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   3,084,600 30,000 SH   DFND 2 0 30,000 0
ALBEMARLE CORP COM 012653101   5,526,300 32,500 SH   DFND 1 0 32,500 0
ALBEMARLE CORP COM 012653101   1,275,300 7,500 SH   DFND 2 0 7,500 0
ALGOMA STEEL GROUP INC COM 015658107   10,074,356 1,481,523 SH   DFND 1 0 1,481,523 0
ALGOMA STEEL GROUP INC COM 015658107   3,688,102 542,368 SH   DFND 2 0 542,368 0
ALGOMA STEEL GROUP INC -CW26 COM 015658115   113,976 93,408 SH   DFND 1 0 93,408 0
ALPHA METALLURGICAL RESOURCE COM 020764106   101,852,600 392,148 SH   DFND 1 0 392,148 0
ALPHA METALLURGICAL RESOURCE COM 020764106   12,986,500 50,000 SH   DFND 2 0 50,000 0
AMBAC FINANCIAL GROUP INC COM 023139884   1,571,370 130,296 SH   DFND 1 0 130,296 0
AMERISERV FINANCIAL INC COM 03074A102   3,053,900 1,152,415 SH   DFND 2 0 1,152,415 0
ARCH RESOURCES INC COM 03940R107   60,747,792 355,958 SH   DFND 1 0 355,958 0
ARCH RESOURCES INC COM 03940R107   17,066,000 100,000 SH   DFND 2 0 100,000 0
AVADEL PHARMACEUTICALS-ADR COM 05337M104   36,459,755 3,539,782 SH   DFND 1 0 3,539,782 0
AVADEL PHARMACEUTICALS-ADR COM 05337M104   21,378,350 2,075,568 SH   DFND 2 0 2,075,568 0
BABCOCK & WILCOX ENTERPR COM 05614L209   1,365,139 324,261 SH   DFND 1 0 324,261 0
BABCOCK & WILCOX ENTERPR COM 05614L209   1,076,396 255,676 SH   DFND 2 0 255,676 0
BELDEN INC COM 077454106   839,116 8,691 SH   DFND 1 0 8,691 0
BELDEN INC COM 077454106   2,432,191 25,191 SH   DFND 2 0 25,191 0
BEYOND AIR INC COM 08862L103   1,134,543 491,144 SH   DFND 1 0 491,144 0
BEYOND AIR INC COM 08862L103   1,384,043 599,153 SH   DFND 2 0 599,153 0
BLUE RIDGE BANKSHARES INC COM 095825105   442,336 97,862 SH   DFND 2 0 97,862 0
BLUELINX HOLDINGS INC COM 09624H208   34,084,261 415,206 SH   DFND 1 0 415,206 0
BLUELINX HOLDINGS INC COM 09624H208   6,034,518 73,511 SH   DFND 2 0 73,511 0
BV FINANCIAL INC COM 05603E208   1,373,410 136,251 SH   DFND 2 0 136,251 0
CAMPING WORLD HOLDINGS INC-A COM 13462K109   6,855,719 335,900 SH   DFND 1 0 335,900 0
CITIZENS COMMUNITY BANCORP I COM 174903104   2,217,206 230,959 SH   DFND 2 0 230,959 0
CLEVELAND-CLIFFS INC COM 185899101   5,079,750 325,000 SH   DFND 1 0 325,000 0
CONSOL ENERGY INC COM 20854L108   10,491,000 100,000 SH   DFND 1 0 100,000 0
CONSOL ENERGY INC COM 20854L108   4,196,400 40,000 SH   DFND 2 0 40,000 0
CORE LABORATORIES INC COM 21867A105   1,500,073 62,477 SH   DFND 1 0 62,477 0
CORE LABORATORIES INC COM 21867A105   1,379,999 57,476 SH   DFND 2 0 57,476 0
CORE MOLDING TECHNOLOGIES IN COM 218683100   1,580,625 55,480 SH   DFND 1 0 55,480 0
DISH NETWORK CORP-A COM 25470M109   5,509,021 940,106 SH   DFND 2 0 940,106 0
DIXIE GROUP INC CL A 255519100   958,725 1,391,473 SH   DFND 1 0 1,391,473 0
ENERSYS COM 29275Y102   9,299,055 98,226 SH   DFND 2 0 98,226 0
ENPHASE ENERGY INC COM 29355A107   5,406,750 45,000 SH   DFND 1 0 45,000 0
ENPHASE ENERGY INC COM 29355A107   2,102,625 17,500 SH   DFND 2 0 17,500 0
FENNEC PHARMACEUTICALS INC COM 31447P100   809,773 107,826 SH   DFND 1 0 107,826 0
FENNEC PHARMACEUTICALS INC COM 31447P100   1,338,027 178,166 SH   DFND 2 0 178,166 0
FIRST BANK/HAMILTON NJ COM 31931U102   758,955 70,404 SH   DFND 2 0 70,404 0
FIRST MID BANCSHARES INC COM 320866106   5,713,561 215,119 SH   DFND 2 0 215,119 0
FIRST UNITED CORP COM 33741H107   2,606,384 160,640 SH   DFND 2 0 160,640 0
FIRST US BANCSHARES INC COM 33744V103   2,476,887 289,691 SH   DFND 2 0 289,691 0
FOSTER (LB) CO-A COM 350060109   2,974,411 157,293 SH   DFND 1 0 157,293 0
FRIEDMAN INDUSTRIES COM 358435105   4,735,386 353,387 SH   DFND 1 0 353,387 0
HALLIBURTON CO COM 406216101   10,530,000 260,000 SH   DFND 1 0 260,000 0
HALLIBURTON CO COM 406216101   4,860,000 120,000 SH   DFND 2 0 120,000 0
HAWTHORN BANCSHARES INC COM 420476103   268,206 16,505 SH   DFND 2 0 16,505 0
HBT FINANCIAL INC/DE COM 404111106   472,106 25,883 SH   DFND 2 0 25,883 0
HELMERICH & PAYNE COM 423452101   6,408,742 152,010 SH   DFND 1 0 152,010 0
HELMERICH & PAYNE COM 423452101   5,400,485 128,095 SH   DFND 2 0 128,095 0
HMN FINANCIAL INC COM 40424G108   5,897,339 308,277 SH   DFND 2 0 308,277 0
IES HOLDINGS INC COM 44951W106   270,584,672 4,107,859 SH   DFND   0 4,107,859 0
IES HOLDINGS INC COM 44951W106   109,315,876 1,659,570 SH   DFND 1 0 1,659,570 0
IES HOLDINGS INC COM 44951W106   371,686,164 5,642,723 SH   DFND 3 0 5,642,723 0
IF BANCORP INC COM 44951J105   107,223 7,201 SH   DFND 1 0 7,201 0
IF BANCORP INC COM 44951J105   3,647,484 244,962 SH   DFND 2 0 244,962 0
INNOVATE CORP COM 45784J105   2,034,385 1,255,793 SH   DFND 1 0 1,255,793 0
INNOVATE CORP COM 45784J105   4,128,343 2,548,360 SH   DFND 2 0 2,548,360 0
INTEL CORP COM 458140100   888,750 25,000 SH   DFND 2 0 25,000 0
INVESCO S&P SMALLCAP ENERGY COM 46138G474   4,499,476 78,869 SH   DFND 2 0 78,869 0
ISHARES RUSSELL 2000 ETF COM 464287655   48,382,575 273,750 SH   DFND 1 0 273,750 0
ISHARES RUSSELL 2000 ETF COM 464287655   18,336,775 103,750 SH   DFND 2 0 103,750 0
ISHARES RUSSELL 2000 VALUE E COM 464287630   4,066,500 30,000 SH   DFND 2 0 30,000 0
KLX ENERGY SERVICES HOLDING COM 48253L205   15,100,455 1,274,300 SH   DFND 1 0 1,274,300 0
KLX ENERGY SERVICES HOLDING COM 48253L205   2,700,520 227,892 SH   DFND 2 0 227,892 0
LIBERTY ENERGY INC COM 53115L104   14,657,691 791,452 SH   DFND 1 0 791,452 0
LIBERTY ENERGY INC COM 53115L104   1,852,000 100,000 SH   DFND 2 0 100,000 0
LOUISIANA-PACIFIC CORP COM 546347105   5,957,387 107,787 SH   DFND 1 0 107,787 0
LOUISIANA-PACIFIC CORP COM 546347105   2,210,800 40,000 SH   DFND 2 0 40,000 0
LSB INDUSTRIES INC COM 502160104   5,152,892 503,704 SH   DFND 1 0 503,704 0
LSB INDUSTRIES INC COM 502160104   10,282,357 1,005,118 SH   DFND 2 0 1,005,118 0
MATRIX SERVICE CO COM 576853105   7,375,000 625,000 SH   DFND 1 0 625,000 0
MATRIX SERVICE CO COM 576853105   2,360,000 200,000 SH   DFND 2 0 200,000 0
MOHAWK INDUSTRIES INC COM 608190104   26,747,835 311,710 SH   DFND 1 0 311,710 0
MOHAWK INDUSTRIES INC COM 608190104   4,043,110 47,117 SH   DFND 2 0 47,117 0
NABORS INDUSTRIES LTD COM G6359F137   44,277,204 359,568 SH   DFND 1 0 359,568 0
NABORS INDUSTRIES LTD COM G6359F137   3,030,968 24,614 SH   DFND 2 0 24,614 0
NINE ENERGY SERVICE INC COM 65441V101   9,454,667 2,294,822 SH   DFND 1 0 2,294,822 0
NINE ENERGY SERVICE INC COM 65441V101   3,333,463 809,093 SH   DFND 2 0 809,093 0
NORTHWEST PIPE CO COM 667746101   3,228,824 107,021 SH   DFND 1 0 107,021 0
NORTHWEST PIPE CO COM 667746101   746,587 24,746 SH   DFND 2 0 24,746 0
ODP CORP/THE COM 88337F105   419,734 9,095 SH   DFND 1 0 9,095 0
OIL STATES INTERNATIONAL INC COM 678026105   20,324,034 2,428,200 SH   DFND 1 0 2,428,200 0
OIL STATES INTERNATIONAL INC COM 678026105   4,845,954 578,967 SH   DFND 2 0 578,967 0
ORION GROUP HOLDINGS INC COM 68628V308   3,509,787 654,811 SH   DFND 1 0 654,811 0
PATRICK INDUSTRIES INC COM 703343103   6,759,829 90,059 SH   DFND   0 90,059 0
PEABODY ENERGY CORP COM 704551100   45,680,310 1,757,611 SH   DFND 1 0 1,757,611 0
PEABODY ENERGY CORP COM 704551100   11,354,069 436,863 SH   DFND 2 0 436,863 0
PEOPLES BANCORP INC COM 709789101   268,749 10,589 SH   DFND 2 0 10,589 0
PEOPLES BANCORP OF NC COM 710577107   4,789,697 217,763 SH   DFND 2 0 217,763 0
REPUBLIC BANCORP INC-CLASS A CL A 760281204   6,462,531 146,709 SH   DFND 2 0 146,709 0
SB FINANCIAL GROUP INC COM 78408D105   497,259 36,834 SH   DFND 2 0 36,834 0
SEELOS THERAPEUTICS INC COM 81577F109   483,030 2,625,164 SH   DFND 1 0 2,625,164 0
SEELOS THERAPEUTICS INC COM 81577F109   757,973 4,119,421 SH   DFND 2 0 4,119,421 0
SELECT WATER SOLUTIONS INC COM 81617J301   8,831,846 1,110,924 SH   DFND 1 0 1,110,924 0
SELECT WATER SOLUTIONS INC COM 81617J301   81,607 10,265 SH   DFND 2 0 10,265 0
SHORE BANCSHARES INC COM 825107105   2,455,473 233,410 SH   DFND 2 0 233,410 0
SKYLINE CHAMPION CORP COM 830830105   4,779,000 75,000 SH   DFND 1 0 75,000 0
SPDR S&P 500 ETF TRUST COM 78462F103   96,717,350 226,250 SH   DFND 1 0 226,250 0
SPDR S&P 500 ETF TRUST COM 78462F103   20,839,650 48,750 SH   DFND 2 0 48,750 0
SPDR S&P REGIONAL BANKING COM 78464A698   4,666,837 111,727 SH   DFND 2 0 111,727 0
SUNCOKE ENERGY INC COM 86722A103   3,648,072 359,416 SH   DFND 1 0 359,416 0
TEAM INC COM 878155308   1,188,735 171,041 SH   DFND 1 0 171,041 0
TETRA TECHNOLOGIES INC COM 88162F105   25,839,000 4,050,000 SH   DFND 1 0 4,050,000 0
TETRA TECHNOLOGIES INC COM 88162F105   6,061,000 950,000 SH   DFND 2 0 950,000 0
UBS GROUP AG-REG COM H42097107   1,848,750 75,000 SH   DFND 2 0 75,000 0
UNITED STATES STEEL CORP COM 912909108   4,872,000 150,000 SH   DFND 1 0 150,000 0
UNITED STATES STEEL CORP COM 912909108   6,809,400 209,649 SH   DFND 2 0 209,649 0
UNITED STATES STEEL CORP COM 912909108   1,218,000 37,500 SH Call DFND 1 0 0 0
UNITED STATES STEEL CORP COM 912909108   1,218,000 37,500 SH Call DFND 2 0 0 0
VANECK OIL SERVICES ETF COM 92189H607   18,761,550 54,375 SH   DFND 1 0 54,375 0
VANECK OIL SERVICES ETF COM 92189H607   1,078,250 3,125 SH   DFND 2 0 3,125 0