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
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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	6,655,000	114,000	SH		SOLE		23,300	0	90,700
ACADEMY SPORTS & OUTDOORS IN	COM	00402L107	1,677,000	29,153	SH		SOLE		7,853	0	21,300
ADOBE INC	COM	00724F101	637,226	1,433	SH		SOLE		33	0	1,400
AFLAC INC	COM	001055102	934,000	9,028	SH		SOLE		9,028	0	0
AGNICO EAGLE MINES LTD	COM	008474108	4,036,391	51,618	SH		SOLE		43,639	0	7,979
ALBERTSONS COS INC	COMMON STOCK	013091103	821,000	41,786	SH		SOLE		41,786	0	0
ALEXANDERS INC	COM	014752109	5,865,000	29,315	SH		SOLE		4,215	0	25,100
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	607,690	7,167	SH		SOLE		230	0	6,937
ALLISON TRANSMISSION HLDGS I	COM	01973R101	2,827,432	26,168	SH		SOLE		26,168	0	0
ALPHA METALLURGICAL RESOUR I	COM	020764106	4,723,000	23,602	SH		SOLE		4,402	0	19,200
ALPHABET INC	CAP STK CL C	02079K107	22,274,433	116,963	SH		SOLE		40,305	0	76,658
ALPHABET INC	CAP STK CL A	02079K305	1,325,000	7,000	SH		SOLE		7,000	0	0
ALPS ETF TR	ALERIAN MLP	00162Q452	7,146,366	148,388	SH		SOLE		20,563	0	127,825
ALTRIA GROUP INC	COM	02209S103	3,849,457	73,610	SH		SOLE		66,358	0	7,252
A-MARK PRECIOUS METALS INC	COM	00181T107	252,000	9,200	SH		SOLE		0	0	9,200
AMAZON COM INC	COM	023135106	29,761,570	135,656	SH		SOLE		62,627	0	73,029
AMC NETWORKS INC	CL A	00164V103	2,229,000	225,200	SH		SOLE		59,000	0	166,200
AMDOCS LTD	SHS	G02602103	478,000	5,610	SH		SOLE		5,610	0	0
AMERICAN INTL GROUP INC	COM NEW	026874784	786,000	10,800	SH		SOLE		10,800	0	0
ANDERSONS INC	COM	034164103	713,000	17,600	SH		SOLE		2,800	0	14,800
APPLE INC	COM	037833100	40,234,731	160,669	SH		SOLE		57,454	0	103,215
APPLIED MATLS INC	COM	038222105	1,325,359	8,149	SH		SOLE		234	0	7,915
ARCH CAP GROUP LTD	ORD	G0450A105	584,000	6,321	SH		SOLE		6,321	0	0
ARCHER DANIELS MIDLAND CO	COM	039483102	405,000	8,020	SH		SOLE		8,020	0	0
ARES CAPITAL CORP	COM	04010L103	13,025,455	595,041	SH		SOLE		18,376	0	576,665
ARIS WATER SOLUTIONS INC	CLASS A COM	04041L106	507,000	21,151	SH		SOLE		1,351	0	19,800
ARISTA NETWORKS INC	COM SHS	040413205	6,472,194	58,556	SH		SOLE		36,048	0	22,508
ASTRAZENECA PLC	SPONSORED ADR	046353108	759,259	11,588	SH		SOLE		1,356	0	10,232
AT&T INC	COM	00206R102	8,088,526	355,227	SH		SOLE		203,170	0	152,057
ATKORE INC	COM	047649108	4,423,000	53,000	SH		SOLE		11,100	0	41,900
ATLANTICUS HOLDINGS CORP	COM	04914Y102	399,000	7,152	SH		SOLE		2,452	0	4,700
ATMOS ENERGY CORP	COM	049560105	280,000	2,010	SH		SOLE		2,010	0	0
BAIN CAP SPECIALTY FIN INC	COM STK	05684B107	662,519	37,815	SH		SOLE		0	0	37,815
BANCFIRST CORP	COM	05945F103	2,906,000	24,800	SH		SOLE		6,600	0	18,200
BANK AMERICA CORP	COM	060505104	1,046,000	23,800	SH		SOLE		23,800	0	0
BANK OF NT BUTTERFIELD&SON L	SHS NEW	G0772R208	6,923,000	189,415	SH		SOLE		40,015	0	149,400
BANNER CORP	COM NEW	06652V208	554,000	8,300	SH		SOLE		300	0	8,000
BARCLAYS PLC	ADR	06738E204	355,547	26,753	SH		SOLE		418	0	26,335
BARINGS BDC INC	COM	06759L103	1,211,629	126,607	SH		SOLE		0	0	126,607
BEAZER HOMES USA INC	COM NEW	07556Q881	1,359,000	49,500	SH		SOLE		7,300	0	42,200
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	5,307,741	11,710	SH		SOLE		11,710	0	0
BHP GROUP LTD	SPONSORED ADS	088606108	441,900	9,050	SH		SOLE		1,107	0	7,943
BLACKROCK INC	COM	09290D101	2,901,061	2,830	SH		SOLE		2,830	0	0
BLACKSTONE SECD LENDING FD	COMMON STOCK	09261X102	10,383,662	321,376	SH		SOLE		8,668	0	312,708
BLUE OWL CAPITAL CORPORATION	COM	69121K104	10,026,130	663,104	SH		SOLE		14,534	0	648,570
BLUELINX HLDGS INC	COM NEW	09624H208	5,988,000	58,618	SH		SOLE		11,918	0	46,700
BP PLC	SPONSORED ADR	055622104	903,083	30,551	SH		SOLE		3,780	0	26,771
BREAD FINANCIAL HOLDINGS INC	COM	018581108	4,276,000	70,032	SH		SOLE		13,832	0	56,200
BROADCOM INC	COM	11135F101	14,236,455	61,406	SH		SOLE		9,341	0	52,065
BROOKFIELD ASSET MANAGMT LTD	CL A LMT VTG SHS	113004105	340,722	6,288	SH		SOLE		779	0	5,509
BROOKFIELD CORP	CL A LTD VT SH	11271J107	1,870,021	32,550	SH		SOLE		3,222	0	29,328
BUCKLE INC	COM	118440106	7,227,000	142,228	SH		SOLE		29,628	0	112,600
BUILDERS FIRSTSOURCE INC	COM	12008R107	3,192,341	22,335	SH		SOLE		12,027	0	10,308
BWX TECHNOLOGIES INC	COM	05605H100	4,955,630	44,489	SH		SOLE		28,418	0	16,071
CAPITAL ONE FINL CORP	COM	14040H105	695,000	3,900	SH		SOLE		3,900	0	0
CAPITAL SOUTHWEST CORP	COM	140501107	2,280,101	104,496	SH		SOLE		5,107	0	99,389
CARDINAL HEALTH INC	COM	14149Y108	3,907,641	33,040	SH		SOLE		33,040	0	0
CARLYLE SECURED LENDING INC	COM	872280102	2,518,215	140,447	SH		SOLE		0	0	140,447
CASEYS GEN STORES INC	COM	147528103	1,355,899	3,422	SH		SOLE		83	0	3,339
CATERPILLAR INC	COM	149123101	1,034,592	2,852	SH		SOLE		69	0	2,783
CATHAY GEN BANCORP	COM	149150104	6,843,000	143,727	SH		SOLE		29,527	0	114,200
CENTRAL GARDEN & PET CO	CL A NON-VTG	153527205	1,573,000	47,600	SH		SOLE		10,900	0	36,700
CHENIERE ENERGY INC	COM NEW	16411R208	5,210,619	24,251	SH		SOLE		17,227	0	7,024
CHEVRON CORP NEW	COM	166764100	985,081	6,801	SH		SOLE		6,800	0	1
CIRRUS LOGIC INC	COM	172755100	289,000	2,907	SH		SOLE		2,907	0	0
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	754,000	9,808	SH		SOLE		9,808	0	0
CONNECTONE BANCORP INC	COM	20786W107	843,000	36,800	SH		SOLE		6,500	0	30,300
CONOCOPHILLIPS	COM	20825C104	3,092,617	31,185	SH		SOLE		20,545	0	10,640
CONSENSUS CLOUD SOLUTIONS IN	COM	20848V105	4,890,000	204,932	SH		SOLE		39,432	0	165,500
CONSTELLATION ENERGY CORP	COM	21037T109	2,835,524	12,675	SH		SOLE		12,133	0	542
CONSTELLIUM SE	CL A SHS	F21107101	253,000	24,606	SH		SOLE		206	0	24,400
COREBRIDGE FINL INC	COM	21871X109	943,000	31,493	SH		SOLE		31,493	0	0
COSTAMARE INC	SHS	Y1771G102	6,530,000	508,195	SH		SOLE		105,495	0	402,700
COSTCO WHSL CORP NEW	COM	22160K105	10,306,206	11,248	SH		SOLE		5,624	0	5,624
CRESCENT CAP BDC INC	COM	225655109	3,532,304	183,783	SH		SOLE		7,738	0	176,045
D R HORTON INC	COM	23331A109	1,206,424	8,628	SH		SOLE		438	0	8,190
DIGITAL RLTY TR INC	COM	253868103	2,515,501	14,185	SH		SOLE		8,408	0	5,777
DISCOVER FINL SVCS	COM	254709108	764,000	4,411	SH		SOLE		4,411	0	0
DREAM FINDERS HOMES INC	COM CL A	26154D100	5,256,000	225,858	SH		SOLE		46,458	0	179,400
DUKE ENERGY CORP NEW	COM NEW	26441C204	453,000	4,200	SH		SOLE		4,200	0	0
DXP ENTERPRISES INC	COM NEW	233377407	1,020,000	12,340	SH		SOLE		1,040	0	11,300
ELI LILLY & CO	COM	532457108	10,567,108	13,688	SH		SOLE		5,803	0	7,885
EMBECTA CORP	COMMON STOCK	29082K105	1,245,000	60,300	SH		SOLE		17,200	0	43,100
ENACT HLDGS INC	COM	29249E109	6,282,000	194,012	SH		SOLE		41,712	0	152,300
ENNIS INC	COM	293389102	1,001,000	47,450	SH		SOLE		10,150	0	37,300
ENTERGY CORP NEW	COM	29364G103	502,000	6,622	SH		SOLE		6,622	0	0
ENTERPRISE FINL SVCS CORP	COM	293712105	6,880,000	121,992	SH		SOLE		25,292	0	96,700
EOG RES INC	COM	26875P101	515,000	4,200	SH		SOLE		4,200	0	0
ETHAN ALLEN INTERIORS INC	COM	297602104	1,009,000	35,900	SH		SOLE		7,700	0	28,200
EVERCORE INC	CLASS A	29977A105	3,069,601	11,074	SH		SOLE		9,778	0	1,296
EXELIXIS INC	COM	30161Q104	421,000	12,631	SH		SOLE		12,631	0	0
EXPEDITORS INTL WASH INC	COM	302130109	311,000	2,807	SH		SOLE		2,807	0	0
EXXON MOBIL CORP	COM	30231G102	6,014,283	55,911	SH		SOLE		38,955	0	16,956
F&G ANNUITIES & LIFE INC	COMMON STOCK	30190A104	518,000	12,500	SH		SOLE		2,600	0	9,900
FEDERAL AGRIC MTG CORP	CL C	313148306	2,226,000	11,300	SH		SOLE		2,300	0	9,000
FIRST BUSEY CORP	COM NEW	319383204	2,475,000	105,000	SH		SOLE		20,200	0	84,800
FIRST FINL BANCORP OH	COM	320209109	6,712,000	249,700	SH		SOLE		51,300	0	198,400
FIRST MERCHANTS CORP	COM	320817109	6,721,000	168,500	SH		SOLE		34,600	0	133,900
FLEX LNG LTD	SHS	G35947202	5,434,000	236,900	SH		SOLE		49,000	0	187,900
FLEX LTD	ORD	Y2573F102	2,804,773	73,060	SH		SOLE		62,555	0	10,505
FORESTAR GROUP INC	COM	346232101	6,147,000	237,161	SH		SOLE		49,661	0	187,500
FOX CORP	CL A COM	35137L105	804,000	16,555	SH		SOLE		16,555	0	0
FS KKR CAP CORP	COM	302635206	6,483,805	298,518	SH		SOLE		4,821	0	293,697
GAMING & LEISURE PPTYS INC	COM	36467J108	1,431,560	29,717	SH		SOLE		5,315	0	24,402
GARMIN LTD	SHS	H2906T109	681,000	3,300	SH		SOLE		3,300	0	0
GE HEALTHCARE TECHNOLOGIES I	COMMON STOCK	36266G107	289,000	3,700	SH		SOLE		3,700	0	0
GEN DIGITAL INC	COM	668771108	375,000	13,700	SH		SOLE		13,700	0	0
GENERAL MTRS CO	COM	37045V100	799,000	15,000	SH		SOLE		15,000	0	0
GENWORTH FINL INC	COM SHS	37247D106	4,631,000	662,500	SH		SOLE		121,800	0	540,700
GLADSTONE CAPITAL CORP	COM NEW	376535878	984,877	34,630	SH		SOLE		0	0	34,630
GLOBAL INDUSTRIAL COMPANY	COM	37892E102	2,660,000	107,300	SH		SOLE		19,600	0	87,700
GLOBAL X FDS	GLOBAL X COPPER	37954Y830	602,633	15,784	SH		SOLE		8,684	0	7,100
GLOBALFOUNDRIES INC	ORDINARY SHARES	G39387108	365,000	8,516	SH		SOLE		8,516	0	0
GOLDEN OCEAN GROUP LTD	SHS NEW	G39637205	5,560,000	620,490	SH		SOLE		133,190	0	487,300
GOLDMAN SACHS BDC INC	SHS	38147U107	1,842,547	152,277	SH		SOLE		6,349	0	145,928
GOLUB CAP BDC INC	COM	38173M102	8,201,597	541,003	SH		SOLE		16,002	0	525,001
GRANITE RIDGE RESOURCES INC	COM	387432107	1,480,000	229,168	SH		SOLE		52,068	0	177,100
GREEN BRICK PARTNERS INC	COM	392709101	2,052,000	36,319	SH		SOLE		9,319	0	27,000
GREIF INC	CL A	397624107	6,431,000	105,221	SH		SOLE		21,521	0	83,700
HARMONY BIOSCIENCES HLDGS IN	COM	413197104	3,589,000	104,314	SH		SOLE		21,614	0	82,700
HARMONY GOLD MINING CO LTD	SPONSORED ADR	413216300	193,954	23,624	SH		SOLE		375	0	23,249
HCA HEALTHCARE INC	COM	40412C101	750,000	2,500	SH		SOLE		2,500	0	0
HERCULES CAPITAL INC	COM	427096508	7,021,447	349,500	SH		SOLE		9,647	0	339,853
HIGHPEAK ENERGY INC	COM	43114Q105	6,730,000	457,829	SH		SOLE		91,229	0	366,600
HOME DEPOT INC	COM	437076102	8,894,772	22,866	SH		SOLE		9,041	0	13,825
HONEYWELL INTL INC	COM	438516106	495,097	2,192	SH		SOLE		273	0	1,919
HOVNANIAN ENTERPRISES INC	CL A NEW	442487401	1,446,000	10,806	SH		SOLE		2,306	0	8,500
HP INC	COM	40434L105	697,000	21,362	SH		SOLE		21,362	0	0
IBEX LTD	SHS NEW	G4690M101	558,000	25,962	SH		SOLE		6,762	0	19,200
INGLES MKTS INC	CL A	457030104	6,490,000	100,708	SH		SOLE		20,708	0	80,000
INNOVIVA INC	COM	45781M101	6,148,000	354,324	SH		SOLE		75,424	0	278,900
INTERCONTINENTAL HOTELS GROU	SPONSORED ADS	45857P806	483,441	3,870	SH		SOLE		60	0	3,810
INTERNATIONAL BANCSHARES COR	COM	459044103	6,380,000	101,016	SH		SOLE		20,916	0	80,100
INTERNATIONAL SEAWAYS INC	COM	Y41053102	2,253,000	62,700	SH		SOLE		11,700	0	51,000
INTUIT	COM	461202103	5,325,337	8,473	SH		SOLE		5,080	0	3,393
INTUITIVE SURGICAL INC	COM NEW	46120E602	1,968,833	3,772	SH		SOLE		91	0	3,681
IRON MTN INC DEL	COM	46284V101	1,545,023	14,699	SH		SOLE		1,833	0	12,866
ISHARES TR	CORE US AGGBD ET	464287226	2,994,308	30,901	SH		SOLE		16,976	0	13,925
ISHARES TR	MSCI INDIA ETF	46429B598	284,000	5,400	SH		SOLE		0	0	5,400
ISHARES TR	MSCI SAUDI ARBIA	46434V423	368,000	9,000	SH		SOLE		0	0	9,000
ISHARES TR	MSCI QATAR ETF	46434V779	81,000	4,500	SH		SOLE		0	0	4,500
ISHARES TR	0-3 MNTH TREASRY	46436E718	853,121	8,504	SH		SOLE		4,677	0	3,827
JACKSON FINANCIAL INC	COM CL A	46817M107	5,933,000	68,129	SH		SOLE		14,329	0	53,800
JOHNSON & JOHNSON	COM	478160104	741,667	5,128	SH		SOLE		639	0	4,489
JPMORGAN CHASE & CO.	COM	46625H100	4,451,010	18,570	SH		SOLE		18,570	0	0
KEURIG DR PEPPER INC	COM	49271V100	1,126,977	35,087	SH		SOLE		4,360	0	30,727
KKR & CO INC	COM	48251W104	8,235,782	55,681	SH		SOLE		20,909	0	34,772
KOPPERS HOLDINGS INC	COM	50060P106	690,000	21,300	SH		SOLE		2,600	0	18,700
KRONOS WORLDWIDE INC	COM	50105F105	650,000	66,700	SH		SOLE		25,700	0	41,000
LADDER CAP CORP	CL A	505743104	1,019,000	91,100	SH		SOLE		10,900	0	80,200
LENNAR CORP	CL A	526057104	561,000	4,114	SH		SOLE		4,114	0	0
LTC PPTYS INC	COM	502175102	1,109,000	32,100	SH		SOLE		7,600	0	24,500
LYONDELLBASELL INDUSTRIES N	SHS - A -	N53745100	783,000	10,549	SH		SOLE		10,549	0	0
MAIN STR CAP CORP	COM	56035L104	9,406,936	160,583	SH		SOLE		5,183	0	155,400
MARATHON PETE CORP	COM	56585A102	488,000	3,500	SH		SOLE		3,500	0	0
MARRIOTT INTL INC NEW	CL A	571903202	2,732,020	9,794	SH		SOLE		5,640	0	4,154
MARVELL TECHNOLOGY INC	COM	573874104	940,262	8,513	SH		SOLE		88	0	8,425
MASTERCARD INCORPORATED	CL A	57636Q104	6,715,874	12,754	SH		SOLE		5,783	0	6,971
MCDONALDS CORP	COM	580135101	3,032,235	10,460	SH		SOLE		951	0	9,509
MCKESSON CORP	COM	58155Q103	1,725,736	3,028	SH		SOLE		72	0	2,956
MERCHANTS BANCORP IND	COM	58844R108	6,660,000	182,606	SH		SOLE		37,656	0	144,950
MERCK & CO INC	COM	58933Y105	480,966	4,835	SH		SOLE		961	0	3,874
META PLATFORMS INC	CL A	30303M102	19,370,427	33,083	SH		SOLE		14,110	0	18,973
MICROSOFT CORP	COM	594918104	41,145,824	97,617	SH		SOLE		32,625	0	64,992
MIDCAP FINANCIAL INVSTMNT CO	COM NEW	03761U502	1,091,381	80,903	SH		SOLE		0	0	80,903
MITSUBISHI UFJ FINL GROUP IN	SPONSORED ADS	606822104	333,234	28,433	SH		SOLE		446	0	27,987
MORGAN STANLEY DIRECT LENDIN	COM SHS	61774A103	1,917,992	92,836	SH		SOLE		0	0	92,836
MOVADO GROUP INC	COM	624580106	4,662,000	236,908	SH		SOLE		45,008	0	191,900
NATIONAL BEVERAGE CORP	COM	635017106	6,384,000	149,620	SH		SOLE		31,020	0	118,600
NAVIENT CORPORATION	COM	63938C108	2,056,000	154,700	SH		SOLE		28,800	0	125,900
NELNET INC	CL A	64031N108	6,623,000	62,010	SH		SOLE		13,210	0	48,800
NETFLIX INC	COM	64110L106	11,748,489	13,181	SH		SOLE		6,924	0	6,257
NEW MTN FIN CORP	COM	647551100	1,194,359	106,071	SH		SOLE		0	0	106,071
NMI HLDGS INC	COM	629209305	6,459,000	175,718	SH		SOLE		37,618	0	138,100
NORTHERN OIL & GAS INC	COM	665531307	2,716,000	73,087	SH		SOLE		5,487	0	67,600
NOVARTIS AG	SPONSORED ADR	66987V109	2,151,745	22,112	SH		SOLE		2,051	0	20,061
NOVO-NORDISK A S	ADR	670100205	678,397	7,887	SH		SOLE		1,102	0	6,785
NUCOR CORP	COM	670346105	469,000	4,015	SH		SOLE		4,015	0	0
NVIDIA CORPORATION	COM	67066G104	38,845,435	289,265	SH		SOLE		109,029	0	180,236
NVR INC	COM	62944T105	532,000	65	SH		SOLE		65	0	0
OAKTREE SPECIALTY LENDING CO	COM	67401P405	2,188,943	143,256	SH		SOLE		6,077	0	137,179
OLYMPIC STEEL INC	COM	68162K106	230,000	7,000	SH		SOLE		0	0	7,000
OMEGA HEALTHCARE INVS INC	COM	681936100	1,722,843	45,518	SH		SOLE		5,250	0	40,268
OMNICOM GROUP INC	COM	681919106	492,000	5,714	SH		SOLE		5,714	0	0
ORACLE CORP	COM	68389X105	4,851,224	29,112	SH		SOLE		26,009	0	3,103
OREILLY AUTOMOTIVE INC	COM	67103H107	1,449,048	1,222	SH		SOLE		30	0	1,192
OTTER TAIL CORP	COM	689648103	510,000	6,911	SH		SOLE		2,311	0	4,600
PACCAR INC	COM	693718108	499,000	4,800	SH		SOLE		4,800	0	0
PALANTIR TECHNOLOGIES INC	CL A	69608A108	2,157,724	28,530	SH		SOLE		28,530	0	0
PALO ALTO NETWORKS INC	COM	697435105	5,968,288	32,800	SH		SOLE		18,638	0	14,162
PATHWARD FINANCIAL INC	COM	59100U108	3,559,065	48,370	SH		SOLE		48,370	0	0
PBF ENERGY INC	CL A	69318G106	2,739,000	103,163	SH		SOLE		22,463	0	80,700
PC CONNECTION INC	COM	69318J100	7,266,000	104,900	SH		SOLE		21,400	0	83,500
PEABODY ENERGY CORP	COM	704551100	3,164,000	151,111	SH		SOLE		64,211	0	86,900
PENNANTPARK FLOATING RATE CA	COM	70806A106	693,290	63,430	SH		SOLE		0	0	63,430
PENNANTPARK INVT CORP	COM	708062104	730,800	103,220	SH		SOLE		7,086	0	96,134
PENSKE AUTOMOTIVE GRP INC	COM	70959W103	681,000	4,465	SH		SOLE		4,465	0	0
PEPSICO INC	COM	713448108	1,013,664	6,667	SH		SOLE		1,027	0	5,640
PERDOCEO ED CORP	COM	71363P106	5,376,000	203,100	SH		SOLE		40,900	0	162,200
PFIZER INC	COM	717081103	984,000	37,100	SH		SOLE		37,100	0	0
PHOTRONICS INC	COM	719405102	1,319,000	56,000	SH		SOLE		11,700	0	44,300
PNC FINL SVCS GROUP INC	COM	693475105	598,000	3,100	SH		SOLE		3,100	0	0
PREFERRED BK LOS ANGELES CA	COM NEW	740367404	674,000	7,800	SH		SOLE		2,200	0	5,600
PRINCIPAL FINANCIAL GROUP IN	COM	74251V102	514,000	6,637	SH		SOLE		6,637	0	0
PROCTER AND GAMBLE CO	COM	742718109	2,718,066	16,213	SH		SOLE		1,497	0	14,716
PROSPECT CAP CORP	COM	74348T102	474,695	110,138	SH		SOLE		0	0	110,138
PULTE GROUP INC	COM	745867101	514,000	4,717	SH		SOLE		4,717	0	0
QCR HOLDINGS INC	COM	74727A104	5,177,000	64,199	SH		SOLE		13,399	0	50,800
RELX PLC	SPONSORED ADR	759530108	723,359	15,926	SH		SOLE		517	0	15,409
REPUBLIC BANCORP INC KY	CL A	760281204	1,375,000	19,679	SH		SOLE		4,279	0	15,400
RILEY EXPLORATION PERMIAN IN	COM	76665T102	2,793,000	87,495	SH		SOLE		16,395	0	71,100
RUSH ENTERPRISES INC	CL A	781846209	6,545,000	119,465	SH		SOLE		24,790	0	94,675
SAFE BULKERS INC	COM	Y7388L103	2,470,000	691,769	SH		SOLE		144,769	0	547,000
SANDRIDGE ENERGY INC	COM NEW	80007P869	3,923,000	334,983	SH		SOLE		70,083	0	264,900
SAP SE	SPON ADR	803054204	704,899	2,863	SH		SOLE		45	0	2,818
SAUL CTRS INC	COM	804395101	501,000	12,918	SH		SOLE		1,918	0	11,000
SERVICENOW INC	COM	81762P102	8,529,726	8,046	SH		SOLE		4,278	0	3,768
SHELL PLC	SPON ADS	780259305	1,065,118	17,001	SH		SOLE		2,088	0	14,913
SHOE CARNIVAL INC	COM	824889109	3,037,000	91,800	SH		SOLE		18,000	0	73,800
SIGA TECHNOLOGIES INC	COM	826917106	2,275,000	378,544	SH		SOLE		84,844	0	293,700
SIMMONS 1ST NATL CORP	CL A $1 PAR	828730200	1,293,000	58,300	SH		SOLE		12,500	0	45,800
SIXTH STREET SPECIALTY LENDI	COM	83012A109	4,429,897	207,976	SH		SOLE		5,866	0	202,110
SLR INVESTMENT CORP	COM	83413U100	1,995,694	123,496	SH		SOLE		4,710	0	118,786
SM ENERGY CO	COM	78454L100	4,362,000	112,551	SH		SOLE		34,251	0	78,300
SMITH & WESSON BRANDS INC	COM	831754106	345,000	34,100	SH		SOLE		16,900	0	17,200
SNAP ON INC	COM	833034101	852,000	2,509	SH		SOLE		2,509	0	0
SONIC AUTOMOTIVE INC	CL A	83545G102	5,518,000	87,100	SH		SOLE		18,100	0	69,000
SOUTHERN COPPER CORP	COM	84265V105	4,561,322	50,049	SH		SOLE		30,830	0	19,219
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	584,000	7,711	SH		SOLE		7,711	0	0
STATE STR CORP	COM	857477103	828,000	8,431	SH		SOLE		8,431	0	0
STEEL DYNAMICS INC	COM	858119100	1,587,756	13,921	SH		SOLE		5,530	0	8,391
STMICROELECTRONICS N V	NY REGISTRY	861012102	347,931	13,934	SH		SOLE		218	0	13,716
STONEX GROUP INC	COM	861896108	7,312,000	74,634	SH		SOLE		15,234	0	59,400
STRYKER CORPORATION	COM	863667101	1,116,155	3,100	SH		SOLE		76	0	3,024
SYLVAMO CORP	COMMON STOCK	871332102	1,367,000	17,300	SH		SOLE		1,200	0	16,100
SYNCHRONY FINANCIAL	COM	87165B103	940,000	14,459	SH		SOLE		14,459	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	2,915,742	14,764	SH		SOLE		420	0	14,344
TAPESTRY INC	COM	876030107	400,000	6,130	SH		SOLE		6,130	0	0
TD SYNNEX CORPORATION	COM	87162W100	471,000	4,012	SH		SOLE		4,012	0	0
TEEKAY CORPORATION LTD	SHS	G8726T105	70,000	10,100	SH		SOLE		10,100	0	0
TEEKAY TANKERS LTD	CL A	G8726X106	2,204,000	55,400	SH		SOLE		11,400	0	44,000
TEGNA INC	COM	87901J105	7,502,000	410,172	SH		SOLE		84,272	0	325,900
TELEFONAKTIEBOLAGET LM ERICS	ADR B SEK 10	294821608	3,705,013	459,679	SH		SOLE		342,345	0	117,334
TENET HEALTHCARE CORP	COM NEW	88033G407	4,230,598	33,515	SH		SOLE		23,346	0	10,169
TESLA INC	COM	88160R101	12,565,077	31,114	SH		SOLE		10,773	0	20,341
TETRA TECH INC NEW	COM	88162G103	788,943	19,802	SH		SOLE		668	0	19,134
THOMSON REUTERS CORP	COM	884903808	4,415,584	27,515	SH		SOLE		24,439	0	3,076
TITAN INTL INC ILL	COM	88830M102	1,025,000	150,900	SH		SOLE		28,900	0	122,000
TRIP COM GROUP LTD	ADS	89677Q107	4,098,179	59,688	SH		SOLE		49,387	0	10,301
UNION PAC CORP	COM	907818108	2,206,965	9,678	SH		SOLE		695	0	8,983
UNITED RENTALS INC	COM	911363109	1,790,686	2,542	SH		SOLE		62	0	2,480
UNITED THERAPEUTICS CORP DEL	COM	91307C102	495,000	1,403	SH		SOLE		1,403	0	0
UNIVERSAL HEALTH RLTY INCOME	SH BEN INT	91359E105	949,000	25,500	SH		SOLE		3,500	0	22,000
UNIVERSAL LOGISTICS HLDGS IN	COM	91388P105	4,238,000	92,249	SH		SOLE		16,949	0	75,300
VALERO ENERGY CORP	COM	91913Y100	503,000	4,100	SH		SOLE		4,100	0	0
VANECK ETF TRUST	BDC INCOME ETF	92189F411	2,612,008	157,066	SH		SOLE		0	0	157,066
VANGUARD MALVERN FDS	STRM INFPROIDX	922020805	461,492	9,531	SH		SOLE		5,234	0	4,297
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	49,380	633	SH		SOLE		403	0	230
VANGUARD SCOTTSDALE FDS	LG-TERM COR BD	92206C813	1,426,728	19,079	SH		SOLE		10,480	0	8,599
VERIZON COMMUNICATIONS INC	COM	92343V104	1,444,625	36,119	SH		SOLE		24,458	0	11,661
VICTORY CAP HLDGS INC	COM CL A	92645B103	2,757,000	42,113	SH		SOLE		11,613	0	30,500
VISA INC	COM CL A	92826C839	3,895,193	12,325	SH		SOLE		336	0	11,989
VISTRA CORP	COM	92840M102	6,827,645	49,522	SH		SOLE		22,170	0	27,352
VITAL ENERGY INC	COM	516806205	1,034,000	33,445	SH		SOLE		7,045	0	26,400
WALMART INC	COM	931142103	9,514,691	105,309	SH		SOLE		55,146	0	50,163
WASTE MGMT INC DEL	COM	94106L109	4,918,542	24,375	SH		SOLE		16,230	0	8,145
WEIS MKTS INC	COM	948849104	2,567,000	37,900	SH		SOLE		8,000	0	29,900
WELLTOWER INC	COM	95040Q104	1,785,406	14,167	SH		SOLE		1,561	0	12,606
WESBANCO INC	COM	950810101	4,237,000	130,200	SH		SOLE		25,800	0	104,400
WESTLAKE CORPORATION	COM	960413102	622,000	5,422	SH		SOLE		5,422	0	0
WORTHINGTON ENTERPRISES INC	COM	981811102	4,601,000	114,700	SH		SOLE		22,900	0	91,800