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
ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 86,054 900,434 SH   DFND 2 0 895,749 0
ENACT HOLDINGS COM 29249E109 28,576 1,288,929 SH   DFND 2 0 1,277,029 0
AERCAP HOLDINGS NV COM N00985106 174,216 4,115,667 SH   DFND 2 0 4,100,567 0
AIR FRANCE COM 009119108 7,256 5,581,277 SH   DFND 2 0 5,572,887 0
AMERICAN INTERNATIONAL GROUP COM 026874784 56,881 1,198,005 SH   DFND 2 0 1,198,005 0
ARGONAUT GOLD INC. COM 04016A101 6,485 20,973,303 SH   DFND 2 0 20,797,103 0
ARDMORE SHIPPING CORPORATION COM Y0207T100 5,482 600,403 SH   DFND 2 0 578,493 0
ALGOMA STEEL GROUP INC COM 015658107 20,673 3,210,026 SH   DFND 2 0 3,161,146 0
BLUE CAPITAL REINSURANCE COM G1190F107 0 294,004 SH   DFND 2 0 294,004 0
BEAZER HOMES USA INC COM 07556Q881 16,001 1,654,723 SH   DFND 2 0 1,619,023 0
CITIGROUP COM 172967424 45,355 1,088,437 SH   DFND 2 0 1,088,437 0
CONSTELLATION ENERGY GROUP COM 21037T109 72,788 874,959 SH   DFND 2 0 874,959 0
CENTERRA GOLD INC. COM 152006102 27,391 6,211,129 SH   DFND 2 0 6,169,329 0
CIVITAS RESOURCES INC COM 17888H103 104,172 1,815,158 SH   DFND 2 0 1,803,208 0
CELESTICA INC COM 15101Q108 41,824 4,973,137 SH   DFND 2 0 4,942,529 0
CNA FINANCIAL CORP COM 126117100 36,094 978,153 SH   DFND 2 0 978,153 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 20,483 1,529,718 SH   DFND 2 0 1,486,718 0
ELDORADO GOLD CORP COM 284902509 59,176 9,813,620 SH   DFND 2 0 9,692,620 0
EQUINOX GOLD CORP COM 29446Y502 16,318 4,470,738 SH   DFND 2 0 4,470,738 0
FIFTH THIRD BANCORP COM 316773100 7,406 231,721 SH   DFND 2 0 231,721 0
GALIANO GOLD INC COM 36352H100 4,836 9,970,144 SH   DFND 2 0 9,579,269 0
GREENBRIER COMPANIES INC COM 393657101 5,339 219,968 SH   DFND 2 0 209,868 0
GENERAL MOTORS COM 37045V100 20,220 630,117 SH   DFND 2 0 630,117 0
GENWORTH FINANCIAL INC COM 37247D106 64,459 18,416,792 SH   DFND 2 0 18,221,992 0
GOLDMAN SACHS GROUP COM 38141G104 16,231 55,385 SH   DFND 2 0 55,385 0
HAWAIIAN HOLDINGS INC COM 419879101 5,255 399,638 SH   DFND 2 0 391,338 0
HOWRAD HUGHES CORP COM 44267D107 35,120 634,055 SH   DFND 2 0 634,055 0
HOOKER FURNISHINGS CORP COM 439038100 15,765 1,168,664 SH   DFND 2 0 1,149,564 0
IAMGOLD CORP COM 450913108 42,709 39,915,231 SH   DFND 2 0 39,738,131 0
INTERNATIONAL SEAWAYS COM Y41053102 97,184 2,766,419 SH   DFND 2 0 2,732,019 0
JETBLUE AIRWAYS COM 477143101 53,671 8,095,247 SH   DFND 2 0 8,095,247 0
JEFFERIES FINANCIAL GROUP COM 47233W109 97,801 3,315,289 SH   DFND 2 0 3,315,289 0
JACKSON FINANCIAL INC COM 46817M107 1,684 60,700 SH   DFND 2 0 57,170 0
KB HOME COM 48666K109 7,547 291,184 SH   DFND 2 0 285,284 0
KIMBALL ELECTRONICS COM 49428J109 7,093 413,589 SH   DFND 2 0 403,289 0
KOREA ELECTRIC POWER CORP COM 500631106 13,701 2,014,911 SH   DFND 2 0 2,014,911 0
KINROSS GOLD CORP COM 496902404 63,774 16,961,236 SH   DFND 2 0 16,961,236 0
LOEWS CORP COM 540424108 51,498 1,033,259 SH   DFND 2 0 1,033,259 0
M/I HOMES INC COM 55305B101 75,540 2,085,010 SH   DFND 2 0 2,071,310 0
THE MOSAIC COMPANY COM 61945C103 16,052 332,123 SH   DFND 2 0 332,123 0
MOTORCAR PARTS OF AMERICA COM 620071100 10,503 690,091 SH   DFND 2 0 658,991 0
MGIC INVESTMENT CORP COM 552848103 41,266 3,218,904 SH   DFND 2 0 3,218,904 0
MICRON TECHNOLOGY COM 595112103 32,974 658,170 SH   DFND 2 0 658,170 0
NAVIENT CORP COM 63938C108 15,258 1,038,657 SH   DFND 2 0 1,030,657 0
PGE CORPORATION COM 69331C108 12,488 999,034 SH   DFND 2 0 999,034 0
PARK HOTELS & RESORTS INC COM 700517105 23,492 2,086,347 SH   DFND 2 0 2,086,347 0
PHOTRONICS COM 719405102 1,924 131,614 SH   DFND 2 0 128,764 0
RADIAN GROUP INC COM 750236101 62,186 3,223,740 SH   DFND 2 0 3,212,940 0
EVEREST RE GROUP COM G3223R108 13,688 52,158 SH   DFND 2 0 52,158 0
RESOLUTE FOREST PRODUCTS COM 76117W109 23,513 1,175,656 SH   DFND 2 0 1,153,256 0
SIRIUSPOINT LTD COM G8192H106 8,587 1,734,844 SH   DFND 2 0 1,651,204 0
TEXTAINER GROUP HOLDINGS LTD COM G8766E109 61,897 2,304,414 SH   DFND 2 0 2,282,414 0
TAYLOR MORRISON HOME CORP COM 87724P106 124,930 5,357,219 SH   DFND 2 0 5,346,619 0
TUTOR PERINI CORP COM 901109108 17,648 3,197,087 SH   DFND 2 0 3,141,797 0
TRITON INTERNATIONAL LTD COM G9078F107 33,177 606,202 SH   DFND 2 0 606,202 0
UNUM GROUP COM 91529Y106 168,841 4,351,582 SH   DFND 2 0 4,351,582 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107 10,911 1,107,709 SH   DFND 2 0 1,064,429 0
BRISTOW GROUP INC COM 11040G103 3,974 169,180 SH   DFND 2 0 162,414 0
US STEEL COM 912909108 47,870 2,641,825 SH   DFND 2 0 2,641,825 0
GREAT PANTHER MINING COM 39115V101 24 477,095 SH   DFND 2 0 477,095 0