| FFPHFive Point Holdings, LLC Class A | 7.51% | 8,732,674 | $57M | trimmed−2% | −1.87 pp | 19 q |
| HHCCWarrior Met Coal, Inc. | 6.31% | 1,865,239 | $48M | added+8% | +0.89 pp | 17 q |
| LLEN.BLennar Corporation Class B | 6.01% | 478,130 | $46M | trimmed−1% | +0.95 pp | 21 q |
| BunresolvedBrookfield Asset Mgmt Inc | 5.66% | 712,551 | $43M | trimmed−14% | −0.31 pp | 35 q |
| PPLDPrologis, Inc. | 5.57% | 251,587 | $42M | trimmed−1% | +1.26 pp | 8 q |
| CCMAComerica Incorporated | 4.25% | 371,544 | $32M | held | — | 35 q |
| WWYWeyerhaeuser Company | 4.19% | 772,935 | $32M | trimmed−7% | +0.22 pp | 35 q |
| RRYNRayonier Inc. | 4.06% | 765,389 | $31M | trimmed−7% | +0.10 pp | 33 q |
| UUHALU-Haul Holding Company | 4.00% | 41,833 | $30M | trimmed−2% | +0.31 pp | 17 q |
L LOWLowe's Companies Inc. | 3.92% | 115,216 | $30M | trimmed−2% | +0.73 pp | 8 q |
| TTDWTidewater, Inc. | 2.94% | 2,085,705 | $22M | trimmed−11% | −0.87 pp | 18 q |
| AAMHAmerican Homes 4 Rent | 2.88% | 502,586 | $22M | trimmed−1% | +0.29 pp | 7 q |
| OORIOld Republic International Corporation | 2.72% | 841,178 | $21M | trimmed−24% | −0.74 pp | 8 q |
| HHANHawaiian Holdings Inc | 2.37% | 983,052 | $18M | trimmed−1% | −0.53 pp | 15 q |
| CCBRECbre Group, Inc. | 2.34% | 163,878 | $18M | trimmed−2% | +0.15 pp | 8 q |
| LLAZLazard, Inc. | 2.12% | 368,858 | $16M | held | — | 5 q |
| IIVTInvenTrust Properties Corp. | 1.81% | 503,945 | $14M | new | +1.81 pp | new |
| UUMBFUMB Financial Corp | 1.81% | 129,469 | $14M | trimmed−11% | −0.09 pp | 35 q |
| FFRFirst Industrial Realty Trust, Inc. | 1.74% | 199,779 | $13M | trimmed−2% | +0.32 pp | 35 q |
| FFNFFidelity National Financial, Inc. | 1.71% | 248,971 | $13M | trimmed−2% | +0.16 pp | 24 q |
| TTPHSTrinity Place Hldgs Inc | 1.58% | 6,514,436 | $12M | added+7% | −0.02 pp | 24 q |
| MMYRGMYR Group, Inc. | 1.47% | 101,187 | $11M | trimmed−0% | +0.11 pp | 25 q |
| VVALValaris Limited | 1.47% | 310,047 | $11M | held | — | 2 q |
| EESSEssex Property Trust, Inc | 1.38% | 29,879 | $11M | trimmed−2% | +0.07 pp | 8 q |
| WWASHWashington Trust Bancorp Inc | 1.35% | 182,745 | $10M | held | — | 7 q |
| JJBGSJBG SMITH Properties | 1.28% | 339,392 | $10M | trimmed−36% | −0.82 pp | 18 q |
| SSEBSeaboard Corporation | 1.21% | 2,336 | $9M | held | — | 24 q |
| FFRPHFRP Holdings, Inc. | 1.16% | 152,435 | $9M | held | — | 16 q |
| IICFIICF International, Inc. | 1.13% | 83,673 | $9M | held | — | 35 q |
| AAPTSPreferred Apartment Communities, Inc. | 1.08% | 454,411 | $8M | added+76% | +0.66 pp | 2 q |
| PPBProsperity Bancshares Inc | 1.03% | 107,928 | $8M | held | — | 32 q |
| PPRAProAssurance Corporation | 0.99% | 297,038 | $8M | held | — | 5 q |
| SSBSISouthside Bancshares, Inc. | 0.90% | 164,220 | $7M | held | — | 26 q |
| EEMEEMCOR Group, Inc. | 0.77% | 45,788 | $6M | held | — | 35 q |
| TTPHTri Pointe Homes, Inc. | 0.72% | 195,155 | $5M | trimmed−16% | +0.06 pp | 20 q |
| SSTRSStratus Pptys Inc | 0.69% | 142,835 | $5M | added+1% | +0.08 pp | 3 q |
| CCALMCal-Maine Foods Inc | 0.68% | 139,635 | $5M | held | — | 8 q |
| FFIXComfort Systems USA, Inc. | 0.68% | 52,390 | $5M | held | — | 22 q |
| BBATRAAtlanta Braves Holdings, Inc. Series A | 0.66% | 174,128 | $5M | held | — | 8 q |
| CCETCentral Securities Corp. | 0.65% | 111,210 | $5M | held | — | 8 q |
| KKALUKaiser Aluminum Corporation | 0.64% | 52,160 | $5M | held | — | 35 q |
| SSPHRSphere Entertainment Co. | 0.63% | 68,045 | $5M | added×2.5 | +0.36 pp | 2 q |
| AALGAlamo Group, Inc. | 0.62% | 31,880 | $5M | held | — | 35 q |
| HHBBHamilton Beach Brands Holding Company Class A | 0.61% | 325,124 | $5M | added+15% | +0.01 pp | 6 q |
| VVCVisteon Corporation | 0.47% | 31,848 | $4M | held | — | 26 q |
| UUNFUnifirst Corp | 0.41% | 14,942 | $3M | held | — | 35 q |
| DDORMDorman Products, Inc. New | 0.39% | 26,078 | $3M | held | — | 28 q |
| AAAMIAcadian Asset Management Inc. | 0.32% | 94,116 | $2M | trimmed−51% | −0.36 pp | 4 q |
| RROICRetail Opportunity Investments Corp. | 0.19% | 75,000 | $1M | held | — | 8 q |
| SSTCStewart Information Services Corporation | 0.18% | 17,000 | $1M | held | — | 8 q |
| CCTOCTO Realty Growth, Inc. | 0.16% | 19,293 | $1M | held | — | 4 q |
| PPCHPotlatchDeltic Corporation | 0.16% | 20,000 | $1M | held | — | 8 q |
| NNXRTNexPoint Residential Trust Inc | 0.14% | 13,000 | $1M | held | — | 8 q |
| CCTTCatchmark Timber Trust, Inc. | 0.10% | 88,539 | $772,000 | new | +0.10 pp | new |
| RRMRThe RMR Group Inc. Class A | 0.10% | 23,000 | $798,000 | held | — | 8 q |
| GGRBKGreen Brick Partners, Inc | 0.06% | 16,000 | $486,000 | held | — | 15 q |
| WWheeler REIT Incconvertible | 0.02% | 12,000 | $181,000 | new | +0.02 pp | new |
| WWheeler REIT Incconvertible | 0.01% | 12,000 | $81,000 | new | +0.01 pp | new |
| WunresolvedWheeler Real Estate Investment Trust | 0.01% | 40,000 | $78,000 | new | +0.01 pp | new |
| MMHKMohawk Industries, Inc. | — | −66,464 | — | exited | −1.59 pp | — |
| VVNOVornado Realty Trust | — | −193,011 | — | exited | −1.09 pp | — |
| AATNIATN International, Inc | — | −93,903 | — | exited | −0.59 pp | — |
| SSRGSeritage Growth Properties Class A of beneficial interest, par value $0.01 | — | −202,271 | — | exited | −0.40 pp | — |
| MMNRMonmouth Real Estate Inv Cor | — | −30,000 | — | exited | −0.08 pp | — |
