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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACCURAY INC COM 004397105   5,386,975 2,577,500 SH   DFND   2,375,000 0 202,500
ACTIVISION BLIZZARD INC COM 00507V109   3,625,255 47,358 SH   DFND   47,358 0 0
ADVANCE AUTO PARTS INC COM 00751Y106   4,001,568 27,216 SH   DFND   27,216 0 0
ADVANCED ENERGY INDS COM 007973100   9,838,966 114,700 SH   DFND   109,425 0 5,275
AEROJET ROCKETDYNE HLDGS INC COM 007800105   11,773,265 210,500 SH   DFND   206,875 0 3,625
ALLETE INC COM NEW 018522300   17,296,744 268,125 SH   DFND   261,975 0 6,150
ALLISON TRANSMISSION HLDGS I COM 01973R101   5,258,531 126,407 SH   DFND   126,407 0 0
ALPHABET INC CAP STK CL A 02079K305   2,884,680 32,695 SH   DFND   32,695 0 0
ALPINE INCOME PPTY TR INC COM 02083X103   5,724,000 300,000 SH   DFND   300,000 0 0
AMERICAN VANGUARD CORP COM 030371108   15,519,480 714,854 SH   DFND   714,854 0 0
AMERICOLD REALTY TRUST INC COM 03064D108   29,245,306 1,033,038 SH   DFND   1,018,038 0 15,000
AMERISOURCBERGEN CORP COM 03073E105   6,070,786 36,635 SH   DFND   36,635 0 0
AMTECH SYS INC COM PAR $0.01N 032332504   2,333,200 307,000 SH   DFND   307,000 0 0
ANGIODYNAMICS INC COM 03475V101   8,423,412 611,722 SH   DFND   611,722 0 0
ASSOCIATED BANC CORP COM 045487105   6,927,000 300,000 SH   DFND   300,000 0 0
ASTEC INDS INC COM 046224101   10,382,206 255,342 SH   DFND   255,342 0 0
ATN INTL INC COM 00215F107   10,419,669 229,964 SH   DFND   229,964 0 0
AUDIOCODES LTD ORD M15342104   6,297,280 352,000 SH   DFND   329,600 0 22,400
AVANOS MED INC COM 05350V106   11,727,155 433,376 SH   DFND   433,376 0 0
B. RILEY FINANCIAL INC COM 05580M108   4,717,069 137,926 SH   DFND   137,926 0 0
BANCORP INC DEL COM 05969A105   4,257,000 150,000 SH   DFND   150,000 0 0
BARRETT BUSINESS SVCS INC COM 068463108   13,059,200 140,000 SH   DFND   140,000 0 0
BECTON DICKINSON & CO COM 075887109   3,611,060 14,200 SH   DFND   14,200 0 0
BERKSHIRE HATHAWY INC DEL CL B NEW 084670702   3,721,627 12,048 SH   DFND   12,048 0 0
BERRY CORP COM 08579X101   9,060,800 1,132,600 SH   DFND   1,087,700 0 44,900
BOSTON BEER INC CL A 100557107   1,440,332 4,371 SH   DFND   4,371 0 0
BWX TECHNOLOGIES INC COM 05605H100   16,373,623 281,915 SH   DFND   281,915 0 0
CABLE ONE INC COM 12685J105   4,873,394 6,846 SH   DFND   6,846 0 0
CAL MAINE FOODS INC COM NEW 128030202   4,425,859 81,283 SH   DFND   81,283 0 0
CANADIAN NATL RY CO COM 136375102   1,894,591 15,937 SH   DFND   15,937 0 0
CANTALOUPE INC COM 138103106   3,480,000 800,000 SH   DFND   800,000 0 0
CAPITAL CITY BK GROUP INC COM 139674105   18,067,075 555,910 SH   DFND   536,760 0 19,150
CARMAX INC COM 143130102   9,956,246 163,512 SH   DFND   163,512 0 0
CARRIAGE SVCS INC COM 143905107   6,376,887 231,550 SH   DFND   227,650 0 3,900
CARTERS INC COM 146229109   22,673,457 303,893 SH   DFND   303,893 0 0
CASS INFORMATION SYS INC COM 14808P109   15,301,681 333,952 SH   DFND   333,952 0 0
CBOE GLOBAL MKTS INC COM 12503M108   6,310,388 50,294 SH   DFND   50,294 0 0
CECO ENVIRONMENTAL CORP COM 125141101   9,344,000 800,000 SH   DFND   800,000 0 0
CENTENE CORP DEL COM 15135B101   5,790,234 70,604 SH   DFND   70,604 0 0
CENTERRA GOLD INC COM 152006102   10,455,312 2,018,400 SH   DFND   1,912,000 0 106,400
CENTURY CMNTYS INC COM 156504300   16,817,963 336,292 SH   DFND   327,192 0 9,100
CHAMPIONX CORPORATION COM 15872M104   17,763,622 612,750 SH   DFND   612,750 0 0
CHASE CORP COM 16150R104   2,327,467 26,982 SH   DFND   26,982 0 0
CISCO SYS INC COM 17275R102   1,916,510 40,229 SH   DFND   40,229 0 0
COMMUNITY TR BANCORP INC COM 204149108   1,890,249 41,155 SH   DFND   41,155 0 0
COMPUTER PROGRAMS & SYS INC COM 205306103   4,083,000 150,000 SH   DFND   150,000 0 0
COMSTOCK RES INC COM 205768302   5,940,214 433,276 SH   DFND   433,276 0 0
CONAGRA BRANDS INC COM 205887102   10,604,690 274,023 SH   DFND   274,023 0 0
CONSOLIDATED WATER CO INC ORD G23773107   6,660,000 450,000 SH   DFND   450,000 0 0
CONSTELLATION ENERGY CORP COM 21037T109   15,279,860 177,240 SH   DFND   177,240 0 0
CORE MOLDING TECHNOLGIES INC COM 218683100   5,260,950 405,000 SH   DFND   405,000 0 0
CORECIVIC INC COM 21871N101   6,782,437 586,716 SH   DFND   586,716 0 0
COWEN INC CL A NEW 223622606   19,310,000 500,000 SH   DFND   500,000 0 0
D R HORTON INC COM 23331A109   2,135,081 23,952 SH   DFND   23,952 0 0
DENBURY INC COM 24790A101   8,702,000 100,000 SH   DFND   100,000 0 0
DOUGLAS DYNAMICS INC COM 25960R105   9,415,956 260,397 SH   DFND   260,397 0 0
DRIL-QUIP INC COM 262037104   12,999,378 478,446 SH   DFND   478,446 0 0
ELEVANCE HEALTH INC COM 036752103   1,924,150 3,751 SH   DFND   3,751 0 0
ENCOMPASS HEALTH CORP COM 29261A100   29,313,060 490,103 SH   DFND   490,103 0 0
ENERPAC TOOL GROUP CORP CL A COM 292765104   9,748,012 383,026 SH   DFND   383,026 0 0
ENVELA CORP COM 29402E102   1,029,251 195,675 SH   DFND   195,675 0 0
EQUITY COMWLTH COM SH BEN INT 294628102   4,903,684 196,383 SH   DFND   196,383 0 0
ESSEX PPTY TR INC COM 297178105   11,237,058 53,025 SH   DFND   53,025 0 0
EVERI HLDGS INC COM 30034T103   5,740,000 400,000 SH   DFND   400,000 0 0
EVERTEC INC COM 30040P103   7,897,482 243,900 SH   DFND   229,300 0 14,600
EXELON CORP COM 30161N101   1,892,566 43,779 SH   DFND   43,779 0 0
EXPEDIA GROUP INC COM NEW 30212P303   4,032,841 46,037 SH   DFND   46,037 0 0
EZCORP INC CL A NON VTG 302301106   8,217,645 1,008,300 SH   DFND   933,800 0 74,500
F5 INC COM 315616102   1,036,142 7,220 SH   DFND   7,220 0 0
FARMLAND PARTNERS INC COM 31154R109   6,351,397 509,743 SH   DFND   509,743 0 0
FIRST INTERNET BANCORP COM 320557101   8,664,318 356,850 SH   DFND   338,650 0 18,200
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201   16,312,039 422,045 SH   DFND   413,320 0 8,725
FIRSTENERGY CORP COM 337932107   7,314,126 174,395 SH   DFND   174,395 0 0
FLOWSERVE CORP COM 34354P105   9,975,203 325,137 SH   DFND   325,137 0 0
FMC CORP COM NEW 302491303   9,285,494 74,403 SH   DFND   74,403 0 0
FORESTAR GROUP INC COM 346232101   9,148,917 593,700 SH   DFND   552,050 0 41,650
FREEPORT-MCMORAN INC CL B 35671D857   1,903,230 50,085 SH   DFND   50,085 0 0
GENPACT LIMITED SHS G3922B107   11,356,923 245,184 SH   DFND   245,184 0 0
GLACIER BANCORP INC NEW COM 37637Q105   10,098,186 204,334 SH   DFND   204,334 0 0
GRAND CANYON ED INC COM 38526M106   2,173,638 20,572 SH   DFND   20,572 0 0
GRANITE CONSTR INC COM 387328107   11,636,156 331,798 SH   DFND   331,798 0 0
HAEMONETICS CORP MASS COM 405024100   27,016,668 343,505 SH   DFND   340,355 0 3,150
HANOVER INS GROUP INC COM 410867105   12,758,299 94,415 SH   DFND   94,415 0 0
HARLEY DAVIDSON INC COM 412822108   8,499,795 204,322 SH   DFND   204,322 0 0
HARVARD BIOSCIENCE INC COM 416906105   3,086,885 1,114,399 SH   DFND   1,114,399 0 0
HEALTHCARE SVCS GROUP INC COM 421906108   5,627,640 468,970 SH   DFND   468,970 0 0
HEALTHSTREAM INC COM 42222N103   11,167,418 449,574 SH   DFND   449,574 0 0
HEARTLAND EXPRESS INC COM 422347104   6,267,126 408,548 SH   DFND   408,548 0 0
HELMERICH & PAYNE INC COM 423452101   10,125,763 204,272 SH   DFND   204,272 0 0
HERITAGE FINL CORP WASH COM 42722X106   10,641,272 347,300 SH   DFND   336,100 0 11,200
HF SINCLAIR CORP COM 403949100   16,000,645 308,357 SH   DFND   302,457 0 5,900
HOWMET AEROSPACE INC COM 443201108   2,261,858 57,393 SH   DFND   57,393 0 0
HUDSON GLOBAL INC COM NEW 443787205   6,822,176 301,466 SH   DFND   287,626 0 13,840
I3 VERTICALS INC COM CL A 46571Y107   9,736,000 400,000 SH   DFND   400,000 0 0
IHEARTMEDIA INC COM CL A 45174J509   1,709,271 278,837 SH   DFND   229,037 0 49,800
INDEPENDENT BK CORP MASS COM 453836108   12,932,143 153,170 SH   DFND   153,170 0 0
INFUSYSTEM HLDGS INC COM 45685K102   2,213,400 255,000 SH   DFND   255,000 0 0
INGREDION INC COM 457187102   3,132,683 31,989 SH   DFND   31,989 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   17,215,900 237,953 SH   DFND   237,953 0 0
INTL GNRL INSURANCE HLDNGS L SHS G4809J106   2,246,400 280,800 SH   DFND   260,900 0 19,900
JOHNSON & JOHNSON COM 478160104   5,091,583 28,823 SH   DFND   28,823 0 0
KENNAMETAL INC COM 489170100   5,208,846 216,494 SH   DFND   216,494 0 0
KIMBERLY-CLARK CORP COM 494368103   12,877,109 94,859 SH   DFND   94,859 0 0
KIRBY CORP COM 497266106   7,053,532 109,612 SH   DFND   109,612 0 0
KNOWLES CORP COM 49926D109   7,533,431 458,796 SH   DFND   458,796 0 0
LAMAR ADVERTISING CO NEW CL A 512816109   7,228,680 76,575 SH   DFND   76,575 0 0
LIFECORE BIOMEDICAL INC COM 514766104   7,788,312 1,201,900 SH   DFND   1,148,425 0 53,475
LINCOLN EDL SVCS CORP COM 533535100   11,971,804 2,067,669 SH   DFND   1,993,006 0 74,663
LINDE PLC SHS G5494J103   2,128,651 6,526 SH   DFND   6,526 0 0
M D C HLDGS INC COM 552676108   8,075,127 255,542 SH   DFND   255,542 0 0
MARKEL CORP COM 570535104   6,323,952 4,800 SH   DFND   4,800 0 0
MARTEN TRANS LTD COM 573075108   2,967,000 150,000 SH   DFND   150,000 0 0
MATERION CORP COM 576690101   6,705,192 76,622 SH   DFND   76,622 0 0
MDU RES GROUP INC COM 552690109   12,136,000 400,000 SH   DFND   400,000 0 0
METHODE ELECTRS INC COM 591520200   12,466,462 280,966 SH   DFND   280,966 0 0
MGIC INVT CORP WIS COM 552848103   6,500,000 500,000 SH   DFND   500,000 0 0
MICRON TECHNOLOGY INC COM 595112103   7,100,009 142,057 SH   DFND   142,057 0 0
MOHAWK INDS INC COM 608190104   5,339,973 52,240 SH   DFND   52,240 0 0
NORTHWEST PIPE CO COM 667746101   14,966,170 444,100 SH   DFND   427,100 0 17,000
NOV INC COM 62955J103   35,280,432 1,688,867 SH   DFND   1,677,467 0 11,400
NOW INC COM 67011P100   13,648,334 1,074,672 SH   DFND   1,013,172 0 61,500
OIL DRI CORP AMER COM 677864100   7,195,168 214,525 SH   DFND   214,525 0 0
OLD NATL BANCORP IND COM 680033107   9,183,177 510,744 SH   DFND   510,744 0 0
OLD REP INTL CORP COM 680223104   10,438,813 432,249 SH   DFND   432,249 0 0
ORACLE CORP COM 68389X105   2,908,800 35,586 SH   DFND   35,586 0 0
ORION ENERGY SYS INC COM 686275108   2,441,439 1,341,450 SH   DFND   1,197,450 0 144,000
OSISKO GOLD ROYALTIES LTD COM 68827L101   8,675,373 718,755 SH   DFND   678,855 0 39,900
PACKAGING CORP AMER COM 695156109   1,190,842 9,310 SH   DFND   9,310 0 0
PARK AEROSPACE CORP COM 70014A104   11,349,728 846,363 SH   DFND   846,363 0 0
PATTERSON COS INC COM 703395103   11,286,280 402,650 SH   DFND   385,150 0 17,500
PERMA-FIX ENVIRONMENTAL SVCS COM NEW 714157203   3,920,065 1,110,500 SH   DFND   1,015,500 0 95,000
PERRIGO CO PLC SHS G97822103   21,166,038 620,887 SH   DFND   595,187 0 25,700
PHILBRO ANIMAL HEALTH CORP CL A COM 71742Q106   9,568,907 713,565 SH   DFND   713,565 0 0
PHOTRONICS INC COM 719405102   10,068,968 598,275 SH   DFND   565,175 0 33,100
PIONEER NAT RES CO COM 723787107   6,770,622 29,645 SH   DFND   29,645 0 0
POPULAR INC COM NEW 733174700   7,927,230 119,530 SH   DFND   119,530 0 0
PORTLAND GEN ELEC CO COM NEW 736508847   12,509,945 255,305 SH   DFND   255,305 0 0
POTBELLY CORP COM 73754Y100   4,456,000 800,000 SH   DFND   800,000 0 0
POTLATCHDELTIC CORPORATION COM 737630103   16,301,110 370,564 SH   DFND   370,564 0 0
POWELL INDS INC COM 739128106   17,056,003 484,821 SH   DFND   484,821 0 0
PPG INDS INC COM 693506107   13,179,061 104,812 SH   DFND   104,812 0 0
PRIMO WATER CORPORATION COM 74167P108   9,625,476 619,400 SH   DFND   578,900 0 40,500
PUBLIC STORAGE COM 74460D109   833,005 2,973 SH   DFND   2,973 0 0
PURE CYCLE CORP COM NEW 746228303   6,028,620 575,250 SH   DFND   548,850 0 26,400
QORVO INC COM 74736K101   10,791,145 119,055 SH   DFND   119,055 0 0
QUEST DIAGNOSTICS INC COM 74834L100   14,854,917 94,956 SH   DFND   94,956 0 0
RADIAN GROUP INC COM 750236101   15,933,939 835,550 SH   DFND   803,750 0 31,800
REINSURANCE GRP OF AMERICA I COM NEW 759351604   11,216,585 78,940 SH   DFND   78,940 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102   587,683 2,903 SH   DFND   2,903 0 0
RENAISSANCERE HLDGS LTD COM G7496G103   11,460,948 62,210 SH   DFND   62,210 0 0
ROGERS CORP COM 775133101   5,967,000 50,000 SH   DFND   50,000 0 0
ROYAL GOLD INC COM 780287108   12,664,204 112,351 SH   DFND   112,351 0 0
SCHNITZER STEEL INDS INC CL A 806882106   7,809,068 254,782 SH   DFND   254,782 0 0
SEACOAST BKG CORP FLA COM NEW 811707801   13,538,581 434,068 SH   DFND   434,068 0 0
SHYFT GROUP INC COM 825698103   13,792,328 554,800 SH   DFND   536,600 0 18,200
SIMPSON MFG INC COM 829073105   879,419 9,919 SH   DFND   9,919 0 0
SKYWORKS SOLUTIONS INC COM 83088M102   5,998,268 65,821 SH   DFND   65,821 0 0
SMITH A O CORP COM 831865209   10,454,543 182,644 SH   DFND   182,644 0 0
STARBUCKS CORP COM 855244109   1,807,920 18,225 SH   DFND   18,225 0 0
STERLING INFRASTRUCTURE INC COM 859241101   6,560,000 200,000 SH   DFND   200,000 0 0
SUNCOR ENERGY INC NEW COM 867224107   2,202,284 69,407 SH   DFND   69,407 0 0
SUNOPTA INC COM 8676EP108   4,220,000 500,000 SH   DFND   500,000 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101   9,470,664 980,400 SH   DFND   936,400 0 44,000
TERADATA CORP DEL COM 88076W103   13,307,077 395,338 SH   DFND   395,338 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107   35,852,365 594,468 SH   DFND   586,968 0 7,500
THERMON GROUP HLDGS INC COM 88362T103   9,565,108 476,350 SH   DFND   449,750 0 26,600
THOR INDS INC COM 885160101   13,211,958 175,016 SH   DFND   175,016 0 0
TIPTREE INC COM 88822Q103   4,152,000 300,000 SH   DFND   300,000 0 0
TOOTSIE ROLL INDS INC COM 890516107   5,443,425 127,870 SH   DFND   127,870 0 0
TREEHOUSE FOODS INC COM 89469A104   17,650,881 357,450 SH   DFND   357,450 0 0
TRICO BANCSHARES COM 896095106   10,198,000 200,000 SH   DFND   200,000 0 0
TWIN DISC INC COM 901476101   3,888,000 400,000 SH   DFND   400,000 0 0
U HAUL HOLDING COMPANY COM 023586100   1,814,488 30,146 SH   DFND   30,146 0 0
U HAUL HOLDING COMPANY COM SER N 023586506   10,508,932 191,141 SH   DFND   191,141 0 0
U S GLOBAL INVS INC CL A 902952100   1,199,477 415,044 SH   DFND   415,044 0 0
UMH PPTYS INC COM 903002103   8,760,010 544,100 SH   DFND   520,750 0 23,350
UNILEVER PLC SPON ADR NEW 904767704   3,127,239 62,110 SH   DFND   62,110 0 0
WATSCO INC COM 942622200   10,533,160 42,234 SH   DFND   42,234 0 0
WELLS FARGO CO NEW COM 949746101   1,193,529 28,906 SH   DFND   28,906 0 0
WIDEOPENWEST INC COM 96758W101   2,979,426 327,050 SH   DFND   280,250 0 46,800
WISDOMTREE TR INTL SMCAP DIV 97717W760   2,181,498 37,638 SH   DFND   37,638 0 0
WORLD WRESTLING ENTMNT INC CL A 98156Q108   3,426,000 50,000 SH   DFND   50,000 0 0