Pinnacle Holdings, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RJET	Republic Airways	110,673	$2,033	0.7%	$20.80	0.0%	COM	590479408
—	Americold Realty Trust	126,601	$1,628	0.6%	$12.86	—	COM	03064d108
HELE	Helen of Troy	67,986	$1,445	0.5%	$20.40	0.0%	COM	G4388N106
WHR	Whirlpool Corp	17,816	$1,285	0.4%	$73.83	0.0%	COM	963320106
—	Winnebago Industries	1,160,000	$1,088	0.4%	$0.94	—	CONV BOND	974637AF7
—	Jetblue Airways	1,000,000	$968	0.3%	$0.97	—	CONV BOND	477143AR2
—	Crescent Energy Company	44,919	$377	0.1%	$8.39	—	COM	44952j104
MCDIF	McDermott International	9,850	$205	0.1%	$21.03	0.0%	COM	G5924V106
ICVT	iShares Convertible Bond	1,663	$164	0.1%	$98.51	—	COM	46435G102
PFE	Pfizer	4,929	$123	0.0%	$25.03	0.0%	COM	717081103
OKTA	Okta	913	$79	0.0%	$87.27	0.0%	COM	679295105
GRBK	Green Brick Partners	1,099	$69	0.0%	$65.93	0.0%	COM	392709101
USB	U S Bancorp	1,210	$65	0.0%	$48.72	0.0%	COM	902973304
—	Barrick Mining Corporation	1,239	$54	0.0%	$43.55	—	COM	005566843
—	Netflix	546	$51	0.0%	$93.76	—	COM	64110l106
—	JOYY Inc	478	$31	0.0%	$64.76	—	COM	46591m109
—	BOK Financial	260	$31	0.0%	$118.46	—	COM	05561q201
—	Farmland Partners	3,173	$31	0.0%	$9.69	—	COM	31154r109
CALM	Cal-Maine Foods	382	$30	0.0%	$86.61	0.0%	COM	128030202
—	Costamare	1,924	$30	0.0%	$15.79	—	COM	y1771g102
HOG	Harley-Davidson	1,468	$30	0.0%	$24.58	0.0%	COM	412822108
TOL	Toll Brothers	200	$27	0.0%	$135.75	0.0%	COM	889478103
—	California Resource Corp.	603	$27	0.0%	$44.71	—	COM	13057q305
—	DR Horton Inc	150	$22	0.0%	$144.03	—	COM	23331a109
EXEEL	Expand Energy	172	$17	0.0%	$99.65	—	WARRANT	165167180
BBT	Berkshire Hills Bancorp	540	$14	0.0%	$24.93	0.0%	COM	084680107
PSMT	Pricesmart	100	$12	0.0%	$121.47	0.0%	COM	741511109
—	Costamare Bulkers Holdings	631	$10	0.0%	$15.41	—	COM	y2001c101
UCB	United Community Banks	220	$7	0.0%	$30.87	0.0%	COM	90984P303

Increased Positions (39)

CAT Caterpillar 1.9%

Value ($000) $5,532 (+25.3%) Shares 9,657 (+4.4%) Est. Cost $130.79 Unrealized +324.7%

— Kinetik Holdings 1.1%

Value ($000) $3,402 (-12.7%) Shares 94,371 (+3.6%) Est. Cost $38754.36 Unrealized —

HD The Home Depot 1.2%

Value ($000) $3,477 (-11.5%) Shares 10,106 (+4.2%) Est. Cost $138.42 Unrealized +163.4%

— Cracker Barrel Old Country Store 0.3%

Value ($000) $794 (-35.7%) Shares 31,263 (+11.5%) Est. Cost $37.44 Unrealized —

— The Travelers Companies 1.0%

Value ($000) $2,868 (+13.7%) Shares 9,888 (+9.5%) Est. Cost $88860.05 Unrealized —

— Hertz Global Holdings 0.4%

Value ($000) $1,235 (-21.3%) Shares 240,175 (+4.2%) Est. Cost $6.46 Unrealized —

IBM International Business Machines 1.1%

Value ($000) $3,156 (+10.2%) Shares 10,653 (+4.9%) Est. Cost $130.05 Unrealized +129.7%

— Merck 0.4%

Value ($000) $1,135 (+29.0%) Shares 10,783 (+2.8%) Est. Cost $51769.23 Unrealized —

CC Chemours Company 0.3%

Value ($000) $944 (-20.4%) Shares 80,093 (+6.9%) Est. Cost $17.65 Unrealized -27.5%

FNWB First Northwest BanCorp 0.3%

Value ($000) $797 (+40.6%) Shares 84,928 (+18.0%) Est. Cost $8.75 Unrealized +3.8%

AMZN Amazon.com 0.9%

Value ($000) $2,555 (+9.9%) Shares 11,071 (+4.5%) Est. Cost $170.85 Unrealized +33.9%

— Exxon Mobil Corporation 0.2%

Value ($000) $703 (+47.7%) Shares 5,844 (+38.4%) Est. Cost $30912.05 Unrealized —

— Plains GP Holdings 1.1%

Value ($000) $3,141 (+7.6%) Shares 164,095 (+2.5%) Est. Cost $347.64 Unrealized —

— 3M Co 0.5%

Value ($000) $1,588 (+14.5%) Shares 9,920 (+10.9%) Est. Cost $119224.94 Unrealized —

UIS Unisys Corp 0.2%

Value ($000) $483 (-24.1%) Shares 175,094 (+7.3%) Est. Cost $9.44 Unrealized -66.9%

— Bank of America 0.5%

Value ($000) $1,442 (+10.9%) Shares 11,015 (+984.2%) Est. Cost $2603.55 Unrealized —

WFC Wells Fargo 0.1%

Value ($000) $352 (+63.1%) Shares 3,772 (+46.7%) Est. Cost $55.43 Unrealized +56.3%

HON Honeywell International 0.6%

Value ($000) $1,876 (-6.3%) Shares 9,617 (+1.1%) Est. Cost $141.90 Unrealized +37.4%

— Talen Energy Corporation 0.1%

Value ($000) $228 (+114.7%) Shares 609 (+143.6%) Est. Cost $395.59 Unrealized —

— Cisco Systems 0.3%

Value ($000) $908 (+15.4%) Shares 11,787 (+2.5%) Est. Cost $30896.46 Unrealized —

— PubMatic 0.4%

Value ($000) $1,268 (+10.3%) Shares 142,904 (+2.9%) Est. Cost $9.42 Unrealized —

CVX Chevron Corporation 0.7%

Value ($000) $2,130 (+4.5%) Shares 13,973 (+6.5%) Est. Cost $143.47 Unrealized +5.5%

— LGI Homes 0.2%

Value ($000) $480 (-13.9%) Shares 11,174 (+3.7%) Est. Cost $39860.83 Unrealized —

— Spectrum Brands Holdings 0.6%

Value ($000) $1,688 (+4.2%) Shares 1,795,000 (+2.3%) Est. Cost $0.91 Unrealized —

UPS United Parcel Service 0.0%

Value ($000) $94 (+152.2%) Shares 945 (+112.4%) Est. Cost $93.38 Unrealized -0.7%

— General Motors 0.0%

Value ($000) $108 (+77.6%) Shares 1,325 (+33.2%) Est. Cost $56.55 Unrealized —

JBLU Jetblue Airways 0.4%

Value ($000) $1,148 (-3.6%) Shares 252,321 (+4.2%) Est. Cost $4.75 Unrealized -3.9%

INTC Intel Corporation 0.1%

Value ($000) $216 (+22.2%) Shares 5,865 (+11.1%) Est. Cost $30.27 Unrealized +24.7%

DOW Dow Inc 0.0%

Value ($000) $84 (+75.2%) Shares 3,580 (+71.8%) Est. Cost $25.70 Unrealized -11.4%

SF Stifel Financial 0.0%

Value ($000) $57 (+76.4%) Shares 454 (+59.9%) Est. Cost $114.58 Unrealized +4.4%

— Star Bulk Carriers 0.0%

Value ($000) $54 (+67.6%) Shares 2,818 (+62.1%) Est. Cost $18.83 Unrealized —

MIND MIND Technology 0.0%

Value ($000) $46 (+65.8%) Shares 5,280 (+52.6%) Est. Cost $9.35 Unrealized +7.2%

YELP Yelp 0.4%

Value ($000) $1,101 (-1.5%) Shares 36,229 (+1.1%) Est. Cost $33.11 Unrealized -6.9%

DIS Walt Disney 0.4%

Value ($000) $1,037 (+1.7%) Shares 9,113 (+2.3%) Est. Cost $83.61 Unrealized +31.0%

— Taylor Morrison Home 0.0%

Value ($000) $46 (+44.6%) Shares 783 (+62.1%) Est. Cost $63.27 Unrealized —

— Tri Pointe Homes 0.0%

Value ($000) $78 (+21.8%) Shares 2,467 (+31.4%) Est. Cost $33.37 Unrealized —

EXE Expand Energy Corporation 0.0%

Value ($000) $37 (+35.0%) Shares 339 (+29.9%) Est. Cost $94.16 Unrealized +17.5%

— Verizon Communications 0.2%

Value ($000) $496 (+0.0%) Shares 12,175 (+8.0%) Est. Cost $42084.09 Unrealized —

— Meta Platforms 0.1%

Value ($000) $314 (-0.0%) Shares 476 (+11.2%) Est. Cost $726.92 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAT	Caterpillar	9,657 (+4.4%)	$5,532 (+25.3%)	1.9%	$130.79	+324.7%	COM	149123101
—	Kinetik Holdings	94,371 (+3.6%)	$3,402 (-12.7%)	1.1%	$38754.36	—	COM	02215l209
HD	The Home Depot	10,106 (+4.2%)	$3,477 (-11.5%)	1.2%	$138.42	+163.4%	COM	437076102
—	Cracker Barrel Old Country Store	31,263 (+11.5%)	$794 (-35.7%)	0.3%	$37.44	—	COM	22410j106
—	The Travelers Companies	9,888 (+9.5%)	$2,868 (+13.7%)	1.0%	$88860.05	—	COM	89417e109
—	Hertz Global Holdings	240,175 (+4.2%)	$1,235 (-21.3%)	0.4%	$6.46	—	COM	42806j700
IBM	International Business Machines	10,653 (+4.9%)	$3,156 (+10.2%)	1.1%	$130.05	+129.7%	COM	459200101
—	Merck	10,783 (+2.8%)	$1,135 (+29.0%)	0.4%	$51769.23	—	COM	58933y105
CC	Chemours Company	80,093 (+6.9%)	$944 (-20.4%)	0.3%	$17.65	-27.5%	COM	163851108
FNWB	First Northwest BanCorp	84,928 (+18.0%)	$797 (+40.6%)	0.3%	$8.75	+3.8%	COM	335834107
AMZN	Amazon.com	11,071 (+4.5%)	$2,555 (+9.9%)	0.9%	$170.85	+33.9%	COM	023135106
—	Exxon Mobil Corporation	5,844 (+38.4%)	$703 (+47.7%)	0.2%	$30912.05	—	COM	30231g102
—	Plains GP Holdings	164,095 (+2.5%)	$3,141 (+7.6%)	1.1%	$347.64	—	COM	72651a207
—	3M Co	9,920 (+10.9%)	$1,588 (+14.5%)	0.5%	$119224.94	—	COM	88579y101
UIS	Unisys Corp	175,094 (+7.3%)	$483 (-24.1%)	0.2%	$9.44	-66.9%	COM	909214306
—	Bank of America	11,015 (+984.2%)	$1,442 (+10.9%)	0.5%	$2603.55	—	CONV PREF	060505682
WFC	Wells Fargo	3,772 (+46.7%)	$352 (+63.1%)	0.1%	$55.43	+56.3%	COM	949746101
HON	Honeywell International	9,617 (+1.1%)	$1,876 (-6.3%)	0.6%	$141.90	+37.4%	COM	438516106
—	Talen Energy Corporation	609 (+143.6%)	$228 (+114.7%)	0.1%	$395.59	—	COM	87422q109
—	Cisco Systems	11,787 (+2.5%)	$908 (+15.4%)	0.3%	$30896.46	—	COM	17275r102
—	PubMatic	142,904 (+2.9%)	$1,268 (+10.3%)	0.4%	$9.42	—	COM	74467q103
CVX	Chevron Corporation	13,973 (+6.5%)	$2,130 (+4.5%)	0.7%	$143.47	+5.5%	COM	166764100
—	LGI Homes	11,174 (+3.7%)	$480 (-13.9%)	0.2%	$39860.83	—	COM	50187t106
—	Spectrum Brands Holdings	1,795,000 (+2.3%)	$1,688 (+4.2%)	0.6%	$0.91	—	CONV BOND	84762laz8
UPS	United Parcel Service	945 (+112.4%)	$94 (+152.2%)	0.0%	$93.38	-0.7%	COM	911312106
—	General Motors	1,325 (+33.2%)	$108 (+77.6%)	0.0%	$56.55	—	COM	37045v100
JBLU	Jetblue Airways	252,321 (+4.2%)	$1,148 (-3.6%)	0.4%	$4.75	-3.9%	COM	477143101
INTC	Intel Corporation	5,865 (+11.1%)	$216 (+22.2%)	0.1%	$30.27	+24.7%	COM	458140100
DOW	Dow Inc	3,580 (+71.8%)	$84 (+75.2%)	0.0%	$25.70	-11.4%	COM	260557103
SF	Stifel Financial	454 (+59.9%)	$57 (+76.4%)	0.0%	$114.58	+4.4%	COM	860630102
—	Star Bulk Carriers	2,818 (+62.1%)	$54 (+67.6%)	0.0%	$18.83	—	COM	143816842
MIND	MIND Technology	5,280 (+52.6%)	$46 (+65.8%)	0.0%	$9.35	+7.2%	COM	602566309
YELP	Yelp	36,229 (+1.1%)	$1,101 (-1.5%)	0.4%	$33.11	-6.9%	COM	985817105
DIS	Walt Disney	9,113 (+2.3%)	$1,037 (+1.7%)	0.4%	$83.61	+31.0%	COM	254687106
—	Taylor Morrison Home	783 (+62.1%)	$46 (+44.6%)	0.0%	$63.27	—	COM	87724p106
—	Tri Pointe Homes	2,467 (+31.4%)	$78 (+21.8%)	0.0%	$33.37	—	COM	87265h109
EXE	Expand Energy Corporation	339 (+29.9%)	$37 (+35.0%)	0.0%	$94.16	+17.5%	COM	165167735
—	Verizon Communications	12,175 (+8.0%)	$496 (+0.0%)	0.2%	$42084.09	—	COM	92343v104
—	Meta Platforms	476 (+11.2%)	$314 (-0.0%)	0.1%	$726.92	—	COM	30303m102

Exited Positions (26)

— Mesa Air Group Inc 0.7%

Value ($000) $2,117 Shares 1,628,136 Est. Cost $509.89 Unrealized —

— Eventbrite 0.5%

Value ($000) $1,479 Shares 1,500,000 Est. Cost $0.97 Unrealized —

— iShares MSCI Emerging Markets 0.5%

Value ($000) $1,468 Shares 21,739 Est. Cost $63.14 Unrealized —

— SPDR S&P 600 Small Cap Value ETF 0.2%

Value ($000) $718 Shares 8,105 Est. Cost $40542.63 Unrealized —

— Vital Energy 0.1%

Value ($000) $402 Shares 23,779 Est. Cost $42.52 Unrealized —

— Invesco NASDAQ 100 Trust 0.1%

Value ($000) $243 Shares 617 Est. Cost $403.94 Unrealized —

— McDermott International 0.0%

Value ($000) $108 Shares 5,422 Est. Cost $292.59 Unrealized —

— Hallador Energy 0.0%

Value ($000) $103 Shares 5,244 Est. Cost $8.89 Unrealized —

— A T & T 0.0%

Value ($000) $84 Shares 2,972 Est. Cost $28.94 Unrealized —

— Teekay Tankers 0.0%

Value ($000) $75 Shares 1,478 Est. Cost $48.16 Unrealized —

BVN CIA De Minas Buenventur 0.0%

Value ($000) $70 Shares 2,887 Est. Cost $24.33 Unrealized —

RSG Republic Services 0.0%

Value ($000) $70 Shares 305 Est. Cost $245.13 Unrealized -12.5%

CGAU Centerra Gold 0.0%

Value ($000) $66 Shares 6,124 Est. Cost $6.02 Unrealized +107.8%

SPGI S&P Global Inc 0.0%

Value ($000) $56 Shares 115 Est. Cost $533.84 Unrealized -7.4%

— Health Care Select Sector SPDR 0.0%

Value ($000) $53 Shares 379 Est. Cost $134.79 Unrealized —

TDG TransDigm Group 0.0%

Value ($000) $41 Shares 31 Est. Cost $1364.80 Unrealized -4.0%

— Energy Select Sector SPDR 0.0%

Value ($000) $39 Shares 432 Est. Cost $84.81 Unrealized —

— Berry Corp 0.0%

Value ($000) $32 Shares 8,455 Est. Cost $3.21 Unrealized —

— Ardmore Shiipping Corp 0.0%

Value ($000) $31 Shares 2,602 Est. Cost $9.79 Unrealized —

— Bunge Ltd 0.0%

Value ($000) $30 Shares 375 Est. Cost $2979.62 Unrealized —

— Ranger Energy Services 0.0%

Value ($000) $28 Shares 1,979 Est. Cost $14.19 Unrealized —

— Tenaris SA 0.0%

Value ($000) $28 Shares 774 Est. Cost $37.40 Unrealized —

— International Seaways Inc 0.0%

Value ($000) $25 Shares 533 Est. Cost $59.13 Unrealized —

— AerCap Holdings NV 0.0%

Value ($000) $22 Shares 180 Est. Cost $93.20 Unrealized —

— Direxion Daily Semiconductor Bear 3x 0.0%

Value ($000) $18 Shares 3,468 Est. Cost $5.17 Unrealized —

— Pacwest Bancorp 0.0%

Value ($000) $6 Shares 250 Est. Cost $24.10 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Mesa Air Group Inc	1,628,136	$2,117	0.7%	$509.89	—	—	590479135
—	Eventbrite	1,500,000	$1,479	0.5%	$0.97	—	—	29975EAB5
—	iShares MSCI Emerging Markets	21,739	$1,468	0.5%	$63.14	—	—	46434g764
—	SPDR S&P 600 Small Cap Value ETF	8,105	$718	0.2%	$40542.63	—	—	78464a300
—	Vital Energy	23,779	$402	0.1%	$42.52	—	—	516806205
—	Invesco NASDAQ 100 Trust	617	$243	0.1%	$403.94	—	—	46090e103
—	McDermott International	5,422	$108	0.0%	$292.59	—	—	220014096
—	Hallador Energy	5,244	$103	0.0%	$8.89	—	—	40609p105
—	A T & T	2,972	$84	0.0%	$28.94	—	—	00206r102
—	Teekay Tankers	1,478	$75	0.0%	$48.16	—	—	y8565n102
BVN	CIA De Minas Buenventur	2,887	$70	0.0%	$24.33	—	—	204448104
RSG	Republic Services	305	$70	0.0%	$245.13	-12.5%	—	760759100
CGAU	Centerra Gold	6,124	$66	0.0%	$6.02	+107.8%	—	152006102
SPGI	S&P Global Inc	115	$56	0.0%	$533.84	-7.4%	—	78409V104
—	Health Care Select Sector SPDR	379	$53	0.0%	$134.79	—	—	81369y209
TDG	TransDigm Group	31	$41	0.0%	$1364.80	-4.0%	—	893641100
—	Energy Select Sector SPDR	432	$39	0.0%	$84.81	—	—	81369y506
—	Berry Corp	8,455	$32	0.0%	$3.21	—	—	08579x101
—	Ardmore Shiipping Corp	2,602	$31	0.0%	$9.79	—	—	y0207t100
—	Bunge Ltd	375	$30	0.0%	$2979.62	—	—	g16962105
—	Ranger Energy Services	1,979	$28	0.0%	$14.19	—	—	75282u104
—	Tenaris SA	774	$28	0.0%	$37.40	—	—	88031m109
—	International Seaways Inc	533	$25	0.0%	$59.13	—	—	y41053102
—	AerCap Holdings NV	180	$22	0.0%	$93.20	—	—	n00985106
—	Direxion Daily Semiconductor Bear 3x	3,468	$18	0.0%	$5.17	—	—	25460g112
—	Pacwest Bancorp	250	$6	0.0%	$24.10	—	—	695263202

Decreased Positions (34)

FMCC Freddie Mac 1.9%

Value ($000) $5,663 (-15.1%) Shares 558,502 (-1.4%) Est. Cost $1.86 Unrealized +452.3%

— The Goldman Sachs Group 2.7%

Value ($000) $7,921 (+9.3%) Shares 9,011 (-1.0%) Est. Cost $180970.84 Unrealized —

— Navios Maritime Partners 1.2%

Value ($000) $3,436 (+15.0%) Shares 65,539 (-1.2%) Est. Cost $26422.54 Unrealized —

— Brighthouse Financial 1.0%

Value ($000) $2,854 (+14.7%) Shares 44,054 (-6.0%) Est. Cost $26913.01 Unrealized —

— Eventbrite 0.3%

Value ($000) $994 (+45.7%) Shares 223,264 (-17.5%) Est. Cost $4.50 Unrealized —

AXP American Express Company 1.1%

Value ($000) $3,238 (+10.2%) Shares 8,752 (-1.1%) Est. Cost $102.15 Unrealized +249.5%

— SPDR Dow Jones Industrial Average 4.1%

Value ($000) $12,178 (+2.4%) Shares 25,340 (-1.2%) Est. Cost $184224.30 Unrealized —

SHW Sherwin-Williams 0.9%

Value ($000) $2,771 (-8.1%) Shares 8,553 (-1.7%) Est. Cost $367.07 Unrealized -9.0%

— Oracle Corporation 0.2%

Value ($000) $446 (-33.0%) Shares 2,287 (-3.4%) Est. Cost $65568.74 Unrealized —

— salesforce.com 0.8%

Value ($000) $2,239 (+10.3%) Shares 8,452 (-1.3%) Est. Cost $220994.62 Unrealized —

NFE New Fortress Energy 0.0%

Value ($000) $67 (-72.8%) Shares 58,750 (-47.3%) Est. Cost $23.24 Unrealized -93.7%

— Palantir Technologies 1.0%

Value ($000) $2,882 (-4.3%) Shares 16,213 (-1.8%) Est. Cost $695.41 Unrealized —

— AMG 0.7%

Value ($000) $2,033 (+6.3%) Shares 27,660 (-7.4%) Est. Cost $48551.97 Unrealized —

NKE Nike 0.2%

Value ($000) $556 (-9.9%) Shares 8,721 (-1.4%) Est. Cost $74.49 Unrealized -12.9%

— Argan 0.0%

Value ($000) $33 (-60.3%) Shares 105 (-65.8%) Est. Cost $37937.36 Unrealized —

— Visa 1.0%

Value ($000) $3,074 (+1.5%) Shares 8,765 (-1.2%) Est. Cost $168787.69 Unrealized —

— Stealthgas 0.0%

Value ($000) $41 (-38.6%) Shares 5,901 (-42.7%) Est. Cost $6.26 Unrealized —

— JPMorgan 1.2%

Value ($000) $3,677 (+0.7%) Shares 11,412 (-1.4%) Est. Cost $70669.05 Unrealized —

— Flagstar Financial 0.7%

Value ($000) $1,996 (-1.2%) Shares 49,842 (-1.7%) Est. Cost $39740.07 Unrealized —

AMR Alpha Metallurgical Resources 0.0%

Value ($000) $136 (+20.0%) Shares 680 (-1.4%) Est. Cost $230.82 Unrealized -25.1%

— Teekay Inc. 0.0%

Value ($000) $57 (-28.3%) Shares 6,259 (-35.0%) Est. Cost $7.09 Unrealized —

FINV FinVolution Group 0.0%

Value ($000) $50 (-30.1%) Shares 9,639 (-1.4%) Est. Cost $6.18 Unrealized —

— The Trade Desk 0.0%

Value ($000) $30 (-31.3%) Shares 782 (-11.3%) Est. Cost $49.01 Unrealized —

MCD McDonald's 1.0%

Value ($000) $2,956 (-0.4%) Shares 9,671 (-1.0%) Est. Cost $121.92 Unrealized +150.2%

— Booking Holdings 0.0%

Value ($000) $59 (-16.1%) Shares 11 (-15.4%) Est. Cost $5789.23 Unrealized —

SPHR Sphere Entertainment Company 0.0%

Value ($000) $45 (-17.9%) Shares 477 (-46.3%) Est. Cost $43.04 Unrealized +77.0%

GSL Global Ship Lease 0.0%

Value ($000) $88 (+12.0%) Shares 2,512 (-1.8%) Est. Cost $24.57 Unrealized +32.2%

MOMO Hello Group 0.0%

Value ($000) $51 (-13.2%) Shares 7,714 (-1.7%) Est. Cost $7.61 Unrealized —

— Shenandoah Telecommunications 0.0%

Value ($000) $33 (-15.7%) Shares 2,853 (-2.1%) Est. Cost $14.11 Unrealized —

— Uniti Group 0.0%

Value ($000) $39 (+8.6%) Shares 5,499 (-5.2%) Est. Cost $14692.06 Unrealized —

F Ford 0.0%

Value ($000) $84 (+3.7%) Shares 6,383 (-5.5%) Est. Cost $11.33 Unrealized +13.3%

— Devon Energy Corporation 0.0%

Value ($000) $111 (+2.1%) Shares 3,021 (-2.3%) Est. Cost $32805.00 Unrealized —

— Danaos Corp 0.0%

Value ($000) $57 (+2.5%) Shares 607 (-2.3%) Est. Cost $74.68 Unrealized —

AGRO Adecoagro SA 0.0%

Value ($000) $39 (-1.2%) Shares 4,880 (-2.3%) Est. Cost $10.11 Unrealized -22.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FMCC	Freddie Mac	558,502 (-1.4%)	$5,663 (-15.1%)	1.9%	$1.86	+452.3%	COM	313400301
—	The Goldman Sachs Group	9,011 (-1.0%)	$7,921 (+9.3%)	2.7%	$180970.84	—	COM	38141g104
—	Navios Maritime Partners	65,539 (-1.2%)	$3,436 (+15.0%)	1.2%	$26422.54	—	COM	y62267102
—	Brighthouse Financial	44,054 (-6.0%)	$2,854 (+14.7%)	1.0%	$26913.01	—	COM	10922n103
—	Eventbrite	223,264 (-17.5%)	$994 (+45.7%)	0.3%	$4.50	—	COM	29975e109
AXP	American Express Company	8,752 (-1.1%)	$3,238 (+10.2%)	1.1%	$102.15	+249.5%	COM	025816109
—	SPDR Dow Jones Industrial Average	25,340 (-1.2%)	$12,178 (+2.4%)	4.1%	$184224.30	—	COM	78467x109
SHW	Sherwin-Williams	8,553 (-1.7%)	$2,771 (-8.1%)	0.9%	$367.07	-9.0%	COM	824348106
—	Oracle Corporation	2,287 (-3.4%)	$446 (-33.0%)	0.2%	$65568.74	—	COM	68389x105
—	salesforce.com	8,452 (-1.3%)	$2,239 (+10.3%)	0.8%	$220994.62	—	COM	79466l302
NFE	New Fortress Energy	58,750 (-47.3%)	$67 (-72.8%)	0.0%	$23.24	-93.7%	COM	644393100
—	Palantir Technologies	16,213 (-1.8%)	$2,882 (-4.3%)	1.0%	$695.41	—	COM	69608a109
—	AMG	27,660 (-7.4%)	$2,033 (+6.3%)	0.7%	$48551.97	—	CONV PREF	00170F209
NKE	Nike	8,721 (-1.4%)	$556 (-9.9%)	0.2%	$74.49	-12.9%	COM	654106103
—	Argan	105 (-65.8%)	$33 (-60.3%)	0.0%	$37937.36	—	COM	04010e109
—	Visa	8,765 (-1.2%)	$3,074 (+1.5%)	1.0%	$168787.69	—	COM	92826c839
—	Stealthgas	5,901 (-42.7%)	$41 (-38.6%)	0.0%	$6.26	—	COM	y81669106
—	JPMorgan	11,412 (-1.4%)	$3,677 (+0.7%)	1.2%	$70669.05	—	COM	46625h100
—	Flagstar Financial	49,842 (-1.7%)	$1,996 (-1.2%)	0.7%	$39740.07	—	CONV PREF	64944p307
AMR	Alpha Metallurgical Resources	680 (-1.4%)	$136 (+20.0%)	0.0%	$230.82	-25.1%	COM	020764106
—	Teekay Inc.	6,259 (-35.0%)	$57 (-28.3%)	0.0%	$7.09	—	COM	y8564w103
FINV	FinVolution Group	9,639 (-1.4%)	$50 (-30.1%)	0.0%	$6.18	—	COM	31810T101
—	The Trade Desk	782 (-11.3%)	$30 (-31.3%)	0.0%	$49.01	—	COM	88339j105
MCD	McDonald's	9,671 (-1.0%)	$2,956 (-0.4%)	1.0%	$121.92	+150.2%	COM	580135101
—	Booking Holdings	11 (-15.4%)	$59 (-16.1%)	0.0%	$5789.23	—	COM	09857l108
SPHR	Sphere Entertainment Company	477 (-46.3%)	$45 (-17.9%)	0.0%	$43.04	+77.0%	COM	55826T102
GSL	Global Ship Lease	2,512 (-1.8%)	$88 (+12.0%)	0.0%	$24.57	+32.2%	COM	Y27183600
MOMO	Hello Group	7,714 (-1.7%)	$51 (-13.2%)	0.0%	$7.61	—	COM	423403104
—	Shenandoah Telecommunications	2,853 (-2.1%)	$33 (-15.7%)	0.0%	$14.11	—	COM	83212B106
—	Uniti Group	5,499 (-5.2%)	$39 (+8.6%)	0.0%	$14692.06	—	COM	91325v108
F	Ford	6,383 (-5.5%)	$84 (+3.7%)	0.0%	$11.33	+13.3%	COM	345370860
—	Devon Energy Corporation	3,021 (-2.3%)	$111 (+2.1%)	0.0%	$32805.00	—	COM	25179m103
—	Danaos Corp	607 (-2.3%)	$57 (+2.5%)	0.0%	$74.68	—	COM	y1968p121
AGRO	Adecoagro SA	4,880 (-2.3%)	$39 (-1.2%)	0.0%	$10.11	-22.3%	COM	L00849106

Unchanged Positions (147)

MOFG MidWest One Financial 1.0%

Value ($000) $2,935 Shares 76,223 Est. Cost $24.63 Unrealized +48.0%

AMGN Amgen Inc 1.5%

Value ($000) $4,317 Shares 13,190 Est. Cost $206.89 Unrealized +52.7%

— Antero Midstream 1.7%

Value ($000) $4,982 Shares 280,072 Est. Cost $3264.18 Unrealized —

— SB Financial Group 1.2%

Value ($000) $3,494 Shares 156,910 Est. Cost $9433.44 Unrealized —

C Citigroup 1.1%

Value ($000) $3,388 Shares 29,032 Est. Cost $45.53 Unrealized +127.6%

MSFT Microsoft Corporation 1.7%

Value ($000) $5,140 Shares 10,629 Est. Cost $83.50 Unrealized +499.5%

AAPL Apple 1.8%

Value ($000) $5,433 Shares 19,984 Est. Cost $105.73 Unrealized +153.8%

NTGR NETGEAR 0.4%

Value ($000) $1,172 Shares 47,766 Est. Cost $25.97 Unrealized +10.8%

— Targa Resources Corp 1.4%

Value ($000) $4,161 Shares 22,554 Est. Cost $42942.00 Unrealized —

— Mechanics Bancorp 1.1%

Value ($000) $3,370 Shares 230,329 Est. Cost $13.31 Unrealized —

— SSR Mining 1.1%

Value ($000) $3,264 Shares 2,505,000 Est. Cost $0.96 Unrealized —

GEL Genesis Energy 1.3%

Value ($000) $3,710 Shares 237,847 Est. Cost $12358.96 Unrealized —

WMB Williams Companies 1.6%

Value ($000) $4,751 Shares 79,043 Est. Cost $19.48 Unrealized +208.3%

JNJ Johnson & Johnson 0.8%

Value ($000) $2,341 Shares 11,310 Est. Cost $91.38 Unrealized +115.6%

— Alliance Resource Partners 1.0%

Value ($000) $3,006 Shares 129,423 Est. Cost $16554.26 Unrealized —

— MPLX 1.5%

Value ($000) $4,315 Shares 80,850 Est. Cost $31938.91 Unrealized —

— WisdomTree Investments 0.7%

Value ($000) $1,992 Shares 1,695,000 Est. Cost $905.62 Unrealized —

— Primis Financial 0.3%

Value ($000) $949 Shares 68,216 Est. Cost $13727.73 Unrealized —

PEBK Peoples Bancorp 0.4%

Value ($000) $1,263 Shares 34,889 Est. Cost $15.96 Unrealized +101.7%

HWBK Hawthorn Bancshares 0.6%

Value ($000) $1,666 Shares 47,764 Est. Cost $18.13 Unrealized +76.5%

— Talos Energy 0.5%

Value ($000) $1,385 Shares 125,639 Est. Cost $13323.29 Unrealized —

PKBK Parke Bancorp 0.4%

Value ($000) $1,251 Shares 49,941 Est. Cost $11.21 Unrealized +99.5%

UBOH United Bancshares 0.3%

Value ($000) $992 Shares 22,302 Est. Cost $15408.06 Unrealized -99.8%

CZWI Citizens Community Bancorp 0.5%

Value ($000) $1,628 Shares 91,347 Est. Cost $11.66 Unrealized +43.0%

— Banc of California 0.4%

Value ($000) $1,098 Shares 56,942 Est. Cost $1257.54 Unrealized —

NMIH NMI Holdings 0.9%

Value ($000) $2,615 Shares 64,116 Est. Cost $11.19 Unrealized +237.7%

FNMA Federal National Mortgage Association 0.4%

Value ($000) $1,217 Shares 113,388 Est. Cost $1.42 Unrealized +668.9%

— Freddie Mac 0.8%

Value ($000) $2,333 Shares 179,580 Est. Cost $3742.59 Unrealized —

— Kimball Electronics 0.6%

Value ($000) $1,872 Shares 67,305 Est. Cost $10448.30 Unrealized —

BAC Bank of America 0.7%

Value ($000) $2,120 Shares 38,548 Est. Cost $13.07 Unrealized +302.9%

— Customers Bancorp 0.4%

Value ($000) $1,273 Shares 17,405 Est. Cost $30005.02 Unrealized —

TBCH Turtle Beach 0.3%

Value ($000) $905 Shares 64,495 Est. Cost $15.54 Unrealized -4.3%

PG Procter & Gamble 0.5%

Value ($000) $1,504 Shares 10,498 Est. Cost $78.61 Unrealized +87.2%

— UnitedHealth Group 1.0%

Value ($000) $3,068 Shares 9,294 Est. Cost $143914.42 Unrealized —

CLF Cleveland-Cliffs 0.5%

Value ($000) $1,455 Shares 109,547 Est. Cost $9.84 Unrealized +28.3%

— Hertz Global Holdings 0.1%

Value ($000) $298 Shares 111,275 Est. Cost $4.66 Unrealized —

CIVB Civista Bancshares 0.4%

Value ($000) $1,312 Shares 59,030 Est. Cost $9.47 Unrealized +131.0%

FLG Flagstar Financial Inc. 0.5%

Value ($000) $1,363 Shares 108,245 Est. Cost $11.06 Unrealized +8.1%

— First US Bancshares 0.3%

Value ($000) $780 Shares 55,806 Est. Cost $10213.40 Unrealized —

LZB La-Z-Boy 0.4%

Value ($000) $1,292 Shares 34,660 Est. Cost $30.70 Unrealized +14.1%

— Energy Transfer 1.0%

Value ($000) $3,053 Shares 185,133 Est. Cost $8618.72 Unrealized —

JXN Jackson Financial 0.7%

Value ($000) $1,950 Shares 18,285 Est. Cost $67.41 Unrealized +46.7%

— Expro Group Holdings 0.3%

Value ($000) $967 Shares 72,435 Est. Cost $13814.89 Unrealized —

CCNE CNB Financial 0.4%

Value ($000) $1,312 Shares 50,124 Est. Cost $24.40 Unrealized +3.5%

WMT Wal-Mart Stores 0.5%

Value ($000) $1,339 Shares 12,017 Est. Cost $32.62 Unrealized +228.7%

— Coupa Software Inc 0.2%

Value ($000) $485 Shares 500,000 Est. Cost $839.00 Unrealized —

— Kearny Financial 0.3%

Value ($000) $749 Shares 101,080 Est. Cost $6.26 Unrealized —

WLKP Westlake Chemical Partners 0.2%

Value ($000) $740 Shares 38,942 Est. Cost $19814.34 Unrealized —

— Sunoco 0.7%

Value ($000) $2,151 Shares 41,051 Est. Cost $58.06 Unrealized —

— Deutsche Bank 0.3%

Value ($000) $960 Shares 24,900 Est. Cost $9253.74 Unrealized —

UNTC Unit Corp 0.9%

Value ($000) $2,747 Shares 89,040 Est. Cost $7499.26 Unrealized -99.6%

— Renasant Corp 0.5%

Value ($000) $1,514 Shares 42,976 Est. Cost $35.93 Unrealized —

— Vaalco Energy 0.3%

Value ($000) $753 Shares 206,817 Est. Cost $1770.00 Unrealized —

— Eagle Bancorp Montana 0.2%

Value ($000) $514 Shares 25,814 Est. Cost $17354.93 Unrealized —

— Arcbest 0.4%

Value ($000) $1,049 Shares 14,145 Est. Cost $32146.82 Unrealized —

CFG Citizens Financial Group 0.2%

Value ($000) $681 Shares 11,657 Est. Cost $19.06 Unrealized +181.1%

FCCO First Community Corp 0.5%

Value ($000) $1,373 Shares 46,302 Est. Cost $8.74 Unrealized +221.8%

— Innoviva 0.4%

Value ($000) $1,247 Shares 1,227,000 Est. Cost $0.88 Unrealized —

UNTCW Unit Corp 0.1%

Value ($000) $334 Shares 142,938 Est. Cost $908.36 Unrealized —

— Truist Financial 0.2%

Value ($000) $665 Shares 13,520 Est. Cost $28656.92 Unrealized —

EPD Enterprise Products Partners 1.0%

Value ($000) $2,850 Shares 88,894 Est. Cost $25312.07 Unrealized —

ORRF Orrstow Financial Services 0.4%

Value ($000) $1,106 Shares 31,230 Est. Cost $31.53 Unrealized +9.5%

— Delek Logistics Partners 0.5%

Value ($000) $1,474 Shares 33,044 Est. Cost $21065.57 Unrealized —

— Kinder Morgan 0.5%

Value ($000) $1,379 Shares 50,159 Est. Cost $14882.82 Unrealized —

— First United Corp 0.7%

Value ($000) $2,208 Shares 58,976 Est. Cost $14549.74 Unrealized —

— MGP Ingredients 0.9%

Value ($000) $2,806 Shares 2,905,000 Est. Cost $0.94 Unrealized —

CWBC Community West Bancshares 0.2%

Value ($000) $493 Shares 21,906 Est. Cost $16.78 Unrealized +29.7%

— Peoples Financial 0.3%

Value ($000) $987 Shares 48,476 Est. Cost $11784.47 Unrealized —

PAMT PAM Transporation Services 0.2%

Value ($000) $696 Shares 57,585 Est. Cost $22.66 Unrealized -53.3%

KO The Coca-Cola Company 0.2%

Value ($000) $681 Shares 9,743 Est. Cost $35.41 Unrealized +96.0%

THFF The First Financial Corp 0.2%

Value ($000) $495 Shares 8,190 Est. Cost $34.15 Unrealized +67.1%

— Kratos 0.1%

Value ($000) $152 Shares 2,000 Est. Cost $24.04 Unrealized —

BA The Boeing Company 0.7%

Value ($000) $2,103 Shares 9,688 Est. Cost $151.69 Unrealized +35.6%

— Burke & Herbert Financial Services 0.9%

Value ($000) $2,697 Shares 43,289 Est. Cost $50.98 Unrealized —

FITB Fifth Third Bancorp 0.2%

Value ($000) $544 Shares 11,625 Est. Cost $16.42 Unrealized +165.8%

OKE ONEOK 1.5%

Value ($000) $4,293 Shares 58,410 Est. Cost $25.52 Unrealized +176.1%

ZION Zions Bancorp 0.3%

Value ($000) $775 Shares 13,244 Est. Cost $30.00 Unrealized +81.5%

— Macy's 0.0%

Value ($000) $137 Shares 6,199 Est. Cost $14.23 Unrealized —

— Jetblue Airways 0.6%

Value ($000) $1,672 Shares 1,705,000 Est. Cost $710.00 Unrealized —

— The Cheesecake Factory 0.6%

Value ($000) $1,707 Shares 1,745,000 Est. Cost $0.99 Unrealized —

ONB Old National Bancorp 0.4%

Value ($000) $1,266 Shares 56,751 Est. Cost $13.77 Unrealized +56.5%

OCFC OceanFirst Financial 0.3%

Value ($000) $920 Shares 51,240 Est. Cost $16.65 Unrealized +10.6%

— Alerus Financial 0.4%

Value ($000) $1,103 Shares 48,999 Est. Cost $19.24 Unrealized —

— Sounds Financial 0.1%

Value ($000) $313 Shares 7,180 Est. Cost $30690.07 Unrealized —

— QCR Holdings 0.1%

Value ($000) $185 Shares 2,222 Est. Cost $15406.61 Unrealized —

— Banc of California 0.5%

Value ($000) $1,378 Shares 54,734 Est. Cost $23.22 Unrealized —

— LCI Industries 0.4%

Value ($000) $1,181 Shares 1,205,000 Est. Cost $0.84 Unrealized —

— Hovnanian 0.7%

Value ($000) $2,167 Shares 105,000 Est. Cost $20.78 Unrealized —

— SandRidge Energy 0.0%

Value ($000) $67 Shares 4,640 Est. Cost $12868.74 Unrealized —

SFM Sprouts Farmers Market 0.0%

Value ($000) $40 Shares 500 Est. Cost $24.54 Unrealized +265.7%

HESM Hess Midstream Partners 1.0%

Value ($000) $3,092 Shares 89,625 Est. Cost $16.09 Unrealized +102.7%

— Hope Bancorp 0.3%

Value ($000) $776 Shares 70,780 Est. Cost $12464.78 Unrealized —

TSM Taiwan Semiconductor Manufacturing 0.1%

Value ($000) $159 Shares 524 Est. Cost $80.53 Unrealized —

CTRA Coterra Energy 0.0%

Value ($000) $126 Shares 4,786 Est. Cost $24.80 Unrealized +1.2%

— Zim Integrated Shipping 0.0%

Value ($000) $34 Shares 1,608 Est. Cost $13.55 Unrealized —

HGTXU Hugoton Royalty Trust 0.0%

Value ($000) $109 Shares 370,194 Est. Cost $0.51 Unrealized —

AZN Astrazeneca 0.0%

Value ($000) $74 Shares 800 Est. Cost $71.57 Unrealized —

— GE Vernova 0.1%

Value ($000) $215 Shares 329 Est. Cost $328.93 Unrealized —

— Green Plains 0.5%

Value ($000) $1,339 Shares 1,400,000 Est. Cost $0.83 Unrealized —

— XPLR Infrastructure 0.1%

Value ($000) $375 Shares 37,528 Est. Cost $29.72 Unrealized —

— Uber Technologies 0.0%

Value ($000) $47 Shares 580 Est. Cost $75.16 Unrealized —

— General Electric Company 0.2%

Value ($000) $463 Shares 1,501 Est. Cost $200.21 Unrealized —

— Fannie Mae 0.0%

Value ($000) $91 Shares 6,000 Est. Cost $8438.33 Unrealized —

— Western Midstream 0.9%

Value ($000) $2,642 Shares 66,896 Est. Cost $24753.72 Unrealized —

— Bill.com Holdings 0.2%

Value ($000) $473 Shares 500,000 Est. Cost $795.32 Unrealized —

— BancFirst Corporation 0.0%

Value ($000) $38 Shares 360 Est. Cost $126.45 Unrealized —

— Nvidia 0.9%

Value ($000) $2,803 Shares 15,031 Est. Cost $134.17 Unrealized —

— Blackline Corp 0.2%

Value ($000) $494 Shares 500,000 Est. Cost $845.00 Unrealized —

FNB F.N.B. Corporation 0.0%

Value ($000) $121 Shares 7,068 Est. Cost $8.20 Unrealized +98.4%

AAL American Airlines Group 0.0%

Value ($000) $25 Shares 1,635 Est. Cost $31.60 Unrealized -57.3%

HWC Hancock Whitney Corporation 0.1%

Value ($000) $397 Shares 6,232 Est. Cost $38.02 Unrealized +59.8%

— ProShares S&P 500 Dividend Aristocrat 0.2%

Value ($000) $662 Shares 6,361 Est. Cost $21268.12 Unrealized —

NEM Newmont Mining 0.0%

Value ($000) $40 Shares 400 Est. Cost $43.26 Unrealized +108.5%

CVBF CVB Financial 0.1%

Value ($000) $368 Shares 19,803 Est. Cost $18.69 Unrealized +1.3%

— Monday.com 0.0%

Value ($000) $18 Shares 122 Est. Cost $193.69 Unrealized —

PFS Providient Financial Services 0.1%

Value ($000) $228 Shares 11,563 Est. Cost $13.26 Unrealized +43.4%

— Tecnoglass 0.0%

Value ($000) $16 Shares 315 Est. Cost $66.91 Unrealized —

— Shake Shack Inc 0.6%

Value ($000) $1,653 Shares 1,755,000 Est. Cost $660.27 Unrealized —

— Pinterest 0.0%

Value ($000) $21 Shares 798 Est. Cost $39.37 Unrealized —

PAA Plains All American Pipeline 0.0%

Value ($000) $100 Shares 5,560 Est. Cost $40321.39 Unrealized —

MBGYY Mercedes 0.0%

Value ($000) $35 Shares 2,000 Est. Cost $15.71 Unrealized —

— Scorpio Tankers 0.0%

Value ($000) $35 Shares 694 Est. Cost $37.58 Unrealized —

— BW LPG Limited 0.0%

Value ($000) $40 Shares 3,028 Est. Cost $14.28 Unrealized —

GEHC GE Healthcare Technologies 0.0%

Value ($000) $43 Shares 521 Est. Cost $84.84 Unrealized -8.2%

TIP iShares Barclays TIPS Bond 0.1%

Value ($000) $223 Shares 2,029 Est. Cost $95436.67 Unrealized —

NOG Northern Oil and Gas 0.0%

Value ($000) $20 Shares 929 Est. Cost $34.27 Unrealized -34.5%

— Academy Sports 0.5%

Value ($000) $1,466 Shares 29,342 Est. Cost $29936.18 Unrealized —

— Okta Inc 0.2%

Value ($000) $488 Shares 500,000 Est. Cost $975.00 Unrealized —

CVGI Commercial Vehicle Group 0.0%

Value ($000) $15 Shares 10,297 Est. Cost $1.22 Unrealized +30.9%

WING Wingstop 0.0%

Value ($000) $45 Shares 187 Est. Cost $310.70 Unrealized -20.3%

— Direxion Daily Emerging Markets 3X Bull 0.0%

Value ($000) $36 Shares 657 Est. Cost $39.14 Unrealized —

DKS Dicks Sporting Goods 0.0%

Value ($000) $19 Shares 94 Est. Cost $182.31 Unrealized +19.1%

— Genco Shipping 0.0%

Value ($000) $57 Shares 3,100 Est. Cost $4051.70 Unrealized —

SSRM SSR Mining 0.0%

Value ($000) $14 Shares 630 Est. Cost $16.92 Unrealized +31.5%

PEBO Peoples Bancorp 0.4%

Value ($000) $1,110 Shares 36,977 Est. Cost $30.17 Unrealized -1.5%

— EOG Resources 0.0%

Value ($000) $21 Shares 200 Est. Cost $112.12 Unrealized —

— Fortinet 0.0%

Value ($000) $24 Shares 299 Est. Cost $84.08 Unrealized —

— Meritage Homes Corporation 0.0%

Value ($000) $13 Shares 200 Est. Cost $72.43 Unrealized —

COLB Columbia Banking System 0.0%

Value ($000) $17 Shares 592 Est. Cost $19.53 Unrealized +37.5%

— Mastercard 0.1%

Value ($000) $228 Shares 400 Est. Cost $561.94 Unrealized —

— SuRo Capital 0.0%

Value ($000) $13 Shares 1,329 Est. Cost $9.00 Unrealized —

— EQT Corp 0.0%

Value ($000) $38 Shares 700 Est. Cost $54.45 Unrealized —

CALF Pacer US Small Cap Cash Cows 0.0%

Value ($000) $40 Shares 898 Est. Cost $48.24 Unrealized —

EZPW EZCORP 0.0%

Value ($000) $19 Shares 1,000 Est. Cost $15.67 Unrealized +20.3%

SCHP Schwab US TIPS ETF 0.0%

Value ($000) $8 Shares 308 Est. Cost $26.95 Unrealized —

— Iridium Communications 0.0%

Value ($000) $18 Shares 1,051 Est. Cost $17.46 Unrealized —

— Jackson Financial 0.0%

Value ($000) $57 Shares 2,200 Est. Cost $25.75 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MOFG	MidWest One Financial	76,223	$2,935	1.0%	$24.63	+48.0%	COM	598511103
AMGN	Amgen Inc	13,190	$4,317	1.5%	$206.89	+52.7%	COM	031162100
—	Antero Midstream	280,072	$4,982	1.7%	$3264.18	—	COM	03676b102
—	SB Financial Group	156,910	$3,494	1.2%	$9433.44	—	COM	78408d105
C	Citigroup	29,032	$3,388	1.1%	$45.53	+127.6%	COM	172967424
MSFT	Microsoft Corporation	10,629	$5,140	1.7%	$83.50	+499.5%	COM	594918104
AAPL	Apple	19,984	$5,433	1.8%	$105.73	+153.8%	COM	037833100
NTGR	NETGEAR	47,766	$1,172	0.4%	$25.97	+10.8%	COM	64111Q104
—	Targa Resources Corp	22,554	$4,161	1.4%	$42942.00	—	COM	87612g101
—	Mechanics Bancorp	230,329	$3,370	1.1%	$13.31	—	COM	43785v102
—	SSR Mining	2,505,000	$3,264	1.1%	$0.96	—	CONV BOND	784730AB9
GEL	Genesis Energy	237,847	$3,710	1.3%	$12358.96	—	COM	371927104
WMB	Williams Companies	79,043	$4,751	1.6%	$19.48	+208.3%	COM	969457100
JNJ	Johnson & Johnson	11,310	$2,341	0.8%	$91.38	+115.6%	COM	478160104
—	Alliance Resource Partners	129,423	$3,006	1.0%	$16554.26	—	COM	01877r108
—	MPLX	80,850	$4,315	1.5%	$31938.91	—	COM	55336v100
—	WisdomTree Investments	1,695,000	$1,992	0.7%	$905.62	—	CONV BOND	97717PAD6
—	Primis Financial	68,216	$949	0.3%	$13727.73	—	COM	74167b109
PEBK	Peoples Bancorp	34,889	$1,263	0.4%	$15.96	+101.7%	COM	710577107
HWBK	Hawthorn Bancshares	47,764	$1,666	0.6%	$18.13	+76.5%	COM	420476103
—	Talos Energy	125,639	$1,385	0.5%	$13323.29	—	COM	87484t108
PKBK	Parke Bancorp	49,941	$1,251	0.4%	$11.21	+99.5%	COM	700885106
UBOH	United Bancshares	22,302	$992	0.3%	$15408.06	-99.8%	COM	909458101
CZWI	Citizens Community Bancorp	91,347	$1,628	0.5%	$11.66	+43.0%	COM	174903104
—	Banc of California	56,942	$1,098	0.4%	$1257.54	—	COM	05990k106
NMIH	NMI Holdings	64,116	$2,615	0.9%	$11.19	+237.7%	COM	629209305
FNMA	Federal National Mortgage Association	113,388	$1,217	0.4%	$1.42	+668.9%	COM	313586109
—	Freddie Mac	179,580	$2,333	0.8%	$3742.59	—	PREF STK	313400640
—	Kimball Electronics	67,305	$1,872	0.6%	$10448.30	—	COM	49428j109
BAC	Bank of America	38,548	$2,120	0.7%	$13.07	+302.9%	COM	060505104
—	Customers Bancorp	17,405	$1,273	0.4%	$30005.02	—	COM	23204g100
TBCH	Turtle Beach	64,495	$905	0.3%	$15.54	-4.3%	COM	900450206
PG	Procter & Gamble	10,498	$1,504	0.5%	$78.61	+87.2%	COM	742718109
—	UnitedHealth Group	9,294	$3,068	1.0%	$143914.42	—	COM	91324p102
CLF	Cleveland-Cliffs	109,547	$1,455	0.5%	$9.84	+28.3%	COM	185899101
—	Hertz Global Holdings	111,275	$298	0.1%	$4.66	—	WARRANT	42806j148
CIVB	Civista Bancshares	59,030	$1,312	0.4%	$9.47	+131.0%	COM	178867107
FLG	Flagstar Financial Inc.	108,245	$1,363	0.5%	$11.06	+8.1%	COM	649445400
—	First US Bancshares	55,806	$780	0.3%	$10213.40	—	COM	33744v103
LZB	La-Z-Boy	34,660	$1,292	0.4%	$30.70	+14.1%	COM	505336107
—	Energy Transfer	185,133	$3,053	1.0%	$8618.72	—	COM	29273v100
JXN	Jackson Financial	18,285	$1,950	0.7%	$67.41	+46.7%	COM	46817M107
—	Expro Group Holdings	72,435	$967	0.3%	$13814.89	—	COM	n3144w105
CCNE	CNB Financial	50,124	$1,312	0.4%	$24.40	+3.5%	COM	126128107
WMT	Wal-Mart Stores	12,017	$1,339	0.5%	$32.62	+228.7%	COM	931142103
—	Coupa Software Inc	500,000	$485	0.2%	$839.00	—	CONV BOND	22266LAF3
—	Kearny Financial	101,080	$749	0.3%	$6.26	—	COM	48716p108
WLKP	Westlake Chemical Partners	38,942	$740	0.2%	$19814.34	—	COM	960417103
—	Sunoco	41,051	$2,151	0.7%	$58.06	—	COM	86764p109
—	Deutsche Bank	24,900	$960	0.3%	$9253.74	—	COM	d18190898
UNTC	Unit Corp	89,040	$2,747	0.9%	$7499.26	-99.6%	COM	909218406
—	Renasant Corp	42,976	$1,514	0.5%	$35.93	—	COM	75970e107
—	Vaalco Energy	206,817	$753	0.3%	$1770.00	—	COM	91851c201
—	Eagle Bancorp Montana	25,814	$514	0.2%	$17354.93	—	COM	26942g100
—	Arcbest	14,145	$1,049	0.4%	$32146.82	—	COM	03937c105
CFG	Citizens Financial Group	11,657	$681	0.2%	$19.06	+181.1%	COM	174610105
FCCO	First Community Corp	46,302	$1,373	0.5%	$8.74	+221.8%	COM	319835104
—	Innoviva	1,227,000	$1,247	0.4%	$0.88	—	CONV BOND	45781MAD3
UNTCW	Unit Corp	142,938	$334	0.1%	$908.36	—	WARRANT	909218125
—	Truist Financial	13,520	$665	0.2%	$28656.92	—	COM	89832q109
EPD	Enterprise Products Partners	88,894	$2,850	1.0%	$25312.07	—	COM	293792107
ORRF	Orrstow Financial Services	31,230	$1,106	0.4%	$31.53	+9.5%	COM	687380105
—	Delek Logistics Partners	33,044	$1,474	0.5%	$21065.57	—	COM	24664t103
—	Kinder Morgan	50,159	$1,379	0.5%	$14882.82	—	COM	49456b101
—	First United Corp	58,976	$2,208	0.7%	$14549.74	—	COM	33741h107
—	MGP Ingredients	2,905,000	$2,806	0.9%	$0.94	—	CONV BOND	55303JAB2
CWBC	Community West Bancshares	21,906	$493	0.2%	$16.78	+29.7%	COM	203937107
—	Peoples Financial	48,476	$987	0.3%	$11784.47	—	COM	71103b102
PAMT	PAM Transporation Services	57,585	$696	0.2%	$22.66	-53.3%	COM	693149106
KO	The Coca-Cola Company	9,743	$681	0.2%	$35.41	+96.0%	COM	191216100
THFF	The First Financial Corp	8,190	$495	0.2%	$34.15	+67.1%	COM	320218100
—	Kratos	2,000	$152	0.1%	$24.04	—	COM	50077b207
BA	The Boeing Company	9,688	$2,103	0.7%	$151.69	+35.6%	COM	097023105
—	Burke & Herbert Financial Services	43,289	$2,697	0.9%	$50.98	—	COM	12135y108
FITB	Fifth Third Bancorp	11,625	$544	0.2%	$16.42	+165.8%	COM	316773100
OKE	ONEOK	58,410	$4,293	1.5%	$25.52	+176.1%	COM	682680103
ZION	Zions Bancorp	13,244	$775	0.3%	$30.00	+81.5%	COM	989701107
—	Macy's	6,199	$137	0.0%	$14.23	—	COM	55616p104
—	Jetblue Airways	1,705,000	$1,672	0.6%	$710.00	—	CONV BOND	477143AP6
—	The Cheesecake Factory	1,745,000	$1,707	0.6%	$0.99	—	CONV BOND	163072AA9
ONB	Old National Bancorp	56,751	$1,266	0.4%	$13.77	+56.5%	COM	680033107
OCFC	OceanFirst Financial	51,240	$920	0.3%	$16.65	+10.6%	COM	675234108
—	Alerus Financial	48,999	$1,103	0.4%	$19.24	—	COM	01446u103
—	Sounds Financial	7,180	$313	0.1%	$30690.07	—	COM	83607a100
—	QCR Holdings	2,222	$185	0.1%	$15406.61	—	COM	74727a104
—	Banc of California	54,734	$1,378	0.5%	$23.22	—	PREF STK	05990k841
—	LCI Industries	1,205,000	$1,181	0.4%	$0.84	—	CONV BOND	501812AB7
—	Hovnanian	105,000	$2,167	0.7%	$20.78	—	PREF STK	442871112
—	SandRidge Energy	4,640	$67	0.0%	$12868.74	—	COM	80007p869
SFM	Sprouts Farmers Market	500	$40	0.0%	$24.54	+265.7%	COM	85208M102
HESM	Hess Midstream Partners	89,625	$3,092	1.0%	$16.09	+102.7%	COM	428103105
—	Hope Bancorp	70,780	$776	0.3%	$12464.78	—	COM	43940t109
TSM	Taiwan Semiconductor Manufacturing	524	$159	0.1%	$80.53	—	COM	874039100
CTRA	Coterra Energy	4,786	$126	0.0%	$24.80	+1.2%	COM	127097103
—	Zim Integrated Shipping	1,608	$34	0.0%	$13.55	—	COM	m9t951009
HGTXU	Hugoton Royalty Trust	370,194	$109	0.0%	$0.51	—	COM	444717102
AZN	Astrazeneca	800	$74	0.0%	$71.57	—	COM	046353108
—	GE Vernova	329	$215	0.1%	$328.93	—	COM	36828a101
—	Green Plains	1,400,000	$1,339	0.5%	$0.83	—	CONV BOND	393222AK0
—	XPLR Infrastructure	37,528	$375	0.1%	$29.72	—	COM	65341b106
—	Uber Technologies	580	$47	0.0%	$75.16	—	COM	90353t100
—	General Electric Company	1,501	$463	0.2%	$200.21	—	COM	369604103
—	Fannie Mae	6,000	$91	0.0%	$8438.33	—	PREF STK	313586752
—	Western Midstream	66,896	$2,642	0.9%	$24753.72	—	COM	95825r103
—	Bill.com Holdings	500,000	$473	0.2%	$795.32	—	CONV BOND	090043AD2
—	BancFirst Corporation	360	$38	0.0%	$126.45	—	COM	05945f103
—	Nvidia	15,031	$2,803	0.9%	$134.17	—	COM	67066g104
—	Blackline Corp	500,000	$494	0.2%	$845.00	—	CONV BOND	09239BAD1
FNB	F.N.B. Corporation	7,068	$121	0.0%	$8.20	+98.4%	COM	302520101
AAL	American Airlines Group	1,635	$25	0.0%	$31.60	-57.3%	COM	02376R102
HWC	Hancock Whitney Corporation	6,232	$397	0.1%	$38.02	+59.8%	COM	410120109
—	ProShares S&P 500 Dividend Aristocrat	6,361	$662	0.2%	$21268.12	—	COM	74348a467
NEM	Newmont Mining	400	$40	0.0%	$43.26	+108.5%	COM	651639106
CVBF	CVB Financial	19,803	$368	0.1%	$18.69	+1.3%	COM	126600105
—	Monday.com	122	$18	0.0%	$193.69	—	COM	m7s64h106
PFS	Providient Financial Services	11,563	$228	0.1%	$13.26	+43.4%	COM	74386T105
—	Tecnoglass	315	$16	0.0%	$66.91	—	COM	g87264100
—	Shake Shack Inc	1,755,000	$1,653	0.6%	$660.27	—	CONV BOND	819047AB7
—	Pinterest	798	$21	0.0%	$39.37	—	COM	72352l106
PAA	Plains All American Pipeline	5,560	$100	0.0%	$40321.39	—	COM	726503105
MBGYY	Mercedes	2,000	$35	0.0%	$15.71	—	COM	233825207
—	Scorpio Tankers	694	$35	0.0%	$37.58	—	COM	y7542c130
—	BW LPG Limited	3,028	$40	0.0%	$14.28	—	COM	099789646
GEHC	GE Healthcare Technologies	521	$43	0.0%	$84.84	-8.2%	COM	36266G107
TIP	iShares Barclays TIPS Bond	2,029	$223	0.1%	$95436.67	—	COM	464287176
NOG	Northern Oil and Gas	929	$20	0.0%	$34.27	-34.5%	COM	665531307
—	Academy Sports	29,342	$1,466	0.5%	$29936.18	—	COM	00402l107
—	Okta Inc	500,000	$488	0.2%	$975.00	—	CONV BOND	679295AF2
CVGI	Commercial Vehicle Group	10,297	$15	0.0%	$1.22	+30.9%	COM	202608105
WING	Wingstop	187	$45	0.0%	$310.70	-20.3%	COM	974155103
—	Direxion Daily Emerging Markets 3X Bull	657	$36	0.0%	$39.14	—	COM	25459y686
DKS	Dicks Sporting Goods	94	$19	0.0%	$182.31	+19.1%	COM	253393102
—	Genco Shipping	3,100	$57	0.0%	$4051.70	—	COM	y2685t131
SSRM	SSR Mining	630	$14	0.0%	$16.92	+31.5%	COM	784730103
PEBO	Peoples Bancorp	36,977	$1,110	0.4%	$30.17	-1.5%	COM	709789101
—	EOG Resources	200	$21	0.0%	$112.12	—	COM	26875p101
—	Fortinet	299	$24	0.0%	$84.08	—	COM	34959e109
—	Meritage Homes Corporation	200	$13	0.0%	$72.43	—	COM	59001a102
COLB	Columbia Banking System	592	$17	0.0%	$19.53	+37.5%	COM	197236102
—	Mastercard	400	$228	0.1%	$561.94	—	COM	57636q104
—	SuRo Capital	1,329	$13	0.0%	$9.00	—	COM	86887q109
—	EQT Corp	700	$38	0.0%	$54.45	—	COM	26884l109
CALF	Pacer US Small Cap Cash Cows	898	$40	0.0%	$48.24	—	COM	69374H857
EZPW	EZCORP	1,000	$19	0.0%	$15.67	+20.3%	COM	302301106
SCHP	Schwab US TIPS ETF	308	$8	0.0%	$26.95	—	COM	808524870
—	Iridium Communications	1,051	$18	0.0%	$17.46	—	COM	46269c102
—	Jackson Financial	2,200	$57	0.0%	$25.75	—	PREF STK	46817M206