ROBOTTI ROBERT Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BLDR	BUILDERS FIRSTSOURCE INC	426,991 (+3.1%)	$43,933 (-12.5%)	7.9%	$31.91	+252.1%	COM	12008R107
WLK	WESTLAKE CHEM CORP	256,244 (+40.9%)	$18,947 (+35.2%)	3.4%	$70.62	+0.2%	COM	960413102
WFG	WEST FRASER TIMBER CO LTD	296,335 (+1.1%)	$18,109 (-9.2%)	3.3%	$68.48	-8.6%	COM	952845105
ALSN	ALLISON TRANSMISSION HLDGS INC	58,644 (+1.2%)	$5,741 (+16.7%)	1.0%	$33.69	+159.7%	COM	01973R101
SKY	CHAMPION HOMES INC	70,041 (+1.5%)	$5,918 (+12.3%)	1.1%	$27.16	+190.1%	COM	830830105
MRP	MILLROSE PPTYS INC	249,635 (+18.1%)	$7,457 (+5.0%)	1.3%	$28.72	—	COM CL A	601137102
GIB	CGI INC	22,000 (+10.0%)	$2,031 (+13.9%)	0.4%	$89.63	-0.7%	CL A SUB VTG	12532H104
ABG	ASBURY AUTOMOTIVE GROUP	20,431 (+1.4%)	$4,751 (-3.6%)	0.9%	$260.63	-9.3%	COM	043436104
VAL	VALARIS LIMITED	54,244 (+3.3%)	$2,734 (+6.7%)	0.5%	$28.44	+88.7%	CL A	G9460G101
SDRL	SEADRILL 2021 LTD	18,910 (+17.8%)	$654 (+34.9%)	0.1%	$34.32	-9.2%	COM	G7997W102
UHAL/B	U HAUL HOLDING COMPANY	40,000 (+17.6%)	$1,870 (+8.0%)	0.3%	$58.04	-16.1%	COM SER N	023586506
OLN	OLIN CORP NEW	37,408 (+4.7%)	$779 (-12.7%)	0.1%	$41.67	-48.6%	COM PAR $1	680665205
HGV	HILTON GRAND VACATIONS INC	15,010 (+1.1%)	$672 (+8.2%)	0.1%	$42.45	+0.1%	COM	43283X105
AMRZ	AMRIZE LTD	11,000 (+29.4%)	$413 (0.0%)	0.1%	$51.00	+0.0%	SHS	H2927K103

Exited Positions (2)

AAPL APPLE INC 0.0%

Value ($000) $268 Shares 1,053 Est. Cost $185.12 Unrealized +45.0%

NESR NATIONAL ENERGY SERVICES REU 0.0%

Value ($000) $103 Shares 10,000 Est. Cost $8.87 Unrealized +47.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	1,053	$268	0.0%	$185.12	+45.0%	—	037833100
NESR	NATIONAL ENERGY SERVICES REU	10,000	$103	0.0%	$8.87	+47.9%	—	G6375R107

Decreased Positions (17)

LXU LSB INDS INC 5.1%

Value ($000) $28,229 (-15.9%) Shares 3,321,097 (-22.0%) Est. Cost $10.57 Unrealized -16.5%

WDC WESTERN DIGITAL CORP 2.6%

Value ($000) $14,614 (+41.7%) Shares 84,833 (-1.2%) Est. Cost $32.19 Unrealized +370.8%

LEGH LEGACY HOUSING CORP 0.7%

Value ($000) $3,706 (-39.4%) Shares 189,867 (-14.5%) Est. Cost $19.12 Unrealized +12.0%

PLPC PREFORMED LINE PRODS CO 0.2%

Value ($000) $1,227 (-66.2%) Shares 5,935 (-67.9%) Est. Cost $102.43 Unrealized +108.0%

SENEA SENECA FOODS CORP 0.0%

Value ($000) $219 (-91.5%) Shares 1,982 (-91.7%) Est. Cost $57.54 Unrealized +98.6%

NVGS NAVIGATOR HOLDINGS PLC 1.7%

Value ($000) $9,275 (-18.6%) Shares 535,531 (-27.2%) Est. Cost $15.77 Unrealized +5.7%

CSIQ CANADIAN SOLAR INC 1.5%

Value ($000) $8,143 (+31.1%) Shares 342,570 (-28.1%) Est. Cost $22.02 Unrealized -1.0%

SNDK SANDISK CORP 0.8%

Value ($000) $4,537 (+49.7%) Shares 19,114 (-29.2%) Est. Cost $49.67 Unrealized +303.2%

JEF JEFFERIES FINL GROUP INC 3.7%

Value ($000) $20,384 (-6.3%) Shares 328,934 (-1.1%) Est. Cost $15.77 Unrealized +259.5%

RDNT RADNET INC 2.4%

Value ($000) $13,133 (-7.4%) Shares 184,061 (-1.1%) Est. Cost $6.93 Unrealized +1014.8%

FTI TECHNIPFMC PLC 1.3%

Value ($000) $6,963 (+6.4%) Shares 156,251 (-5.8%) Est. Cost $7.79 Unrealized +442.0%

DAN DANA HOLDING CORP 0.7%

Value ($000) $3,656 (+11.5%) Shares 153,858 (-5.9%) Est. Cost $13.51 Unrealized +56.3%

AEIS ADVANCED ENERGY INDS 0.1%

Value ($000) $571 (-29.0%) Shares 2,725 (-42.3%) Est. Cost $17.90 Unrealized +1036.7%

AMKR AMKOR TECHNOLOGY INC 0.1%

Value ($000) $687 (+33.0%) Shares 17,395 (-4.3%) Est. Cost $25.68 Unrealized +38.4%

AEM AGNICO EAGLE MINES LTD 0.1%

Value ($000) $831 (-10.4%) Shares 4,900 (-10.9%) Est. Cost $45.39 Unrealized +269.8%

MS MORGAN STANLEY 0.2%

Value ($000) $1,154 (+8.1%) Shares 6,500 (-3.2%) Est. Cost $48.55 Unrealized +242.9%

AGI ALAMOS GOLD INCORPORATED 0.2%

Value ($000) $887 (-2.1%) Shares 23,000 (-11.5%) Est. Cost $9.03 Unrealized +286.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LXU	LSB INDS INC	3,321,097 (-22.0%)	$28,229 (-15.9%)	5.1%	$10.57	-16.5%	COM	502160104
WDC	WESTERN DIGITAL CORP	84,833 (-1.2%)	$14,614 (+41.7%)	2.6%	$32.19	+370.8%	COM	958102105
LEGH	LEGACY HOUSING CORP	189,867 (-14.5%)	$3,706 (-39.4%)	0.7%	$19.12	+12.0%	COM	52472M101
PLPC	PREFORMED LINE PRODS CO	5,935 (-67.9%)	$1,227 (-66.2%)	0.2%	$102.43	+108.0%	COM	740444104
SENEA	SENECA FOODS CORP	1,982 (-91.7%)	$219 (-91.5%)	0.0%	$57.54	+98.6%	COM	817070501
NVGS	NAVIGATOR HOLDINGS PLC	535,531 (-27.2%)	$9,275 (-18.6%)	1.7%	$15.77	+5.7%	SHS	Y62132108
CSIQ	CANADIAN SOLAR INC	342,570 (-28.1%)	$8,143 (+31.1%)	1.5%	$22.02	-1.0%	COM	136635109
SNDK	SANDISK CORP	19,114 (-29.2%)	$4,537 (+49.7%)	0.8%	$49.67	+303.2%	COM	80004C200
JEF	JEFFERIES FINL GROUP INC	328,934 (-1.1%)	$20,384 (-6.3%)	3.7%	$15.77	+259.5%	COM	47233W109
RDNT	RADNET INC	184,061 (-1.1%)	$13,133 (-7.4%)	2.4%	$6.93	+1014.8%	COM	750491102
FTI	TECHNIPFMC PLC	156,251 (-5.8%)	$6,963 (+6.4%)	1.3%	$7.79	+442.0%	COM	G87110105
DAN	DANA HOLDING CORP	153,858 (-5.9%)	$3,656 (+11.5%)	0.7%	$13.51	+56.3%	COM	235825205
AEIS	ADVANCED ENERGY INDS	2,725 (-42.3%)	$571 (-29.0%)	0.1%	$17.90	+1036.7%	COM	007973100
AMKR	AMKOR TECHNOLOGY INC	17,395 (-4.3%)	$687 (+33.0%)	0.1%	$25.68	+38.4%	COM	031652100
AEM	AGNICO EAGLE MINES LTD	4,900 (-10.9%)	$831 (-10.4%)	0.1%	$45.39	+269.8%	COM	008474108
MS	MORGAN STANLEY	6,500 (-3.2%)	$1,154 (+8.1%)	0.2%	$48.55	+242.9%	COM NEW	617446448
AGI	ALAMOS GOLD INCORPORATED	23,000 (-11.5%)	$887 (-2.1%)	0.2%	$9.03	+286.0%	COM CL A	011532108

Unchanged Positions (27)

TDW TIDEWATER INC 26.8%

Value ($000) $149,094 Shares 2,951,766 Est. Cost $26.67 Unrealized +98.1%

FPH FIVE POINT HOLDINGS LLC 7.0%

Value ($000) $38,931 Shares 6,964,320 Est. Cost $3.26 Unrealized +81.5%

MT ARCELORMITTAL SA LUXEMBOURG 2.8%

Value ($000) $15,435 Shares 338,710 Est. Cost $23.59 Unrealized —

AXR AMREP CORP NEW 1.8%

Value ($000) $9,809 Shares 521,765 Est. Cost $10.48 Unrealized +105.9%

AER AERCAP HOLDINGS NV 2.8%

Value ($000) $15,371 Shares 106,924 Est. Cost $50.65 Unrealized +161.5%

IIIN INSTEEL INDUSTRIES INC 1.7%

Value ($000) $9,472 Shares 299,100 Est. Cost $21.06 Unrealized +51.7%

TNL TRAVEL PLUS LEISURE CO 1.6%

Value ($000) $8,660 Shares 122,789 Est. Cost $43.79 Unrealized +48.7%

SPOT SPOTIFY TECHNOLOGY S A 0.8%

Value ($000) $4,355 Shares 7,500 Est. Cost $139.02 Unrealized +349.7%

SE SEA LTD 0.3%

Value ($000) $1,914 Shares 15,000 Est. Cost $65.92 Unrealized —

CNQ CANADIAN NAT RES LTD 2.0%

Value ($000) $11,059 Shares 326,475 Est. Cost $22.40 Unrealized +44.7%

LPX LOUISIANA PAC CORP 1.1%

Value ($000) $6,400 Shares 79,241 Est. Cost $54.48 Unrealized +55.1%

TECK TECK RESOURCES INC 0.9%

Value ($000) $4,789 Shares 100,000 Est. Cost $27.44 Unrealized +57.9%

SMHI SEACOR MARINE HOLDINGS INC 0.9%

Value ($000) $5,075 Shares 842,946 Est. Cost $7.22 Unrealized -8.5%

HBM HUDBAY MINERALS INC 0.2%

Value ($000) $1,092 Shares 55,000 Est. Cost $8.14 Unrealized +107.7%

LECO LINCOLN ELEC HLDGS INC 2.1%

Value ($000) $11,955 Shares 49,887 Est. Cost $62.85 Unrealized +276.8%

CVCO CAVCO INDS INC DEL 3.4%

Value ($000) $18,727 Shares 31,701 Est. Cost $98.36 Unrealized +476.0%

CACI CACI INTL INC 0.3%

Value ($000) $1,918 Shares 3,600 Est. Cost $259.81 Unrealized +117.5%

CMI CUMMINS INC 0.1%

Value ($000) $281 Shares 550 Est. Cost $380.68 Unrealized +22.5%

PBR PETROLEO BRASILEIRO SA PETRO 0.1%

Value ($000) $593 Shares 50,000 Est. Cost $10.07 Unrealized —

NE NOBLE CORP NEW 0.7%

Value ($000) $4,142 Shares 146,668 Est. Cost $41.29 Unrealized -29.2%

INSW INTERNATIONAL SEAWAYS INC 0.1%

Value ($000) $486 Shares 10,000 Est. Cost $28.67 Unrealized +70.3%

ASO ACADEMY SPORTS & OUTDOORS IN 0.5%

Value ($000) $2,676 Shares 53,555 Est. Cost $63.95 Unrealized -22.6%

QIPT QUIPT HOME MEDICAL CORP 0.0%

Value ($000) $66 Shares 18,758 Est. Cost $3.41 Unrealized -22.4%

RNGR RANGER ENERGY SVCS INC 0.3%

Value ($000) $1,398 Shares 100,000 Est. Cost $11.66 Unrealized +16.5%

DRTSW ALPHA TAU MEDICAL LTD 0.0%

Value ($000) $17 Shares 50,000 Est. Cost $0.54 Unrealized —

SLB SCHLUMBERGER LIMITED 0.0%

Value ($000) $275 Shares 8,000 Est. Cost $34.34 Unrealized +5.0%

ORLA ORLA MNG LTD NEW 0.0%

Value ($000) $162 Shares 15,000 Est. Cost $10.71 Unrealized +13.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TDW	TIDEWATER INC	2,951,766	$149,094	26.8%	$26.67	+98.1%	COM	88642R109
FPH	FIVE POINT HOLDINGS LLC	6,964,320	$38,931	7.0%	$3.26	+81.5%	COM	33833Q106
MT	ARCELORMITTAL SA LUXEMBOURG	338,710	$15,435	2.8%	$23.59	—	NY REGISTRY SH	03938L203
AXR	AMREP CORP NEW	521,765	$9,809	1.8%	$10.48	+105.9%	COM	032159105
AER	AERCAP HOLDINGS NV	106,924	$15,371	2.8%	$50.65	+161.5%	SHS	N00985106
IIIN	INSTEEL INDUSTRIES INC	299,100	$9,472	1.7%	$21.06	+51.7%	COM	45774W108
TNL	TRAVEL PLUS LEISURE CO	122,789	$8,660	1.6%	$43.79	+48.7%	COM	894164102
SPOT	SPOTIFY TECHNOLOGY S A	7,500	$4,355	0.8%	$139.02	+349.7%	SHS	L8681T102
SE	SEA LTD	15,000	$1,914	0.3%	$65.92	—	SPONSORED ADS	81141R100
CNQ	CANADIAN NAT RES LTD	326,475	$11,059	2.0%	$22.40	+44.7%	COM	136385101
LPX	LOUISIANA PAC CORP	79,241	$6,400	1.1%	$54.48	+55.1%	COM	546347105
TECK	TECK RESOURCES INC	100,000	$4,789	0.9%	$27.44	+57.9%	CL B	878742204
SMHI	SEACOR MARINE HOLDINGS INC	842,946	$5,075	0.9%	$7.22	-8.5%	COM	78413P101
HBM	HUDBAY MINERALS INC	55,000	$1,092	0.2%	$8.14	+107.7%	COM	443628102
LECO	LINCOLN ELEC HLDGS INC	49,887	$11,955	2.1%	$62.85	+276.8%	COM	533900106
CVCO	CAVCO INDS INC DEL	31,701	$18,727	3.4%	$98.36	+476.0%	COM	149568107
CACI	CACI INTL INC	3,600	$1,918	0.3%	$259.81	+117.5%	CL A	127190304
CMI	CUMMINS INC	550	$281	0.1%	$380.68	+22.5%	COM	231021106
PBR	PETROLEO BRASILEIRO SA PETRO	50,000	$593	0.1%	$10.07	—	SPONSORED ADR	71654V408
NE	NOBLE CORP NEW	146,668	$4,142	0.7%	$41.29	-29.2%	ORD SHS A	G65431127
INSW	INTERNATIONAL SEAWAYS INC	10,000	$486	0.1%	$28.67	+70.3%	COM	Y41053102
ASO	ACADEMY SPORTS & OUTDOORS IN	53,555	$2,676	0.5%	$63.95	-22.6%	COM	00402L107
QIPT	QUIPT HOME MEDICAL CORP	18,758	$66	0.0%	$3.41	-22.4%	COM	74880P104
RNGR	RANGER ENERGY SVCS INC	100,000	$1,398	0.3%	$11.66	+16.5%	COM CL A	75282U104
DRTSW	ALPHA TAU MEDICAL LTD	50,000	$17	0.0%	$0.54	—	*W EXP 99/99/999	M0740A116
SLB	SCHLUMBERGER LIMITED	8,000	$275	0.0%	$34.34	+5.0%	COM	806857108
ORLA	ORLA MNG LTD NEW	15,000	$162	0.0%	$10.71	+13.3%	COM	68634K106