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
AMERISERV FINANCIAL INC COM 03074A102 4,090 1,040,628 SH   DFND 2 1,040,628 0 0
ARMSTRONG FLOORING INC COM 04238R106 1,898 306,693 SH   DFND 2 306,693 0 0
BANK OF AMERICA CORP COM 060505104 1,649 40,000 SH   DFND 1 40,000 0 0
BANK OF AMERICA CORP COM 060505104 9,998 242,500 SH   DFND 2 242,500 0 0
BEAZER HOMES USA INC COM 07556Q881 291 15,076 SH   DFND 1 15,076 0 0
BLUELINX HOLDINGS INC COM NEW 09624H208 22,876 454,973 SH   DFND 1 454,973 0 0
BLUE RIDGE BANKSHARES INC COM 095825105 6,249 356,694 SH   DFND 2 356,694 0 0
CAMPING WORLD HOLDINGS INC-A COM NO PAR 13462K109 22,820 556,718 SH   DFND 1 556,718 0 0
CANO HEALTH INC COM NO PAR 13781Y103 2,816 232,696 SH   DFND 1 232,696 0 0
CF INDUSTRIES HOLDINGS INC COM 125269100 2,058 40,000 SH   DFND 1 40,000 0 0
CF INDUSTRIES HOLDINGS INC COM 125269100 257 5,000 SH   DFND 2 5,000 0 0
CF INDUSTRIES HOLDINGS INC COM 125269100 3,056 59,400 SH Call DFND 1 0 0 0
CITIGROUP INC COM NO PAR 172967424 16,690 235,896 SH   DFND 1 235,896 0 0
CITIGROUP INC COM NO PAR 172967424 8,907 125,896 SH   DFND 2 125,896 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 597 43,654 SH   DFND 1 43,654 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 3,207 234,426 SH   DFND 2 234,426 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 417 18,862 SH   DFND 2 18,862 0 0
CLEVELAND-CLIFFS INC COM 185899101 110,570 5,128,474 SH   DFND 1 5,128,474 0 0
CLEVELAND-CLIFFS INC COM 185899101 33,431 1,550,620 SH   DFND 2 1,550,620 0 0
COLONY BANKCORP COM 19623P101 1,810 101,322 SH   DFND 2 101,322 0 0
CONSOL ENERGY INC COM 20854L108 8,250 446,666 SH   DFND 1 446,666 0 0
ALPHA METALLURGICAL RESOURCES COM 020764106 21,066 821,935 SH   DFND 1 821,935 0 0
CORE MOLDING TECHNOLOGIES IN COM 218683100 4,769 309,086 SH   DFND 1 309,086 0 0
COUNTY BANCORP INC COM 221907108 309 9,087 SH   DFND 2 9,087 0 0
CUSTOM TRUCK ONE SOURCE INC COM 23204X103 95 10,000 SH   DFND 2 10,000 0 0
DIXIE GROUP INC CL A 255519100 4,080 1,392,547 SH   DFND 1 1,392,547 0 0
E2OPEN PARENT HOLDINGS INC COM 29788T103 1,142 100,000 SH   DFND 2 100,000 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 425 14,051 SH   DFND 2 14,051 0 0
ENCORE WIRE CORP COM 292562105 1,931 25,475 SH   DFND 2 25,475 0 0
ESSA BANCORP INC COM 29667D104 3,556 216,946 SH   DFND 2 216,946 0 0
FIRST BANK/HAMILTON NJ COM 31931U102 2,027 149,702 SH   DFND 2 149,702 0 0
FIRST UNITED CORP COM 33741H107 2,806 160,991 SH   DFND 2 160,991 0 0
FIRST US BANCSHARES INC COM 33744V103 3,008 274,419 SH   DFND 2 274,419 0 0
HAWTHORN BANCSHARES INC COM 420476103 1,610 70,208 SH   DFND 2 70,208 0 0
HC2 HOLDINGS INC COM 404139107 3,563 895,145 SH   DFND 1 895,145 0 0
HC2 HOLDINGS INC COM 404139107 9,524 2,392,948 SH   DFND 2 2,392,948 0 0
HMN FINANCIAL INC COM 40424G108 6,704 314,748 SH   DFND 2 314,748 0 0
IES HOLDINGS INC COM 44951W106 210,932 4,106,923 SH   DFND   4,106,923 0 0
IES HOLDINGS INC COM 44951W106 85,843 1,671,393 SH   DFND 1 1,671,393 0 0
IES HOLDINGS INC COM 44951W106 289,810 5,642,723 SH   DFND 3 5,642,723 0 0
IF BANCORP INC COM 44951J105 164 7,201 SH   DFND 1 7,201 0 0
IF BANCORP INC COM 44951J105 5,574 244,478 SH   DFND 2 244,478 0 0
JPMORGAN CHASE & CO COM 46625H100 8,166 52,500 SH   DFND 1 52,500 0 0
JPMORGAN CHASE & CO COM 46625H100 4,277 27,500 SH   DFND 2 27,500 0 0
LCI INDUSTRIES COM 50189K103 4,788 36,431 SH   DFND 1 36,431 0 0
LCI INDUSTRIES COM 50189K103 657 5,000 SH   DFND 2 5,000 0 0
LSB INDUSTRIES INC COM 502160104 154 25,475 SH   DFND 1 25,475 0 0
LSB INDUSTRIES INC COM 502160104 2,593 428,552 SH   DFND 2 428,552 0 0
MACKINAC FINANCIAL CORP COM 554571109 3,649 184,660 SH   DFND 2 184,660 0 0
NICOLET BANKSHARES INC COM 65406E102 2,445 34,759 SH   DFND 2 34,759 0 0
PATRICK INDUSTRIES INC COM 703343103 6,574 90,059 SH   DFND   90,059 0 0
PATRICK INDUSTRIES INC COM 703343103 358 4,900 SH   DFND 1 4,900 0 0
PEOPLES BANCORP OF NC COM 710577107 6,251 242,276 SH   DFND 2 242,276 0 0
PREMIER FINANCIAL BANCORP COM 74050M105 1,587 94,163 SH   DFND 2 94,163 0 0
REPUBLIC BANCORP INC-CLASS A CL A 760281204 8,094 175,470 SH   DFND 2 175,470 0 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 2,818 246,587 SH   DFND 2 246,587 0 0
SB FINANCIAL GROUP INC COM 78408D105 574 31,045 SH   DFND 2 31,045 0 0
SEELOS THERAPEUTICS INC COM 81577F109 2,771 1,049,748 SH   DFND 1 1,049,748 0 0
SEELOS THERAPEUTICS INC COM 81577F109 1,830 693,028 SH   DFND 2 693,028 0 0
SEVERN BANCORP INC/MD COM 81811M100 4,035 339,116 SH   DFND 2 339,116 0 0
SHORE BANCSHARES INC COM 825107105 2,908 173,612 SH   DFND 2 173,612 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 421 19,140 SH   DFND 2 19,140 0 0
SUNCOKE ENERGY INC COM 86722A103 9,313 1,304,407 SH   DFND 1 1,304,407 0 0
THOR INDUSTRIES INC COM 885160101 41,055 363,317 SH   DFND 1 363,317 0 0
THOR INDUSTRIES INC COM 885160101 5,789 51,230 SH   DFND 2 51,230 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 10,648 297,435 SH   DFND 2 297,435 0 0
UNITED STATES STEEL CORP COM 912909108 14,049 585,363 SH   DFND 1 585,363 0 0
UNITED STATES STEEL CORP COM 912909108 11,121 463,356 SH   DFND 2 463,356 0 0
WEST FRASER TIMBER CO LTD COM 952845105 9,003 125,600 SH   DFND 1 125,600 0 0
WVS FINANCIAL CORP COM 929358109 2,124 129,936 SH   DFND 2 129,936 0 0
ARCELORMITTAL-NY REGISTERED COM 03938L203 5,824 187,500 SH   DFND 1 187,500 0 0
ARCELORMITTAL-NY REGISTERED COM 03938L203 3,106 100,000 SH   DFND 2 100,000 0 0
AVADEL PHARMACEUTICALS-ADR SPONSORED ADR 05337M104 10,820 1,607,770 SH   DFND 1 1,607,770 0 0
AVADEL PHARMACEUTICALS-ADR SPONSORED ADR 05337M104 2,883 428,344 SH   DFND 2 428,344 0 0
CREDIT SUISSE GROUP-SPON ADR SPONSORED ADR 225401108 160 15,300 SH   DFND 1 15,300 0 0
CREDIT SUISSE GROUP-SPON ADR SPONSORED ADR 225401108 2,015 192,100 SH   DFND 2 192,100 0 0
SPDR S&P REGIONAL BANKING COM 78464A698 983 15,000 SH   DFND 1 15,000 0 0
SPDR S&P REGIONAL BANKING COM 78464A698 13,797 210,550 SH   DFND 2 210,550 0 0