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   9,814,726 1,548,064 SH   DFND 1 1,548,064 0 0
ALGOMA STEEL GROUP INC COM 015658107   2,518,983 397,316 SH   DFND 2 397,316 0 0
ALGOMA STEEL GROUP INC -CW26 COM 015658115   107,886 93,408 SH   DFND 1 93,408 0 0
ALPHA METALLURGICAL RESOURCE COM 020764106   93,502,514 638,722 SH   DFND 1 638,722 0 0
ALPHA METALLURGICAL RESOURCE COM 020764106   14,460,990 98,784 SH   DFND 2 98,784 0 0
AMBAC FINANCIAL GROUP INC COM 023139884   1,744,000 100,000 SH   DFND 1 100,000 0 0
AMERISERV FINANCIAL INC COM 03074A102   4,155,975 1,054,816 SH   DFND 2 1,054,816 0 0
ARCH RESOURCES INC COM 03940R107   45,791,325 320,690 SH   DFND 1 320,690 0 0
ARCH RESOURCES INC COM 03940R107   20,440,674 143,152 SH   DFND 2 143,152 0 0
AVADEL PHARMACEUTICALS-ADR COM 05337M104   23,590,890 3,294,817 SH   DFND 1 3,294,817 0 0
AVADEL PHARMACEUTICALS-ADR COM 05337M104   13,072,642 1,825,788 SH   DFND 2 1,825,788 0 0
BEAZER HOMES USA INC COM 07556Q881   672,771 52,725 SH   DFND 1 52,725 0 0
BELDEN INC COM 077454106   1,186,350 16,500 SH   DFND 2 16,500 0 0
BEYOND AIR INC COM 08862L103   1,736,841 267,618 SH   DFND 1 267,618 0 0
BEYOND AIR INC COM 08862L103   2,834,579 436,761 SH   DFND 2 436,761 0 0
BLUE RIDGE BANKSHARES INC COM 095825105   1,401,028 112,172 SH   DFND 2 112,172 0 0
BLUELINX HOLDINGS INC COM 09624H208   32,201,524 452,841 SH   DFND 1 452,841 0 0
BLUELINX HOLDINGS INC COM 09624H208   7,228,118 101,647 SH   DFND 2 101,647 0 0
CAMPING WORLD HOLDINGS INC-A COM 13462K109   9,271,349 415,383 SH   DFND 1 415,383 0 0
CAVCO INDUSTRIES INC COM 149568107   3,010,483 13,306 SH   DFND 2 13,306 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104   2,684,843 223,179 SH   DFND 2 223,179 0 0
CLEVELAND-CLIFFS INC COM 185899101   4,027,500 250,000 SH   DFND 1 250,000 0 0
CLEVELAND-CLIFFS INC COM 185899101   1,611,000 100,000 SH   DFND 2 100,000 0 0
CONSOL ENERGY INC COM 20854L108   4,746,625 73,025 SH   DFND 1 73,025 0 0
CONSOL ENERGY INC COM 20854L108   1,826,110 28,094 SH   DFND 2 28,094 0 0
CORE LABORATORIES N.V. COM N22717107   3,702,883 182,678 SH   DFND 1 182,678 0 0
CORE LABORATORIES N.V. COM N22717107   200,835 9,908 SH   DFND 2 9,908 0 0
CORE MOLDING TECHNOLOGIES IN COM 218683100   3,833,882 295,141 SH   DFND 1 295,141 0 0
DIXIE GROUP INC CL A 255519100   1,095,845 1,399,547 SH   DFND 1 1,399,547 0 0
ENERSYS COM 29275Y102   2,115,368 28,648 SH   DFND 2 28,648 0 0
FENNEC PHARMACEUTICALS INC COM 31447P100   1,469,472 153,070 SH   DFND 2 153,070 0 0
FIRST BANK/HAMILTON NJ COM 31931U102   968,759 70,404 SH   DFND 2 70,404 0 0
FIRST UNITED CORP COM 33741H107   2,926,258 148,919 SH   DFND 2 148,919 0 0
FIRST US BANCSHARES INC COM 33744V103   2,514,518 289,691 SH   DFND 2 289,691 0 0
FOSTER (LB) CO-A COM 350060109   2,613,813 270,022 SH   DFND 1 270,022 0 0
FRIEDMAN INDUSTRIES COM 358435105   1,264,516 129,164 SH   DFND 1 129,164 0 0
HAWTHORN BANCSHARES INC COM 420476103   860,350 39,520 SH   DFND 2 39,520 0 0
HELMERICH & PAYNE COM 423452101   1,029,965 20,778 SH   DFND 2 20,778 0 0
HMN FINANCIAL INC COM 40424G108   6,578,631 308,277 SH   DFND 2 308,277 0 0
IES HOLDINGS INC COM 44951W106   146,083,251 4,106,923 SH   DFND   4,106,923 0 0
IES HOLDINGS INC COM 44951W106   59,064,198 1,660,506 SH   DFND 1 1,660,506 0 0
IES HOLDINGS INC COM 44951W106   200,711,657 5,642,723 SH   DFND 3 5,642,723 0 0
IF BANCORP INC COM 44951J105   124,217 7,201 SH   DFND 1 7,201 0 0
IF BANCORP INC COM 44951J105   3,976,263 230,508 SH   DFND 2 230,508 0 0
INNOVATE CORP COM 45784J105   2,357,573 1,260,734 SH   DFND 1 1,260,734 0 0
INNOVATE CORP COM 45784J105   4,898,009 2,619,256 SH   DFND 2 2,619,256 0 0
INVESCO S&P SMALLCAP ENERGY COM 46138E164   3,733,627 366,761 SH   DFND 2 366,761 0 0
ISHARES RUSSELL 2000 ETF COM 464287655   24,410,400 140,000 SH   DFND 1 140,000 0 0
ISHARES RUSSELL 2000 ETF COM 464287655   52,455,509 300,846 SH   DFND 2 300,846 0 0
KLX ENERGY SERVICES HOLDING COM 48253L205   13,188,160 761,881 SH   DFND 1 761,881 0 0
KLX ENERGY SERVICES HOLDING COM 48253L205   2,552,844 147,478 SH   DFND 2 147,478 0 0
LIBERTY ENERGY INC COM 53115L104   14,861,619 928,271 SH   DFND 1 928,271 0 0
LIBERTY ENERGY INC COM 53115L104   4,376,510 273,361 SH   DFND 2 273,361 0 0
LOUISIANA-PACIFIC CORP COM 546347105   8,880,000 150,000 SH   DFND 1 150,000 0 0
LOUISIANA-PACIFIC CORP COM 546347105   5,920,000 100,000 SH   DFND 2 100,000 0 0
LSB INDUSTRIES INC COM 502160104   17,192,671 1,292,682 SH   DFND 1 1,292,682 0 0
LSB INDUSTRIES INC COM 502160104   13,886,397 1,044,090 SH   DFND 2 1,044,090 0 0
MOHAWK INDUSTRIES INC COM 608190104   26,513,824 259,380 SH   DFND 1 259,380 0 0
MOHAWK INDUSTRIES INC COM 608190104   1,981,330 19,383 SH   DFND 2 19,383 0 0
NABORS INDUSTRIES LTD COM G6359F137   17,132,803 110,627 SH   DFND 1 110,627 0 0
NABORS INDUSTRIES LTD COM G6359F137   376,954 2,434 SH   DFND 2 2,434 0 0
OIL STATES INTERNATIONAL INC COM 678026105   17,931,789 2,403,725 SH   DFND 1 2,403,725 0 0
OIL STATES INTERNATIONAL INC COM 678026105   4,360,161 584,472 SH   DFND 2 584,472 0 0
PATRICK INDUSTRIES INC COM 703343103   5,457,575 90,059 SH   DFND   90,059 0 0
PEABODY ENERGY CORP COM 704551100   23,899,664 904,605 SH   DFND 1 904,605 0 0
PEABODY ENERGY CORP COM 704551100   10,568,000 400,000 SH   DFND 2 400,000 0 0
PEOPLES BANCORP INC COM 709789101   299,139 10,589 SH   DFND 2 10,589 0 0
PEOPLES BANCORP OF NC COM 710577107   7,559,878 232,183 SH   DFND 2 232,183 0 0
REPUBLIC BANCORP INC-CLASS A CL A 760281204   6,302,048 154,009 SH   DFND 2 154,009 0 0
SB FINANCIAL GROUP INC COM 78408D105   552,519 32,597 SH   DFND 2 32,597 0 0
SEELOS THERAPEUTICS INC COM 81577F109   1,148,597 1,691,601 SH   DFND 1 1,691,601 0 0
SEELOS THERAPEUTICS INC COM 81577F109   2,184,427 3,217,124 SH   DFND 2 3,217,124 0 0
SELECT ENERGY SERVICES INC-A COM 81617J301   5,817,218 629,569 SH   DFND 1 629,569 0 0
SHORE BANCSHARES INC COM 825107105   2,151,036 123,410 SH   DFND 2 123,410 0 0
SKYLINE CHAMPION CORP COM 830830105   4,377,062 84,975 SH   DFND 1 84,975 0 0
SKYLINE CHAMPION CORP COM 830830105   1,459,021 28,325 SH   DFND 2 28,325 0 0
SPDR S&P 500 ETF TRUST COM 78462F103   22,945,800 60,000 SH   DFND 2 60,000 0 0
SUNCOKE ENERGY INC COM 86722A103   4,964,839 575,300 SH   DFND 1 575,300 0 0
TETRA TECHNOLOGIES INC COM 88162F105   8,218,161 2,375,191 SH   DFND 1 2,375,191 0 0
TETRA TECHNOLOGIES INC COM 88162F105   2,386,016 689,600 SH   DFND 2 689,600 0 0
UNITED STATES STEEL CORP COM 912909108   11,135,401 444,527 SH   DFND 1 444,527 0 0
UNITED STATES STEEL CORP COM 912909108   10,274,984 410,179 SH   DFND 2 410,179 0 0
UNITED STATES STEEL CORP COM 912909108   1,252,500 50,000 SH Call DFND 1 0 0 0
UNITED STATES STEEL CORP COM 912909108   1,252,500 50,000 SH Call DFND 2 0 0 0
WHIRLPOOL CORP COM 963320106   9,252,191 65,405 SH   DFND 1 65,405 0 0
WHIRLPOOL CORP COM 963320106   4,049,575 28,627 SH   DFND 2 28,627 0 0