# EDGAR Filing Document

**Accession Number:** 0001142941
**File Stem:** 0001398344-26-002053
**Filing Date:** 2026-2
**Character Count:** 35682
**Document Hash:** a744dae805b00d68e28f3f02ca7c5019
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-002053.hdr.sgml**: 20260203

**ACCESSION NUMBER**: 0001398344-26-002053

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260203

**DATE AS OF CHANGE**: 20260203

**EFFECTIVENESS DATE**: 20260203

**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:** 26593541

**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:** 12-31-2025

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

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

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** 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  02-03-2026<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:** 321

**Form 13F Information Table Value Total:** $901025758

      (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 SOURCE CORP | COM | 336901103 |  | 7536294 | 120600 | SH |  | SOLE |  | 25300 | 0 | 95300 |
| ACCEL ENTERTAINMENT INC | COM CL A1 | 00436Q106 |  | 286391 | 25100 | SH |  | SOLE |  | 6300 | 0 | 18800 |
| ADEIA INC | COM | 00676P107 |  | 833175 | 48300 | SH |  | SOLE |  | 17600 | 0 | 30700 |
| AFLAC INC | COM | 001055102 |  | 871354 | 7902 | SH |  | SOLE |  | 7900 | 0 | 2 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 6703993 | 39487 | SH |  | SOLE |  | 35585 | 0 | 3902 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 224584 | 13080 | SH |  | SOLE |  | 12700 | 0 | 380 |
| ALEXANDERS INC | COM | 014752109 |  | 6516406 | 29900 | SH |  | SOLE |  | 5200 | 0 | 24700 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 557800 | 3805 | SH |  | SOLE |  | 185 | 0 | 3620 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 415096 | 4240 | SH |  | SOLE |  | 4200 | 0 | 40 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 28957828 | 92281 | SH |  | SOLE |  | 56202 | 0 | 36079 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1408500 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 4450020 | 94641 | SH |  | SOLE |  | 13850 | 0 | 80791 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 6598081 | 114431 | SH |  | SOLE |  | 85477 | 0 | 28954 |
| AMAZON COM INC | COM | 023135106 |  | 18830526 | 81581 | SH |  | SOLE |  | 46141 | 0 | 35440 |
| AMC NETWORKS INC | CL A | 00164V103 |  | 2088688 | 219400 | SH |  | SOLE |  | 53200 | 0 | 166200 |
| AMDOCS LTD | SHS | G02602103 |  | 628783 | 7810 | SH |  | SOLE |  | 7800 | 0 | 10 |
| AMERICAN ASSETS TR INC | COM | 024013104 |  | 1188804 | 62800 | SH |  | SOLE |  | 11200 | 0 | 51600 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 205320 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| AMPHASTAR PHARMACEUTICALS IN | COM | 03209R103 |  | 5671067 | 211765 | SH |  | SOLE |  | 44900 | 0 | 166865 |
| APPLE INC | COM | 037833100 |  | 32175123 | 118352 | SH |  | SOLE |  | 56926 | 0 | 61426 |
| APPLIED MATLS INC | COM | 038222105 |  | 1177598 | 4582 | SH |  | SOLE |  | 140 | 0 | 4442 |
| APTIV PLC | COM SHS | G3265R107 |  | 968778 | 12732 | SH |  | SOLE |  | 12700 | 0 | 32 |
| ARBOR REALTY TRUST INC | COM | 038923108 |  | 131144 | 16900 | SH |  | SOLE |  | 4000 | 0 | 12900 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 963996 | 10050 | SH |  | SOLE |  | 10000 | 0 | 50 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 656421 | 11418 | SH |  | SOLE |  | 11400 | 0 | 18 |
| ARDENT HEALTH INC | COM | 03980N107 |  | 2202644 | 249450 | SH |  | SOLE |  | 54300 | 0 | 195150 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 7938842 | 392429 | SH |  | SOLE |  | 12546 | 0 | 379883 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 1346989 | 10280 | SH |  | SOLE |  | 322 | 0 | 9958 |
| ARROW ELECTRS INC | COM | 042735100 |  | 826681 | 7503 | SH |  | SOLE |  | 7400 | 0 | 103 |
| ASBURY AUTOMOTIVE GROUP INC | COM | 043436104 |  | 4934752 | 21222 | SH |  | SOLE |  | 4700 | 0 | 16522 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 1286928 | 13999 | SH |  | SOLE |  | 1081 | 0 | 12918 |
| AT INC | COM | 00206R102 |  | 8089117 | 325649 | SH |  | SOLE |  | 223402 | 0 | 102247 |
| ATKORE INC | COM | 047649108 |  | 3478750 | 55000 | SH |  | SOLE |  | 11100 | 0 | 43900 |
| ATLANTICUS HOLDINGS CORP | COM | 04914Y102 |  | 1019113 | 15222 | SH |  | SOLE |  | 3300 | 0 | 11922 |
| AUTONATION INC | COM | 05329W102 |  | 212881 | 1031 | SH |  | SOLE |  | 1000 | 0 | 31 |
| AVNET INC | COM | 053807103 |  | 1079588 | 22454 | SH |  | SOLE |  | 22200 | 0 | 254 |
| BAIN CAP SPECIALTY FIN INC | COM STK | 05684B107 |  | 355108 | 25529 | SH |  | SOLE |  | 0 | 0 | 25529 |
| BANCFIRST CORP | COM | 05945F103 |  | 328662 | 3100 | SH |  | SOLE |  | 400 | 0 | 2700 |
| BANK AMERICA CORP | COM | 060505104 |  | 1061500 | 19300 | SH |  | SOLE |  | 19300 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 220571 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| BANK OF NT BUTTERFIELD L | SHS NEW | G0772R208 |  | 7596504 | 152479 | SH |  | SOLE |  | 31500 | 0 | 120979 |
| BARCLAYS PLC | ADR | 06738E204 |  | 424175 | 16667 | SH |  | SOLE |  | 431 | 0 | 16236 |
| BARINGS BDC INC | COM | 06759L103 |  | 863838 | 94100 | SH |  | SOLE |  | 0 | 0 | 94100 |
| BEAZER HOMES USA INC | COM NEW | 07556Q881 |  | 1706937 | 84210 | SH |  | SOLE |  | 14700 | 0 | 69510 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 4227287 | 8410 | SH |  | SOLE |  | 8410 | 0 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 341815 | 5662 | SH |  | SOLE |  | 755 | 0 | 4907 |
| BLACKROCK INC | COM | 09290D101 |  | 3029062 | 2830 | SH |  | SOLE |  | 2830 | 0 | 0 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 |  | 5610607 | 213088 | SH |  | SOLE |  | 5935 | 0 | 207153 |
| BLUE OWL CAPITAL CORPORATION | COM | 69121K104 |  | 5843085 | 470079 | SH |  | SOLE |  | 9928 | 0 | 460151 |
| BLUE OWL TECHNOLOGY FIN CORP | COMMON STOCK | 095924106 |  | 1575816 | 108378 | SH |  | SOLE |  | 0 | 0 | 108378 |
| BOISE CASCADE CO DEL | COM | 09739D100 |  | 228234 | 3101 | SH |  | SOLE |  | 1550 | 0 | 1551 |
| BP PLC | SPONSORED ADR | 055622104 |  | 673404 | 19390 | SH |  | SOLE |  | 2584 | 0 | 16806 |
| BRISTOW GROUP INC | COM | 11040G103 |  | 333242 | 9100 | SH |  | SOLE |  | 3900 | 0 | 5200 |
| BROADCOM INC | COM | 11135F101 |  | 14100117 | 40740 | SH |  | SOLE |  | 11322 | 0 | 29418 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 208879 | 3987 | SH |  | SOLE |  | 533 | 0 | 3454 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 1049780 | 22876 | SH |  | SOLE |  | 2265 | 0 | 20611 |
| BUCKLE INC | COM | 118440106 |  | 5753334 | 107700 | SH |  | SOLE |  | 24900 | 0 | 82800 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 217201 | 2111 | SH |  | SOLE |  | 2100 | 0 | 11 |
| BUNGE GLOBAL SA | COM SHS | H11356104 |  | 464107 | 5210 | SH |  | SOLE |  | 5200 | 0 | 10 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 1226472 | 7096 | SH |  | SOLE |  | 223 | 0 | 6873 |
| BYLINE BANCORP INC | COM | 124411109 |  | 3665671 | 125752 | SH |  | SOLE |  | 29200 | 0 | 96552 |
| CABOT CORP | COM | 127055101 |  | 5530536 | 83442 | SH |  | SOLE |  | 18700 | 0 | 64742 |
| CAL MAINE FOODS INC | COM NEW | 128030202 |  | 2601939 | 32700 | SH |  | SOLE |  | 8000 | 0 | 24700 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 |  | 1689692 | 76284 | SH |  | SOLE |  | 3502 | 0 | 72782 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 7327740 | 35658 | SH |  | SOLE |  | 33215 | 0 | 2443 |
| CARLYLE SECURED LENDING INC | COM | 872280102 |  | 938574 | 75146 | SH |  | SOLE |  | 0 | 0 | 75146 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 3873392 | 7008 | SH |  | SOLE |  | 4964 | 0 | 2044 |
| CATERPILLAR INC | COM | 149123101 |  | 5553402 | 9694 | SH |  | SOLE |  | 7776 | 0 | 1918 |
| CATHAY GEN BANCORP | COM | 149150104 |  | 7667976 | 158462 | SH |  | SOLE |  | 35100 | 0 | 123362 |
| CELESTICA INC | COM | 15101Q207 |  | 306843 | 1038 | SH |  | SOLE |  | 26 | 0 | 1012 |
| CENTRAL GARDEN  PET CO | CL A NON-VTG | 153527205 |  | 893214 | 30600 | SH |  | SOLE |  | 5000 | 0 | 25600 |
| CENTURY CMNTYS INC | COM | 156504300 |  | 1323505 | 22300 | SH |  | SOLE |  | 5500 | 0 | 16800 |
| CF INDS HLDGS INC | COM | 125269100 |  | 852287 | 11020 | SH |  | SOLE |  | 11000 | 0 | 20 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 |  | 586379 | 2809 | SH |  | SOLE |  | 2800 | 0 | 9 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 4308279 | 22163 | SH |  | SOLE |  | 18364 | 0 | 3799 |
| CHUBB LIMITED | COM | H1467J104 |  | 936360 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 1294148 | 7924 | SH |  | SOLE |  | 7900 | 0 | 24 |
| CIRRUS LOGIC INC | COM | 172755100 |  | 498530 | 4207 | SH |  | SOLE |  | 4200 | 0 | 7 |
| CNA FINL CORP | COM | 126117100 |  | 287395 | 6020 | SH |  | SOLE |  | 6000 | 0 | 20 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 1321858 | 15926 | SH |  | SOLE |  | 15900 | 0 | 26 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 1049139 | 35100 | SH |  | SOLE |  | 35100 | 0 | 0 |
| CONCENTRIX CORP | COM | 20602D101 |  | 430062 | 10343 | SH |  | SOLE |  | 10200 | 0 | 143 |
| CONSENSUS CLOUD SOLUTIONS IN | COM | 20848V105 |  | 5914638 | 271065 | SH |  | SOLE |  | 57700 | 0 | 213365 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 457468 | 4606 | SH |  | SOLE |  | 4600 | 0 | 6 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 4504202 | 12750 | SH |  | SOLE |  | 12162 | 0 | 588 |
| COSTAMARE INC | SHS | Y1771G102 |  | 7863057 | 497977 | SH |  | SOLE |  | 108300 | 0 | 389677 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 7441210 | 8629 | SH |  | SOLE |  | 5584 | 0 | 3045 |
| CRESCENT CAP BDC INC | COM | 225655109 |  | 1416872 | 100845 | SH |  | SOLE |  | 4585 | 0 | 96260 |
| DAVITA INC | COM | 23918K108 |  | 481366 | 4237 | SH |  | SOLE |  | 4200 | 0 | 37 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 314700 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 486772 | 7014 | SH |  | SOLE |  | 7000 | 0 | 14 |
| DELUXE CORP | COM | 248019101 |  | 533687 | 23900 | SH |  | SOLE |  | 3100 | 0 | 20800 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 417289 | 11392 | SH |  | SOLE |  | 11300 | 0 | 92 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 663706 | 4290 | SH |  | SOLE |  | 573 | 0 | 3717 |
| DILLARDS INC | CL A | 254067101 |  | 676675 | 1116 | SH |  | SOLE |  | 1100 | 0 | 16 |
| DNOW INC | COM | 67011P100 |  | 3162046 | 238645 | SH |  | SOLE |  | 51400 | 0 | 187245 |
| DOLE PLC | ORD SHS | G27907107 |  | 4969185 | 331500 | SH |  | SOLE |  | 73600 | 0 | 257900 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 328104 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 |  | 200434 | 885 | SH |  | SOLE |  | 59 | 0 | 826 |
| DREAM FINDERS HOMES INC | COM CL A | 26154D100 |  | 4446325 | 260019 | SH |  | SOLE |  | 55700 | 0 | 204319 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 531078 | 4531 | SH |  | SOLE |  | 620 | 0 | 3911 |
| EAST WEST BANCORP INC | COM | 27579R104 |  | 271085 | 2412 | SH |  | SOLE |  | 2400 | 0 | 12 |
| EASTMAN KODAK CO | COM NEW | 277461406 |  | 1103962 | 130492 | SH |  | SOLE |  | 26200 | 0 | 104292 |
| ELI LILLY  CO | COM | 532457108 |  | 7223055 | 6721 | SH |  | SOLE |  | 3352 | 0 | 3369 |
| ELLINGTON FINANCIAL INC | COM | 28852N109 |  | 1196846 | 88133 | SH |  | SOLE |  | 12000 | 0 | 76133 |
| ENACT HLDGS INC | COM | 29249E109 |  | 7239493 | 182631 | SH |  | SOLE |  | 39900 | 0 | 142731 |
| ENTERPRISE FINL SVCS CORP | COM | 293712105 |  | 7603200 | 140800 | SH |  | SOLE |  | 30700 | 0 | 110100 |
| EOG RES INC | COM | 26875P101 |  | 787575 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 227651 | 669 | SH |  | SOLE |  | 44 | 0 | 625 |
| EXELIXIS INC | COM | 30161Q104 |  | 711010 | 16222 | SH |  | SOLE |  | 16200 | 0 | 22 |
| EXELON CORP | COM | 30161N101 |  | 348720 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| EXPEDITORS INTL WASH INC | COM | 302130109 |  | 462825 | 3106 | SH |  | SOLE |  | 3100 | 0 | 6 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1179332 | 9800 | SH |  | SOLE |  | 9800 | 0 | 0 |
| F ANNUITIES  LIFE INC | COMMON STOCK | 30190A104 |  | 7455242 | 241661 | SH |  | SOLE |  | 52100 | 0 | 189561 |
| FABRINET | SHS | G3323L100 |  | 300940 | 661 | SH |  | SOLE |  | 18 | 0 | 643 |
| FARMLAND PARTNERS INC | COM | 31154R109 |  | 1125135 | 116113 | SH |  | SOLE |  | 19400 | 0 | 96713 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 296729 | 6339 | SH |  | SOLE |  | 6300 | 0 | 39 |
| FIRST CTZNS BANCSHARES INC D | CL A | 31946M103 |  | 429236 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| FIRST FINL BANCORP OH | COM | 320209109 |  | 7761204 | 310200 | SH |  | SOLE |  | 68500 | 0 | 241700 |
| FIRST MERCHANTS CORP | COM | 320817109 |  | 7690896 | 205200 | SH |  | SOLE |  | 44400 | 0 | 160800 |
| FLEX LTD | ORD | Y2573F102 |  | 4077625 | 67488 | SH |  | SOLE |  | 62440 | 0 | 5048 |
| FORESTAR GROUP INC | COM | 346232101 |  | 7269914 | 295165 | SH |  | SOLE |  | 63500 | 0 | 231665 |
| FOX CORP | CL A COM | 35137L105 |  | 1070110 | 14645 | SH |  | SOLE |  | 14600 | 0 | 45 |
| FS KKR CAP CORP | COM | 302635206 |  | 3093975 | 208911 | SH |  | SOLE |  | 3289 | 0 | 205622 |
| GAMING  LEISURE PPTYS INC | COM | 36467J108 |  | 1154974 | 25844 | SH |  | SOLE |  | 10557 | 0 | 15287 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 508524 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 302994 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 1024632 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| GIGACLOUD TECHNOLOGY INC | CLASS A ORD | G38644103 |  | 1501439 | 38224 | SH |  | SOLE |  | 4200 | 0 | 34024 |
| GLADSTONE CAPITAL CORP | COM NEW | 376535878 |  | 483403 | 23398 | SH |  | SOLE |  | 0 | 0 | 23398 |
| GLOBAL INDUSTRIAL COMPANY | COM | 37892E102 |  | 2489544 | 85200 | SH |  | SOLE |  | 18900 | 0 | 66300 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 |  | 934777 | 13021 | SH |  | SOLE |  | 6846 | 0 | 6175 |
| GLOBALFOUNDRIES INC | ORDINARY SHARES | G39387108 |  | 601567 | 17227 | SH |  | SOLE |  | 17200 | 0 | 27 |
| GLOBUS MED INC | CL A | 379577208 |  | 227530 | 2606 | SH |  | SOLE |  | 2600 | 0 | 6 |
| GOLD COM INC | COM | 00181T107 |  | 224730 | 6600 | SH |  | SOLE |  | 600 | 0 | 6000 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 308791 | 7073 | SH |  | SOLE |  | 478 | 0 | 6595 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 1037049 | 111751 | SH |  | SOLE |  | 4321 | 0 | 107430 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 5056450 | 372620 | SH |  | SOLE |  | 11481 | 0 | 361139 |
| GRAHAM HLDGS CO | COM CL B | 384637104 |  | 1977480 | 1800 | SH |  | SOLE |  | 400 | 0 | 1400 |
| GREEN BRICK PARTNERS INC | COM | 392709101 |  | 7210537 | 115074 | SH |  | SOLE |  | 24600 | 0 | 90474 |
| GREENBRIER COS INC | COM | 393657101 |  | 1037628 | 22200 | SH |  | SOLE |  | 4500 | 0 | 17700 |
| GREIF INC | CL A | 397624107 |  | 7853674 | 116007 | SH |  | SOLE |  | 25300 | 0 | 90707 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 1366902 | 27873 | SH |  | SOLE |  | 2523 | 0 | 25350 |
| HAMILTON INSURANCE GROUP LTD | CL B | G42706104 |  | 1542870 | 55300 | SH |  | SOLE |  | 12000 | 0 | 43300 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 3660724 | 97828 | SH |  | SOLE |  | 23100 | 0 | 74728 |
| HARMONY GOLD MINING CO LTD | SPONSORED ADR | 413216300 |  | 299256 | 15038 | SH |  | SOLE |  | 397 | 0 | 14641 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 385840 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 746976 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| HERCULES CAPITAL INC | COM | 427096508 |  | 4389746 | 233249 | SH |  | SOLE |  | 7160 | 0 | 226089 |
| HERITAGE INSURANCE HLDGS INC | COM | 42727J102 |  | 2490465 | 85115 | SH |  | SOLE |  | 18400 | 0 | 66715 |
| HIGHPEAK ENERGY INC | COM | 43114Q105 |  | 2927557 | 617628 | SH |  | SOLE |  | 109800 | 0 | 507828 |
| HOME DEPOT INC | COM | 437076102 |  | 5733196 | 16661 | SH |  | SOLE |  | 8782 | 0 | 7879 |
| HONEYWELL INTL INC | COM | 438516106 |  | 270784 | 1388 | SH |  | SOLE |  | 183 | 0 | 1205 |
| HOVNANIAN ENTERPRISES INC | CL A NEW | 442487401 |  | 1570394 | 16100 | SH |  | SOLE |  | 3200 | 0 | 12900 |
| HP INC | COM | 40434L105 |  | 774497 | 34762 | SH |  | SOLE |  | 34700 | 0 | 62 |
| IBEX LTD | SHS NEW | G4690M101 |  | 3569983 | 93504 | SH |  | SOLE |  | 20200 | 0 | 73304 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 566490 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| INGLES MKTS INC | CL A | 457030104 |  | 6657713 | 97122 | SH |  | SOLE |  | 20900 | 0 | 76222 |
| INGRAM MICRO HLDG CORP | COM | 457152106 |  | 216601 | 10150 | SH |  | SOLE |  | 9800 | 0 | 350 |
| INNOVIVA INC | COM | 45781M101 |  | 1543228 | 77200 | SH |  | SOLE |  | 20600 | 0 | 56600 |
| INTERCONTINENTAL HOTELS GROU | SPONSORED ADS | 45857P806 |  | 340105 | 2415 | SH |  | SOLE |  | 60 | 0 | 2355 |
| INTERNATIONAL BANCSHARES COR | COM | 459044103 |  | 7395901 | 111317 | SH |  | SOLE |  | 24800 | 0 | 86517 |
| INTERNATIONAL SEAWAYS INC | COM | Y41053102 |  | 739319 | 15228 | SH |  | SOLE |  | 1600 | 0 | 13628 |
| INTUIT | COM | 461202103 |  | 614093 | 927 | SH |  | SOLE |  | 28 | 0 | 899 |
| IRON MTN INC DEL | COM | 46284V101 |  | 773177 | 9321 | SH |  | SOLE |  | 1251 | 0 | 8070 |
| ISHARES INC | MSCI GBL GOLD MN | 46434G855 |  | 626529 | 8508 | SH |  | SOLE |  | 4473 | 0 | 4035 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 2253892 | 22566 | SH |  | SOLE |  | 13743 | 0 | 8823 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 610765 | 11300 | SH |  | SOLE |  | 0 | 0 | 11300 |
| ISHARES TR | MSCI SAUDI ARBIA | 46434V423 |  | 462407 | 12700 | SH |  | SOLE |  | 0 | 0 | 12700 |
| ISHARES TR | MSCI QATAR ETF | 46434V779 |  | 111028 | 5900 | SH |  | SOLE |  | 0 | 0 | 5900 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 837571 | 8344 | SH |  | SOLE |  | 4386 | 0 | 3958 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 679294 | 3282 | SH |  | SOLE |  | 435 | 0 | 2847 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 5564739 | 17270 | SH |  | SOLE |  | 17270 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 3607465 | 128106 | SH |  | SOLE |  | 9339 | 0 | 118767 |
| KKR  CO INC | COM | 48251W104 |  | 1142674 | 8964 | SH |  | SOLE |  | 741 | 0 | 8223 |
| LADDER CAP CORP | CL A | 505743104 |  | 5370813 | 488700 | SH |  | SOLE |  | 82100 | 0 | 406600 |
| LEAR CORP | COM NEW | 521865204 |  | 218313 | 1905 | SH |  | SOLE |  | 1900 | 0 | 5 |
| LINCOLN NATL CORP IND | COM | 534187109 |  | 664521 | 14923 | SH |  | SOLE |  | 14800 | 0 | 123 |
| LITHIA MTRS INC | COM | 536797103 |  | 300094 | 903 | SH |  | SOLE |  | 900 | 0 | 3 |
| LOEWS CORP | COM | 540424108 |  | 759180 | 7209 | SH |  | SOLE |  | 7200 | 0 | 9 |
| M  T BK CORP | COM | 55261F104 |  | 849641 | 4217 | SH |  | SOLE |  | 4200 | 0 | 17 |
| M/I HOMES INC | COM | 55305B101 |  | 7067830 | 55239 | SH |  | SOLE |  | 12000 | 0 | 43239 |
| MAIN STR CAP CORP | COM | 56035L104 |  | 6419432 | 106300 | SH |  | SOLE |  | 3540 | 0 | 102760 |
| MARATHON PETE CORP | COM | 56585A102 |  | 1417320 | 8715 | SH |  | SOLE |  | 8700 | 0 | 15 |
| MARKEL GROUP INC | COM | 570535104 |  | 1294089 | 602 | SH |  | SOLE |  | 600 | 0 | 2 |
| MARRIOTT VACATIONS WORLDWIDE | COM | 57164Y107 |  | 709587 | 12300 | SH |  | SOLE |  | 3300 | 0 | 9000 |
| MASTERBRAND INC | COMMON STOCK | 57638P104 |  | 1866864 | 169100 | SH |  | SOLE |  | 42200 | 0 | 126900 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 5459897 | 9564 | SH |  | SOLE |  | 5736 | 0 | 3828 |
| MCDONALDS CORP | COM | 580135101 |  | 1911045 | 6253 | SH |  | SOLE |  | 598 | 0 | 5655 |
| MCGRATH RENTCORP | COM | 580589109 |  | 346269 | 3300 | SH |  | SOLE |  | 100 | 0 | 3200 |
| MCKESSON CORP | COM | 58155Q103 |  | 1393708 | 1699 | SH |  | SOLE |  | 53 | 0 | 1646 |
| MERCHANTS BANCORP IND | COM | 58844R108 |  | 8093133 | 237614 | SH |  | SOLE |  | 52300 | 0 | 185314 |
| MERCURY GENL CORP NEW | COM | 589400100 |  | 376240 | 4000 | SH |  | SOLE |  | 1100 | 0 | 2900 |
| MERITAGE HOMES CORP | COM | 59001A102 |  | 330448 | 5022 | SH |  | SOLE |  | 2500 | 0 | 2522 |
| META PLATFORMS INC | CL A | 30303M102 |  | 15670556 | 23740 | SH |  | SOLE |  | 13927 | 0 | 9813 |
| MICROSOFT CORP | COM | 594918104 |  | 33599812 | 69476 | SH |  | SOLE |  | 31647 | 0 | 37829 |
| MIDCAP FINANCIAL INVSTMNT CO | COM NEW | 03761U502 |  | 706557 | 61762 | SH |  | SOLE |  | 0 | 0 | 61762 |
| MITSUBISHI UFJ FINL GROUP IN | SPONSORED ADS | 606822104 |  | 278391 | 17553 | SH |  | SOLE |  | 436 | 0 | 17117 |
| MORGAN STANLEY DIRECT LENDIN | COM SHS | 61774A103 |  | 952429 | 57793 | SH |  | SOLE |  | 0 | 0 | 57793 |
| MOVADO GROUP INC | COM | 624580106 |  | 960191 | 46566 | SH |  | SOLE |  | 10300 | 0 | 36266 |
| NATIONAL BEVERAGE CORP | COM | 635017106 |  | 7103880 | 222762 | SH |  | SOLE |  | 47900 | 0 | 174862 |
| NELNET INC | CL A | 64031N108 |  | 5930016 | 44600 | SH |  | SOLE |  | 9500 | 0 | 35100 |
| NETFLIX INC | COM | 64110L106 |  | 9660280 | 103032 | SH |  | SOLE |  | 68783 | 0 | 34249 |
| NEW MTN FIN CORP | COM | 647551100 |  | 726006 | 78828 | SH |  | SOLE |  | 0 | 0 | 78828 |
| NMI HLDGS INC | COM | 629209305 |  | 8067446 | 197780 | SH |  | SOLE |  | 42600 | 0 | 155180 |
| NORTHERN OIL  GAS INC | COM | 665531307 |  | 6725714 | 313261 | SH |  | SOLE |  | 65800 | 0 | 247461 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 1874757 | 13598 | SH |  | SOLE |  | 1433 | 0 | 12165 |
| NUCOR CORP | COM | 670346105 |  | 1063314 | 6519 | SH |  | SOLE |  | 6500 | 0 | 19 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 40525744 | 217296 | SH |  | SOLE |  | 110413 | 0 | 106883 |
| NVR INC | COM | 62944T105 |  | 729277 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| OAKTREE SPECIALTY LENDING CO | COM | 67401P405 |  | 1237446 | 97131 | SH |  | SOLE |  | 4133 | 0 | 92998 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 |  | 1317208 | 29707 | SH |  | SOLE |  | 3963 | 0 | 25744 |
| ORACLE CORP | COM | 68389X105 |  | 6813304 | 34956 | SH |  | SOLE |  | 26204 | 0 | 8752 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 937274 | 10276 | SH |  | SOLE |  | 328 | 0 | 9948 |
| OTTER TAIL CORP | COM | 689648103 |  | 7168089 | 88703 | SH |  | SOLE |  | 18300 | 0 | 70403 |
| OVINTIV INC | COM | 69047Q102 |  | 957843 | 24441 | SH |  | SOLE |  | 24200 | 0 | 241 |
| PACCAR INC | COM | 693718108 |  | 914409 | 8350 | SH |  | SOLE |  | 8350 | 0 | 0 |
| PAGSEGURO DIGITAL LTD | COM CL A | G68707101 |  | 280804 | 29129 | SH |  | SOLE |  | 8500 | 0 | 20629 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 9531311 | 53622 | SH |  | SOLE |  | 38016 | 0 | 15606 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 3877779 | 21052 | SH |  | SOLE |  | 14233 | 0 | 6819 |
| PATHWARD FINANCIAL INC | COM | 59100U108 |  | 3434270 | 48370 | SH |  | SOLE |  | 48370 | 0 | 0 |
| PBF ENERGY INC | CL A | 69318G106 |  | 542915 | 20019 | SH |  | SOLE |  | 2000 | 0 | 18019 |
| PC CONNECTION INC | COM | 69318J100 |  | 3887248 | 67300 | SH |  | SOLE |  | 18300 | 0 | 49000 |
| PEABODY ENERGY CORP | COM | 704551100 |  | 1866942 | 62860 | SH |  | SOLE |  | 26700 | 0 | 36160 |
| PENNANTPARK FLOATING RATE CA | COM | 70806A106 |  | 450031 | 48547 | SH |  | SOLE |  | 0 | 0 | 48547 |
| PENNANTPARK INVT CORP | COM | 708062104 |  | 422027 | 70810 | SH |  | SOLE |  | 4851 | 0 | 65959 |
| PENSKE AUTOMOTIVE GRP INC | COM | 70959W103 |  | 960979 | 6071 | SH |  | SOLE |  | 6000 | 0 | 71 |
| PEPSICO INC | COM | 713448108 |  | 265594 | 1851 | SH |  | SOLE |  | 249 | 0 | 1602 |
| PERDOCEO ED CORP | COM | 71363P106 |  | 1487031 | 50700 | SH |  | SOLE |  | 14600 | 0 | 36100 |
| PG CORP | COM | 69331C108 |  | 330287 | 20553 | SH |  | SOLE |  | 20500 | 0 | 53 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 2293239 | 14297 | SH |  | SOLE |  | 1287 | 0 | 13010 |
| PHILLIPS 66 | COM | 718546104 |  | 245176 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| PHOTRONICS INC | COM | 719405102 |  | 10028928 | 313404 | SH |  | SOLE |  | 67600 | 0 | 245804 |
| PITNEY BOWES INC | COM | 724479100 |  | 1583809 | 149840 | SH |  | SOLE |  | 149840 | 0 | 0 |
| PLAYTIKA HLDG CORP | COM | 72815L107 |  | 4393640 | 1112314 | SH |  | SOLE |  | 159500 | 0 | 952814 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 1001904 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| PREFERRED BK LOS ANGELES CA | COM NEW | 740367404 |  | 4778158 | 50600 | SH |  | SOLE |  | 11700 | 0 | 38900 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 421703 | 4119 | SH |  | SOLE |  | 4100 | 0 | 19 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 944843 | 6593 | SH |  | SOLE |  | 893 | 0 | 5700 |
| PROSPECT CAP CORP | COM | 74348T102 |  | 220930 | 85301 | SH |  | SOLE |  | 0 | 0 | 85301 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 893107 | 7912 | SH |  | SOLE |  | 7900 | 0 | 12 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 |  | 1519276 | 18920 | SH |  | SOLE |  | 18900 | 0 | 20 |
| PULTE GROUP INC | COM | 745867101 |  | 1422598 | 12132 | SH |  | SOLE |  | 12100 | 0 | 32 |
| PVH CORPORATION | COM | 693656100 |  | 261378 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 308748 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| RELIANCE INC | COM | 759509102 |  | 491657 | 1702 | SH |  | SOLE |  | 1700 | 0 | 2 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 875532 | 3114 | SH |  | SOLE |  | 3100 | 0 | 14 |
| REPUBLIC BANCORP INC KY | CL A | 760281204 |  | 1890326 | 27400 | SH |  | SOLE |  | 5600 | 0 | 21800 |
| RILEY EXPLORATION PERMIAN IN | COM | 76665T102 |  | 1995708 | 75595 | SH |  | SOLE |  | 15200 | 0 | 60395 |
| RLJ LODGING TR | COM | 74965L101 |  | 1481805 | 198900 | SH |  | SOLE |  | 42200 | 0 | 156700 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 7568991 | 66923 | SH |  | SOLE |  | 52399 | 0 | 14524 |
| RPC INC | COM | 749660106 |  | 1369792 | 251800 | SH |  | SOLE |  | 48300 | 0 | 203500 |
| RUSH ENTERPRISES INC | CL A | 781846209 |  | 8026865 | 148811 | SH |  | SOLE |  | 32425 | 0 | 116386 |
| RYDER SYS INC | COM | 783549108 |  | 328999 | 1719 | SH |  | SOLE |  | 1700 | 0 | 19 |
| S  T BANCORP INC | COM | 783859101 |  | 5001385 | 127100 | SH |  | SOLE |  | 28600 | 0 | 98500 |
| SAFE BULKERS INC | COM | Y7388L103 |  | 4593797 | 953070 | SH |  | SOLE |  | 231300 | 0 | 721770 |
| SAFEHOLD INC | COM | 78646V107 |  | 1258111 | 91900 | SH |  | SOLE |  | 19800 | 0 | 72100 |
| SALLY BEAUTY HLDGS INC | COM | 79546E104 |  | 833568 | 58455 | SH |  | SOLE |  | 11500 | 0 | 46955 |
| SANDRIDGE ENERGY INC | COM NEW | 80007P869 |  | 5858479 | 405993 | SH |  | SOLE |  | 86300 | 0 | 319693 |
| SAP SE | SPON ADR | 803054204 |  | 750130 | 3088 | SH |  | SOLE |  | 134 | 0 | 2954 |
| SAUL CTRS INC | COM | 804395101 |  | 1526052 | 48400 | SH |  | SOLE |  | 7800 | 0 | 40600 |
| SCANSOURCE INC | COM | 806037107 |  | 4309763 | 110337 | SH |  | SOLE |  | 25800 | 0 | 84537 |
| SELECT MED HLDGS CORP | COM | 81619Q105 |  | 3907035 | 263100 | SH |  | SOLE |  | 58200 | 0 | 204900 |
| SERVICENOW INC | COM | 81762P102 |  | 553782 | 3615 | SH |  | SOLE |  | 110 | 0 | 3505 |
| SHELL PLC | SPON ADS | 780259305 |  | 795570 | 10827 | SH |  | SOLE |  | 1436 | 0 | 9391 |
| SIGA TECHNOLOGIES INC | COM | 826917106 |  | 2210598 | 361800 | SH |  | SOLE |  | 73200 | 0 | 288600 |
| SIXTH STREET SPECIALTY LENDI | COM | 83012A109 |  | 3043934 | 140144 | SH |  | SOLE |  | 4017 | 0 | 136127 |
| SLR INVESTMENT CORP | COM | 83413U100 |  | 1368955 | 88548 | SH |  | SOLE |  | 3203 | 0 | 85345 |
| SM ENERGY CO | COM | 78454L100 |  | 5610000 | 300000 | SH |  | SOLE |  | 60700 | 0 | 239300 |
| SNAP ON INC | COM | 833034101 |  | 1001408 | 2906 | SH |  | SOLE |  | 2900 | 0 | 6 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 2350365 | 16382 | SH |  | SOLE |  | 7337 | 0 | 9045 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 673134 | 7700 | SH |  | SOLE |  | 7700 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 1655327 | 12831 | SH |  | SOLE |  | 12800 | 0 | 31 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 850131 | 5017 | SH |  | SOLE |  | 5000 | 0 | 17 |
| STMICROELECTRONICS N V | NY REGISTRY | 861012102 |  | 225341 | 8687 | SH |  | SOLE |  | 223 | 0 | 8464 |
| STRYKER CORPORATION | COM | 863667101 |  | 612963 | 1744 | SH |  | SOLE |  | 56 | 0 | 1688 |
| SUNCOKE ENERGY INC | COM | 86722A103 |  | 133920 | 18600 | SH |  | SOLE |  | 10000 | 0 | 8600 |
| SYLVAMO CORP | COMMON STOCK | 871332102 |  | 2720475 | 56500 | SH |  | SOLE |  | 13500 | 0 | 43000 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 1488975 | 17847 | SH |  | SOLE |  | 17800 | 0 | 47 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 2231206 | 7342 | SH |  | SOLE |  | 249 | 0 | 7093 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 376627 | 2507 | SH |  | SOLE |  | 2500 | 0 | 7 |
| TECHNIPFMC PLC | COM | G87110105 |  | 212952 | 4779 | SH |  | SOLE |  | 114 | 0 | 4665 |
| TECNOGLASS INC | ORD SHS | G87264100 |  | 1701973 | 33823 | SH |  | SOLE |  | 7200 | 0 | 26623 |
| TEEKAY CORPORATION LTD | SHS | G8726T105 |  | 2557413 | 283213 | SH |  | SOLE |  | 48900 | 0 | 234313 |
| TEEKAY TANKERS LTD | CL A | G8726X106 |  | 4816988 | 90172 | SH |  | SOLE |  | 19700 | 0 | 70472 |
| TELEFONAKTIEBOLAGET LM ERICS | ADR B SEK 10 | 294821608 |  | 3901143 | 404263 | SH |  | SOLE |  | 341524 | 0 | 62739 |
| TEREX CORP NEW | COM | 880779103 |  | 1673623 | 31353 | SH |  | SOLE |  | 6600 | 0 | 24753 |
| TESLA INC | COM | 88160R101 |  | 9884396 | 21979 | SH |  | SOLE |  | 10736 | 0 | 11243 |
| TEXTRON INC | COM | 883203101 |  | 323401 | 3710 | SH |  | SOLE |  | 3700 | 0 | 10 |
| THERMON GROUP HLDGS INC | COM | 88362T103 |  | 637554 | 17157 | SH |  | SOLE |  | 2800 | 0 | 14357 |
| TOLL BROTHERS INC | COM | 889478103 |  | 423374 | 3131 | SH |  | SOLE |  | 3100 | 0 | 31 |
| TRICO BANCSHARES | COM | 896095106 |  | 1117932 | 23600 | SH |  | SOLE |  | 7900 | 0 | 15700 |
| TRINITY CAP INC | COM | 896442308 |  | 1274990 | 87030 | SH |  | SOLE |  | 0 | 0 | 87030 |
| TRIP COM GROUP LTD | ADS | 89677Q107 |  | 417437 | 5805 | SH |  | SOLE |  | 273 | 0 | 5532 |
| UNION PAC CORP | COM | 907818108 |  | 679073 | 2936 | SH |  | SOLE |  | 389 | 0 | 2547 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 739801 | 6616 | SH |  | SOLE |  | 6600 | 0 | 16 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 694330 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 926672 | 1145 | SH |  | SOLE |  | 34 | 0 | 1111 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 829300 | 1702 | SH |  | SOLE |  | 1700 | 0 | 2 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 |  | 480952 | 2206 | SH |  | SOLE |  | 2200 | 0 | 6 |
| UNIVERSAL LOGISTICS HLDGS IN | COM | 91388P105 |  | 747713 | 49224 | SH |  | SOLE |  | 11100 | 0 | 38124 |
| UNUM GROUP | COM | 91529Y106 |  | 396800 | 5120 | SH |  | SOLE |  | 5100 | 0 | 20 |
| URBAN EDGE PPTYS | COM | 91704F104 |  | 362691 | 18900 | SH |  | SOLE |  | 0 | 0 | 18900 |
| VALARIS LTD | CL A | G9460G101 |  | 1617689 | 32097 | SH |  | SOLE |  | 6600 | 0 | 25497 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 1451761 | 8918 | SH |  | SOLE |  | 8900 | 0 | 18 |
| VANECK ETF TRUST | BDC INCOME ETF | 92189F411 |  | 399280 | 28158 | SH |  | SOLE |  | 0 | 0 | 28158 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 944736 | 19101 | SH |  | SOLE |  | 4189 | 0 | 14912 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 1079042 | 14226 | SH |  | SOLE |  | 8665 | 0 | 5561 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 301823 | 2103 | SH |  | SOLE |  | 0 | 0 | 2103 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1639056 | 40242 | SH |  | SOLE |  | 25791 | 0 | 14451 |
| VICI PPTYS INC | COM | 925652109 |  | 1421550 | 50553 | SH |  | SOLE |  | 50400 | 0 | 153 |
| VISA INC | COM CL A | 92826C839 |  | 2358546 | 6725 | SH |  | SOLE |  | 248 | 0 | 6477 |
| VISTRA CORP | COM | 92840M102 |  | 6247027 | 38722 | SH |  | SOLE |  | 21395 | 0 | 17327 |
| WALMART INC | COM | 931142103 |  | 9258749 | 83105 | SH |  | SOLE |  | 54310 | 0 | 28795 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 5877868 | 26753 | SH |  | SOLE |  | 19678 | 0 | 7075 |
| WELLTOWER INC | COM | 95040Q104 |  | 1738424 | 9366 | SH |  | SOLE |  | 1250 | 0 | 8116 |
| WESTAMERICA BANCORPORATION | COM | 957090103 |  | 851374 | 17800 | SH |  | SOLE |  | 8100 | 0 | 9700 |
| WHITESTONE REIT | COM | 966084204 |  | 357167 | 25714 | SH |  | SOLE |  | 5900 | 0 | 19814 |
| WILLIS LEASE FIN CORP | COM | 970646105 |  | 4537429 | 33452 | SH |  | SOLE |  | 7300 | 0 | 26152 |
| WORTHINGTON STL INC | COM SHS | 982104101 |  | 2343774 | 67700 | SH |  | SOLE |  | 15000 | 0 | 52700 |
| WSFS FINL CORP | COM | 929328102 |  | 2425036 | 43900 | SH |  | SOLE |  | 8500 | 0 | 35400 |

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