# EDGAR Filing Document

**Accession Number:** 0000937394
**File Stem:** 0000892712-26-000226
**Filing Date:** 2026-5
**Character Count:** 27809
**Document Hash:** 4ea6a74b94ef01736e8e576ef569e050
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000892712-26-000226.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0000892712-26-000226

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**EFFECTIVENESS DATE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HEARTLAND ADVISORS INC
- **CENTRAL INDEX KEY:** 0000937394

**ORGANIZATION NAME:**
- **EIN:** 391078128
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-04131
- **FILM NUMBER:** 26948454

**BUSINESS ADDRESS:**
- **STREET 1:** 790 N WATER STREET
- **STREET 2:** SUITE 1200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-347-7777

**MAIL ADDRESS:**
- **STREET 1:** 790 N WATER STREET
- **STREET 2:** SUITE 1200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

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

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

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** HEARTLAND ADVISORS INC<br>**Address:** 790 N WATER STREET<br>SUITE 1200<br>MILWAUKEE, WI 53202

**Form 13F File Number:** 028-04131

**CRD Number (if applicable):** 000002943

**SEC File Number (if applicable):** 801-19074

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:** Vinita K. Paul<br>**Title:** Vice President General Counsel  Secretary<br>**Phone:** 414-347-7777

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

/s/ Vinita K. Paul  Milwaukee, WI  05-06-2026<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:** 244

**Form 13F Information Table Value Total:** $1960472856

      (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 |
| ABBOTT LABORATORIES | COM | 002824100 |  | 138605 | 1350 | SH |  | DFND |  | 1350 | 0 | 0 |
| ACADEMY SPORTS  OUTDOORS IN | COM | 00402L107 |  | 18591808 | 329350 | SH |  | DFND |  | 302300 | 0 | 27050 |
| ACCURAY INC DEL | COM | 004397105 |  | 767448 | 1977450 | SH |  | DFND |  | 1378150 | 0 | 599300 |
| ACUSHNET HLDGS CORP | COM | 005098108 |  | 3533170 | 37796 | SH |  | DFND |  | 37796 | 0 | 0 |
| ADTRAN HOLDINGS INC | COM | 00486H105 |  | 9435000 | 750000 | SH |  | DFND |  | 750000 | 0 | 0 |
| ALASKA AIR GROUP INC | COM | 011659109 |  | 1644066 | 44700 | SH |  | DFND |  | 29100 | 0 | 15600 |
| ALGONQUIN POWER  UTILITIES | COM | 015857105 |  | 8547064 | 1392030 | SH |  | DFND |  | 1392030 | 0 | 0 |
| ALLEGIANT TRAVEL CO | COM | 01748X102 |  | 14911765 | 184005 | SH |  | DFND |  | 177355 | 0 | 6650 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 8599769 | 29906 | SH |  | DFND |  | 29906 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 651459 | 2271 | SH |  | DFND |  | 2271 | 0 | 0 |
| ALPINE INCOME PPTY TR INC | COM | 02083X103 |  | 7774560 | 431920 | SH |  | DFND |  | 393470 | 0 | 38450 |
| AMAZON COM INC | COM | 023135106 |  | 3320865 | 15945 | SH |  | DFND |  | 15945 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 138391 | 435 | SH |  | DFND |  | 435 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1050944 | 4141 | SH |  | DFND |  | 4141 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 2666987 | 7803 | SH |  | DFND |  | 7803 | 0 | 0 |
| ARAMARK | COM | 03852U106 |  | 6483400 | 159926 | SH |  | DFND |  | 159926 | 0 | 0 |
| ARCBEST CORP | COM | 03937C105 |  | 10819600 | 110000 | SH |  | DFND |  | 110000 | 0 | 0 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 9934677 | 103497 | SH |  | DFND |  | 103497 | 0 | 0 |
| ARCTURUS THERAPEUTICS HLDGS | COM | 03969T109 |  | 1976320 | 256000 | SH |  | DFND |  | 172500 | 0 | 83500 |
| ASSOCIATED BANC-CORP | COM | 045487105 |  | 22650231 | 875879 | SH |  | DFND |  | 834629 | 0 | 41250 |
| ASTEC INDS INC | COM | 046224101 |  | 12325322 | 228925 | SH |  | DFND |  | 209425 | 0 | 19500 |
| AUDIOCODES LTD | ORD | M15342104 |  | 8121823 | 965734 | SH |  | DFND |  | 861634 | 0 | 104100 |
| BALL CORP | COM | 058498106 |  | 7801692 | 131986 | SH |  | DFND |  | 131986 | 0 | 0 |
| BANK OF MARIN BANCORP | COM | 063425102 |  | 6407500 | 250000 | SH |  | DFND |  | 250000 | 0 | 0 |
| BARRETT BUSINESS SVCS INC | COM | 068463108 |  | 13131000 | 450000 | SH |  | DFND |  | 450000 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 18292767 | 116344 | SH |  | DFND |  | 116344 | 0 | 0 |
| BENCHMARK ELECTRS INC | COM | 08160H101 |  | 5606000 | 100000 | SH |  | DFND |  | 100000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 4837524 | 10095 | SH |  | DFND |  | 10095 | 0 | 0 |
| BIRCHTECH CORP | COM SHS | 59833H200 |  | 1900000 | 1000000 | SH |  | DFND |  | 1000000 | 0 | 0 |
| BJS WHSL CLUB HLDGS INC | COM | 05550J101 |  | 3164105 | 32149 | SH |  | DFND |  | 32149 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 312556 | 325 | SH |  | DFND |  | 325 | 0 | 0 |
| BLUELINX HLDGS INC | COM NEW | 09624H208 |  | 4988624 | 92075 | SH |  | DFND |  | 92075 | 0 | 0 |
| BRADY CORP | CL A | 104674106 |  | 8686018 | 106918 | SH |  | DFND |  | 106918 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 4415687 | 53634 | SH |  | DFND |  | 53634 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 1669252 | 8163 | SH |  | DFND |  | 8163 | 0 | 0 |
| CALAVO GROWERS INC | COM | 128246105 |  | 10316000 | 400000 | SH |  | DFND |  | 400000 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 18274628 | 187125 | SH |  | DFND |  | 187125 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 1254000 | 12202 | SH |  | DFND |  | 12202 | 0 | 0 |
| CAPITAL CITY BANK | COM | 139674105 |  | 21730000 | 500000 | SH |  | DFND |  | 500000 | 0 | 0 |
| CARLISLE COS INC | COM | 142339100 |  | 5219151 | 15644 | SH |  | DFND |  | 15644 | 0 | 0 |
| CARRIAGE SVCS INC | COM | 143905107 |  | 9465318 | 207300 | SH |  | DFND |  | 207300 | 0 | 0 |
| CASS INFORMATION SYS INC | COM | 14808P109 |  | 20712466 | 470524 | SH |  | DFND |  | 455524 | 0 | 15000 |
| CENTENE CORP DEL | COM | 15135B101 |  | 4117186 | 125754 | SH |  | DFND |  | 125754 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 |  | 39426483 | 2216216 | SH |  | DFND |  | 2128216 | 0 | 88000 |
| CENTURY COMMUNITIES INC | COM | 156504300 |  | 26084202 | 454587 | SH |  | DFND |  | 433187 | 0 | 21400 |
| CHEVRON CORPORATION | COM | 166764100 |  | 248280 | 1200 | SH |  | DFND |  | 1200 | 0 | 0 |
| CHIRON REAL ESTATE INC | COM NEW | 37954A303 |  | 14690332 | 444085 | SH |  | DFND |  | 422295 | 0 | 21790 |
| CHOICE HOTELS INTL INC | COM | 169905106 |  | 6451776 | 62336 | SH |  | DFND |  | 62336 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 2439973 | 31447 | SH |  | DFND |  | 31447 | 0 | 0 |
| COLUMBIA SPORTSWEAR CO | COM | 198516106 |  | 12885338 | 235091 | SH |  | DFND |  | 235091 | 0 | 0 |
| COLUMBUS MCKINNON CORP N Y | COM | 199333105 |  | 10084547 | 694050 | SH |  | DFND |  | 628550 | 0 | 65500 |
| COMMUNITY TR BANCORP INC | COM | 204149108 |  | 10282932 | 169350 | SH |  | DFND |  | 161600 | 0 | 7750 |
| CONSOLIDATED WATER CO INC | ORD | G23773107 |  | 9944280 | 300250 | SH |  | DFND |  | 273750 | 0 | 26500 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 84613 | 303 | SH |  | DFND |  | 303 | 0 | 0 |
| COOPER COS INC | COM | 216648501 |  | 15848404 | 221656 | SH |  | DFND |  | 221656 | 0 | 0 |
| CORE LABORATORIES INC | COM | 21867A105 |  | 2518500 | 150000 | SH |  | DFND |  | 150000 | 0 | 0 |
| CTS CORP | COM | 126501105 |  | 6409201 | 134196 | SH |  | DFND |  | 134196 | 0 | 0 |
| CUSTOM TRUCK ONE SOURCE INC | COM CL A | 23204X103 |  | 6570000 | 1000000 | SH |  | DFND |  | 1000000 | 0 | 0 |
| CUSTOMERS BANCORP INC | COM | 23204G100 |  | 11853493 | 170775 | SH |  | DFND |  | 163550 | 0 | 7225 |
| D R HORTON INC | COM | 23331A109 |  | 10207384 | 74387 | SH |  | DFND |  | 74387 | 0 | 0 |
| DENTSPLY SIRONA INC | COM | 24906P109 |  | 11057700 | 953250 | SH |  | DFND |  | 834600 | 0 | 118650 |
| DNOW INC | COM | 67011P100 |  | 6550500 | 550000 | SH |  | DFND |  | 550000 | 0 | 0 |
| DONALDSON INC | COM | 257651109 |  | 11254356 | 132607 | SH |  | DFND |  | 132607 | 0 | 0 |
| DOUBLEDOWN INTERACTIVE CO LT | ADS | 25862B109 |  | 3380000 | 400000 | SH |  | DFND |  | 400000 | 0 | 0 |
| EASTGROUP PPTYS INC | COM | 277276101 |  | 7937955 | 42887 | SH |  | DFND |  | 42887 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 24125408 | 702750 | SH |  | DFND |  | 666400 | 0 | 36350 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 1999775 | 6831 | SH |  | DFND |  | 6831 | 0 | 0 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 |  | 1329360 | 13743 | SH |  | DFND |  | 13743 | 0 | 0 |
| ENCORE CAP GROUP INC | COM | 292554102 |  | 27236361 | 388425 | SH |  | DFND |  | 359675 | 0 | 28750 |
| ENERPAC TOOL GROUP CORP | CL A COM | 292765104 |  | 3907797 | 107151 | SH |  | DFND |  | 107151 | 0 | 0 |
| ENVISTA HOLDINGS CORPORATION | COM | 29415F104 |  | 10207696 | 402353 | SH |  | DFND |  | 402353 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 21221430 | 146790 | SH |  | DFND |  | 146790 | 0 | 0 |
| ESSENTIAL UTILS INC | COM | 29670G102 |  | 1848997 | 45915 | SH |  | DFND |  | 45915 | 0 | 0 |
| EVEREST GROUP LTD | COM | G3223R108 |  | 7823808 | 23937 | SH |  | DFND |  | 23937 | 0 | 0 |
| EVERTEC INC | COM | 30040P103 |  | 7055000 | 250000 | SH |  | DFND |  | 250000 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 21442524 | 437424 | SH |  | DFND |  | 437424 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2798202 | 16493 | SH |  | DFND |  | 16493 | 0 | 0 |
| EZCORP INC | CL A NON VTG | 302301106 |  | 17915894 | 705906 | SH |  | DFND |  | 705906 | 0 | 0 |
| F N B CORP | COM | 302520101 |  | 9870853 | 590362 | SH |  | DFND |  | 590362 | 0 | 0 |
| FB FINL CORP | COM | 30257X104 |  | 9737763 | 187481 | SH |  | DFND |  | 187481 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 3854782 | 82174 | SH |  | DFND |  | 82174 | 0 | 0 |
| FIRST AMERN FINL CORP | COM | 31847R102 |  | 1624514 | 26945 | SH |  | DFND |  | 26945 | 0 | 0 |
| FIRST INTERNET BANCORP | COM | 320557101 |  | 7844262 | 384900 | SH |  | DFND |  | 336900 | 0 | 48000 |
| FIRSTCASH HOLDINGS INC | COM | 33768G107 |  | 8919848 | 47446 | SH |  | DFND |  | 47446 | 0 | 0 |
| FIRSTENERGY CORP | COM | 337932107 |  | 13302607 | 262586 | SH |  | DFND |  | 262586 | 0 | 0 |
| FORESTAR GROUP INC | COM | 346232101 |  | 12344400 | 505090 | SH |  | DFND |  | 467440 | 0 | 37650 |
| GATES INDL CORP PLC | ORD SHS | G39108108 |  | 18164083 | 803365 | SH |  | DFND |  | 803365 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 |  | 4183969 | 21420 | SH |  | DFND |  | 21420 | 0 | 0 |
| GETTY RLTY CORP NEW | COM | 374297109 |  | 11130000 | 350000 | SH |  | DFND |  | 350000 | 0 | 0 |
| GLACIER BANCORP INC NEW | COM | 37637Q105 |  | 16618267 | 372023 | SH |  | DFND |  | 372023 | 0 | 0 |
| GLOBAL WTR RES INC | COM | 379463102 |  | 6308049 | 831100 | SH |  | DFND |  | 705600 | 0 | 125500 |
| GRAND CANYON ED INC | COM | 38526M106 |  | 3546996 | 20861 | SH |  | DFND |  | 20861 | 0 | 0 |
| GRANITE CONSTR INC | COM | 387328107 |  | 6114479 | 51005 | SH |  | DFND |  | 51005 | 0 | 0 |
| GROCERY OUTLET HLDG CORP | COM | 39874R101 |  | 5215943 | 739850 | SH |  | DFND |  | 614850 | 0 | 125000 |
| HAEMONETICS CORP MASS | COM | 405024100 |  | 4790600 | 85000 | SH |  | DFND |  | 85000 | 0 | 0 |
| HANOVER INS GROUP INC | COM | 410867105 |  | 6509119 | 37549 | SH |  | DFND |  | 37549 | 0 | 0 |
| HAYWARD HLDGS INC | COM | 421298100 |  | 4656775 | 348040 | SH |  | DFND |  | 348040 | 0 | 0 |
| HERITAGE FINL CORP WASH | COM | 42722X106 |  | 7150000 | 275000 | SH |  | DFND |  | 275000 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 18473937 | 88864 | SH |  | DFND |  | 88864 | 0 | 0 |
| HEXCEL CORP NEW | COM | 428291108 |  | 13459873 | 166315 | SH |  | DFND |  | 166315 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 407495 | 1239 | SH |  | DFND |  | 1239 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 237332 | 1050 | SH |  | DFND |  | 1050 | 0 | 0 |
| HUBBELL INC | COM | 443510607 |  | 5918815 | 12061 | SH |  | DFND |  | 12061 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 3702397 | 21353 | SH |  | DFND |  | 21353 | 0 | 0 |
| HUNT J B TRANS SVCS INC | COM | 445658107 |  | 19261710 | 90900 | SH |  | DFND |  | 90900 | 0 | 0 |
| I3 VERTICALS INC | COM CL A | 46571Y107 |  | 13571402 | 606950 | SH |  | DFND |  | 574050 | 0 | 32900 |
| ICHOR HOLDINGS | SHS | G4740B105 |  | 9322000 | 200000 | SH |  | DFND |  | 200000 | 0 | 0 |
| ICON PLC | SHS | G4705A100 |  | 1777864 | 16066 | SH |  | DFND |  | 16066 | 0 | 0 |
| IDEX CORP | COM | 45167R104 |  | 3053271 | 16108 | SH |  | DFND |  | 16108 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 442493 | 1700 | SH |  | DFND |  | 1700 | 0 | 0 |
| INFUSYSTEM HLDGS INC | COM | 45685K102 |  | 4707300 | 510000 | SH |  | DFND |  | 510000 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 8548303 | 75877 | SH |  | DFND |  | 75877 | 0 | 0 |
| INNOVEX INTERNATIONAL INC | COM | 457651107 |  | 9934827 | 407332 | SH |  | DFND |  | 407332 | 0 | 0 |
| INTEGER HLDGS CORP | COM | 45826H109 |  | 21821976 | 247977 | SH |  | DFND |  | 237577 | 0 | 10400 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 569558 | 8492 | SH |  | DFND |  | 8492 | 0 | 0 |
| INTL GNRL INSURANCE HLDNGS L | SHS | G4809J106 |  | 7267500 | 300000 | SH |  | DFND |  | 300000 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | AEROSPACE DEFN | 46137V100 |  | 62138 | 375 | SH |  | DFND |  | 375 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 91449 | 140 | SH |  | DFND |  | 140 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 5293771 | 53327 | SH |  | DFND |  | 53327 | 0 | 0 |
| ISHARES TR | MSCI INTL QUALTY | 46434V456 |  | 198743 | 4299 | SH |  | DFND |  | 4299 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 5528744 | 22618 | SH |  | DFND |  | 22618 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 377996 | 1285 | SH |  | DFND |  | 1285 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 11485682 | 40676 | SH |  | DFND |  | 40676 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 9480037 | 282733 | SH |  | DFND |  | 282733 | 0 | 0 |
| KIRBY CORP | COM | 497266106 |  | 5949303 | 44772 | SH |  | DFND |  | 44772 | 0 | 0 |
| KNIFE RIVER CORP | COMMON STOCK | 498894104 |  | 4899000 | 60000 | SH |  | DFND |  | 60000 | 0 | 0 |
| LAKELAND FINL CORP | COM | 511656100 |  | 1348487 | 23501 | SH |  | DFND |  | 23501 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 1861406 | 8712 | SH |  | DFND |  | 8712 | 0 | 0 |
| LAMAR ADVERTISING CO | CL A | 512816109 |  | 9514193 | 75116 | SH |  | DFND |  | 75116 | 0 | 0 |
| LANTRONIX INC | COM NEW | 516548203 |  | 4716000 | 900000 | SH |  | DFND |  | 900000 | 0 | 0 |
| LATTICE SEMICONDUCTOR CORP | COM | 518415104 |  | 5970683 | 64367 | SH |  | DFND |  | 64367 | 0 | 0 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 6145684 | 39517 | SH |  | DFND |  | 39517 | 0 | 0 |
| LINCOLN EDL SVCS CORP | COM | 533535100 |  | 14533540 | 357265 | SH |  | DFND |  | 357265 | 0 | 0 |
| LINCOLN ELEC HLDGS INC | COM | 533900106 |  | 5623728 | 22578 | SH |  | DFND |  | 22578 | 0 | 0 |
| LITTELFUSE INC | COM | 537008104 |  | 9106457 | 26835 | SH |  | DFND |  | 26835 | 0 | 0 |
| LXP INDUSTRIAL TRUST | COM | 529043408 |  | 10704564 | 231400 | SH |  | DFND |  | 220500 | 0 | 10900 |
| LYFT INC | CL A COM | 55087P104 |  | 10948560 | 823200 | SH |  | DFND |  | 718800 | 0 | 104400 |
| MAGNOLIA OIL  GAS CORP | CL A | 559663109 |  | 19904096 | 630475 | SH |  | DFND |  | 630475 | 0 | 0 |
| MARCUS CORP DEL | COM | 566330106 |  | 4378350 | 255000 | SH |  | DFND |  | 255000 | 0 | 0 |
| MARKETAXESS HLDGS INC | COM | 57060D108 |  | 9623943 | 58334 | SH |  | DFND |  | 58334 | 0 | 0 |
| MARTEN TRANS LTD | COM | 573075108 |  | 4595500 | 350000 | SH |  | DFND |  | 350000 | 0 | 0 |
| MATADOR RES CO | COM | 576485205 |  | 9621240 | 152283 | SH |  | DFND |  | 135783 | 0 | 16500 |
| MATERION CORP | COM | 576690101 |  | 6994117 | 48352 | SH |  | DFND |  | 48352 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 304574 | 980 | SH |  | DFND |  | 980 | 0 | 0 |
| MGIC INVT CORP WIS | COM | 552848103 |  | 11812500 | 450000 | SH |  | DFND |  | 450000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1143825 | 3090 | SH |  | DFND |  | 3090 | 0 | 0 |
| MIDDLEBY CORP | COM | 596278101 |  | 4321975 | 32599 | SH |  | DFND |  | 32599 | 0 | 0 |
| MILLER INDS INC TENN | COM NEW | 600551204 |  | 5466000 | 120000 | SH |  | DFND |  | 120000 | 0 | 0 |
| MOHAWK INDS INC | COM | 608190104 |  | 14539391 | 147668 | SH |  | DFND |  | 147668 | 0 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 5217362 | 39140 | SH |  | DFND |  | 39140 | 0 | 0 |
| MSA SAFETY INC | COM | 553498106 |  | 4775700 | 29129 | SH |  | DFND |  | 29129 | 0 | 0 |
| MURPHY USA INC | COM | 626755102 |  | 11879485 | 24049 | SH |  | DFND |  | 24049 | 0 | 0 |
| NATIONAL RESH CORP | COM NEW | 637372202 |  | 4026756 | 237147 | SH |  | DFND |  | 237147 | 0 | 0 |
| NATIONAL STORAGE AFFILIATES | COM SHS BEN IN | 637870106 |  | 7548000 | 200000 | SH |  | DFND |  | 200000 | 0 | 0 |
| NEOGEN CORP | COM | 640491106 |  | 9290000 | 1000000 | SH |  | DFND |  | 1000000 | 0 | 0 |
| NEW FOUND GOLD CORP | COM | 64440N103 |  | 1747358 | 900700 | SH |  | DFND |  | 640200 | 0 | 260500 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 241488 | 2600 | SH |  | DFND |  | 2600 | 0 | 0 |
| NICOLET BANKSHARES INC | COM | 65406E102 |  | 8286754 | 55758 | SH |  | DFND |  | 55758 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 9459915 | 67779 | SH |  | DFND |  | 67779 | 0 | 0 |
| NORTHWESTERN ENERGY GROUP IN | COM NEW | 668074305 |  | 3540121 | 53687 | SH |  | DFND |  | 53687 | 0 | 0 |
| NOV INC | COM | 62955J103 |  | 22465385 | 1194332 | SH |  | DFND |  | 1194332 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 7635711 | 45155 | SH |  | DFND |  | 45155 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 231952 | 1330 | SH |  | DFND |  | 1330 | 0 | 0 |
| NWPX INFRASTRUCTURE INC | COM | 667746101 |  | 15572000 | 200000 | SH |  | DFND |  | 200000 | 0 | 0 |
| OLD REP INTL CORP | COM | 680223104 |  | 6866471 | 172092 | SH |  | DFND |  | 172092 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 8727129 | 140942 | SH |  | DFND |  | 140942 | 0 | 0 |
| ONE GAS INC | COM | 68235P108 |  | 6928125 | 80438 | SH |  | DFND |  | 80438 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 44133 | 300 | SH |  | DFND |  | 300 | 0 | 0 |
| OXFORD INDS INC | COM | 691497309 |  | 8129191 | 211093 | SH |  | DFND |  | 196543 | 0 | 14550 |
| PACKAGING CORP AMER | COM | 695156109 |  | 9508517 | 44805 | SH |  | DFND |  | 44805 | 0 | 0 |
| PAPA JOHNS INTL INC | COM | 698813102 |  | 7773539 | 239850 | SH |  | DFND |  | 218850 | 0 | 21000 |
| PARK DENTAL PARTNERS INC | COM | 700402100 |  | 3180464 | 189539 | SH |  | DFND |  | 189539 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 155290 | 1000 | SH |  | DFND |  | 1000 | 0 | 0 |
| PERMA-FIX ENVIRONMENTAL SVCS | COM NEW | 714157203 |  | 4276000 | 400000 | SH |  | DFND |  | 400000 | 0 | 0 |
| PERRIGO CO PLC | SHS | G97822103 |  | 1613352 | 150219 | SH |  | DFND |  | 150219 | 0 | 0 |
| PHINIA INC | COMMON STOCK | 71880K101 |  | 17611871 | 257333 | SH |  | DFND |  | 257333 | 0 | 0 |
| PHOTRONICS INC | COM | 719405102 |  | 14978977 | 370675 | SH |  | DFND |  | 344975 | 0 | 25700 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 8003141 | 38460 | SH |  | DFND |  | 38460 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 6922083 | 64765 | SH |  | DFND |  | 64765 | 0 | 0 |
| PRESTIGE CONSMR HEALTHCARE I | COM | 74112D101 |  | 4736918 | 79921 | SH |  | DFND |  | 79921 | 0 | 0 |
| PRIMO BRANDS CORPORATION | CLASS A COM SHS | 741623102 |  | 16483989 | 875411 | SH |  | DFND |  | 812911 | 0 | 62500 |
| PRIMORIS SVCS CORP | COM | 74164F103 |  | 8582400 | 60000 | SH |  | DFND |  | 60000 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 531973 | 3683 | SH |  | DFND |  | 3683 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 21378391 | 78922 | SH |  | DFND |  | 78922 | 0 | 0 |
| PURE CYCLE CORP | COM NEW | 746228303 |  | 6310276 | 627264 | SH |  | DFND |  | 627264 | 0 | 0 |
| QUAD / GRAPHICS INC | COM CL A | 747301109 |  | 1983000 | 300000 | SH |  | DFND |  | 300000 | 0 | 0 |
| QUAKER HOUGHTON | COM | 747316107 |  | 16124184 | 129793 | SH |  | DFND |  | 129793 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 9208316 | 46986 | SH |  | DFND |  | 46986 | 0 | 0 |
| QUINSTREET INC | COM | 74874Q100 |  | 6005000 | 500000 | SH |  | DFND |  | 500000 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 4755193 | 32842 | SH |  | DFND |  | 32842 | 0 | 0 |
| RENASANT CORP | COM | 75970E107 |  | 6776326 | 187554 | SH |  | DFND |  | 187554 | 0 | 0 |
| RH | COM | 74967X103 |  | 4893700 | 35000 | SH |  | DFND |  | 35000 | 0 | 0 |
| ROBERT HALF INC. | COM | 770323103 |  | 4385158 | 172644 | SH |  | DFND |  | 172644 | 0 | 0 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 10284672 | 214398 | SH |  | DFND |  | 214398 | 0 | 0 |
| SANFILIPPO JOHN B  SON INC | COM | 800422107 |  | 5553100 | 70000 | SH |  | DFND |  | 70000 | 0 | 0 |
| SANMINA CORP | COM | 801056102 |  | 5185600 | 40000 | SH |  | DFND |  | 40000 | 0 | 0 |
| SCHEIN HENRY INC | COM | 806407102 |  | 8844000 | 120000 | SH |  | DFND |  | 120000 | 0 | 0 |
| SEABOARD CORP DEL | COM | 811543107 |  | 5654020 | 1000 | SH |  | DFND |  | 1000 | 0 | 0 |
| SEACOAST BKG CORP FLA | COM NEW | 811707801 |  | 18840380 | 622000 | SH |  | DFND |  | 622000 | 0 | 0 |
| SEMTECH CORP | COM | 816850101 |  | 4325293 | 56253 | SH |  | DFND |  | 56253 | 0 | 0 |
| SENSATA TECHNOLOGIES HLDG PL | SHS | G8060N102 |  | 8217707 | 233325 | SH |  | DFND |  | 212075 | 0 | 21250 |
| SENSIENT TECHNOLOGIES CORP | COM | 81725T100 |  | 5859249 | 67784 | SH |  | DFND |  | 67784 | 0 | 0 |
| SHOALS TECHNOLOGIES GROUP IN | CL A | 82489W107 |  | 6949632 | 1056175 | SH |  | DFND |  | 1056175 | 0 | 0 |
| SILICON MOTION TECHNOLOGY CO | SPONSORED ADR | 82706C108 |  | 28306512 | 252084 | SH |  | DFND |  | 245434 | 0 | 6650 |
| SIMPSON MFG INC | COM | 829073105 |  | 838879 | 4888 | SH |  | DFND |  | 4888 | 0 | 0 |
| SLB LIMITED | COM STK | 806857108 |  | 6651305 | 129428 | SH |  | DFND |  | 129428 | 0 | 0 |
| SMITH A O CORP | COM | 831865209 |  | 8619017 | 130710 | SH |  | DFND |  | 130710 | 0 | 0 |
| SONIC AUTOMOTIVE INC | CL A | 83545G102 |  | 8449538 | 123225 | SH |  | DFND |  | 107675 | 0 | 15550 |
| SONOCO PRODS CO | COM | 835495102 |  | 5409000 | 100000 | SH |  | DFND |  | 100000 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 6022621 | 160304 | SH |  | DFND |  | 160304 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 378607 | 4226 | SH |  | DFND |  | 4226 | 0 | 0 |
| STEWART INFORMATION SVCS COR | COM | 860372101 |  | 7697500 | 125000 | SH |  | DFND |  | 125000 | 0 | 0 |
| STIFEL FINL CORP | COM | 860630102 |  | 9916590 | 134153 | SH |  | DFND |  | 134153 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 3078346 | 46564 | SH |  | DFND |  | 46564 | 0 | 0 |
| SUNOPTA INC | COM | 8676EP108 |  | 6480000 | 1000000 | SH |  | DFND |  | 1000000 | 0 | 0 |
| SYNERGY CHC CORP | COM NEW | 87165D208 |  | 709500 | 550000 | SH |  | DFND |  | 550000 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 13592716 | 190561 | SH |  | DFND |  | 190561 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 3831337 | 18330 | SH |  | DFND |  | 18330 | 0 | 0 |
| TELEDYNE TECHNOLOGIES INC | COM | 879360105 |  | 25292443 | 41805 | SH |  | DFND |  | 41805 | 0 | 0 |
| TELEFLEX INCORPORATED | COM | 879369106 |  | 25835521 | 215998 | SH |  | DFND |  | 207573 | 0 | 8425 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 5229576 | 613800 | SH |  | DFND |  | 501550 | 0 | 112250 |
| TEXAS CAP BANCSHARES INC | COM | 88224Q107 |  | 31621132 | 333275 | SH |  | DFND |  | 333275 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 2893463 | 14904 | SH |  | DFND |  | 14904 | 0 | 0 |
| THOR INDS INC | COM | 885160101 |  | 14663011 | 183540 | SH |  | DFND |  | 183540 | 0 | 0 |
| TIPTREE INC | COM | 88822Q103 |  | 6768000 | 400000 | SH |  | DFND |  | 400000 | 0 | 0 |
| TRICO BANCSHARES | COM | 896095106 |  | 11885000 | 250000 | SH |  | DFND |  | 250000 | 0 | 0 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 1561938 | 4562 | SH |  | DFND |  | 4562 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767803 |  | 3471809 | 60941 | SH |  | DFND |  | 60941 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 139507 | 575 | SH |  | DFND |  | 575 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 255708 | 945 | SH |  | DFND |  | 945 | 0 | 0 |
| UNITIL CORP | COM | 913259107 |  | 7836000 | 150000 | SH |  | DFND |  | 150000 | 0 | 0 |
| US BANCORP | COM NEW | 902973304 |  | 104020 | 2000 | SH |  | DFND |  | 2000 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 |  | 3531495 | 27521 | SH |  | DFND |  | 27521 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 97172 | 371 | SH |  | DFND |  | 371 | 0 | 0 |
| VIPER ENERGY INC | CL A | 64361Q101 |  | 24927208 | 530479 | SH |  | DFND |  | 530479 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 575767 | 1905 | SH |  | DFND |  | 1905 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 3710886 | 12461 | SH |  | DFND |  | 12461 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 18769017 | 51593 | SH |  | DFND |  | 51593 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 6890283 | 59517 | SH |  | DFND |  | 59517 | 0 | 0 |
| WELLS FARGO  CO | COM | 949746101 |  | 159220 | 2000 | SH |  | DFND |  | 2000 | 0 | 0 |
| WESCO INTL INC | COM | 95082P105 |  | 5855194 | 21399 | SH |  | DFND |  | 21399 | 0 | 0 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 4023869 | 13842 | SH |  | DFND |  | 13842 | 0 | 0 |
| WYNDHAM HOTELS  RESORTS INC | COM | 98311A105 |  | 4798094 | 59068 | SH |  | DFND |  | 59068 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 8673021 | 109177 | SH |  | DFND |  | 109177 | 0 | 0 |

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