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   10,949,175 67,500 SH   DFND 1 0 67,500 0
ADVANCED MICRO DEVICES COM 007903107   3,649,725 22,500 SH   DFND 2 0 22,500 0
ALGOMA STEEL GROUP INC COM 015658107   8,700,000 1,250,000 SH   DFND 1 0 1,250,000 0
ALGOMA STEEL GROUP INC COM 015658107   3,480,000 500,000 SH   DFND 2 0 500,000 0
ALGOMA STEEL GROUP INC -CW26 COM 015658115   84,067 93,408 SH   DFND 1 0 93,408 0
ALPHA METALLURGICAL RESOURCE COM 020764106   101,619,468 362,241 SH   DFND 1 0 362,241 0
ALPHA METALLURGICAL RESOURCE COM 020764106   673,272 2,400 SH   DFND 2 0 2,400 0
AMBAC FINANCIAL GROUP INC COM 023139884   4,226,780 329,702 SH   DFND 1 0 329,702 0
AMBAC FINANCIAL GROUP INC COM 023139884   1,918,013 149,611 SH   DFND 2 0 149,611 0
AMERISERV FINANCIAL INC COM 03074A102   3,199,633 1,415,767 SH   DFND 2 0 1,415,767 0
ANTERO RESOURCES CORP COM 03674X106   14,796,661 453,468 SH   DFND 1 0 453,468 0
ANTERO RESOURCES CORP COM 03674X106   2,334,089 71,532 SH   DFND 2 0 71,532 0
APPLIED MATERIALS INC COM 038222105   6,300,933 26,700 SH   DFND 1 0 26,700 0
APPLIED MATERIALS INC COM 038222105   3,138,667 13,300 SH   DFND 2 0 13,300 0
ARCH RESOURCES INC COM 03940R107   34,251,750 225,000 SH   DFND 1 0 225,000 0
ARCH RESOURCES INC COM 03940R107   7,611,500 50,000 SH   DFND 2 0 50,000 0
ASSURED GUARANTY LTD COM G0585R106   3,093,869 40,102 SH   DFND 2 0 40,102 0
AVADEL PHARMACEUTICALS COM G29687103   51,204,903 3,641,885 SH   DFND 1 0 3,641,885 0
AVADEL PHARMACEUTICALS COM G29687103   29,501,507 2,098,258 SH   DFND 2 0 2,098,258 0
BABCOCK & WILCOX ENTERPR COM 05614L209   339,616 234,218 SH   DFND 1 0 234,218 0
BABCOCK & WILCOX ENTERPR COM 05614L209   240,465 165,838 SH   DFND 2 0 165,838 0
BELDEN INC COM 077454106   2,459,061 26,216 SH   DFND 1 0 26,216 0
BELDEN INC COM 077454106   3,300,916 35,191 SH   DFND 2 0 35,191 0
BERRY GLOBAL GROUP INC COM 08579W103   2,354,000 40,000 SH   DFND 1 0 40,000 0
BLUE RIDGE BANKSHARES INC COM 095825105   733,992 281,223 SH   DFND 2 0 281,223 0
BLUELINX HOLDINGS INC COM 09624H208   38,651,527 415,206 SH   DFND 1 0 415,206 0
BLUELINX HOLDINGS INC COM 09624H208   6,512,204 69,956 SH   DFND 2 0 69,956 0
BORR DRILLING LTD COM G1466R173   5,482,500 850,000 SH   DFND 1 0 850,000 0
BV FINANCIAL INC COM 05603E208   1,622,749 136,251 SH   DFND 2 0 136,251 0
CAMECO CORP COM 13321L108   5,707,200 116,000 SH   DFND 1 0 116,000 0
CAMECO CORP COM 13321L108   1,426,800 29,000 SH   DFND 2 0 29,000 0
CAMPING WORLD HOLDINGS INC-A COM 13462K109   5,073,472 284,069 SH   DFND 1 0 284,069 0
CHAMPIONX CORP COM 15872M104   3,434,313 103,412 SH   DFND 1 0 103,412 0
CHAMPIONX CORP COM 15872M104   1,144,749 34,470 SH   DFND 2 0 34,470 0
CITIGROUP INC COM 172967424   6,187,350 97,500 SH   DFND 1 0 97,500 0
CITIGROUP INC COM 172967424   3,966,250 62,500 SH   DFND 2 0 62,500 0
CITIZENS COMMUNITY BANCORP I COM 174903104   2,903,596 250,959 SH   DFND 2 0 250,959 0
CIVISTA BANCSHARES INC COM 178867107   154,900 10,000 SH   DFND 2 0 10,000 0
COHERENT CORP COM 19247G107   11,858,804 163,660 SH   DFND 1 0 163,660 0
COHERENT CORP COM 19247G107   2,964,701 40,915 SH   DFND 2 0 40,915 0
CONSOL ENERGY INC COM 20854L108   14,830,571 145,355 SH   DFND 1 0 145,355 0
CONSOL ENERGY INC COM 20854L108   943,982 9,252 SH   DFND 2 0 9,252 0
CORE LABORATORIES INC COM 21867A105   5,701,368 280,994 SH   DFND 1 0 280,994 0
CORE LABORATORIES INC COM 21867A105   3,462,144 170,633 SH   DFND 2 0 170,633 0
CORE MOLDING TECHNOLOGIES IN COM 218683100   982,605 61,644 SH   DFND 1 0 61,644 0
CORNING INC COM 219350105   18,509,111 476,425 SH   DFND 1 0 476,425 0
CORNING INC COM 219350105   4,335,971 111,608 SH   DFND 2 0 111,608 0
CUMMINS INC COM 231021106   8,307,900 30,000 SH   DFND 1 0 30,000 0
DIXIE GROUP INC CL A 255519100   911,415 1,391,473 SH   DFND 1 0 1,391,473 0
DOMINION ENERGY INC COM 25746U109   1,225,000 25,000 SH   DFND 1 0 25,000 0
DRILLING TOOLS INTERNATIONAL COM 26205E107   1,615,087 287,382 SH   DFND 2 0 287,382 0
ENERSYS COM 29275Y102   10,168,356 98,226 SH   DFND 2 0 98,226 0
EQT CORP COM 26884L109   13,590,150 367,500 SH   DFND 1 0 367,500 0
EQT CORP COM 26884L109   4,160,250 112,500 SH   DFND 2 0 112,500 0
FENNEC PHARMACEUTICALS INC COM 31447P100   781,017 127,826 SH   DFND 1 0 127,826 0
FENNEC PHARMACEUTICALS INC COM 31447P100   950,343 155,539 SH   DFND 2 0 155,539 0
FIRST BANK/HAMILTON NJ COM 31931U102   896,947 70,404 SH   DFND 2 0 70,404 0
FIRST MID BANCSHARES INC COM 320866106   7,073,113 215,119 SH   DFND 2 0 215,119 0
FIRST SOLAR INC COM 336433107   3,776,455 16,750 SH   DFND 1 0 16,750 0
FIRST SOLAR INC COM 336433107   1,860,045 8,250 SH   DFND 2 0 8,250 0
FIRST TRUST NATURAL GAS ETF COM 33733E807   1,830,507 69,654 SH   DFND 1 0 69,654 0
FIRST TRUST NATURAL GAS ETF COM 33733E807   6,304,178 239,885 SH   DFND 2 0 239,885 0
FIRST UNITED CORP COM 33741H107   3,641,948 178,352 SH   DFND 2 0 178,352 0
FIRST US BANCSHARES INC COM 33744V103   3,172,963 343,023 SH   DFND 2 0 343,023 0
FOSTER (LB) CO-A COM 350060109   486,244 22,595 SH   DFND 1 0 22,595 0
FRIEDMAN INDUSTRIES COM 358435105   6,729,557 445,666 SH   DFND 1 0 445,666 0
HALLIBURTON CO COM 406216101   60,866,088 1,801,838 SH   DFND 1 0 1,801,838 0
HALLIBURTON CO COM 406216101   5,261,235 155,750 SH   DFND 2 0 155,750 0
HAWTHORN BANCSHARES INC COM 420476103   326,799 16,505 SH   DFND 2 0 16,505 0
HBT FINANCIAL INC/DE COM 404111106   528,531 25,883 SH   DFND 2 0 25,883 0
HELMERICH & PAYNE COM 423452101   22,619,701 625,891 SH   DFND 1 0 625,891 0
HELMERICH & PAYNE COM 423452101   5,746,260 159,000 SH   DFND 2 0 159,000 0
HMN FINANCIAL INC COM 40424G108   7,406,678 323,577 SH   DFND 2 0 323,577 0
IES HOLDINGS INC COM 44951W106   572,347,994 4,107,859 SH   DFND   0 4,107,859 0
IES HOLDINGS INC COM 44951W106   175,495,888 1,259,570 SH   DFND 1 0 1,259,570 0
IES HOLDINGS INC COM 44951W106   782,717,346 5,617,723 SH   DFND 3 0 5,617,723 0
IF BANCORP INC COM 44951J105   116,512 7,201 SH   DFND 1 0 7,201 0
IF BANCORP INC COM 44951J105   5,032,740 311,047 SH   DFND 2 0 311,047 0
INNOSPEC INC COM 45768S105   7,396,367 59,846 SH   DFND 1 0 59,846 0
INNOVATE CORP COM 45784J105   748,969 1,238,785 SH   DFND 1 0 1,238,785 0
INNOVATE CORP COM 45784J105   1,711,040 2,830,036 SH   DFND 2 0 2,830,036 0
INTEL CORP COM 458140100   774,250 25,000 SH   DFND 2 0 25,000 0
INTERFACE INC COM 458665304   3,675,329 250,363 SH   DFND 2 0 250,363 0
INVESCO S&P SMALLCAP ENERGY COM 46138G474   4,147,721 78,869 SH   DFND 2 0 78,869 0
INVESCO SOLAR ETF COM 46138G706   804,200 20,000 SH   DFND 2 0 20,000 0
ISHARES RUSSELL 2000 ETF COM 464287655   55,773,447 274,895 SH   DFND 1 0 274,895 0
ISHARES RUSSELL 2000 ETF COM 464287655   18,260,100 90,000 SH   DFND 2 0 90,000 0
ISHARES RUSSELL 2000 VALUE E COM 464287630   6,615,607 43,438 SH   DFND 1 0 43,438 0
ISHARES RUSSELL 2000 VALUE E COM 464287630   11,946,107 78,438 SH   DFND 2 0 78,438 0
JD.COM INC-ADR COM 47215P106   3,876,000 150,000 SH   DFND 1 0 150,000 0
KLX ENERGY SERVICES HOLDING COM 48253L205   7,154,369 1,445,327 SH   DFND 1 0 1,445,327 0
KLX ENERGY SERVICES HOLDING COM 48253L205   1,128,065 227,892 SH   DFND 2 0 227,892 0
LIBERTY ENERGY INC COM 53115L104   13,368,326 639,939 SH   DFND 1 0 639,939 0
LIBERTY ENERGY INC COM 53115L104   2,089,000 100,000 SH   DFND 2 0 100,000 0
LOUISIANA-PACIFIC CORP COM 546347105   8,233,000 100,000 SH   DFND 1 0 100,000 0
LSB INDUSTRIES INC COM 502160104   6,824,026 834,233 SH   DFND 1 0 834,233 0
LSB INDUSTRIES INC COM 502160104   13,221,031 1,616,263 SH   DFND 2 0 1,616,263 0
MATRIX SERVICE CO COM 576853105   7,165,418 721,593 SH   DFND 1 0 721,593 0
MATRIX SERVICE CO COM 576853105   2,134,950 215,000 SH   DFND 2 0 215,000 0
MOHAWK INDUSTRIES INC COM 608190104   35,320,470 310,947 SH   DFND 1 0 310,947 0
MOHAWK INDUSTRIES INC COM 608190104   5,352,020 47,117 SH   DFND 2 0 47,117 0
NABORS INDUSTRIES LTD COM G6359F137   30,839,250 433,379 SH   DFND 1 0 433,379 0
NABORS INDUSTRIES LTD COM G6359F137   5,658,501 79,518 SH   DFND 2 0 79,518 0
NATIONAL CINEMEDIA INC COM 635309206   2,004,562 456,620 SH   DFND 2 0 456,620 0
NEXTRACKER INC-CL A COM 65290E101   468,800 10,000 SH   DFND 2 0 10,000 0
NINE ENERGY SERVICE INC COM 65441V101   4,305,188 2,562,612 SH   DFND 1 0 2,562,612 0
NINE ENERGY SERVICE INC COM 65441V101   1,404,164 835,812 SH   DFND 2 0 835,812 0
NORTHWEST PIPE CO COM 667746101   509,550 15,000 SH   DFND 1 0 15,000 0
NORTHWEST PIPE CO COM 667746101   339,700 10,000 SH   DFND 2 0 10,000 0
NRG ENERGY INC COM 629377508   3,114,400 40,000 SH   DFND 1 0 40,000 0
ODP CORP/THE COM 88337F105   639,276 16,279 SH   DFND 1 0 16,279 0
ODP CORP/THE COM 88337F105   863,390 21,986 SH   DFND 2 0 21,986 0
OIL STATES INTERNATIONAL INC COM 678026105   10,754,568 2,422,200 SH   DFND 1 0 2,422,200 0
OIL STATES INTERNATIONAL INC COM 678026105   2,628,666 592,042 SH   DFND 2 0 592,042 0
ORION GROUP HOLDINGS INC COM 68628V308   8,286,548 871,351 SH   DFND 1 0 871,351 0
PATRICK INDUSTRIES INC COM 703343103   9,775,904 90,059 SH   DFND   0 90,059 0
PEABODY ENERGY CORP COM 704551100   56,375,895 2,548,639 SH   DFND 1 0 2,548,639 0
PEABODY ENERGY CORP COM 704551100   10,078,160 455,613 SH   DFND 2 0 455,613 0
PEOPLES BANCORP INC COM 709789101   317,670 10,589 SH   DFND 2 0 10,589 0
PEOPLES BANCORP OF NC COM 710577107   6,358,680 217,763 SH   DFND 2 0 217,763 0
PHINIA INC COM 71880K101   726,782 18,465 SH   DFND 2 0 18,465 0
QXO INC COM 82846H405   2,753,503 38,371 SH   DFND 2 0 38,371 0
RANGE RESOURCES CORP COM 75281A109   11,131,960 332,000 SH   DFND 1 0 332,000 0
RANGE RESOURCES CORP COM 75281A109   2,615,340 78,000 SH   DFND 2 0 78,000 0
RANGER ENERGY SERVICES INC COM 75282U104   6,483,413 616,294 SH   DFND 1 0 616,294 0
REPUBLIC BANCORP INC-CLASS A CL A 760281204   7,865,069 146,709 SH   DFND 2 0 146,709 0
SB FINANCIAL GROUP INC COM 78408D105   683,522 48,823 SH   DFND 2 0 48,823 0
SCHLUMBERGER LTD COM 806857108   63,901,677 1,354,423 SH   DFND 1 0 1,354,423 0
SCHLUMBERGER LTD COM 806857108   10,226,265 216,750 SH   DFND 2 0 216,750 0
SELECT WATER SOLUTIONS INC COM 81617J301   12,100,887 1,130,924 SH   DFND 1 0 1,130,924 0
SELECT WATER SOLUTIONS INC COM 81617J301   109,836 10,265 SH   DFND 2 0 10,265 0
SKYLINE CHAMPION CORP COM 830830105   5,081,250 75,000 SH   DFND 1 0 75,000 0
SHORE BANCSHARES INC COM 825107105   3,245,045 283,410 SH   DFND 2 0 283,410 0
SMART SAND INC COM 83191H107   2,195,221 1,040,389 SH   DFND 1 0 1,040,389 0
SOUTHLAND HOLDINGS INC COM 84445C100   312,196 68,165 SH   DFND 2 0 68,165 0
SPDR S&P BIOTECH ETF COM 78464A870   6,656,578 71,800 SH   DFND 1 0 71,800 0
SPDR S&P BIOTECH ETF COM 78464A870   4,403,725 47,500 SH   DFND 2 0 47,500 0
SPDR S&P REGIONAL BANKING COM 78464A698   7,242,250 147,500 SH   DFND 1 0 147,500 0
SPDR S&P REGIONAL BANKING COM 78464A698   11,255,046 229,227 SH   DFND 2 0 229,227 0
SUNCOKE ENERGY INC COM 86722A103   2,671,392 272,591 SH   DFND 1 0 272,591 0
TEAM INC COM 878155308   138,519 15,599 SH   DFND 1 0 15,599 0
TETRA TECHNOLOGIES INC COM 88162F105   14,391,008 4,159,251 SH   DFND 1 0 4,159,251 0
TETRA TECHNOLOGIES INC COM 88162F105   3,385,593 978,495 SH   DFND 2 0 978,495 0
TRANSOCEAN LTD COM H8817H100   25,918,102 4,844,505 SH   DFND 1 0 4,844,505 0
TRANSOCEAN LTD COM H8817H100   5,160,567 964,592 SH   DFND 2 0 964,592 0
UBS GROUP AG-REG COM H42097107   2,215,500 75,000 SH   DFND 2 0 75,000 0
VANECK OIL SERVICES ETF COM 92189H607   72,075,128 227,956 SH   DFND 1 0 227,956 0
VANECK OIL SERVICES ETF COM 92189H607   18,018,782 56,989 SH   DFND 2 0 56,989 0
WESTERN DIGITAL CORP COM 958102105   16,157,953 213,250 SH   DFND 1 0 213,250 0
WESTERN DIGITAL CORP COM 958102105   3,542,248 46,750 SH   DFND 2 0 46,750 0