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 NV COM N00985106   241,789,634 3,858,140 SH   DFND 2 0 3,840,890 0
AIR FRANCE COM 009119108   6,982,212 5,541,438 SH   DFND 2 0 5,533,048 0
AMERICAN INTERNATIONAL GROUP COM 026874784   74,765,451 1,233,753 SH   DFND 2 0 1,233,753 0
ALLY FINANCIAL INC COM 02005N100   60,223,323 2,257,246 SH   DFND 2 0 2,257,246 0
ARGONAUT GOLD INC. COM 04016A101   6,529,256 16,255,679 SH   DFND 2 0 16,079,479 0
ALGOMA STEEL GROUP INC COM 015658107   52,114,853 7,663,949 SH   DFND 2 0 7,528,779 0
AZURE POWER GLOBAL LTD COM V0393H103   283,522 423,167 SH   DFND 2 0 423,167 0
BEAZER HOMES USA INC COM 07556Q881   40,549,195 1,627,828 SH   DFND 2 0 1,588,228 0
CITIGROUP COM 172967424   67,479,852 1,640,648 SH   DFND 2 0 1,640,648 0
CENTERRA GOLD INC. COM 152006102   37,842,876 7,723,036 SH   DFND 2 0 54,575 0
CHORD ENERGY CORP COM 674215207   62,222,401 383,923 SH   DFND 2 0 383,923 0
CIVITAS RESOURCES INC COM 17888H103   118,103,599 1,460,413 SH   DFND 2 0 1,448,463 0
COOL CO LTD COM G2415A113   13,155,769 949,875 SH   DFND 2 0 909,175 0
CHATHAM LODGING TRUST COM 16208T102   16,081,782 1,680,437 SH   DFND 2 0 13,982 0
CELESTICA INC COM 15101Q108   79,014,449 3,222,449 SH   DFND 2 0 3,194,041 0
CNA FINANCIAL CORP COM 126117100   38,524,398 979,019 SH   DFND 2 0 979,019 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206   24,936,399 1,779,900 SH   DFND 2 0 1,725,800 0
ELDORADO GOLD CORP COM 284902509   94,190,818 10,571,360 SH   DFND 2 0 10,465,060 0
EVEREST GROUP COM G3223R108   98,864 266 SH   DFND 2 0 266 0
EQUINOX GOLD CORP COM 29446Y502   26,512,409 6,267,709 SH   DFND 2 0 4,962,260 0
GALIANO GOLD INC COM 36352H100   7,223,525 12,272,384 SH   DFND 2 0 13,080,308 0
GUILD HOLDINGS CO- CLASS A COM 40172N107   4,672,693 425,952 SH   DFND 2 0 417,652 0
GOLAR LNG LTD COM G9456A100   22,180,700 914,291 SH   DFND 2 0 914,291 0
GENERAL MOTORS COM 37045V100   31,301,883 949,405 SH   DFND 2 0 949,405 0
GENWORTH FINANCIAL INC COM 37247D106   104,847,952 17,892,142 SH   DFND 2 0 17,681,142 0
GOLDMAN SACHS GROUP COM 38141G104   16,990,661 52,510 SH   DFND 2 0 52,510 0
GLOBAL SHIP LEASE INC - CL A COM Y27183600   8,539,232 465,607 SH   DFND 2 0 436,007 0
HAWAIIAN HOLDINGS INC COM 419879101   2,387,815 377,222 SH   DFND 2 0 368,922 0
HUDBAY MINERALS INC COM 443628102   3,896,000 800,000 SH   DFND 2 0 737,000 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   46,634,293 629,088 SH   DFND 2 0 629,088 0
HOOKER FURNISHINGS CORP COM 439038100   22,294,543 1,146,249 SH   DFND 2 0 1,127,149 0
IAMGOLD CORP COM 450913108   67,552,710 31,419,865 SH   DFND 2 0 31,242,765 0
INTERNATIONAL SEAWAYS COM Y41053102   58,267,845 1,294,841 SH   DFND 2 0 1,275,851 0
JETBLUE AIRWAYS COM 477143101   51,041,158 11,095,904 SH   DFND 2 0 11,011,804 0
JEFFERIES FINANCIAL GROUP COM 47233W109   101,176,419 2,762,119 SH   DFND 2 0 25,015 0
JACKSON FINANCIAL INC COM 46817M107   55,427,141 1,450,213 SH   DFND 2 0 1,433,283 0
KB HOME COM 48666K109   12,959,603 280,026 SH   DFND 2 0 274,126 0
KIMBALL ELECTRONICS COM 49428J109   3,258,439 119,008 SH   DFND 2 0 119,008 0
KOREA ELECTRIC POWER CORP COM 500631106   12,386,187 1,923,321 SH   DFND 2 0 1,923,321 0
KINROSS GOLD CORP COM 496902404   65,686,148 14,404,857 SH   DFND 2 0 14,404,857 0
LOEWS CORP COM 540424108   45,270,892 715,067 SH   DFND 2 0 715,067 0
M/I HOMES INC COM 55305B101   170,618,092 2,030,201 SH   DFND 2 0 16,960 0
THE MOSAIC COMPANY COM 61945C103   11,538,636 324,119 SH   DFND 2 0 324,119 0
MOTORCAR PARTS OF AMERICA COM 620071100   6,235,473 770,763 SH   DFND 2 0 739,663 0
MGIC INVESTMENT CORP COM 552848103   59,545,697 3,567,747 SH   DFND 2 0 3,567,747 0
MICRON TECHNOLOGY COM 595112103   41,158,558 605,006 SH   DFND 2 0 605,006 0
NAVIENT CORP COM 63938C108   46,969,461 2,727,611 SH   DFND 2 0 2,705,211 0
NETGEAR INC COM 64111Q104   2,643,900 210,000 SH   DFND 2 0 210,000 0
PARK HOTELS & RESORTS INC COM 700517105   59,145,178 4,800,745 SH   DFND 2 0 4,800,745 0
RADIAN GROUP INC COM 750236101   85,815,484 3,417,582 SH   DFND 2 0 3,406,782 0
SIRIUSPOINT LTD COM G8192H106   43,536,712 4,280,896 SH   DFND 2 0 4,185,356 0
TEXTAINER GROUP HOLDINGS LTD COM G8766E109   106,025,010 2,846,309 SH   DFND 2 0 2,819,869 0
TAYLOR MORRISON HOME CORP COM 87724P106   114,495,669 2,687,061 SH   DFND 2 0 2,687,061 0
TUTOR PERINI CORP COM 901109108   25,371,095 3,240,242 SH   DFND 2 0 3,178,852 0
TRITON INTERNATIONAL LTD COM G9078F107   117,495 1,477 SH   DFND 2 0 1,477 0
UNUM GROUP COM 91529Y106   173,320,965 3,523,500 SH   DFND 2 0 3,523,500 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107   18,194,343 1,297,742 SH   DFND 2 0 1,237,542 0
BRISTOW GROUP INC COM 11040G103   3,604,549 127,957 SH   DFND 2 0 118,731 0
US STEEL COM 912909108   132,074,886 4,066,345 SH   DFND 2 0 4,066,345 0
RESOLUTE FOREST PRODUCTS - CONTINGENT VALUE RTS WTS 761CVR042   128,583 5,866 SH   DFND 2 0 5,866 0
RUSSELL 1000 COM 464287598   2,277,300 15,000 SH   DFND 2 0 15,000 0
GREAT PANTHER MINING COM 39115V101   48 477,095 SH   DFND 2 0 477,095 0