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
ACCURAY INC COM 004397105 5,194 2,496,900 SH   DFND   2,331,900 0 165,000
ADVANCE AUTO PARTS INC COM 00751Y106 9,123 58,352 SH   DFND   58,352 0 0
ADVANCED ENERGY INDS COM 007973100 7,354 95,000 SH   DFND   89,725 0 5,275
AEROJET ROCKETDYNE HLDGS INC COM 007800105 9,168 229,250 SH   DFND   219,550 0 9,700
ALLETE INC COM NEW 018522300 17,244 344,545 SH   DFND   327,895 0 16,650
ALLISON TRANSMISSION HLDGS I COM 01973R101 4,191 124,151 SH   DFND   124,151 0 0
ALPHABET INC CAP STK CL A 02079K305 3,112 32,534 SH   DFND   32,534 0 0
ALPINE INCOME PPTY TR INC COM 02083X103 4,866 300,000 SH   DFND   300,000 0 0
AMERCO COM 023586100 9,706 19,061 SH   DFND   19,061 0 0
AMERICAN VANGUARD CORP COM 030371108 13,428 718,076 SH   DFND   718,076 0 0
AMERICOLD REALTY TRUST INC COM 03064D108 24,077 978,760 SH   DFND   963,760 0 15,000
AMERISOURCBERGEN CORP COM 03073E105 6,400 47,292 SH   DFND   47,292 0 0
AMTECH SYS INC COM PAR $0.01N 032332504 2,550 300,000 SH   DFND   300,000 0 0
ANGIODYNAMICS INC COM 03475V101 8,927 436,339 SH   DFND   436,339 0 0
ARCONIC CORPORATION COM 03966V107 859 50,400 SH   DFND   31,900 0 18,500
ASSOCIATED BANC CORP COM 045487105 6,024 300,000 SH   DFND   300,000 0 0
ASTEC INDS INC COM 046224101 6,402 205,252 SH   DFND   205,252 0 0
ATN INTL INC COM 00215F107 10,880 282,086 SH   DFND   282,086 0 0
AUDIOCODES LTD ORD M15342104 7,207 330,450 SH   DFND   311,750 0 18,700
AVANOS MED INC COM 05350V106 10,056 461,714 SH   DFND   461,714 0 0
B. RILEY FINANCIAL INC COM 05580M108 2,742 61,585 SH   DFND   61,585 0 0
BANCORP INC DEL COM 05969A105 3,297 150,000 SH   DFND   150,000 0 0
BARRETT BUSINESS SVCS INC COM 068463108 11,700 150,000 SH   DFND   150,000 0 0
BECTON DICKINSON & CO COM 075887109 4,039 18,128 SH   DFND   18,128 0 0
BERKSHIRE HATHAWY INC DEL CL B NEW 084670702 3,180 11,911 SH   DFND   11,911 0 0
BERRY CORP COM 08579X101 8,516 1,135,400 SH   DFND   1,090,500 0 44,900
BOSTON BEER INC CL A 100557107 1,397 4,317 SH   DFND   4,317 0 0
BWX TECHNOLOGIES INC COM 05605H100 14,080 279,533 SH   DFND   279,533 0 0
CAL MAINE FOODS INC COM NEW 128030202 3,871 69,637 SH   DFND   69,637 0 0
CANADIAN NATL RY CO COM 136375102 1,704 15,777 SH   DFND   15,777 0 0
CANTALOUPE INC COM 138103106 3,480 1,000,000 SH   DFND   1,000,000 0 0
CAPITAL CITY BK GROUP INC COM 139674105 17,331 557,075 SH   DFND   537,925 0 19,150
CARMAX INC COM 143130102 5,624 85,181 SH   DFND   85,181 0 0
CARRIAGE SVCS INC COM 143905107 7,384 229,600 SH   DFND   219,000 0 10,600
CARTERS INC COM 146229109 17,521 267,368 SH   DFND   264,518 0 2,850
CASS INFORMATION SYS INC COM 14808P109 10,347 298,277 SH   DFND   298,277 0 0
CBOE GLOBAL MKTS INC COM 12503M108 5,651 48,149 SH   DFND   48,149 0 0
CECO ENVIRONMENTAL CORP COM 125141101 8,199 926,400 SH   DFND   883,900 0 42,500
CENTENE CORP DEL COM 15135B101 2,553 32,810 SH   DFND   32,810 0 0
CENTERRA GOLD INC COM 152006102 8,790 1,993,300 SH   DFND   1,903,900 0 89,400
CENTURY CMNTYS INC COM 156504300 13,966 326,460 SH   DFND   317,360 0 9,100
CHAMPIONX CORPORATION COM 15872M104 16,572 846,793 SH   DFND   846,793 0 0
CHASE CORP COM 16150R104 2,344 28,050 SH   DFND   28,050 0 0
CISCO SYS INC COM 17275R102 1,590 39,762 SH   DFND   39,762 0 0
COMCAST CORP NEW CL A 20030N101 1,499 51,122 SH   DFND   51,122 0 0
COMMUNITY TR BANCORP INC COM 204149108 1,652 40,729 SH   DFND   40,729 0 0
COMPUTER PROGRAMS & SYS INC COM 205306103 4,182 150,000 SH   DFND   150,000 0 0
COMSTOCK RES INC COM 205768302 3,107 179,688 SH   DFND   179,688 0 0
CONAGRA BRANDS INC COM 205887102 8,466 259,465 SH   DFND   259,465 0 0
CONSOLIDATED WATER CO INC ORD G23773107 6,921 450,000 SH   DFND   450,000 0 0
CONSTELLATION ENERGY CORP COM 21037T109 12,967 155,868 SH   DFND   155,868 0 0
CORE MOLDING TECHNOLGIES IN COM 218683100 4,022 405,000 SH   DFND   405,000 0 0
CORECIVIC INC COM 21871N101 5,439 615,282 SH   DFND   615,282 0 0
COWEN INC CL A NEW 223622606 19,320 500,000 SH   DFND   500,000 0 0
D R HORTON INC COM 23331A109 1,577 23,422 SH   DFND   23,422 0 0
DENBURY INC COM 24790A101 8,626 100,000 SH   DFND   100,000 0 0
DOUGLAS DYNAMICS INC COM 25960R105 7,186 256,445 SH   DFND   256,445 0 0
DRIL-QUIP INC COM 262037104 6,512 333,602 SH   DFND   333,602 0 0
EASTMAN CHEM CO COM 277432100 3,357 47,250 SH   DFND   47,250 0 0
ELEVANCE HEALTH INC COM 036752103 1,692 3,724 SH   DFND   3,724 0 0
ENCOMPASS HEALTH CORP COM 29261A100 21,850 483,090 SH   DFND   483,090 0 0
ENERPAC TOOL GROUP CORP CL A COM 292765104 6,862 384,843 SH   DFND   384,843 0 0
ENHABIT INC COM 29332G102 1,400 99,734 SH   DFND   99,734 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 7,341 301,366 SH   DFND   301,366 0 0
EVERI HLDGS INC COM 30034T103 3,573 220,272 SH   DFND   220,272 0 0
EVERTEC INC COM 30040P103 6,110 194,900 SH   DFND   180,300 0 14,600
EXELON CORP COM 30161N101 1,005 26,840 SH   DFND   26,840 0 0
EXPEDIA GROUP INC COM NEW 30212P303 3,801 40,574 SH   DFND   40,574 0 0
EZCORP INC CL A NON VTG 302301106 7,801 1,011,800 SH   DFND   937,300 0 74,500
F5 INC COM 315616102 3,378 23,337 SH   DFND   23,337 0 0
FARMLAND PARTNERS INC COM 31154R109 5,187 409,367 SH   DFND   409,367 0 0
FIRST INTERNET BANCORP COM 320557101 11,891 351,171 SH   DFND   335,171 0 16,000
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 16,932 419,620 SH   DFND   410,895 0 8,725
FIRSTENERGY CORP COM 337932107 4,932 133,286 SH   DFND   133,286 0 0
FLOWSERVE CORP COM 34354P105 7,154 294,419 SH   DFND   294,419 0 0
FMC CORP COM NEW 302491303 5,497 52,010 SH   DFND   52,010 0 0
FORESTAR GROUP INC COM 346232101 9,509 849,800 SH   DFND   832,200 0 17,600
GENPACT LIMITED SHS G3922B107 9,856 225,172 SH   DFND   225,172 0 0
GLACIER BANCORP INC NEW COM 37637Q105 10,087 205,311 SH   DFND   205,311 0 0
GRAND CANYON ED INC COM 38526M106 1,347 16,380 SH   DFND   16,380 0 0
GRANITE CONSTR INC COM 387328107 9,774 384,936 SH   DFND   384,936 0 0
HAEMONETICS CORP MASS COM 405024100 30,504 412,046 SH   DFND   404,646 0 7,400
HANOVER INS GROUP INC COM 410867105 12,141 94,747 SH   DFND   94,747 0 0
HARLEY DAVIDSON INC COM 412822108 8,957 256,800 SH   DFND   256,800 0 0
HARVARD BIOSCIENCE INC COM 416906105 2,688 1,050,000 SH   DFND   1,050,000 0 0
HEALTHSTREAM INC COM 42222N103 9,371 440,761 SH   DFND   440,761 0 0
HEARTLAND EXPRESS INC COM 422347104 3,680 257,163 SH   DFND   257,163 0 0
HELMERICH & PAYNE INC COM 423452101 7,589 205,267 SH   DFND   205,267 0 0
HERITAGE FINL CORP WASH COM 42722X106 9,272 350,300 SH   DFND   339,100 0 11,200
HF SINCLAIR CORP COM 403949100 16,912 314,109 SH   DFND   306,209 0 7,900
HOWMET AEROSPACE INC COM 443201108 4,447 143,776 SH   DFND   143,776 0 0
HUDSON GLOBAL INC COM NEW 443787205 10,418 309,866 SH   DFND   296,026 0 13,840
I3 VERTICALS INC COM CL A 46571Y107 4,020 200,700 SH   DFND   200,700 0 0
IHEARTMEDIA INC COM CL A 45174J509 5,336 728,000 SH   DFND   685,600 0 42,400
INDEPENDENT BK CORP MASS COM 453836108 11,466 153,842 SH   DFND   153,842 0 0
INFUSYSTEM HLDGS INC COM 45685K102 1,782 255,000 SH   DFND   255,000 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 15,674 245,252 SH   DFND   245,252 0 0
JOHNSON & JOHNSON COM 478160104 4,656 28,502 SH   DFND   28,502 0 0
KENNAMETAL INC COM 489170100 8,442 410,193 SH   DFND   410,193 0 0
KIMBERLY-CLARK CORP COM 494368103 10,510 93,388 SH   DFND   93,388 0 0
KIRBY CORP COM 497266106 5,632 92,671 SH   DFND   92,671 0 0
KNOWLES CORP COM 49926D109 6,251 513,610 SH   DFND   513,610 0 0
KRATOS DEFENSE & SEC SOLUTIO COM NEW 50077B207 4,430 435,986 SH   DFND   435,986 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 6,346 76,929 SH   DFND   76,929 0 0
LANDEC CORP COM 514766104 10,747 1,208,850 SH   DFND   1,155,375 0 53,475
LINCOLN EDL SVCS CORP COM 533535100 11,343 2,085,169 SH   DFND   2,003,806 0 81,363
LINDE PLC SHS G5494J103 1,740 6,453 SH   DFND   6,453 0 0
M D C HLDGS INC COM 552676108 3,932 143,397 SH   DFND   143,397 0 0
MARCHEX INC CL B 56624R108 429 255,210 SH   DFND   255,210 0 0
MARKEL CORP COM 570535104 5,137 4,738 SH   DFND   4,738 0 0
MARTEN TRANS LTD COM 573075108 2,874 150,000 SH   DFND   150,000 0 0
MASTERCRAFT BOAT HLDGS INC COM 57637H103 1,885 100,000 SH   DFND   100,000 0 0
MATERION CORP COM 576690101 8,234 102,931 SH   DFND   102,931 0 0
MDU RES GROUP INC COM 552690109 10,995 402,000 SH   DFND   402,000 0 0
METHODE ELECTRS INC COM 591520200 10,488 282,309 SH   DFND   282,309 0 0
MGIC INVT CORP WIS COM 552848103 6,410 500,000 SH   DFND   500,000 0 0
MOHAWK INDS INC COM 608190104 1,892 20,749 SH   DFND   20,749 0 0
NORTHWEST PIPE CO COM 667746101 12,642 449,900 SH   DFND   430,750 0 19,150
NORTHWESTERN CORP COM NEW 668074305 1,541 31,264 SH   DFND   31,264 0 0
NOV INC COM 62955J103 26,274 1,623,865 SH   DFND   1,604,965 0 18,900
NOW INC COM 67011P100 16,495 1,641,341 SH   DFND   1,579,841 0 61,500
OIL DRI CORP AMER COM 677864100 5,216 215,543 SH   DFND   215,543 0 0
OLD NATL BANCORP IND COM 680033107 8,452 513,167 SH   DFND   513,167 0 0
OLD REP INTL CORP COM 680223104 12,034 574,941 SH   DFND   574,941 0 0
ORACLE CORP COM 68389X105 2,150 35,211 SH   DFND   35,211 0 0
ORION ENERGY SYS INC COM 686275108 1,867 1,197,100 SH   DFND   1,138,900 0 58,200
ORTHOFIX MED INC COM 68752M108 2,022 105,800 SH   DFND   88,950 0 16,850
OSISKO GOLD ROYALTIES LTD COM 68827L101 7,341 721,155 SH   DFND   681,255 0 39,900
PARK AEROSPACE CORP COM 70014A104 9,404 851,810 SH   DFND   851,810 0 0
PATTERSON COS INC COM 703395103 9,698 403,750 SH   DFND   386,250 0 17,500
PERMA-FIX ENVIRONMENTAL SVCS COM NEW 714157203 5,000 1,116,000 SH   DFND   1,021,000 0 95,000
PERRIGO CO PLC SHS G97822103 20,774 582,562 SH   DFND   567,062 0 15,500
PETIQ INC COM CL A 71639T106 1,725 250,000 SH   DFND   250,000 0 0
PHILBRO ANIMAL HEALTH CORP CL A COM 71742Q106 10,223 769,261 SH   DFND   769,261 0 0
PHOTRONICS INC COM 719405102 8,776 600,275 SH   DFND   567,175 0 33,100
PIONEER NAT RES CO COM 723787107 5,976 27,601 SH   DFND   27,601 0 0
POPULAR INC COM NEW 733174700 5,642 78,292 SH   DFND   78,292 0 0
PORTLAND GEN ELECTRIC CO COM NEW 736508847 11,148 256,506 SH   DFND   256,506 0 0
POST HLDGS INC COM 737446104 3,632 44,343 SH   DFND   44,343 0 0
POTBELLY CORP COM 73754Y100 2,718 600,000 SH   DFND   600,000 0 0
POTLATCHDELTIC CORPORATION COM 737630103 11,897 289,891 SH   DFND   289,891 0 0
POWELL INDS INC COM 739128106 9,951 472,044 SH   DFND   472,044 0 0
PPG INDS INC COM 693506107 8,199 74,071 SH   DFND   74,071 0 0
PROASSURANCE CORP COM 74267C106 3,529 180,880 SH   DFND   180,880 0 0
PUBLIC STORAGE COM 74460D109 1,269 4,335 SH   DFND   4,335 0 0
PURE CYCLE CORP COM NEW 746228303 4,752 569,050 SH   DFND   550,450 0 18,600
QUEST DIAGNOSTICS INC COM 74834L100 10,344 84,306 SH   DFND   84,306 0 0
RADIAN GROUP INC COM 750236101 16,150 837,200 SH   DFND   805,400 0 31,800
REINSURANCE GRP OF AMERICA I COM NEW 759351604 9,450 75,116 SH   DFND   75,116 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102 502 2,877 SH   DFND   2,877 0 0
RENAISSANCERE HLDGS LTD COM G7496G103 2,979 21,217 SH   DFND   21,217 0 0
ROYAL GOLD INC COM 780287108 6,255 66,667 SH   DFND   66,667 0 0
SCHNITZER STEEL INDS INC CL A 806882106 5,844 205,345 SH   DFND   205,345 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 13,184 436,122 SH   DFND   436,122 0 0
SHYFT GROUP INC COM 825698103 8,172 400,000 SH   DFND   400,000 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 11,950 140,148 SH   DFND   140,148 0 0
SMITH A O CORP COM 831865209 6,732 138,573 SH   DFND   138,573 0 0
STARBUCKS CORP COM 855244109 1,518 18,014 SH   DFND   18,014 0 0
STERLING INFRASTRUCTURE INC COM 859241101 4,294 200,000 SH   DFND   200,000 0 0
SUNCOR ENERGY INC NEW COM 867224107 1,639 58,210 SH   DFND   58,210 0 0
SUNOPTA INC COM 8676EP108 4,550 500,000 SH   DFND   500,000 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 12,852 1,364,333 SH   DFND   1,313,233 0 51,100
TERADATA CORP DEL COM 88076W103 8,637 278,089 SH   DFND   278,089 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107 29,065 492,370 SH   DFND   487,170 0 5,200
THERMON GROUP HLDGS INC COM 88362T103 7,364 477,850 SH   DFND   451,250 0 26,600
THOR INDS INC COM 885160101 10,007 142,995 SH   DFND   142,995 0 0
TIPTREE INC COM 88822Q103 3,228 300,000 SH   DFND   300,000 0 0
TOOTSIE ROLL INDS INC COM 890516107 5,125 153,994 SH   DFND   153,994 0 0
TREEHOUSE FOODS INC COM 89469A104 11,976 282,318 SH   DFND   282,318 0 0
TRICO BANCSHARES COM 896095106 8,930 200,000 SH   DFND   200,000 0 0
TRIMAS CORP COM NEW 896215209 2,838 113,213 SH   DFND   113,213 0 0
TWIN DISC INC COM 901476101 4,588 400,000 SH   DFND   400,000 0 0
U S GLOBAL INVS INC CL A 902952100 1,292 450,000 SH   DFND   450,000 0 0
UMH PPTYS INC COM 903002103 5,653 350,000 SH   DFND   350,000 0 0
UNILEVER PLC SPON ADR NEW 904767704 2,732 62,327 SH   DFND   62,327 0 0
WATSCO INC COM 942622200 7,147 27,758 SH   DFND   27,758 0 0
WELLS FARGO CO NEW COM 949746101 1,149 28,570 SH   DFND   28,570 0 0
WIDEOPENWEST INC COM 96758W101 4,825 393,200 SH   DFND   366,800 0 26,400
WISDOMTREE TR INTL SMCAP DIV 97717W760 1,936 37,638 SH   DFND   37,638 0 0
WORLD WRESTLING ENTMNT INC CL A 98156Q108 3,509 50,000 SH   DFND   50,000 0 0