Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GBX	GREENBRIER COMPANIES INC	652,672	$31.99M	0.6%	$49.01	$49.01	—	COM	393657101
PDM	PIEDMONT REALTY TRUST INC	1,944,080	$17.79M	0.3%	$9.15	$9.15	—	COM	720190206
PEB	PEBBLEBROOK HOTEL TRUST	476,163	$9.242M	0.2%	$19.41	$19.41	—	COM	70509V100
HBM	HUDBAY MINERALS INC	158,759	$3.748M	0.1%	$23.61	$23.61	—	COM	443628102
AII	AMERICAN INTEGRITY INSURANCE GROUP INC.	116,420	$2.192M	0.0%	$18.83	$18.83	—	COM	026948109
GFR	GREENFIRE RESOURCES LTD	295,849	$1.672M	0.0%	$5.65	$5.65	—	COM	39525U107

Increased Positions (16)

KBH KB HOME 1.9%

Value $109M (+76.2%) Shares 1,735,927 (+45.7%) Share Price $62.59 Est. Cost/Share $59.06 Unrealized @ Report Date —

MOS THE MOSAIC COMPANY 2.9%

Value $164M (+39.0%) Shares 7,723,547 (+67.3%) Share Price $21.19 Est. Cost/Share $25.31 Unrealized @ Report Date —

PFSI PENNYMAC FINANCIAL SERVICES 2.9%

Value $164M (+36.7%) Shares 1,882,201 (+37.2%) Share Price $87.10 Est. Cost/Share $110.78 Unrealized @ Report Date —

SM SM ENERGY CO 3.5%

Value $200M (-11.2%) Shares 7,647,594 (+6.1%) Share Price $26.10 Est. Cost/Share $20.25 Unrealized @ Report Date —

HMC HONDA MOTOR CO ADR 1.9%

Value $110M (+29.3%) Shares 4,042,521 (+15.9%) Share Price $27.11 Est. Cost/Share $28.75 Unrealized @ Report Date —

EGO ELDORADO GOLD CORP 4.8%

Value $273M (+9.1%) Shares 8,767,454 (+20.5%) Share Price $31.09 Est. Cost/Share $13.44 Unrealized @ Report Date —

NMIH NMI HOLDINGS INC 0.6%

Value $36.26M (+143.1%) Shares 882,495 (+122.0%) Share Price $41.09 Est. Cost/Share $38.19 Unrealized @ Report Date —

MHK MOHAWK INDUSTRIES INC 0.7%

Value $42.16M (+47.4%) Shares 347,455 (+19.6%) Share Price $121.33 Est. Cost/Share $107.39 Unrealized @ Report Date —

GAU GALIANO GOLD INC 0.9%

Value $49.26M (-15.1%) Shares 26,339,874 (+14.0%) Share Price $1.87 Est. Cost/Share $1.19 Unrealized @ Report Date —

TWI TITAN INTERNATIONAL INC 0.7%

Value $40.94M (+19.9%) Shares 5,309,428 (+7.5%) Share Price $7.71 Est. Cost/Share $8.48 Unrealized @ Report Date —

RYZ RYERSON HOLDING CORP 0.9%

Value $49.04M (+11.5%) Shares 1,992,517 (+1.8%) Share Price $24.61 Est. Cost/Share $22.99 Unrealized @ Report Date —

RJET REPUBLIC AIRWAYS HOLDINGS INC. 0.1%

Value $5.738M (+249.8%) Shares 273,129 (+197.7%) Share Price $21.01 Est. Cost/Share $20.27 Unrealized @ Report Date —

GSM FERROGLOBE PLC 0.5%

Value $25.84M (+15.4%) Shares 8,126,773 (+49.5%) Share Price $3.18 Est. Cost/Share $3.83 Unrealized @ Report Date —

KELYA KELLY SERVICES INC 0.1%

Value $5.704M (+49.2%) Shares 464,504 (+7.5%) Share Price $12.28 Est. Cost/Share $10.09 Unrealized @ Report Date —

WF WOORI FINANCIAL 0.2%

Value $13.05M (+7.4%) Shares 682,280 (+24.6%) Share Price $19.13 Est. Cost/Share $21.60 Unrealized @ Report Date —

JRVR JAMES RIVER GROUP HOLDINGS 0.2%

Value $10.74M (-6.4%) Shares 2,440,347 (+34.0%) Share Price $4.40 Est. Cost/Share $5.86 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
KBH	KB HOME	1,735,927 (+45.7%)	$109M (+76.2%)	1.9%	$62.59	$59.06	—	COM	48666K109
MOS	THE MOSAIC COMPANY	7,723,547 (+67.3%)	$164M (+39.0%)	2.9%	$21.19	$25.31	—	COM	61945C103
PFSI	PENNYMAC FINANCIAL SERVICES	1,882,201 (+37.2%)	$164M (+36.7%)	2.9%	$87.10	$110.78	—	COM	70932M107
SM	SM ENERGY CO	7,647,594 (+6.1%)	$200M (-11.2%)	3.5%	$26.10	$20.25	—	COM	78454L100
HMC	HONDA MOTOR CO ADR	4,042,521 (+15.9%)	$110M (+29.3%)	1.9%	$27.11	$28.75	—	COM	438128308
EGO	ELDORADO GOLD CORP	8,767,454 (+20.5%)	$273M (+9.1%)	4.8%	$31.09	$13.44	—	COM	284902509
NMIH	NMI HOLDINGS INC	882,495 (+122.0%)	$36.26M (+143.1%)	0.6%	$41.09	$38.19	—	COM	629209305
MHK	MOHAWK INDUSTRIES INC	347,455 (+19.6%)	$42.16M (+47.4%)	0.7%	$121.33	$107.39	—	COM	608190104
GAU	GALIANO GOLD INC	26,339,874 (+14.0%)	$49.26M (-15.1%)	0.9%	$1.87	$1.19	—	COM	36352H100
TWI	TITAN INTERNATIONAL INC	5,309,428 (+7.5%)	$40.94M (+19.9%)	0.7%	$7.71	$8.48	—	COM	88830M102
RYZ	RYERSON HOLDING CORP	1,992,517 (+1.8%)	$49.04M (+11.5%)	0.9%	$24.61	$22.99	—	COM	783754104
RJET	REPUBLIC AIRWAYS HOLDINGS INC.	273,129 (+197.7%)	$5.738M (+249.8%)	0.1%	$21.01	$20.27	—	COM	590479408
GSM	FERROGLOBE PLC	8,126,773 (+49.5%)	$25.84M (+15.4%)	0.5%	$3.18	$3.83	—	COM	G33856108
KELYA	KELLY SERVICES INC	464,504 (+7.5%)	$5.704M (+49.2%)	0.1%	$12.28	$10.09	—	COM	488152208
WF	WOORI FINANCIAL	682,280 (+24.6%)	$13.05M (+7.4%)	0.2%	$19.13	$21.60	—	COM	981064108
JRVR	JAMES RIVER GROUP HOLDINGS	2,440,347 (+34.0%)	$10.74M (-6.4%)	0.2%	$4.40	$5.86	—	COM	46990A102

Exited Positions (2)

GMTL GUARDIAN METAL RESOURCES ADR 0.5%

Value $26.23M Shares 1,500,556 Share Price $17.48 Est. Cost/Share $17.48 Unrealized @ Report Date —

— GREAT PANTHER MINING 0.0%

Value $47 Shares 472,001 Share Price $0.00 Est. Cost/Share $0.85 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GMTL	GUARDIAN METAL RESOURCES ADR	1,500,556	$26.23M	0.5%	$17.48	$17.48	—	—	401382106
—	GREAT PANTHER MINING	472,001	$47	0.0%	$0.00	$0.85	—	—	39115V101

Decreased Positions (38)

IAG IAMGOLD Corp. 3.6%

Value $206M (-24.3%) Shares 13,014,250 (-10.1%) Share Price $15.84 Est. Cost/Share $3.55 Unrealized @ Report Date —

TPC TUTOR PERINI CORP 0.7%

Value $40.41M (-60.1%) Shares 487,004 (-62.9%) Share Price $82.97 Est. Cost/Share $15.17 Unrealized @ Report Date —

SPNT SIRIUSPOINT LTD 2.6%

Value $148M (-27.6%) Shares 6,164,189 (-35.0%) Share Price $24.00 Est. Cost/Share $12.28 Unrealized @ Report Date —

MHO M/I HOMES 4.0%

Value $224M (+22.6%) Shares 1,391,480 (-6.6%) Share Price $160.79 Est. Cost/Share $64.07 Unrealized @ Report Date —

ALGT ALLEGIANT TRAVEL CO 3.1%

Value $176M (+29.9%) Shares 1,493,503 (-10.5%) Share Price $117.60 Est. Cost/Share $62.42 Unrealized @ Report Date —

UNM UNUM GROUP 1.0%

Value $58.06M (-40.1%) Shares 649,485 (-51.1%) Share Price $89.40 Est. Cost/Share $36.63 Unrealized @ Report Date —

CGAU CENTERRA GOLD INC. 4.3%

Value $245M (-12.7%) Shares 15,447,900 (-2.1%) Share Price $15.86 Est. Cost/Share $8.49 Unrealized @ Report Date —

TMHC TAYLOR MORRISON HOME CORP 1.1%

Value $61.88M (-36.5%) Shares 862,507 (-48.4%) Share Price $71.74 Est. Cost/Share $23.20 Unrealized @ Report Date —

RLJ RLJ LODGING TRUST 2.6%

Value $146M (+31.1%) Shares 12,311,807 (-17.9%) Share Price $11.85 Est. Cost/Share $8.41 Unrealized @ Report Date —

PK PARK HOTELS & RESORTS INC 3.7%

Value $207M (+18.3%) Shares 14,534,708 (-12.6%) Share Price $14.25 Est. Cost/Share $12.34 Unrealized @ Report Date —

GSL GLOBAL SHIP LEASE INC- CL A 0.5%

Value $27.86M (-52.6%) Shares 740,941 (-53.1%) Share Price $37.60 Est. Cost/Share $21.29 Unrealized @ Report Date —

HOG HARLEY-DAVIDSON INC 4.0%

Value $227M (+12.1%) Shares 9,279,072 (-7.4%) Share Price $24.46 Est. Cost/Share $26.02 Unrealized @ Report Date —

CRBG COREBRIDGE FINANCIAL INC 3.0%

Value $168M (+16.1%) Shares 5,872,642 (-3.2%) Share Price $28.63 Est. Cost/Share $27.05 Unrealized @ Report Date —

BZH BEAZER HOMES USA INC 1.4%

Value $78.94M (+37.4%) Shares 2,814,181 (-5.8%) Share Price $28.05 Est. Cost/Share $21.54 Unrealized @ Report Date —

HG HAMILTON INSURANCE GROUP - CLASS B 0.5%

Value $29.88M (-39.2%) Shares 880,490 (-46.6%) Share Price $33.94 Est. Cost/Share $23.30 Unrealized @ Report Date —

JXN JACKSON FINANCIAL INC 3.2%

Value $183M (-8.4%) Shares 1,789,104 (-5.5%) Share Price $102.39 Est. Cost/Share $48.54 Unrealized @ Report Date —

GGB GERDAU SA 1.3%

Value $70.66M (-18.9%) Shares 17,490,810 (-27.5%) Share Price $4.04 Est. Cost/Share $3.25 Unrealized @ Report Date —

CLDT CHATHAM LODGING TRUST 0.9%

Value $52.59M (+43.5%) Shares 3,974,821 (-14.6%) Share Price $13.23 Est. Cost/Share $9.23 Unrealized @ Report Date —

C CITIGROUP INC 2.3%

Value $131M (-10.9%) Shares 933,085 (-27.8%) Share Price $139.96 Est. Cost/Share $49.85 Unrealized @ Report Date —

ALLY ALLY FINANCIAL INC 3.1%

Value $173M (+9.4%) Shares 3,754,280 (-6.6%) Share Price $45.95 Est. Cost/Share $31.63 Unrealized @ Report Date —

TX TERNIUM SA - SPONSORED ADR 2.4%

Value $134M (-8.6%) Shares 3,141,248 (-14.1%) Share Price $42.70 Est. Cost/Share $35.30 Unrealized @ Report Date —

RDN RADIAN GROUP INC 2.9%

Value $163M (+7.1%) Shares 4,329,811 (-6.0%) Share Price $37.67 Est. Cost/Share $31.06 Unrealized @ Report Date —

UVE UNIVERSAL INSURANCE HOLDINGS 0.5%

Value $29.85M (-25.5%) Shares 721,686 (-38.5%) Share Price $41.36 Est. Cost/Share $15.33 Unrealized @ Report Date —

AER AERCAP HOLDINGS NV 7.5%

Value $425M (-1.8%) Shares 2,912,504 (-7.6%) Share Price $145.78 Est. Cost/Share $30.18 Unrealized @ Report Date —

MTUS METALLUS INC 0.2%

Value $11.37M (-35.1%) Shares 608,595 (-43.2%) Share Price $18.69 Est. Cost/Share $15.35 Unrealized @ Report Date —

GNW GENWORTH FINANCIAL INC. 3.8%

Value $213M (+2.9%) Shares 22,482,191 (-11.8%) Share Price $9.47 Est. Cost/Share $5.13 Unrealized @ Report Date —

HHH HOWARD HUGHES HOLDINGS INC 1.3%

Value $71.69M (+8.6%) Shares 1,002,809 (-3.9%) Share Price $71.49 Est. Cost/Share $71.44 Unrealized @ Report Date —

MPAA MOTORCAR PARTS OF AMERICA 0.3%

Value $18.97M (+36.1%) Shares 1,237,941 (-1.8%) Share Price $15.32 Est. Cost/Share $12.42 Unrealized @ Report Date —

GM GENERAL MOTORS 2.2%

Value $125M (-3.7%) Shares 1,625,838 (-6.9%) Share Price $77.08 Est. Cost/Share $38.72 Unrealized @ Report Date —

ASTL ALGOMA STEEL GROUP INC 0.4%

Value $21.37M (-14.2%) Shares 5,277,631 (-12.5%) Share Price $4.05 Est. Cost/Share $7.14 Unrealized @ Report Date —

NMR NOMURA HOLDINGS INC 1.9%

Value $107M (+3.2%) Shares 12,211,249 (-7.3%) Share Price $8.78 Est. Cost/Share $5.86 Unrealized @ Report Date —

HOFT HOOKER FURNISHINGS CORP 0.3%

Value $16.98M (+23.1%) Shares 952,422 (-11.1%) Share Price $17.83 Est. Cost/Share $20.44 Unrealized @ Report Date —

EG EVEREST GROUP LTD. 2.7%

Value $153M (+1.9%) Shares 428,873 (-6.8%) Share Price $357.23 Est. Cost/Share $349.84 Unrealized @ Report Date —

VTOL BRISTOW GROUP INC 0.0%

Value $2.403M (-43.1%) Shares 58,157 (-35.4%) Share Price $41.32 Est. Cost/Share $28.82 Unrealized @ Report Date —

ASIX ADVANSIX INC 0.1%

Value $4.228M (-24.0%) Shares 212,680 (-6.7%) Share Price $19.88 Est. Cost/Share $24.23 Unrealized @ Report Date —

WFG WEST FRASER TIMBER CO LTD 2.0%

Value $110M (-0.8%) Shares 1,629,983 (-4.3%) Share Price $67.69 Est. Cost/Share $63.43 Unrealized @ Report Date —

JAKK JAKKS PACIFIC INC 0.1%

Value $4.784M (+9.0%) Shares 205,481 (-6.8%) Share Price $23.28 Est. Cost/Share $18.88 Unrealized @ Report Date —

WSBF WATERSTONE FINANCIAL INC 0.1%

Value $3.412M (+7.5%) Shares 164,590 (-6.5%) Share Price $20.73 Est. Cost/Share $16.24 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
IAG	IAMGOLD Corp.	13,014,250 (-10.1%)	$206M (-24.3%)	3.6%	$15.84	$3.55	—	COM	450913108
TPC	TUTOR PERINI CORP	487,004 (-62.9%)	$40.41M (-60.1%)	0.7%	$82.97	$15.17	—	COM	901109108
SPNT	SIRIUSPOINT LTD	6,164,189 (-35.0%)	$148M (-27.6%)	2.6%	$24.00	$12.28	—	COM	G8192H106
MHO	M/I HOMES	1,391,480 (-6.6%)	$224M (+22.6%)	4.0%	$160.79	$64.07	—	COM	55305B101
ALGT	ALLEGIANT TRAVEL CO	1,493,503 (-10.5%)	$176M (+29.9%)	3.1%	$117.60	$62.42	—	COM	01748X102
UNM	UNUM GROUP	649,485 (-51.1%)	$58.06M (-40.1%)	1.0%	$89.40	$36.63	—	COM	91529Y106
CGAU	CENTERRA GOLD INC.	15,447,900 (-2.1%)	$245M (-12.7%)	4.3%	$15.86	$8.49	—	COM	152006102
TMHC	TAYLOR MORRISON HOME CORP	862,507 (-48.4%)	$61.88M (-36.5%)	1.1%	$71.74	$23.20	—	COM	87724P106
RLJ	RLJ LODGING TRUST	12,311,807 (-17.9%)	$146M (+31.1%)	2.6%	$11.85	$8.41	—	COM	74965L101
PK	PARK HOTELS & RESORTS INC	14,534,708 (-12.6%)	$207M (+18.3%)	3.7%	$14.25	$12.34	—	COM	700517105
GSL	GLOBAL SHIP LEASE INC- CL A	740,941 (-53.1%)	$27.86M (-52.6%)	0.5%	$37.60	$21.29	—	COM	Y27183600
HOG	HARLEY-DAVIDSON INC	9,279,072 (-7.4%)	$227M (+12.1%)	4.0%	$24.46	$26.02	—	COM	412822108
CRBG	COREBRIDGE FINANCIAL INC	5,872,642 (-3.2%)	$168M (+16.1%)	3.0%	$28.63	$27.05	—	COM	21871X109
BZH	BEAZER HOMES USA INC	2,814,181 (-5.8%)	$78.94M (+37.4%)	1.4%	$28.05	$21.54	—	COM	07556Q881
HG	HAMILTON INSURANCE GROUP - CLASS B	880,490 (-46.6%)	$29.88M (-39.2%)	0.5%	$33.94	$23.30	—	COM	G42706104
JXN	JACKSON FINANCIAL INC	1,789,104 (-5.5%)	$183M (-8.4%)	3.2%	$102.39	$48.54	—	COM	46817M107
GGB	GERDAU SA	17,490,810 (-27.5%)	$70.66M (-18.9%)	1.3%	$4.04	$3.25	—	COM	373737105
CLDT	CHATHAM LODGING TRUST	3,974,821 (-14.6%)	$52.59M (+43.5%)	0.9%	$13.23	$9.23	—	COM	16208T102
C	CITIGROUP INC	933,085 (-27.8%)	$131M (-10.9%)	2.3%	$139.96	$49.85	—	COM	172967424
ALLY	ALLY FINANCIAL INC	3,754,280 (-6.6%)	$173M (+9.4%)	3.1%	$45.95	$31.63	—	COM	02005N100
TX	TERNIUM SA - SPONSORED ADR	3,141,248 (-14.1%)	$134M (-8.6%)	2.4%	$42.70	$35.30	—	COM	880890108
RDN	RADIAN GROUP INC	4,329,811 (-6.0%)	$163M (+7.1%)	2.9%	$37.67	$31.06	—	COM	750236101
UVE	UNIVERSAL INSURANCE HOLDINGS	721,686 (-38.5%)	$29.85M (-25.5%)	0.5%	$41.36	$15.33	—	COM	91359V107
AER	AERCAP HOLDINGS NV	2,912,504 (-7.6%)	$425M (-1.8%)	7.5%	$145.78	$30.18	—	COM	N00985106
MTUS	METALLUS INC	608,595 (-43.2%)	$11.37M (-35.1%)	0.2%	$18.69	$15.35	—	COM	887399103
GNW	GENWORTH FINANCIAL INC.	22,482,191 (-11.8%)	$213M (+2.9%)	3.8%	$9.47	$5.13	—	COM	37247D106
HHH	HOWARD HUGHES HOLDINGS INC	1,002,809 (-3.9%)	$71.69M (+8.6%)	1.3%	$71.49	$71.44	—	COM	44267T102
MPAA	MOTORCAR PARTS OF AMERICA	1,237,941 (-1.8%)	$18.97M (+36.1%)	0.3%	$15.32	$12.42	—	COM	620071100
GM	GENERAL MOTORS	1,625,838 (-6.9%)	$125M (-3.7%)	2.2%	$77.08	$38.72	—	COM	37045V100
ASTL	ALGOMA STEEL GROUP INC	5,277,631 (-12.5%)	$21.37M (-14.2%)	0.4%	$4.05	$7.14	—	COM	015658107
NMR	NOMURA HOLDINGS INC	12,211,249 (-7.3%)	$107M (+3.2%)	1.9%	$8.78	$5.86	—	COM	65535H208
HOFT	HOOKER FURNISHINGS CORP	952,422 (-11.1%)	$16.98M (+23.1%)	0.3%	$17.83	$20.44	—	COM	439038100
EG	EVEREST GROUP LTD.	428,873 (-6.8%)	$153M (+1.9%)	2.7%	$357.23	$349.84	—	COM	G3223R108
VTOL	BRISTOW GROUP INC	58,157 (-35.4%)	$2.403M (-43.1%)	0.0%	$41.32	$28.82	—	COM	11040G103
ASIX	ADVANSIX INC	212,680 (-6.7%)	$4.228M (-24.0%)	0.1%	$19.88	$24.23	—	COM	00773T101
WFG	WEST FRASER TIMBER CO LTD	1,629,983 (-4.3%)	$110M (-0.8%)	2.0%	$67.69	$63.43	—	COM	952845105
JAKK	JAKKS PACIFIC INC	205,481 (-6.8%)	$4.784M (+9.0%)	0.1%	$23.28	$18.88	—	COM	47012E403
WSBF	WATERSTONE FINANCIAL INC	164,590 (-6.5%)	$3.412M (+7.5%)	0.1%	$20.73	$16.24	—	COM	94188P101

Unchanged Positions (6)

AFLYY AIR FRANCE KLM 0.1%

Value $6.793M Shares 4,590,104 Share Price $1.48 Est. Cost/Share $9.50 Unrealized @ Report Date —

DC DAKOTA GOLD CORP 0.1%

Value $4.601M Shares 1,080,000 Share Price $4.26 Est. Cost/Share $2.72 Unrealized @ Report Date —

PPTA PERPETUA RESOURCES CORP 0.0%

Value $2.245M Shares 108,130 Share Price $20.76 Est. Cost/Share $3.37 Unrealized @ Report Date —

IWD RUSSELL 1000 0.1%

Value $3.152M Shares 13,000 Share Price $242.43 Est. Cost/Share $156.38 Unrealized @ Report Date —

— RESOLUTE FOREST PRODUCTS - CONTINGENT VALUE RTS 0.0%

Value $8,330 Shares 5,866 Share Price $1.42 Est. Cost/Share $1.42 Unrealized @ Report Date —

AZREF AZURE POWER GLOBAL LTD 0.0%

Value $270K Shares 270,226 Share Price $1.00 Est. Cost/Share $4.81 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AFLYY	AIR FRANCE KLM	4,590,104	$6.793M	0.1%	$1.48	$9.50	—	COM	009119108
DC	DAKOTA GOLD CORP	1,080,000	$4.601M	0.1%	$4.26	$2.72	—	COM	46655E100
PPTA	PERPETUA RESOURCES CORP	108,130	$2.245M	0.0%	$20.76	$3.37	—	COM	714266103
IWD	RUSSELL 1000	13,000	$3.152M	0.1%	$242.43	$156.38	—	COM	464287598
—	RESOLUTE FOREST PRODUCTS - CONTINGENT VALUE RTS	5,866	$8,330	0.0%	$1.42	$1.42	—	WTS	761CVR042
AZREF	AZURE POWER GLOBAL LTD	270,226	$270K	0.0%	$1.00	$4.81	—	COM	V0393H103