# EDGAR Filing Document

**Accession Number:** 0000902584
**File Stem:** 0001085146-25-005021
**Filing Date:** 2025-8
**Character Count:** 23100
**Document Hash:** 9da7dc8084072b3805bcd859a600e7b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-005021.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001085146-25-005021

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORY RESEARCH INC
- **CENTRAL INDEX KEY:** 0000902584

**ORGANIZATION NAME:**
- **EIN:** 362831881
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05637
- **FILM NUMBER:** 251211304

**BUSINESS ADDRESS:**
- **STREET 1:** 180 N. STETSON AVENUE
- **STREET 2:** SUITE 5500
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601
- **BUSINESS PHONE:** 312-565-1414

**MAIL ADDRESS:**
- **STREET 1:** 180 N. STETSON AVENUE
- **STREET 2:** SUITE 5500
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** ADVISORY RESEARCH INC<br>**Address:** 180 N. STETSON AVENUE<br>SUITE 5500<br>CHICAGO, IL 60601

**Form 13F File Number:** 028-05637

**CRD Number (if applicable):** 000108254

**SEC File Number (if applicable):** 801-14172

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:** Bruce Zessar<br>**Title:** Chief Compliance Officer<br>**Phone:** 312-233-8997

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

/s/Bruce Zessar  Chicago, IL  08-13-2025<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:** 1

**Form 13F Information Table Entry Total:** 174

**Form 13F Information Table Value Total:** $650932007

      (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   |
|:---|:---|:---|
|  | North Square Investments LLC | 028-19569              |

### 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 | BBG001S5N9M6 | 1251972 | 9205 | SH |  | SOLE |  | 7424 | 0 | 1781 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RZ3 | 11159653 | 60121 | SH |  | SOLE |  | 58580 | 0 | 1541 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | BBG001SCXK90 | 2292187 | 7669 | SH |  | SOLE |  | 7419 | 0 | 250 |
| ADDUS HOMECARE CORP | COM | 006739106 | BBG001T56D18 | 591961 | 5139 | SH |  | SOLE |  | 5139 | 0 | 0 |
| ALKAMI TECHNOLOGY INC | COM | 01644J108 | BBG005HTCT63 | 1350724 | 44815 | SH |  | SOLE |  | 44815 | 0 | 0 |
| ALKAMI TECHNOLOGY INC | COM | 01644J108 | BBG005HTCT63 | 519162 | 17225 | SH |  | OTR | 1 | 17225 | 0 | 0 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 | BBG001V0T5F3 | 1103024 | 11612 | SH |  | SOLE |  | 11612 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 11000651 | 62422 | SH |  | SOLE |  | 59267 | 0 | 3155 |
| AMERICAN EAGLE OUTFITTERS IN | COM | 02553E106 | BBG001S7Q949 | 1530859 | 159133 | SH |  | SOLE |  | 153542 | 0 | 5591 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 | BBG001S5NFD2 | 11799250 | 113717 | SH |  | SOLE |  | 110930 | 0 | 2787 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG001S5P034 | 1690913 | 5301 | SH |  | SOLE |  | 4192 | 0 | 1109 |
| AMPHASTAR PHARMACEUTICALS IN | COM | 03209R103 | BBG001SCM4W2 | 342058 | 14898 | SH |  | SOLE |  | 14898 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 6697015 | 32641 | SH |  | SOLE |  | 31800 | 0 | 841 |
| ARCOSA INC | COM | 039653100 | BBG00JGMWGB9 | 2119192 | 24440 | SH |  | SOLE |  | 24440 | 0 | 0 |
| ARCOSA INC | COM | 039653100 | BBG00JGMWGB9 | 796431 | 9185 | SH |  | OTR | 1 | 9185 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 | BBG001SL96Z9 | 698086 | 31789 | SH |  | SOLE |  | 31789 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 | BBG0068KVVC7 | 2789386 | 16105 | SH |  | SOLE |  | 15657 | 0 | 448 |
| ASBURY AUTOMOTIVE GROUP INC | COM | 043436104 | BBG001S9B5H5 | 2613444 | 10956 | SH |  | SOLE |  | 10077 | 0 | 879 |
| ASBURY AUTOMOTIVE GROUP INC | COM | 043436104 | BBG001S9B5H5 | 449648 | 1885 | SH |  | OTR | 1 | 1885 | 0 | 0 |
| ATOMERA INC | COM | 04965B100 | BBG00D88BWQ4 | 100800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 | BBG001S6Q5D9 | 2190216 | 590 | SH |  | SOLE |  | 464 | 0 | 126 |
| AXOS FINANCIAL INC | COM | 05465C100 | BBG001SLZ724 | 2010878 | 26445 | SH |  | SOLE |  | 26445 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 1647304 | 34812 | SH |  | SOLE |  | 27951 | 0 | 6861 |
| BEL FUSE INC | CL A | 077347201 | BBG001S6BRZ3 | 2538262 | 28250 | SH |  | SOLE |  | 28250 | 0 | 0 |
| BEL FUSE INC | CL B | 077347300 | BBG001S93K81 | 36656023 | 375228 | SH |  | SOLE |  | 371555 | 0 | 3673 |
| BEL FUSE INC | CL B | 077347300 | BBG001S93K81 | 1526895 | 15630 | SH |  | OTR | 1 | 15630 | 0 | 0 |
| BELLRING BRANDS INC | COMMON STOCK | 07831C103 | BBG013QNJHW0 | 943158 | 16281 | SH |  | SOLE |  | 16281 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 1553492 | 3198 | SH |  | SOLE |  | 2469 | 0 | 729 |
| BLACKSTONE INC | COM | 09260D107 | BBG001S7H949 | 698090 | 4667 | SH |  | SOLE |  | 4667 | 0 | 0 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 | BBG00MS80PP0 | 337604 | 10979 | SH |  | SOLE |  | 10979 | 0 | 0 |
| BLOCK H  R INC | COM | 093671105 | BBG001S5S031 | 890316 | 16220 | SH |  | SOLE |  | 16220 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 | BBG001S7DMW3 | 641955 | 8206 | SH |  | SOLE |  | 8206 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 23442968 | 85046 | SH |  | SOLE |  | 82867 | 0 | 2179 |
| CANTALOUPE INC | COM | 138103106 | BBG001S96MW7 | 377506 | 34350 | SH |  | SOLE |  | 0 | 0 | 34350 |
| CARLYLE SECURED LENDING INC | COM | 872280102 | BBG00GQVWWQ3 | 142094 | 10387 | SH |  | SOLE |  | 10387 | 0 | 0 |
| CASS INFORMATION SYS INC | COM | 14808P109 | BBG001S5VK42 | 403868 | 9295 | SH |  | OTR | 1 | 9295 | 0 | 0 |
| CASS INFORMATION SYS INC | COM | 14808P109 | BBG001S5VK42 | 1266307 | 29144 | SH |  | SOLE |  | 29144 | 0 | 0 |
| CDW CORP | COM | 12514G108 | BBG001V18TB6 | 1848764 | 10352 | SH |  | SOLE |  | 8615 | 0 | 1737 |
| CHESAPEAKE UTILS CORP | COM | 165303108 | BBG001SCP5R2 | 1359328 | 11307 | SH |  | SOLE |  | 9138 | 0 | 2169 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 1318637 | 9209 | SH |  | SOLE |  | 7288 | 0 | 1921 |
| CME GROUP INC | COM | 12572Q105 | BBG001S86547 | 14121558 | 51236 | SH |  | SOLE |  | 50000 | 0 | 1236 |
| CONOCOPHILLIPS | COM | 20825C104 | BBG001S5TZM2 | 1130006 | 12592 | SH |  | SOLE |  | 10194 | 0 | 2398 |
| CUE BIOPHARMA INC | COM | 22978P106 | BBG00FVMPFP5 | 175505 | 257225 | SH |  | SOLE |  | 257225 | 0 | 0 |
| DAILY JOURNAL CORP | COM | 233912104 | BBG001S5QHM5 | 817054 | 1935 | SH |  | OTR | 1 | 1935 | 0 | 0 |
| DAILY JOURNAL CORP | COM | 233912104 | BBG001S5QHM5 | 15160886 | 35905 | SH |  | SOLE |  | 35561 | 0 | 344 |
| DANAOS CORPORATION | SHS | Y1968P121 | BBG001SQ4NL1 | 3174926 | 36815 | SH |  | SOLE |  | 35584 | 0 | 1231 |
| DISTRIBUTION SOLUTIONS GRP I | COM | 520776105 | BBG001S5SQ43 | 649528 | 23645 | SH |  | OTR | 1 | 23645 | 0 | 0 |
| DISTRIBUTION SOLUTIONS GRP I | COM | 520776105 | BBG001S5SQ43 | 1606610 | 58486 | SH |  | SOLE |  | 58486 | 0 | 0 |
| EAGLE MATLS INC | COM | 26969P108 | BBG001S7VG92 | 767007 | 3795 | SH |  | OTR | 1 | 3795 | 0 | 0 |
| EAGLE MATLS INC | COM | 26969P108 | BBG001S7VG92 | 9125064 | 45149 | SH |  | SOLE |  | 45149 | 0 | 0 |
| ELEMENT SOLUTIONS INC | COM | 28618M106 | BBG004KDL523 | 1425297 | 62927 | SH |  | SOLE |  | 49747 | 0 | 13180 |
| EMCOR GROUP INC | COM | 29084Q100 | BBG001S5QVG1 | 1941728 | 3630 | SH |  | SOLE |  | 3502 | 0 | 128 |
| EMERALD HOLDING INC | COM | 29103W104 | BBG00GCTWW65 | 7875983 | 1623914 | SH |  | SOLE |  | 1623914 | 0 | 0 |
| EMERALD HOLDING INC | COM | 29103W104 | BBG00GCTWW65 | 738306 | 152228 | SH |  | OTR | 1 | 152228 | 0 | 0 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 | BBG001S5Q5B3 | 1906529 | 15547 | SH |  | SOLE |  | 15547 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 | BBG01NMRD786 | 6675507 | 30657 | SH |  | SOLE |  | 28019 | 0 | 2638 |
| FIDUS INVT CORP | COM | 316500107 | BBG001V0MG11 | 213595 | 10574 | SH |  | SOLE |  | 10574 | 0 | 0 |
| FIRST MERCHANTS CORP | COM | 320817109 | BBG001S5NNS9 | 2067549 | 53983 | SH |  | SOLE |  | 53983 | 0 | 0 |
| FIRST MERCHANTS CORP | COM | 320817109 | BBG001S5NNS9 | 821726 | 21455 | SH |  | OTR | 1 | 21455 | 0 | 0 |
| FLUTTER ENTMT PLC | SHS | G3643J108 | BBG001S87K70 | 6012390 | 21040 | SH |  | SOLE |  | 20306 | 0 | 734 |
| FS KKR CAP CORP | COM | 302635206 | BBG001YCZQ07 | 215260 | 10374 | SH |  | SOLE |  | 10374 | 0 | 0 |
| FULLER H B CO | COM | 359694106 | BBG001S5RDZ9 | 616598 | 10251 | SH |  | SOLE |  | 10251 | 0 | 0 |
| GATES INDL CORP PLC | ORD SHS | G39108108 | BBG00JM9V7T3 | 1351562 | 58687 | SH |  | SOLE |  | 47454 | 0 | 11233 |
| GENIUS SPORTS LIMITED | SHARES CL A | G3934V109 | BBG00YXVPVG7 | 829410 | 79751 | SH |  | SOLE |  | 79751 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 | BBG001SD6SM6 | 9232179 | 240421 | SH |  | SOLE |  | 235347 | 0 | 5074 |
| HEALTHEQUITY INC | COM | 42226A107 | BBG001T8JKN8 | 630131 | 6015 | SH |  | OTR | 1 | 6015 | 0 | 0 |
| HEALTHEQUITY INC | COM | 42226A107 | BBG001T8JKN8 | 1705179 | 16277 | SH |  | SOLE |  | 16277 | 0 | 0 |
| HEARTBEAM INC | COM | 42238H108 | BBG012F6HZY1 | 62500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| HERCULES CAPITAL INC | COM | 427096508 | BBG001SDPHZ5 | 218409 | 11948 | SH |  | SOLE |  | 11948 | 0 | 0 |
| HILLENBRAND INC | COM | 431571108 | BBG001STH2P3 | 686735 | 34217 | SH |  | SOLE |  | 34217 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 3529277 | 9626 | SH |  | SOLE |  | 8765 | 0 | 861 |
| HONDA MOTOR LTD | ADR ECH CNV IN 3 | 438128308 | BBG001S5RXR4 | 3600660 | 124893 | SH |  | SOLE |  | 120224 | 0 | 4669 |
| HUBBELL INC | COM | 443510607 | BBG001S5S1L9 | 8135879 | 19921 | SH |  | SOLE |  | 19400 | 0 | 521 |
| IMPINJ INC | COM | 453204109 | BBG001T313Q3 | 791263 | 7124 | SH |  | SOLE |  | 7124 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 | BBG00KJR2NN7 | 1889052 | 10394 | SH |  | SOLE |  | 10394 | 0 | 0 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 | BBG00TZR7YF0 | 7934070 | 78797 | SH |  | SOLE |  | 78797 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 | BBG001SKXPR1 | 925629 | 11171 | SH |  | SOLE |  | 10976 | 0 | 195 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 | BBG001SSD858 | 940711 | 17830 | SH |  | SOLE |  | 17830 | 0 | 0 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 | BBG001SSD849 | 3078084 | 57761 | SH |  | SOLE |  | 57761 | 0 | 0 |
| ISHARES TR | MBS ETF | 464288588 | BBG001SSD8B1 | 1644765 | 17518 | SH |  | SOLE |  | 17518 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 | BBG001SSD803 | 4649013 | 42103 | SH |  | SOLE |  | 42103 | 0 | 0 |
| JBT MAREL CORPORATION | COM | 477839104 | BBG001SQLKR2 | 1022811 | 8505 | SH |  | OTR | 1 | 8505 | 0 | 0 |
| JBT MAREL CORPORATION | COM | 477839104 | BBG001SQLKR2 | 15075313 | 125356 | SH |  | SOLE |  | 125356 | 0 | 0 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 | BBG001S5SX02 | 1408541 | 25755 | SH |  | SOLE |  | 25755 | 0 | 0 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 | BBG001S5SX02 | 541704 | 9905 | SH |  | OTR | 1 | 9905 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG001S8CRC3 | 1992262 | 6872 | SH |  | SOLE |  | 5426 | 0 | 1446 |
| KB FINL GROUP INC | SPONSORED ADR | 48241A105 | BBG001T309X3 | 8074375 | 97765 | SH |  | SOLE |  | 95792 | 0 | 1973 |
| KEURIG DR PEPPER INC | COM | 49271V100 | BBG001ST5W34 | 10958343 | 331468 | SH |  | SOLE |  | 323012 | 0 | 8456 |
| LAM RESEARCH CORP | COM NEW | 512807306 | BBG001S5SW40 | 2627304 | 26991 | SH |  | SOLE |  | 26101 | 0 | 890 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 | BBG001S8KJC2 | 6256166 | 51550 | SH |  | SOLE |  | 50160 | 0 | 1390 |
| LEGACY HOUSING CORP | COM | 52472M101 | BBG00MJDR6K7 | 14074602 | 621121 | SH |  | SOLE |  | 621121 | 0 | 0 |
| LEGACY HOUSING CORP | COM | 52472M101 | BBG00MJDR6K7 | 847167 | 37386 | SH |  | OTR | 1 | 37386 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 | BBG001S7PS57 | 1759006 | 3798 | SH |  | SOLE |  | 3665 | 0 | 133 |
| MAIN STR CAP CORP | COM | 56035L104 | BBG001SJMVT1 | 209864 | 3551 | SH |  | SOLE |  | 3551 | 0 | 0 |
| MATADOR RES CO | COM | 576485205 | BBG001T3L5S4 | 942231 | 19745 | SH |  | SOLE |  | 19745 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 | BBG001S5T110 | 1284087 | 4395 | SH |  | SOLE |  | 3596 | 0 | 799 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 6041306 | 8185 | SH |  | SOLE |  | 7983 | 0 | 202 |
| MGIC INVT CORP WIS | COM | 552848103 | BBG001S6SFR0 | 17949615 | 644742 | SH |  | SOLE |  | 630526 | 0 | 14216 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 16131210 | 32430 | SH |  | SOLE |  | 31121 | 0 | 1309 |
| MILLER INDS INC TENN | COM NEW | 600551204 | BBG001S7BMD6 | 385468 | 8670 | SH |  | OTR | 1 | 8670 | 0 | 0 |
| MILLER INDS INC TENN | COM NEW | 600551204 | BBG001S7BMD6 | 2315566 | 52082 | SH |  | SOLE |  | 52082 | 0 | 0 |
| MONARCH CASINO  RESORT INC | COM | 609027107 | BBG001S7DVP1 | 1461873 | 16912 | SH |  | SOLE |  | 16912 | 0 | 0 |
| MONARCH CASINO  RESORT INC | COM | 609027107 | BBG001S7DVP1 | 575258 | 6655 | SH |  | OTR | 1 | 6655 | 0 | 0 |
| MYERS INDS INC | COM | 628464109 | BBG001S5TH97 | 1292363 | 89190 | SH |  | SOLE |  | 89190 | 0 | 0 |
| MYERS INDS INC | COM | 628464109 | BBG001S5TH97 | 482589 | 33305 | SH |  | OTR | 1 | 33305 | 0 | 0 |
| NCINO INC | COM | 63947X101 | BBG014GJ8XJ0 | 1730252 | 61861 | SH |  | SOLE |  | 61861 | 0 | 0 |
| NCINO INC | COM | 63947X101 | BBG014GJ8XJ0 | 609942 | 21807 | SH |  | OTR | 1 | 21807 | 0 | 0 |
| NETAPP INC | COM | 64110D104 | BBG001S8LYX5 | 2239788 | 21021 | SH |  | SOLE |  | 20319 | 0 | 702 |
| NICOLET BANKSHARES INC | COM | 65406E102 | BBG001SN0Y92 | 4190294 | 33935 | SH |  | SOLE |  | 31229 | 0 | 2706 |
| NICOLET BANKSHARES INC | COM | 65406E102 | BBG001SN0Y92 | 1067732 | 8647 | SH |  | OTR | 1 | 8647 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 | BBG001SDD8F0 | 1623464 | 10110 | SH |  | SOLE |  | 10110 | 0 | 0 |
| NVENT ELECTRIC PLC | SHS | G6700G107 | BBG00GNT7B03 | 782823 | 10687 | SH |  | SOLE |  | 10687 | 0 | 0 |
| ONESPAWORLD HOLDINGS LIMITED | COM | P73684113 | BBG00MKMQ6N3 | 1828188 | 89661 | SH |  | SOLE |  | 89661 | 0 | 0 |
| ONESPAWORLD HOLDINGS LIMITED | COM | P73684113 | BBG00MKMQ6N3 | 733163 | 35957 | SH |  | OTR | 1 | 35957 | 0 | 0 |
| OPENLANE INC | COM | 48238T109 | BBG001T5L4B0 | 19591027 | 801269 | SH |  | SOLE |  | 801269 | 0 | 0 |
| OPENLANE INC | COM | 48238T109 | BBG001T5L4B0 | 928171 | 37962 | SH |  | OTR | 1 | 37962 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 | BBG001S5SJG6 | 2632961 | 12043 | SH |  | SOLE |  | 11633 | 0 | 410 |
| ORRSTOWN FINL SVCS INC | COM | 687380105 | BBG001S9SXH6 | 503964 | 15833 | SH |  | SOLE |  | 15833 | 0 | 0 |
| OWENS CORNING NEW | COM | 690742101 | BBG001SQ7PD2 | 431950 | 3141 | SH |  | SOLE |  | 3141 | 0 | 0 |
| PATRICK INDS INC | COM | 703343103 | BBG001S5V0V6 | 657977 | 7131 | SH |  | SOLE |  | 7131 | 0 | 0 |
| PERFORMANCE FOOD GROUP CO | COM | 71377A103 | BBG009XW2WC7 | 11653453 | 133228 | SH |  | SOLE |  | 127958 | 0 | 5270 |
| PERFORMANCE FOOD GROUP CO | COM | 71377A103 | BBG009XW2WC7 | 963657 | 11017 | SH |  | OTR | 1 | 11017 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG001STP9N1 | 26768328 | 146974 | SH |  | SOLE |  | 143395 | 0 | 3579 |
| PHINIA INC | COMMON STOCK | 71880K101 | BBG01F6N6NP4 | 706279 | 15875 | SH |  | OTR | 1 | 15875 | 0 | 0 |
| PHINIA INC | COMMON STOCK | 71880K101 | BBG01F6N6NP4 | 13953933 | 313642 | SH |  | SOLE |  | 310503 | 0 | 3139 |
| PITNEY BOWES INC | COM | 724479100 | BBG001S5V171 | 2130799 | 195307 | SH |  | SOLE |  | 195307 | 0 | 0 |
| PITNEY BOWES INC | COM | 724479100 | BBG001S5V171 | 844216 | 77380 | SH |  | OTR | 1 | 77380 | 0 | 0 |
| PROGRESS SOFTWARE CORP | COM | 743312100 | BBG001S6MCY5 | 935064 | 14647 | SH |  | SOLE |  | 14647 | 0 | 0 |
| PROSHARES TR | S 500 DV ARIST | 74348A467 | BBG005D266P2 | 224662 | 2231 | SH |  | SOLE |  | 2231 | 0 | 0 |
| PURSUIT ATTRACTIONS AND HOSP | COM | 92552R406 | BBG001S77S57 | 982786 | 34089 | SH |  | OTR | 1 | 34089 | 0 | 0 |
| PURSUIT ATTRACTIONS AND HOSP | COM | 92552R406 | BBG001S77S57 | 17087397 | 592695 | SH |  | SOLE |  | 592695 | 0 | 0 |
| REGAL REXNORD CORPORATION | COM | 758750103 | BBG001S5VL68 | 1130688 | 7800 | SH |  | SOLE |  | 6115 | 0 | 1685 |
| RELIANCE INC | COM | 759509102 | BBG001S81M27 | 545158 | 1737 | SH |  | SOLE |  | 1737 | 0 | 0 |
| REV GROUP INC | COM | 749527107 | BBG00CSG01X8 | 944186 | 19840 | SH |  | OTR | 1 | 19840 | 0 | 0 |
| REV GROUP INC | COM | 749527107 | BBG00CSG01X8 | 2509421 | 52730 | SH |  | SOLE |  | 52730 | 0 | 0 |
| RYERSON HLDG CORP | COM | 783754104 | BBG001T6NHM5 | 563171 | 26109 | SH |  | SOLE |  | 26109 | 0 | 0 |
| SCIENCE APPLICATIONS INTL CO | COM | 808625107 | BBG003BW05L5 | 548523 | 4871 | SH |  | SOLE |  | 4871 | 0 | 0 |
| SIXTH STREET SPECIALTY LENDI | COM | 83012A109 | BBG001V064L4 | 251529 | 10564 | SH |  | SOLE |  | 10564 | 0 | 0 |
| SOUTHSTATE CORPORATION | COM | 840441109 | BBG001S9J7Z3 | 12824442 | 139351 | SH |  | SOLE |  | 134600 | 0 | 4751 |
| SOUTHSTATE CORPORATION | COM | 840441109 | BBG001S9J7Z3 | 697403 | 7578 | SH |  | OTR | 1 | 7578 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 282975 | 458 | SH |  | SOLE |  | 458 | 0 | 0 |
| SPDR SERIES TRUST | S BIOTECH | 78464A870 | BBG001SQDKG3 | 852272 | 10277 | SH |  | SOLE |  | 10277 | 0 | 0 |
| SPIRE INC | COM | 84857L101 | BBG001S5SSD9 | 417795 | 5724 | SH |  | SOLE |  | 5724 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 | BBG001S98JK5 | 2773721 | 21668 | SH |  | SOLE |  | 20936 | 0 | 732 |
| STOCK YDS BANCORP INC | COM | 861025104 | BBG001SBG219 | 1093320 | 13843 | SH |  | SOLE |  | 13843 | 0 | 0 |
| STOCK YDS BANCORP INC | COM | 861025104 | BBG001SBG219 | 563127 | 7130 | SH |  | OTR | 1 | 7130 | 0 | 0 |
| SUPERNUS PHARMACEUTICALS INC | COM | 868459108 | BBG001SFKFF1 | 579873 | 18397 | SH |  | SOLE |  | 18397 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 21879167 | 96601 | SH |  | SOLE |  | 94256 | 0 | 2345 |
| TAPESTRY INC | COM | 876030107 | BBG001SFH7D5 | 15398364 | 175360 | SH |  | SOLE |  | 171035 | 0 | 4325 |
| TJX COS INC NEW | COM | 872540109 | BBG001S5WQ93 | 1407663 | 11399 | SH |  | SOLE |  | 8936 | 0 | 2463 |
| TRIMAS CORP | COM NEW | 896215209 | BBG001SKRBD4 | 1251287 | 43736 | SH |  | OTR | 1 | 43736 | 0 | 0 |
| TRIMAS CORP | COM NEW | 896215209 | BBG001SKRBD4 | 28697747 | 1003067 | SH |  | SOLE |  | 1003067 | 0 | 0 |
| UFP INDUSTRIES INC | COM | 90278Q108 | BBG001S7GZG9 | 929910 | 9359 | SH |  | SOLE |  | 9359 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 | BBG001S5X1K4 | 5308170 | 86777 | SH |  | SOLE |  | 84799 | 0 | 1978 |
| UNION PAC CORP | COM | 907818108 | BBG001S5X2M0 | 1423045 | 6185 | SH |  | SOLE |  | 4922 | 0 | 1263 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 7500773 | 24043 | SH |  | SOLE |  | 22958 | 0 | 1085 |
| UNUM GROUP | COM | 91529Y106 | BBG001S5X2J4 | 1272374 | 15755 | SH |  | SOLE |  | 15755 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 | BBG001S5TFD6 | 487889 | 3105 | SH |  | OTR | 1 | 3105 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 | BBG001S5TFD6 | 1253112 | 7975 | SH |  | SOLE |  | 7975 | 0 | 0 |
| VALVOLINE INC | COM | 92047W101 | BBG003DNHV65 | 2071072 | 54689 | SH |  | SOLE |  | 54689 | 0 | 0 |
| VALVOLINE INC | COM | 92047W101 | BBG003DNHV65 | 780501 | 20610 | SH |  | OTR | 1 | 20610 | 0 | 0 |
| VANGUARD BD INDEX FDS | VANGUARD ULTRA | 92203C303 | BBG00ZXBYMT4 | 1059282 | 21243 | SH |  | SOLE |  | 21243 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 | BBG001SHVTS1 | 1371727 | 4902 | SH |  | SOLE |  | 4902 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 | BBG001TC6MC1 | 3488840 | 6142 | SH |  | SOLE |  | 6094 | 0 | 48 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 | BBG001T62M38 | 3667386 | 44228 | SH |  | SOLE |  | 44228 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 | BBG001T62M74 | 4094438 | 69657 | SH |  | SOLE |  | 69657 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 | BBG001T62KZ7 | 2060004 | 25912 | SH |  | SOLE |  | 25912 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 | BBG001SQX4T3 | 2633694 | 12868 | SH |  | SOLE |  | 12868 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 1364681 | 23938 | SH |  | SOLE |  | 23938 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG001S67QY1 | 6824083 | 157709 | SH |  | SOLE |  | 153913 | 0 | 3796 |
| WEBSTER FINL CORP | COM | 947890109 | BBG001S5XCP5 | 1872835 | 34301 | SH |  | SOLE |  | 34301 | 0 | 0 |
| WEBSTER FINL CORP | COM | 947890109 | BBG001S5XCP5 | 722413 | 13231 | SH |  | OTR | 1 | 13231 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 | BBG001SLM522 | 3495812 | 44830 | SH |  | SOLE |  | 43927 | 0 | 903 |
| WHITESTONE REIT | COM | 966084204 | BBG001SM3736 | 763639 | 61189 | SH |  | SOLE |  | 61189 | 0 | 0 |

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