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
ATLAS AIR WORLDWIDE HOLDINGS COM 049164205   29,190,067 289,584 SH   DFND 2 0 289,584 0
ENACT HOLDINGS COM 29249E109   16,816,392 697,197 SH   DFND 2 0 697,197 0
AERCAP HOLDINGS NV COM N00985106   231,101,981 3,962,654 SH   DFND 2 0 3,947,554 0
AIR FRANCE COM 009119108   7,571,763 5,567,473 SH   DFND 2 0 5,559,083 0
AMERICAN INTERNATIONAL GROUP COM 026874784   72,655,508 1,148,885 SH   DFND 2 0 1,148,885 0
ALLY FINANCIAL INC COM 02005N100   12,225,000 500,000 SH   DFND 2 0 500,000 0
ARGONAUT GOLD INC. COM 04016A101   7,971,083 20,976,534 SH   DFND 2 0 20,800,334 0
ARDMORE SHIPPING CORPORATION COM Y0207T100   3,089,014 214,366 SH   DFND 2 0 207,646 0
ALGOMA STEEL GROUP INC COM 015658107   40,155,582 6,333,688 SH   DFND 2 0 6,239,948 0
AZURE POWER GLOBAL LTD COM V0393H103   1,463,758 339,619 SH   DFND 2 0 339,619 0
BLUE CAPITAL REINSURANCE COM G1190F107   59 294,004 SH   DFND 2 0 294,004 0
BEAZER HOMES USA INC COM 07556Q881   21,120,007 1,655,173 SH   DFND 2 0 1,619,473 0
CITIGROUP COM 172967424   54,000,549 1,193,910 SH   DFND 2 0 1,193,910 0
CONSTELLATION ENERGY GROUP COM 21037T109   25,104,524 291,202 SH   DFND 2 0 291,202 0
CENTERRA GOLD INC. COM 152006102   32,258,973 6,227,601 SH   DFND 2 0 6,185,801 0
CHORD ENERGY CORP COM 674215207   6,620,099 48,389 SH   DFND 2 0 48,389 0
CIVITAS RESOURCES INC COM 17888H103   108,977,395 1,881,191 SH   DFND 2 0 1,869,241 0
CHATHAM LODGING TRUST COM 16208T102   3,091,292 251,939 SH   DFND 2 0 234,639 0
CELESTICA INC COM 15101Q108   56,060,868 4,974,345 SH   DFND 2 0 4,943,737 0
CNA FINANCIAL CORP COM 126117100   41,367,555 978,419 SH   DFND 2 0 978,419 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206   22,262,413 1,630,946 SH   DFND 2 0 1,587,946 0
ELDORADO GOLD CORP COM 284902509   81,881,819 9,794,476 SH   DFND 2 0 9,673,476 0
EQUINOX GOLD CORP COM 29446Y502   14,666,851 4,471,601 SH   DFND 2 0 4,471,601 0
GALIANO GOLD INC COM 36352H100   6,303,500 12,122,115 SH   DFND 2 0 11,624,590 0
GREENBRIER COMPANIES INC COM 393657101   7,377,505 220,027 SH   DFND 2 0 209,927 0
GUILD HOLDINGS CO- CLASS A COM 40172N107   1,195,665 118,500 SH   DFND 2 0 113,000 0
GENERAL MOTORS COM 37045V100   21,053,964 625,861 SH   DFND 2 0 625,861 0
GENWORTH FINANCIAL INC COM 37247D106   92,124,810 17,414,898 SH   DFND 2 0 17,220,098 0
GOLDMAN SACHS GROUP COM 38141G104   17,986,588 52,381 SH   DFND 2 0 52,381 0
GLOBAL SHIP LEASE INC - CL A COM Y27183600   4,329,000 260,000 SH   DFND 2 0 241,500 0
HAWAIIAN HOLDINGS INC COM 419879101   4,101,394 399,746 SH   DFND 2 0 391,446 0
HOWRAD HUGHES CORP COM 44267D107   47,820,426 625,758 SH   DFND 2 0 625,758 0
HOOKER FURNISHINGS CORP COM 439038100   21,859,945 1,168,981 SH   DFND 2 0 1,149,881 0
IAMGOLD CORP COM 450913108   94,782,753 36,737,501 SH   DFND 2 0 36,560,401 0
INTERNATIONAL SEAWAYS COM Y41053102   68,359,096 1,846,545 SH   DFND 2 0 1,824,455 0
JETBLUE AIRWAYS COM 477143101   62,262,328 9,608,384 SH   DFND 2 0 9,559,984 0
JEFFERIES FINANCIAL GROUP COM 47233W109   108,745,964 3,172,286 SH   DFND 2 0 3,172,286 0
JACKSON FINANCIAL INC COM 46817M107   2,111,753 60,700 SH   DFND 2 0 57,170 0
KB HOME COM 48666K109   9,005,142 282,736 SH   DFND 2 0 276,836 0
KIMBALL ELECTRONICS COM 49428J109   9,345,528 413,702 SH   DFND 2 0 403,402 0
KOREA ELECTRIC POWER CORP COM 500631106   16,939,498 1,960,590 SH   DFND 2 0 1,960,590 0
KINROSS GOLD CORP COM 496902404   68,545,594 16,759,314 SH   DFND 2 0 16,759,314 0
LOEWS CORP COM 540424108   59,515,791 1,020,329 SH   DFND 2 0 1,020,329 0
M/I HOMES INC COM 55305B101   96,313,100 2,085,602 SH   DFND 2 0 2,071,902 0
THE MOSAIC COMPANY COM 61945C103   14,502,150 330,571 SH   DFND 2 0 330,571 0
MOTORCAR PARTS OF AMERICA COM 620071100   8,186,697 690,278 SH   DFND 2 0 659,178 0
MGIC INVESTMENT CORP COM 552848103   46,071,415 3,543,955 SH   DFND 2 0 3,543,955 0
MICRON TECHNOLOGY COM 595112103   32,738,449 655,031 SH   DFND 2 0 655,031 0
NAVIENT CORP COM 63938C108   17,090,547 1,038,939 SH   DFND 2 0 1,030,939 0
PARK HOTELS & RESORTS INC COM 700517105   39,378,069 3,339,955 SH   DFND 2 0 3,339,955 0
PHOTRONICS COM 719405102   2,215,064 131,614 SH   DFND 2 0 128,764 0
RADIAN GROUP INC COM 750236101   67,106,586 3,518,961 SH   DFND 2 0 3,508,161 0
EVEREST RE GROUP COM G3223R108   17,283,018 52,172 SH   DFND 2 0 52,172 0
RESOLUTE FOREST PRODUCTS COM 76117W109   15,828,601 733,145 SH   DFND 2 0 723,545 0
SIRIUSPOINT LTD COM G8192H106   16,454,964 2,788,977 SH   DFND 2 0 2,705,337 0
TEXTAINER GROUP HOLDINGS LTD COM G8766E109   85,445,760 2,755,426 SH   DFND 2 0 2,731,286 0
TEEKAY SHIPPING MARSHALL COM Y8564W103   2,428,900 535,000 SH   DFND 2 0 535,000 0
TAYLOR MORRISON HOME CORP COM 87724P106   154,569,606 5,092,903 SH   DFND 2 0 5,082,303 0
TUTOR PERINI CORP COM 901109108   24,150,215 3,198,704 SH   DFND 2 0 3,143,414 0
TRITON INTERNATIONAL LTD COM G9078F107   38,266,853 556,366 SH   DFND 2 0 556,366 0
UNIFI INC COM 904677200   1,076,250 125,000 SH   DFND 2 0 125,000 0
UNUM GROUP COM 91529Y106   156,175,730 3,806,379 SH   DFND 2 0 3,806,379 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107   13,946,225 1,316,924 SH   DFND 2 0 1,257,524 0
BRISTOW GROUP INC COM 11040G103   3,779,752 139,320 SH   DFND 2 0 133,994 0
US STEEL COM 912909108   89,226,722 3,561,945 SH   DFND 2 0 3,561,945 0
GREAT PANTHER MINING COM 39115V101   22,423 477,095 SH   DFND 2 0 477,095 0