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
AERCAP HOLDINGS COM N00985106   330,300,798 3,451,419 SH   DFND 2 0 3,414,109 0
AIR FRANCE-KLM COM 009119108   3,857,389 4,769,256 SH   DFND 2 0 4,760,166 0
AMERICAN INTERNATIONAL GROUP COM 026874784   15,496,523 212,864 SH   DFND 2 0 212,864 0
ALLEGIANT TRAVEL CO COM 01748X102   95,856,420 1,018,449 SH   DFND 2 0 973,939 0
ALLY FINANCIAL INC COM 02005N100   91,323,737 2,536,066 SH   DFND 2 0 2,536,066 0
ADVANSIX INC COM 00773T101   4,847,517 170,148 SH   DFND 2 0 170,148 0
ALGOMA STEEL GROUP INC COM 015658107   78,901,157 8,067,603 SH   DFND 2 0 7,798,583 0
AZURE POWER GLOBAL LTD COM V0393H103   59,833 299,167 SH   SOLE 0 299,167 0 0
BEAZER HOMES USA INC COM 07556Q881   85,661,003 3,119,483 SH   DFND 2 0 3,034,783 0
CITIGROUP COM 172967424   91,864,792 1,305,083 SH   DFND 2 0 1,305,083 0
CENTERRA GOLD INC. COM 152006102   49,634,211 8,723,060 SH   DFND 2 0 8,689,650 0
CIVITAS RESOURCES INC COM 17888H103   173,617,216 3,784,984 SH   DFND 2 0 3,725,834 0
COOL CO LTD COM G2415A113   27,353,183 3,440,652 SH   DFND 2 0 3,251,852 0
CHATHAM LODGING TRUST COM 16208T102   40,254,227 4,497,679 SH   DFND 2 0 4,217,172 0
CNA FINANCIAL CORP. COM 126117100   25,044,922 517,778 SH   DFND 2 0 517,778 0
COREBRIDGE FINANCIAL INC COM 21871X109   129,423,366 4,324,202 SH   DFND 2 0 4,324,202 0
EVEREST GROUP LTD. COM G3223R108   56,340,782 155,440 SH   DFND 2 0 155,440 0
ELDORADO GOLD COM 284902509   179,941,573 12,100,980 SH   DFND 2 0 11,936,760 0
EQUINOX GOLD CORP COM 29446Y502   135,539,915 26,999,983 SH   DFND 2 0 26,654,613 0
GALIANO GOLD INC COM 36352H100   31,621,341 25,708,407 SH   DFND 2 0 24,299,182 0
GUILD HOLDINGS CO- CLASS A COM 40172N107   4,864,310 344,742 SH   DFND 2 0 337,342 0
GOLAR LNG LTD COM G9456A100   108,679,368 2,568,038 SH   DFND 2 0 2,518,388 0
GENERAL MOTORS COM 37045V100   88,696,787 1,665,042 SH   DFND 2 0 1,665,042 0
GENWORTH FINANCIAL INC. COM 37247D106   181,386,788 25,949,469 SH   DFND 2 0 25,485,839 0
GLOBAL SHIP LEASE INC- CL A COM Y27183600   68,534,630 3,139,470 SH   DFND 2 0 3,031,898 0
FERROGLOBE PLC COM G33856108   22,613,994 5,951,051 SH   DFND 2 0 5,664,701 0
HUDBAY MINERALS COM 443628102   34,227,579 4,225,627 SH   DFND 2 0 4,057,617 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   127,785,658 1,661,280 SH   DFND 2 0 1,642,890 0
HOOKER FURNISHINGS CORP COM 439038100   14,119,152 1,007,791 SH   DFND 2 0 974,891 0
HARLEY-DAVIDSON INC COM 412822108   50,367,688 1,671,679 SH   DFND 2 0 1,622,779 0
IAMGOLD CORP COM 450913108   161,166,790 31,233,874 SH   DFND 2 0 30,798,464 0
INTERNATIONAL SEAWAYS COM Y41053102   13,017,180 362,192 SH   DFND 2 0 354,582 0
JETBLUE AIRWAYS COM 477143101   36,695,259 4,668,608 SH   DFND 2 0 4,668,608 0
JACKSON FINANCIAL INC COM 46817M107   135,608,726 1,557,289 SH   DFND 2 0 1,534,909 0
KB HOME COM 48666K109   13,649,058 207,685 SH   DFND 2 0 200,885 0
KIMBALL ELECTRONICS COM 49428J109   3,480,053 185,801 SH   DFND 2 0 185,801 0
KOREA ELECTRIC POWER CORP COM 500631106   8,255,498 1,199,927 SH   DFND 2 0 1,199,927 0
M/I HOMES COM 55305B101   154,778,928 1,164,189 SH   DFND 2 0 1,144,479 0
THE MOSAIC COMPANY COM 61945C103   77,135,113 3,138,125 SH   DFND 2 0 3,138,125 0
MOTORCAR PARTS OF AMERICA COM 620071100   7,755,101 1,020,408 SH   DFND 2 0 951,958 0
MICRON TECHNOLOGY COM 595112103   30,314,600 360,202 SH   DFND 2 0 360,202 0
NAVIENT CORP COM 63938C108   7,696,133 579,092 SH   DFND 2 0 563,012 0
NMI HOLDINGS INC - CLASS A COM 629209305   48,077,228 1,307,868 SH   DFND 2 0 1,265,028 0
NOMURA HOLDINGS INC COM 65535H208   53,953,438 9,318,383 SH   DFND 2 0 9,318,383 0
PARK HOTELS & RESORTS INC COM 700517105   129,445,759 9,200,125 SH   DFND 2 0 9,200,125 0
RADIAN GROUP INC COM 750236101   90,399,653 2,849,926 SH   DFND 2 0 2,835,726 0
RLJ LODGING TRUST COM 74965L101   58,771,139 5,756,233 SH   DFND 2 0 5,534,823 0
SIRIUSPOINT LTD COM G8192H106   129,282,468 7,887,887 SH   DFND 2 0 7,672,647 0
TAYLOR MORRISON HOME CORP COM 87724P106   110,500,454 1,805,268 SH   DFND 2 0 1,805,268 0
TUTOR PERINI CORP COM 901109108   83,496,219 3,450,257 SH   DFND 2 0 3,347,167 0
TITAN INTERNATIONAL INC COM 88830M102   3,401,145 500,905 SH   DFND 2 0 500,905 0
TERNIUM SA COM 880890108   87,903,111 3,022,803 SH   DFND 2 0 2,996,583 0
UNUM GROUP COM 91529Y106   180,487,584 2,471,417 SH   DFND 2 0 2,471,417 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107   36,234,130 1,720,519 SH   DFND 2 0 1,585,419 0
BRISTOW GROUP INC COM 11040G103   3,146,511 91,735 SH   DFND 2 0 87,939 0
UNITED STATES STEEL CORP COM 912909108   162,746,669 4,788,075 SH   DFND 2 0 4,788,075 0
NETGEAR INC COM 64111Q104   29,821 1,070 SH   SOLE 0 1,070 0 0
RESOLUTE FOREST PRODUCTS - CONTINGENT VALUE RTS WTS 761CVR042   8,330 5,866 SH   DFND 2 0 5,866 0
RUSSELL 1000 COM 464287598   3,295,314 17,800 SH   DFND 2 0 17,800 0
DAKOTA GOLD CORP COM 46655E100   671,000 305,000 SH   DFND 2 0 305,000 0
GREAT PANTHER MINING COM 39115V101   47 472,001 SH   DFND 2 0 472,001 0
PERPETUA RESOURCES CORP COM 714266103   2,827,550 265,000 SH   DFND 2 0 265,000 0