MILLER VALUE PARTNERS, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GTN	GRAY MEDIA INC	3,988,495 (+12.1%)	$19,304 (-6.1%)	6.8%	$5.18	-5.6%	COM	389375106
MSTR	STRATEGY INC	25,250 (+65.6%)	$3,837 (-21.9%)	1.4%	$177.52	+29.7%	CL A NEW	594972408
STLA	STELLANTIS N.V	429,000 (+10.0%)	$4,672 (+28.3%)	1.6%	$16.94	—	SHS	N82405106
CTO	CTO RLTY GROWTH INC NEW	434,145 (+1.2%)	$7,993 (+14.3%)	2.8%	$26.33	—	COM	22948Q101
DCH	AMERICAN AXLE & MFG HLDGS IN	1,734,780 (+1.0%)	$11,120 (+7.8%)	3.9%	$5.44	+14.3%	COM	024061103
UPBD	UPBOUND GROUP INC	70,000 (+250.0%)	$1,229 (+160.1%)	0.4%	$20.86	-7.3%	COM	76009N100
QUAD	QUAD / GRAPHICS INC	2,737,890 (+4.4%)	$17,167 (+4.5%)	6.0%	$5.47	+7.6%	COM CL A	747301109
CNDT	CONDUENT INC	5,583,385 (+38.5%)	$10,720 (-5.0%)	3.8%	$2.95	-25.6%	COM	206787103
ARLP	ALLIANCE RESOURCE PARTNERS L	132,000 (+3.9%)	$3,066 (-4.5%)	1.1%	$10.86	—	UT LTD PART	01877R108
CHRD	CHORD ENERGY CORPORATION	57,766 (+9.5%)	$5,355 (+2.1%)	1.9%	$142.39	-35.4%	COM NEW	674215207
WAL	WESTERN ALLIANCE BANCORP	64,455 (+1.6%)	$5,419 (-1.5%)	1.9%	$43.50	+85.4%	COM	957638109
JELD	JELD-WEN HLDG INC	4,134,210 (+99.8%)	$10,170 (+0.1%)	3.6%	$4.47	-26.5%	COM	47580P103

Exited Positions (3)

BKE BUCKLE INC 1.5%

Value ($000) $4,224 Shares 72,000 Est. Cost $22.16 Unrealized +136.1%

SMLR SEMLER SCIENTIFIC INC 0.6%

Value ($000) $1,590 Shares 53,000 Est. Cost $46.11 Unrealized -50.8%

— TOTALENERGIES SE 0.2%

Value ($000) $457 Shares 7,650 Est. Cost $64.62 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BKE	BUCKLE INC	72,000	$4,224	1.5%	$22.16	+136.1%	—	118440106
SMLR	SEMLER SCIENTIFIC INC	53,000	$1,590	0.6%	$46.11	-50.8%	—	81684M104
—	TOTALENERGIES SE	7,650	$457	0.2%	$64.62	—	—	89151E109

Decreased Positions (8)

NBR NABORS INDUSTRIES LTD 11.5%

Value ($000) $32,729 (+19.0%) Shares 602,737 (-10.5%) Est. Cost $52.23 Unrealized -6.7%

FOSL FOSSIL GROUP INC 4.2%

Value ($000) $11,973 (+40.1%) Shares 3,184,415 (-4.3%) Est. Cost $1.55 Unrealized +81.5%

UNFI UNITED NAT FOODS INC 0.1%

Value ($000) $425 (-84.6%) Shares 12,625 (-82.8%) Est. Cost $15.77 Unrealized +135.7%

BBW BUILD-A-BEAR WORKSHOP INC 1.7%

Value ($000) $4,779 (-25.2%) Shares 78,000 (-20.4%) Est. Cost $28.53 Unrealized +90.2%

LNC LINCOLN NATL CORP IND 7.9%

Value ($000) $22,477 (+7.0%) Shares 504,761 (-3.1%) Est. Cost $28.06 Unrealized +46.8%

OMF ONEMAIN HLDGS INC 2.0%

Value ($000) $5,603 (+7.9%) Shares 82,941 (-9.8%) Est. Cost $32.97 Unrealized +84.4%

JXN JACKSON FINANCIAL INC 3.2%

Value ($000) $9,188 (-3.3%) Shares 86,150 (-8.2%) Est. Cost $34.72 Unrealized +184.9%

BFH BREAD FINANCIAL HOLDINGS INC 5.3%

Value ($000) $14,911 (-1.0%) Shares 201,415 (-25.4%) Est. Cost $37.36 Unrealized +75.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NBR	NABORS INDUSTRIES LTD	602,737 (-10.5%)	$32,729 (+19.0%)	11.5%	$52.23	-6.7%	SHS	G6359F137
FOSL	FOSSIL GROUP INC	3,184,415 (-4.3%)	$11,973 (+40.1%)	4.2%	$1.55	+81.5%	COM	34988V106
UNFI	UNITED NAT FOODS INC	12,625 (-82.8%)	$425 (-84.6%)	0.1%	$15.77	+135.7%	COM	911163103
BBW	BUILD-A-BEAR WORKSHOP INC	78,000 (-20.4%)	$4,779 (-25.2%)	1.7%	$28.53	+90.2%	COM	120076104
LNC	LINCOLN NATL CORP IND	504,761 (-3.1%)	$22,477 (+7.0%)	7.9%	$28.06	+46.8%	COM	534187109
OMF	ONEMAIN HLDGS INC	82,941 (-9.8%)	$5,603 (+7.9%)	2.0%	$32.97	+84.4%	COM	68268W103
JXN	JACKSON FINANCIAL INC	86,150 (-8.2%)	$9,188 (-3.3%)	3.2%	$34.72	+184.9%	COM CL A	46817M107
BFH	BREAD FINANCIAL HOLDINGS INC	201,415 (-25.4%)	$14,911 (-1.0%)	5.3%	$37.36	+75.7%	COM	018581108

Unchanged Positions (13)

TDAY USA TODAY CO INC 6.2%

Value ($000) $17,527 Shares 3,403,345 Est. Cost $4.05 Unrealized +16.0%

VTRS VIATRIS INC 2.7%

Value ($000) $7,707 Shares 619,000 Est. Cost $12.40 Unrealized -13.5%

ITRN ITURAN LOCATION AND CONTROL 3.3%

Value ($000) $9,247 Shares 215,000 Est. Cost $37.78 Unrealized +3.8%

UPS UNITED PARCEL SERVICE INC 3.0%

Value ($000) $8,590 Shares 86,600 Est. Cost $88.13 Unrealized +5.2%

UGI UGI CORP NEW 3.5%

Value ($000) $9,807 Shares 262,000 Est. Cost $24.66 Unrealized +43.6%

BMY BRISTOL-MYERS SQUIBB CO 2.1%

Value ($000) $5,826 Shares 108,000 Est. Cost $47.36 Unrealized +0.3%

CALM CAL MAINE FOODS INC 1.7%

Value ($000) $4,933 Shares 62,000 Est. Cost $103.42 Unrealized -16.3%

VZ VERIZON COMMUNICATIONS INC 2.8%

Value ($000) $8,065 Shares 198,000 Est. Cost $39.58 Unrealized +2.3%

LYB LYONDELLBASELL INDUSTRIES N 0.6%

Value ($000) $1,645 Shares 38,000 Est. Cost $68.81 Unrealized -35.4%

CG CARLYLE GROUP INC 0.8%

Value ($000) $2,364 Shares 40,000 Est. Cost $48.88 Unrealized +15.1%

BCC BOISE CASCADE CO DEL 1.0%

Value ($000) $2,723 Shares 37,000 Est. Cost $124.46 Unrealized -41.5%

FTI TECHNIPFMC PLC 0.1%

Value ($000) $335 Shares 7,510 Est. Cost $6.89 Unrealized +512.5%

TPC TUTOR PERINI CORP 0.2%

Value ($000) $457 Shares 6,815 Est. Cost $14.87 Unrealized +341.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TDAY	USA TODAY CO INC	3,403,345	$17,527	6.2%	$4.05	+16.0%	COM	36472T109
VTRS	VIATRIS INC	619,000	$7,707	2.7%	$12.40	-13.5%	COM	92556V106
ITRN	ITURAN LOCATION AND CONTROL	215,000	$9,247	3.3%	$37.78	+3.8%	SHS	M6158M104
UPS	UNITED PARCEL SERVICE INC	86,600	$8,590	3.0%	$88.13	+5.2%	CL B	911312106
UGI	UGI CORP NEW	262,000	$9,807	3.5%	$24.66	+43.6%	COM	902681105
BMY	BRISTOL-MYERS SQUIBB CO	108,000	$5,826	2.1%	$47.36	+0.3%	COM	110122108
CALM	CAL MAINE FOODS INC	62,000	$4,933	1.7%	$103.42	-16.3%	COM NEW	128030202
VZ	VERIZON COMMUNICATIONS INC	198,000	$8,065	2.8%	$39.58	+2.3%	COM	92343V104
LYB	LYONDELLBASELL INDUSTRIES N	38,000	$1,645	0.6%	$68.81	-35.4%	SHS - A -	N53745100
CG	CARLYLE GROUP INC	40,000	$2,364	0.8%	$48.88	+15.1%	COM	14316J108
BCC	BOISE CASCADE CO DEL	37,000	$2,723	1.0%	$124.46	-41.5%	COM	09739D100
FTI	TECHNIPFMC PLC	7,510	$335	0.1%	$6.89	+512.5%	COM	G87110105
TPC	TUTOR PERINI CORP	6,815	$457	0.2%	$14.87	+341.1%	COM	901109108