| FFPHFive Point Holdings, LLC Class A | 9.48% | 8,869,613 | $72M | trimmed−1% | +0.52 pp | 17 q |
| BunresolvedBrookfield Asset Mgmt Inc | 5.63% | 834,826 | $43M | trimmed−4% | +0.49 pp | 33 q |
| LLEN.BLennar Corporation Class B | 5.20% | 482,741 | $39M | added0% | −0.05 pp | 19 q |
| PPLDPrologis, Inc. | 4.05% | 255,869 | $31M | trimmed−6% | +0.23 pp | 6 q |
| TTDWTidewater, Inc. | 4.05% | 2,538,973 | $31M | trimmed−0% | −0.17 pp | 16 q |
| HHCCWarrior Met Coal, Inc. | 3.93% | 1,725,285 | $30M | added+25% | +0.79 pp | 15 q |
| RRYNRayonier Inc. | 3.91% | 822,837 | $30M | trimmed−3% | +0.29 pp | 31 q |
| WWYWeyerhaeuser Company | 3.77% | 827,809 | $28M | trimmed−3% | −0.25 pp | 33 q |
| OORIOld Republic International Corporation | 3.66% | 1,110,301 | $28M | trimmed−0% | +0.44 pp | 6 q |
| CCMAComerica Incorporated | 3.51% | 371,544 | $27M | trimmed−0% | −0.03 pp | 33 q |
| UUHALU-Haul Holding Company | 3.34% | 42,824 | $25M | trimmed−3% | −0.22 pp | 15 q |
| HHANHawaiian Holdings Inc | 3.21% | 994,055 | $24M | trimmed−3% | −0.41 pp | 13 q |
L LOWLowe's Companies Inc. | 3.03% | 118,115 | $23M | trimmed−10% | −0.26 pp | 6 q |
| JJBGSJBG SMITH Properties | 2.92% | 700,753 | $22M | trimmed−9% | −0.33 pp | 16 q |
| AAMHAmerican Homes 4 Rent | 2.60% | 506,569 | $20M | added+4% | +0.46 pp | 5 q |
| MMHKMohawk Industries, Inc. | 2.44% | 96,044 | $18M | trimmed−0% | −0.01 pp | 10 q |
| LLAZLazard, Inc. | 2.21% | 368,858 | $17M | held | — | 3 q |
| CCBRECbre Group, Inc. | 1.88% | 165,505 | $14M | trimmed−1% | +0.13 pp | 6 q |
| UUMBFUMB Financial Corp | 1.80% | 146,136 | $14M | held | — | 33 q |
| TTPHSTrinity Place Hldgs Inc | 1.70% | 6,080,226 | $13M | held | — | 22 q |
| EEXPEagle Materials, Inc. | 1.64% | 86,977 | $12M | trimmed−32% | −0.65 pp | 10 q |
| FFNFFidelity National Financial, Inc. | 1.46% | 253,034 | $11M | trimmed−3% | +0.06 pp | 22 q |
| FFRFirst Industrial Realty Trust, Inc. | 1.40% | 203,224 | $11M | trimmed−3% | +0.13 pp | 33 q |
| WWASHWashington Trust Bancorp Inc | 1.24% | 182,745 | $9M | held | — | 5 q |
| VVNOVornado Realty Trust | 1.23% | 198,739 | $9M | trimmed−4% | −0.01 pp | 33 q |
| MMYRGMYR Group, Inc. | 1.22% | 101,309 | $9M | held | — | 23 q |
| EESSEssex Property Trust, Inc | 1.21% | 30,390 | $9M | trimmed−6% | +0.05 pp | 6 q |
| SSEBSeaboard Corporation | 1.20% | 2,336 | $9M | held | — | 22 q |
| LLENLennar Corporation Class A | 1.16% | 90,776 | $9M | trimmed−26% | −0.43 pp | 22 q |
| FFRPHFRP Holdings, Inc. | 1.12% | 152,435 | $8M | added+1% | +0.14 pp | 14 q |
| PPBProsperity Bancshares Inc | 1.03% | 107,928 | $8M | held | — | 30 q |
| IICFIICF International, Inc. | 0.97% | 83,673 | $7M | held | — | 33 q |
| PPRAProAssurance Corporation | 0.89% | 297,038 | $7M | held | — | 3 q |
| KKALUKaiser Aluminum Corporation | 0.85% | 52,160 | $6M | held | — | 33 q |
| SSRGSeritage Growth Properties Class A of beneficial interest, par value $0.01 | 0.84% | 345,015 | $6M | trimmed−23% | −0.25 pp | 14 q |
| SSBSISouthside Bancshares, Inc. | 0.83% | 164,220 | $6M | trimmed−1% | −0.02 pp | 24 q |
| EEMEEMCOR Group, Inc. | 0.75% | 45,788 | $6M | held | — | 33 q |
| HHBBHamilton Beach Brands Holding Company Class A | 0.67% | 227,223 | $5M | held | — | 4 q |
| TTPHTri Pointe Homes, Inc. | 0.66% | 232,961 | $5M | held | — | 18 q |
| BBATRAAtlanta Braves Holdings, Inc. Series A | 0.65% | 174,128 | $5M | held | — | 6 q |
| AALGAlamo Group, Inc. | 0.64% | 31,880 | $5M | held | — | 33 q |
| CCETCentral Securities Corp. | 0.62% | 111,210 | $5M | held | — | 6 q |
| AAAMIAcadian Asset Management Inc. | 0.60% | 193,259 | $5M | held | — | 2 q |
| AATNIATN International, Inc | 0.57% | 93,903 | $4M | held | — | 13 q |
| CCALMCal-Maine Foods Inc | 0.56% | 116,094 | $4M | held | — | 6 q |
| FFIXComfort Systems USA, Inc. | 0.55% | 52,390 | $4M | held | — | 20 q |
| VVCVisteon Corporation | 0.51% | 31,848 | $4M | held | — | 24 q |
| UUNFUnifirst Corp | 0.46% | 14,942 | $4M | held | — | 33 q |
| SSTRSStratus Pptys Inc | 0.42% | 127,562 | $3M | new | +0.42 pp | new |
| MMACThe Macerich Company | 0.40% | 164,679 | $3M | held | — | 26 q |
| DDORMDorman Products, Inc. New | 0.36% | 26,078 | $3M | held | — | 26 q |
| RROICRetail Opportunity Investments Corp. | 0.18% | 75,000 | $1M | held | — | 6 q |
| CCTOCTO Realty Growth, Inc. | 0.14% | 19,293 | $1M | held | — | 2 q |
| PPCHPotlatchDeltic Corporation | 0.14% | 20,000 | $1M | held | — | 6 q |
| SSTCStewart Information Services Corporation | 0.13% | 17,000 | $964,000 | held | — | 6 q |
| RRMRThe RMR Group Inc. Class A | 0.12% | 23,000 | $889,000 | added+64% | +0.04 pp | 6 q |
| NNXRTNexPoint Residential Trust Inc | 0.09% | 13,000 | $715,000 | held | — | 6 q |
| CCIOCity Office REIT, Inc. | 0.08% | 46,000 | $572,000 | held | — | 6 q |
| MMNRMonmouth Real Estate Inv Cor | 0.07% | 30,000 | $562,000 | held | — | 6 q |
| GGRBKGreen Brick Partners, Inc | 0.05% | 16,000 | $364,000 | trimmed−60% | −0.07 pp | 13 q |
| CCTBCooper Tire & Rubber Co. | — | −252,680 | — | exited | −1.87 pp | — |
| FFCNFTI Consulting, Inc. | — | −101 | — | exited | 0.00 pp | — |
