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 6,689 1,038,740 SH   DFND 1 1,038,740 0 0
ALGOMA STEEL GROUP INC -CW26 COM 015658115 90 93,408 SH   DFND 1 93,408 0 0
ALPHA METALLURGICAL RESOURCE COM 020764106 72,374 528,897 SH   DFND 1 528,897 0 0
ALPHA METALLURGICAL RESOURCE COM 020764106 16,755 122,444 SH   DFND 2 122,444 0 0
AMERISERV FINANCIAL INC COM 03074A102 4,008 1,054,816 SH   DFND 2 1,054,816 0 0
ARCH RESOURCES INC COM 03940R107 29,968 252,679 SH   DFND 1 252,679 0 0
ARCH RESOURCES INC COM 03940R107 18,287 154,193 SH   DFND 2 154,193 0 0
AVADEL PHARMACEUTICALS-ADR COM 05337M104 16,324 3,258,380 SH   DFND 1 3,258,380 0 0
AVADEL PHARMACEUTICALS-ADR COM 05337M104 7,655 1,527,947 SH   DFND 2 1,527,947 0 0
BEAZER HOMES USA INC COM 07556Q881 510 52,725 SH   DFND 1 52,725 0 0
BELDEN INC COM 077454106 750 12,500 SH   DFND 2 12,500 0 0
BEYOND AIR INC COM 08862L103 1,991 267,618 SH   DFND 1 267,618 0 0
BEYOND AIR INC COM 08862L103 3,250 436,761 SH   DFND 2 436,761 0 0
BLUE RIDGE BANKSHARES INC COM 095825105 1,617 127,225 SH   DFND 2 127,225 0 0
BLUELINX HOLDINGS INC COM 09624H208 28,121 452,841 SH   DFND 1 452,841 0 0
BLUELINX HOLDINGS INC COM 09624H208 6,312 101,647 SH   DFND 2 101,647 0 0
CAMPING WORLD HOLDINGS INC-A COM 13462K109 9,590 378,743 SH   DFND 1 378,743 0 0
CAVCO INDUSTRIES INC COM 149568107 2,738 13,306 SH   DFND 2 13,306 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 2,848 234,052 SH   DFND 2 234,052 0 0
CIVISTA BANCSHARES INC COM 178867107 368 17,742 SH   DFND 2 17,742 0 0
CLEVELAND-CLIFFS INC COM 185899101 1,347 100,000 SH   DFND 1 100,000 0 0
CLEVELAND-CLIFFS INC COM 185899101 1,347 100,000 SH   DFND 2 100,000 0 0
CONSOL ENERGY INC COM 20854L108 4,697 73,025 SH   DFND 1 73,025 0 0
CORE MOLDING TECHNOLOGIES IN COM 218683100 2,931 295,141 SH   DFND 1 295,141 0 0
CUMMINS INC COM 231021106 366 1,798 SH   DFND 1 1,798 0 0
DIXIE GROUP INC CL A 255519100 1,512 1,399,547 SH   DFND 1 1,399,547 0 0
ENERSYS COM 29275Y102 1,666 28,648 SH   DFND 2 28,648 0 0
FIRST BANK/HAMILTON NJ COM 31931U102 1,367 100,000 SH   DFND 2 100,000 0 0
FIRST UNITED CORP COM 33741H107 2,661 160,791 SH   DFND 2 160,791 0 0
FIRST US BANCSHARES INC COM 33744V103 2,249 282,515 SH   DFND 2 282,515 0 0
FOSTER (LB) CO-A COM 350060109 2,635 270,022 SH   DFND 1 270,022 0 0
FRIEDMAN INDUSTRIES COM 358435105 327 46,010 SH   DFND 1 46,010 0 0
HAWTHORN BANCSHARES INC COM 420476103 866 39,598 SH   DFND 2 39,598 0 0
HELMERICH & PAYNE COM 423452101 778 21,039 SH   DFND 2 21,039 0 0
HMN FINANCIAL INC COM 40424G108 6,919 308,891 SH   DFND 2 308,891 0 0
IES HOLDINGS INC COM 44951W106 113,433 4,106,923 SH   DFND   4,106,923 0 0
IES HOLDINGS INC COM 44951W106 45,863 1,660,506 SH   DFND 1 1,660,506 0 0
IES HOLDINGS INC COM 44951W106 155,852 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 4,373 230,508 SH   DFND 2 230,508 0 0
INNOVATE CORP COM 45784J105 803 1,146,194 SH   DFND 1 1,146,194 0 0
INNOVATE CORP COM 45784J105 1,834 2,619,256 SH   DFND 2 2,619,256 0 0
INVESCO S&P SMALLCAP ENERGY COM 46138E164 3,125 366,761 SH   DFND 2 366,761 0 0
KLX ENERGY SERVICES HOLDING COM 48253L205 5,972 725,664 SH   DFND 1 725,664 0 0
KLX ENERGY SERVICES HOLDING COM 48253L205 516 62,692 SH   DFND 2 62,692 0 0
LOUISIANA-PACIFIC CORP COM 546347105 1,664 32,500 SH   DFND 1 32,500 0 0
LOUISIANA-PACIFIC CORP COM 546347105 5,247 102,500 SH   DFND 2 102,500 0 0
LSB INDUSTRIES INC COM 502160104 7,879 552,895 SH   DFND 1 552,895 0 0
LSB INDUSTRIES INC COM 502160104 16,135 1,132,286 SH   DFND 2 1,132,286 0 0
MOHAWK INDUSTRIES INC COM 608190104 12,816 140,538 SH   DFND 1 140,538 0 0
MOHAWK INDUSTRIES INC COM 608190104 1,768 19,383 SH   DFND 2 19,383 0 0
NABORS INDUSTRIES LTD COM G6359F137 9,063 89,335 SH   DFND 1 89,335 0 0
NABORS INDUSTRIES LTD COM G6359F137 696 6,864 SH   DFND 2 6,864 0 0
OIL STATES INTERNATIONAL INC COM 678026105 6,666 1,713,526 SH   DFND 1 1,713,526 0 0
OIL STATES INTERNATIONAL INC COM 678026105 2,079 534,472 SH   DFND 2 534,472 0 0
PATRICK INDUSTRIES INC COM 703343103 3,948 90,059 SH   DFND   90,059 0 0
PEABODY ENERGY CORP COM 704551100 19,247 775,462 SH   DFND 1 775,462 0 0
PEABODY ENERGY CORP COM 704551100 10,694 430,869 SH   DFND 2 430,869 0 0
PEOPLES BANCORP INC COM 709789101 1,125 38,897 SH   DFND 2 38,897 0 0
PEOPLES BANCORP OF NC COM 710577107 6,008 242,275 SH   DFND 2 242,275 0 0
REPUBLIC BANCORP INC-CLASS A CL A 760281204 5,899 154,022 SH   DFND 2 154,022 0 0
SB FINANCIAL GROUP INC COM 78408D105 549 32,597 SH   DFND 2 32,597 0 0
SEELOS THERAPEUTICS INC COM 81577F109 1,742 1,691,601 SH   DFND 1 1,691,601 0 0
SEELOS THERAPEUTICS INC COM 81577F109 3,314 3,217,124 SH   DFND 2 3,217,124 0 0
SELECT ENERGY SERVICES INC-A COM 81617J301 2,275 326,353 SH   DFND 1 326,353 0 0
SELECT ENERGY SERVICES INC-A COM 81617J301 212 30,369 SH   DFND 2 30,369 0 0
SHORE BANCSHARES INC COM 825107105 2,137 123,410 SH   DFND 2 123,410 0 0
SKYLINE CHAMPION CORP COM 830830105 4,493 84,975 SH   DFND 1 84,975 0 0
SKYLINE CHAMPION CORP COM 830830105 1,498 28,325 SH   DFND 2 28,325 0 0
SUNCOKE ENERGY INC COM 86722A103 4,677 805,059 SH   DFND 1 805,059 0 0
TETRA TECHNOLOGIES INC COM 88162F105 5,819 1,620,871 SH   DFND 1 1,620,871 0 0
TETRA TECHNOLOGIES INC COM 88162F105 2,368 659,600 SH   DFND 2 659,600 0 0
TRONOX HOLDINGS PLC COM G9087Q102 469 38,303 SH   DFND 1 38,303 0 0
UNITED STATES STEEL CORP COM 912909108 8,208 453,000 SH   DFND 1 453,000 0 0
UNITED STATES STEEL CORP COM 912909108 7,432 410,179 SH   DFND 2 410,179 0 0
UNITED STATES STEEL CORP COM 912909108 906 50,000 SH Call DFND 1 0 0 0
UNITED STATES STEEL CORP COM 912909108 906 50,000 SH Call DFND 2 0 0 0
WHIRLPOOL CORP COM 963320106 7,824 58,034 SH   DFND 1 58,034 0 0
WHIRLPOOL CORP COM 963320106 3,688 27,359 SH   DFND 2 27,359 0 0