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
ALGOMA STEEL GROUP INC COM 015658107   10,518,813 1,481,523 SH   DFND 1 0 1,481,523 0
ALGOMA STEEL GROUP INC COM 015658107   3,850,813 542,368 SH   DFND 2 0 542,368 0
ALGOMA STEEL GROUP INC -CW26 COM 015658115   113,024 93,408 SH   DFND 1 0 93,408 0
ALPHA METALLURGICAL RESOURCE COM 020764106   86,299,519 525,064 SH   DFND 1 0 525,064 0
ALPHA METALLURGICAL RESOURCE COM 020764106   12,327,000 75,000 SH   DFND 2 0 75,000 0
AMBAC FINANCIAL GROUP INC COM 023139884   1,855,415 130,296 SH   DFND 1 0 130,296 0
AMERISERV FINANCIAL INC COM 03074A102   2,715,773 1,069,202 SH   DFND 2 0 1,069,202 0
ARCH RESOURCES INC COM 03940R107   40,331,997 357,680 SH   DFND 1 0 357,680 0
ARCH RESOURCES INC COM 03940R107   16,307,126 144,618 SH   DFND 2 0 144,618 0
AVADEL PHARMACEUTICALS-ADR COM 05337M104   56,356,524 3,419,692 SH   DFND 1 0 3,419,692 0
AVADEL PHARMACEUTICALS-ADR COM 05337M104   32,570,545 1,976,368 SH   DFND 2 0 1,976,368 0
BABCOCK & WILCOX ENTERPR COM 05614L209   177,000 30,000 SH   DFND 1 0 30,000 0
BABCOCK & WILCOX ENTERPR COM 05614L209   236,000 40,000 SH   DFND 2 0 40,000 0
BELDEN INC COM 077454106   1,578,225 16,500 SH   DFND 2 0 16,500 0
BEYOND AIR INC COM 08862L103   1,477,215 346,764 SH   DFND 1 0 346,764 0
BEYOND AIR INC COM 08862L103   2,200,605 516,574 SH   DFND 2 0 516,574 0
BLUE RIDGE BANKSHARES INC COM 095825105   866,079 97,862 SH   DFND 2 0 97,862 0
BLUELINX HOLDINGS INC COM 09624H208   38,287,467 408,269 SH   DFND 1 0 408,269 0
BLUELINX HOLDINGS INC COM 09624H208   6,893,862 73,511 SH   DFND 2 0 73,511 0
CAMPING WORLD HOLDINGS INC-A COM 13462K109   6,020,000 200,000 SH   DFND 1 0 200,000 0
CITIZENS COMMUNITY BANCORP I COM 174903104   1,975,156 223,179 SH   DFND 2 0 223,179 0
CLEVELAND-CLIFFS INC COM 185899101   5,447,000 325,000 SH   DFND 1 0 325,000 0
CONSOL ENERGY INC COM 20854L108   7,987,476 117,792 SH   DFND 1 0 117,792 0
CONSOL ENERGY INC COM 20854L108   2,712,400 40,000 SH   DFND 2 0 40,000 0
CORE LABORATORIES INC COM 21867A105   813,750 35,000 SH   DFND 1 0 35,000 0
CORE LABORATORIES INC COM 21867A105   930,000 40,000 SH   DFND 2 0 40,000 0
CORE MOLDING TECHNOLOGIES IN COM 218683100   1,820,000 80,000 SH   DFND 1 0 80,000 0
DIXIE GROUP INC CL A 255519100   1,861,398 1,399,547 SH   DFND 1 0 1,399,547 0
ENERSYS COM 29275Y102   7,992,281 73,648 SH   DFND 2 0 73,648 0
FENNEC PHARMACEUTICALS INC COM 31447P100   940,713 106,536 SH   DFND 1 0 106,536 0
FENNEC PHARMACEUTICALS INC COM 31447P100   1,561,824 176,877 SH   DFND 2 0 176,877 0
FIRST BANK/HAMILTON NJ COM 31931U102   730,794 70,404 SH   DFND 2 0 70,404 0
FIRST UNITED CORP COM 33741H107   2,127,906 149,222 SH   DFND 2 0 149,222 0
FIRST US BANCSHARES INC COM 33744V103   2,476,858 289,691 SH   DFND 2 0 289,691 0
FOSTER (LB) CO-A COM 350060109   2,652,724 185,765 SH   DFND 1 0 185,765 0
FRIEDMAN INDUSTRIES COM 358435105   4,060,287 322,245 SH   DFND 1 0 322,245 0
HAWTHORN BANCSHARES INC COM 420476103   284,884 15,871 SH   DFND 2 0 15,871 0
HBT FINANCIAL INC/DE COM 404111106   477,283 25,883 SH   DFND 2 0 25,883 0
HELMERICH & PAYNE COM 423452101   6,838,730 192,912 SH   DFND 1 0 192,912 0
HELMERICH & PAYNE COM 423452101   5,026,704 141,797 SH   DFND 2 0 141,797 0
HMN FINANCIAL INC COM 40424G108   5,777,111 308,277 SH   DFND 2 0 308,277 0
IES HOLDINGS INC COM 44951W106   233,708,260 4,108,795 SH   DFND   0 4,108,795 0
IES HOLDINGS INC COM 44951W106   94,343,102 1,658,634 SH   DFND 1 0 1,658,634 0
IES HOLDINGS INC COM 44951W106   320,958,084 5,642,723 SH   DFND 3 0 5,642,723 0
IF BANCORP INC COM 44951J105   103,982 7,201 SH   DFND 1 0 7,201 0
IF BANCORP INC COM 44951J105   3,328,536 230,508 SH   DFND 2 0 230,508 0
INNOVATE CORP COM 45784J105   2,197,638 1,255,793 SH   DFND 1 0 1,255,793 0
INNOVATE CORP COM 45784J105   4,459,630 2,548,360 SH   DFND 2 0 2,548,360 0
INTEL CORP COM 458140100   836,000 25,000 SH   DFND 2 0 25,000 0
INVESCO S&P SMALLCAP ENERGY COM 46138G474   3,510,899 370,348 SH   DFND 2 0 370,348 0
ISHARES RUSSELL 2000 VALUE E COM 464287630   1,408,000 10,000 SH   DFND 2 0 10,000 0
KLX ENERGY SERVICES HOLDING COM 48253L205   10,616,987 1,091,160 SH   DFND 1 0 1,091,160 0
KLX ENERGY SERVICES HOLDING COM 48253L205   2,217,389 227,892 SH   DFND 2 0 227,892 0
LIBERTY ENERGY INC COM 53115L104   9,359,000 700,000 SH   DFND 1 0 700,000 0
KLX ENERGY SERVICES HOLDING COM 48253L205   1,337,000 100,000 SH   DFND 2 0 100,000 0
LOUISIANA-PACIFIC CORP COM 546347105   4,498,800 60,000 SH   DFND 1 0 60,000 0
LOUISIANA-PACIFIC CORP COM 546347105   2,999,200 40,000 SH   DFND 2 0 40,000 0
LSB INDUSTRIES INC COM 502160104   9,900,412 1,005,118 SH   DFND 2 0 1,005,118 0
MATRIX SERVICE CO COM 576853105   3,266,052 554,508 SH   DFND 1 0 554,508 0
MATRIX SERVICE CO COM 576853105   830,790 141,051 SH   DFND 2 0 141,051 0
MOHAWK INDUSTRIES INC COM 608190104   20,024,181 194,108 SH   DFND 1 0 194,108 0
MOHAWK INDUSTRIES INC COM 608190104   2,797,390 27,117 SH   DFND 2 0 27,117 0
NABORS INDUSTRIES LTD COM G6359F137   19,144,272 205,786 SH   DFND 1 0 205,786 0
NABORS INDUSTRIES LTD COM G6359F137   1,263,347 13,580 SH   DFND 2 0 13,580 0
NINE ENERGY SERVICE INC COM 65441V101   7,983,627 2,084,498 SH   DFND 1 0 2,084,498 0
NINE ENERGY SERVICE INC COM 65441V101   2,312,447 603,772 SH   DFND 2 0 603,772 0
NORTHWEST PIPE CO COM 667746101   1,630,027 53,903 SH   DFND 1 0 53,903 0
NORTHWEST PIPE CO COM 667746101   748,319 24,746 SH   DFND 2 0 24,746 0
ODP CORP/THE COM 88337F105   425,828 9,095 SH   DFND 1 0 9,095 0
OIL STATES INTERNATIONAL INC COM 678026105   16,800,135 2,249,014 SH   DFND 1 0 2,249,014 0
OIL STATES INTERNATIONAL INC COM 678026105   4,324,883 578,967 SH   DFND 2 0 578,967 0
ORION GROUP HOLDINGS INC COM 68628V308   815,268 290,131 SH   DFND 1 0 290,131 0
PATRICK INDUSTRIES INC COM 703343103   7,204,720 90,059 SH   DFND   0 90,059 0
PEABODY ENERGY CORP COM 704551100   30,772,752 1,420,718 SH   DFND 1 0 1,420,718 0
PEABODY ENERGY CORP COM 704551100   9,291,339 428,963 SH   DFND 2 0 428,963 0
PEOPLES BANCORP INC COM 709789101   281,138 10,589 SH   DFND 2 0 10,589 0
PEOPLES BANCORP OF NC COM 710577107   3,918,179 215,640 SH   DFND 2 0 215,640 0
REPUBLIC BANCORP INC-CLASS A CL A 760281204   6,235,133 146,709 SH   DFND 2 0 146,709 0
SB FINANCIAL GROUP INC COM 78408D105   411,374 32,597 SH   DFND 2 0 32,597 0
SEELOS THERAPEUTICS INC COM 81577F109   2,211,821 1,850,896 SH   DFND 1 0 1,850,896 0
SEELOS THERAPEUTICS INC COM 81577F109   3,963,963 3,317,124 SH   DFND 2 0 3,317,124 0
SELECT WATER SOLUTIONS INC COM 81617J301   8,099,919 999,990 SH   DFND 1 0 999,990 0
SKYLINE CHAMPION CORP COM 830830105   4,908,750 75,000 SH   DFND 1 0 75,000 0
SHORE BANCSHARES INC COM 825107105   1,426,620 123,410 SH   DFND 2 0 123,410 0
SUNCOKE ENERGY INC COM 86722A103   3,148,000 400,000 SH   DFND 1 0 400,000 0
TEAM INC COM 878155308   1,419,640 171,041 SH   DFND 1 0 171,041 0
TETRA TECHNOLOGIES INC COM 88162F105   13,315,797 3,939,585 SH   DFND 1 0 3,939,585 0
TETRA TECHNOLOGIES INC COM 88162F105   3,268,734 967,081 SH   DFND 2 0 967,081 0
UNITED STATES STEEL CORP COM 912909108   4,860,568 194,345 SH   DFND 1 0 194,345 0
UNITED STATES STEEL CORP COM 912909108   8,753,500 350,000 SH   DFND 2 0 350,000 0
UNITED STATES STEEL CORP COM 912909108   1,250,500 50,000 SH Call DFND 1 0 0 0
UNITED STATES STEEL CORP COM 912909108   1,250,500 50,000 SH Call DFND 2 0 0 0