Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SM	SM ENERGY CO	7,208,899	$225M	4.0%	$19.89	0.0%	COM	78454L100
PFSI	PENNYMAC FINANCIAL SERVICES	1,372,204	$120M	2.2%	$119.59	0.0%	COM	70932M107
GMTL	GUARDIAN METAL RESOURCES ADR	1,500,556	$26.23M	0.5%	$17.48	—	COM	401382106
WF	WOORI FINANCIAL	547,690	$12.16M	0.2%	$22.20	—	COM	981064108
JAKK	JAKKS PACIFIC INC	220,381	$4.39M	0.1%	$18.88	0.0%	COM	47012E403
KELYA	KELLY SERVICES INC	431,904	$3.822M	0.1%	$9.92	0.0%	COM	488152208
RJET	REPUBLIC AIRWAYS HOLDINGS INC.	91,750	$1.64M	0.0%	$18.80	0.0%	COM	590479408

Increased Positions (31)

CGAU CENTERRA GOLD INC. 5.0%

Value $281M (+37.9%) Shares 15,771,236 (+11.4%) Est. Cost $8.49 Unrealized +107.4%

RDN RADIAN GROUP INC 2.7%

Value $152M (+40.5%) Shares 4,605,775 (+52.9%) Est. Cost $31.06 Unrealized +8.6%

ALLY ALLY FINANCIAL INC 2.8%

Value $158M (+27.9%) Shares 4,019,715 (+47.6%) Est. Cost $31.63 Unrealized +35.0%

PK PARK HOTELS & RESORTS INC 3.2%

Value $175M (+14.5%) Shares 16,628,279 (+13.8%) Est. Cost $12.34 Unrealized —

KBH KB HOME 1.1%

Value $61.66M (+50.7%) Shares 1,191,414 (+64.2%) Est. Cost $57.45 Unrealized +6.2%

HOG HARLEY-DAVIDSON INC 3.6%

Value $203M (+11.1%) Shares 10,016,874 (+12.6%) Est. Cost $26.02 Unrealized -22.0%

WFG WEST FRASER TIMBER CO LTD 2.0%

Value $111M (+22.2%) Shares 1,702,814 (+14.3%) Est. Cost $63.43 Unrealized +9.3%

SPNT SIRIUSPOINT LTD 3.7%

Value $204M (+10.7%) Shares 9,486,460 (+12.5%) Est. Cost $12.28 Unrealized +66.5%

HHH HOWARD HUGHES HOLDINGS INC 1.2%

Value $66.03M (-18.9%) Shares 1,043,822 (+2.2%) Est. Cost $71.44 Unrealized +13.0%

CRBG COREBRIDGE FINANCIAL INC 2.6%

Value $145M (+10.5%) Shares 6,069,588 (+39.7%) Est. Cost $27.05 Unrealized +11.9%

RLJ RLJ LODGING TRUST 2.0%

Value $111M (+13.7%) Shares 15,000,624 (+14.2%) Est. Cost $8.41 Unrealized —

AER AERCAP HOLDINGS NV 7.8%

Value $432M (-2.5%) Shares 3,150,675 (+2.2%) Est. Cost $30.18 Unrealized +383.1%

GM GENERAL MOTORS 2.3%

Value $130M (-6.0%) Shares 1,746,952 (+2.6%) Est. Cost $38.72 Unrealized +112.4%

GNW GENWORTH FINANCIAL INC. 3.7%

Value $207M (-3.6%) Shares 25,486,303 (+7.2%) Est. Cost $5.13 Unrealized +68.6%

TWI TITAN INTERNATIONAL INC 0.6%

Value $34.14M (+24.9%) Shares 4,941,157 (+41.5%) Est. Cost $8.54 Unrealized +13.3%

HMC HONDA MOTOR CO ADR 1.5%

Value $84.77M (+8.6%) Shares 3,487,175 (+31.6%) Est. Cost $29.02 Unrealized —

HG HAMILTON INSURANCE GROUP - CLASS B 0.9%

Value $49.19M (+13.5%) Shares 1,648,990 (+6.2%) Est. Cost $23.30 Unrealized +22.0%

MHO M/I HOMES 3.3%

Value $182M (-2.6%) Shares 1,490,038 (+1.8%) Est. Cost $64.07 Unrealized +115.2%

RYZ RYERSON HOLDING CORP 0.8%

Value $43.99M (-7.5%) Shares 1,956,933 (+3.5%) Est. Cost $22.96 Unrealized +22.3%

NMR NOMURA HOLDINGS INC 1.9%

Value $104M (-2.4%) Shares 13,169,493 (+3.7%) Est. Cost $5.86 Unrealized —

EG EVEREST GROUP LTD. 2.7%

Value $150M (+1.7%) Shares 460,175 (+5.6%) Est. Cost $349.84 Unrealized -5.3%

GSM FERROGLOBE PLC 0.4%

Value $22.39M (-10.0%) Shares 5,434,704 (+1.4%) Est. Cost $4.15 Unrealized +21.1%

MPAA MOTORCAR PARTS OF AMERICA 0.3%

Value $13.94M (+17.6%) Shares 1,260,044 (+31.2%) Est. Cost $12.42 Unrealized -2.6%

UVE UNIVERSAL INSURANCE HOLDINGS 0.7%

Value $40.09M (+3.2%) Shares 1,173,537 (+2.1%) Est. Cost $15.33 Unrealized +100.9%

WSBF WATERSTONE FINANCIAL INC 0.1%

Value $3.175M (+50.1%) Shares 176,090 (+37.8%) Est. Cost $16.24 Unrealized +9.1%

MTUS METALLUS INC 0.3%

Value $17.51M (+5.9%) Shares 1,071,819 (+11.2%) Est. Cost $15.35 Unrealized +28.5%

ASTL ALGOMA STEEL GROUP INC 0.4%

Value $24.9M (+3.6%) Shares 6,028,929 (+2.9%) Est. Cost $7.14 Unrealized -37.3%

JRVR JAMES RIVER GROUP HOLDINGS 0.2%

Value $11.47M (+7.9%) Shares 1,820,969 (+9.0%) Est. Cost $6.36 Unrealized —

C CITIGROUP INC 2.6%

Value $147M (-0.4%) Shares 1,291,904 (+2.5%) Est. Cost $49.85 Unrealized +133.0%

NMIH NMI HOLDINGS INC 0.3%

Value $14.91M (-2.6%) Shares 397,599 (+6.0%) Est. Cost $34.65 Unrealized +13.4%

TMHC TAYLOR MORRISON HOME CORP 1.8%

Value $97.42M (+0.1%) Shares 1,672,693 (+1.2%) Est. Cost $23.20 Unrealized +175.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CGAU	CENTERRA GOLD INC.	15,771,236 (+11.4%)	$281M (+37.9%)	5.0%	$8.49	+107.4%	COM	152006102
RDN	RADIAN GROUP INC	4,605,775 (+52.9%)	$152M (+40.5%)	2.7%	$31.06	+8.6%	COM	750236101
ALLY	ALLY FINANCIAL INC	4,019,715 (+47.6%)	$158M (+27.9%)	2.8%	$31.63	+35.0%	COM	02005N100
PK	PARK HOTELS & RESORTS INC	16,628,279 (+13.8%)	$175M (+14.5%)	3.2%	$12.34	—	COM	700517105
KBH	KB HOME	1,191,414 (+64.2%)	$61.66M (+50.7%)	1.1%	$57.45	+6.2%	COM	48666K109
HOG	HARLEY-DAVIDSON INC	10,016,874 (+12.6%)	$203M (+11.1%)	3.6%	$26.02	-22.0%	COM	412822108
WFG	WEST FRASER TIMBER CO LTD	1,702,814 (+14.3%)	$111M (+22.2%)	2.0%	$63.43	+9.3%	COM	952845105
SPNT	SIRIUSPOINT LTD	9,486,460 (+12.5%)	$204M (+10.7%)	3.7%	$12.28	+66.5%	COM	G8192H106
HHH	HOWARD HUGHES HOLDINGS INC	1,043,822 (+2.2%)	$66.03M (-18.9%)	1.2%	$71.44	+13.0%	COM	44267T102
CRBG	COREBRIDGE FINANCIAL INC	6,069,588 (+39.7%)	$145M (+10.5%)	2.6%	$27.05	+11.9%	COM	21871X109
RLJ	RLJ LODGING TRUST	15,000,624 (+14.2%)	$111M (+13.7%)	2.0%	$8.41	—	COM	74965L101
AER	AERCAP HOLDINGS NV	3,150,675 (+2.2%)	$432M (-2.5%)	7.8%	$30.18	+383.1%	COM	N00985106
GM	GENERAL MOTORS	1,746,952 (+2.6%)	$130M (-6.0%)	2.3%	$38.72	+112.4%	COM	37045V100
GNW	GENWORTH FINANCIAL INC.	25,486,303 (+7.2%)	$207M (-3.6%)	3.7%	$5.13	+68.6%	COM	37247D106
TWI	TITAN INTERNATIONAL INC	4,941,157 (+41.5%)	$34.14M (+24.9%)	0.6%	$8.54	+13.3%	COM	88830M102
HMC	HONDA MOTOR CO ADR	3,487,175 (+31.6%)	$84.77M (+8.6%)	1.5%	$29.02	—	COM	438128308
HG	HAMILTON INSURANCE GROUP - CLASS B	1,648,990 (+6.2%)	$49.19M (+13.5%)	0.9%	$23.30	+22.0%	COM	G42706104
MHO	M/I HOMES	1,490,038 (+1.8%)	$182M (-2.6%)	3.3%	$64.07	+115.2%	COM	55305B101
RYZ	RYERSON HOLDING CORP	1,956,933 (+3.5%)	$43.99M (-7.5%)	0.8%	$22.96	+22.3%	COM	783754104
NMR	NOMURA HOLDINGS INC	13,169,493 (+3.7%)	$104M (-2.4%)	1.9%	$5.86	—	COM	65535H208
EG	EVEREST GROUP LTD.	460,175 (+5.6%)	$150M (+1.7%)	2.7%	$349.84	-5.3%	COM	G3223R108
GSM	FERROGLOBE PLC	5,434,704 (+1.4%)	$22.39M (-10.0%)	0.4%	$4.15	+21.1%	COM	G33856108
MPAA	MOTORCAR PARTS OF AMERICA	1,260,044 (+31.2%)	$13.94M (+17.6%)	0.3%	$12.42	-2.6%	COM	620071100
UVE	UNIVERSAL INSURANCE HOLDINGS	1,173,537 (+2.1%)	$40.09M (+3.2%)	0.7%	$15.33	+100.9%	COM	91359V107
WSBF	WATERSTONE FINANCIAL INC	176,090 (+37.8%)	$3.175M (+50.1%)	0.1%	$16.24	+9.1%	COM	94188P101
MTUS	METALLUS INC	1,071,819 (+11.2%)	$17.51M (+5.9%)	0.3%	$15.35	+28.5%	COM	887399103
ASTL	ALGOMA STEEL GROUP INC	6,028,929 (+2.9%)	$24.9M (+3.6%)	0.4%	$7.14	-37.3%	COM	015658107
JRVR	JAMES RIVER GROUP HOLDINGS	1,820,969 (+9.0%)	$11.47M (+7.9%)	0.2%	$6.36	—	COM	46990A102
C	CITIGROUP INC	1,291,904 (+2.5%)	$147M (-0.4%)	2.6%	$49.85	+133.0%	COM	172967424
NMIH	NMI HOLDINGS INC	397,599 (+6.0%)	$14.91M (-2.6%)	0.3%	$34.65	+13.4%	COM	629209305
TMHC	TAYLOR MORRISON HOME CORP	1,672,693 (+1.2%)	$97.42M (+0.1%)	1.8%	$23.20	+175.6%	COM	87724P106

Exited Positions (5)

CIVI CIVITAS RESOURCES INC 2.2%

Value $122M Shares 4,485,476 Est. Cost $46.86 Unrealized -42.7%

EQX EQUINOX GOLD CORP 1.8%

Value $98.97M Shares 7,049,326 Est. Cost $5.87 Unrealized +164.3%

GLNG GOLAR LNG LTD 1.4%

Value $80.06M Shares 2,151,627 Est. Cost $21.03 Unrealized +96.5%

— COOL CO LTD 0.1%

Value $7.12M Shares 737,772 Est. Cost $12.15 Unrealized —

HBM HUDBAY MINERALS 0.0%

Value $713K Shares 35,913 Est. Cost $6.94 Unrealized +252.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CIVI	CIVITAS RESOURCES INC	4,485,476	$122M	2.2%	$46.86	-42.7%	—	17888H103
EQX	EQUINOX GOLD CORP	7,049,326	$98.97M	1.8%	$5.87	+164.3%	—	29446Y502
GLNG	GOLAR LNG LTD	2,151,627	$80.06M	1.4%	$21.03	+96.5%	—	G9456A100
—	COOL CO LTD	737,772	$7.12M	0.1%	$12.15	—	—	G2415A113
HBM	HUDBAY MINERALS	35,913	$713K	0.0%	$6.94	+252.4%	—	443628102

Decreased Positions (11)

IAG IAMGOLD Corp. 4.9%

Value $272M (-15.8%) Shares 14,479,039 (-26.2%) Est. Cost $3.55 Unrealized +456.9%

TPC TUTOR PERINI CORP 1.8%

Value $101M (-16.4%) Shares 1,313,289 (-27.4%) Est. Cost $15.17 Unrealized +419.8%

EGO ELDORADO GOLD CORP 4.5%

Value $250M (-5.5%) Shares 7,275,268 (-1.2%) Est. Cost $9.82 Unrealized +334.4%

GSL GLOBAL SHIP LEASE INC- CL A 1.1%

Value $58.76M (-19.7%) Shares 1,578,182 (-24.4%) Est. Cost $21.29 Unrealized +74.3%

ALGT ALLEGIANT TRAVEL CO 2.4%

Value $135M (-6.6%) Shares 1,668,046 (-1.8%) Est. Cost $62.42 Unrealized +55.5%

JXN JACKSON FINANCIAL INC 3.6%

Value $200M (-4.0%) Shares 1,892,397 (-3.2%) Est. Cost $48.54 Unrealized +136.8%

PPTA PERPETUA RESOURCES CORP 0.1%

Value $3.041M (-47.2%) Shares 108,130 (-54.6%) Est. Cost $3.37 Unrealized +798.5%

VTOL BRISTOW GROUP INC 0.1%

Value $4.223M (-33.3%) Shares 90,057 (-47.9%) Est. Cost $28.82 Unrealized +50.0%

TX TERNIUM SA - SPONSORED ADR 2.6%

Value $147M (+0.9%) Shares 3,656,867 (-4.0%) Est. Cost $35.30 Unrealized —

ASIX ADVANSIX INC 0.1%

Value $5.563M (+30.7%) Shares 227,980 (-7.3%) Est. Cost $24.23 Unrealized -27.1%

AZREF AZURE POWER GLOBAL LTD 0.0%

Value $270K (-9.7%) Shares 270,226 (-9.7%) Est. Cost $4.81 Unrealized -79.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IAG	IAMGOLD Corp.	14,479,039 (-26.2%)	$272M (-15.8%)	4.9%	$3.55	+456.9%	COM	450913108
TPC	TUTOR PERINI CORP	1,313,289 (-27.4%)	$101M (-16.4%)	1.8%	$15.17	+419.8%	COM	901109108
EGO	ELDORADO GOLD CORP	7,275,268 (-1.2%)	$250M (-5.5%)	4.5%	$9.82	+334.4%	COM	284902509
GSL	GLOBAL SHIP LEASE INC- CL A	1,578,182 (-24.4%)	$58.76M (-19.7%)	1.1%	$21.29	+74.3%	COM	Y27183600
ALGT	ALLEGIANT TRAVEL CO	1,668,046 (-1.8%)	$135M (-6.6%)	2.4%	$62.42	+55.5%	COM	01748X102
JXN	JACKSON FINANCIAL INC	1,892,397 (-3.2%)	$200M (-4.0%)	3.6%	$48.54	+136.8%	COM	46817M107
PPTA	PERPETUA RESOURCES CORP	108,130 (-54.6%)	$3.041M (-47.2%)	0.1%	$3.37	+798.5%	COM	714266103
VTOL	BRISTOW GROUP INC	90,057 (-47.9%)	$4.223M (-33.3%)	0.1%	$28.82	+50.0%	COM	11040G103
TX	TERNIUM SA - SPONSORED ADR	3,656,867 (-4.0%)	$147M (+0.9%)	2.6%	$35.30	—	COM	880890108
ASIX	ADVANSIX INC	227,980 (-7.3%)	$5.563M (+30.7%)	0.1%	$24.23	-27.1%	COM	00773T101
AZREF	AZURE POWER GLOBAL LTD	270,226 (-9.7%)	$270K (-9.7%)	0.0%	$4.81	-79.9%	COM	V0393H103

Unchanged Positions (13)

MOS THE MOSAIC COMPANY 2.1%

Value $118M Shares 4,617,691 Est. Cost $28.09 Unrealized -0.8%

UNM UNUM GROUP 1.7%

Value $96.98M Shares 1,327,932 Est. Cost $36.63 Unrealized +106.3%

CLDT CHATHAM LODGING TRUST 0.7%

Value $36.65M Shares 4,656,442 Est. Cost $9.23 Unrealized —

BZH BEAZER HOMES USA INC 1.0%

Value $57.46M Shares 2,986,562 Est. Cost $21.54 Unrealized +12.9%

MHK MOHAWK INDUSTRIES INC 0.5%

Value $28.61M Shares 290,565 Est. Cost $104.66 Unrealized +18.0%

GGB GERDAU SA 1.6%

Value $87.15M Shares 24,140,583 Est. Cost $3.25 Unrealized —

HOFT HOOKER FURNISHINGS CORP 0.2%

Value $13.79M Shares 1,070,964 Est. Cost $20.44 Unrealized -34.3%

AFLYY AIR FRANCE KLM 0.1%

Value $4.81M Shares 4,581,427 Est. Cost $9.50 Unrealized —

DC DAKOTA GOLD CORP 0.1%

Value $5.454M Shares 1,080,000 Est. Cost $2.72 Unrealized +126.9%

GAU GALIANO GOLD INC 1.0%

Value $57.98M Shares 23,101,316 Est. Cost $1.09 Unrealized +163.8%

IWD RUSSELL 1000 0.0%

Value $2.778M Shares 13,000 Est. Cost $156.38 Unrealized —

— RESOLUTE FOREST PRODUCTS - CONTINGENT VALUE RTS 0.0%

Value $8,330 Shares 5,866 Est. Cost $1.42 Unrealized —

— GREAT PANTHER MINING 0.0%

Value $47 Shares 472,001 Est. Cost $0.85 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MOS	THE MOSAIC COMPANY	4,617,691	$118M	2.1%	$28.09	-0.8%	COM	61945C103
UNM	UNUM GROUP	1,327,932	$96.98M	1.7%	$36.63	+106.3%	COM	91529Y106
CLDT	CHATHAM LODGING TRUST	4,656,442	$36.65M	0.7%	$9.23	—	COM	16208T102
BZH	BEAZER HOMES USA INC	2,986,562	$57.46M	1.0%	$21.54	+12.9%	COM	07556Q881
MHK	MOHAWK INDUSTRIES INC	290,565	$28.61M	0.5%	$104.66	+18.0%	COM	608190104
GGB	GERDAU SA	24,140,583	$87.15M	1.6%	$3.25	—	COM	373737105
HOFT	HOOKER FURNISHINGS CORP	1,070,964	$13.79M	0.2%	$20.44	-34.3%	COM	439038100
AFLYY	AIR FRANCE KLM	4,581,427	$4.81M	0.1%	$9.50	—	COM	009119108
DC	DAKOTA GOLD CORP	1,080,000	$5.454M	0.1%	$2.72	+126.9%	COM	46655E100
GAU	GALIANO GOLD INC	23,101,316	$57.98M	1.0%	$1.09	+163.8%	COM	36352H100
IWD	RUSSELL 1000	13,000	$2.778M	0.0%	$156.38	—	COM	464287598
—	RESOLUTE FOREST PRODUCTS - CONTINGENT VALUE RTS	5,866	$8,330	0.0%	$1.42	—	WTS	761CVR042
—	GREAT PANTHER MINING	472,001	$47	0.0%	$0.85	—	COM	39115V101