Advisory Research 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

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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
ABBOTT LABS	COM	002824100	1,219,176	11,733	SH		SOLE		8,935	0	2,798
ABBVIE INC	COM	00287Y109	9,715,773	56,645	SH		SOLE		54,309	0	2,336
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	1,616,265	5,327	SH		SOLE		4,890	0	437
ADDUS HOMECARE CORP	COM	006739106	571,726	4,924	SH		SOLE		4,596	0	328
ALAMO GROUP INC	COM	011311107	406,550	2,350	SH		OTR	1	2,350	0	0
ALAMO GROUP INC	COM	011311107	1,161,695	6,715	SH		SOLE		6,270	0	445
ALKAMI TECHNOLOGY INC	COM	01644J108	1,263,544	44,366	SH		SOLE		41,746	0	2,620
ALKAMI TECHNOLOGY INC	COM	01644J108	584,837	20,535	SH		OTR	1	20,535	0	0
ALLISON TRANSMISSION HLDGS I	COM	01973R101	837,936	11,040	SH		SOLE		10,346	0	694
ALPHABET INC	CAP STK CL A	02079K305	9,907,321	54,391	SH		SOLE		50,460	0	3,931
ALTA EQUIPMENT GROUP INC	COMMON STOCK	02128L106	478,018	59,455	SH		OTR	1	59,455	0	0
ALTA EQUIPMENT GROUP INC	COMMON STOCK	02128L106	1,342,519	166,980	SH		SOLE		155,785	0	11,195
AMERICAN EAGLE OUTFITTERS IN	COM	02553E106	1,106,523	55,437	SH		SOLE		50,582	0	4,855
AMERICAN ELEC PWR CO INC	COM	025537101	7,741,651	88,234	SH		SOLE		85,777	0	2,457
AMERICAN EXPRESS CO	COM	025816109	1,599,084	6,906	SH		SOLE		5,204	0	1,702
AMPHASTAR PHARMACEUTICALS IN	COM	03209R103	570,800	14,270	SH		SOLE		13,329	0	941
APPLE INC	COM	037833100	1,303,948	6,191	SH		SOLE		5,649	0	542
APTARGROUP INC	COM	038336103	382,299	2,715	SH		OTR	1	2,715	0	0
APTARGROUP INC	COM	038336103	1,006,792	7,150	SH		SOLE		6,695	0	455
ARES CAPITAL CORP	COM	04010L103	665,692	31,943	SH		SOLE		31,943	0	0
ARES MANAGEMENT CORPORATION	CL A COM STK	03990B101	1,586,698	11,905	SH		SOLE		11,119	0	786
ARROW ELECTRS INC	COM	042735100	687,366	5,692	SH		SOLE		5,320	0	372
ASBURY AUTOMOTIVE GROUP INC	COM	043436104	602,716	2,645	SH		OTR	1	2,645	0	0
ASBURY AUTOMOTIVE GROUP INC	COM	043436104	6,260,273	27,473	SH		SOLE		25,383	0	2,090
ATOMERA INC	COM	04965B100	76,200	20,000	SH		SOLE		20,000	0	0
AUTOZONE INC	COM	053332102	1,956,306	660	SH		SOLE		491	0	169
BANK AMERICA CORP	COM	060505104	1,915,960	48,176	SH		SOLE		36,571	0	11,605
BEL FUSE INC	CL A	077347201	1,556,870	19,242	SH		SOLE		19,242	0	0
BEL FUSE INC	CL B	077347300	930,975	14,270	SH		OTR	1	14,270	0	0
BEL FUSE INC	CL B	077347300	14,686,829	225,120	SH		SOLE		222,470	0	2,650
BELLRING BRANDS INC	COMMON STOCK	07831C103	888,927	15,557	SH		SOLE		14,534	0	1,023
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	1,858,262	4,568	SH		SOLE		3,385	0	1,183
BLACKBAUD INC	COM	09227Q100	799,785	10,500	SH		SOLE		9,665	0	835
BLACKBAUD INC	COM	09227Q100	270,784	3,555	SH		OTR	1	3,555	0	0
BLACKSTONE INC	COM	09260D107	763,475	6,167	SH		SOLE		6,167	0	0
BLACKSTONE SECD LENDING FD	COMMON STOCK	09261X102	294,228	9,609	SH		SOLE		9,609	0	0
BLOCK H & R INC	COM	093671105	1,286,010	23,714	SH		SOLE		22,154	0	1,560
BOYD GAMING CORP	COM	103304101	432,700	7,853	SH		SOLE		7,345	0	508
BROADCOM INC	COM	11135F101	16,095,912	10,025	SH		SOLE		9,606	0	419
BRUNSWICK CORP	COM	117043109	1,412,830	19,415	SH		SOLE		18,505	0	910
BRUNSWICK CORP	COM	117043109	620,000	8,520	SH		OTR	1	8,520	0	0
CASS INFORMATION SYS INC	COM	14808P109	1,853,839	46,265	SH		SOLE		43,205	0	3,060
CASS INFORMATION SYS INC	COM	14808P109	621,886	15,520	SH		OTR	1	15,520	0	0
CDW CORP	COM	12514G108	2,161,623	9,657	SH		SOLE		7,123	0	2,534
CHESAPEAKE UTILS CORP	COM	165303108	1,350,864	12,720	SH		SOLE		9,738	0	2,982
CHEVRON CORP NEW	COM	166764100	1,407,936	9,001	SH		SOLE		6,790	0	2,211
CONOCOPHILLIPS	COM	20825C104	1,081,692	9,457	SH		SOLE		7,202	0	2,255
CUE BIOPHARMA INC	COM	22978P106	318,959	257,225	SH		SOLE		257,225	0	0
DANAOS CORPORATION	SHS	Y1968P121	2,201,678	23,838	SH		SOLE		21,692	0	2,146
DEVON ENERGY CORP NEW	COM	25179M103	8,540,864	180,187	SH		SOLE		175,215	0	4,972
DISTRIBUTION SOLUTIONS GRP I	COM	520776105	1,767,000	58,900	SH		SOLE		55,600	0	3,300
DISTRIBUTION SOLUTIONS GRP I	COM	520776105	638,700	21,290	SH		OTR	1	21,290	0	0
EAGLE MATLS INC	COM	26969P108	1,149,276	5,285	SH		SOLE		4,945	0	340
EAGLE MATLS INC	COM	26969P108	344,674	1,585	SH		OTR	1	1,585	0	0
ELEMENT SOLUTIONS INC	COM	28618M106	3,506,263	129,287	SH		SOLE		109,525	0	19,762
ELEMENT SOLUTIONS INC	COM	28618M106	683,126	25,189	SH		OTR	1	25,189	0	0
EMCOR GROUP INC	COM	29084Q100	5,247,660	14,374	SH		SOLE		13,973	0	401
EMERALD HOLDING INC	COM	29103W104	375,699	66,028	SH		OTR	1	66,028	0	0
EMERALD HOLDING INC	COM	29103W104	4,889,889	859,383	SH		SOLE		842,993	0	16,390
ENCOMPASS HEALTH CORP	COM	29261A100	1,272,266	14,830	SH		SOLE		13,888	0	942
ENSTAR GROUP LIMITED	SHS	G3075P101	1,317,567	4,310	SH		OTR	1	4,310	0	0
ENSTAR GROUP LIMITED	SHS	G3075P101	16,372,986	53,559	SH		SOLE		52,669	0	890
EVERI HLDGS INC	COM	30034T103	344,560	41,019	SH		SOLE		38,325	0	2,694
EXXON MOBIL CORP	COM	30231G102	864,091	7,506	SH		SOLE		5,516	0	1,990
FERGUSON PLC NEW	SHS	G3421J106	5,719,622	29,536	SH		SOLE		26,167	0	3,369
FIDUS INVT CORP	COM	316500107	201,053	10,321	SH		SOLE		10,321	0	0
FIRST ADVANTAGE CORP NEW	COM	31846B108	3,009,847	187,296	SH		SOLE		160,803	0	26,493
FIRST ADVANTAGE CORP NEW	COM	31846B108	582,891	36,272	SH		OTR	1	36,272	0	0
FIRST MERCHANTS CORP	COM	320817109	1,237,056	37,160	SH		SOLE		34,805	0	2,355
FIRST MERCHANTS CORP	COM	320817109	480,708	14,440	SH		OTR	1	14,440	0	0
FLOOR & DECOR HLDGS INC	CL A	339750101	466,432	4,692	SH		OTR	1	4,692	0	0
FLOOR & DECOR HLDGS INC	CL A	339750101	1,336,965	13,449	SH		SOLE		12,464	0	985
FLUTTER ENTMT PLC	SHS	G3643J108	4,275,977	23,448	SH		SOLE		21,926	0	1,522
FS KKR CAP CORP	COM	302635206	228,592	11,586	SH		SOLE		11,586	0	0
FULLER H B CO	COM	359694106	752,900	9,783	SH		SOLE		9,139	0	644
GATES INDL CORP PLC	ORD SHS	G39108108	559,548	35,392	SH		OTR	1	35,392	0	0
GATES INDL CORP PLC	ORD SHS	G39108108	2,822,528	178,528	SH		SOLE		153,835	0	24,693
GENIUS SPORTS LIMITED	SHARES CL A	G3934V109	414,756	76,102	SH		SOLE		71,175	0	4,927
GROCERY OUTLET HLDG CORP	COM	39874R101	11,150,803	504,105	SH		SOLE		497,200	0	6,905
GROCERY OUTLET HLDG CORP	COM	39874R101	813,684	36,785	SH		OTR	1	36,785	0	0
GSK PLC	SPONSORED ADR	37733W204	10,314,889	267,919	SH		SOLE		258,744	0	9,175
HEALTHEQUITY INC	COM	42226A107	2,007,167	23,285	SH		SOLE		21,770	0	1,515
HEALTHEQUITY INC	COM	42226A107	641,759	7,445	SH		OTR	1	7,445	0	0
HEARTBEAM INC	COM	42238H108	128,500	50,000	SH		SOLE		50,000	0	0
HERCULES CAPITAL INC	COM	427096508	286,239	13,997	SH		SOLE		13,997	0	0
HERSHEY CO	COM	427866108	960,144	5,223	SH		SOLE		3,982	0	1,241
HF SINCLAIR CORP	COM	403949100	658,322	12,342	SH		SOLE		11,540	0	802
HILLENBRAND INC	COM	431571108	319,760	7,990	SH		SOLE		7,465	0	525
HOME DEPOT INC	COM	437076102	2,697,809	7,837	SH		SOLE		6,597	0	1,240
HONDA MOTOR LTD	ADR ECH CNV IN 3	438128308	4,253,746	131,940	SH		SOLE		125,489	0	6,451
HUBBELL INC	COM	443510607	8,075,982	22,097	SH		SOLE		20,975	0	1,122
IMPINJ INC	COM	453204109	1,068,231	6,814	SH		SOLE		6,369	0	445
INSPIRED ENTMT INC	COM	45782N108	679,479	74,260	SH		SOLE		69,548	0	4,712
INTERNATIONAL GAME TECHNOLOG	SHS USD	G4863A108	647,927	31,668	SH		SOLE		28,770	0	2,898
INTERPUBLIC GROUP COS INC	COM	460690100	1,819,580	62,550	SH		SOLE		57,115	0	5,435
INVESCO EXCHANGE TRADED FD T	S&P500 EQL WGT	46137V357	1,806,585	10,997	SH		SOLE		10,997	0	0
ISHARES TR	1 3 YR TREAS BD	464287457	799,354	9,790	SH		SOLE		9,790	0	0
ISHARES TR	IBONDS 24 TRM TS	46436E874	1,539,036	64,180	SH		SOLE		64,180	0	0
ISHARES TR	ISHS 1-5YR INVS	464288646	913,609	17,830	SH		SOLE		17,830	0	0
ISHARES TR	ISHS 5-10YR INVT	464288638	1,720,593	33,566	SH		SOLE		33,566	0	0
ISHARES TR	MBS ETF	464288588	1,608,328	17,518	SH		SOLE		17,518	0	0
ISHARES TR	MSCI ACWI ETF	464288257	391,406	3,482	SH		SOLE		3,482	0	0
ISHARES TR	SHORT TREAS BD	464288679	6,439,719	58,278	SH		SOLE		58,278	0	0
JOHN BEAN TECHNOLOGIES CORP	COM	477839104	7,580,505	79,820	SH		SOLE		78,165	0	1,655
JOHN BEAN TECHNOLOGIES CORP	COM	477839104	804,871	8,475	SH		OTR	1	8,475	0	0
JOHNSON & JOHNSON	COM	478160104	812,503	5,559	SH		SOLE		5,076	0	483
JPMORGAN CHASE & CO.	COM	46625H100	2,104,313	10,404	SH		SOLE		7,883	0	2,521
KB FINL GROUP INC	SPONSORED ADR	48241A105	6,046,956	106,818	SH		SOLE		103,895	0	2,923
KEURIG DR PEPPER INC	COM	49271V100	9,521,470	285,074	SH		SOLE		274,020	0	11,054
LAM RESEARCH CORP	COM	512807108	1,942,286	1,824	SH		SOLE		1,668	0	156
LAMAR ADVERTISING CO NEW	CL A	512816109	5,019,630	41,995	SH		SOLE		40,182	0	1,813
LEGACY HOUSING CORP	COM	52472M101	650,464	28,355	SH		OTR	1	28,355	0	0
LEGACY HOUSING CORP	COM	52472M101	7,487,272	326,385	SH		SOLE		321,040	0	5,345
LESLIES INC	COM	527064109	707,691	168,900	SH		SOLE		157,605	0	11,295
LESLIES INC	COM	527064109	251,316	59,980	SH		OTR	1	59,980	0	0
LOCKHEED MARTIN CORP	COM	539830109	2,346,243	5,023	SH		SOLE		4,585	0	438
MAIN STR CAP CORP	COM	56035L104	269,263	5,333	SH		SOLE		5,333	0	0
MATADOR RES CO	COM	576485205	579,193	9,718	SH		SOLE		9,067	0	651
MCDONALDS CORP	COM	580135101	1,058,096	4,152	SH		SOLE		3,227	0	925
MERCK & CO INC	COM	58933Y105	12,423,310	100,350	SH		SOLE		96,548	0	3,802
MGIC INVT CORP WIS	COM	552848103	6,575,056	305,107	SH		SOLE		290,805	0	14,302
MICROSOFT CORP	COM	594918104	18,038,271	40,359	SH		SOLE		37,968	0	2,391
MICROSTRATEGY INC	CL A NEW	594972408	282,383	205	SH		SOLE		192	0	13
MILLER INDS INC TENN	COM NEW	600551204	19,214,525	349,228	SH		SOLE		343,448	0	5,780
MILLER INDS INC TENN	COM NEW	600551204	1,536,709	27,930	SH		OTR	1	27,930	0	0
MONARCH CASINO & RESORT INC	COM	609027107	6,404,901	94,010	SH		SOLE		91,800	0	2,210
MONARCH CASINO & RESORT INC	COM	609027107	862,866	12,665	SH		OTR	1	12,665	0	0
NETAPP INC	COM	64110D104	1,821,361	14,141	SH		SOLE		12,923	0	1,218
NEXTERA ENERGY INC	COM	65339F101	459,203	6,485	SH		SOLE		6,485	0	0
NICOLET BANKSHARES INC	COM	65406E102	3,009,619	36,243	SH		SOLE		31,260	0	4,983
NICOLET BANKSHARES INC	COM	65406E102	638,744	7,692	SH		OTR	1	7,692	0	0
NOVO-NORDISK A S	ADR	670100205	477,037	3,342	SH		SOLE		2,314	0	1,028
NRG ENERGY INC	COM NEW	629377508	752,205	9,661	SH		SOLE		9,025	0	636
NVENT ELECTRIC PLC	SHS	G6700G107	782,954	10,220	SH		SOLE		9,556	0	664
OAKTREE SPECIALTY LENDING CO	COM	67401P405	239,320	12,723	SH		SOLE		12,723	0	0
ONESPAWORLD HOLDINGS LIMITED	COM	P73684113	568,029	36,957	SH		OTR	1	36,957	0	0
ONESPAWORLD HOLDINGS LIMITED	COM	P73684113	1,609,116	104,692	SH		SOLE		97,718	0	6,974
ORACLE CORP	COM	68389X105	1,159,676	8,213	SH		SOLE		7,496	0	717
OWENS CORNING NEW	COM	690742101	519,075	2,988	SH		SOLE		2,792	0	196
PAPA JOHNS INTL INC	COM	698813102	373,491	7,950	SH		OTR	1	7,950	0	0
PAPA JOHNS INTL INC	COM	698813102	1,051,178	22,375	SH		SOLE		20,880	0	1,495
PATRICK INDS INC	COM	703343103	491,080	4,524	SH		SOLE		4,234	0	290
PERFICIENT INC	COM	71375U101	638,033	8,531	SH		SOLE		6,513	0	2,018
PERFORMANCE FOOD GROUP CO	COM	71377A103	10,099,096	152,762	SH		SOLE		143,021	0	9,741
PERFORMANCE FOOD GROUP CO	COM	71377A103	884,353	13,377	SH		OTR	1	13,377	0	0
PHILIP MORRIS INTL INC	COM	718172109	9,679,954	95,529	SH		SOLE		91,835	0	3,694
PHINIA INC	COMMON STOCK	71880K101	779,131	19,795	SH		OTR	1	19,795	0	0
PHINIA INC	COMMON STOCK	71880K101	11,461,435	291,195	SH		SOLE		287,465	0	3,730
PITNEY BOWES INC	COM	724479100	870,610	171,380	SH		SOLE		161,015	0	10,365
PITNEY BOWES INC	COM	724479100	311,048	61,230	SH		OTR	1	61,230	0	0
PROGRESS SOFTWARE CORP	COM	743312100	760,454	14,015	SH		SOLE		13,096	0	919
PROSHARES TR	S&P 500 DV ARIST	74348A467	214,466	2,231	SH		SOLE		2,231	0	0
REGAL REXNORD CORPORATION	COM	758750103	951,814	7,039	SH		SOLE		5,195	0	1,844
RELIANCE INC	COM	759509102	2,394,106	8,383	SH		SOLE		7,715	0	668
RUNWAY GROWTH FINANCE CORP	COM	78163D100	157,866	13,424	SH		SOLE		13,424	0	0
RYERSON HLDG CORP	COM	783754104	483,210	24,780	SH		SOLE		23,229	0	1,551
SCIENCE APPLICATIONS INTL CO	COM	808625107	546,137	4,646	SH		SOLE		4,341	0	305
SIXTH STREET SPECIALTY LENDI	COM	83012A109	258,314	12,099	SH		SOLE		12,099	0	0
SKYLINE CHAMPION CORPORATION	COM	830830105	1,946,796	28,735	SH		SOLE		26,885	0	1,850
SKYLINE CHAMPION CORPORATION	COM	830830105	624,452	9,217	SH		OTR	1	9,217	0	0
SOUTHSTATE CORPORATION	COM	840441109	1,576,010	20,623	SH		SOLE		20,379	0	244
SOUTHSTATE CORPORATION	COM	840441109	554,656	7,258	SH		OTR	1	7,258	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	312,382	574	SH		SOLE		574	0	0
SPDR SER TR	S&P BIOTECH	78464A870	911,339	9,830	SH		SOLE		9,182	0	648
SPIRE INC	COM	84857L101	330,007	5,434	SH		SOLE		5,079	0	355
STEEL DYNAMICS INC	COM	858119100	1,927,219	14,882	SH		SOLE		13,614	0	1,268
STELLANTIS N.V	SHS	N82405106	216,762	10,920	SH		SOLE		7,545	0	3,375
SUPERNUS PHARMACEUTICALS INC	COM	868459108	448,490	16,766	SH		SOLE		15,697	0	1,069
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	16,222,174	93,333	SH		SOLE		89,622	0	3,711
TAPESTRY INC	COM	876030107	10,544,431	246,423	SH		SOLE		236,890	0	9,533
TJX COS INC NEW	COM	872540109	1,421,721	12,913	SH		SOLE		9,727	0	3,186
TRIMAS CORP	COM NEW	896215209	12,561,385	491,447	SH		SOLE		483,693	0	7,754
TRIMAS CORP	COM NEW	896215209	1,051,181	41,126	SH		OTR	1	41,126	0	0
UFP INDUSTRIES INC	COM	90278Q108	998,032	8,911	SH		SOLE		8,350	0	561
UNILEVER PLC	SPON ADR NEW	904767704	3,050,790	55,479	SH		SOLE		52,159	0	3,320
UNION PAC CORP	COM	907818108	1,369,326	6,052	SH		SOLE		4,591	0	1,461
UNITEDHEALTH GROUP INC	COM	91324P102	11,807,021	23,185	SH		SOLE		21,615	0	1,570
UNUM GROUP	COM	91529Y106	765,372	14,975	SH		SOLE		14,041	0	934
VALVOLINE INC	COM	92047W101	1,374,840	31,825	SH		SOLE		29,720	0	2,105
VALVOLINE INC	COM	92047W101	482,760	11,175	SH		OTR	1	11,175	0	0
VANGUARD BD INDEX FDS	VANGUARD ULTRA	92203C303	4,786,356	96,655	SH		SOLE		96,655	0	0
VANGUARD INDEX FDS	MID CAP ETF	922908629	1,233,500	5,095	SH		SOLE		5,095	0	0
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	3,222,338	6,443	SH		SOLE		6,443	0	0
VANGUARD SCOTTSDALE FDS	INT-TERM CORP	92206C870	2,215,100	27,713	SH		SOLE		27,713	0	0
VANGUARD SCOTTSDALE FDS	SHORT TERM TREAS	92206C102	4,039,409	69,657	SH		SOLE		69,657	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	2,006,214	25,962	SH		SOLE		25,962	0	0
VANGUARD SPECIALIZED FUNDS	DIV APP ETF	921908844	2,552,962	13,985	SH		SOLE		13,985	0	0
VANGUARD TAX-MANAGED FDS	VAN FTSE DEV MKT	921943858	1,127,616	22,817	SH		SOLE		22,817	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	12,542,346	304,131	SH		SOLE		292,580	0	11,551
VERMILION ENERGY INC	COM	923725105	897,073	81,478	SH		SOLE		73,014	0	8,464
VIAD CORP	COM	92552R406	892,500	26,250	SH		OTR	1	26,250	0	0
VIAD CORP	COM	92552R406	11,676,280	343,420	SH		SOLE		338,345	0	5,075
WATSCO INC	COM	942622200	2,383,655	5,146	SH		SOLE		4,729	0	417
WEBSTER FINL CORP	COM	947890109	1,700,402	39,009	SH		SOLE		36,766	0	2,243
WEBSTER FINL CORP	COM	947890109	679,830	15,596	SH		OTR	1	15,596	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	863,524	13,746	SH		SOLE		12,842	0	904
WHITESTONE REIT	COM	966084204	729,588	54,815	SH		SOLE		51,387	0	3,428