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
ADVANCED MICRO DEVICES COM 007903107   2,485,617 20,578 SH   DFND 1 0 20,578 0
ALERUS FINANCIAL CORP COM 01446U103   7,782,022 404,471 SH   DFND 2 0 404,471 0
ALGOMA STEEL GROUP INC -CW26 COM 015658115   140,112 93,408 SH   DFND 1 0 93,408 0
ALPHA METALLURGICAL RESOURCE COM 020764106   69,994,972 349,765 SH   DFND 1 0 349,765 0
ALPHA METALLURGICAL RESOURCE COM 020764106   2,205,723 11,022 SH   DFND 2 0 11,022 0
AMBAC FINANCIAL GROUP INC COM 023139884   4,557,884 360,307 SH   DFND 1 0 360,307 0
AMBAC FINANCIAL GROUP INC COM 023139884   2,115,472 167,231 SH   DFND 2 0 167,231 0
AMERISERV FINANCIAL INC COM 03074A102   4,383,614 1,635,677 SH   DFND 2 0 1,635,677 0
ARCH RESOURCES INC COM 03940R107   18,599,804 131,708 SH   DFND 1 0 131,708 0
ARCH RESOURCES INC COM 03940R107   6,940,116 49,144 SH   DFND 2 0 49,144 0
ASSURED GUARANTY LTD COM G0585R106   3,586,538 39,846 SH   DFND 2 0 39,846 0
ATKORE INC COM 047649108   19,294,141 231,206 SH   DFND 1 0 231,206 0
ATKORE INC COM 047649108   1,982,855 23,761 SH   DFND 2 0 23,761 0
AVADEL PHARMACEUTICALS COM G29687103   42,672,219 4,060,154 SH   DFND 1 0 4,060,154 0
AVADEL PHARMACEUTICALS COM G29687103   23,860,653 2,270,281 SH   DFND 2 0 2,270,281 0
BABCOCK & WILCOX ENTERPR COM 05614L209   749,569 457,054 SH   DFND 1 0 457,054 0
BABCOCK & WILCOX ENTERPR COM 05614L209   1,254,751 765,092 SH   DFND 2 0 765,092 0
BLUE RIDGE BANKSHARES INC COM 095825105   904,733 280,973 SH   DFND 2 0 280,973 0
BLUELINX HOLDINGS INC COM 09624H208   43,963,943 430,344 SH   DFND 1 0 430,344 0
BLUELINX HOLDINGS INC COM 09624H208   5,878,184 57,539 SH   DFND 2 0 57,539 0
BORR DRILLING LTD COM G1466R173   8,126,149 2,083,628 SH   DFND 1 0 2,083,628 0
BV FINANCIAL INC COM 05603E208   2,432,532 141,262 SH   DFND 2 0 141,262 0
CAMPING WORLD HOLDINGS INC-A COM 13462K109   260,443 12,355 SH   DFND 1 0 12,355 0
CHAMPIONX CORP COM 15872M104   597,011 21,957 SH   DFND 2 0 21,957 0
CIENA CORP COM 171779309   4,163,832 49,096 SH   DFND 1 0 49,096 0
CITIGROUP INC COM 172967424   12,855,818 182,637 SH   DFND 1 0 182,637 0
CITIGROUP INC COM 172967424   11,016,035 156,500 SH   DFND 2 0 156,500 0
CITIZENS COMMUNITY BANCORP I COM 174903104   4,088,122 250,959 SH   DFND 2 0 250,959 0
CIVISTA BANCSHARES INC COM 178867107   210,400 10,000 SH   DFND 2 0 10,000 0
COHERENT CORP COM 19247G107   2,030,538 21,435 SH   DFND 1 0 21,435 0
COHERENT CORP COM 19247G107   1,886,548 19,915 SH   DFND 2 0 19,915 0
CONSOL ENERGY INC COM 20854L108   4,267,200 40,000 SH   DFND 1 0 40,000 0
CORE LABORATORIES INC COM 21867A105   4,319,330 249,528 SH   DFND 1 0 249,528 0
CORE LABORATORIES INC COM 21867A105   3,126,757 180,633 SH   DFND 2 0 180,633 0
CORE MOLDING TECHNOLOGIES IN COM 218683100   1,013,340 61,266 SH   DFND 1 0 61,266 0
CUMMINS INC COM 231021106   8,453,899 24,251 SH   DFND 1 0 24,251 0
DIXIE GROUP INC CL A 255519100   876,373 1,344,543 SH   DFND 1 0 1,344,543 0
DRILLING TOOLS INTERNATIONAL COM 26205E107   2,900,788 887,091 SH   DFND 2 0 887,091 0
ENERSYS COM 29275Y102   2,310,750 25,000 SH   DFND 2 0 25,000 0
EQT CORP COM 26884L109   6,983,544 151,454 SH   DFND 1 0 151,454 0
EQT CORP COM 26884L109   7,031,775 152,500 SH   DFND 2 0 152,500 0
FENNEC PHARMACEUTICALS INC COM 31447P100   600,280 94,981 SH   DFND 1 0 94,981 0
FENNEC PHARMACEUTICALS INC COM 31447P100   659,138 104,294 SH   DFND 2 0 104,294 0
FIRST BANK/HAMILTON NJ COM 31931U102   990,584 70,404 SH   DFND 2 0 70,404 0
FIRST MID BANCSHARES INC COM 320866106   7,876,608 213,922 SH   DFND 2 0 213,922 0
FIRST TRUST NATURAL GAS ETF COM 33733E807   738,900 30,000 SH   DFND 1 0 30,000 0
FIRST TRUST NATURAL GAS ETF COM 33733E807   5,895,831 239,376 SH   DFND 2 0 239,376 0
FIRST UNITED CORP COM 33741H107   6,012,246 178,352 SH   DFND 2 0 178,352 0
FIRST US BANCSHARES INC COM 33744V103   4,563,120 362,440 SH   DFND 2 0 362,440 0
FRIEDMAN INDUSTRIES COM 358435105   6,984,839 456,824 SH   DFND 1 0 456,824 0
HALLIBURTON CO COM 406216101   27,423,290 1,008,580 SH   DFND 1 0 1,008,580 0
HALLIBURTON CO COM 406216101   8,853,689 325,623 SH   DFND 2 0 325,623 0
HAWTHORN BANCSHARES INC COM 420476103   283,500 10,000 SH   DFND 2 0 10,000 0
HBT FINANCIAL INC/DE COM 404111106   566,838 25,883 SH   DFND 2 0 25,883 0
HELMERICH & PAYNE COM 423452101   19,417,120 606,406 SH   DFND 1 0 606,406 0
HELMERICH & PAYNE COM 423452101   7,513,717 234,657 SH   DFND 2 0 234,657 0
IES HOLDINGS INC COM 44951W106   825,515,345 4,107,859 SH   DFND   0 4,107,859 0
IES HOLDINGS INC COM 44951W106   200,048,646 995,465 SH   DFND 1 0 995,465 0
IES HOLDINGS INC COM 44951W106   1,128,318,858 5,614,644 SH   DFND 3 0 5,614,644 0
IF BANCORP INC COM 44951J105   167,783 7,201 SH   DFND 1 0 7,201 0
IF BANCORP INC COM 44951J105   7,436,917 319,181 SH   DFND 2 0 319,181 0
INDIVIOR PLC COM G4766E116   2,724,768 219,209 SH   DFND 1 0 219,209 0
INDIVIOR PLC COM G4766E116   1,044,791 84,054 SH   DFND 2 0 84,054 0
INNOSPEC INC COM 45768S105   8,549,791 77,683 SH   DFND 1 0 77,683 0
INNOSPEC INC COM 45768S105   1,940,798 17,634 SH   DFND 2 0 17,634 0
INNOVATE CORP COM 45784J303   152,048 30,779 SH   DFND 1 0 30,779 0
INNOVATE CORP COM 45784J303   1,398,040 283,004 SH   DFND 2 0 283,004 0
INTEL CORP COM 458140100   601,500 30,000 SH   DFND 1 0 30,000 0
INTERFACE INC COM 458665304   4,184,548 171,850 SH   DFND 2 0 171,850 0
INVESCO S&P SMALLCAP ENERGY COM 46138G474   3,817,260 78,869 SH   DFND 2 0 78,869 0
ISHARES RUSSELL 2000 ETF COM 464287655   40,297,138 182,373 SH   DFND 1 0 182,373 0
ISHARES RUSSELL 2000 ETF COM 464287655   23,425,074 106,015 SH   DFND 2 0 106,015 0
ISHARES RUSSELL 2000 VALUE E COM 464287630   7,131,216 43,438 SH   DFND 1 0 43,438 0
ISHARES RUSSELL 2000 VALUE E COM 464287630   12,877,166 78,438 SH   DFND 2 0 78,438 0
KLX ENERGY SERVICES HOLDING COM 48253L205   7,197,728 1,445,327 SH   DFND 1 0 1,445,327 0
KLX ENERGY SERVICES HOLDING COM 48253L205   1,134,902 227,892 SH   DFND 2 0 227,892 0
LIBERTY ENERGY INC COM 53115L104   8,752,177 440,029 SH   DFND 1 0 440,029 0
LIBERTY ENERGY INC COM 53115L104   1,989,000 100,000 SH   DFND 2 0 100,000 0
LSB INDUSTRIES INC COM 502160104   6,940,789 914,465 SH   DFND 1 0 914,465 0
LSB INDUSTRIES INC COM 502160104   13,759,858 1,812,893 SH   DFND 2 0 1,812,893 0
LUMEN TECHNOLOGIES INC COM 550241103   2,124,000 400,000 SH   DFND 1 0 400,000 0
MATRIX SERVICE CO COM 576853105   4,573,952 382,118 SH   DFND 1 0 382,118 0
MATRIX SERVICE CO COM 576853105   2,573,550 215,000 SH   DFND 2 0 215,000 0
MICRON TECHNOLOGY INC COM 595112103   5,638,720 67,000 SH   DFND 1 0 67,000 0
MOHAWK INDUSTRIES INC COM 608190104   16,325,337 137,038 SH   DFND 1 0 137,038 0
MOHAWK INDUSTRIES INC COM 608190104   7,793,246 65,418 SH   DFND 2 0 65,418 0
NABORS INDUSTRIES LTD COM G6359F137   20,963,724 366,691 SH   DFND 1 0 366,691 0
NABORS INDUSTRIES LTD COM G6359F137   4,546,044 79,518 SH   DFND 2 0 79,518 0
NINE ENERGY SERVICE INC COM 65441V101   2,556,635 2,282,710 SH   DFND 1 0 2,282,710 0
NINE ENERGY SERVICE INC COM 65441V101   2,129,494 1,901,334 SH   DFND 2 0 1,901,334 0
ODP CORP/THE COM 88337F105   5,813,913 255,669 SH   DFND 1 0 255,669 0
ODP CORP/THE COM 88337F105   5,523,569 242,901 SH   DFND 2 0 242,901 0
OIL STATES INTERNATIONAL INC COM 678026105   10,724,640 2,119,494 SH   DFND 1 0 2,119,494 0
OIL STATES INTERNATIONAL INC COM 678026105   2,630,158 519,794 SH   DFND 2 0 519,794 0
OPTICAL CABLE CORP COM 683827208   54,150 15,000 SH   DFND 2 0 15,000 0
ORION GROUP HOLDINGS INC COM 68628V308   4,499,117 613,795 SH   DFND 1 0 613,795 0
PATRICK INDUSTRIES INC COM 703343103   8,730,711 105,088 SH   DFND   0 105,088 0
PEABODY ENERGY CORP COM 704551100   43,947,678 2,098,743 SH   DFND 1 0 2,098,743 0
PEABODY ENERGY CORP COM 704551100   8,371,561 399,788 SH   DFND 2 0 399,788 0
PEOPLES BANCORP INC COM 709789101   335,565 10,589 SH   DFND 2 0 10,589 0
PEOPLES BANCORP OF NC COM 710577107   6,805,094 217,763 SH   DFND 2 0 217,763 0
QXO INC COM 82846H405   4,352,371 273,734 SH   DFND 1 0 273,734 0
REPUBLIC BANCORP INC-CLASS A CL A 760281204   10,250,558 146,709 SH   DFND 2 0 146,709 0
SB FINANCIAL GROUP INC COM 78408D105   1,020,889 48,823 SH   DFND 2 0 48,823 0
SCHLUMBERGER LTD COM 806857108   9,113,150 237,693 SH   DFND 1 0 237,693 0
SCHLUMBERGER LTD COM 806857108   6,709,500 175,000 SH   DFND 2 0 175,000 0
SEADRILL LIMITED COM G7997W102   14,975,203 384,670 SH   DFND 1 0 384,670 0
SEADRILL LIMITED COM G7997W102   6,910,075 177,500 SH   DFND 2 0 177,500 0
SELECT WATER SOLUTIONS INC COM 81617J301   11,916,000 900,000 SH   DFND 1 0 900,000 0
SHORE BANCSHARES INC COM 825107105   4,492,049 283,410 SH   DFND 2 0 283,410 0
SMART SAND INC COM 83191H107   3,077,939 1,367,973 SH   DFND 1 0 1,367,973 0
SOUTHLAND HOLDINGS INC COM 84445C100   1,971,895 606,737 SH   DFND 2 0 606,737 0
SPDR S&P BIOTECH ETF COM 78464A870   3,498,471 38,846 SH   DFND 2 0 38,846 0
SPDR S&P OIL & GAS EXP & PR COM 78468R556   4,504,948 34,033 SH   DFND 1 0 34,033 0
SPDR S&P REGIONAL BANKING COM 78464A698   8,654,190 143,400 SH   DFND 1 0 143,400 0
SPDR S&P REGIONAL BANKING COM 78464A698   6,940,793 115,009 SH   DFND 2 0 115,009 0
SUNCOKE ENERGY INC COM 86722A103   2,916,724 272,591 SH   DFND 1 0 272,591 0
TALEN ENERGY CORP COM 87422Q109   5,884,536 29,208 SH   DFND 1 0 29,208 0
TALEN ENERGY CORP COM 87422Q109   2,014,700 10,000 SH   DFND 2 0 10,000 0
TETRA TECHNOLOGIES INC COM 88162F105   15,236,548 4,256,019 SH   DFND 1 0 4,256,019 0
TETRA TECHNOLOGIES INC COM 88162F105   3,503,012 978,495 SH   DFND 2 0 978,495 0
TOWER SEMICONDUCTOR LTD COM M87915274   1,390,718 26,999 SH   DFND 1 0 26,999 0
TOWER SEMICONDUCTOR LTD COM M87915274   2,369,460 46,000 SH   DFND 2 0 46,000 0
TRANSOCEAN LTD COM H8817H100   37,466,224 9,990,993 SH   DFND 1 0 9,990,993 0
TRANSOCEAN LTD COM H8817H100   9,456,893 2,521,838 SH   DFND 2 0 2,521,838 0
UBS GROUP AG-REG COM H42097107   2,274,000 75,000 SH   DFND 2 0 75,000 0
VANECK OIL SERVICES ETF COM 92189H607   43,165,170 159,146 SH   DFND 1 0 159,146 0
VANECK OIL SERVICES ETF COM 92189H607   25,902,465 95,500 SH   DFND 2 0 95,500 0
WESTERN DIGITAL CORP COM 958102105   16,553,586 277,605 SH   DFND 1 0 277,605 0
WESTERN DIGITAL CORP COM 958102105   894,450 15,000 SH   DFND 2 0 15,000 0