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
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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AERCAP HOLDINGS NV COM N00985106   218,926,613 3,893,413 SH   DFND 2 0 3,877,663 0
AIR FRANCE COM 009119108   10,360,627 5,540,442 SH   DFND 2 0 5,532,052 0
AMERICAN INTERNATIONAL GROUP COM 026874784   61,835,046 1,227,860 SH   DFND 2 0 1,227,860 0
ALLY FINANCIAL INC COM 02005N100   50,064,807 1,964,096 SH   DFND 2 0 1,964,096 0
ARGONAUT GOLD INC. COM 04016A101   9,555,953 20,683,880 SH   DFND 2 0 20,507,680 0
ALGOMA STEEL GROUP INC COM 015658107   58,940,893 7,294,665 SH   DFND 2 0 7,173,635 0
AZURE POWER GLOBAL LTD COM V0393H103   1,092,032 438,567 SH   SOLE 0 438,567 0 0
BLUE CAPITAL REINSURANCE COM G1190F107   59 294,004 SH   DFND 2 0 294,004 0
BEAZER HOMES USA INC COM 07556Q881   26,160,680 1,647,398 SH   DFND 2 0 1,611,698 0
CITIGROUP COM 172967424   59,527,699 1,269,518 SH   DFND 2 0 1,269,518 0
CONSTELLATION ENERGY GROUP COM 21037T109   22,655,807 288,609 SH   DFND 2 0 288,609 0
CENTERRA GOLD INC. COM 152006102   40,206,967 6,214,369 SH   DFND 2 0 6,172,569 0
CHORD ENERGY CORP COM 674215207   51,402,125 381,888 SH   DFND 2 0 381,888 0
CIVITAS RESOURCES INC COM 17888H103   114,765,207 1,679,327 SH   DFND 2 0 1,667,377 0
CHATHAM LODGING TRUST COM 16208T102   10,593,788 1,009,894 SH   DFND 2 0 962,294 0
CELESTICA INC COM 15101Q108   65,001,887 5,038,906 SH   DFND 2 0 5,008,298 0
CNA FINANCIAL CORP COM 126117100   38,204,203 978,842 SH   DFND 2 0 978,842 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206   23,383,185 1,746,317 SH   DFND 2 0 1,696,317 0
ELDORADO GOLD CORP COM 284902509   102,826,336 9,925,322 SH   DFND 2 0 9,813,322 0
EQUINOX GOLD CORP COM 29446Y502   22,940,356 4,454,438 SH   DFND 2 0 4,454,438 0
GALIANO GOLD INC COM 36352H100   7,351,866 12,603,919 SH   DFND 2 0 12,106,394 0
GREENBRIER COMPANIES INC COM 393657101   7,212,417 224,197 SH   DFND 2 0 214,097 0
GUILD HOLDINGS CO- CLASS A COM 40172N107   1,766,190 169,826 SH   SOLE 0 161,526 0 0
GENERAL MOTORS COM 37045V100   22,378,211 610,093 SH   DFND 2 0 610,093 0
GENWORTH FINANCIAL INC COM 37247D106   84,482,208 16,829,125 SH   DFND 2 0 16,634,325 0
GOLDMAN SACHS GROUP COM 38141G104   17,074,488 52,198 SH   DFND 2 0 52,198 0
GLOBAL SHIP LEASE INC - CL A COM Y27183600   4,778,175 254,972 SH   DFND 2 0 236,472 0
HAWAIIAN HOLDINGS INC COM 419879101   3,590,857 392,015 SH   DFND 2 0 383,715 0
HOWRAD HUGHES CORP COM 44267D107   50,071,920 625,899 SH   DFND 2 0 625,899 0
HOOKER FURNISHINGS CORP COM 439038100   21,135,470 1,161,928 SH   DFND 2 0 1,142,828 0
IAMGOLD CORP COM 450913108   90,040,384 33,225,234 SH   DFND 2 0 33,048,134 0
INTERNATIONAL SEAWAYS COM Y41053102   55,234,836 1,325,212 SH   DFND 2 0 1,308,422 0
JETBLUE AIRWAYS COM 477143101   79,936,679 10,980,313 SH   DFND 2 0 10,901,213 0
JEFFERIES FINANCIAL GROUP COM 47233W109   95,587,327 3,011,573 SH   DFND 2 0 3,011,573 0
JACKSON FINANCIAL INC COM 46817M107   37,444,305 1,000,917 SH   DFND 2 0 985,487 0
KB HOME COM 48666K109   11,249,396 279,975 SH   DFND 2 0 274,075 0
KIMBALL ELECTRONICS COM 49428J109   9,797,831 406,549 SH   DFND 2 0 396,249 0
KOREA ELECTRIC POWER CORP COM 500631106   13,471,373 1,941,120 SH   DFND 2 0 1,941,120 0
KINROSS GOLD CORP COM 496902404   77,992,315 16,558,878 SH   DFND 2 0 16,558,878 0
LOEWS CORP COM 540424108   59,079,967 1,018,269 SH   DFND 2 0 1,018,269 0
M/I HOMES INC COM 55305B101   129,929,817 2,059,436 SH   DFND 2 0 2,045,736 0
THE MOSAIC COMPANY COM 61945C103   14,870,350 324,114 SH   DFND 2 0 324,114 0
MOTORCAR PARTS OF AMERICA COM 620071100   5,050,882 678,882 SH   DFND 2 0 647,782 0
MGIC INVESTMENT CORP COM 552848103   47,478,162 3,537,866 SH   DFND 2 0 3,537,866 0
MICRON TECHNOLOGY COM 595112103   36,524,164 605,306 SH   DFND 2 0 605,306 0
NAVIENT CORP COM 63938C108   16,128,218 1,008,644 SH   DFND 2 0 1,000,644 0
PARK HOTELS & RESORTS INC COM 700517105   41,323,695 3,343,341 SH   DFND 2 0 3,343,341 0
PHOTRONICS COM 719405102   2,114,182 127,514 SH   SOLE 0 124,664 0 0
RADIAN GROUP INC COM 750236101   77,190,770 3,492,795 SH   DFND 2 0 3,481,995 0
EVEREST RE GROUP COM G3223R108   11,467,739 32,031 SH   DFND 2 0 32,031 0
SIRIUSPOINT LTD COM G8192H106   25,890,213 3,184,528 SH   DFND 2 0 3,100,888 0
TEXTAINER GROUP HOLDINGS LTD COM G8766E109   90,846,126 2,829,216 SH   DFND 2 0 2,805,076 0
TEEKAY SHIPPING MARSHALL COM Y8564W103   3,333,387 539,383 SH   DFND 2 0 539,383 0
TAYLOR MORRISON HOME CORP COM 87724P106   147,847,391 3,864,281 SH   DFND 2 0 3,857,581 0
TUTOR PERINI CORP COM 901109108   19,614,726 3,179,048 SH   DFND 2 0 3,123,758 0
TRITON INTERNATIONAL LTD COM G9078F107   35,164,165 556,219 SH   DFND 2 0 556,219 0
UNIFI INC COM 904677200   1,021,250 125,000 SH   SOLE 0 125,000 0 0
UNUM GROUP COM 91529Y106   150,133,088 3,795,073 SH   DFND 2 0 3,795,073 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107   21,703,263 1,191,178 SH   DFND 2 0 1,135,978 0
BRISTOW GROUP INC COM 11040G103   2,854,051 127,413 SH   DFND 2 0 122,787 0
US STEEL COM 912909108   92,685,119 3,551,154 SH   DFND 2 0 3,551,154 0
RESOLUTE FOREST PRODUCTS - CONTINGENT VALUE RTS WTS 761CVR042   8,330 5,866 SH   DFND 2 0 5,866 0
RUSSELL 1000 COM 464287598   1,979,380 13,000 SH   DFND 2 0 13,000 0
GREAT PANTHER MINING COM 39115V101   40,553 477,095 SH   DFND 2 0 477,095 0