| FFPHFive Point Holdings, LLC Class A | 9.38% | 8,898,419 | $70M | added0% | −0.10 pp | 18 q |
| BunresolvedBrookfield Asset Mgmt Inc | 5.97% | 828,596 | $44M | trimmed−1% | +0.34 pp | 34 q |
| HHCCWarrior Met Coal, Inc. | 5.42% | 1,730,328 | $40M | added0% | +1.49 pp | 16 q |
| LLEN.BLennar Corporation Class B | 5.06% | 484,684 | $38M | added0% | −0.14 pp | 20 q |
| PPLDPrologis, Inc. | 4.31% | 255,401 | $32M | trimmed−0% | +0.26 pp | 7 q |
| CCMAComerica Incorporated | 4.03% | 371,544 | $30M | held | — | 34 q |
| WWYWeyerhaeuser Company | 3.97% | 829,843 | $30M | added0% | +0.20 pp | 34 q |
| RRYNRayonier Inc. | 3.96% | 824,502 | $29M | added0% | +0.05 pp | 32 q |
| TTDWTidewater, Inc. | 3.81% | 2,347,512 | $28M | trimmed−8% | −0.24 pp | 17 q |
| UUHALU-Haul Holding Company | 3.69% | 42,470 | $27M | trimmed−1% | +0.35 pp | 16 q |
| OORIOld Republic International Corporation | 3.46% | 1,110,301 | $26M | held | — | 7 q |
L LOWLowe's Companies Inc. | 3.19% | 116,979 | $24M | trimmed−1% | +0.16 pp | 7 q |
| HHANHawaiian Holdings Inc | 2.90% | 994,055 | $22M | held | — | 14 q |
| AAMHAmerican Homes 4 Rent | 2.59% | 505,645 | $19M | trimmed−0% | −0.01 pp | 6 q |
| LLAZLazard, Inc. | 2.27% | 368,858 | $17M | held | — | 4 q |
| CCBRECbre Group, Inc. | 2.19% | 167,076 | $16M | added+1% | +0.31 pp | 7 q |
| JJBGSJBG SMITH Properties | 2.10% | 527,851 | $16M | trimmed−25% | −0.82 pp | 17 q |
| UUMBFUMB Financial Corp | 1.90% | 146,136 | $14M | held | — | 34 q |
| TTPHSTrinity Place Hldgs Inc | 1.60% | 6,080,226 | $12M | held | — | 23 q |
| MMHKMohawk Industries, Inc. | 1.59% | 66,464 | $12M | trimmed−31% | −0.85 pp | 11 q |
| FFNFFidelity National Financial, Inc. | 1.55% | 253,673 | $12M | added0% | +0.09 pp | 23 q |
| VVALValaris Limited | 1.46% | 310,047 | $11M | new | +1.46 pp | new |
| FFRFirst Industrial Realty Trust, Inc. | 1.42% | 202,857 | $11M | trimmed−0% | +0.02 pp | 34 q |
| MMYRGMYR Group, Inc. | 1.36% | 101,309 | $10M | held | — | 24 q |
| EESSEssex Property Trust, Inc | 1.31% | 30,334 | $10M | trimmed−0% | +0.10 pp | 7 q |
| WWASHWashington Trust Bancorp Inc | 1.30% | 182,745 | $10M | held | — | 6 q |
| SSEBSeaboard Corporation | 1.29% | 2,336 | $10M | held | — | 23 q |
| FFRPHFRP Holdings, Inc. | 1.15% | 152,435 | $9M | held | — | 15 q |
| VVNOVornado Realty Trust | 1.09% | 193,011 | $8M | trimmed−3% | −0.14 pp | 34 q |
| PPBProsperity Bancshares Inc | 1.03% | 107,928 | $8M | held | — | 31 q |
| IICFIICF International, Inc. | 1.01% | 83,673 | $7M | held | — | 34 q |
| PPRAProAssurance Corporation | 0.95% | 297,038 | $7M | held | — | 4 q |
| SSBSISouthside Bancshares, Inc. | 0.85% | 164,220 | $6M | held | — | 25 q |
| KKALUKaiser Aluminum Corporation | 0.76% | 52,160 | $6M | held | — | 34 q |
| EEMEEMCOR Group, Inc. | 0.71% | 45,788 | $5M | held | — | 34 q |
| AAAMIAcadian Asset Management Inc. | 0.68% | 193,259 | $5M | held | — | 3 q |
| CCALMCal-Maine Foods Inc | 0.68% | 139,635 | $5M | added+20% | +0.12 pp | 7 q |
| TTPHTri Pointe Homes, Inc. | 0.66% | 232,961 | $5M | held | — | 19 q |
| CCETCentral Securities Corp. | 0.63% | 111,210 | $5M | held | — | 7 q |
| BBATRAAtlanta Braves Holdings, Inc. Series A | 0.63% | 174,128 | $5M | held | — | 7 q |
| SSTRSStratus Pptys Inc | 0.61% | 141,118 | $5M | added+11% | +0.19 pp | 2 q |
| AALGAlamo Group, Inc. | 0.60% | 31,880 | $4M | held | — | 34 q |
| HHBBHamilton Beach Brands Holding Company Class A | 0.60% | 282,436 | $4M | added+24% | −0.07 pp | 5 q |
| AATNIATN International, Inc | 0.59% | 93,903 | $4M | held | — | 14 q |
| FFIXComfort Systems USA, Inc. | 0.50% | 52,390 | $4M | held | — | 21 q |
| UUNFUnifirst Corp | 0.43% | 14,942 | $3M | held | — | 34 q |
| AAPTSPreferred Apartment Communities, Inc. | 0.42% | 257,713 | $3M | new | +0.42 pp | new |
| SSRGSeritage Growth Properties Class A of beneficial interest, par value $0.01 | 0.40% | 202,271 | $3M | trimmed−41% | −0.44 pp | 15 q |
| VVCVisteon Corporation | 0.40% | 31,848 | $3M | held | — | 25 q |
| DDORMDorman Products, Inc. New | 0.33% | 26,078 | $2M | held | — | 27 q |
| SSPHRSphere Entertainment Co. | 0.27% | 27,448 | $2M | new | +0.27 pp | new |
| RROICRetail Opportunity Investments Corp. | 0.18% | 75,000 | $1M | held | — | 7 q |
| CCTOCTO Realty Growth, Inc. | 0.14% | 19,293 | $1M | held | — | 3 q |
| PPCHPotlatchDeltic Corporation | 0.14% | 20,000 | $1M | held | — | 7 q |
| SSTCStewart Information Services Corporation | 0.14% | 17,000 | $1M | held | — | 7 q |
| NNXRTNexPoint Residential Trust Inc | 0.11% | 13,000 | $805,000 | held | — | 7 q |
| RRMRThe RMR Group Inc. Class A | 0.10% | 23,000 | $770,000 | held | — | 7 q |
| MMNRMonmouth Real Estate Inv Cor | 0.08% | 30,000 | $560,000 | held | — | 7 q |
| GGRBKGreen Brick Partners, Inc | 0.04% | 16,000 | $329,000 | held | — | 14 q |
| EEXPEagle Materials, Inc. | — | −86,977 | — | exited | −1.64 pp | — |
| LLENLennar Corporation Class A | — | −90,776 | — | exited | −1.16 pp | — |
| MMACThe Macerich Company | — | −164,679 | — | exited | −0.40 pp | — |
| CCIOCity Office REIT, Inc. | — | −46,000 | — | exited | −0.08 pp | — |
