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
ADAMS RESOURCES & ENERGY INC COM NEW 006351308 93 3,355 SH   OTR   0 3,355 0
ADAMS RESOURCES & ENERGY INC COM NEW 006351308 150 5,376 SH   SOLE   5,376 0 0
AMERISERV FINANC INC COM 03074A102 66 17,000 SH   OTR   0 17,000 0
AMERISERV FINANC INC COM 03074A102 159 41,200 SH   SOLE   41,200 0 0
ASTRONICS CORP COM 046433108 875 72,887 SH   OTR   0 72,887 0
ASTRONICS CORP COM 046433108 3,371 280,900 SH   SOLE   280,900 0 0
AUDACY INC CL A 05070N103 199 77,400 SH   OTR   0 77,400 0
CAMDEN NATIONAL CORP COM 133034108 1,924 39,968 SH   OTR   0 39,968 0
CAMDEN NATIONAL CORP COM 133034108 2,552 53,000 SH   SOLE   53,000 0 0
CECO ENVIRONMENTAL CORP COM 125141101 220 35,458 SH   OTR   0 35,458 0
CECO ENVIRONMENTAL CORP COM 125141101 703 113,371 SH   SOLE   113,371 0 0
CHASE CORP COM 16150R104 3,427 34,420 SH   OTR   0 34,420 0
CHASE CORP COM 16150R104 8,546 85,833 SH   SOLE   85,833 0 0
CITIZENS & NORTHERN CORP COM 172922106 427 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 691 26,500 SH   SOLE   26,500 0 0
COLUMBIA FINANCIAL INC COM 197641103 625 33,794 SH   SOLE   33,794 0 0
COMMUNITY BANK SYS INC COM 203607106 493 6,618 SH   OTR   0 6,618 0
COMPUTER TASK GROUP INC COM 205477102 2,492 249,903 SH   OTR   0 249,903 0
COMPUTER TASK GROUP INC COM 205477102 9,759 978,826 SH   SOLE   978,826 0 0
COMPX INTERNATIONAL CL A 20563P101 171 7,597 SH   OTR   0 7,597 0
COMPX INTERNATIONAL CL A 20563P101 500 22,250 SH   SOLE   22,250 0 0
CONTANGO ORE INC COM 21077F100 451 17,600 SH   OTR   0 17,600 0
CONTANGO ORE INC COM 21077F100 2,328 90,918 SH   SOLE   90,918 0 0
DALLASNEWS CORPORATION COM SER A 235050101 260 36,348 SH   OTR   0 36,348 0
DALLASNEWS CORPORATION COM SER A 235050101 915 127,384 SH   SOLE   127,384 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 155 67,194 SH   OTR   0 67,194 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 578 250,000 SH   SOLE   250,000 0 0
DELUXE CORP COM 248019101 446 13,900 SH   OTR   0 13,900 0
DLH HOLDINGS CORP COM 23335Q100 1,114 34,679 SH   OTR   0 34,679 0
DLH HOLDINGS CORP COM 23335Q100 1,416 117,499 SH   SOLE   117,499 0 0
DONEGAL GROUP INC CL B 257701300 57 4,500 SH   OTR   0 4,500 0
DONEGAL GROUP INC CL B 257701300 169 13,356 SH   SOLE   13,356 0 0
DONEGAL GROUP INC CL A 257701201 201 14,130 SH   OTR   0 14,130 0
DONEGAL GROUP INC CL A 257701201 230 16,135 SH   SOLE   16,135 0 0
DORMAN PRODUCTS INC COM 258278100 971 8,590 SH   OTR   0 8,590 0
DORMAN PRODUCTS INC COM 258278100 961 8,500 SH   SOLE   8,500 0 0
EAGLE BANCORP MONT INC COM 26942G100 88 3,900 SH   OTR   0 3,900 0
EAGLE BANCORP MONT INC COM 26942G100 387 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 1,845 74,098 SH   OTR   0 74,098 0
EASTERN CO COM 276317104 6,296 252,839 SH   SOLE   252,839 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 139 5,019 SH   OTR   0 5,019 0
EMCLAIRE FINANCIAL CORP COM 290828102 70 2,535 SH   SOLE   2,535 0 0
ESCALADE INC COM 296056104 1,781 113,157 SH   OTR   0 113,157 0
ESCALADE INC COM 296056104 4,012 254,898 SH   SOLE   254,898 0 0
FIRST MERCHANTS CORP COM 320817109 204 4,875 SH   OTR   0 4,875 0
FIRST MERCHANTS CORP COM 320817109 209 5,000 SH   SOLE   5,000 0 0
FNB CORP COM 302520101 142 11,690 SH   OTR   0 11,690 0
FNB CORP COM 302520101 704 58,000 SH   SOLE   58,000 0 0
FOSTER L B CO COM 350060109 451 32,774 SH   OTR   0 32,774 0
FOSTER L B CO COM 350060109 309 22,489 SH   SOLE   22,489 0 0
FREIGHTCAR AMERICA INC COM 357023100 660 179,417 SH   OTR   0 179,417 0
FREIGHTCAR AMERICA INC COM 357023100 1,810 491,864 SH   SOLE   491,864 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 3,295 209,900 SH   OTR   0 209,900 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 12,083 769,640 SH   SOLE   769,640 0 0
GSE SYSTEMS INC COM 36227K106 169 98,712 SH   OTR   0 98,712 0
GSE SYSTEMS INC COM 36227K106 735 429,606 SH   SOLE   429,606 0 0
HORIZON BANCORP INDIANA COM 440407104 147 7,052 SH   OTR   0 7,052 0
HORIZON BANCORP INDIANA COM 440407104 583 28,000 SH   SOLE   28,000 0 0
HV BANCORP INC COM 40441H105 564 25,890 SH   SOLE   25,890 0 0
ICC HOLDINGS INC COM 44931Q104 141 8,414 SH   OTR   0 8,414 0
ICC HOLDINGS INC COM 44931Q104 418 24,953 SH   SOLE   24,953 0 0
IMMUCELL CORP COM 452525306 36 4,554 SH   OTR   0 4,554 0
IMMUCELL CORP COM 452525306 59 7,404 SH   SOLE   7,404 0 0
INFUSYSTEM HLDGS INC COM 45685K102 3,132 183,884 SH   OTR   0 183,884 0
INFUSYSTEM HLDGS INC COM 45685K102 11,282 662,467 SH   SOLE   662,467 0 0
INVESTORS BANCORP INC NEW COM 46146L101 339 22,411 SH   OTR   0 22,411 0
INVESTORS BANCORP INC NEW COM 46146L101 863 57,000 SH   SOLE   57,000 0 0
KEWAUNEE SCIENTIFIC CORP COM 492854104 1,320 103,929 SH   SOLE   103,929 0 0
KEWAUNEE SCIENTIFIC CORP COM 492854104 451 35,550 SH   OTR   0 35,550 0
LAKE SHORE BANCORP INC COM 510700107 85 5,700 SH   OTR   0 5,700 0
LAKE SHORE BANCORP INC COM 510700107 209 14,000 SH   SOLE   14,000 0 0
LGL GROUP INC COM 50186A108 56 4,901 SH   OTR   0 4,901 0
LGL GROUP INC COM 50186A108 91 8,000 SH   SOLE   8,000 0 0
LUMOS PHARMA INC COM 55028X109 94 13,549 SH   OTR   0 13,549 0
LUMOS PHARMA INC COM 55028X109 142 20,466 SH   SOLE   20,466 0 0
MALVERN BANCORP INC COM 561409103 752 48,000 SH   SOLE   48,000 0 0
MALVERN BANCORP INC COM 561409103 82 5,206 SH   OTR   0 5,206 0
MID PENN BANCORP COM 59540G107 396 12,503 SH   OTR   0 12,503 0
MID PENN BANCORP COM 59540G107 1,244 39,229 SH   SOLE   39,229 0 0
MID SOUTHERN BANCORP COM 59548Q107 133 8,915 SH   OTR   0 8,915 0
MID SOUTHERN BANCORP COM 59548Q107 190 12,791 SH   SOLE   12,791 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 691 77,747 SH   OTR   0 77,747 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,284 256,965 SH   SOLE   256,965 0 0
NEXTCURE INC COM 65343E108 71 11,900 SH   OTR   0 11,900 0
NEXTCURE INC COM 65343E108 119 19,813 SH   SOLE   19,813 0 0
NICOLET BANKSHARES INC COM 65406E102 98 1,141 SH   OTR   0 1,141 0
NICOLET BANKSHARES INC COM 65406E102 379 4,420 SH   SOLE   4,420 0 0
NI HOLDINGS INC COM 65342T106 548 29,500 SH   OTR   0 29,500 0
NI HOLDINGS INC COM 65342T106 1,863 100,400 SH   SOLE   100,400 0 0
NORTHEAST CMNTY BANCORP INC COM 664121100 18 1,639 SH   OTR   0 1,639 0
NORTHEAST CMNTY BANCORP INC COM 664121100 278 25,000 SH   SOLE   25,000 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 538 38,000 SH   SOLE   38,000 0 0
NORWOOD FINANCIAL CORP COM 669549107 122 4,729 SH   OTR   0 4,729 0
NORWOOD FINANCIAL CORP COM 669549107 231 8,952 SH   SOLE   8,952 0 0
OCONEE FED FINL CORP COM 675607105 254 11,451 SH   SOLE   11,451 0 0
PATHFINDER BANCORP INC COM 70319R109 803 47,496 SH   OTR   0 47,496 0
PATHFINDER BANCORP INC COM 70319R109 3,454 204,250 SH   SOLE   204,250 0 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 359 44,541 SH   OTR   0 44,541 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 1,630 202,042 SH   SOLE   202,042 0 0
PROASSURANCE CORP COM 74267C106 216 8,534 SH   OTR   0 8,534 0
PROASSURANCE CORP COM 74267C106 220 8,700 SH   SOLE   8,700 0 0
RICHMOND MUTUAL BANCORP COM 76525P100 482 30,000 SH   SOLE   30,000 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 1,193 51,250 SH   OTR   0 51,250 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 3,353 144,098 SH   SOLE   144,098 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 2,409 124,707 SH   OTR   0 124,707 0
SCRIPPS E W CO OHIO CL A NEW 811054402 7,703 398,700 SH   SOLE   398,700 0 0
SIFCO INDUSTRIES INC COM 826546103 498 76,608 SH   OTR   0 76,608 0
SIFCO INDUSTRIES INC COM 826546103 2,009 309,100 SH   SOLE   309,100 0 0
SOUTH STATE CORP COM 840441109 453 5,661 SH   OTR   0 5,661 0
STARRETT L S CO CL A 855668109 152 16,237 SH   OTR   0 16,237 0
STARRETT L S CO CL A 855668109 393 42,000 SH   SOLE   42,000 0 0
STATE AUTO FINL CORP COM 855707105 247 4,789 SH   OTR   0 4,789 0
STATE AUTO FINL CORP COM 855707105 1,571 30,434 SH   SOLE   30,434 0 0
SYNALLOY CP DEL COM 871565107 200 12,369 SH   OTR   0 12,369 0
SYNALLOY CP DEL COM 871565107 795 49,084 SH   SOLE   49,084 0 0
THRYV HOLDINGS INC COM NEW 886029206 399 9,703 SH   OTR   0 9,703 0
THRYV HOLDINGS INC COM NEW 886029206 1,645 40,000 SH   SOLE   40,000 0 0
TREDEGAR CORP COM 894650100 180 15,232 SH   OTR   0 15,232 0
TREDEGAR CORP COM 894650100 348 29,477 SH   SOLE   29,477 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 1,117 141,698 SH   OTR   0 141,698 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 4,437 563,029 SH   SOLE   563,029 0 0
US LIME & MINERAL COM 911922102 1,629 12,780 SH   OTR   0 12,780 0
US LIME & MINERAL COM 911922102 3,401 26,681 SH   SOLE   26,681 0 0
VERSO CORP CL A 92531L207 651 24,100 SH   OTR   0 24,100 0
VERSO CORP CL A 92531L207 1,194 44,200 SH   SOLE   44,200 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 1,007 17,947 SH   SOLE   17,947 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 101 1,798 SH   OTR   0 1,798 0
VIRCO MANUFACTURING CO COM 927651109 628 209,475 SH   OTR   0 209,475 0
VIRCO MANUFACTURING CO COM 927651109 1,998 666,153 SH   SOLE   666,153 0 0
VOLT INFORMATION SCIENCES COM 928703107 140 48,265 SH   OTR   0 48,265 0
VOLT INFORMATION SCIENCES COM 928703107 469 161,000 SH   SOLE   161,000 0 0
WILLIAMS INDUSTRIAL SERVICES GROUP INC COM 96951A104 1,221 413,840 SH   OTR   0 413,840 0
WILLIAMS INDUSTRIAL SERVICES GROUP INC COM 96951A104 4,217 1,429,610 SH   SOLE   1,429,610 0 0