Cambria Investment Management 13FHR Quarterly holdings report by institutional manager | SEC 13 Feb 24

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
ABRDN GOLD ETF TRUST	PHYSCL GOLD SHS	00326A104	484,074	24,522	SH		SOLE		0	0	24,522
ACADEMY SPORTS & OUTDOORS IN	COM	00402L107	10,987,680	166,480	SH		DFND	1	0	0	166,480
ACADIA RLTY TR	COM SH BEN INT	004239109	265,622	15,634	SH		DFND	1	0	0	15,634
ACM RESH INC	COM CL A	00108J109	469,859	24,046	SH		DFND	1	0	0	24,046
ADTALEM GLOBAL ED INC	COM	00737L103	13,941,852	236,503	SH		DFND	1	0	0	236,503
ADVANCE AUTO PARTS INC	COM	00751Y106	5,498,315	90,092	SH		DFND	1	0	0	90,092
AFC GAMMA INC	COM	00109K105	296,840	24,675	SH		DFND	1	0	0	24,675
AFFILIATED MANAGERS GROUP IN	COM	008252108	9,525,681	62,909	SH		DFND	1	0	0	62,909
AFLAC INC	COM	001055102	12,813,076	155,310	SH		DFND	1	0	0	155,310
ALPHA METALLURGICAL RESOUR I	COM	020764106	14,539,668	42,900	SH		DFND	1	0	0	42,900
ALTRIA GROUP INC	COM	02209S103	635,355	15,750	SH		DFND	1	0	0	15,750
AMERICAN EQTY INVT LIFE HLD	COM	025676206	608,276	10,901	SH		DFND	1	0	0	10,901
AMERICAN FINL GROUP INC OHIO	COM	025932104	7,938,880	66,775	SH		DFND	1	0	0	66,775
AMERICAN HOMES 4 RENT	CL A	02665T306	260,422	7,242	SH		DFND	1	0	0	7,242
AMERIPRISE FINL INC	COM	03076C106	14,381,503	37,863	SH		DFND	1	0	0	37,863
AMN HEALTHCARE SVCS INC	COM	001744101	7,969,179	106,426	SH		DFND	1	0	0	106,426
APA CORPORATION	COM	03743Q108	7,484,963	208,611	SH		DFND	1	0	0	208,611
APPLE HOSPITALITY REIT INC	COM NEW	03784Y200	323,480	19,475	SH		DFND	1	0	0	19,475
ARCBEST CORP	COM	03937C105	597,203	4,968	SH		DFND	1	0	0	4,968
ARCH RESOURCES INC	CL A	03940R107	11,043,805	66,553	SH		DFND	1	0	0	66,553
ARCTURUS THERAPEUTICS HLDGS	COM	03969T109	468,189	14,849	SH		DFND	1	0	0	14,849
ARMADA HOFFLER PPTYS INC	COM	04208T108	331,862	26,828	SH		DFND	1	0	0	26,828
ARROW ELECTRS INC	COM	042735100	8,925,473	73,010	SH		DFND	1	0	0	73,010
ASBURY AUTOMOTIVE GROUP INC	COM	043436104	539,928	2,400	SH		DFND	1	0	0	2,400
ASSURANT INC	COM	04621X108	437,906	2,599	SH		DFND	1	0	0	2,599
ASSURED GUARANTY LTD	COM	G0585R106	13,635,822	182,224	SH		DFND	1	0	0	182,224
ATKORE INC	COM	047649108	12,209,760	76,311	SH		DFND	1	0	0	76,311
AURORA CANNABIS INC	COM	05156X884	183,987	386,365	SH		DFND	1	0	0	386,365
AUTONATION INC	COM	05329W102	14,919,482	99,344	SH		DFND	1	0	0	99,344
AVALONBAY CMNTYS INC	COM	053484101	231,217	1,235	SH		DFND	1	0	0	1,235
BANCORP INC DEL	COM	05969A105	604,582	15,679	SH		DFND	1	0	0	15,679
BEAZER HOMES USA INC	COM NEW	07556Q881	633,292	18,742	SH		DFND	1	0	0	18,742
BERRY GLOBAL GROUP INC	COM	08579W103	10,376,038	153,970	SH		DFND	1	0	0	153,970
BIG 5 SPORTING GOODS CORP	COM	08915P101	3,606,389	568,831	SH		DFND	1	0	0	568,831
BOISE CASCADE CO DEL	COM	09739D100	1,149,493	8,886	SH		DFND	1	0	0	8,886
BOSTON PROPERTIES INC	COM	101121101	264,541	3,770	SH		DFND	1	0	0	3,770
BRADY CORP	CL A	104674106	10,406,030	177,305	SH		DFND	1	0	0	177,305
BRANDYWINE RLTY TR	SH BEN INT NEW	105368203	281,264	52,086	SH		DFND	1	0	0	52,086
BRIXMOR PPTY GROUP INC	COM	11120U105	349,562	15,200	SH		DFND	1	0	0	15,200
BROADSTONE NET LEASE INC	COM	11135E203	242,440	14,079	SH		DFND	1	0	0	14,079
BUILDERS FIRSTSOURCE INC	COM	12008R107	12,614,988	75,566	SH		DFND	1	0	0	75,566
CAL MAINE FOODS INC	COM NEW	128030202	9,099,529	158,556	SH		DFND	1	0	0	158,556
CALERES INC	COM	129500104	432,433	14,072	SH		DFND	1	0	0	14,072
CALIFORNIA RES CORP	COM STOCK	13057Q305	10,569,480	193,297	SH		DFND	1	0	0	193,297
CAMBRIA ETF TR	VALUE MOMENTUM	132061888	2,551,402	90,156	SH		SOLE		0	0	90,156
CAMBRIA ETF TR	EMRG SHAREHLDR	132061706	1,003,744	32,017	SH		SOLE		0	0	32,017
CAMBRIA ETF TR	GLOBAL VALUE ETF	132061409	2,258,073	106,013	SH		SOLE		0	0	106,013
CAMBRIA ETF TR	CAMBRIA FGN SHR	132061300	953,734	36,995	SH		SOLE		0	0	36,995
CAMBRIA ETF TR	GLB MOMENT ETF	132061508	10,787,501	392,415	SH		SOLE		0	0	392,415
CAMBRIA ETF TR	GBL REAL EST ETF	132061813	923,831	36,515	SH		SOLE		0	0	36,515
CAMBRIA ETF TR	SHSHLD YIELD ETF	132061201	1,869,593	27,669	SH		SOLE		0	0	27,669
CAMBRIA ETF TR	VALUE MOMENTUM	132061888	23,144,109	817,813	SH		DFND	1	0	0	817,813
CAMBRIA ETF TR	CAMBRIA FGN SHR	132061300	17,544,193	680,535	SH		DFND	1	0	0	680,535
CAMBRIA ETF TR	SHSHLD YIELD ETF	132061201	31,603,233	467,711	SH		DFND	1	0	0	467,711
CAMBRIA ETF TR	EMRG SHAREHLDR	132061706	33,388,972	1,065,039	SH		DFND	1	0	0	1,065,039
CAMBRIA ETF TR	GLOBAL VALUE ETF	132061409	18,831,851	884,303	SH		DFND	1	0	0	884,303
CAMBRIA ETF TR	GBL REAL EST ETF	132061813	7,636,487	301,878	SH		DFND	1	0	0	301,878
CARDINAL HEALTH INC	COM	14149Y108	663,466	6,582	SH		DFND	1	0	0	6,582
CARETRUST REIT INC	COM	14174T107	342,727	15,314	SH		DFND	1	0	0	15,314
CARTERS INC	COM	146229109	10,329,727	137,932	SH		DFND	1	0	0	137,932
CATHAY GEN BANCORP	COM	149150104	10,158,127	227,914	SH		DFND	1	0	0	227,914
CENTENE CORP DEL	COM	15135B101	10,661,825	143,671	SH		DFND	1	0	0	143,671
CENTURY CMNTYS INC	COM	156504300	699,408	7,674	SH		DFND	1	0	0	7,674
CHATHAM LODGING TR	COM	16208T102	267,024	24,909	SH		DFND	1	0	0	24,909
CHEVRON CORP NEW	COM	166764100	9,383,506	62,909	SH		DFND	1	0	0	62,909
CHORD ENERGY CORPORATION	COM NEW	674215207	11,137,244	66,999	SH		DFND	1	0	0	66,999
CIVITAS RESOURCES INC	COM NEW	17888H103	9,198,820	134,525	SH		DFND	1	0	0	134,525
CNX RES CORP	COM	12653C108	11,310,820	565,541	SH		DFND	1	0	0	565,541
COMCAST CORP NEW	CL A	20030N101	9,412,837	216,089	SH		DFND	1	0	0	216,089
CONOCOPHILLIPS	COM	20825C104	9,627,310	82,944	SH		DFND	1	0	0	82,944
CONSOL ENERGY INC NEW	COM	20854L108	16,760,562	166,722	SH		DFND	1	0	0	166,722
CONSTELLATION BRANDS INC	CL A	21036P108	1,015,350	4,200	SH		DFND	1	0	0	4,200
COREBRIDGE FINL INC	COM	21871X109	428,803	19,797	SH		DFND	1	0	0	19,797
CORECIVIC INC	COM	21871N101	436,583	30,047	SH		DFND	1	0	0	30,047
COTERRA ENERGY INC	COM	127097103	9,131,133	357,803	SH		DFND	1	0	0	357,803
COUSINS PPTYS INC	COM NEW	222795502	271,795	11,162	SH		DFND	1	0	0	11,162
CRONOS GROUP INC	COM	22717L101	485,570	232,330	SH		DFND	1	0	0	232,330
CUSTOMERS BANCORP INC	COM	23204G100	440,620	7,647	SH		DFND	1	0	0	7,647
CVR ENERGY INC	COM	12662P108	13,614,729	449,331	SH		DFND	1	0	0	449,331
D R HORTON INC	COM	23331A109	745,614	4,906	SH		DFND	1	0	0	4,906
DESIGNER BRANDS INC	CL A	250565108	441,465	49,883	SH		DFND	1	0	0	49,883
DEVON ENERGY CORP NEW	COM	25179M103	6,941,183	153,227	SH		DFND	1	0	0	153,227
DIAMONDROCK HOSPITALITY CO	COM	252784301	268,469	28,591	SH		DFND	1	0	0	28,591
DILLARDS INC	CL A	254067101	12,662,501	31,370	SH		DFND	1	0	0	31,370
DISCOVER FINL SVCS	COM	254709108	8,601,972	76,530	SH		DFND	1	0	0	76,530
DOUGLAS EMMETT INC	COM	25960P109	254,722	17,567	SH		DFND	1	0	0	17,567
DOW INC	COM	260557103	9,327,955	170,094	SH		DFND	1	0	0	170,094
DUPONT DE NEMOURS INC	COM	26614N102	9,913,123	128,859	SH		DFND	1	0	0	128,859
DXC TECHNOLOGY CO	COM	23355L106	6,662,328	291,313	SH		DFND	1	0	0	291,313
EA SERIES TRUST	US QUAN MOMENTUM	02072L409	2,252,657	45,183	SH		DFND	1	0	0	45,183
EA SERIES TRUST	INTL QUAN MOMNTM	02072L300	1,023,130	38,799	SH		DFND	1	0	0	38,799
EA SERIES TRUST	ALPHA ARCH 1-3	02072L565	1,599,332	15,210	SH		DFND	1	0	0	15,210
EASTGROUP PPTYS INC	COM	277276101	258,424	1,408	SH		DFND	1	0	0	1,408
EASTMAN CHEM CO	COM	277432100	10,571,006	117,691	SH		DFND	1	0	0	117,691
EHEALTH INC	COM	28238P109	470,383	53,943	SH		DFND	1	0	0	53,943
EMCOR GROUP INC	COM	29084Q100	631,641	2,932	SH		DFND	1	0	0	2,932
EMPIRE ST RLTY TR INC	CL A	292104106	443,889	45,809	SH		DFND	1	0	0	45,809
ENCORE WIRE CORP	COM	292562105	10,839,346	50,746	SH		DFND	1	0	0	50,746
ENOVA INTL INC	COM	29357K103	587,812	10,618	SH		DFND	1	0	0	10,618
EOG RES INC	COM	26875P101	9,401,927	77,734	SH		DFND	1	0	0	77,734
EPR PPTYS	COM SH BEN INT	26884U109	309,305	6,384	SH		DFND	1	0	0	6,384
EQUITY COMWLTH	COM SH BEN INT	294628102	234,566	12,217	SH		DFND	1	0	0	12,217
EQUITY RESIDENTIAL	SH BEN INT	29476L107	307,941	5,035	SH		DFND	1	0	0	5,035
ETHAN ALLEN INTERIORS INC	COM	297602104	10,595,716	331,946	SH		DFND	1	0	0	331,946
EXXON MOBIL CORP	COM	30231G102	10,376,924	103,790	SH		DFND	1	0	0	103,790
FEDERAL RLTY INVT TR NEW	SH BEN INT NEW	313745101	255,358	2,478	SH		DFND	1	0	0	2,478
FEDERATED HERMES INC	CL B	314211103	9,120,665	269,364	SH		DFND	1	0	0	269,364
FIDELITY NATIONAL FINANCIAL	FNF GROUP COM	31620R303	442,394	8,671	SH		DFND	1	0	0	8,671
FIRST CTZNS BANCSHARES INC N	CL A	31946M103	448,395	316	SH		DFND	1	0	0	316
FIRST TR EXCHANGE-TRADED FD	MNGD FUTRS STRGY	33739G103	3,265,836	70,824	SH		DFND	1	0	0	70,824
FLUENCE ENERGY INC	COM CL A	34379V103	455,416	19,095	SH		DFND	1	0	0	19,095
FOX CORP	CL A COM	35137L105	7,877,207	265,494	SH		DFND	1	0	0	265,494
FRANKLIN STR PPTYS CORP	COM	35471R106	170,240	66,500	SH		DFND	1	0	0	66,500
G III APPAREL GROUP LTD	COM	36237H101	434,672	12,792	SH		DFND	1	0	0	12,792
GENWORTH FINL INC	COM CL A	37247D106	644,506	96,483	SH		DFND	1	0	0	96,483
GMS INC	COM	36251C103	478,753	5,808	SH		DFND	1	0	0	5,808
GRANITESHARES GOLD TR	SHS BEN INT	38748G101	12,406,805	608,475	SH		DFND	1	0	0	608,475
GREEN BRICK PARTNERS INC	COM	392709101	743,625	14,317	SH		DFND	1	0	0	14,317
GREIF INC	CL A	397624107	8,856,946	135,035	SH		DFND	1	0	0	135,035
GROUP 1 AUTOMOTIVE INC	COM	398905109	767,335	2,518	SH		DFND	1	0	0	2,518
GROWGENERATION CORP	COM	39986L109	190,635	75,950	SH		DFND	1	0	0	75,950
GULFPORT ENERGY CORP	COMMON SHARES	402635502	542,524	4,073	SH		DFND	1	0	0	4,073
HAVERTY FURNITURE COS INC	COM	419596101	9,120,234	256,908	SH		DFND	1	0	0	256,908
HELIX ENERGY SOLUTIONS GRP I	COM	42330P107	714,676	69,521	SH		DFND	1	0	0	69,521
HF SINCLAIR CORP	COM	403949100	8,802,844	158,410	SH		DFND	1	0	0	158,410
HOST HOTELS & RESORTS INC	COM	44107P104	267,479	13,738	SH		DFND	1	0	0	13,738
HUDSON PAC PPTYS INC	COM	444097109	394,642	42,389	SH		DFND	1	0	0	42,389
HUNTSMAN CORP	COM	447011107	7,319,741	291,275	SH		DFND	1	0	0	291,275
HYDROFARM HLDGS GROUP INC	COM	44888K209	127,133	138,565	SH		DFND	1	0	0	138,565
INNOVATIVE INDL PPTYS INC	COM	45781V101	827,026	8,203	SH		DFND	1	0	0	8,203
INSIGHT ENTERPRISES INC	COM	45765U103	503,397	2,841	SH		DFND	1	0	0	2,841
INSTEEL INDS INC	COM	45774W108	596,099	15,568	SH		DFND	1	0	0	15,568
INTERCURE LTD	COM NEW	M549GJ111	74,234	57,995	SH		DFND	1	0	0	57,995
INTERDIGITAL INC	COM	45867G101	472,366	4,352	SH		DFND	1	0	0	4,352
INTERNATIONAL PAPER CO	COM	460146103	7,392,024	204,482	SH		DFND	1	0	0	204,482
INVENTRUST PPTYS CORP	COM NEW	46124J201	325,948	12,863	SH		DFND	1	0	0	12,863
INVESCO ACTVELY MNGD ETC FD	OPTIMUM YIELD	46090F100	351,129	26,401	SH		SOLE		0	0	26,401
INVESCO ACTVELY MNGD ETC FD	OPTIMUM YIELD	46090F100	7,240,666	544,411	SH		DFND	1	0	0	544,411
INVESCO DB MULTI-SECTOR COMM	AGRICULTURE FD	46140H106	9,536,086	459,792	SH		DFND	1	0	0	459,792
INVESCO DB MULTI-SECTOR COMM	PRECIOUS METAL	46140H502	9,992,447	200,049	SH		DFND	1	0	0	200,049
INVESCO EXCH TRADED FD TR II	FTSE RAFI DEV	46138E743	259,126	5,468	SH		SOLE		0	0	5,468
INVESCO EXCH TRADED FD TR II	EMRNG MKT SVRG	46138E784	10,606,124	514,361	SH		DFND	1	0	0	514,361
ISHARES TR	7-10 YR TRSY BD	464287440	609,860	6,327	SH		DFND	1	0	0	6,327
ISHARES TR	TIPS BD ETF	464287176	584,853	5,441	SH		DFND	1	0	0	5,441
ISHARES TR	NATIONAL MUN ETF	464288414	1,315,008	12,130	SH		SOLE		0	0	12,130
ISHARES TR	GLOBAL TECH ETF	464287291	12,844,976	188,398	SH		DFND	1	0	0	188,398
JABIL INC	COM	466313103	524,506	4,117	SH		DFND	1	0	0	4,117
JACKSON FINANCIAL INC	COM CL A	46817M107	422,758	8,257	SH		DFND	1	0	0	8,257
JAZZ PHARMACEUTICALS PLC	SHS USD	G50871105	731,850	5,950	SH		DFND	1	0	0	5,950
JEFFERIES FINL GROUP INC	COM	47233W109	11,226,949	277,826	SH		DFND	1	0	0	277,826
KB HOME	COM	48666K109	13,231,714	211,843	SH		DFND	1	0	0	211,843
KILROY RLTY CORP	COM	49427F108	227,088	5,700	SH		DFND	1	0	0	5,700
KIMCO RLTY CORP	COM	49446R109	342,878	16,090	SH		DFND	1	0	0	16,090
KITE RLTY GROUP TR	COM NEW	49803T300	255,300	11,168	SH		DFND	1	0	0	11,168
KRANESHARES TR	KFA MOUNT LUCAS	500767652	1,075,822	37,329	SH		DFND	1	0	0	37,329
LA Z BOY INC	COM	505336107	428,641	11,610	SH		DFND	1	0	0	11,610
LENNAR CORP	CL A	526057104	689,757	4,628	SH		DFND	1	0	0	4,628
LIBERTY ENERGY INC	COM CL A	53115L104	419,306	23,115	SH		DFND	1	0	0	23,115
LINCOLN NATL CORP IND	COM	534187109	5,647,734	209,408	SH		DFND	1	0	0	209,408
LISTED FD TR	GRIZZLE GROWTH E	88636J857	11,195,033	422,845	SH		DFND	1	0	0	422,845
LITMAN GREGORY FDS TR	IMGP DBI MANAGED	53700T827	52,618	2,043	SH		SOLE		0	0	2,043
LITMAN GREGORY FDS TR	IMGP DBI MANAGED	53700T827	3,779,739	146,729	SH		DFND	1	0	0	146,729
LOEWS CORP	COM	540424108	11,251,311	161,680	SH		DFND	1	0	0	161,680
LXP INDUSTRIAL TRUST	COM	529043101	214,679	21,641	SH		DFND	1	0	0	21,641
LYONDELLBASELL INDUSTRIES N	SHS - A -	N53745100	8,281,753	87,103	SH		DFND	1	0	0	87,103
M D C HLDGS INC	COM	552676108	501,007	9,068	SH		DFND	1	0	0	9,068
M/I HOMES INC	COM	55305B101	1,034,565	7,511	SH		DFND	1	0	0	7,511
MANPOWERGROUP INC WIS	COM	56418H100	8,191,291	103,074	SH		DFND	1	0	0	103,074
MARATHON OIL CORP	COM	565849106	8,249,432	341,450	SH		DFND	1	0	0	341,450
MARATHON PETE CORP	COM	56585A102	12,862,812	86,700	SH		DFND	1	0	0	86,700
MATSON INC	COM	57686G105	13,081,747	119,359	SH		DFND	1	0	0	119,359
MCKESSON CORP	COM	58155Q103	11,039,295	23,844	SH		DFND	1	0	0	23,844
MERITAGE HOMES CORP	COM	59001A102	741,744	4,258	SH		DFND	1	0	0	4,258
METLIFE INC	COM	59156R108	8,692,061	131,439	SH		DFND	1	0	0	131,439
MGIC INVT CORP WIS	COM	552848103	504,896	26,174	SH		DFND	1	0	0	26,174
MILLERKNOLL INC	COM	600544100	394,010	14,768	SH		DFND	1	0	0	14,768
MOSAIC CO NEW	COM	61945C103	10,045,096	281,139	SH		DFND	1	0	0	281,139
MR COOPER GROUP INC	COM	62482R107	12,827,077	196,976	SH		DFND	1	0	0	196,976
MUELLER INDS INC	COM	624756102	767,696	16,282	SH		DFND	1	0	0	16,282
MYMD PHARMACEUTICALS INC	COM	62856X102	44,385	171,570	SH		DFND	1	0	0	171,570
NNN REIT INC	COM	637417106	327,560	7,600	SH		DFND	1	0	0	7,600
NUCOR CORP	COM	670346105	15,439,611	88,713	SH		DFND	1	0	0	88,713
OLD REP INTL CORP	COM	680223104	578,063	19,662	SH		DFND	1	0	0	19,662
OLIN CORP	COM PAR $1	680665205	8,774,968	162,650	SH		DFND	1	0	0	162,650
OLYMPIC STEEL INC	COM	68162K106	573,487	8,598	SH		DFND	1	0	0	8,598
OMEGA HEALTHCARE INVS INC	COM	681936100	305,834	9,975	SH		DFND	1	0	0	9,975
ORION OFFICE REIT INC	COM	68629Y103	201,167	35,169	SH		DFND	1	0	0	35,169
OSCAR HEALTH INC	CL A	687793109	421,916	46,111	SH		DFND	1	0	0	46,111
OWENS CORNING NEW	COM	690742101	14,849,534	100,179	SH		DFND	1	0	0	100,179
PARAMOUNT GROUP INC	COM	69924R108	257,983	49,900	SH		DFND	1	0	0	49,900
PATHWARD FINANCIAL INC	COM	59100U108	554,018	10,467	SH		DFND	1	0	0	10,467
PATRICK INDS INC	COM	703343103	643,043	6,408	SH		DFND	1	0	0	6,408
PBF ENERGY INC	CL A	69318G106	10,677,401	242,889	SH		DFND	1	0	0	242,889
PEABODY ENERGY CORP	COM	704551100	10,538,075	433,309	SH		DFND	1	0	0	433,309
PENNYMAC FINL SVCS INC NEW	COM	70932M107	11,900,788	134,670	SH		DFND	1	0	0	134,670
PENSKE AUTOMOTIVE GRP INC	COM	70959W103	14,768,044	92,007	SH		DFND	1	0	0	92,007
PERDOCEO ED CORP	COM	71363P106	635,479	36,189	SH		DFND	1	0	0	36,189
PERMIAN RESOURCES CORP	CLASS A COM	71424F105	1,279,474	94,079	SH		DFND	1	0	0	94,079
PHILIP MORRIS INTL INC	COM	718172109	691,488	7,350	SH		DFND	1	0	0	7,350
PHILLIPS 66	COM	718546104	419,924	3,154	SH		DFND	1	0	0	3,154
PHOTRONICS INC	COM	719405102	768,345	24,493	SH		DFND	1	0	0	24,493
PIONEER NAT RES CO	COM	723787107	8,478,426	37,702	SH		DFND	1	0	0	37,702
PLAINS GP HLDGS L P	LTD PARTNR INT A	72651A207	12,561,742	787,570	SH		DFND	1	0	0	787,570
PRIMERICA INC	COM	74164M108	445,265	2,164	SH		DFND	1	0	0	2,164
PRINCIPAL FINANCIAL GROUP IN	COM	74251V102	10,777,082	136,991	SH		DFND	1	0	0	136,991
PROG HOLDINGS INC	COM NPV	74319R101	9,036,508	292,349	SH		DFND	1	0	0	292,349
PULTE GROUP INC	COM	745867101	13,916,739	134,826	SH		DFND	1	0	0	134,826
PVH CORPORATION	COM	693656100	588,741	4,821	SH		DFND	1	0	0	4,821
RADIAN GROUP INC	COM	750236101	453,945	15,900	SH		DFND	1	0	0	15,900
RAMACO RES INC	COM CL A	75134P600	452,521	26,340	SH		DFND	1	0	0	26,340
RANGE RES CORP	COM	75281A109	9,472,532	311,187	SH		DFND	1	0	0	311,187
REGENCY CTRS CORP	COM	758849103	605,814	9,042	SH		DFND	1	0	0	9,042
REINSURANCE GRP OF AMERICA I	COM NEW	759351604	429,849	2,657	SH		DFND	1	0	0	2,657
RELIANCE STEEL & ALUMINUM CO	COM	759509102	609,982	2,181	SH		DFND	1	0	0	2,181
REMITLY GLOBAL INC	COM	75960P104	429,629	22,123	SH		DFND	1	0	0	22,123
RETAIL OPPORTUNITY INVTS COR	COM	76131N101	266,570	19,000	SH		DFND	1	0	0	19,000
REXFORD INDL RLTY INC	COM	76169C100	319,770	5,700	SH		DFND	1	0	0	5,700
RYDER SYS INC	COM	783549108	11,198,675	97,329	SH		DFND	1	0	0	97,329
RYERSON HLDG CORP	COM	783754104	13,514,796	389,700	SH		DFND	1	0	0	389,700
SABRA HEALTH CARE REIT INC	COM	78573L106	343,793	24,092	SH		DFND	1	0	0	24,092
SAUL CTRS INC	COM	804395101	298,452	7,600	SH		DFND	1	0	0	7,600
SCHWAB STRATEGIC TR	US TIPS ETF	808524870	815,948	15,631	SH		SOLE		0	0	15,631
SCHWAB STRATEGIC TR	US TIPS ETF	808524870	3,703,434	70,947	SH		DFND	1	0	0	70,947
SCOTTS MIRACLE-GRO CO	CL A	810186106	669,375	10,500	SH		DFND	1	0	0	10,500
SIMPLIFY EXCHANGE TRADED FUN	MANAGED FUTURES	82889N699	1,011,024	42,840	SH		DFND	1	0	0	42,840
SITE CTRS CORP	COM	82981J109	310,764	22,800	SH		DFND	1	0	0	22,800
SKYWEST INC	COM	830879102	521,060	9,982	SH		DFND	1	0	0	9,982
SLM CORP	COM	78442P106	9,225,649	482,513	SH		DFND	1	0	0	482,513
SM ENERGY CO	COM	78454L100	9,302,132	240,241	SH		DFND	1	0	0	240,241
SNDL INC	COM	83307B101	403,178	245,840	SH		DFND	1	0	0	245,840
SPDR SER TR	FTSE INT GVT ETF	78464A490	3,609,230	86,057	SH		DFND	1	0	0	86,057
SPIRIT RLTY CAP INC NEW	COM NEW	84860W300	327,893	7,505	SH		DFND	1	0	0	7,505
STAG INDL INC	COM	85254J102	249,144	6,346	SH		DFND	1	0	0	6,346
STEEL DYNAMICS INC	COM	858119100	12,078,559	102,274	SH		DFND	1	0	0	102,274
STERLING INFRASTRUCTURE INC	COM	859241101	643,648	7,320	SH		DFND	1	0	0	7,320
SUNSTONE HOTEL INVS INC NEW	COM	867892101	264,741	24,673	SH		DFND	1	0	0	24,673
SYLVAMO CORP	COMMON STOCK	871332102	8,921,863	181,671	SH		DFND	1	0	0	181,671
SYNCHRONY FINANCIAL	COM	87165B103	7,259,613	190,092	SH		DFND	1	0	0	190,092
TANGER INC	COM	875465106	454,525	16,397	SH		DFND	1	0	0	16,397
TAPESTRY INC	COM	876030107	8,631,356	234,484	SH		DFND	1	0	0	234,484
TAYLOR MORRISON HOME CORP	COM	87724P106	663,141	12,430	SH		DFND	1	0	0	12,430
TELEPHONE & DATA SYS INC	COM NEW	879433829	488,257	26,608	SH		DFND	1	0	0	26,608
TEXTRON INC	COM	883203101	10,521,590	130,833	SH		DFND	1	0	0	130,833
THE CIGNA GROUP	COM	125523100	10,359,473	34,595	SH		DFND	1	0	0	34,595
THE ODP CORP	COM	88337F105	10,054,842	178,594	SH		DFND	1	0	0	178,594
TILRAY BRANDS INC	COM	88688T100	496,766	215,985	SH		DFND	1	0	0	215,985
TIMKENSTEEL CORPORATION	COM	887399103	871,988	37,185	SH		DFND	1	0	0	37,185
TOLL BROTHERS INC	COM	889478103	15,615,445	151,916	SH		DFND	1	0	0	151,916
TRI POINTE HOMES INC	COM	87265H109	443,881	12,539	SH		DFND	1	0	0	12,539
TURNING PT BRANDS INC	COM	90041L105	503,975	19,148	SH		DFND	1	0	0	19,148
UFP INDUSTRIES INC	COM	90278Q108	435,156	3,466	SH		DFND	1	0	0	3,466
UNDER ARMOUR INC	CL C	904311206	9,999,868	1,197,589	SH		DFND	1	0	0	1,197,589
UNITED STATES STL CORP NEW	COM	912909108	13,932,727	286,387	SH		DFND	1	0	0	286,387
UNIVERSAL CORP VA	COM	913456109	503,352	7,477	SH		DFND	1	0	0	7,477
UNIVERSAL HLTH SVCS INC	CL B	913903100	10,664,245	69,957	SH		DFND	1	0	0	69,957
UPBOUND GROUP INC	COM	76009N100	443,342	13,051	SH		DFND	1	0	0	13,051
URBAN OUTFITTERS INC	COM	917047102	455,690	12,768	SH		DFND	1	0	0	12,768
URBAN-GRO INC	COM NEW	91704K202	52,822	37,730	SH		DFND	1	0	0	37,730
VALERO ENERGY CORP	COM	91913Y100	11,220,690	86,313	SH		DFND	1	0	0	86,313
VANECK ETF TRUST	JP MRGAN EM LOC	92189H300	973,041	38,384	SH		SOLE		0	0	38,384
VANECK ETF TRUST	EMERGING MRKT HI	92189F353	2,033,657	109,868	SH		DFND	1	0	0	109,868
VANECK ETF TRUST	INTERNATIONAL HI	92189F445	1,060,821	50,757	SH		DFND	1	0	0	50,757
VANECK ETF TRUST	GOLD MINERS ETF	92189F106	10,462,308	337,385	SH		DFND	1	0	0	337,385
VANECK ETF TRUST	JP MRGAN EM LOC	92189H300	11,061,422	436,348	SH		DFND	1	0	0	436,348
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	1,303,048	17,716	SH		SOLE		0	0	17,716
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	10,198,148	138,656	SH		DFND	1	0	0	138,656
VANGUARD CHARLOTTE FDS	TOTAL INT BD ETF	92203J407	52,402	1,061	SH		SOLE		0	0	1,061
VANGUARD CHARLOTTE FDS	TOTAL INT BD ETF	92203J407	3,087,682	62,548	SH		DFND	1	0	0	62,548
VANGUARD INDEX FDS	SM CP VAL ETF	922908611	45,144	251	SH		SOLE		0	0	251
VANGUARD INDEX FDS	SM CP VAL ETF	922908611	10,550,021	58,621	SH		DFND	1	0	0	58,621
VANGUARD MALVERN FDS	STRM INFPROIDX	922020805	235,921	4,968	SH		SOLE		0	0	4,968
VANGUARD MUN BD FDS	TAX EXEMPT BD	922907746	383,085	7,504	SH		SOLE		0	0	7,504
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	1,066,236	13,781	SH		DFND	1	0	0	13,781
VANGUARD SCOTTSDALE FDS	INT-TERM CORP	92206C870	1,581,059	19,452	SH		DFND	1	0	0	19,452
VANGUARD SCOTTSDALE FDS	LONG TERM TREAS	92206C847	1,783,509	28,986	SH		DFND	1	0	0	28,986
VANGUARD SCOTTSDALE FDS	INTER TERM TREAS	92206C706	10,455,091	176,249	SH		DFND	1	0	0	176,249
VERIZON COMMUNICATIONS INC	COM	92343V104	10,489,648	278,240	SH		DFND	1	0	0	278,240
VIATRIS INC	COM	92556V106	10,425,900	962,687	SH		DFND	1	0	0	962,687
VICTORY CAP HLDGS INC	COM CL A	92645B103	10,498,070	304,822	SH		DFND	1	0	0	304,822
VILLAGE FARMS INTL INC	COM	92707Y108	93,436	122,780	SH		DFND	1	0	0	122,780
VISTRA CORP	COM	92840M102	438,550	11,385	SH		DFND	1	0	0	11,385
VORNADO RLTY TR	SH BEN INT	929042109	248,374	8,792	SH		DFND	1	0	0	8,792
VOYA FINANCIAL INC	COM	929089100	547,273	7,501	SH		DFND	1	0	0	7,501
WARRIOR MET COAL INC	COM	93627C101	13,890,856	227,831	SH		DFND	1	0	0	227,831
WELLTOWER INC	COM	95040Q104	257,165	2,852	SH		DFND	1	0	0	2,852
WESTERN UN CO	COM	959802109	7,194,256	603,545	SH		DFND	1	0	0	603,545
WESTLAKE CORPORATION	COM	960413102	614,144	4,388	SH		DFND	1	0	0	4,388
WHIRLPOOL CORP	COM	963320106	6,715,007	55,145	SH		DFND	1	0	0	55,145
WHITESTONE REIT	COM	966084204	263,534	21,443	SH		DFND	1	0	0	21,443
WILLIAMS SONOMA INC	COM	969904101	420,510	2,084	SH		DFND	1	0	0	2,084
WISDOMTREE TR	WISDOMTREE US VA	97717W547	208,726	3,046	SH		SOLE		0	0	3,046
WISDOMTREE TR	FUTRE STRAT FD	97717W125	2,852,536	81,338	SH		SOLE		0	0	81,338
WISDOMTREE TR	FUTRE STRAT FD	97717W125	10,591,070	301,998	SH		DFND	1	0	0	301,998
WM TECHNOLOGY INC	COM	92971A109	48,001	66,640	SH		DFND	1	0	0	66,640
XEROX HOLDINGS CORP	COM NEW	98421M106	6,707,992	365,957	SH		DFND	1	0	0	365,957

Cambria Investment Management 13F-HRQuarterly holdings report by institutional manager