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
THE AARONS COMPANY INC COM 00258W108 6,024 300,000 SH   DFND - 300,000 0 0
ADVANCE AUTO PARTS INC COM 00751Y106 9,976 48,203 SH   DFND - 48,203 0 0
AMERISOURCEBERGEN CORP COM 03073E105 10,041 64,901 SH   DFND - 64,901 0 0
ADVANCED ENERGY INDS COM 007973100 9,899 115,000 SH   DFND - 109,725 0 5,275
AEROJET ROCKETDYNE HLDGS INC COM 007800105 7,870 200,000 SH   DFND - 200,000 0 0
ALLETE INC. COM NEW 018522300 15,164 226,400 SH   DFND - 217,550 0 8,850
ALLISON TRANSMISSION HLDGS I COM 01973R101 4,943 125,901 SH   DFND - 125,901 0 0
ANGIODYNAMICS INC COM 03475V101 6,191 287,399 SH   DFND - 287,399 0 0
ANTHEM INC COM 036752103 1,823 3,711 SH   DFND - 3,711 0 0
SMITH A O CORP COM 831865209 4,567 71,478 SH   DFND - 71,478 0 0
ACCURAY INC COM 004397105 11,207 3,385,900 SH   DFND - 3,225,900 0 160,000
ARCONIC CORPORATION COM 03966V107 9,998 390,250 SH   DFND - 376,950 0 13,300
ASSOCIATED BANC CORP COM 045487105 18,502 812,922 SH   DFND - 812,922 0 0
ASTEC INDS INC COM 046224101 6,619 153,936 SH   DFND - 153,936 0 0
AMTECH SYS INC COM PAR $0.01N 032332504 3,018 300,000 SH   DFND - 300,000 0 0
ATN INTL INC COM 00215F107 11,823 296,452 SH   DFND - 296,452 0 0
AMERICAN VANGUARD CORP COM 030371108 13,019 640,712 SH   DFND - 640,712 0 0
AVANOS MED INC COM 05350V106 11,687 348,854 SH   DFND - 348,854 0 0
BARRETT BUSINESS SVCS INC COM 068463108 11,621 150,000 SH   DFND - 150,000 0 0
BECTON DICKINSON & CO COM 075887109 2,052 7,714 SH   DFND - 7,714 0 0
POPULAR INC COM NEW 733174700 6,436 78,742 SH   DFND - 78,742 0 0
BRADY CORP CL A 104674106 9,495 205,213 SH   DFND - 205,213 0 0
BERKSHIRE HATHAWY INC DEL CL B NEW 084670702 4,203 11,910 SH   DFND - 11,910 0 0
BERRY CORP COM 08579X101 13,453 1,303,600 SH   DFND - 1,238,600 0 65,000
BMW TECHNOLOGIES INC COM 05605H100 14,782 274,459 SH   DFND - 274,459 0 0
CONAGRA BRANDS INC COM 205887102 6,828 203,389 SH   DFND - 203,389 0 0
CAL MAINE FOODS INC COM NEW 128030202 7,347 133,045 SH   DFND - 133,045 0 0
CASS INFORMATION SYS INC COM 14808P109 3,604 97,636 SH   DFND - 97,636 0 0
CBOE GLOBAL MKTS INC COM 12503M108 6,887 60,188 SH   DFND - 60,188 0 0
CAPITAL CITY BK GROUP INC COM 139674105 14,742 559,275 SH   DFND - 539,225 0 20,050
CHASE CORP COM 16150R104 1,655 19,043 SH   DFND - 19,043 0 0
COGENT COMMUNICATIONS HLDGS COM NEW 19239V302 5,326 80,273 SH   DFND - 80,273 0 0
CROSS CTRY HEALTHCARE INC COM 227483104 3,351 154,644 SH   DFND - 154,644 0 0
CENTURY CMNTYS INC COM 156504300 19,737 368,425 SH   DFND - 359,825 0 8,600
CECO ENVIRONMENTAL CORP COM 125141101 6,124 1,115,500 SH   DFND - 1,009,800 0 105,700
CONSTELLATION ENERGY CORP COM 21037T109 9,311 165,529 SH   DFND - 165,529 0 0
CENTERA GOLD INC COM 152006102 19,069 1,937,950 SH   DFND - 1,863,450 0 74,500
CHAMPIONX CORPORATION COM 15872M104 20,092 820,752 SH   DFND - 820,752 0 0
COMCAST CORP NEW CL A 20030N101 2,390 51,046 SH   DFND - 51,046 0 0
CORE MOLDING TECHNOLOGIES IN COM 218683100 4,519 420,000 SH   DFND - 420,000 0 0
CENTENE CORP DEL COM 15135B101 6,753 80,211 SH   DFND - 80,211 0 0
CANADIAN NATL RY CO COM 136375102 2,116 15,772 SH   DFND - 15,772 0 0
AMERICOLD RLTY TR COM 03064D108 19,409 696,152 SH   DFND - 683,302 0 12,850
COWEN INC CL A New 223622606 14,627 539,750 SH   DFND - 525,950 0 13,800
COMPUTER PROGRAMS & SYS INC COM 205306103 5,168 150,000 SH   DFND - 150,000 0 0
CARTERS INC COM 146229109 12,561 136,552 SH   DFND - 136,552 0 0
CISCO SYS INC COM 17275R102 2,545 45,635 SH   DFND - 45,635 0 0
CARRIAGE SVCS INC COM 143905107 7,994 149,900 SH   DFND - 149,900 0 0
COMMUNITY TR BANCORP INC COM 204149108 1,693 41,089 SH   DFND - 41,089 0 0
CANTALOUPE INC COM 138103106 3,385 500,000 SH   DFND - 500,000 0 0
COVENANT LOGISTICS GROUP INC CL A 22284P105 6,997 325,000 SH   DFND - 325,000 0 0
CONSOLIDATED WATER CO INC ORD G23773107 2,508 226,730 SH   DFND - 226,730 0 0
CORECIVIC INC COM 21871N101 5,163 462,182 SH   DFND - 462,182 0 0
DIEBOLD NIXDORF INC COM STK 253651103 909 135,000 SH   DFND - 135,000 0 0
DENBURY INC COM 24790A101 7,857 100,000 SH   DFND - 100,000 0 0
QUEST DIAGNOSTICS INC COM 74834L100 9,766 71,359 SH   DFND - 71,359 0 0
HF SINCLAIR CORPORATION COM 403949100 25,192 632,174 SH   DFND - 623,874 0 8,300
WISDOMTREE TR INTL SMCAP DIV 97717W760 2,583 37,638 SH   DFND - 37,638 0 0
DOLLAR TREE INC COM 256746108 5,050 31,533 SH   DFND - 31,533 0 0
NOW INC COM 67011P100 9,767 885,497 SH   DFND - 885,497 0 0
DRIL-QUIP INC COM 262037104 14,363 384,555 SH   DFND - 384,555 0 0
DXC TECHNOLOGY CO COM 23355L106 9,916 303,900 SH   DFND - 286,200 0 17,700
ENCOMPASS HEALTH CORP COM 29261A100 26,811 377,035 SH   DFND - 377,035 0 0
EASTMAN CHEM CO COM 277432100 3,023 26,975 SH   DFND - 26,975 0 0
ENERSYS COM 29275Y102 8,483 113,755 SH   DFND - 107,555 0 6,200
ENERPAC TOOL GROUP CORP CL A COM 292765104 7,180 327,985 SH   DFND - 327,985 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 7,605 269,602 SH   DFND - 269,602 0 0
EVERI HLDGS INC COM 30034T103 5,082 241,985 SH   DFND - 241,985 0 0
EVERTEC INC COM 30040P103 3,684 90,000 SH   DFND - 90,000 0 0
EXELON CORP COM 30161N101 1,276 26,784 SH   DFND - 26,784 0 0
EXPEDIA GROUP INC COM NEW 30212P303 7,848 40,108 SH   DFND - 40,108 0 0
EZCORP INC CL A NON VTG 302301106 6,073 1,005,400 SH   DFND - 930,900 0 74,500
META PLATFORMS INC CL A 30303M102 1,279 5,753 SH   DFND - 5,753 0 0
FIRSTENERGY CORP COM 337932107 5,597 122,051 SH   DFND - 122,051 0 0
F5 INC COM 315616102 9,167 43,873 SH   DFND - 43,873 0 0
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 15,522 422,128 SH   DFND - 413,403 0 8,725
FLOWSERVE CORP COM 34354P105 4,755 132,460 SH   DFND - 132,460 0 0
FMC CORP COM NEW 302491303 6,935 52,710 SH   DFND - 52,710 0 0
FORESTAR GROUP INC COM 346232101 7,901 444,850 SH   DFND - 418,250 0 26,600
FTC SOLAR INC COM 30320C103 1,972 400,000 SH   DFND - 400,000 0 0
GENPACT LIMITED SHS G3922B107 8,292 190,577 SH   DFND - 190,577 0 0
GLACIER BANCORP INC NEW COM 37637Q105 7,735 153,834 SH   DFND - 153,834 0 0
GEOSPACE TECHNOLOGIES CORP COM 37364X109 2,013 350,000 SH   DFND - 350,000 0 0
ACUSHNET HOLDINGS CORP COM 005098108 5,162 128,220 SH   DFND - 128,220 0 0
ALPHABET INC CAP STK CL A 02079K305 3,137 1,128 SH   DFND - 1,128 0 0
GORMAN RUPP CO COM 383082104 8,503 236,991 SH   DFND - 236,991 0 0
U S GLOBAL INVS INC CL A 902952100 2,340 450,000 SH   DFND - 450,000 0 0
GRANITE CONSTR INC COM 387328107 8,410 256,402 SH   DFND - 256,402 0 0
HAEMONETICS CORP MASS COM 405024100 27,801 439,746 SH   DFND - 430,746 0 9,000
HAIN CELESTIAL GROUP INC COM 405217100 7,056 205,114 SH   DFND - 205,114 0 0
HARVARD BIOSCIENCE INC COM 416906105 2,484 400,000 SH   DFND - 400,000 0 0
HERITAGE FINL CORP WASH COM 42722X106 8,768 349,900 SH   DFND - 338,700 0 11,200
HIGHWOODS PPTYS INC COM 431284108 10,747 234,950 SH   DFND - 223,300 0 11,650
HANGER INC COM NEW 41043F208 4,976 271,478 SH   DFND - 271,478 0 0
HARLEY DAVIDSON INC COM 412822108 13,136 333,411 SH   DFND - 333,411 0 0
HELMERICH & PAYNE INC COM 423452101 7,684 179,621 SH   DFND - 179,621 0 0
HUDSON GLOBAL INC COM NEW 443787205 12,848 315,914 SH   DFND - 302,074 0 13,840
HEALTHSTREAM INC COM 42222N103 2,444 122,700 SH   DFND - 122,700 0 0
HEARTLAND EXPRESS INC COM 422347104 4,609 327,601 SH   DFND - 327,601 0 0
HOWMET AEROSPACE INC COM 443201108 7,351 204,542 SH   DFND - 204,542 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 11,544 175,144 SH   DFND - 175,144 0 0
INTELLICHECK INC COM NEW 45817G201 1,020 400,000 SH   DFND - 400,000 0 0
IHEARTMEDIA INC COM CL A 45174J509 8,770 463,290 SH   DFND - 441,490 0 21,800
FIRST INTERNET BANCORP COM 320557101 15,003 348,821 SH   DFND - 332,821 0 16,000
INDEPENDENT BK CORP MASS COM 453836108 8,805 107,784 SH   DFND - 107,784 0 0
INFUSYSTEM HLDGS INC COM 45685K102 2,450 250,000 SH   DFND - 250,000 0 0
JOHNSON & JOHNSON COM 478160104 4,423 24,957 SH   DFND - 24,957 0 0
KIRBY CORP COM 497266106 4,907 67,968 SH   DFND - 67,968 0 0
KIMBERLY-CLARK CORP COM 494368103 7,910 64,228 SH   DFND - 64,228 0 0
KENNAMETAL INC COM 489170100 9,309 325,380 SH   DFND - 325,380 0 0
KNOWLES CORP COM 49926D109 11,058 513,610 SH   DFND - 513,610 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 11,918 102,581 SH   DFND - 102,581 0 0
LINDE PLC SHS G5494J103 2,059 6,446 SH   DFND - 6,446 0 0
LINCOLN EDL SVCS CORP COM 533535100 15,134 2,116,600 SH   DFND - 2,021,100 0 95,500
LIMBACH HLDGS INC COM 53263P105 962 138,430 SH   DFND - 138,430 0 0
LANDEC CORP COM 514766104 14,104 1,217,925 SH   DFND - 1,164,225 0 53,700
GRAND CANYON ED INC COM 38526M106 1,624 16,726 SH   DFND - 16,726 0 0
MASTERCRAFT BOAT HLDGS INC COM 57637H103 6,153 250,000 SH   DFND - 250,000 0 0
MARCHEX INC CL B 56624R108 1,923 839,733 SH   DFND - 839,733 0 0
MEDTRONIC PLC SHS G5960L103 1,469 13,241 SH   DFND - 13,241 0 0
MDU RES GROUP INC COM 552690109 12,528 470,100 SH   DFND - 446,700 0 23,400
METHODE ELECTRS INC COM 591520200 14,421 333,436 SH   DFND - 333,436 0 0
MOHAWK INDS INC COM 608190104 2,577 20,749 SH   DFND - 20,749 0 0
MARKEL CORP COM 570535104 7,027 4,763 SH   DFND - 4,763 0 0
MARTEN TRANS LTD COM 573075108 2,664 150,000 SH   DFND - 150,000 0 0
MGIC INVT CORP WIS COM 552848103 8,130 600,000 SH   DFND - 600,000 0 0
MATERION CORP COM 576690101 12,326 143,765 SH   DFND - 143,765 0 0
NOV INC COM 62955J103 28,361 1,446,235 SH   DFND - 1,434,635 0 11,600
NORTHWESTERN CORP COM NEW 668074305 6,332 104,679 SH   DFND - 104,679 0 0
NORTHWEST PIPE CO COM 667746101 12,273 482,250 SH   DFND - 454,450 0 27,800
NEXSTAR MEDIA GROUP INC CL A 65336K103 5,835 30,958 SH   DFND - 30,958 0 0
OIL DRI CORP AMER COM 677864100 3,812 133,069 SH   DFND - 133,069 0 0
ORION ENERGY SYS INC COM 686275108 3,956 1,412,700 SH   DFND - 1,254,500 0 158,200
ORTHOFIX MED INC COM 68752M108 15,068 460,800 SH   DFND - 439,550 0 21,250
OLD NATL BANCORP IND COM 680033107 7,561 461,584 SH   DFND - 461,584 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 10,621 805,255 SH   DFND - 767,855 0 37,400
ORACLE CORP COM 68389X105 2,305 27,859 SH   DFND - 27,859 0 0
OLD REP INTL CORP COM 680223104 14,876 575,035 SH   DFND - 575,035 0 0
PHILBRO ANIMAL HEALTH CORP CL A COM 71742Q106 15,514 777,640 SH   DFND - 777,640 0 0
POTBELLY CORP COM 73754Y100 3,653 545,256 SH   DFND - 545,256 0 0
POTLATCHDELTIC CORPORATION COM 737630103 15,286 289,891 SH   DFND - 289,891 0 0
PURE CYCLE CORP COM NEW 746228303 6,651 553,300 SH   DFND - 535,200 0 18,100
PATTERSON COS INC COM 703395103 13,149 406,200 SH   DFND - 387,250 0 18,950
PERMA-FIX ENVIRONMENTAL SVCS COM NEW 714157203 6,329 1,144,500 SH   DFND - 1,048,500 0 96,000
PARK AEROSPACE CORP COM 70014A104 10,710 820,722 SH   DFND - 820,722 0 0
PHOTRONICS INC COM 719405102 5,515 325,000 SH   DFND - 325,000 0 0
DOUGLAS DYNAMICS INC COM 25960R105 5,328 154,036 SH   DFND - 154,036 0 0
PORTLAND GEN ELECTRIC CO COM NEW 736508847 22,630 410,342 SH   DFND - 410,342 0 0
POST HLDGS INC COM 737446104 3,120 45,043 SH   DFND - 45,043 0 0
POWELL INDS INC COM 739128106 7,670 394,945 SH   DFND - 394,945 0 0
PPG INDS INC COM 693506107 8,101 61,805 SH   DFND - 61,805 0 0
PROASSURANCE CORP COM 74267C106 8,309 309,104 SH   DFND - 309,104 0 0
PERRIGO CO PLC SHS G97822103 32,306 840,655 SH   DFND - 824,655 0 16,000
PRIMO WATER CORPORATION COM 74167P108 6,723 471,755 SH   DFND - 471,755 0 0
PUBLIC STORAGE COM 74460D109 1,207 3,092 SH   DFND - 3,092 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 21,361 127,087 SH   DFND - 127,087 0 0
PIONEER NAT RES CO COM 723787107 8,397 33,583 SH   DFND - 33,583 0 0
RADIAN GROUP INC COM 750236101 18,594 837,200 SH   DFND - 805,400 0 31,800
REINSURANCE GRP OF AMERICA I COM NEW 759351604 2,469 22,554 SH   DFND - 22,554 0 0
RESOURCES CONNECTION INC COM 76122Q105 10,459 610,225 SH   DFND - 610,225 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102 3,912 21,334 SH   DFND - 21,334 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 13,106 374,251 SH   DFND - 374,251 0 0
SCHNITZER STEEL INDS INC CL A 806882106 9,592 184,669 SH   DFND - 184,669 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 20,153 1,710,786 SH   DFND - 1,659,686 0 51,100
SHYFT GROUP INC COM 825698103 10,833 300,000 SH   DFND - 300,000 0 0
SNAP ON INC COM 833034101 8,596 41,832 SH   DFND - 41,832 0 0
SMITH & NEPHEW PLC SPND ADR NEW 83175M205 5,011 157,093 SH   DFND - 157,093 0 0
SPECTRUM BRANDS HLDGS INC NE COM 84790A105 16,184 182,416 SH   DFND - 182,416 0 0
SUNOPTA INC COM 8676EP108 2,008 400,000 SH   DFND - 400,000 0 0
STERLING CONSTR INC COM 859241101 5,360 200,000 SH   DFND - 200,000 0 0
SUNCOR ENERGY INC NEW COM 867224107 1,893 58,096 SH   DFND - 58,096 0 0
SIERRA WIRELESS INC COM 826516106 8,743 484,650 SH   DFND - 456,100 0 28,550
SKYWORKS SOLUTIONS INC COM 83088M102 11,368 85,293 SH   DFND - 85,293 0 0
BANCORP INC DEL COM 05969A105 5,666 200,000 SH   DFND - 200,000 0 0
TEXAS CAP BANKSHARES INC COM 88224Q107 12,775 222,912 SH   DFND - 222,912 0 0
TRICO BANCSHARES COM 896095106 8,006 200,000 SH   DFND - 200,000 0 0
TERADATA CORP DEL COM 88076W103 9,938 201,622 SH   DFND - 201,622 0 0
TENNECO INC CL A VTG COM STK 880349105 5,496 300,000 SH   DFND - 300,000 0 0
HANOVER INS GROUP INC COM 410867105 14,167 94,752 SH   DFND - 94,752 0 0
THOR INDS INC COM 885160101 10,761 136,729 SH   DFND - 131,354 0 5,375
THERMON GROUP HLDGS INC COM 88362T103 7,712 476,050 SH   DFND - 449,600 0 26,450
TREEHOUSE FOODS INC COM 89469A104 3,150 97,653 SH   DFND - 97,653 0 0
TRIMAS CORP COM NEW 896215209 8,229 256,444 SH   DFND - 256,444 0 0
TWIN DISC INC COM 901476101 6,656 400,000 SH   DFND - 400,000 0 0
UNIFI INC COM NEW 904677200 3,982 220,000 SH   DFND - 200,000 0 20,000
AMERCO COM 023586100 8,472 14,193 SH   DFND - 14,193 0 0
UNILEVER PLC SPON ADR NEW 904767704 3,176 69,700 SH   DFND - 69,700 0 0
VISTRA CORP COM 92840M102 9,533 410,000 SH   DFND - 410,000 0 0
WELLS FARGO CO NEW COM 949746101 1,937 39,969 SH   DFND - 39,969 0 0
WIDEOPENWEST INC COM 96758W101 5,326 305,375 SH   DFND - 284,175 0 21,200
DENTSPLY SIRONA INC COM 24906P109 6,796 138,067 SH   DFND - 138,067 0 0
ZOVIO INC COM 98979V102 1,531 1,866,802 SH   DFND - 1,685,002 0 181,800