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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMBAC FINANCIAL GROUP INC COM NEW 023139884 675 43,876 SH   DFND 1 43,876 0 0
AMERISERV FINANCIAL INC COM 03074A102 2,878 919,460 SH   DFND 2 919,460 0 0
BANK OF AMERICA CORP COM 060505104 2,425 80,000 SH   DFND 1 80,000 0 0
BANK OF AMERICA CORP COM 060505104 1,894 62,500 SH   DFND 2 62,500 0 0
BLUE RIDGE BANKSHARES INC COM 095825105 1,078 60,534 SH   DFND 2 60,534 0 0
BLUELINX HOLDINGS INC COM NEW 09624H208 13,782 471,015 SH   DFND 1 471,015 0 0
CAMPING WORLD HOLDINGS INC-A COM 13462K109 17,822 684,131 SH   DFND 1 684,131 0 0
CITIGROUP INC COM NO PAR 172967424 5,241 85,000 SH   DFND 1 85,000 0 0
CITIGROUP INC COM NO PAR 172967424 1,233 20,000 SH   DFND 2 20,000 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 584 53,637 SH   DFND 1 53,637 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 2,553 234,426 SH   DFND 2 234,426 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 331 18,862 SH   DFND 2 18,862 0 0
CLEVELAND-CLIFFS INC COM 185899101 11,280 774,750 SH   DFND 1 774,750 0 0
COLONY BANKCORP COM 19623P101 1,484 101,322 SH   DFND 2 101,322 0 0
CONSOL ENERGY INC COM 20854L108 3,405 472,289 SH   DFND 1 472,289 0 0
CONTURA ENERGY INC COM 21241B100 10,108 889,022 SH   DFND 1 889,022 0 0
CORE MOLDING TECHNOLOGIES IN COM 218683100 4,195 297,953 SH   DFND 1 297,953 0 0
COUNTY BANCORP INC COM 221907108 201 9,087 SH   DFND 2 9,087 0 0
DIXIE GROUP INC CL A 255519100 3,666 1,437,547 SH   DFND 1 1,437,547 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 335 10,951 SH   DFND 2 10,951 0 0
ESSA BANCORP INC COM 29667D104 3,209 213,946 SH   DFND 2 213,946 0 0
FIRST BANK/HAMILTON NJ COM 31931U102 1,263 134,700 SH   DFND 2 134,700 0 0
FIRST UNITED CORP COM 33741H107 2,420 156,151 SH   DFND 2 156,151 0 0
FIRST US BANCSHARES INC COM 33744V103 2,179 241,677 SH   DFND 2 241,677 0 0
HAWTHORN BANCSHARES INC COM 420476103 1,538 70,208 SH   DFND 2 70,208 0 0
HC2 HOLDINGS INC COM 404139107 2,324 712,742 SH   DFND 1 712,742 0 0
HC2 HOLDINGS INC COM 404139107 5,581 1,711,829 SH   DFND 2 1,711,829 0 0
HMN FINANCIAL INC COM 40424G108 5,449 316,802 SH   DFND 2 316,802 0 0
IES HOLDINGS INC COM 44951W106 189,083 4,106,923 SH   DFND   4,106,923 0 0
IES HOLDINGS INC COM 44951W106 78,677 1,708,893 SH   DFND 1 1,708,893 0 0
IES HOLDINGS INC COM 44951W106 259,791 5,642,723 SH   DFND 3 5,642,723 0 0
IF BANCORP INC COM 44951J105 159 7,201 SH   DFND 1 7,201 0 0
IF BANCORP INC COM 44951J105 4,363 198,057 SH   DFND 2 198,057 0 0
JAWS ACQUISITION CORP-CL A COM G50744104 3,120 232,696 SH   DFND 1 232,696 0 0
MACKINAC FINANCIAL CORP COM 554571109 2,341 183,498 SH   DFND 2 183,498 0 0
MID PENN BANCORP INC COM 59540G107 1,959 89,466 SH   DFND 2 89,466 0 0
NESCO HOLDINGS INC COM 64083J104 74 10,000 SH   DFND 2 10,000 0 0
PATRICK INDUSTRIES INC COM 703343103 8,628 126,235 SH   DFND   126,235 0 0
PATRICK INDUSTRIES INC COM 703343103 5,480 80,176 SH   DFND 1 80,176 0 0
PEOPLES BANCORP OF NC COM 710577107 4,982 216,417 SH   DFND 2 216,417 0 0
PREMIER FINANCIAL BANCORP COM 74050M105 939 70,621 SH   DFND 2 70,621 0 0
REPUBLIC BANCORP INC-CLASS A CL A 760281204 5,469 151,611 SH   DFND 2 151,611 0 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 2,256 246,587 SH   DFND 2 246,587 0 0
SB FINANCIAL GROUP INC COM 78408D105 568 31,045 SH   DFND 2 31,045 0 0
SEVERN BANCORP INC/MD COM 81811M100 2,421 339,116 SH   DFND 2 339,116 0 0
SHORE BANCSHARES INC COM 825107105 2,253 154,337 SH   DFND 2 154,337 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 423 19,140 SH   DFND 2 19,140 0 0
SUNCOKE ENERGY INC COM 86722A103 5,842 1,342,916 SH   DFND 1 1,342,916 0 0
THOR INDUSTRIES INC COM 885160101 19,085 205,241 SH   DFND 1 205,241 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 7,471 293,682 SH   DFND 2 293,682 0 0
WINNEBAGO INDUSTRIES COM 974637100 5,532 92,300 SH   DFND 1 92,300 0 0
WVS FINANCIAL CORP COM 929358109 1,861 129,936 SH   DFND 2 129,936 0 0
AVADEL PHARMACEUTICALS-ADR SPONSORED ADR 05337M104 9,375 1,403,487 SH   DFND 1 1,403,487 0 0
AVADEL PHARMACEUTICALS-ADR SPONSORED ADR 05337M104 1,856 277,904 SH   DFND 2 277,904 0 0
ISHARES RUSSELL 2000 ETF COM 464287655 4,902 25,000 SH   DFND 2 25,000 0 0
SPDR S&P REGIONAL BANKING COM 78464A698 1,559 30,000 SH   DFND 1 30,000 0 0
SPDR S&P REGIONAL BANKING COM 78464A698 520 10,000 SH   DFND 2 10,000 0 0