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   244,687,361 3,852,131 SH   DFND 2 0 3,834,881 0
AIR FRANCE COM 009119108   10,361,285 5,540,794 SH   DFND 2 0 5,532,404 0
AMERICAN INTERNATIONAL GROUP COM 026874784   70,575,706 1,226,550 SH   DFND 2 0 1,226,550 0
ALLY FINANCIAL INC COM 02005N100   60,762,236 2,249,620 SH   DFND 2 0 2,249,620 0
ARGONAUT GOLD INC. COM 04016A101   6,620,280 16,390,890 SH   DFND 2 0 16,214,690 0
ALGOMA STEEL GROUP INC COM 015658107   53,183,125 7,490,581 SH   DFND 2 0 7,369,551 0
AZURE POWER GLOBAL LTD COM V0393H103   749,006 423,167 SH   DFND 2 0 423,167 0
BLUE CAPITAL REINSURANCE COM G1190F107   59 294,004 SH   DFND 2 0 294,004 0
BEAZER HOMES USA INC COM 07556Q881   46,983,494 1,660,781 SH   DFND 2 0 1,625,081 0
CITIGROUP COM 172967424   58,253,629 1,265,283 SH   DFND 2 0 1,265,283 0
CENTERRA GOLD INC. COM 152006102   39,283,494 6,547,249 SH   DFND 2 0 6,505,449 0
CHORD ENERGY CORP COM 674215207   58,823,425 382,467 SH   DFND 2 0 382,467 0
CIVITAS RESOURCES INC COM 17888H103   113,221,552 1,632,140 SH   DFND 2 0 1,620,190 0
COOL CO LTD COM G2415A113   12,290,078 897,086 SH   DFND 2 0 856,386 0
CHATHAM LODGING TRUST COM 16208T102   11,842,272 1,265,200 SH   DFND 2 0 1,204,900 0
CELESTICA INC COM 15101Q108   73,418,648 5,063,355 SH   DFND 2 0 5,032,747 0
CNA FINANCIAL CORP COM 126117100   37,805,311 978,905 SH   DFND 2 0 978,905 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206   24,600,083 1,793,009 SH   DFND 2 0 1,738,909 0
ELDORADO GOLD CORP COM 284902509   95,279,623 9,433,626 SH   DFND 2 0 9,336,826 0
EQUINOX GOLD CORP COM 29446Y502   20,402,627 4,454,722 SH   DFND 2 0 4,454,722 0
GALIANO GOLD INC COM 36352H100   7,337,443 12,432,129 SH   DFND 2 0 11,934,604 0
GREENBRIER COMPANIES INC COM 393657101   5,660,237 131,328 SH   DFND 2 0 128,528 0
GUILD HOLDINGS CO- CLASS A COM 40172N107   1,929,223 169,826 SH   DFND 2 0 161,526 0
GENERAL MOTORS COM 37045V100   36,383,134 943,546 SH   DFND 2 0 943,546 0
GENWORTH FINANCIAL INC COM 37247D106   85,886,885 17,177,377 SH   DFND 2 0 16,966,377 0
GOLDMAN SACHS GROUP COM 38141G104   16,902,064 52,403 SH   DFND 2 0 52,403 0
GLOBAL SHIP LEASE INC - CL A COM Y27183600   7,601,580 391,834 SH   DFND 2 0 363,134 0
HAWAIIAN HOLDINGS INC COM 419879101   4,138,663 384,277 SH   DFND 2 0 375,977 0
HOWRAD HUGHES CORP COM 44267D107   49,442,828 626,493 SH   DFND 2 0 626,493 0
HOOKER FURNISHINGS CORP COM 439038100   21,553,121 1,155,044 SH   DFND 2 0 1,135,944 0
IAMGOLD CORP COM 450913108   82,519,887 31,376,383 SH   DFND 2 0 31,199,283 0
INTERNATIONAL SEAWAYS COM Y41053102   50,910,786 1,331,349 SH   DFND 2 0 1,312,359 0
JETBLUE AIRWAYS COM 477143101   97,931,848 11,053,256 SH   DFND 2 0 10,969,156 0
JEFFERIES FINANCIAL GROUP COM 47233W109   99,803,256 3,008,841 SH   DFND 2 0 3,008,841 0
JACKSON FINANCIAL INC COM 46817M107   42,853,510 1,399,984 SH   DFND 2 0 1,383,054 0
KB HOME COM 48666K109   14,478,438 279,993 SH   DFND 2 0 274,093 0
KIMBALL ELECTRONICS COM 49428J109   10,993,507 397,883 SH   DFND 2 0 387,583 0
KOREA ELECTRIC POWER CORP COM 500631106   14,973,527 1,932,068 SH   DFND 2 0 1,932,068 0
KINROSS GOLD CORP COM 496902404   68,576,134 14,376,548 SH   DFND 2 0 14,376,548 0
LOEWS CORP COM 540424108   60,468,673 1,018,334 SH   DFND 2 0 1,018,334 0
M/I HOMES INC COM 55305B101   179,357,764 2,057,091 SH   DFND 2 0 2,043,391 0
THE MOSAIC COMPANY COM 61945C103   11,342,835 324,081 SH   DFND 2 0 324,081 0
MOTORCAR PARTS OF AMERICA COM 620071100   6,054,778 782,271 SH   DFND 2 0 751,171 0
MGIC INVESTMENT CORP COM 552848103   56,144,645 3,555,709 SH   DFND 2 0 3,555,709 0
MICRON TECHNOLOGY COM 595112103   38,177,448 604,935 SH   DFND 2 0 604,935 0
NAVIENT CORP COM 63938C108   27,100,268 1,458,572 SH   DFND 2 0 1,436,172 0
PARK HOTELS & RESORTS INC COM 700517105   42,864,362 3,343,554 SH   DFND 2 0 3,343,554 0
RADIAN GROUP INC COM 750236101   86,256,346 3,412,039 SH   DFND 2 0 3,401,239 0
EVEREST RE GROUP COM G3223R108   10,950,801 32,033 SH   DFND 2 0 32,033 0
SIRIUSPOINT LTD COM G8192H106   34,295,344 3,797,934 SH   DFND 2 0 3,702,394 0
TEXTAINER GROUP HOLDINGS LTD COM G8766E109   111,936,784 2,842,478 SH   DFND 2 0 2,816,038 0
TAYLOR MORRISON HOME CORP COM 87724P106   139,542,724 2,861,241 SH   DFND 2 0 2,861,241 0
TUTOR PERINI CORP COM 901109108   23,232,702 3,249,329 SH   DFND 2 0 3,187,939 0
TRITON INTERNATIONAL LTD COM G9078F107   21,163,943 254,191 SH   DFND 2 0 254,191 0
UNIFI INC COM 904677200   973,242 120,600 SH   DFND 2 0 120,600 0
UNUM GROUP COM 91529Y106   176,141,504 3,692,694 SH   DFND 2 0 3,692,694 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107   18,163,301 1,177,142 SH   DFND 2 0 1,121,942 0
BRISTOW GROUP INC COM 11040G103   3,733,234 129,942 SH   DFND 2 0 120,716 0
US STEEL COM 912909108   96,434,758 3,855,848 SH   DFND 2 0 3,855,848 0
RESOLUTE FOREST PRODUCTS - CONTINGENT VALUE RTS WTS 761CVR042   128,583 5,866 SH   DFND 2 0 5,866 0
RUSSELL 1000 COM 464287598   2,367,450 15,000 SH   DFND 2 0 15,000 0
GREAT PANTHER MINING COM 39115V101   24,356 477,095 SH   DFND 2 0 477,095 0