Denali Advisors 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
1ST SOURCE CORP	COM	336901103	6,976,020	116,500	SH		SOLE		23,800	0	92,700
ADOBE INC	COM	00724F101	758,031	1,464	SH		SOLE		38	0	1,426
AFLAC INC	COM	001055102	404,828	3,621	SH		SOLE		3,621	0	0
AGNICO EAGLE MINES LTD	COM	008474108	2,752,045	34,131	SH		SOLE		28,407	0	5,724
AIR TRANSPORT SERVICES GRP I	COM	00922R105	1,089,587	67,300	SH		SOLE		14,200	0	53,100
ALBERTSONS COS INC	COMMON STOCK	013091103	789,225	42,707	SH		SOLE		42,707	0	0
ALEXANDERS INC	COM	014752109	6,498,399	26,813	SH		SOLE		3,813	0	23,000
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	550,444	5,187	SH		SOLE		202	0	4,985
ALPHA METALLURGICAL RESOUR I	COM	020764106	5,621,556	23,802	SH		SOLE		4,602	0	19,200
ALPHABET INC	CAP STK CL C	02079K107	19,711,033	117,896	SH		SOLE		40,502	0	77,394
ALPHABET INC	CAP STK CL A	02079K305	1,160,950	7,000	SH		SOLE		7,000	0	0
ALPS ETF TR	ALERIAN MLP	00162Q452	6,977,361	148,045	SH		SOLE		20,399	0	127,646
A-MARK PRECIOUS METALS INC	COM	00181T107	406,272	9,200	SH		SOLE		0	0	9,200
AMAZON COM INC	COM	023135106	22,840,517	122,581	SH		SOLE		48,894	0	73,687
AMC NETWORKS INC	CL A	00164V103	1,956,988	225,200	SH		SOLE		59,000	0	166,200
AMDOCS LTD	SHS	G02602103	710,163	8,118	SH		SOLE		8,118	0	0
AMERICAN INTL GROUP INC	COM NEW	026874784	886,083	12,100	SH		SOLE		12,100	0	0
ANDERSONS INC	COM	034164103	872,436	17,400	SH		SOLE		2,600	0	14,800
APPLE INC	COM	037833100	35,109,372	150,684	SH		SOLE		46,233	0	104,451
APPLIED MATLS INC	COM	038222105	2,283,880	11,303	SH		SOLE		351	0	10,952
ARCH CAP GROUP LTD	ORD	G0450A105	909,249	8,127	SH		SOLE		8,127	0	0
ARCH RESOURCES INC	CL A	03940R107	3,799,400	27,500	SH		SOLE		7,500	0	20,000
ARCHER DANIELS MIDLAND CO	COM	039483102	503,011	8,420	SH		SOLE		8,420	0	0
ARES CAPITAL CORP	COM	04010L103	13,057,566	623,570	SH		SOLE		17,462	0	606,108
ARISTA NETWORKS INC	COM	040413106	5,642,922	14,702	SH		SOLE		9,027	0	5,675
ARMADA HOFFLER PPTYS INC	COM	04208T108	427,785	39,500	SH		SOLE		6,200	0	33,300
ARROW ELECTRS INC	COM	042735100	453,216	3,412	SH		SOLE		3,412	0	0
ASML HOLDING N V	N Y REGISTRY SHS	N07059210	414,959	498	SH		SOLE		8	0	490
ASTRAZENECA PLC	SPONSORED ADR	046353108	1,095,337	14,059	SH		SOLE		1,395	0	12,664
AT&T INC	COM	00206R102	1,697,014	77,137	SH		SOLE		6,913	0	70,224
ATKORE INC	COM	047649108	4,626,804	54,600	SH		SOLE		11,100	0	43,500
BAIN CAP SPECIALTY FIN INC	COM STK	05684B107	671,204	40,434	SH		SOLE		0	0	40,434
BANCFIRST CORP	COM	05945F103	1,652,425	15,700	SH		SOLE		3,700	0	12,000
BANCO BILBAO VIZCAYA ARGENTA	SPONSORED ADR	05946K101	522,803	48,229	SH		SOLE		1,696	0	46,533
BANK AMERICA CORP	COM	060505104	1,067,392	26,900	SH		SOLE		26,900	0	0
BANK OF NT BUTTERFIELD&SON L	SHS NEW	G0772R208	6,336,537	171,815	SH		SOLE		38,415	0	133,400
BANNER CORP	COM NEW	06652V208	2,537,256	42,600	SH		SOLE		8,300	0	34,300
BARINGS BDC INC	COM	06759L103	1,505,564	153,629	SH		SOLE		0	0	153,629
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	5,159,515	11,210	SH		SOLE		11,210	0	0
BHP GROUP LTD	SPONSORED ADS	088606108	555,325	8,941	SH		SOLE		1,056	0	7,885
BLACKSTONE SECD LENDING FD	COMMON STOCK	09261X102	9,902,421	338,082	SH		SOLE		8,300	0	329,782
BLUE OWL CAPITAL CORPORATION	COM	69121K104	10,254,285	703,794	SH		SOLE		13,924	0	689,870
BLUELINX HLDGS INC	COM NEW	09624H208	6,456,237	61,243	SH		SOLE		12,543	0	48,700
BP PLC	SPONSORED ADR	055622104	952,887	30,357	SH		SOLE		3,608	0	26,749
BREAD FINANCIAL HOLDINGS INC	COM	018581108	644,661	13,549	SH		SOLE		3,849	0	9,700
BROADCOM INC	COM	11135F101	9,242,691	53,581	SH		SOLE		3,334	0	50,247
BROOKFIELD CORP	CL A LTD VT SH	11271J107	1,710,314	32,179	SH		SOLE		3,092	0	29,087
BUCKLE INC	COM	118440106	6,900,124	156,928	SH		SOLE		31,028	0	125,900
BUILDERS FIRSTSOURCE INC	COM	12008R107	4,361,074	22,496	SH		SOLE		12,143	0	10,353
BUNGE GLOBAL SA	COM SHS	H11356104	523,016	5,412	SH		SOLE		5,412	0	0
BWX TECHNOLOGIES INC	COM	05605H100	4,839,324	44,520	SH		SOLE		28,456	0	16,064
CANADIAN NAT RES LTD	COM	136385101	497,187	14,971	SH		SOLE		454	0	14,517
CAPITAL ONE FINL CORP	COM	14040H105	958,272	6,400	SH		SOLE		6,400	0	0
CAPITAL SOUTHWEST CORP	COM	140501107	3,152,479	124,653	SH		SOLE		4,870	0	119,783
CARLYLE SECURED LENDING INC	COM	872280102	2,561,299	150,931	SH		SOLE		0	0	150,931
CASEYS GEN STORES INC	COM	147528103	1,296,199	3,450	SH		SOLE		74	0	3,376
CATERPILLAR INC	COM	149123101	1,139,333	2,913	SH		SOLE		77	0	2,836
CATHAY GEN BANCORP	COM	149150104	1,404,164	32,693	SH		SOLE		5,193	0	27,500
CENCORA INC	COM	03073E105	382,636	1,700	SH		SOLE		1,700	0	0
CENTRUS ENERGY CORP	CL A	15643U104	649,753	11,846	SH		SOLE		46	0	11,800
CHENIERE ENERGY INC	COM NEW	16411R208	4,639,872	25,800	SH		SOLE		18,751	0	7,049
CHEVRON CORP NEW	COM	166764100	1,075,153	7,301	SH		SOLE		7,300	0	1
CIA ENERGETICA DE MINAS GERA	SP ADR N-V PFD	204409601	671,958	326,193	SH		SOLE		14,929	0	311,264
CIRRUS LOGIC INC	COM	172755100	410,762	3,307	SH		SOLE		3,307	0	0
CNO FINL GROUP INC	COM	12621E103	5,812,560	165,600	SH		SOLE		36,400	0	129,200
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	842,728	10,919	SH		SOLE		10,919	0	0
CONNECTONE BANCORP INC	COM	20786W107	829,155	33,100	SH		SOLE		4,500	0	28,600
CONOCOPHILLIPS	COM	20825C104	3,995,061	37,947	SH		SOLE		27,053	0	10,894
CONSENSUS CLOUD SOLUTIONS IN	COM	20848V105	3,526,801	149,758	SH		SOLE		28,458	0	121,300
CONSTELLIUM SE	CL A SHS	F21107101	399,248	24,554	SH		SOLE		154	0	24,400
COREBRIDGE FINL INC	COM	21871X109	917,082	31,450	SH		SOLE		31,450	0	0
COSTAMARE INC	SHS	Y1771G102	7,858,349	499,895	SH		SOLE		103,495	0	396,400
COSTCO WHSL CORP NEW	COM	22160K105	10,042,499	11,328	SH		SOLE		5,642	0	5,686
CRESCENT CAP BDC INC	COM	225655109	3,384,169	182,928	SH		SOLE		2,783	0	180,145
CUSTOMERS BANCORP INC	COM	23204G100	2,185,194	47,044	SH		SOLE		9,644	0	37,400
CVR ENERGY INC	COM	12662P108	3,665,501	159,162	SH		SOLE		30,462	0	128,700
D R HORTON INC	COM	23331A109	2,333,498	12,232	SH		SOLE		313	0	11,919
DIGITAL RLTY TR INC	COM	253868103	794,585	4,910	SH		SOLE		581	0	4,329
DISCOVER FINL SVCS	COM	254709108	660,906	4,711	SH		SOLE		4,711	0	0
DREAM FINDERS HOMES INC	COM CL A	26154D100	7,902,543	218,242	SH		SOLE		44,742	0	173,500
DUKE ENERGY CORP NEW	COM NEW	26441C204	818,630	7,100	SH		SOLE		7,100	0	0
ELI LILLY & CO	COM	532457108	13,779,170	15,553	SH		SOLE		5,865	0	9,688
EMBECTA CORP	COMMON STOCK	29082K105	850,230	60,300	SH		SOLE		17,200	0	43,100
ENACT HLDGS INC	COM	29249E109	7,675,294	211,266	SH		SOLE		43,566	0	167,700
ENTERGY CORP NEW	COM	29364G103	699,244	5,313	SH		SOLE		5,313	0	0
ENTERPRISE FINL SVCS CORP	COM	293712105	3,085,134	60,186	SH		SOLE		12,486	0	47,700
EXELIXIS INC	COM	30161Q104	218,784	8,431	SH		SOLE		8,431	0	0
EXPEDITORS INTL WASH INC	COM	302130109	618,763	4,709	SH		SOLE		4,709	0	0
EXXON MOBIL CORP	COM	30231G102	8,213,254	70,067	SH		SOLE		53,143	0	16,924
F&G ANNUITIES & LIFE INC	COMMON STOCK	30190A104	1,261,775	28,215	SH		SOLE		6,015	0	22,200
FIRST BUSEY CORP	COM NEW	319383204	3,067,758	117,900	SH		SOLE		25,000	0	92,900
FIRST FINL BANCORP OH	COM	320209109	6,822,192	270,400	SH		SOLE		55,700	0	214,700
FIRST MERCHANTS CORP	COM	320817109	6,818,760	183,300	SH		SOLE		37,700	0	145,600
FLEX LNG LTD	SHS	G35947202	5,032,032	197,800	SH		SOLE		45,100	0	152,700
FOMENTO ECONOMICO MEXICANO S	SPON ADR UNITS	344419106	727,888	7,374	SH		SOLE		1,037	0	6,337
FORESTAR GROUP INC	COM	346232101	7,527,967	232,560	SH		SOLE		48,160	0	184,400
FS KKR CAP CORP	COM	302635206	6,526,871	330,809	SH		SOLE		4,591	0	326,218
GAMING & LEISURE PPTYS INC	COM	36467J108	1,484,757	28,858	SH		SOLE		4,611	0	24,247
GE HEALTHCARE TECHNOLOGIES I	COMMON STOCK	36266G107	328,475	3,500	SH		SOLE		3,500	0	0
GENERAL DYNAMICS CORP	COM	369550108	6,149,165	20,348	SH		SOLE		12,930	0	7,418
GENERAL MTRS CO	COM	37045V100	780,216	17,400	SH		SOLE		17,400	0	0
GENWORTH FINL INC	COM SHS	37247D106	4,731,295	690,700	SH		SOLE		127,300	0	563,400
GETTY RLTY CORP NEW	COM	374297109	677,553	21,300	SH		SOLE		300	0	21,000
GLADSTONE CAPITAL CORP	COM NEW	376535878	890,499	37,027	SH		SOLE		0	0	37,027
GLOBAL INDUSTRIAL COMPANY	COM	37892E102	2,523,971	74,300	SH		SOLE		12,700	0	61,600
GLOBAL X FDS	GLOBAL X COPPER	37954Y830	735,143	15,552	SH		SOLE		8,552	0	7,000
GLOBALFOUNDRIES INC	ORDINARY SHARES	G39387108	293,825	7,300	SH		SOLE		7,300	0	0
GOLDEN OCEAN GROUP LTD	SHS NEW	G39637205	6,519,940	487,290	SH		SOLE		106,390	0	380,900
GOLDMAN SACHS BDC INC	SHS	38147U107	2,527,024	183,650	SH		SOLE		6,044	0	177,606
GOLUB CAP BDC INC	COM	38173M102	8,909,589	589,649	SH		SOLE		14,834	0	574,815
GRANITE RIDGE RESOURCES INC	COM	387432107	1,361,258	229,168	SH		SOLE		52,068	0	177,100
GREEN BRICK PARTNERS INC	COM	392709101	4,192,704	50,200	SH		SOLE		10,800	0	39,400
GREIF INC	CL A	397624107	7,244,812	115,621	SH		SOLE		23,821	0	91,800
GSK PLC	SPONSORED ADR	37733W204	390,118	9,543	SH		SOLE		438	0	9,105
HARMONY BIOSCIENCES HLDGS IN	COM	413197104	2,060,000	51,500	SH		SOLE		11,000	0	40,500
HARTFORD FINL SVCS GROUP INC	COM	416515104	471,851	4,012	SH		SOLE		4,012	0	0
HAVERTY FURNITURE COS INC	COM	419596101	310,411	11,300	SH		SOLE		2,900	0	8,400
HCA HEALTHCARE INC	COM	40412C101	569,002	1,400	SH		SOLE		1,400	0	0
HEIDRICK & STRUGGLES INTL IN	COM	422819102	1,038,844	26,733	SH		SOLE		5,133	0	21,600
HERCULES CAPITAL INC	COM	427096508	7,042,510	358,580	SH		SOLE		7,900	0	350,680
HIGHPEAK ENERGY INC	COM	43114Q105	5,802,478	418,046	SH		SOLE		82,946	0	335,100
HILLTOP HOLDINGS INC	COM	432748101	948,720	29,500	SH		SOLE		8,700	0	20,800
HOLOGIC INC	COM	436440101	505,052	6,200	SH		SOLE		6,200	0	0
HOME DEPOT INC	COM	437076102	9,293,225	22,934	SH		SOLE		9,036	0	13,898
HONEYWELL INTL INC	COM	438516106	447,527	2,165	SH		SOLE		260	0	1,905
HOPE BANCORP INC	COM	43940T109	3,953,888	314,800	SH		SOLE		76,600	0	238,200
HOVNANIAN ENTERPRISES INC	CL A NEW	442487401	2,209,035	10,809	SH		SOLE		2,309	0	8,500
HP INC	COM	40434L105	895,602	24,968	SH		SOLE		24,968	0	0
INGLES MKTS INC	CL A	457030104	7,259,177	97,308	SH		SOLE		20,308	0	77,000
INNOVIVA INC	COM	45781M101	7,345,563	380,402	SH		SOLE		78,502	0	301,900
INTERCONTINENTAL HOTELS GROU	SPONSORED ADS	45857P806	417,984	3,783	SH		SOLE		60	0	3,723
INTERNATIONAL BANCSHARES COR	COM	459044103	280,714	4,695	SH		SOLE		295	0	4,400
INTUIT	COM	461202103	5,273,588	8,492	SH		SOLE		5,087	0	3,405
INTUITIVE SURGICAL INC	COM NEW	46120E602	1,890,898	3,849	SH		SOLE		100	0	3,749
IRON MTN INC DEL	COM	46284V101	1,723,629	14,505	SH		SOLE		1,729	0	12,776
ISHARES TR	CORE US AGGBD ET	464287226	2,188,039	21,606	SH		SOLE		11,890	0	9,716
ISHARES TR	MSCI INDIA ETF	46429B598	321,915	5,500	SH		SOLE		0	0	5,500
ISHARES TR	MSCI SAUDI ARBIA	46434V423	371,490	8,700	SH		SOLE		0	0	8,700
ISHARES TR	MSCI QATAR ETF	46434V779	83,430	4,500	SH		SOLE		0	0	4,500
ISHARES TR	0-3 MNTH TREASRY	46436E718	1,593,088	15,817	SH		SOLE		8,705	0	7,112
JACKSON FINANCIAL INC	COM CL A	46817M107	7,418,824	81,320	SH		SOLE		16,920	0	64,400
JOHNSON & JOHNSON	COM	478160104	820,317	5,061	SH		SOLE		603	0	4,458
JOHNSON OUTDOORS INC	CL A	479167108	446,237	12,327	SH		SOLE		2,227	0	10,100
JPMORGAN CHASE & CO.	COM	46625H100	4,000,014	18,970	SH		SOLE		18,970	0	0
KELLY SVCS INC	CL A	488152208	492,430	23,000	SH		SOLE		3,400	0	19,600
KEURIG DR PEPPER INC	COM	49271V100	1,299,813	34,681	SH		SOLE		4,146	0	30,535
KKR & CO INC	COM	48251W104	3,136,284	24,019	SH		SOLE		2,824	0	21,195
KLA CORP	COM NEW	482480100	944,780	1,220	SH		SOLE		33	0	1,187
KOPPERS HOLDINGS INC	COM	50060P106	533,338	14,600	SH		SOLE		2,200	0	12,400
KRONOS WORLDWIDE INC	COM	50105F105	830,415	66,700	SH		SOLE		25,700	0	41,000
LADDER CAP CORP	CL A	505743104	1,056,760	91,100	SH		SOLE		10,900	0	80,200
LENNAR CORP	CL A	526057104	997,206	5,319	SH		SOLE		5,319	0	0
LENNOX INTL INC	COM	526107107	483,432	800	SH		SOLE		800	0	0
LGI HOMES INC	COM	50187T106	1,635,576	13,800	SH		SOLE		3,000	0	10,800
LTC PPTYS INC	COM	502175102	2,172,048	59,200	SH		SOLE		13,000	0	46,200
LYONDELLBASELL INDUSTRIES N	SHS - A -	N53745100	924,668	9,642	SH		SOLE		9,642	0	0
MAIN STR CAP CORP	COM	56035L104	8,439,323	168,316	SH		SOLE		4,926	0	163,390
MARATHON PETE CORP	COM	56585A102	456,148	2,800	SH		SOLE		2,800	0	0
MARRIOTT INTL INC NEW	CL A	571903202	4,348,335	17,491	SH		SOLE		10,993	0	6,498
MASTERCARD INCORPORATED	CL A	57636Q104	3,607,703	7,306	SH		SOLE		192	0	7,114
MCDONALDS CORP	COM	580135101	3,438,701	11,293	SH		SOLE		956	0	10,337
MCKESSON CORP	COM	58155Q103	1,537,194	3,109	SH		SOLE		83	0	3,026
MERCADOLIBRE INC	COM	58733R102	884,396	431	SH		SOLE		15	0	416
MERCHANTS BANCORP IND	COM	58844R108	6,959,313	154,789	SH		SOLE		32,739	0	122,050
MERCK & CO INC	COM	58933Y105	1,089,175	9,592	SH		SOLE		1,141	0	8,451
META PLATFORMS INC	CL A	30303M102	19,059,962	33,296	SH		SOLE		14,156	0	19,140
METLIFE INC	COM	59156R108	404,152	4,900	SH		SOLE		4,900	0	0
MICROSOFT CORP	COM	594918104	42,240,577	98,165	SH		SOLE		32,678	0	65,487
MIDCAP FINANCIAL INVSTMNT CO	COM NEW	03761U502	1,344,343	100,399	SH		SOLE		0	0	100,399
MITSUBISHI UFJ FINL GROUP IN	SPONSORED ADS	606822104	284,113	27,909	SH		SOLE		446	0	27,463
MOVADO GROUP INC	COM	624580106	4,482,451	240,992	SH		SOLE		49,092	0	191,900
NATIONAL BEVERAGE CORP	COM	635017106	6,901,682	147,032	SH		SOLE		28,732	0	118,300
NAVIENT CORPORATION	COM	63938C108	2,411,773	154,700	SH		SOLE		28,800	0	125,900
NELNET INC	CL A	64031N108	7,228,397	63,810	SH		SOLE		13,210	0	50,600
NETFLIX INC	COM	64110L106	9,396,409	13,248	SH		SOLE		6,940	0	6,308
NEW MTN FIN CORP	COM	647551100	1,590,513	132,764	SH		SOLE		0	0	132,764
NEWMARK GROUP INC	CL A	65158N102	7,805,254	502,592	SH		SOLE		109,092	0	393,500
NMI HLDGS INC	COM	629209305	284,211	6,900	SH		SOLE		3,400	0	3,500
NOVARTIS AG	SPONSORED ADR	66987V109	2,495,359	21,695	SH		SOLE		1,959	0	19,736
NOVO-NORDISK A S	ADR	670100205	2,419,859	20,323	SH		SOLE		1,603	0	18,720
NUCOR CORP	COM	670346105	693,819	4,615	SH		SOLE		4,615	0	0
NVIDIA CORPORATION	COM	67066G104	35,277,868	290,496	SH		SOLE		109,560	0	180,936
NVR INC	COM	62944T105	735,885	75	SH		SOLE		75	0	0
OAKTREE SPECIALTY LENDING CO	COM	67401P405	2,579,811	158,174	SH		SOLE		5,771	0	152,403
OFG BANCORP	COM	67103X102	2,120,224	47,200	SH		SOLE		6,900	0	40,300
OLYMPIC STEEL INC	COM	68162K106	273,000	7,000	SH		SOLE		0	0	7,000
OMEGA HEALTHCARE INVS INC	COM	681936100	1,593,650	39,156	SH		SOLE		4,681	0	34,475
OMNICOM GROUP INC	COM	681919106	228,905	2,214	SH		SOLE		2,214	0	0
ORACLE CORP	COM	68389X105	4,935,124	28,962	SH		SOLE		26,009	0	2,953
OREILLY AUTOMOTIVE INC	COM	67103H107	1,437,196	1,248	SH		SOLE		33	0	1,215
ORION S.A.	COM	L72967109	1,544,127	86,700	SH		SOLE		14,300	0	72,400
OVINTIV INC	COM	69047Q102	327,436	8,547	SH		SOLE		8,547	0	0
PACCAR INC	COM	693718108	542,740	5,500	SH		SOLE		5,500	0	0
PALO ALTO NETWORKS INC	COM	697435105	5,637,308	16,493	SH		SOLE		9,357	0	7,136
PATHWARD FINANCIAL INC	COM	59100U108	3,192,904	48,370	SH		SOLE		48,370	0	0
PBF ENERGY INC	CL A	69318G106	3,310,505	106,963	SH		SOLE		22,463	0	84,500
PC CONNECTION INC	COM	69318J100	7,324,253	97,100	SH		SOLE		20,200	0	76,900
PEABODY ENERGY CORP	COM	704551100	3,922,134	147,782	SH		SOLE		63,882	0	83,900
PENNANTPARK FLOATING RATE CA	COM	70806A106	914,967	79,081	SH		SOLE		0	0	79,081
PENNANTPARK INVT CORP	COM	708062104	799,186	114,333	SH		SOLE		6,734	0	107,599
PENNYMAC FINL SVCS INC NEW	COM	70932M107	4,422,036	38,800	SH		SOLE		9,200	0	29,600
PENSKE AUTOMOTIVE GRP INC	COM	70959W103	773,606	4,763	SH		SOLE		4,763	0	0
PEPSICO INC	COM	713448108	6,984,534	41,074	SH		SOLE		25,063	0	16,011
PERDOCEO ED CORP	COM	71363P106	3,362,688	151,200	SH		SOLE		32,300	0	118,900
PFIZER INC	COM	717081103	952,126	32,900	SH		SOLE		32,900	0	0
PNC FINL SVCS GROUP INC	COM	693475105	924,250	5,000	SH		SOLE		5,000	0	0
PREMIER FINANCIAL CORP	COM	74052F108	913,372	38,900	SH		SOLE		7,800	0	31,100
PROCTER AND GAMBLE CO	COM	742718109	3,538,303	20,429	SH		SOLE		1,504	0	18,925
PROSPECT CAP CORP	COM	74348T102	1,697,213	317,236	SH		SOLE		0	0	317,236
PULTE GROUP INC	COM	745867101	575,699	4,011	SH		SOLE		4,011	0	0
QCR HOLDINGS INC	COM	74727A104	3,625,841	48,978	SH		SOLE		11,078	0	37,900
RELX PLC	SPONSORED ADR	759530108	729,413	15,369	SH		SOLE		517	0	14,852
REPUBLIC BANCORP INC KY	CL A	760281204	1,285,365	19,684	SH		SOLE		4,284	0	15,400
RILEY EXPLORATION PERMIAN IN	COM	76665T102	1,751,254	66,110	SH		SOLE		13,410	0	52,700
RUSH ENTERPRISES INC	CL A	781846209	7,421,823	140,485	SH		SOLE		30,010	0	110,475
S & T BANCORP INC	COM	783859101	1,112,205	26,500	SH		SOLE		3,900	0	22,600
SAFE BULKERS INC	COM	Y7388L103	3,193,827	616,569	SH		SOLE		124,869	0	491,700
SANDRIDGE ENERGY INC	COM NEW	80007P869	4,227,838	345,694	SH		SOLE		70,294	0	275,400
SAP SE	SPON ADR	803054204	429,334	1,874	SH		SOLE		30	0	1,844
SELECT MED HLDGS CORP	COM	81619Q105	650,360	18,651	SH		SOLE		2,051	0	16,600
SERVICENOW INC	COM	81762P102	7,238,298	8,093	SH		SOLE		4,291	0	3,802
SHELL PLC	SPON ADS	780259305	1,109,217	16,819	SH		SOLE		1,997	0	14,822
SHOE CARNIVAL INC	COM	824889109	2,921,726	66,630	SH		SOLE		9,630	0	57,000
SIGA TECHNOLOGIES INC	COM	826917106	1,614,533	239,190	SH		SOLE		43,890	0	195,300
SIGNET JEWELERS LIMITED	SHS	G81276100	299,106	2,900	SH		SOLE		0	0	2,900
SIMMONS 1ST NATL CORP	CL A $1 PAR	828730200	7,409,760	344,000	SH		SOLE		71,100	0	272,900
SIXTH STREET SPECIALTY LENDI	COM	83012A109	4,534,925	220,892	SH		SOLE		5,595	0	215,297
SKYWORKS SOLUTIONS INC	COM	83088M102	276,556	2,800	SH		SOLE		2,800	0	0
SLR INVESTMENT CORP	COM	83413U100	1,910,033	126,912	SH		SOLE		4,474	0	122,438
SMITH & WESSON BRANDS INC	COM	831754106	706,112	54,400	SH		SOLE		37,200	0	17,200
SONIC AUTOMOTIVE INC	CL A	83545G102	2,411,891	41,243	SH		SOLE		8,743	0	32,500
SOUTHERN COPPER CORP	COM	84265V105	5,511,103	47,645	SH		SOLE		28,414	0	19,231
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	275,393	3,711	SH		SOLE		3,711	0	0
STANDARD MTR PRODS INC	COM	853666105	332,000	10,000	SH		SOLE		1,900	0	8,100
STATE STR CORP	COM	857477103	843,208	9,531	SH		SOLE		9,531	0	0
STEEL DYNAMICS INC	COM	858119100	4,747,397	37,653	SH		SOLE		26,616	0	11,037
STONEX GROUP INC	COM	861896108	7,167,857	87,541	SH		SOLE		17,741	0	69,800
STRYKER CORPORATION	COM	863667101	1,144,472	3,168	SH		SOLE		85	0	3,083
SUN CTRY AIRLS HLDGS INC	COM	866683105	243,257	21,700	SH		SOLE		1,600	0	20,100
SYLVAMO CORP	COMMON STOCK	871332102	7,881,030	91,800	SH		SOLE		19,700	0	72,100
SYNCHRONY FINANCIAL	COM	87165B103	890,508	17,853	SH		SOLE		17,853	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	2,477,923	14,268	SH		SOLE		420	0	13,848
TARGET CORP	COM	87612E106	4,032,722	25,874	SH		SOLE		18,319	0	7,555
TD SYNNEX CORPORATION	COM	87162W100	493,769	4,112	SH		SOLE		4,112	0	0
TEGNA INC	COM	87901J105	8,183,098	518,574	SH		SOLE		107,674	0	410,900
TENET HEALTHCARE CORP	COM NEW	88033G407	4,252,393	25,586	SH		SOLE		18,343	0	7,243
TESLA INC	COM	88160R101	3,948,521	15,092	SH		SOLE		435	0	14,657
TETRA TECH INC NEW	COM	88162G103	5,137,234	108,932	SH		SOLE		80,545	0	28,387
THOMSON REUTERS CORP.	COM	884903808	4,431,843	25,955	SH		SOLE		24,405	0	1,550
TITAN INTL INC ILL	COM	88830M102	4,434,322	545,427	SH		SOLE		112,227	0	433,200
UNION PAC CORP	COM	907818108	2,398,569	9,732	SH		SOLE		680	0	9,052
UNITED RENTALS INC	COM	911363109	2,082,626	2,572	SH		SOLE		60	0	2,512
UNIVERSAL HEALTH RLTY INCOME	SH BEN INT	91359E105	1,166,625	25,500	SH		SOLE		3,500	0	22,000
UNIVERSAL LOGISTICS HLDGS IN	COM	91388P105	3,613,954	83,831	SH		SOLE		15,231	0	68,600
USANA HEALTH SCIENCES INC	COM	90328M107	1,289,280	34,000	SH		SOLE		7,200	0	26,800
VALERO ENERGY CORP	COM	91913Y100	432,096	3,200	SH		SOLE		3,200	0	0
VANGUARD MALVERN FDS	STRM INFPROIDX	922020805	865,982	17,562	SH		SOLE		9,662	0	7,900
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	826,285	10,404	SH		SOLE		5,725	0	4,679
VANGUARD SCOTTSDALE FDS	LG-TERM COR BD	92206C813	803,039	9,886	SH		SOLE		5,440	0	4,446
VERIZON COMMUNICATIONS INC	COM	92343V104	1,659,559	36,953	SH		SOLE		25,368	0	11,585
VICTORY CAP HLDGS INC	COM CL A	92645B103	1,558,291	28,128	SH		SOLE		7,828	0	20,300
VISA INC	COM CL A	92826C839	7,382,132	26,849	SH		SOLE		14,755	0	12,094
VISTRA CORP	COM	92840M102	3,852,194	32,497	SH		SOLE		2,525	0	29,972
VITAL ENERGY INC	COM	516806205	1,063,761	39,545	SH		SOLE		8,945	0	30,600
WALMART INC	COM	931142103	7,946,043	98,403	SH		SOLE		53,064	0	45,339
WASTE MGMT INC DEL	COM	94106L109	5,024,206	24,202	SH		SOLE		16,183	0	8,019
WEIS MKTS INC	COM	948849104	2,033,435	29,500	SH		SOLE		4,800	0	24,700
WELLTOWER INC	COM	95040Q104	1,427,278	11,148	SH		SOLE		1,333	0	9,815
WESBANCO INC	COM	950810101	2,004,194	67,300	SH		SOLE		12,700	0	54,600
WESTLAKE CORPORATION	COM	960413102	814,872	5,422	SH		SOLE		5,422	0	0
WORTHINGTON ENTERPRISES INC	COM	981811102	4,754,315	114,700	SH		SOLE		22,900	0	91,800