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
ALGOMA STEEL GROUP INC COM 015658107 6,183 549,584 SH   DFND 1 549,584 0 0
ALPHA METALLURGICAL RESOURCE COM 020764106 106,822 809,500 SH   DFND 1 809,500 0 0
ALPHA METALLURGICAL RESOURCE COM 020764106 4,834 36,630 SH   DFND 2 36,630 0 0
AMERISERV FINANCIAL INC COM 03074A102 4,261 1,054,816 SH   DFND 2 1,054,816 0 0
ARCELORMITTAL-NY REGISTERED COM 03938L203 515 16,086 SH   DFND 2 16,086 0 0
ARCH RESOURCES INC COM 03940R107 32,442 236,151 SH   DFND 1 236,151 0 0
ARCH RESOURCES INC COM 03940R107 15,228 110,849 SH   DFND 2 110,849 0 0
ARMSTRONG FLOORING INC COM 04238R106 219 153,346 SH   DFND 2 153,346 0 0
AVADEL PHARMACEUTICALS-ADR SPONSORED ADR 05337M104 13,676 2,002,343 SH   DFND 1 2,002,343 0 0
AVADEL PHARMACEUTICALS-ADR SPONSORED ADR 05337M104 5,704 835,088 SH   DFND 2 835,088 0 0
BANK OF AMERICA CORP COM 060505104 21,230 515,050 SH   DFND 1 515,050 0 0
BANK OF AMERICA CORP COM 060505104 5,153 125,000 SH   DFND 2 125,000 0 0
BEAZER HOMES USA INC COM 07556Q881 802 52,725 SH   DFND 1 52,725 0 0
BEYOND AIR INC COM 08862L103 1,536 229,890 SH   DFND 1 229,890 0 0
BEYOND AIR INC COM 08862L103 2,844 425,706 SH   DFND 2 425,706 0 0
BLUELINX HOLDINGS INC COM NEW 09624H208 32,100 446,574 SH   DFND 1 446,574 0 0
BLUE RIDGE BANKSHARES INC COM NO PAR 095825105 2,582 170,235 SH   DFND 2 170,235 0 0
CAMPING WORLD HOLDINGS INC-A COM 13462K109 24,282 868,748 SH   DFND 1 868,748 0 0
CANO HEALTH INC COM 13781Y103 4,152 653,867 SH   DFND 1 653,867 0 0
CF INDUSTRIES HOLDINGS INC COM NO PAR 125269100 6,122 594 SH Call DFND 1 0 0 0
CITIGROUP INC COM NO PAR 172967424 10,113 189,378 SH   DFND 1 189,378 0 0
CITIGROUP INC COM 172967424 14,461 270,797 SH   DFND 2 270,797 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 3,542 234,426 SH   DFND 2 234,426 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 455 18,862 SH   DFND 2 18,862 0 0
CLEVELAND-CLIFFS INC COM 185899101 54,410 1,689,241 SH   DFND 1 1,689,241 0 0
CLEVELAND-CLIFFS INC COM 185899101 16,105 500,000 SH   DFND 2 500,000 0 0
COLONY BANKCORP COM 19623P101 1,627 87,162 SH   DFND 2 87,162 0 0
CONSOL ENERGY INC COM 20854L108 12,042 320,000 SH   DFND 1 320,000 0 0
CORE MOLDING TECHNOLOGIES IN COM 218683100 3,148 292,559 SH   DFND 1 292,559 0 0
CREDIT SUISSE GROUP-SPON ADR COM 225401108 1,900 242,100 SH   DFND 2 242,100 0 0
CUMMINS INC COM 231021106 4,820 23,500 SH   DFND 1 23,500 0 0
CUMMINS INC COM 231021106 6,399 31,200 SH   DFND 2 31,200 0 0
DIXIE GROUP INC CL A 255519100 4,339 1,399,547 SH   DFND 1 1,399,547 0 0
ENERSYS COM 29275Y102 2,983 40,000 SH   DFND 2 40,000 0 0
ESSA BANCORP INC COM 29667D104 2,909 162,058 SH   DFND 2 162,058 0 0
FIRST BANK/HAMILTON NJ COM 31931U102 2,129 149,702 SH   DFND 2 149,702 0 0
FIRST SOLAR INC COM 336433107 2,094 25,000 SH   DFND 1 25,000 0 0
FIRST SOLAR INC COM 336433107 1,499 17,900 SH   DFND 2 17,900 0 0
FIRST UNITED CORP COM 33741H107 3,627 160,991 SH   DFND 2 160,991 0 0
FIRST US BANCSHARES INC COM 33744V103 3,294 282,515 SH   DFND 2 282,515 0 0
FOSTER (LB) CO-A COM 350060109 2,313 150,465 SH   DFND 1 150,465 0 0
FRIEDMAN INDUSTRIES COM 358435105 164 18,620 SH   DFND 1 18,620 0 0
HAWTHORN BANCSHARES INC COM 420476103 1,414 55,947 SH   DFND 2 55,947 0 0
HELMERICH & PAYNE COM 423452101 3,850 90,000 SH   DFND 1 90,000 0 0
HMN FINANCIAL INC COM 40424G108 7,828 314,748 SH   DFND 2 314,748 0 0
IES HOLDINGS INC COM 44951W106 165,098 4,106,923 SH   DFND   4,106,923 0 0
IES HOLDINGS INC COM 44951W106 66,752 1,660,506 SH   DFND 1 1,660,506 0 0
IES HOLDINGS INC COM 44951W106 226,837 5,642,723 SH   DFND 3 5,642,723 0 0
IF BANCORP INC COM 44951J105 170 7,201 SH   DFND 1 7,201 0 0
IF BANCORP INC COM 44951J105 5,782 244,478 SH   DFND 2 244,478 0 0
II-VI INC COM 902104108 6,130 84,562 SH   DFND 1 84,562 0 0
INNOVATE CORP COM 45784J105 4,193 1,136,194 SH   DFND 1 1,136,194 0 0
INNOVATE CORP COM 45784J105 9,515 2,578,456 SH   DFND 2 2,578,456 0 0
INVESCO QQQ TRUST SERIES 1 COM 46090E103 23,547 64,950 SH   DFND 1 64,950 0 0
INVESCO QQQ TRUST SERIES 1 COM 46090E103 23,547 64,950 SH   DFND 2 64,950 0 0
ISHARES RUSSELL 2000 ETF COM 464287655 46,643 227,229 SH   DFND 1 227,229 0 0
ISHARES RUSSELL 2000 ETF COM 464287655 33,870 165,000 SH   DFND 2 165,000 0 0
KLX ENERGY SERVICES HOLDING COM 48253L205 2,646 511,852 SH   DFND 1 511,852 0 0
LSB INDUSTRIES INC COM 502160104 5,504 252,007 SH   DFND 1 252,007 0 0
LSB INDUSTRIES INC COM 502160104 42,923 1,965,325 SH   DFND 2 1,965,325 0 0
MOHAWK INDUSTRIES INC COM 608190104 2,484 20,000 SH   DFND 1 20,000 0 0
NABORS INDUSTRIES LTD COM G6359F137 3,711 24,300 SH   DFND 1 24,300 0 0
NVIDIA CORP COM 67066G104 2,046 7,500 SH   DFND 2 7,500 0 0
OIL STATES INTERNATIONAL INC COM 678026105 5,266 757,749 SH   DFND 1 757,749 0 0
PEABODY ENERGY CORP COM 704551100 35,620 1,452,110 SH   DFND 1 1,452,110 0 0
PEABODY ENERGY CORP COM 704551100 6,680 272,329 SH   DFND 2 272,329 0 0
PEOPLES BANCORP INC COM 709789101 1,710 54,614 SH   DFND 2 54,614 0 0
PEOPLES BANCORP OF NC COM 710577107 6,953 242,275 SH   DFND 2 242,275 0 0
PATRICK INDUSTRIES INC COM 703343103 5,431 90,059 SH   DFND   90,059 0 0
RAYONIER ADVANCED MATERIALS COM 75508B104 990 150,703 SH   DFND 1 150,703 0 0
REPUBLIC BANCORP INC-CLASS A CL A 760281204 7,633 169,857 SH   DFND 2 169,857 0 0
SB FINANCIAL GROUP INC COM 78408D105 649 32,597 SH   DFND 2 32,597 0 0
SEELOS THERAPEUTICS INC COM 81577F109 1,424 1,699,975 SH   DFND 1 1,699,975 0 0
SEELOS THERAPEUTICS INC COM 81577F109 2,709 3,233,049 SH   DFND 2 3,233,049 0 0
SHORE BANCSHARES INC COM 825107105 6,057 295,730 SH   DFND 2 295,730 0 0
SUNCOKE ENERGY INC COM 86722A103 8,910 1,000,000 SH   DFND 1 1,000,000 0 0
TETRA TECHNOLOGIES INC COM 88162F105 3,922 954,164 SH   DFND 1 954,164 0 0
THOR INDUSTRIES INC COM 885160101 39,194 498,015 SH   DFND 1 498,015 0 0
THOR INDUSTRIES INC COM 885160101 2,361 30,000 SH   DFND 2 30,000 0 0
TRONOX HOLDINGS PLC- A CL A G9087Q102 4,684 236,667 SH   DFND 1 236,667 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 9,376 292,825 SH   DFND 2 292,825 0 0
UNITED STATES STEEL CORP COM 912909108 50,648 1,342,019 SH   DFND 1 1,342,019 0 0
UNITED STATES STEEL CORP COM 912909108 38,572 1,022,056 SH   DFND 2 1,022,056 0 0
UNITED STATES STEEL CORP COM 912909108 1,887 50,000 SH Call DFND 1 0 0 0
UNITED STATES STEEL CORP COM 912909108 7,548 200,000 SH Call DFND 2 0 0 0
WEST FRASER TIMBER CO LTD COM 952845105 555 6,738 SH   DFND 1 6,738 0 0
WHIRLPOOL CORP COM 963320106 3,110 18,000 SH   DFND 1 18,000 0 0
WHIRLPOOL CORP COM 963320106 9,926 57,450 SH   DFND 2 57,450 0 0
WVS FINANCIAL CORP COM 929358109 1,987 129,936 SH   DFND 2 129,936 0 0