# EDGAR Filing Document

**Accession Number:** 0002045792
**File Stem:** 0002045792-25-000007
**Filing Date:** 2025-10
**Character Count:** 31456
**Document Hash:** bdc80960e8676d57df4fcd4df9dc42a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002045792-25-000007.hdr.sgml**: 20251022

**ACCESSION NUMBER**: 0002045792-25-000007

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251022

**DATE AS OF CHANGE**: 20251022

**EFFECTIVENESS DATE**: 20251022

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Longboard Asset Management, LP
- **CENTRAL INDEX KEY:** 0002045792

**ORGANIZATION NAME:**
- **EIN:** 273833562
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24621
- **FILM NUMBER:** 251409507

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 97730
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85060
- **BUSINESS PHONE:** 800-290-8319

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 97730
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85060

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** Longboard Asset Management LP<br>**Address:** P.O. BOX 97730<br>PHOENIX, AZ 85060

**Form 13F File Number:** 028-24621

**CRD Number (if applicable):** 000155617

**SEC File Number (if applicable):** 801-72623

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:** Curtis Christnesen<br>**Title:** Chief Compliance Officer<br>**Phone:** 4807174777

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

Curtis Christensen  Phoenix, AZ  10-22-2025<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:** 262

**Form 13F Information Table Value Total:** $61856216

      (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 |
| Bank of New York Mellon Corporation (The) | COMMON STOCKS | 064058100 |  | 378527 | 3474 | SH |  | SOLE |  | 3474 | 0 | 0 |
| TJX Companies Inc. (The) | COMMON STOCKS | 872540109 |  | 340970 | 2359 | SH |  | SOLE |  | 2359 | 0 | 0 |
| Starwood Property Trust Inc. | REIT | 85571B105 |  | 336050 | 17349 | SH |  | SOLE |  | 17349 | 0 | 0 |
| Casey's General Stores Inc. | COMMON STOCKS | 147528103 |  | 329582 | 583 | SH |  | SOLE |  | 583 | 0 | 0 |
| Allegion plc | COMMON STOCKS | G0176J109 |  | 325615 | 1836 | SH |  | SOLE |  | 1836 | 0 | 0 |
| NewMarket Corporation | COMMON STOCKS | 651587107 |  | 322174 | 389 | SH |  | SOLE |  | 389 | 0 | 0 |
| ITT Inc. | COMMON STOCKS | 45073V108 |  | 321947 | 1801 | SH |  | SOLE |  | 1801 | 0 | 0 |
| Rithm Capital Corporation | REIT | 64828T201 |  | 321654 | 28240 | SH |  | SOLE |  | 28240 | 0 | 0 |
| Armstrong World Industries Inc. | COMMON STOCKS | 04247X102 |  | 314204 | 1603 | SH |  | SOLE |  | 1603 | 0 | 0 |
| NiSource Inc. | COMMON STOCKS | 65473P105 |  | 311760 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| Phillips Edison  Company Inc. | REIT | 71844V201 |  | 310858 | 9055 | SH |  | SOLE |  | 9055 | 0 | 0 |
| Monster Beverage Corporation | COMMON STOCKS | 61174X109 |  | 308549 | 4584 | SH |  | SOLE |  | 4584 | 0 | 0 |
| Westinghouse Air Brake Technologies Corporation | COMMON STOCKS | 929740108 |  | 308523 | 1539 | SH |  | SOLE |  | 1539 | 0 | 0 |
| Altria Group Inc. | COMMON STOCKS | 02209S103 |  | 308302 | 4667 | SH |  | SOLE |  | 4667 | 0 | 0 |
| Goldman Sachs Group Inc. (The) | COMMON STOCKS | 38141G104 |  | 307391 | 386 | SH |  | SOLE |  | 386 | 0 | 0 |
| Fox Corporation | COMMON STOCKS | 35137L105 |  | 301112 | 4775 | SH |  | SOLE |  | 4775 | 0 | 0 |
| State Street Corporation | COMMON STOCKS | 857477103 |  | 300930 | 2594 | SH |  | SOLE |  | 2594 | 0 | 0 |
| Travelers Companies Inc. (The) | COMMON STOCKS | 89417E109 |  | 299882 | 1074 | SH |  | SOLE |  | 1074 | 0 | 0 |
| Houlihan Lokey Inc. | COMMON STOCKS | 441593100 |  | 299357 | 1458 | SH |  | SOLE |  | 1458 | 0 | 0 |
| Old Republic International Corporation | COMMON STOCKS | 680223104 |  | 296653 | 6985 | SH |  | SOLE |  | 6985 | 0 | 0 |
| Sysco Corporation | COMMON STOCKS | 871829107 |  | 296589 | 3602 | SH |  | SOLE |  | 3602 | 0 | 0 |
| Entergy Corporation | COMMON STOCKS | 29364G103 |  | 293549 | 3150 | SH |  | SOLE |  | 3150 | 0 | 0 |
| Annaly Capital Management Inc. | REIT | 035710839 |  | 293106 | 14503 | SH |  | SOLE |  | 14503 | 0 | 0 |
| Norfolk Southern Corporation | COMMON STOCKS | 655844108 |  | 292299 | 973 | SH |  | SOLE |  | 973 | 0 | 0 |
| Trimble Inc. | COMMON STOCKS | 896239100 |  | 290347 | 3556 | SH |  | SOLE |  | 3556 | 0 | 0 |
| Boyd Gaming Corporation | COMMON STOCKS | 103304101 |  | 290299 | 3358 | SH |  | SOLE |  | 3358 | 0 | 0 |
| AT Inc. | COMMON STOCKS | 00206R102 |  | 289573 | 10254 | SH |  | SOLE |  | 10254 | 0 | 0 |
| RTX Corporation | COMMON STOCKS | 75513E101 |  | 287808 | 1720 | SH |  | SOLE |  | 1720 | 0 | 0 |
| L3Harris Technologies Inc. | COMMON STOCKS | 502431109 |  | 286780 | 939 | SH |  | SOLE |  | 939 | 0 | 0 |
| Atmos Energy Corporation | COMMON STOCKS | 049560105 |  | 286519 | 1678 | SH |  | SOLE |  | 1678 | 0 | 0 |
| Morgan Stanley | COMMON STOCKS | 617446448 |  | 285492 | 1796 | SH |  | SOLE |  | 1796 | 0 | 0 |
| American Express Company | COMMON STOCKS | 025816109 |  | 284993 | 858 | SH |  | SOLE |  | 858 | 0 | 0 |
| Citizens Financial Group Inc. | COMMON STOCKS | 174610105 |  | 284512 | 5352 | SH |  | SOLE |  | 5352 | 0 | 0 |
| Atlanta Braves Holdings Inc. | COMMON STOCKS | 047726302 |  | 280483 | 6744 | SH |  | SOLE |  | 6744 | 0 | 0 |
| Emerson Electric Company | COMMON STOCKS | 291011104 |  | 279938 | 2134 | SH |  | SOLE |  | 2134 | 0 | 0 |
| Allstate Corporation (The) | COMMON STOCKS | 020002101 |  | 279260 | 1301 | SH |  | SOLE |  | 1301 | 0 | 0 |
| RB Global Inc. | COMMON STOCKS | 74935Q107 |  | 277835 | 2564 | SH |  | SOLE |  | 2564 | 0 | 0 |
| SEI Investments Company | COMMON STOCKS | 784117103 |  | 277460 | 3270 | SH |  | SOLE |  | 3270 | 0 | 0 |
| Hartford Insurance Group Inc. (The) | COMMON STOCKS | 416515104 |  | 276517 | 2073 | SH |  | SOLE |  | 2073 | 0 | 0 |
| Roper Technologies Inc. | COMMON STOCKS | 776696106 |  | 276274 | 554 | SH |  | SOLE |  | 554 | 0 | 0 |
| Loews Corporation | COMMON STOCKS | 540424108 |  | 274366 | 2733 | SH |  | SOLE |  | 2733 | 0 | 0 |
| Liberty Media Corp-Liberty Formula One | COMMON STOCKS | 531229771 |  | 272996 | 2867 | SH |  | SOLE |  | 2867 | 0 | 0 |
| General Dynamics Corporation | COMMON STOCKS | 369550108 |  | 272459 | 799 | SH |  | SOLE |  | 799 | 0 | 0 |
| Xylem Inc. | COMMON STOCKS | 98419M100 |  | 272138 | 1845 | SH |  | SOLE |  | 1845 | 0 | 0 |
| TD SYNNEX Corporation | COMMON STOCKS | 87162W100 |  | 270515 | 1652 | SH |  | SOLE |  | 1652 | 0 | 0 |
| Rockwell Automation Inc. | COMMON STOCKS | 773903109 |  | 270187 | 773 | SH |  | SOLE |  | 773 | 0 | 0 |
| Willis Towers Watson plc | COMMON STOCKS | G96629103 |  | 270142 | 782 | SH |  | SOLE |  | 782 | 0 | 0 |
| PPL Corporation | COMMON STOCKS | 69351T106 |  | 269299 | 7247 | SH |  | SOLE |  | 7247 | 0 | 0 |
| Honeywell International Inc. | COMMON STOCKS | 438516106 |  | 269230 | 1279 | SH |  | SOLE |  | 1279 | 0 | 0 |
| Postal Realty Trust Inc. | REIT | 73757R102 |  | 268974 | 17143 | SH |  | SOLE |  | 17143 | 0 | 0 |
| Cencora Inc. | COMMON STOCKS | 03073E105 |  | 268463 | 859 | SH |  | SOLE |  | 859 | 0 | 0 |
| Ferguson Enterprises Inc. | COMMON STOCKS | 31488V107 |  | 265903 | 1184 | SH |  | SOLE |  | 1184 | 0 | 0 |
| CME Group Inc. | COMMON STOCKS | 12572Q105 |  | 265867 | 984 | SH |  | SOLE |  | 984 | 0 | 0 |
| FirstCash Holdings Inc. | COMMON STOCKS | 33768G107 |  | 265829 | 1678 | SH |  | SOLE |  | 1678 | 0 | 0 |
| Parker-Hannifin Corporation | COMMON STOCKS | 701094104 |  | 264594 | 349 | SH |  | SOLE |  | 349 | 0 | 0 |
| Intercontinental Exchange Inc. | COMMON STOCKS | 45866F104 |  | 262997 | 1561 | SH |  | SOLE |  | 1561 | 0 | 0 |
| Cardinal Health Inc. | COMMON STOCKS | 14149Y108 |  | 261652 | 1667 | SH |  | SOLE |  | 1667 | 0 | 0 |
| ONE Gas Inc. | COMMON STOCKS | 68235P108 |  | 260789 | 3222 | SH |  | SOLE |  | 3222 | 0 | 0 |
| Banco Latinoamericano de Comercio Exterior S.A. | COMMON STOCKS | P16994132 |  | 260420 | 5665 | SH |  | SOLE |  | 5665 | 0 | 0 |
| Duke Energy Corporation | COMMON STOCKS | 26441C204 |  | 259999 | 2101 | SH |  | SOLE |  | 2101 | 0 | 0 |
| Encompass Health Corporation | COMMON STOCKS | 29261A100 |  | 258613 | 2036 | SH |  | SOLE |  | 2036 | 0 | 0 |
| Evergy Inc. | COMMON STOCKS | 30034W106 |  | 258164 | 3396 | SH |  | SOLE |  | 3396 | 0 | 0 |
| RBC Bearings Inc. | COMMON STOCKS | 75524B104 |  | 257982 | 661 | SH |  | SOLE |  | 661 | 0 | 0 |
| IDACORP Inc. | COMMON STOCKS | 451107106 |  | 257560 | 1949 | SH |  | SOLE |  | 1949 | 0 | 0 |
| Aflac Inc. | COMMON STOCKS | 001055102 |  | 257133 | 2302 | SH |  | SOLE |  | 2302 | 0 | 0 |
| Hilton Worldwide Holdings Inc. | COMMON STOCKS | 43300A203 |  | 255030 | 983 | SH |  | SOLE |  | 983 | 0 | 0 |
| SS Technologies Holdings Inc. | COMMON STOCKS | 78467J100 |  | 254652 | 2869 | SH |  | SOLE |  | 2869 | 0 | 0 |
| Bentley Systems Inc. | COMMON STOCKS | 08265T208 |  | 254414 | 4942 | SH |  | SOLE |  | 4942 | 0 | 0 |
| HEICO Corporation | COMMON STOCKS | 422806109 |  | 253414 | 785 | SH |  | SOLE |  | 785 | 0 | 0 |
| Republic Services Inc. | COMMON STOCKS | 760759100 |  | 253116 | 1103 | SH |  | SOLE |  | 1103 | 0 | 0 |
| Northern Trust Corporation | COMMON STOCKS | 665859104 |  | 251837 | 1871 | SH |  | SOLE |  | 1871 | 0 | 0 |
| HEICO Corporation | COMMON STOCKS | 422806208 |  | 251803 | 991 | SH |  | SOLE |  | 991 | 0 | 0 |
| National Fuel Gas Company | COMMON STOCKS | 636180101 |  | 251708 | 2725 | SH |  | SOLE |  | 2725 | 0 | 0 |
| CareTrust REIT Inc. | REIT | 14174T107 |  | 251291 | 7246 | SH |  | SOLE |  | 7246 | 0 | 0 |
| Northrop Grumman Corporation | COMMON STOCKS | 666807102 |  | 251040 | 412 | SH |  | SOLE |  | 412 | 0 | 0 |
| Cboe Global Markets Inc. | COMMON STOCKS | 12503M108 |  | 250646 | 1022 | SH |  | SOLE |  | 1022 | 0 | 0 |
| Travel Plus Leisure Company | COMMON STOCKS | 894164102 |  | 250572 | 4212 | SH |  | SOLE |  | 4212 | 0 | 0 |
| WEC Energy Group Inc. | COMMON STOCKS | 92939U106 |  | 249462 | 2177 | SH |  | SOLE |  | 2177 | 0 | 0 |
| Teledyne Technologies Inc. | COMMON STOCKS | 879360105 |  | 249067 | 425 | SH |  | SOLE |  | 425 | 0 | 0 |
| US Foods Holding Corporation | COMMON STOCKS | 912008109 |  | 247100 | 3225 | SH |  | SOLE |  | 3225 | 0 | 0 |
| DoorDash Inc. | COMMON STOCKS | 25809K105 |  | 245335 | 902 | SH |  | SOLE |  | 902 | 0 | 0 |
| InterDigital Inc. | COMMON STOCKS | 45867G101 |  | 245113 | 710 | SH |  | SOLE |  | 710 | 0 | 0 |
| Amphenol Corporation | COMMON STOCKS | 032095101 |  | 245025 | 1980 | SH |  | SOLE |  | 1980 | 0 | 0 |
| Curtiss-Wright Corporation | COMMON STOCKS | 231561101 |  | 244866 | 451 | SH |  | SOLE |  | 451 | 0 | 0 |
| QIAGEN N.V. | COMMON STOCKS | N72482206 |  | 244757 | 5478 | SH |  | SOLE |  | 5478 | 0 | 0 |
| Gilead Sciences Inc. | COMMON STOCKS | 375558103 |  | 244755 | 2205 | SH |  | SOLE |  | 2205 | 0 | 0 |
| Southern Company (The) | COMMON STOCKS | 842587107 |  | 243843 | 2573 | SH |  | SOLE |  | 2573 | 0 | 0 |
| Aramark | COMMON STOCKS | 03852U106 |  | 243802 | 6349 | SH |  | SOLE |  | 6349 | 0 | 0 |
| Resideo Technologies Inc. | COMMON STOCKS | 76118Y104 |  | 243665 | 5643 | SH |  | SOLE |  | 5643 | 0 | 0 |
| Nasdaq Inc. | COMMON STOCKS | 631103108 |  | 243503 | 2753 | SH |  | SOLE |  | 2753 | 0 | 0 |
| Broadridge Financial Solutions Inc. | COMMON STOCKS | 11133T103 |  | 243410 | 1022 | SH |  | SOLE |  | 1022 | 0 | 0 |
| Ryder System Inc. | COMMON STOCKS | 783549108 |  | 242591 | 1286 | SH |  | SOLE |  | 1286 | 0 | 0 |
| Itron Inc. | COMMON STOCKS | 465741106 |  | 241646 | 1940 | SH |  | SOLE |  | 1940 | 0 | 0 |
| Ecolab Inc. | COMMON STOCKS | 278865100 |  | 241545 | 882 | SH |  | SOLE |  | 882 | 0 | 0 |
| Southwest Gas Holdings Inc. | COMMON STOCKS | 844895102 |  | 240582 | 3071 | SH |  | SOLE |  | 3071 | 0 | 0 |
| Liberty Media Corp-Liberty Formula One | COMMON STOCKS | 531229755 |  | 240444 | 2302 | SH |  | SOLE |  | 2302 | 0 | 0 |
| Seneca Foods Corporation | COMMON STOCKS | 817070501 |  | 239951 | 2223 | SH |  | SOLE |  | 2223 | 0 | 0 |
| AECOM | COMMON STOCKS | 00766T100 |  | 239543 | 1836 | SH |  | SOLE |  | 1836 | 0 | 0 |
| Primoris Services Corporation | COMMON STOCKS | 74164F103 |  | 239366 | 1743 | SH |  | SOLE |  | 1743 | 0 | 0 |
| GATX Corporation | COMMON STOCKS | 361448103 |  | 239301 | 1369 | SH |  | SOLE |  | 1369 | 0 | 0 |
| Sabra Health Care REIT Inc. | REIT | 78573L106 |  | 238704 | 12806 | SH |  | SOLE |  | 12806 | 0 | 0 |
| KLA Corporation | COMMON STOCKS | 482480100 |  | 238371 | 221 | SH |  | SOLE |  | 221 | 0 | 0 |
| Alliant Energy Corporation | COMMON STOCKS | 018802108 |  | 237418 | 3522 | SH |  | SOLE |  | 3522 | 0 | 0 |
| Spirit AeroSystems Holdings Inc. | COMMON STOCKS | 848574109 |  | 237081 | 6142 | SH |  | SOLE |  | 6142 | 0 | 0 |
| Jacobs Solutions Inc. | COMMON STOCKS | 46982L108 |  | 236779 | 1580 | SH |  | SOLE |  | 1580 | 0 | 0 |
| Fastenal Company | COMMON STOCKS | 311900104 |  | 236569 | 4824 | SH |  | SOLE |  | 4824 | 0 | 0 |
| DTE Energy Company | COMMON STOCKS | 233331107 |  | 235622 | 1666 | SH |  | SOLE |  | 1666 | 0 | 0 |
| American International Group Inc. | COMMON STOCKS | 026874784 |  | 234599 | 2987 | SH |  | SOLE |  | 2987 | 0 | 0 |
| Oshkosh Corporation | COMMON STOCKS | 688239201 |  | 234368 | 1807 | SH |  | SOLE |  | 1807 | 0 | 0 |
| Equitable Holdings Inc. | COMMON STOCKS | 29452E101 |  | 233994 | 4608 | SH |  | SOLE |  | 4608 | 0 | 0 |
| Cummins Inc. | COMMON STOCKS | 231021106 |  | 233993 | 554 | SH |  | SOLE |  | 554 | 0 | 0 |
| Sanmina Corporation | COMMON STOCKS | 801056102 |  | 233904 | 2032 | SH |  | SOLE |  | 2032 | 0 | 0 |
| Cheniere Energy Inc. | COMMON STOCKS | 16411R208 |  | 233805 | 995 | SH |  | SOLE |  | 995 | 0 | 0 |
| Liberty Media Corp-Liberty Live | COMMON STOCKS | 531229748 |  | 232827 | 2469 | SH |  | SOLE |  | 2469 | 0 | 0 |
| Carriage Services Inc. | COMMON STOCKS | 143905107 |  | 232677 | 5224 | SH |  | SOLE |  | 5224 | 0 | 0 |
| Take-Two Interactive Software Inc. | COMMON STOCKS | 874054109 |  | 232524 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| API Group Corporation | COMMON STOCKS | 00187Y100 |  | 232341 | 6760 | SH |  | SOLE |  | 6760 | 0 | 0 |
| Cadence Design Systems Inc. | COMMON STOCKS | 127387108 |  | 232183 | 661 | SH |  | SOLE |  | 661 | 0 | 0 |
| O'Reilly Automotive Inc. | COMMON STOCKS | 67103H107 |  | 232115 | 2153 | SH |  | SOLE |  | 2153 | 0 | 0 |
| Xcel Energy Inc. | COMMON STOCKS | 98389B100 |  | 231627 | 2872 | SH |  | SOLE |  | 2872 | 0 | 0 |
| Perimeter Solutions Inc. | COMMON STOCKS | 71385M107 |  | 231042 | 10319 | SH |  | SOLE |  | 10319 | 0 | 0 |
| Synchrony Financial | COMMON STOCKS | 87165B103 |  | 230984 | 3251 | SH |  | SOLE |  | 3251 | 0 | 0 |
| Yum! Brands Inc. | COMMON STOCKS | 988498101 |  | 230888 | 1519 | SH |  | SOLE |  | 1519 | 0 | 0 |
| TKO Group Holdings Inc. | COMMON STOCKS | 87256C101 |  | 230436 | 1141 | SH |  | SOLE |  | 1141 | 0 | 0 |
| TFS Financial Corporation | COMMON STOCKS | 87240R107 |  | 229034 | 17384 | SH |  | SOLE |  | 17384 | 0 | 0 |
| Johnson Controls International plc | COMMON STOCKS | G51502105 |  | 228806 | 2081 | SH |  | SOLE |  | 2081 | 0 | 0 |
| Vulcan Materials Company | COMMON STOCKS | 929160109 |  | 228562 | 743 | SH |  | SOLE |  | 743 | 0 | 0 |
| S Global Inc. | COMMON STOCKS | 78409V104 |  | 228267 | 469 | SH |  | SOLE |  | 469 | 0 | 0 |
| Rollins Inc. | COMMON STOCKS | 775711104 |  | 228205 | 3885 | SH |  | SOLE |  | 3885 | 0 | 0 |
| FirstEnergy Corporation | COMMON STOCKS | 337932107 |  | 228138 | 4979 | SH |  | SOLE |  | 4979 | 0 | 0 |
| Alnylam Pharmaceuticals Inc. | COMMON STOCKS | 02043Q107 |  | 228000 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| Tapestry Inc. | COMMON STOCKS | 876030107 |  | 227912 | 2013 | SH |  | SOLE |  | 2013 | 0 | 0 |
| Atlanta Braves Holdings Inc. | COMMON STOCKS | 047726104 |  | 227896 | 5012 | SH |  | SOLE |  | 5012 | 0 | 0 |
| EPR Properties | REIT | 26884U109 |  | 227341 | 3919 | SH |  | SOLE |  | 3919 | 0 | 0 |
| OGE Energy Corporation | COMMON STOCKS | 670837103 |  | 227325 | 4913 | SH |  | SOLE |  | 4913 | 0 | 0 |
| Victory Capital Holdings Inc. | COMMON STOCKS | 92645B103 |  | 227113 | 3507 | SH |  | SOLE |  | 3507 | 0 | 0 |
| Ligand Pharmaceuticals Inc. | COMMON STOCKS | 53220K504 |  | 227093 | 1282 | SH |  | SOLE |  | 1282 | 0 | 0 |
| Enact Holdings Inc. | COMMON STOCKS | 29249E109 |  | 225324 | 5877 | SH |  | SOLE |  | 5877 | 0 | 0 |
| Advanced Energy Industries Inc. | COMMON STOCKS | 007973100 |  | 224755 | 1321 | SH |  | SOLE |  | 1321 | 0 | 0 |
| Northwestern Energy Group Inc. | COMMON STOCKS | 668074305 |  | 224652 | 3833 | SH |  | SOLE |  | 3833 | 0 | 0 |
| United Rentals Inc. | COMMON STOCKS | 911363109 |  | 224345 | 235 | SH |  | SOLE |  | 235 | 0 | 0 |
| NET Lease Office Properties | REIT | 64110Y108 |  | 224259 | 7561 | SH |  | SOLE |  | 7561 | 0 | 0 |
| Chubb Ltd. | COMMON STOCKS | H1467J104 |  | 224107 | 794 | SH |  | SOLE |  | 794 | 0 | 0 |
| Ameren Corporation | COMMON STOCKS | 023608102 |  | 224104 | 2147 | SH |  | SOLE |  | 2147 | 0 | 0 |
| TechnipFMC plc | COMMON STOCKS | G87110105 |  | 224037 | 5679 | SH |  | SOLE |  | 5679 | 0 | 0 |
| Omega Healthcare Investors Inc. | REIT | 681936100 |  | 223470 | 5293 | SH |  | SOLE |  | 5293 | 0 | 0 |
| Coupang Inc. | COMMON STOCKS | 22266T109 |  | 223404 | 6938 | SH |  | SOLE |  | 6938 | 0 | 0 |
| CBRE Group Inc. | COMMON STOCKS | 12504L109 |  | 222947 | 1415 | SH |  | SOLE |  | 1415 | 0 | 0 |
| OneMain Holdings Inc. | COMMON STOCKS | 68268W103 |  | 222904 | 3948 | SH |  | SOLE |  | 3948 | 0 | 0 |
| MGIC Investment Corporation | COMMON STOCKS | 552848103 |  | 222875 | 7856 | SH |  | SOLE |  | 7856 | 0 | 0 |
| News Corporation | COMMON STOCKS | 65249B109 |  | 222770 | 7254 | SH |  | SOLE |  | 7254 | 0 | 0 |
| Public Service Enterprise Group Inc. | COMMON STOCKS | 744573106 |  | 222755 | 2669 | SH |  | SOLE |  | 2669 | 0 | 0 |
| Apollo Commercial Real Estate Finance Inc. | REIT | 03762U105 |  | 222121 | 21927 | SH |  | SOLE |  | 21927 | 0 | 0 |
| Ventas Inc. | REIT | 92276F100 |  | 221518 | 3165 | SH |  | SOLE |  | 3165 | 0 | 0 |
| Gates Industrial Corp plc | COMMON STOCKS | G39108108 |  | 221345 | 8918 | SH |  | SOLE |  | 8918 | 0 | 0 |
| Ducommun Inc. | COMMON STOCKS | 264147109 |  | 221291 | 2302 | SH |  | SOLE |  | 2302 | 0 | 0 |
| First Horizon Corporation | COMMON STOCKS | 320517105 |  | 221239 | 9785 | SH |  | SOLE |  | 9785 | 0 | 0 |
| Barrett Business Services Inc. | COMMON STOCKS | 068463108 |  | 220891 | 4984 | SH |  | SOLE |  | 4984 | 0 | 0 |
| Buckle Inc. (The) | COMMON STOCKS | 118440106 |  | 220855 | 3765 | SH |  | SOLE |  | 3765 | 0 | 0 |
| VeriSign Inc. | COMMON STOCKS | 92343E102 |  | 220581 | 789 | SH |  | SOLE |  | 789 | 0 | 0 |
| Interactive Brokers Group Inc. | COMMON STOCKS | 45841N107 |  | 220467 | 3204 | SH |  | SOLE |  | 3204 | 0 | 0 |
| Cintas Corporation | COMMON STOCKS | 172908105 |  | 220449 | 1074 | SH |  | SOLE |  | 1074 | 0 | 0 |
| City Holding Company | COMMON STOCKS | 177835105 |  | 220241 | 1778 | SH |  | SOLE |  | 1778 | 0 | 0 |
| Labcorp Holdings Inc. | COMMON STOCKS | 504922105 |  | 220175 | 767 | SH |  | SOLE |  | 767 | 0 | 0 |
| Dorman Products Inc. | COMMON STOCKS | 258278100 |  | 219479 | 1408 | SH |  | SOLE |  | 1408 | 0 | 0 |
| Millrose Properties Inc. | REIT | 601137102 |  | 219372 | 6527 | SH |  | SOLE |  | 6527 | 0 | 0 |
| Popular Inc. | COMMON STOCKS | 733174700 |  | 219346 | 1727 | SH |  | SOLE |  | 1727 | 0 | 0 |
| Alamo Group Inc. | COMMON STOCKS | 011311107 |  | 218962 | 1147 | SH |  | SOLE |  | 1147 | 0 | 0 |
| CH Robinson Worldwide Inc. | COMMON STOCKS | 12541W209 |  | 218857 | 1653 | SH |  | SOLE |  | 1653 | 0 | 0 |
| Flex Ltd. | COMMON STOCKS | Y2573F102 |  | 218779 | 3774 | SH |  | SOLE |  | 3774 | 0 | 0 |
| Crown Holdings Inc. | COMMON STOCKS | 228368106 |  | 218583 | 2263 | SH |  | SOLE |  | 2263 | 0 | 0 |
| CMS Energy Corporation | COMMON STOCKS | 125896100 |  | 218461 | 2982 | SH |  | SOLE |  | 2982 | 0 | 0 |
| Post Holdings Inc. | COMMON STOCKS | 737446104 |  | 218292 | 2031 | SH |  | SOLE |  | 2031 | 0 | 0 |
| HCI Group Inc. | COMMON STOCKS | 40416E103 |  | 217073 | 1131 | SH |  | SOLE |  | 1131 | 0 | 0 |
| CRA International Inc. | COMMON STOCKS | 12618T105 |  | 216871 | 1040 | SH |  | SOLE |  | 1040 | 0 | 0 |
| Liberty Media Corp-Liberty Live | COMMON STOCKS | 531229722 |  | 216825 | 2236 | SH |  | SOLE |  | 2236 | 0 | 0 |
| InvenTrust Properties Corporation | REIT | 46124J201 |  | 216711 | 7572 | SH |  | SOLE |  | 7572 | 0 | 0 |
| TriMas Corporation | COMMON STOCKS | 896215209 |  | 216654 | 5607 | SH |  | SOLE |  | 5607 | 0 | 0 |
| Northeast Bank | COMMON STOCKS | 66405S100 |  | 216546 | 2162 | SH |  | SOLE |  | 2162 | 0 | 0 |
| Analog Devices Inc. | COMMON STOCKS | 032654105 |  | 216462 | 881 | SH |  | SOLE |  | 881 | 0 | 0 |
| Insteel Industries Inc. | COMMON STOCKS | 45774W108 |  | 215816 | 5629 | SH |  | SOLE |  | 5629 | 0 | 0 |
| Renasant Corporation | COMMON STOCKS | 75970E107 |  | 215659 | 5846 | SH |  | SOLE |  | 5846 | 0 | 0 |
| Simon Property Group Inc. | REIT | 828806109 |  | 215633 | 1149 | SH |  | SOLE |  | 1149 | 0 | 0 |
| Bank OZK | COMMON STOCKS | 06417N103 |  | 215391 | 4225 | SH |  | SOLE |  | 4225 | 0 | 0 |
| Artisan Partners Asset Management Inc. | COMMON STOCKS | 04316A108 |  | 215264 | 4960 | SH |  | SOLE |  | 4960 | 0 | 0 |
| Waste Management Inc. | COMMON STOCKS | 94106L109 |  | 215088 | 974 | SH |  | SOLE |  | 974 | 0 | 0 |
| Capital One Financial Corporation | COMMON STOCKS | 14040H105 |  | 214493 | 1009 | SH |  | SOLE |  | 1009 | 0 | 0 |
| Gorman-Rupp Company (The) | COMMON STOCKS | 383082104 |  | 214275 | 4617 | SH |  | SOLE |  | 4617 | 0 | 0 |
| Mirum Pharmaceuticals Inc. | COMMON STOCKS | 604749101 |  | 214065 | 2920 | SH |  | SOLE |  | 2920 | 0 | 0 |
| CenterPoint Energy Inc. | COMMON STOCKS | 15189T107 |  | 214021 | 5516 | SH |  | SOLE |  | 5516 | 0 | 0 |
| Pinnacle West Capital Corporation | COMMON STOCKS | 723484101 |  | 214018 | 2387 | SH |  | SOLE |  | 2387 | 0 | 0 |
| Knowles Corporation | COMMON STOCKS | 49926D109 |  | 213613 | 9164 | SH |  | SOLE |  | 9164 | 0 | 0 |
| NETSTREIT Corporation | REIT | 64119V303 |  | 213596 | 11827 | SH |  | SOLE |  | 11827 | 0 | 0 |
| Performance Food Group Company | COMMON STOCKS | 71377A103 |  | 213178 | 2049 | SH |  | SOLE |  | 2049 | 0 | 0 |
| PennyMac Financial Services Inc. | COMMON STOCKS | 70932M107 |  | 212950 | 1719 | SH |  | SOLE |  | 1719 | 0 | 0 |
| Enpro Inc. | COMMON STOCKS | 29355X107 |  | 212666 | 941 | SH |  | SOLE |  | 941 | 0 | 0 |
| AGNC Investment Corporation | REIT | 00123Q104 |  | 212521 | 21708 | SH |  | SOLE |  | 21708 | 0 | 0 |
| CompoSecure Inc. | COMMON STOCKS | 20459V105 |  | 212510 | 10207 | SH |  | SOLE |  | 10207 | 0 | 0 |
| Agree Realty Corporation | REIT | 008492100 |  | 212410 | 2990 | SH |  | SOLE |  | 2990 | 0 | 0 |
| Bancorp Inc. (The) | COMMON STOCKS | 05969A105 |  | 212238 | 2834 | SH |  | SOLE |  | 2834 | 0 | 0 |
| Medtronic plc | COMMON STOCKS | G5960L103 |  | 211433 | 2220 | SH |  | SOLE |  | 2220 | 0 | 0 |
| F5 Inc. | COMMON STOCKS | 315616102 |  | 211043 | 653 | SH |  | SOLE |  | 653 | 0 | 0 |
| Huron Consulting Group Inc. | COMMON STOCKS | 447462102 |  | 210762 | 1436 | SH |  | SOLE |  | 1436 | 0 | 0 |
| Winmark Corporation | COMMON STOCKS | 974250102 |  | 210557 | 423 | SH |  | SOLE |  | 423 | 0 | 0 |
| Somnigroup International Inc. | COMMON STOCKS | 88023U101 |  | 210319 | 2494 | SH |  | SOLE |  | 2494 | 0 | 0 |
| Millicom International Cellular S.A. | COMMON STOCKS | L6388F110 |  | 210275 | 4332 | SH |  | SOLE |  | 4332 | 0 | 0 |
| Broadstone Net Lease Inc. | REIT | 11135E203 |  | 210258 | 11766 | SH |  | SOLE |  | 11766 | 0 | 0 |
| AZZ Inc. | COMMON STOCKS | 002474104 |  | 210075 | 1925 | SH |  | SOLE |  | 1925 | 0 | 0 |
| Woodward Inc. | COMMON STOCKS | 980745103 |  | 209749 | 830 | SH |  | SOLE |  | 830 | 0 | 0 |
| Hasbro Inc. | COMMON STOCKS | 418056107 |  | 209649 | 2764 | SH |  | SOLE |  | 2764 | 0 | 0 |
| ALLETE Inc. | COMMON STOCKS | 018522300 |  | 209492 | 3155 | SH |  | SOLE |  | 3155 | 0 | 0 |
| American Electric Power Company Inc. | COMMON STOCKS | 025537101 |  | 209475 | 1862 | SH |  | SOLE |  | 1862 | 0 | 0 |
| News Corporation | COMMON STOCKS | 65249B208 |  | 208993 | 6049 | SH |  | SOLE |  | 6049 | 0 | 0 |
| Avista Corporation | COMMON STOCKS | 05379B107 |  | 208182 | 5506 | SH |  | SOLE |  | 5506 | 0 | 0 |
| Eaton Corp plc | COMMON STOCKS | G29183103 |  | 208083 | 556 | SH |  | SOLE |  | 556 | 0 | 0 |
| Chesapeake Utilities Corporation | COMMON STOCKS | 165303108 |  | 207827 | 1543 | SH |  | SOLE |  | 1543 | 0 | 0 |
| Charles Schwab Corporation (The) | COMMON STOCKS | 808513105 |  | 206883 | 2167 | SH |  | SOLE |  | 2167 | 0 | 0 |
| Guidewire Software Inc. | COMMON STOCKS | 40171V100 |  | 206414 | 898 | SH |  | SOLE |  | 898 | 0 | 0 |
| Spire Inc. | COMMON STOCKS | 84857L101 |  | 206409 | 2532 | SH |  | SOLE |  | 2532 | 0 | 0 |
| Alexander  Baldwin Inc. | REIT | 014491104 |  | 206384 | 11346 | SH |  | SOLE |  | 11346 | 0 | 0 |
| Martin Marietta Materials Inc. | COMMON STOCKS | 573284106 |  | 206102 | 327 | SH |  | SOLE |  | 327 | 0 | 0 |
| Invesco Ltd. | COMMON STOCKS | G491BT108 |  | 205955 | 8978 | SH |  | SOLE |  | 8978 | 0 | 0 |
| DHT Holdings Inc. | COMMON STOCKS | Y2065G121 |  | 205851 | 17226 | SH |  | SOLE |  | 17226 | 0 | 0 |
| Watts Water Technologies Inc. | COMMON STOCKS | 942749102 |  | 205550 | 736 | SH |  | SOLE |  | 736 | 0 | 0 |
| Universal Technical Institute Inc. | COMMON STOCKS | 913915104 |  | 205456 | 6312 | SH |  | SOLE |  | 6312 | 0 | 0 |
| Royal Gold Inc. | COMMON STOCKS | 780287108 |  | 205394 | 1024 | SH |  | SOLE |  | 1024 | 0 | 0 |
| Ensign Group Inc. (The) | COMMON STOCKS | 29358P101 |  | 205251 | 1188 | SH |  | SOLE |  | 1188 | 0 | 0 |
| Accel Entertainment Inc. | COMMON STOCKS | 00436Q106 |  | 205227 | 18539 | SH |  | SOLE |  | 18539 | 0 | 0 |
| Life360 Inc. | COMMON STOCKS | 532206109 |  | 205053 | 1929 | SH |  | SOLE |  | 1929 | 0 | 0 |
| Regency Centers Corporation | REIT | 758849103 |  | 204339 | 2803 | SH |  | SOLE |  | 2803 | 0 | 0 |
| Group 1 Automotive Inc. | COMMON STOCKS | 398905109 |  | 204317 | 467 | SH |  | SOLE |  | 467 | 0 | 0 |
| Laureate Education Inc. | COMMON STOCKS | 518613203 |  | 204190 | 6474 | SH |  | SOLE |  | 6474 | 0 | 0 |
| First BanCorporation | COMMON STOCKS | 318672706 |  | 204073 | 9255 | SH |  | SOLE |  | 9255 | 0 | 0 |
| Essent Group Ltd. | COMMON STOCKS | G3198U102 |  | 204028 | 3210 | SH |  | SOLE |  | 3210 | 0 | 0 |
| Carlyle Group Inc. (The) | COMMON STOCKS | 14316J108 |  | 203775 | 3250 | SH |  | SOLE |  | 3250 | 0 | 0 |
| Service Corp International | COMMON STOCKS | 817565104 |  | 203556 | 2446 | SH |  | SOLE |  | 2446 | 0 | 0 |
| Bank of NT Butterfield  Son Ltd. (The) | COMMON STOCKS | G0772R208 |  | 203527 | 4742 | SH |  | SOLE |  | 4742 | 0 | 0 |
| Pentair plc | COMMON STOCKS | G7S00T104 |  | 203355 | 1836 | SH |  | SOLE |  | 1836 | 0 | 0 |
| Mueller Industries Inc. | COMMON STOCKS | 624756102 |  | 203332 | 2011 | SH |  | SOLE |  | 2011 | 0 | 0 |
| Stryker Corporation | COMMON STOCKS | 863667101 |  | 202949 | 549 | SH |  | SOLE |  | 549 | 0 | 0 |
| Quanta Services Inc. | COMMON STOCKS | 74762E102 |  | 202651 | 489 | SH |  | SOLE |  | 489 | 0 | 0 |
| OPENLANE Inc. | COMMON STOCKS | 48238T109 |  | 202525 | 7037 | SH |  | SOLE |  | 7037 | 0 | 0 |
| American Healthcare REIT Inc. | REIT | 398182303 |  | 201942 | 4807 | SH |  | SOLE |  | 4807 | 0 | 0 |
| Zscaler Inc. | COMMON STOCKS | 98980G102 |  | 201072 | 671 | SH |  | SOLE |  | 671 | 0 | 0 |
| First Bancorp | COMMON STOCKS | 318910106 |  | 200665 | 3794 | SH |  | SOLE |  | 3794 | 0 | 0 |
| SPX Technologies Inc. | COMMON STOCKS | 78473E103 |  | 200415 | 1073 | SH |  | SOLE |  | 1073 | 0 | 0 |
| TransDigm Group Inc. | COMMON STOCKS | 893641100 |  | 200339 | 152 | SH |  | SOLE |  | 152 | 0 | 0 |
| Electronic Arts Inc. | COMMON STOCKS | 285512109 |  | 200288 | 993 | SH |  | SOLE |  | 993 | 0 | 0 |
| Ellington Financial Inc. | REIT | 28852N109 |  | 192091 | 14799 | SH |  | SOLE |  | 14799 | 0 | 0 |
| Theravance Biopharma Inc. | COMMON STOCKS | G8807B106 |  | 191289 | 13102 | SH |  | SOLE |  | 13102 | 0 | 0 |
| Huntington Bancshares Inc. | COMMON STOCKS | 446150104 |  | 180299 | 10440 | SH |  | SOLE |  | 10440 | 0 | 0 |
| Spok Holdings Inc. | COMMON STOCKS | 84863T106 |  | 178538 | 10350 | SH |  | SOLE |  | 10350 | 0 | 0 |
| FNB Corporation | COMMON STOCKS | 302520101 |  | 177403 | 11012 | SH |  | SOLE |  | 11012 | 0 | 0 |
| CTO Realty Growth Inc. | REIT | 22948Q101 |  | 175355 | 10758 | SH |  | SOLE |  | 10758 | 0 | 0 |
| GCM Grosvenor Inc. | COMMON STOCKS | 36831E108 |  | 163754 | 13567 | SH |  | SOLE |  | 13567 | 0 | 0 |
| Garrett Motion Inc. | COMMON STOCKS | 366505105 |  | 158428 | 11632 | SH |  | SOLE |  | 11632 | 0 | 0 |
| Ladder Capital Corporation | REIT | 505743104 |  | 156340 | 14330 | SH |  | SOLE |  | 14330 | 0 | 0 |
| NPK International Inc. | COMMON STOCKS | 651718504 |  | 155671 | 13764 | SH |  | SOLE |  | 13764 | 0 | 0 |
| PennyMac Mortgage Investment Trust | REIT | 70931T103 |  | 155506 | 12684 | SH |  | SOLE |  | 12684 | 0 | 0 |
| Patria Investments Ltd. | COMMON STOCKS | G69451105 |  | 150672 | 10320 | SH |  | SOLE |  | 10320 | 0 | 0 |
| Pitney Bowes Inc. | COMMON STOCKS | 724479100 |  | 133406 | 11692 | SH |  | SOLE |  | 11692 | 0 | 0 |
| Northwest Bancshares Inc. | COMMON STOCKS | 667340103 |  | 132784 | 10717 | SH |  | SOLE |  | 10717 | 0 | 0 |

---