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 4,049 1,042,443 SH   DFND 2 1,042,443 0 0
ARMSTRONG FLOORING INC COM 04238R106 960 306,693 SH   DFND 2 306,693 0 0
BANK OF AMERICA CORP COM 060505104 1,698 40,000 SH   DFND 1 40,000 0 0
BANK OF AMERICA CORP COM 060505104 4,245 100,000 SH   DFND 2 100,000 0 0
BEAZER HOMES USA INC COM 07556Q881 922 53,425 SH   DFND 1 53,425 0 0
BEYOND AIR INC COM 08862L103 2,236 201,052 SH   DFND 2 201,052 0 0
BLUELINX HOLDINGS INC COM NEW 09624H208 23,359 477,892 SH   DFND 1 477,892 0 0
BLUE RIDGE BANKSHARES INC COM 095825105 6,274 356,694 SH   DFND 2 356,694 0 0
CAMPING WORLD HOLDINGS INC-A COM NO PAR 13462K109 32,641 839,752 SH   DFND 1 839,752 0 0
CANO HEALTH INC COM 13781Y103 2,951 232,696 SH   DFND 1 232,696 0 0
CF INDUSTRIES HOLDINGS INC COM 125269100 3,349 60,000 SH   DFND 1 60,000 0 0
CF INDUSTRIES HOLDINGS INC COM 125269100 4,672 83,701 SH   DFND 2 83,701 0 0
CF INDUSTRIES HOLDINGS INC COM 125269100 3,316 59,400 SH Call DFND 1 0 0 0
CITIGROUP INC COM NO PAR 172967424 7,018 100,000 SH   DFND 1 100,000 0 0
CITIGROUP INC COM NO PAR 172967424 10,527 150,000 SH   DFND 2 150,000 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 396 28,808 SH   DFND 1 28,808 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 3,223 234,426 SH   DFND 2 234,426 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 438 18,862 SH   DFND 2 18,862 0 0
CLEVELAND-CLIFFS INC COM 185899101 106,204 5,361,125 SH   DFND 1 5,361,125 0 0
CLEVELAND-CLIFFS INC COM 185899101 42,737 2,157,329 SH   DFND 2 2,157,329 0 0
COLONY BANKCORP COM 19623P101 1,881 101,022 SH   DFND 2 101,022 0 0
CONSOL ENERGY INC COM 20854L108 10,981 422,006 SH   DFND 1 422,006 0 0
ALPHA METALLURGICAL RESOURCES COM 020764106 44,662 897,017 SH   DFND 1 897,017 0 0
CORE MOLDING TECHNOLOGIES IN COM 218683100 3,354 291,386 SH   DFND 1 291,386 0 0
CUSTOM TRUCK ONE SOURCE INC COM 23204X103 93 10,000 SH   DFND 2 10,000 0 0
DIXIE GROUP INC CL A 255519100 6,768 1,392,547 SH   DFND 1 1,392,547 0 0
E2OPEN PARENT HOLDINGS INC COM 29788T103 1,130 100,000 SH   DFND 2 100,000 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 375 14,051 SH   DFND 2 14,051 0 0
ENCORE WIRE CORP COM 292562105 2,416 25,475 SH   DFND 2 25,475 0 0
ENERSYS COM 29275Y102 2,233 30,000 SH   DFND 2 30,000 0 0
ESSA BANCORP INC COM 29667D104 3,577 216,946 SH   DFND 2 216,946 0 0
FIRST BANK/HAMILTON NJ COM 31931U102 2,109 149,702 SH   DFND 2 149,702 0 0
FIRST SOLAR INC COM 336433107 2,387 25,000 SH   DFND 1 25,000 0 0
FIRST SOLAR INC COM 336433107 477 5,000 SH   DFND 2 5,000 0 0
FIRST UNITED CORP COM 33741H107 2,994 160,991 SH   DFND 2 160,991 0 0
FIRST US BANCSHARES INC COM 33744V103 2,936 274,419 SH   DFND 2 274,419 0 0
HAWTHORN BANCSHARES INC COM 420476103 1,691 73,016 SH   DFND 2 73,016 0 0
HMN FINANCIAL INC COM 40424G108 7,318 314,748 SH   DFND 2 314,748 0 0
IES HOLDINGS INC COM 44951W106 187,645 4,106,923 SH   DFND   4,106,923 0 0
IES HOLDINGS INC COM 44951W106 76,295 1,669,836 SH   DFND 1 1,669,836 0 0
IES HOLDINGS INC COM 44951W106 257,816 5,642,723 SH   DFND 3 5,642,723 0 0
IF BANCORP INC COM 44951J105 163 7,201 SH   DFND 1 7,201 0 0
IF BANCORP INC COM 44951J105 5,547 244,478 SH   DFND 2 244,478 0 0
INNOVATE CORP COM 45784J105 3,670 895,145 SH   DFND 1 895,145 0 0
INNOVATE CORP COM 45784J105 9,863 2,405,551 SH   DFND 2 2,405,551 0 0
LCI INDUSTRIES COM 50189K103 10,453 77,642 SH   DFND 1 77,642 0 0
LEGATO MERGER CORP COM 52473X106 2,451 232,985 SH   DFND 1 232,985 0 0
LSB INDUSTRIES INC COM 502160104 260 25,475 SH   DFND 1 25,475 0 0
LSB INDUSTRIES INC COM 502160104 13,672 1,339,033 SH   DFND 2 1,339,033 0 0
NICOLET BANKSHARES INC COM 65406E102 4,077 54,961 SH   DFND 2 54,961 0 0
PATRICK INDUSTRIES INC COM 703343103 7,502 90,059 SH   DFND   90,059 0 0
PATRICK INDUSTRIES INC COM 703343103 408 4,900 SH   DFND 1 4,900 0 0
PEOPLES BANCORP INC COM 709789101 1,726 54,614 SH   DFND 2 54,614 0 0
PEOPLES BANCORP OF NC COM 710577107 6,878 242,276 SH   DFND 2 242,276 0 0
REPUBLIC BANCORP INC-CLASS A CL A 760281204 8,888 175,470 SH   DFND 2 175,470 0 0
SB FINANCIAL GROUP INC COM 78408D105 564 31,045 SH   DFND 2 31,045 0 0
SEELOS THERAPEUTICS INC COM 81577F109 2,650 1,099,748 SH   DFND 1 1,099,748 0 0
SEELOS THERAPEUTICS INC COM 81577F109 1,831 759,887 SH   DFND 2 759,887 0 0
SEVERN BANCORP INC/MD COM 81811M100 4,246 339,116 SH   DFND 2 339,116 0 0
SHORE BANCSHARES INC COM 825107105 3,078 173,612 SH   DFND 2 173,612 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 469 19,140 SH   DFND 2 19,140 0 0
SUNCOKE ENERGY INC COM 86722A103 8,705 1,386,212 SH   DFND 1 1,386,212 0 0
THOR INDUSTRIES INC COM 885160101 43,654 355,605 SH   DFND 1 355,605 0 0
THOR INDUSTRIES INC COM 885160101 6,232 50,769 SH   DFND 2 50,769 0 0
TRONOX HOLDINGS PLC- A COM G9087Q102 1,602 65,000 SH   DFND 1 65,000 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 8,908 297,435 SH   DFND 2 297,435 0 0
UNITED STATES STEEL CORP COM 912909108 47,402 2,157,583 SH   DFND 1 2,157,583 0 0
UNITED STATES STEEL CORP COM 912909108 38,086 1,733,556 SH   DFND 2 1,733,556 0 0
WEST FRASER TIMBER CO LTD COM 952845105 568 6,738 SH   DFND 1 6,738 0 0
WVS FINANCIAL CORP COM 929358109 2,068 129,936 SH   DFND 2 129,936 0 0
ARCELORMITTAL-NY REGISTERED COM 03938L203 1,508 50,000 SH   DFND 1 50,000 0 0
ARCELORMITTAL-NY REGISTERED COM 03938L203 4,524 150,000 SH   DFND 2 150,000 0 0
AVADEL PHARMACEUTICALS-ADR SPONSORED ADR 05337M104 15,756 1,607,770 SH   DFND 1 1,607,770 0 0
AVADEL PHARMACEUTICALS-ADR SPONSORED ADR 05337M104 4,420 451,000 SH   DFND 2 451,000 0 0
CREDIT SUISSE GROUP-SPON ADR SPONSORED ADR 225401108 151 15,300 SH   DFND 1 15,300 0 0
CREDIT SUISSE GROUP-SPON ADR SPONSORED ADR 225401108 1,894 192,100 SH   DFND 2 192,100 0 0
INVESCO QQQ TRUST SERIES 1 COM 46090E103 3,580 10,000 SH   DFND 1 10,000 0 0
INVESCO QQQ TRUST SERIES 1 COM 46090E103 2,685 7,500 SH   DFND 2 7,500 0 0
SPDR S&P REGIONAL BANKING COM 78464A698 4,681 69,095 SH   DFND 2 69,095 0 0