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
ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 100,009 1,157,911 SH   DFND 2 0 1,152,036 0
ENACT HOLDINGS COM 29249E109 28,244 1,269,398 SH   DFND 2 0 1,262,298 0
AERCAP HOLDINGS COM N00985106 203,171 4,040,782 SH   DFND 2 0 4,031,582 0
AIR FRANCE-KLM COM 009119108 25,699 5,660,643 SH   DFND 2 0 5,652,253 0
AMERICAN INTERNATIONAL GROUP COM 026874784 75,172 1,197,579 SH   DFND 2 0 1,197,579 0
AMERICAN NATIONAL COM 02772A109 15,046 79,572 SH   DFND 2 0 79,572 0
ARGONAUT GOLD INC COM 04016A101 27,310 13,933,723 SH   DFND 2 0 13,757,523 0
ARDMORE SHIPPING CORP COM Y0207T100 3,778 839,512 SH   DFND 2 0 812,112 0
BLUE CAPITAL REINSURANCE COM G1190F107 27 294,004 SH   DFND 2 0 294,004 0
BEAZER HOMES USA INC COM 07556Q881 22,540 1,480,974 SH   DFND 2 0 1,455,674 0
CITIGROUP COM 172967424 56,772 1,063,141 SH   DFND 2 0 1,063,141 0
CONSTELLATION ENERGY GROUP COM 21037T109 52,518 933,646 SH   DFND 2 0 933,646 0
CENTERRA GOLD INC. COM 152006102 20,612 2,094,723 SH   DFND 2 0 2,094,723 0
CIVITAS RESOURCES INC COM 17888H103 104,338 1,747,408 SH   DFND 2 0 1,735,008 0
CELESTICA COM 15101Q108 57,118 4,795,774 SH   DFND 2 0 4,770,966 0
CNA FINANCIAL CORP. COM 126117100 50,383 1,036,265 SH   DFND 2 0 1,036,265 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 23,694 1,299,744 SH   DFND 2 0 1,266,644 0
CIVEO CORP COM 17878Y207 1,497 63,434 SH   DFND 2 0 63,434 0
ELDORADO GOLD COM 284902509 69,830 6,229,275 SH   DFND 2 0 6,181,775 0
EQUINOX GOLD CORP COM 29446Y502 37,221 4,500,736 SH   DFND 2 0 4,500,736 0
EURONAV COM B38564108 30,269 2,863,687 SH   DFND 2 0 2,863,687 0
FIFTH THIRD BANCORP COM 316773100 9,971 231,664 SH   DFND 2 0 231,664 0
FLEX LNG LTD COM G35947202 24,388 855,102 SH   DFND 2 0 855,102 0
GALIANO GOLD INC COM 36352H100 5,336 9,653,051 SH   DFND 2 0 9,396,251 0
GREENBRIER COMPANIES INC COM 393657101 11,443 222,151 SH   DFND 2 0 214,351 0
GENERAL MOTORS COM 37045V100 5,396 123,363 SH   DFND 2 0 123,363 0
GENWORTH FINANCIAL INC. COM 37247D106 46,753 12,368,544 SH   DFND 2 0 12,206,744 0
GOLDMAN SACHS GROUP COM 38141G104 18,045 54,664 SH   DFND 2 0 54,664 0
HAWAIIAN HOLDINGS INC COM 419879101 8,046 408,404 SH   DFND 2 0 400,104 0
HOWARD HUGHES CORP COM 44267D107 50,161 484,133 SH   DFND 2 0 484,133 0
HOOKER FURNISHINGS CORP COM 439038100 22,134 1,168,641 SH   DFND 2 0 1,149,541 0
IAMGOLD CORP COM 450913108 139,064 39,960,872 SH   DFND 2 0 39,793,872 0
INTERNATIONAL SEAWAYS COM Y41053102 64,425 3,571,216 SH   DFND 2 0 3,539,216 0
JETBLUE AIRWAYS COM 477143101 120,055 8,030,450 SH   DFND 2 0 8,030,450 0
JEFFERIES FINANCIAL GROUP COM 47233W109 108,730 3,309,897 SH   DFND 2 0 3,309,897 0
JACKSON FINANCIAL INC COM 46817M107 3,564 80,579 SH   DFND 2 0 77,049 0
KB HOME COM 48666K109 9,358 288,997 SH   DFND 2 0 283,797 0
KIMBALL ELECTRONICS COM 49428J109 6,163 308,310 SH   DFND 2 0 301,210 0
KOREA ELECTRIC POWER CORP COM 500631106 20,252 2,175,348 SH   DFND 2 0 2,175,348 0
KINROSS GOLD CORP COM 496902404 99,812 16,974,850 SH   DFND 2 0 16,974,850 0
LOEWS CORP COM 540424108 77,591 1,197,015 SH   DFND 2 0 1,197,015 0
M/I HOMES COM 55305B101 88,123 1,986,996 SH   DFND 2 0 1,976,796 0
THE MOSAIC COMPANY COM 61945C103 79,008 1,188,094 SH   DFND 2 0 1,188,094 0
MOTORCAR PARTS OF AMERICA COM 620071100 4,967 278,597 SH   DFND 2 0 277,697 0
MGIC INVESTMENT CORP COM 552848103 20,785 1,533,917 SH   DFND 2 0 1,533,917 0
MICRON TECHNOLOGY COM 595112103 49,742 638,621 SH   DFND 2 0 638,621 0
NAVIENT CORP COM 63938C108 16,841 988,334 SH   DFND 2 0 980,334 0
PG & E CORP COM 69331C108 11,926 998,790 SH   DFND 2 0 998,790 0
PARK HOTELS & RESORTS INC COM 700517105 31,116 1,593,243 SH   DFND 2 0 1,593,243 0
PHOTRONICS COM 719405102 13,114 772,765 SH   DFND 2 0 747,865 0
RADIAN GROUP INC COM 750236101 67,843 3,054,608 SH   DFND 2 0 3,054,608 0
EVEREST RE GROUP COM G3223R108 15,716 52,146 SH   DFND 2 0 52,146 0
RESOLUTE FOREST PRODUCTS COM 76117W109 18,288 1,416,568 SH   DFND 2 0 1,394,168 0
SANMINA CORPORATION COM 801056102 13,581 335,999 SH   DFND 2 0 332,899 0
SIRIUSPOINT LTD COM G8192H106 3,071 410,548 SH   DFND 2 0 395,648 0
TEXTAINER GROUP HOLDINGS LTD COM G8766E109 59,687 1,567,828 SH   DFND 2 0 1,552,028 0
TAYLOR MORRISON HOME CORP COM 87724P106 145,800 5,356,366 SH   DFND 2 0 5,347,566 0
TUTOR PERINI CORP COM 901109108 28,546 2,643,175 SH   DFND 2 0 2,614,175 0
TRITON INTERNATIONAL COM G9078F107 42,533 606,054 SH   DFND 2 0 606,054 0
UNUM GROUP COM 91529Y106 154,870 4,914,951 SH   DFND 2 0 4,914,951 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107 12,088 896,047 SH   DFND 2 0 865,067 0
VERSO CORP COM 92531L207 10,564 391,389 SH   DFND 2 0 384,884 0
BRISTOW GROUP INC COM 11040G103 5,777 155,786 SH   DFND 2 0 151,220 0
ALCOA CORP COM 013872106 305 3,388 SH   DFND 2 0 3,388 0
GOLD FIELDS LTD COM 38059T106 413 26,682 SH   DFND 2 0 26,682 0
GREAT PANTHER MINING LTD COM 39115V101 1,198 4,770,952 SH   DFND 2 0 4,770,952 0
GREAT PANTHER MINING WTS $1.3166 5/17/22 WTS 362995409 0 1,270,188 SH   DFND 2 0 1,270,188 0
GREAT PANTHER MINING WTS $1.3166 6/27/22 WTS 362995391 0 2,258,112 SH   DFND 2 0 2,258,112 0
RUSSELL 2000 VALUE I-SHARES COM 464287630 1,021 6,327 SH   DFND 2 0 6,327 0