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   354,598,884 4,080,070 SH   DFND 2 0 4,061,420 0
AIR FRANCE-KLM COM 009119108   6,174,897 5,488,797 SH   DFND 2 0 5,479,707 0
AMERICAN INTERNATIONAL GROUP COM 026874784   78,348,253 1,002,280 SH   DFND 2 0 1,002,280 0
ALLEGIANT TRAVEL CO COM 01748X102   23,298,629 309,781 SH   DFND 2 0 302,481 0
ALLY FINANCIAL INC COM 02005N100   112,616,427 2,774,487 SH   DFND 2 0 2,774,487 0
ARGONAUT GOLD INC COM 04016A101   4,450,590 15,241,745 SH   DFND 2 0 15,051,145 0
ADVANSIX INC COM 00773T101   4,628,395 161,832 SH   DFND 2 0 161,832 0
ALGOMA STEEL GROUP INC COM 015658107   82,848,799 9,758,398 SH   DFND 2 0 9,612,328 0
AZURE POWER GLOBAL LTD COM V0393H103   550,117 423,167 SH   DFND 2 0 423,167 0
BEAZER HOMES USA INC COM 07556Q881   96,537,321 2,943,211 SH   DFND 2 0 2,900,411 0
CITIGROUP COM 172967424   101,486,350 1,604,781 SH   DFND 2 0 1,604,781 0
CENTERRA GOLD INC. COM 152006102   63,516,484 10,747,290 SH   DFND 2 0 10,647,990 0
CHORD ENERGY CORP COM 674215207   68,497,810 384,301 SH   DFND 2 0 384,301 0
CIVITAS RESOURCES INC COM 17888H103   152,841,369 2,013,455 SH   DFND 2 0 1,996,205 0
COOL CO LTD COM G2415A113   35,748,865 3,214,826 SH   DFND 2 0 3,125,026 0
CHATHAM LODGING TRUST COM 16208T102   21,469,080 2,123,549 SH   DFND 2 0 2,006,361 0
CNA FINANCIAL CORP. COM 126117100   53,595,464 1,179,997 SH   DFND 2 0 1,179,997 0
COREBRIDGE FINANCIAL INC COM 21871X109   89,013,039 3,098,261 SH   DFND 2 0 3,098,261 0
ELDORADO GOLD COM 284902509   196,261,248 13,948,916 SH   DFND 2 0 13,842,516 0
EQUINOX GOLD CORP COM 29446Y502   62,907,856 10,449,810 SH   DFND 2 0 10,449,810 0
GALIANO GOLD INC COM 36352H100   23,761,234 16,972,310 SH   DFND 2 0 16,210,685 0
GUILD HOLDINGS CO- CLASS A COM 40172N107   6,502,951 440,878 SH   DFND 2 0 431,978 0
GOLAR LNG LTD COM G9456A100   86,303,076 3,586,994 SH   DFND 2 0 3,558,794 0
GENERAL MOTORS COM 37045V100   64,738,984 1,427,541 SH   DFND 2 0 1,427,541 0
GENWORTH FINANCIAL INC. COM 37247D106   155,892,823 24,244,607 SH   DFND 2 0 24,016,807 0
GOLDMAN SACHS GROUP COM 38141G104   10,402,987 24,906 SH   DFND 2 0 24,906 0
GLOBAL SHIP LEASE INC- CL A COM Y27183600   51,434,130 2,533,701 SH   DFND 2 0 2,472,551 0
HAWAIIAN HOLDINGS INC COM 419879101   4,961,466 372,203 SH   DFND 2 0 363,303 0
HUDBAY MINERALS COM 443628102   31,104,234 4,443,462 SH   DFND 2 0 4,318,662 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   94,117,045 1,296,021 SH   DFND 2 0 1,296,021 0
HOOKER FURNISHINGS CORP COM 439038100   27,387,799 1,140,683 SH   DFND 2 0 1,121,583 0
IAMGOLD CORP COM 450913108   120,137,302 36,077,268 SH   DFND 2 0 35,852,968 0
INTERNATIONAL SEAWAYS COM Y41053102   78,177,028 1,469,493 SH   DFND 2 0 1,453,153 0
JETBLUE AIRWAYS COM 477143101   98,360,217 13,256,094 SH   DFND 2 0 13,158,794 0
JEFFERIES FINANCIAL GROUP COM 47233W109   125,974,649 2,856,568 SH   DFND 2 0 2,856,568 0
JACKSON FINANCIAL INC COM 46817M107   157,180,123 2,376,476 SH   DFND 2 0 2,358,246 0
KB HOME COM 48666K109   18,407,890 259,705 SH   DFND 2 0 253,405 0
KIMBALL ELECTRONICS COM 49428J109   2,690,814 124,287 SH   DFND 2 0 124,287 0
KOREA ELECTRIC POWER CORP COM 500631106   15,665,090 1,880,563 SH   DFND 2 0 1,880,563 0
KINROSS GOLD CORP COM 496902404   69,707,326 11,371,505 SH   DFND 2 0 11,371,505 0
LOEWS CORP COM 540424108   45,611,128 582,592 SH   DFND 2 0 582,592 0
M/I HOMES COM 55305B101   203,299,568 1,491,669 SH   DFND 2 0 1,481,769 0
THE MOSAIC COMPANY COM 61945C103   36,615,984 1,128,034 SH   DFND 2 0 1,128,034 0
MOTORCAR PARTS OF AMERICA COM 620071100   6,141,450 763,862 SH   DFND 2 0 730,362 0
MGIC INVESTMENT CORP COM 552848103   69,721,722 3,118,145 SH   DFND 2 0 3,118,145 0
MICRON TECHNOLOGY COM 595112103   64,674,690 548,602 SH   DFND 2 0 548,602 0
NAVIENT CORP COM 63938C108   62,418,707 3,587,282 SH   DFND 2 0 3,563,182 0
NETGEAR INC COM 64111Q104   4,639,534 294,200 SH   DFND 2 0 294,200 0
PARK HOTELS & RESORTS INC COM 700517105   121,649,281 6,955,362 SH   DFND 2 0 6,955,362 0
RADIAN GROUP INC COM 750236101   105,464,137 3,151,005 SH   DFND 2 0 3,132,905 0
RLJ LODGING TRUST COM 74965L101   16,934,018 1,432,658 SH   DFND 2 0 1,432,658 0
SIRIUSPOINT LTD COM G8192H106   84,318,788 6,634,051 SH   DFND 2 0 6,531,011 0
TAYLOR MORRISON HOME CORP COM 87724P106   150,664,084 2,423,421 SH   DFND 2 0 2,423,421 0
TUTOR PERINI CORP COM 901109108   58,601,724 4,052,678 SH   DFND 2 0 3,986,388 0
UNUM GROUP COM 91529Y106   196,562,590 3,663,112 SH   DFND 2 0 3,663,112 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107   35,300,575 1,737,233 SH   DFND 2 0 1,672,233 0
BRISTOW GROUP INC COM 11040G103   3,162,762 116,278 SH   DFND 2 0 106,352 0
UNITED STATES STEEL CORP COM 912909108   179,342,651 4,397,809 SH   DFND 2 0 4,397,809 0
RESOLUTE FOREST PRODUCTS - CONTINGENT VALUE RTS WTS 761CVR042   8,330 5,866 SH   DFND 2 0 5,866 0
RUSSELL 1000 COM 464287598   2,686,650 15,000 SH   DFND 2 0 15,000 0
GREAT PANTHER MINING COM 39115V101   47 472,001 SH   DFND 2 0 472,001 0
PERPETUA RESOURCES CORP COM 714266103   1,310,400 315,000 SH   DFND 2 0 315,000 0