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 7,339 817,280 SH   DFND 1 817,280 0 0
ALPHA METALLURGICAL RESOURCE COM 020764106 81,293 629,545 SH   DFND 1 629,545 0 0
ALPHA METALLURGICAL RESOURCE COM 020764106 7,615 58,975 SH   DFND 2 58,975 0 0
AMERISERV FINANCIAL INC COM 03074A102 4,156 1,054,816 SH   DFND 2 1,054,816 0 0
ARCH RESOURCES INC COM 03940R107 25,275 176,640 SH   DFND 1 176,640 0 0
ARCH RESOURCES INC COM 03940R107 11,678 81,616 SH   DFND 2 81,616 0 0
AVADEL PHARMACEUTICALS-ADR COM 05337M104 7,194 2,948,522 SH   DFND 1 2,948,522 0 0
AVADEL PHARMACEUTICALS-ADR COM 05337M104 3,197 1,310,174 SH   DFND 2 1,310,174 0 0
BEAZER HOMES USA INC COM 07556Q881 636 52,725 SH   DFND 1 52,725 0 0
BEYOND AIR INC COM 08862L103 1,510 225,641 SH   DFND 1 225,641 0 0
BEYOND AIR INC COM 08862L103 2,848 425,706 SH   DFND 2 425,706 0 0
BLUE RIDGE BANKSHARES INC COM NEW 095825105 2,406 157,027 SH   DFND 2 157,027 0 0
BLUELINX HOLDINGS INC COM NEW 09624H208 30,845 461,680 SH   DFND 1 461,680 0 0
BLUELINX HOLDINGS INC COM 09624H208 6,083 91,055 SH   DFND 2 91,055 0 0
CAMPING WORLD HOLDINGS INC-A COM 13462K109 13,465 623,655 SH   DFND 1 623,655 0 0
CANO HEALTH INC COM 13781Y103 657 150,000 SH   DFND 1 150,000 0 0
CAVCO INDUSTRIES INC COM 149568107 3,588 18,306 SH   DFND 2 18,306 0 0
CHAMPIONX CORP COM 15872M104 4,298 216,518 SH   DFND 1 216,518 0 0
CHAMPIONX CORP COM 15872M104 2,517 126,795 SH   DFND 2 126,795 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 3,237 234,070 SH   DFND 2 234,070 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 401 18,862 SH   DFND 2 18,862 0 0
CLEVELAND-CLIFFS INC COM 185899101 12,521 814,632 SH   DFND 1 814,632 0 0
CLEVELAND-CLIFFS INC COM 185899101 6,534 425,134 SH   DFND 2 425,134 0 0
CONSOL ENERGY INC COM 20854L108 8,553 173,202 SH   DFND 1 173,202 0 0
CORE MOLDING TECHNOLOGIES IN COM 218683100 2,689 292,559 SH   DFND 1 292,559 0 0
DIXIE GROUP INC CL A 255519100 1,791 1,399,547 SH   DFND 1 1,399,547 0 0
ENERSYS COM 29275Y102 2,358 40,000 SH   DFND 2 40,000 0 0
ESSA BANCORP INC COM 29667D104 2,723 162,058 SH   DFND 2 162,058 0 0
FIRST BANK/HAMILTON NJ COM 31931U102 2,070 148,076 SH   DFND 2 148,076 0 0
FIRST UNITED CORP COM 33741H107 3,020 160,991 SH   DFND 2 160,991 0 0
FIRST US BANCSHARES INC COM 33744V103 3,108 282,515 SH   DFND 2 282,515 0 0
FOSTER (LB) CO-A COM 350060109 3,419 265,689 SH   DFND 1 265,689 0 0
FRIEDMAN INDUSTRIES COM 358435105 270 33,201 SH   DFND 1 33,201 0 0
HAWTHORN BANCSHARES INC COM 420476103 1,143 44,835 SH   DFND 2 44,835 0 0
HELMERICH & PAYNE COM 423452101 1,163 27,000 SH   DFND 2 27,000 0 0
HMN FINANCIAL INC COM 40424G108 7,263 314,678 SH   DFND 2 314,678 0 0
IES HOLDINGS INC COM 44951W106 123,906 4,106,923 SH   DFND   4,106,923 0 0
IES HOLDINGS INC COM 44951W106 50,097 1,660,506 SH   DFND 1 1,660,506 0 0
IES HOLDINGS INC COM 44951W106 170,241 5,642,723 SH   DFND 3 5,642,723 0 0
IF BANCORP INC COM 44951J105 137 7,201 SH   DFND 1 7,201 0 0
IF BANCORP INC COM 44951J105 4,645 244,478 SH   DFND 2 244,478 0 0
INNOVATE CORP COM 45784J105 1,966 1,136,194 SH   DFND 1 1,136,194 0 0
INNOVATE CORP COM 45784J105 4,461 2,578,456 SH   DFND 2 2,578,456 0 0
INVESCO S&P SMALLCAP ENERGY COM 46138E164 2,175 250,000 SH   DFND 2 250,000 0 0
KLX ENERGY SERVICES HOLDING COM 48253L205 2,666 615,664 SH   DFND 1 615,664 0 0
LSB INDUSTRIES INC COM 502160104 3,744 270,113 SH   DFND 1 270,113 0 0
LSB INDUSTRIES INC COM 502160104 22,898 1,652,107 SH   DFND 2 1,652,107 0 0
MOHAWK INDUSTRIES INC COM 608190104 10,051 80,996 SH   DFND 1 80,996 0 0
NABORS INDUSTRIES LTD COM G6359F137 8,202 61,254 SH   DFND 1 61,254 0 0
NABORS INDUSTRIES LTD COM G6359F137 348 2,600 SH   DFND 2 2,600 0 0
NVIDIA CORP COM 67066G104 1,137 7,500 SH   DFND 2 7,500 0 0
OIL STATES INTERNATIONAL INC COM 678026105 8,337 1,538,221 SH   DFND 1 1,538,221 0 0
OIL STATES INTERNATIONAL INC COM 678026105 2,897 534,472 SH   DFND 2 534,472 0 0
PATRICK INDUSTRIES INC COM 703343103 4,669 90,059 SH   DFND   90,059 0 0
PEABODY ENERGY CORP COM 704551100 32,423 1,520,050 SH   DFND 1 1,520,050 0 0
PEABODY ENERGY CORP COM 704551100 10,311 483,417 SH   DFND 2 483,417 0 0
PEOPLES BANCORP INC COM 709789101 1,453 54,614 SH   DFND 2 54,614 0 0
PEOPLES BANCORP OF NC COM 710577107 6,580 242,275 SH   DFND 2 242,275 0 0
RAYONIER ADVANCED MATERIALS COM 75508B104 395 150,703 SH   DFND 1 150,703 0 0
REPUBLIC BANCORP INC-CLASS A CL A 760281204 8,137 168,652 SH   DFND 2 168,652 0 0
SB FINANCIAL GROUP INC COM 78408D105 563 32,597 SH   DFND 2 32,597 0 0
SEELOS THERAPEUTICS INC COM 81577F109 1,151 1,691,601 SH   DFND 1 1,691,601 0 0
SEELOS THERAPEUTICS INC COM 81577F109 2,189 3,217,124 SH   DFND 2 3,217,124 0 0
SELECT ENERGY SERVICES INC-A COM 81617J301 591 86,598 SH   DFND 1 86,598 0 0
SHORE BANCSHARES INC COM 825107105 2,313 125,000 SH   DFND 2 125,000 0 0
SKYLINE CHAMPION CORP COM 830830105 4,030 84,975 SH   DFND 1 84,975 0 0
SKYLINE CHAMPION CORP COM 830830105 1,343 28,325 SH   DFND 2 28,325 0 0
SUNCOKE ENERGY INC COM 86722A103 6,086 893,735 SH   DFND 1 893,735 0 0
TETRA TECHNOLOGIES INC COM 88162F105 6,320 1,556,565 SH   DFND 1 1,556,565 0 0
TETRA TECHNOLOGIES INC COM 88162F105 2,678 659,600 SH   DFND 2 659,600 0 0
THOR INDUSTRIES INC COM 885160101 13,666 182,867 SH   DFND 1 182,867 0 0
TRONOX HOLDINGS PLC- A CL A G9087Q102 3,304 196,667 SH   DFND 1 196,667 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 8,334 292,825 SH   DFND 2 292,825 0 0
UNITED STATES STEEL CORP COM 912909108 12,767 712,867 SH   DFND 1 712,867 0 0
UNITED STATES STEEL CORP COM 912909108 19,701 1,100,000 SH   DFND 2 1,100,000 0 0
UNITED STATES STEEL CORP COM 912909108 2,687 150,000 SH Call DFND 1 0 0 0
UNITED STATES STEEL CORP COM 912909108 896 50,000 SH Call DFND 2 0 0 0
WHIRLPOOL CORP COM 963320106 13,919 89,876 SH   DFND 1 89,876 0 0
WHIRLPOOL CORP COM 963320106 2,323 15,000 SH   DFND 2 15,000 0 0