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
AMERISERV FINANC INC COM 03074A102 69 17,000 SH   OTR   0 17,000 0
AMERISERV FINANC INC COM 03074A102 166 41,200 SH   SOLE   41,200 0 0
ASTRONICS CORP COM 046433108 940 72,887 SH   OTR   0 72,887 0
ASTRONICS CORP COM 046433108 3,624 280,900 SH   SOLE   280,900 0 0
AUDACY INC CL A 05070N103 224 77,400 SH   OTR   0 77,400 0
CAMDEN NATIONAL CORP COM 133034108 1,880 39,968 SH   OTR   0 39,968 0
CAMDEN NATIONAL CORP COM 133034108 2,493 53,000 SH   SOLE   53,000 0 0
CECO ENVIRONMENTAL CORP COM 125141101 194 35,458 SH   OTR   0 35,458 0
CECO ENVIRONMENTAL CORP COM 125141101 621 113,371 SH   SOLE   113,371 0 0
CHASE CORP COM 16150R104 2,991 34,420 SH   OTR   0 34,420 0
CHASE CORP COM 16150R104 7,460 85,833 SH   SOLE   85,833 0 0
CITIZENS & NORTHERN CORP COM 172922106 400 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 646 26,500 SH   SOLE   26,500 0 0
COLUMBIA FINANCIAL INC COM 197641103 727 33,794 SH   SOLE   33,794 0 0
COMMUNITY BANK SYS INC COM 203607106 464 6,618 SH   OTR   0 6,618 0
COMPUTER TASK GROUP INC COM 205477102 2,366 242,903 SH   OTR   0 242,903 0
COMPUTER TASK GROUP INC COM 205477102 9,534 978,826 SH   SOLE   978,826 0 0
COMPX INTERNATIONAL CL A 20563P101 179 7,597 SH   OTR   0 7,597 0
COMPX INTERNATIONAL CL A 20563P101 523 22,250 SH   SOLE   22,250 0 0
CONTANGO ORE INC COM 21077F100 431 17,600 SH   OTR   0 17,600 0
CONTANGO ORE INC COM 21077F100 2,227 90,918 SH   SOLE   90,918 0 0
DALLASNEWS CORPORATION COM SER A 235050101 280 40,347 SH   OTR   0 40,347 0
DALLASNEWS CORPORATION COM SER A 235050101 1,044 150,159 SH   SOLE   150,159 0 0
DELUXE CORP COM 248019101 420 13,900 SH   OTR   0 13,900 0
DLH HOLDINGS CORP COM 23335Q100 652 34,679 SH   OTR   0 34,679 0
DLH HOLDINGS CORP COM 23335Q100 2,208 117,499 SH   SOLE   117,499 0 0
DONEGAL GROUP INC CL B 257701300 59 4,500 SH   OTR   0 4,500 0
DONEGAL GROUP INC CL B 257701300 174 13,356 SH   SOLE   13,356 0 0
DONEGAL GROUP INC CL A 257701201 213 15,930 SH   OTR   0 15,930 0
DONEGAL GROUP INC CL A 257701201 275 20,515 SH   SOLE   20,515 0 0
DORMAN PRODUCTS INC COM 258278100 814 8,590 SH   OTR   0 8,590 0
DORMAN PRODUCTS INC COM 258278100 805 8,500 SH   SOLE   8,500 0 0
EAGLE BANCORP MONT INC COM 26942G100 87 3,900 SH   OTR   0 3,900 0
EAGLE BANCORP MONT INC COM 26942G100 382 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 1,744 74,897 SH   OTR   0 74,897 0
EASTERN CO COM 276317104 6,052 259,839 SH   SOLE   259,839 0 0
ESCALADE INC COM 296056104 1,627 123,944 SH   OTR   0 123,944 0
ESCALADE INC COM 296056104 3,693 281,242 SH   SOLE   281,242 0 0
FIRST MERCHANTS CORP COM 320817109 203 4,875 SH   OTR   0 4,875 0
FIRST MERCHANTS CORP COM 320817109 208 5,000 SH   SOLE   5,000 0 0
FNB CORP COM 302520101 146 11,690 SH   OTR   0 11,690 0
FNB CORP COM 302520101 722 58,000 SH   SOLE   58,000 0 0
FOSTER L B CO COM 350060109 492 32,774 SH   OTR   0 32,774 0
FOSTER L B CO COM 350060109 337 22,489 SH   SOLE   22,489 0 0
FREIGHTCAR AMERICA INC COM 357023100 1,110 187,526 SH   OTR   0 187,526 0
FREIGHTCAR AMERICA INC COM 357023100 2,990 504,998 SH   SOLE   504,998 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 2,939 209,900 SH   OTR   0 209,900 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 10,775 769,640 SH   SOLE   769,640 0 0
GSE SYSTEMS INC COM 36227K106 205 98,712 SH   OTR   0 98,712 0
GSE SYSTEMS INC COM 36227K106 894 429,606 SH   SOLE   429,606 0 0
HORIZON BANCORP INDIANA COM 440407104 132 7,052 SH   OTR   0 7,052 0
HORIZON BANCORP INDIANA COM 440407104 523 28,000 SH   SOLE   28,000 0 0
HV BANCORP INC COM 40441H105 562 25,890 SH   SOLE   25,890 0 0
ICC HOLDINGS INC COM 44931Q104 137 8,414 SH   OTR   0 8,414 0
ICC HOLDINGS INC COM 44931Q104 407 24,953 SH   SOLE   24,953 0 0
IMMUCELL CORP COM 452525306 43 4,554 SH   OTR   0 4,554 0
IMMUCELL CORP COM 452525306 70 7,404 SH   SOLE   7,404 0 0
INFUSYSTEM HLDGS INC COM 45685K102 1,802 183,884 SH   OTR   0 183,884 0
INFUSYSTEM HLDGS INC COM 45685K102 6,492 662,467 SH   SOLE   662,467 0 0
INVESTORS BANCORP INC NEW COM 46146L101 334 22,411 SH   OTR   0 22,411 0
INVESTORS BANCORP INC NEW COM 46146L101 850 57,000 SH   SOLE   57,000 0 0
KEWAUNEE SCIENTIFIC CORP COM 492854104 1,481 104,202 SH   SOLE   104,202 0 0
KEWAUNEE SCIENTIFIC CORP COM 492854104 505 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 208 14,000 SH   SOLE   14,000 0 0
LGL GROUP INC COM 50186A108 54 4,901 SH   OTR   0 4,901 0
LGL GROUP INC COM 50186A108 88 8,000 SH   SOLE   8,000 0 0
LUMOS PHARMA INC COM 55028X109 128 13,549 SH   OTR   0 13,549 0
LUMOS PHARMA INC COM 55028X109 193 20,466 SH   SOLE   20,466 0 0
MALVERN BANCORP INC COM 561409103 773 48,000 SH   SOLE   48,000 0 0
MALVERN BANCORP INC COM 561409103 84 5,206 SH   OTR   0 5,206 0
MID PENN BANCORP COM 59540G107 334 12,503 SH   OTR   0 12,503 0
MID PENN BANCORP COM 59540G107 1,049 39,229 SH   SOLE   39,229 0 0
MID SOUTHERN BANCORP COM 59548Q107 129 8,915 SH   OTR   0 8,915 0
MID SOUTHERN BANCORP COM 59548Q107 185 12,791 SH   SOLE   12,791 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 930 75,547 SH   OTR   0 75,547 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 3,163 256,965 SH   SOLE   256,965 0 0
NEXTCURE INC COM 65343E108 58 11,900 SH   OTR   0 11,900 0
NEXTCURE INC COM 65343E108 96 19,813 SH   SOLE   19,813 0 0
NI HOLDINGS INC COM 65342T106 500 29,500 SH   OTR   0 29,500 0
NI HOLDINGS INC COM 65342T106 1,703 100,400 SH   SOLE   100,400 0 0
NORTHEAST CMNTY BANCORP INC COM 664121100 20 1,639 SH   OTR   0 1,639 0
NORTHEAST CMNTY BANCORP INC COM 664121100 306 25,000 SH   SOLE   25,000 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 513 38,000 SH   SOLE   38,000 0 0
NORWOOD FINANCIAL CORP COM 669549107 134 4,729 SH   OTR   0 4,729 0
NORWOOD FINANCIAL CORP COM 669549107 253 8,952 SH   SOLE   8,952 0 0
OCONEE FED FINL CORP COM 675607105 286 11,451 SH   SOLE   11,451 0 0
PATHFINDER BANCORP INC COM 70319R109 1,011 47,399 SH   OTR   0 47,399 0
PATHFINDER BANCORP INC COM 70319R109 4,355 204,250 SH   SOLE   204,250 0 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 355 44,541 SH   OTR   0 44,541 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 1,612 202,042 SH   SOLE   202,042 0 0
PROASSURANCE CORP COM 74267C106 229 8,534 SH   OTR   0 8,534 0
PROASSURANCE CORP COM 74267C106 234 8,700 SH   SOLE   8,700 0 0
RICHMOND MUTUAL BANCORP COM 76525P100 512 30,000 SH   SOLE   30,000 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 1,203 52,807 SH   OTR   0 52,807 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 3,505 153,864 SH   SOLE   153,864 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 2,589 124,707 SH   OTR   0 124,707 0
SCRIPPS E W CO OHIO CL A NEW 811054402 8,277 398,700 SH   SOLE   398,700 0 0
SIFCO INDUSTRIES INC COM 826546103 380 76,608 SH   OTR   0 76,608 0
SIFCO INDUSTRIES INC COM 826546103 1,533 309,100 SH   SOLE   309,100 0 0
SOUTH STATE CORP COM 840441109 462 5,661 SH   OTR   0 5,661 0
STARRETT L S CO CL A 855668109 123 16,237 SH   OTR   0 16,237 0
STARRETT L S CO CL A 855668109 319 42,000 SH   SOLE   42,000 0 0
SYNALLOY CP DEL COM 871565107 198 12,369 SH   OTR   0 12,369 0
SYNALLOY CP DEL COM 871565107 784 49,084 SH   SOLE   49,084 0 0
THRYV HOLDINGS INC COM NEW 886029206 272 9,703 SH   OTR   0 9,703 0
THRYV HOLDINGS INC COM NEW 886029206 1,122 40,000 SH   SOLE   40,000 0 0
TREDEGAR CORP COM 894650100 543 45,291 SH   OTR   0 45,291 0
TREDEGAR CORP COM 894650100 1,120 93,414 SH   SOLE   93,414 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 1,258 145,598 SH   OTR   0 145,598 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 4,865 563,029 SH   SOLE   563,029 0 0
US LIME & MINERAL COM 911922102 1,471 12,780 SH   OTR   0 12,780 0
US LIME & MINERAL COM 911922102 3,070 26,681 SH   SOLE   26,681 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 926 17,947 SH   SOLE   17,947 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 93 1,798 SH   OTR   0 1,798 0
VIRCO MANUFACTURING CO COM 927651109 601 205,049 SH   OTR   0 205,049 0
VIRCO MANUFACTURING CO COM 927651109 1,983 676,853 SH   SOLE   676,853 0 0
VOLT INFORMATION SCIENCES COM 928703107 336 56,210 SH   OTR   0 56,210 0
VOLT INFORMATION SCIENCES COM 928703107 1,052 175,984 SH   SOLE   175,984 0 0
WILLIAMS INDUSTRIAL SERVICES GROUP INC COM 96951A104 824 413,840 SH   OTR   0 413,840 0
WILLIAMS INDUSTRIAL SERVICES GROUP INC COM 96951A104 2,845 1,429,610 SH   SOLE   1,429,610 0 0