883944 | 2287398 | SH |  | SOLE | 0 | 2287398 | 0 | 0 |
| ARGO GROUP INTL HLDGS LTD | COM | G0464B107 |  | 9681771 | 502688 | SH |  | SOLE | 0 | 502688 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 24564830 | 241139 | SH |  | SOLE | 0 | 241139 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 24944917 | 11646 | SH |  | SOLE | 0 | 11646 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 31356320 | 814027 | SH |  | SOLE | 0 | 814027 | 0 | 0 |
| BARINGS BDC INC | COM | 06759L103 |  | 9300765 | 1124639 | SH |  | SOLE | 0 | 1124639 | 0 | 0 |
| BAUSCH HEALTH COS INC | COM | 071734107 |  | 11424474 | 1658124 | SH |  | SOLE | 0 | 1658124 | 0 | 0 |
| BEACON ROOFING SUPPLY INC | COM | 073685109 |  | 3551930 | 64911 | SH |  | SOLE | 0 | 64911 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 10974690 | 27 | SH |  | SOLE | 0 | 27 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 63533671 | 237936 | SH |  | SOLE | 0 | 237936 | 0 | 0 |
| BK OF AMERICA CORP | COM | 060505104 |  | 214329 | 7097 | SH |  | SOLE | 0 | 7097 | 0 | 0 |
| BLACKROCK FLOATING RATE INCO | COM | 09255X100 |  | 545259 | 49524 | SH |  | SOLE | 0 | 49524 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 228720 | 1889 | SH |  | SOLE | 0 | 1889 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 22352095 | 514788 | SH |  | SOLE | 0 | 514788 | 0 | 0 |
| BRIGHTSPIRE CAPITAL INC | COM CL A | 10949T109 |  | 12090768 | 1916128 | SH |  | SOLE | 0 | 1916128 | 0 | 0 |
| BROOKFIELD ASSET MGMT INC | CL A LTD VT SH | 112585104 |  | 27574172 | 674350 | SH |  | SOLE | 0 | 674350 | 0 | 0 |
| BROOKFIELD BUSINESS CORP | CL A EXC SUB VTG | 11259V106 |  | 10995015 | 497512 | SH |  | SOLE | 0 | 497512 | 0 | 0 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 |  | 30443093 | 792170 | SH |  | SOLE | 0 | 792170 | 0 | 0 |
| CENTRAL VY CMNTY BANCORP | COM | 155685100 |  | 12365884 | 698243 | SH |  | SOLE | 0 | 698243 | 0 | 0 |
| CHEGG INC | NOTE 0.125% 3/1 | 163092AD1 |  | 4817227 | 5548000 | SH |  | SOLE | 0 | 5548000 | 0 | 0 |
| CHEGG INC | NOTE 9/0 | 163092AF6 |  | 384127 | 500000 | SH |  | SOLE | 0 | 500000 | 0 | 0 |
| CHEMOURS CO | COM | 163851108 |  | 12710033 | 515620 | SH |  | SOLE | 0 | 515620 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 549555 | 3312 | SH |  | SOLE | 0 | 3312 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 563330 | 3921 | SH |  | SOLE | 0 | 3921 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 838942 | 20133 | SH |  | SOLE | 0 | 20133 | 0 | 0 |
| CLEARWATER PAPER CORP | COM | 18538R103 |  | 3682018 | 97926 | SH |  | SOLE | 0 | 97926 | 0 | 0 |
| CNA FINL CORP | COM | 126117100 |  | 32979892 | 893764 | SH |  | SOLE | 0 | 893764 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 274106 | 4893 | SH |  | SOLE | 0 | 4893 | 0 | 0 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 |  | 18899583 | 443444 | SH |  | SOLE | 0 | 443444 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 24832244 | 846650 | SH |  | SOLE | 0 | 846650 | 0 | 0 |
| CONSOLIDATED COMM HLDGS INC | COM | 209034107 |  | 8056980 | 1936774 | SH |  | SOLE | 0 | 1936774 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 390095 | 826 | SH |  | SOLE | 0 | 826 | 0 | 0 |
| COVETRUS INC | COM | 22304C100 |  | 3960247 | 189667 | SH |  | SOLE | 0 | 189667 | 0 | 0 |
| CROWN HLDGS INC | COM | 228368106 |  | 20452620 | 252408 | SH |  | SOLE | 0 | 252408 | 0 | 0 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 10247164 | 154908 | SH |  | SOLE | 0 | 154908 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 424040 | 1270 | SH |  | SOLE | 0 | 1270 | 0 | 0 |
| DIAMOND OFFSHORE DRILLING IN | COM | 25271C201 |  | 5936562 | 895409 | SH |  | SOLE | 0 | 895409 | 0 | 0 |
| DIGITALBRIDGE GROUP INC | CL A COM | 25401T603 |  | 10450541 | 835375 | SH |  | SOLE | 0 | 835375 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US EQUITY ETF | 25434V401 |  | 311802 | 8032 | SH |  | SOLE | 0 | 8032 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 294184 | 3119 | SH |  | SOLE | 0 | 3119 | 0 | 0 |
| DONNELLEY FINL SOLUTIONS INC | COM | 25787G100 |  | 17833700 | 482383 | SH |  | SOLE | 0 | 482383 | 0 | 0 |
| DORIAN LPG LTD | SHS USD | Y2106R110 |  | 1880449 | 138574 | SH |  | SOLE | 0 | 138574 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 19750124 | 391868 | SH |  | SOLE | 0 | 391868 | 0 | 0 |
| ESAB CORPORATION | COM | 29605J106 |  | 548105 | 16430 | SH |  | SOLE | 0 | 16430 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 479693 | 5494 | SH |  | SOLE | 0 | 5494 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 27450918 | 184892 | SH |  | SOLE | 0 | 184892 | 0 | 0 |
| FIRST HORIZON CORPORATION | COM | 320517105 |  | 24474856 | 1068771 | SH |  | SOLE | 0 | 1068771 | 0 | 0 |
| FIVE POINT HOLDINGS LLC | COM CL A | 33833Q106 |  | 10167856 | 3910714 | SH |  | SOLE | 0 | 3910714 | 0 | 0 |
| FLAGSTAR BANCORP INC | COM PAR .001 | 337930705 |  | 7555548 | 226214 | SH |  | SOLE | 0 | 226214 | 0 | 0 |
| FRANKLIN STR PPTYS CORP | COM | 35471R106 |  | 9328947 | 3547128 | SH |  | SOLE | 0 | 3547128 | 0 | 0 |
| GABELLI GLOBAL SMALL  MID C | COM | 36249W104 |  | 2340196 | 245561 | SH |  | SOLE | 0 | 245561 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 31628785 | 512705 | SH |  | SOLE | 0 | 512705 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 29132394 | 99411 | SH |  | SOLE | 0 | 99411 | 0 | 0 |
| GREAT LAKES DREDGE  DOCK CO | COM | 390607109 |  | 2420582 | 319338 | SH |  | SOLE | 0 | 319338 | 0 | 0 |
| GREEN PLAINS INC | COM | 393222104 |  | 8234397 | 283261 | SH |  | SOLE | 0 | 283261 | 0 | 0 |
| GREIF INC | CL A | 397624107 |  | 22224554 | 373083 | SH |  | SOLE | 0 | 373083 | 0 | 0 |
| GREIF INC | CL B | 397624206 |  | 1339971 | 22039 | SH |  | SOLE | 0 | 22039 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 401217 | 1454 | SH |  | SOLE | 0 | 1454 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 313069 | 1875 | SH |  | SOLE | 0 | 1875 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 688128 | 7576 | SH |  | SOLE | 0 | 7576 | 0 | 0 |
| INTERNATIONAL SEAWAYS INC | COM | Y41053102 |  | 18593817 | 529286 | SH |  | SOLE | 0 | 529286 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 736087 | 9064 | SH |  | SOLE | 0 | 9064 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 470652 | 5398 | SH |  | SOLE | 0 | 5398 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 205865 | 574 | SH |  | SOLE | 0 | 574 | 0 | 0 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 761773 | 7931 | SH |  | SOLE | 0 | 7931 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 1775004 | 28560 | SH |  | SOLE | 0 | 28560 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 610204 | 3700 | SH |  | SOLE | 0 | 3700 | 0 | 0 |
| ISHARES TR | S MC 400GR ETF | 464287606 |  | 459290 | 7288 | SH |  | SOLE | 0 | 7288 | 0 | 0 |
| ISTAR INC | COM | 45031U101 |  | 6368880 | 687784 | SH |  | SOLE | 0 | 687784 | 0 | 0 |
| ITERIS INC NEW | COM | 46564T107 |  | 5948874 | 2002988 | SH |  | SOLE | 0 | 2002988 | 0 | 0 |
| JBG SMITH PPTYS | COM | 46590V100 |  | 16562677 | 891425 | SH |  | SOLE | 0 | 891425 | 0 | 0 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 47214573 | 1600494 | SH |  | SOLE | 0 | 1600494 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 20183837 | 123554 | SH |  | SOLE | 0 | 123554 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 38763230 | 370940 | SH |  | SOLE | 0 | 370940 | 0 | 0 |
| KIMCO RLTY CORP | COM | 49446R109 |  | 665728 | 36161 | SH |  | SOLE | 0 | 36161 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 4017825 | 91836 | SH |  | SOLE | 0 | 91836 | 0 | 0 |
| LIBERTY BROADBAND CORP | COM SER A | 530307107 |  | 50653 | 679 | SH |  | SOLE | 0 | 679 | 0 | 0 |
| LIBERTY BROADBAND CORP | COM SER C | 530307305 |  | 73210 | 992 | SH |  | SOLE | 0 | 992 | 0 | 0 |
| LIBERTY GLOBAL PLC | SHS CL A | G5480U104 |  | 17508 | 1123 | SH |  | SOLE | 0 | 1123 | 0 | 0 |
| LIBERTY GLOBAL PLC | SHS CL C | G5480U120 |  | 19201100 | 1163703 | SH |  | SOLE | 0 | 1163703 | 0 | 0 |
| LIBERTY LATIN AMERICA LTD | COM CL A | G9001E102 |  | 1176 | 190 | SH |  | SOLE | 0 | 190 | 0 | 0 |
| LIBERTY LATIN AMERICA LTD | COM CL C | G9001E128 |  | 7745298 | 1259398 | SH |  | SOLE | 0 | 1259398 | 0 | 0 |
| LIBERTY LATIN AMERICA LTD | NOTE 2.000% 7/1 | 53069QAB5 |  | 2966903 | 3420000 | SH |  | SOLE | 0 | 3420000 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM A SIRIUSXM | 531229409 |  | 115695 | 3039 | SH |  | SOLE | 0 | 3039 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM C SIRIUSXM | 531229607 |  | 297155 | 7880 | SH |  | SOLE | 0 | 7880 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM SER A FRMLA | 531229870 |  | 41228 | 785 | SH |  | SOLE | 0 | 785 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM SER C FRMLA | 531229854 |  | 207324 | 3544 | SH |  | SOLE | 0 | 3544 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 215351 | 666 | SH |  | SOLE | 0 | 666 | 0 | 0 |
| LOEWS CORP | COM | 540424108 |  | 9445527 | 189517 | SH |  | SOLE | 0 | 189517 | 0 | 0 |
| LUMEN TECHNOLOGIES INC | COM | 550241103 |  | 11805088 | 1621578 | SH |  | SOLE | 0 | 1621578 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 322113 | 1396 | SH |  | SOLE | 0 | 1396 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 2467892 | 28656 | SH |  | SOLE | 0 | 28656 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 31259964 | 514313 | SH |  | SOLE | 0 | 514313 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 934751 | 4014 | SH |  | SOLE | 0 | 4014 | 0 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 282343 | 856 | SH |  | SOLE | 0 | 856 | 0 | 0 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 40884604 | 851940 | SH |  | SOLE | 0 | 851940 | 0 | 0 |
| NEUBERGER BERMAN MLP  ENERG | COM | 64129H104 |  | 19517892 | 3189198 | SH |  | SOLE | 0 | 3189198 | 0 | 0 |
| NEW YORK CMNTY BANCORP INC | COM | 649445103 |  | 17076514 | 2001936 | SH |  | SOLE | 0 | 2001936 | 0 | 0 |
| NEXSTAR MEDIA GROUP INC | COMMON STOCK | 65336K103 |  | 30049184 | 180097 | SH |  | SOLE | 0 | 180097 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 205277 | 2618 | SH |  | SOLE | 0 | 2618 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 218246 | 1041 | SH |  | SOLE | 0 | 1041 | 0 | 0 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 |  | 4509238 | 882434 | SH |  | SOLE | 0 | 882434 | 0 | 0 |
| OAKTREE SPECIALTY LENDING CO | COM | 67401P108 |  | 21109806 | 3518301 | SH |  | SOLE | 0 | 3518301 | 0 | 0 |
| O-I GLASS INC | COM | 67098H104 |  | 37802125 | 2919083 | SH |  | SOLE | 0 | 2919083 | 0 | 0 |
| OLD NATL BANCORP IND | COM | 680033107 |  | 27555792 | 1673090 | SH |  | SOLE | 0 | 1673090 | 0 | 0 |
| ONEWATER MARINE INC | CL A COM | 68280L101 |  | 5450392 | 181016 | SH |  | SOLE | 0 | 181016 | 0 | 0 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 25920952 | 1107733 | SH |  | SOLE | 0 | 1107733 | 0 | 0 |
| ORION OFFICE REIT INC | COM | 68629Y103 |  | 21826989 | 2494513 | SH |  | SOLE | 0 | 2494513 | 0 | 0 |
| PARK-OHIO HLDGS CORP | COM | 700666100 |  | 10800654 | 954965 | SH |  | SOLE | 0 | 954965 | 0 | 0 |
| PBF ENERGY INC | CL A | 69318G106 |  | 31319051 | 890758 | SH |  | SOLE | 0 | 890758 | 0 | 0 |
| PENSKE AUTOMOTIVE GRP INC | COM | 70959W103 |  | 40791065 | 414417 | SH |  | SOLE | 0 | 414417 | 0 | 0 |
| PEOPLES BANCORP INC | COM | 709789101 |  | 13570600 | 469084 | SH |  | SOLE | 0 | 469084 | 0 | 0 |
| PERDOCEO ED CORP | COM | 71363P106 |  | 14609922 | 1418439 | SH |  | SOLE | 0 | 1418439 | 0 | 0 |
| PIEDMONT OFFICE REALTY TR IN | COM CL A | 720190206 |  | 18055132 | 1709766 | SH |  | SOLE | 0 | 1709766 | 0 | 0 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 21990752 | 271156 | SH |  | SOLE | 0 | 271156 | 0 | 0 |
| PROSPERITY BANCSHARES INC | COM | 743606105 |  | 30053343 | 450710 | SH |  | SOLE | 0 | 450710 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 675093 | 5975 | SH |  | SOLE | 0 | 5975 | 0 | 0 |
| QUIDELORTHO CORP | COM | 219798105 |  | 11788768 | 164924 | SH |  | SOLE | 0 | 164924 | 0 | 0 |
| REDWOOD TR INC | COM | 758075402 |  | 10906 | 1900 | SH |  | SOLE | 0 | 1900 | 0 | 0 |
| REDWOOD TRUST INC | NOTE 4.750% 8/1 | 758075AC9 |  | 9019394 | 9169000 | SH |  | SOLE | 0 | 9169000 | 0 | 0 |
| RESOLUTE FST PRODS INC | COM | 76117W109 |  | 13929840 | 696492 | SH |  | SOLE | 0 | 696492 | 0 | 0 |
| ROYCE GLOBAL VALUE TR INC | COM | 78081T104 |  | 801503 | 99938 | SH |  | SOLE | 0 | 99938 | 0 | 0 |
| RUSH ENTERPRISES INC | CL A | 781846209 |  | 11327898 | 258274 | SH |  | SOLE | 0 | 258274 | 0 | 0 |
| RUSH ENTERPRISES INC | CL B | 781846308 |  | 14510262 | 302865 | SH |  | SOLE | 0 | 302865 | 0 | 0 |
| SCORPIO TANKERS INC | SHS | Y7542C130 |  | 12059258 | 286852 | SH |  | SOLE | 0 | 286852 | 0 | 0 |
| SEABOARD CORP | DEL COM | 811543107 |  | 13120657 | 3856 | SH |  | SOLE | 0 | 3856 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 |  | 3066045 | 68730 | SH |  | SOLE | 0 | 68730 | 0 | 0 |
| SHIFT4 PMTS INC | NOTE 12/1 | 82452JAB5 |  | 1926458 | 2163000 | SH |  | SOLE | 0 | 2163000 | 0 | 0 |
| SHOPIFY INC | NOTE 0.125%11/0 | 82509LAA5 |  | 6823768 | 8242000 | SH |  | SOLE | 0 | 8242000 | 0 | 0 |
| SIERRA BANCORP | COM | 82620P102 |  | 10726423 | 543110 | SH |  | SOLE | 0 | 543110 | 0 | 0 |
| SIRIUSPOINT LTD | COM | G8192H106 |  | 38078657 | 7692658 | SH |  | SOLE | 0 | 7692658 | 0 | 0 |
| SOUTHSTATE CORPORATION | COM | 840441109 |  | 30769293 | 388894 | SH |  | SOLE | 0 | 388894 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 321462 | 900 | SH |  | SOLE | 0 | 900 | 0 | 0 |
| TELADOC HEALTH INC | NOTE 1.250% 6/0 | 87918AAF2 |  | 791982 | 1083000 | SH |  | SOLE | 0 | 1083000 | 0 | 0 |
| TELEPHONE  DATA SYS INC | COM NEW | 879433829 |  | 38924314 | 2800310 | SH |  | SOLE | 0 | 2800310 | 0 | 0 |
| TELLURIAN INC NEW | COM | 87968A104 |  | 75875 | 31747 | SH |  | SOLE | 0 | 31747 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 17401596 | 337371 | SH |  | SOLE | 0 | 337371 | 0 | 0 |
| TENNECO INC | CL A VTG COM STK | 880349105 |  | 18967882 | 1090735 | SH |  | SOLE | 0 | 1090735 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 17079017 | 2116359 | SH |  | SOLE | 0 | 2116359 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 4265241 | 27841 | SH |  | SOLE | 0 | 27841 | 0 | 0 |
| UNITED NAT FOODS INC | COM | 911163103 |  | 22455365 | 653342 | SH |  | SOLE | 0 | 653342 | 0 | 0 |
| UNITED STATES CELLULAR CORP | COM | 911684108 |  | 27298416 | 1048729 | SH |  | SOLE | 0 | 1048729 | 0 | 0 |
| UNIVAR SOLUTIONS INC | COM | 91336L107 |  | 6340435 | 278823 | SH |  | SOLE | 0 | 278823 | 0 | 0 |
| UNIVERSAL TECHNICAL INST INC | COM | 913915104 |  | 7193165 | 1322273 | SH |  | SOLE | 0 | 1322273 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 45174898 | 422788 | SH |  | SOLE | 0 | 422788 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 504911 | 6298 | SH |  | SOLE | 0 | 6298 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 252887 | 2048 | SH |  | SOLE | 0 | 2048 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 1055816 | 14214 | SH |  | SOLE | 0 | 14214 | 0 | 0 |
| VERITONE INC | COM | 92347M100 |  | 4161471 | 739160 | SH |  | SOLE | 0 | 739160 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 30249908 | 796679 | SH |  | SOLE | 0 | 796679 | 0 | 0 |
| VICI PPTYS INC | COM | 925652109 |  | 314047 | 10521 | SH |  | SOLE | 0 | 10521 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 286194 | 1611 | SH |  | SOLE | 0 | 1611 | 0 | 0 |
| VONTIER CORPORATION | COM | 928881101 |  | 23964128 | 1434119 | SH |  | SOLE | 0 | 1434119 | 0 | 0 |
| VORNADO RLTY TR | SH BEN INT | 929042109 |  | 23314458 | 1006669 | SH |  | SOLE | 0 | 1006669 | 0 | 0 |
| VSE CORP | COM | 918284100 |  | 7751219 | 218961 | SH |  | SOLE | 0 | 218961 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 37023733 | 3219455 | SH |  | SOLE | 0 | 3219455 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1926618 | 47902 | SH |  | SOLE | 0 | 47902 | 0 | 0 |
| WEST FRASER TIMBER CO LTD | COM | 952845105 |  | 8800863 | 121766 | SH |  | SOLE | 0 | 121766 | 0 | 0 |
| WESTERN ASSET HIGH YIELD DEF | COM | 95768B107 |  | 1128993 | 100713 | SH |  | SOLE | 0 | 100713 | 0 | 0 |
| WESTERN ASSET INVT GRADE DEF | COM | 95790A101 |  | 980210 | 64066 | SH |  | SOLE | 0 | 64066 | 0 | 0 |
| WESTROCK CO | COM | 96145D105 |  | 26016299 | 842224 | SH |  | SOLE | 0 | 842224 | 0 | 0 |
| WIDEOPENWEST INC | COM | 96758W101 |  | 4670281 | 380626 | SH |  | SOLE | 0 | 380626 | 0 | 0 |

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