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
AMBAC FINL GROUP INC COM NEW 023139884 4,525 209,787 SH   DFND   209,787 0 0
AMBAC FINL GROUP INC COM NEW 023139884 9,725 450,870 SH   DFND 1 450,870 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 6,976 243,220 SH   DFND   243,220 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 17,373 605,750 SH   DFND 1 605,750 0 0
AMERISERV FINL INC COM 03074A102 2,635 627,291 SH   DFND 2 627,291 0 0
AVADEL PHARMACEUTICALS PLC SPONSORED ADR 05337M104 1,713 226,879 SH   DFND   226,879 0 0
AVADEL PHARMACEUTICALS PLC SPONSORED ADR 05337M104 6,945 919,885 SH   DFND 1 919,885 0 0
BANK OF AMERICA CORP COM 060505104 7,773 220,701 SH   DFND   220,701 0 0
BANK OF AMERICA CORP COM 060505104 19,723 560,000 SH   DFND 1 560,000 0 0
BANK OF AMERICA CORP COM 060505104 3,522 100,000 SH   DFND 2 100,000 0 0
BANK OF AMERICA CORP COM 060505104 43,233 1,227,500 SH Call DFND 1 0 0 0
BANK OF AMERICA CORP COM 060505104 8,893 252,500 SH Call DFND 2 0 0 0
BROADWIND ENERGY INC COM NEW 11161T207 207 124,930 SH   DFND   124,930 0 0
BLUELINX HOLDINGS INC COM NEW 09624H208 2,386 167,448 SH   DFND   167,448 0 0
BLUELINX HOLDINGS INC COM NEW 09624H208 9,549 670,102 SH   DFND 1 670,102 0 0
BLUE RIDGE BANKSHARES INC COM 095825105 1,298 61,965 SH   DFND 2 61,965 0 0
CAMPING WORLD HOLDINGS INC CL A 13462K109 1,276 86,560 SH   DFND   86,560 0 0
CAVCO INDUSTRIES INC DEL COM 149568107 3,773 19,312 SH   DFND   19,312 0 0
CAVCO INDUSTRIES INC DEL COM 149568107 12,166 62,269 SH   DFND 1 62,269 0 0
CB FINANCIAL SERVICES INC COM 12479G101 1,399 46,423 SH   DFND 2 46,423 0 0
CIT GROUP INC COM NEW 125581801 2,007 43,975 SH   DFND   43,975 0 0
CIT GROUP INC COM NEW 125581801 5,619 123,149 SH   DFND 1 123,149 0 0
CIT GROUP INC COM NEW 125581801 4,563 100,000 SH Call DFND 1 0 0 0
CIT GROUP INC COM NEW 125581801 913 20,000 SH Call DFND 2 0 0 0
CITIGROUP INC COM NEW 172967424 10,626 133,010 SH   DFND   133,010 0 0
CITIGROUP INC COM NEW 172967424 23,799 297,900 SH   DFND 1 297,900 0 0
CITIGROUP INC COM NEW 172967424 7,989 100,000 SH   DFND 2 100,000 0 0
CITIGROUP INC COM NEW 172967424 26,899 336,700 SH Call DFND 1 0 0 0
CITIGROUP INC COM NEW 172967424 12,247 153,300 SH Call DFND 2 0 0 0
CITIZENS COMMUNITY BANCORP INC M COM 174903104 800 65,464 SH   DFND 1 65,464 0 0
CITIZENS COMMUNITY BANCORP INC M COM 174903104 2,598 212,601 SH   DFND 2 212,601 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 213 8,862 SH   DFND 2 8,862 0 0
COLONY BANKCORP COM 19623P101 1,916 116,100 SH   DFND 2 116,100 0 0
CONTURA ENERGY INC COM 21241B100 1,104 122,044 SH   DFND   122,044 0 0
CONTURA ENERGY INC COM 21241B100 7,084 782,710 SH   DFND 1 782,710 0 0
CORE MOLDINGS TECHNOLOGIES IN COM 218683100 1,053 324,128 SH   DFND 1 324,128 0 0
COUNTY BANCORP INC COM 221907108 8,193 319,665 SH   DFND 2 319,665 0 0
DELTA AIR LINES INC COM NEW 247361702 7,164 122,500 SH   DFND   122,500 0 0
DELTA AIR LINES INC COM NEW 247361702 13,688 234,068 SH   DFND 1 234,068 0 0
DIXIE GROUP INC CL A 255519100 938 823,144 SH   DFND 1 823,144 0 0
EMCLAIRE FINL CORP COM 290828102 350 10,755 SH   DFND 2 10,755 0 0
ENERSYS COM 29275Y102 561 7,500 SH   DFND   7,500 0 0
ESSA BANCORP INC COM 29667D104 3,669 216,449 SH   DFND 2 216,449 0 0
FIRST BANK/HAMILTON NJ COM 31931U102 663 60,000 SH   DFND 2 60,000 0 0
FIRST UNITED CORP COM 33741H107 2,241 93,017 SH   DFND 1 93,017 0 0
FIRST UNITED CORP COM 33741H107 5,098 211,621 SH   DFND 2 211,621 0 0
FIRST US BANCSHARES INC COM 33744V103 1,566 134,868 SH   DFND 2 134,868 0 0
HAWTHORN BANCSHARES INC COM 420476103 3,484 136,639 SH   DFND 2 136,639 0 0
HMN FINANCIAL INC COM 40424G108 6,138 292,133 SH   DFND 2 292,133 0 0
IES HOLDINGS INC COM 44951W106 250,176 9,749,646 SH   DFND   9,749,646 0 0
IES HOLDINGS INC COM 44951W106 60,010 2,338,648 SH   DFND 1 2,338,648 0 0
II-VI INC COM 902104108 994 29,533 SH   DFND   29,533 0 0
IF BANCORP INC COM 44951J105 187 8,112 SH   DFND 1 8,112 0 0
IF BANCORP INC COM 44951J105 2,362 102,604 SH   DFND 2 102,604 0 0
LSB INDUSTRIES INC COM 502160104 492 117,205 SH   DFND   117,205 0 0
LSB INDUSTRIES INC COM 502160104 5,786 1,377,595 SH   DFND 1 1,377,595 0 0
LOUISIANA-PACIFIC CORP COM 546347105 1,394 46,999 SH   DFND   46,999 0 0
MACKINAC FINANCIAL CORP COM 554571109 4,492 257,283 SH   DFND 2 257,283 0 0
MID PENN BANCORP INC COM 59540G107 3,160 109,737 SH   DFND 2 109,737 0 0
MVB FINANCIAL CORP COM 553810102 631 25,319 SH   DFND 2 25,319 0 0
OWENS CORNING NEW COM 690742101 4,187 64,300 SH   DFND   64,300 0 0
PATRICK INDUSTRIES INC COM 703343103 24,716 471,402 SH   DFND   471,402 0 0
PATRICK INDUSTRIES INC COM 703343103 12,801 244,160 SH   DFND 1 244,160 0 0
PEOPLES BANCORP OF NC COM 710577107 4,684 142,580 SH   DFND 1 142,580 0 0
PEOPLES BANCORP OF NC COM 710577107 11,420 347,651 SH   DFND 2 347,651 0 0
PREMIER FINANCIAL BANCORP INC COM 74050M105 1,718 94,699 SH   DFND 2 94,699 0 0
REPUBLIC BANCORP KY CL A 760281204 206 4,409 SH   DFND 1 4,409 0 0
REPUBLIC BANCORP KY CL A 760281204 5,568 118,976 SH   DFND 2 118,976 0 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 2,915 233,369 SH   DFND 2 233,369 0 0
SB FINANCIAL GROUP INC COM 78408D105 725 36,845 SH   DFND 2 36,845 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 2,858 307,006 SH   DFND 2 307,006 0 0
SHORE BANCSHARES INC COM 825107105 1,391 80,138 SH   DFND 2 80,138 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 76 1,300 SH   DFND 1 1,300 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 874 15,000 SH   DFND 2 15,000 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 467 17,256 SH   DFND 2 17,256 0 0
SUNCOKE ENERGY INC COM 86722A103 2,091 335,558 SH   DFND   335,558 0 0
SUNCOKE ENERGY INC COM 86722A103 10,518 1,688,331 SH   DFND 1 1,688,331 0 0
UNITED AIRLINES HOLDINGS INC COM 910047109 7,591 86,172 SH   DFND   86,172 0 0
UNITED AIRLINES HOLDINGS INC COM 910047109 13,214 150,000 SH   DFND 1 150,000 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 6,681 294,189 SH   DFND 2 294,189 0 0
US XPRESS ENTERPRISES INC-A COM CL A 90338N202 679 134,997 SH   DFND   134,997 0 0
US XPRESS ENTERPRISES INC-A COM CL A 90338N202 2,225 442,428 SH   DFND 1 442,428 0 0
WHIRLPOOL CORP COM 963320106 738 5,000 SH   DFND   5,000 0 0
WVS FINANCIAL CORP COM 929358109 1,979 123,546 SH   DFND 2 123,546 0 0