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
ACCURAY INC COM 004397105   8,086,725 2,857,500 SH   DFND   2,566,150 0 291,350
ALASKA AIR GROUP INC COM 011659109   3,907,000 100,000 SH   DFND   100,000 0 0
ALPHABET INC CAP STK CL A 02079K305   4,648,045 33,274 SH   DFND   33,274 0 0
ALPINE INCOME PPTY TR INC COM 02083X103   6,764,000 400,000 SH   DFND   400,000 0 0
AMERICAN VANGUARD CORP COM 030371108   6,142,388 520,952 SH   DFND   520,952 0 0
AMERICOLD REALTY TRUST INC COM 03064D108   1,920,359 63,441 SH   DFND   63,441 0 0
ANGIODYNAMICS INC COM 03475V101   2,427,468 287,192 SH   DFND   287,192 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108   17,607,630 367,093 SH   DFND   367,093 0 0
ASSOCIATED BANC CORP COM 045487105   8,556,000 400,000 SH   DFND   400,000 0 0
ASTEC INDS INC COM 046224101   7,317,724 182,793 SH   DFND   182,793 0 0
ATN INTL INC COM 00215F107   12,045,510 286,978 SH   DFND   286,978 0 0
AUDIOCODES LTD ORD M15342104   9,962,578 825,400 SH   DFND   786,600 0 38,800
AVANOS MED INC COM 05350V106   9,443,546 391,091 SH   DFND   391,091 0 0
BALL CORP COM 058498106   10,523,744 182,958 SH   DFND   182,958 0 0
BARRETT BUSINESS SVCS INC COM 068463108   15,633,000 135,000 SH   DFND   135,000 0 0
BECTON DICKINSON & CO COM 075887109   3,565,770 14,624 SH   DFND   14,624 0 0
BENCHMARK ELECTRS INC COM 08160H101   9,779,032 353,800 SH   DFND   332,800 0 21,000
BERKLEY W R CORP COM 084423102   6,434,671 90,988 SH   DFND   90,988 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   4,001,012 11,218 SH   DFND   11,218 0 0
BERRY CORP COM 08579X101   8,011,740 1,139,650 SH   DFND   1,091,450 0 48,200
BLOOMIN BRANDS INC COM 094235108   7,451,868 245,683 SH   DFND   245,683 0 0
BOSTON BEER INC CL A 100557107   1,417,265 4,101 SH   DFND   4,101 0 0
BRADY CORP CL A 104674106   4,719,556 76,361 SH   DFND   76,361 0 0
BWX TECHNOLOGIES INC COM 05605H100   8,496,313 110,730 SH   DFND   110,730 0 0
CABLE ONE INC COM 12685J105   3,864,961 6,944 SH   DFND   6,944 0 0
CAL MAINE FOODS INC COM NEW 128030202   20,886,115 363,933 SH   DFND   363,933 0 0
CANADIAN NATL RY CO COM 136375102   2,013,723 16,029 SH   DFND   16,029 0 0
CANTALOUPE INC COM 138103106   5,187,000 700,000 SH   DFND   700,000 0 0
CAPITAL CITY BK GROUP INC COM 139674105   16,338,359 555,160 SH   DFND   536,160 0 19,000
CARMAX INC COM 143130102   16,516,520 215,227 SH   DFND   215,227 0 0
CARRIAGE SVCS INC COM 143905107   7,979,340 319,046 SH   DFND   307,146 0 11,900
CARTERS INC COM 146229109   23,982,100 300,542 SH   DFND   300,542 0 0
CASS INFORMATION SYS INC COM 14808P109   15,932,473 353,662 SH   DFND   353,662 0 0
CBOE GLOBAL MKTS INC COM 12503M108   1,424,373 7,977 SH   DFND   7,977 0 0
CECO ENVIRONMENTAL CORP COM 125141101   7,605,000 375,000 SH   DFND   375,000 0 0
CENTENE CORP DEL COM 15135B101   33,376,393 449,756 SH   DFND   449,756 0 0
CENTERRA GOLD INC COM 152006102   13,079,220 2,194,500 SH   DFND   2,086,300 0 108,200
CENTURY CMNTYS INC COM 156504300   17,730,922 194,546 SH   DFND   194,546 0 0
CHAMPIONX CORPORATION COM 15872M104   1,648,875 52,264 SH   DFND   52,264 0 0
CISCO SYS INC COM 17275R102   1,902,987 37,668 SH   DFND   37,668 0 0
COMMUNITY TR BANCORP INC COM 204149108   2,237,693 51,019 SH   DFND   51,019 0 0
COMSTOCK RES INC COM 205768302   12,020,751 1,256,545 SH   DFND   1,256,545 0 0
CONSOLIDATED WATER CO INC ORD G23773107   4,450,000 125,000 SH   DFND   125,000 0 0
CONSTELLATION ENERGY CORP COM 21037T109   13,542,759 115,859 SH   DFND   115,859 0 0
CORECIVIC INC COM 21871N101   3,279,537 209,049 SH   DFND   209,049 0 0
COTERRA ENERGY INC COM 127097103   16,413,188 643,150 SH   DFND   643,150 0 0
CTS CORP COM 126501105   9,854,709 208,946 SH   DFND   208,946 0 0
DENTSPLY SIRONA INC COM 24906P109   7,062,408 198,438 SH   DFND   198,438 0 0
DOLLAR GEN CORP NEW COM 256677105   12,602,157 92,697 SH   DFND   92,697 0 0
DOUGLAS ELLIMAN INC COM 25961D105   1,770,000 600,000 SH   DFND   600,000 0 0
DRIL-QUIP INC COM 262037104   16,079,710 657,720 SH   DFND   630,520 0 27,200
ENCOMPASS HEALTH CORP COM 29261A100   21,103,536 316,300 SH   DFND   316,300 0 0
ENERPAC TOOL GROUP CORP CL A COM 292765104   7,044,217 209,615 SH   DFND   209,615 0 0
ENVELA CORP COM 29402E102   1,944,000 400,000 SH   DFND   400,000 0 0
EOG RES INC COM 26875P101   2,514,430 20,789 SH   DFND   20,789 0 0
EQUITY COMWLTH COM SH BEN INT 294628102   9,614,842 500,773 SH   DFND   500,773 0 0
ESSEX PPTY TR INC COM 297178105   18,816,167 75,890 SH   DFND   75,890 0 0
EVERI HLDGS INC COM 30034T103   2,254,000 200,000 SH   DFND   200,000 0 0
EVERTEC INC COM 30040P103   5,162,534 126,100 SH   DFND   112,200 0 13,900
EXELON CORP COM 30161N101   17,529,647 488,291 SH   DFND   488,291 0 0
EZCORP INC CL A NON VTG 302301106   9,775,253 1,118,450 SH   DFND   1,043,950 0 74,500
FARMLAND PARTNERS INC COM 31154R109   6,997,224 521,805 SH   DFND   521,805 0 0
FB FINL CORP COM 30257X104   11,236,823 261,267 SH   DFND   261,267 0 0
FIRST AMERN FINL CORP COM 31847R102   19,856,477 308,139 SH   DFND   308,139 0 0
FIRST INTERNET BANCORP COM 320557101   4,838,000 200,000 SH   DFND   200,000 0 0
FIRST INTST BANCSYSTEM INC COM 32055Y201   4,411,088 143,450 SH   DFND   136,350 0 7,100
FIRSTENERGY CORP COM 337932107   17,736,328 483,806 SH   DFND   483,806 0 0
FLOWSERVE CORP COM 34354P105   8,427,470 204,451 SH   DFND   204,451 0 0
FMC CORP COM NEW 302491303   4,413,500 70,000 SH   DFND   70,000 0 0
FORESTAR GROUP INC COM 346232101   13,228,000 400,000 SH   DFND   400,000 0 0
GLACIER BANCORP INC NEW COM 37637Q105   22,334,121 521,045 SH   DFND   521,045 0 0
GRAND CANYON ED INC COM 38526M106   9,125,548 69,112 SH   DFND   69,112 0 0
GRANITE CONSTR INC COM 387328107   12,958,467 235,777 SH   DFND   235,777 0 0
HAEMONETICS CORP MASS COM 405024100   20,004,808 221,697 SH   DFND   221,697 0 0
HANOVER INS GROUP INC COM 410867105   16,420,841 125,477 SH   DFND   125,477 0 0
HARVARD BIOSCIENCE INC COM 416906105   4,635,598 866,467 SH   DFND   866,467 0 0
HEALTHCARE SVCS GROUP INC COM 421906108   13,872,312 1,292,053 SH   DFND   1,229,353 0 62,700
HEALTHSTREAM INC COM 42222N103   18,459,409 640,725 SH   DFND   640,725 0 0
HEARTLAND EXPRESS INC COM 422347104   5,596,893 365,269 SH   DFND   365,269 0 0
HERITAGE FINL CORP WASH COM 42722X106   9,539,940 446,000 SH   DFND   435,900 0 10,100
HOWMET AEROSPACE INC COM 443201108   655,989 12,121 SH   DFND   12,121 0 0
HUDSON GLOBAL INC COM NEW 443787205   4,669,708 301,466 SH   DFND   287,626 0 13,840
HUNT J B TRANS SVCS INC COM 445658107   27,754,272 138,952 SH   DFND   138,952 0 0
I3 VERTICALS INC COM CL A 46571Y107   11,447,678 540,750 SH   DFND   509,150 0 31,600
INFUSYSTEM HLDGS INC COM 45685K102   4,792,833 454,728 SH   DFND   454,728 0 0
INGREDION INC COM 457187102   18,359,043 169,161 SH   DFND   169,161 0 0
INTEGER HLDGS CORP COM 45826H109   7,431,000 75,000 SH   DFND   75,000 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   3,031,239 36,565 SH   DFND   36,565 0 0
INTL GNRL INSURANCE HLDNGS SHS G4809J106   9,618,784 746,800 SH   DFND   678,300 0 68,500
JOHNSON & JOHNSON COM 478160104   4,515,052 28,806 SH   DFND   28,806 0 0
KENNAMETAL INC COM 489170100   16,296,134 631,878 SH   DFND   631,878 0 0
KIMBERLY-CLARK CORP COM 494368103   7,815,888 64,323 SH   DFND   64,323 0 0
KIRBY CORP COM 497266106   6,314,422 80,459 SH   DFND   80,459 0 0
KNIFE RIVER CORP COMMON STOCK 498894104   6,618,000 100,000 SH   DFND   100,000 0 0
KNOWLES CORP COM 49926D109   9,585,145 496,325 SH   DFND   496,325 0 0
KULICKE & SOFFA INDS INC COM 501242101   618,555 10,472 SH   DFND   10,472 0 0
LAKELAND FINL CORP COM 511656100   1,544,227 23,699 SH   DFND   23,699 0 0
LAMAR ADVERTISING CO NEW CL A 512816109   7,184,528 62,686 SH   DFND   62,686 0 0
LEIDOS HLDGS INC COM 525327102   14,015,565 129,486 SH   DFND   129,486 0 0
LINCOLN EDL SVCS CORP COM 533535100   17,523,816 1,745,400 SH   DFND   1,692,900 0 52,500
LINDSAY CORP COM 535555106   5,813,104 41,796 SH   DFND   41,796 0 0
M D C HLDGS INC COM 552676108   3,178,091 52,560 SH   DFND   52,560 0 0
MAMAS CREATIONS INC COM 56146T103   4,664,500 950,000 SH   DFND   950,000 0 0
MARKEL GROUP INC COM 570535104   3,047,105 2,146 SH   DFND   2,146 0 0
MARTEN TRANS LTD COM 573075108   3,147,000 150,000 SH   DFND   150,000 0 0
METHODE ELECTRS INC COM 591520200   6,098,368 256,295 SH   DFND   256,295 0 0
MGIC INVT CORP WIS COM 552848103   9,645,000 500,000 SH   DFND   500,000 0 0
MICRON TECHNOLOGY INC COM 595112103   14,033,992 164,448 SH   DFND   164,448 0 0
MIDDLEBY CORP COM 596278101   4,511,496 30,655 SH   DFND   30,655 0 0
MOHAWK INDS INC COM 608190104   30,481,578 294,508 SH   DFND   289,208 0 5,300
MONRO INC COM 610236101   4,547,612 145,244 SH   DFND   145,244 0 0
MURPHY OIL CORP COM 626717102   12,987,538 282,462 SH   DFND   282,462 0 0
NATIONAL FUEL GAS CO COM 636180101   17,018,417 339,215 SH   DFND   326,015 0 13,200
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106   19,733,500 475,850 SH   DFND   450,050 0 25,800
NEW GOLD INC CDA COM 644535106   5,475,000 3,750,000 SH   DFND   3,750,000 0 0
NORTHERN TR CORP COM 665859104   26,918,992 319,021 SH   DFND   319,021 0 0
NORTHWEST PIPE CO COM 667746101   13,869,671 458,350 SH   DFND   437,350 0 21,000
NOV INC COM 62955J103   48,799,683 2,406,296 SH   DFND   2,385,496 0 20,800
NOW INC COM 67011P100   10,812,570 955,174 SH   DFND   914,674 0 40,500
OIL DRI CORP AMER COM 677864100   10,765,267 148,282 SH   DFND   148,282 0 0
OLD REP INTL CORP COM 680223104   13,123,366 446,373 SH   DFND   446,373 0 0
ORACLE CORP COM 68389X105   1,330,948 12,624 SH   DFND   12,624 0 0
ORION S.A. COM L72967109   10,928,393 394,100 SH   DFND   375,600 0 18,500
OSISKO GOLD ROYALTIES LTD COM 68827L101   6,942,936 486,200 SH   DFND   451,700 0 34,500
PACKAGING CORP AMER COM 695156109   12,250,343 75,197 SH   DFND   75,197 0 0
PARK AEROSPACE CORP COM 70014A104   14,080,101 890,849 SH   DFND   890,849 0 0
PATTERSON COS INC COM 703395103   11,573,460 406,800 SH   DFND   387,600 0 19,200
PERMA-FIX ENVIRONMENTAL SVCS COM NEW 714157203   3,930,000 500,000 SH   DFND   500,000 0 0
PERRIGO CO PLC SHS G97822103   37,801,395 1,174,686 SH   DFND   1,153,086 0 21,600
PHOTRONICS INC COM 719405102   6,274,000 200,000 SH   DFND   200,000 0 0
PIONEER NAT RES CO COM 723787107   5,435,125 24,169 SH   DFND   24,169 0 0
PNC FINL SVCS GROUP INC COM 693475105   8,819,172 56,953 SH   DFND   56,953 0 0
POPULAR INC COM NEW 733174700   12,112,958 147,593 SH   DFND   147,593 0 0
PORTLAND GEN ELECTRIC CO COM NEW 736508847   10,960,816 234,870 SH   DFND   234,870 0 0
POTBELLY CORP COM 73754Y100   10,012,578 960,900 SH   DFND   907,400 0 53,500
POTLATCHDELTIC CORPORATION COM 737630103   25,343,996 489,798 SH   DFND   489,798 0 0
PPG INDS INC COM 693506107   12,800,732 85,595 SH   DFND   85,595 0 0
PRIMO WATER CORPORATION COM 74167P108   13,483,295 895,900 SH   DFND   846,900 0 49,000
PRIMORIS SVCS CORP COM 74164F103   5,811,750 175,000 SH   DFND   175,000 0 0
PUBLIC STORAGE COM 74460D109   22,973,210 75,322 SH   DFND   75,322 0 0
PURE CYCLE CORP COM NEW 746228303   5,235,000 500,000 SH   DFND   500,000 0 0
QORVO INC COM 74736K101   16,133,635 143,270 SH   DFND   143,270 0 0
QUEST DIAGNOSTICS INC COM 74834L100   28,703,445 208,177 SH   DFND   208,177 0 0
RADIAN GROUP INC COM 750236101   16,353,440 572,800 SH   DFND   554,450 0 18,350
REYNOLDS CONSUMER PRODS INC COM 76171L106   3,012,226 104,391 SH   DFND   104,391 0 0
ROYAL GOLD INC COM 780287108   14,385,047 110,011 SH   DFND   110,011 0 0
SCHNITZER STEEL INDS INC CL A 806882106   7,505,286 233,339 SH   DFND   233,339 0 0
SEACOAST BKG CORP FLA COM NEW 811707801   17,954,333 585,201 SH   DFND   585,201 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   205,785 5,473 SH   DFND   5,473 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308   258,083 3,583 SH   DFND   3,583 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209   276,715 2,029 SH   DFND   2,029 0 0
SENSIENT TECHNOLOGIES CORP COM 81725T100   9,415,692 134,480 SH   DFND   134,480 0 0
SHYFT GROUP INC COM 825698103   2,444,000 200,000 SH   DFND   200,000 0 0
SILICON MOTION TECHNOLOGY CO SPONSORED ADR 82706C108   20,088,901 327,875 SH   DFND   317,375 0 10,500
SIMPSON MFG INC COM 829073105   1,865,368 9,422 SH   DFND   9,422 0 0
SKYWORKS SOLUTIONS INC COM 83088M102   7,690,877 68,412 SH   DFND   68,412 0 0
SMITH A O CORP COM 831865209   6,175,416 74,908 SH   DFND   74,908 0 0
SPECTRUM BRANDS HLDGS INC NE COM 84790A105   20,380,916 245,653 SH   DFND   245,653 0 0
STARBUCKS CORP COM 855244109   1,634,570 17,025 SH   DFND   17,025 0 0
STERICYCLE INC COM 858912108   29,732,630 583,545 SH   DFND   583,545 0 0
STEWART INFORMATION SVCS COR COM 860372101   12,950,850 220,440 SH   DFND   213,440 0 7,000
SUNCOR ENERGY INC NEW COM 867224107   1,783,923 55,678 SH   DFND   55,678 0 0
SUNOPTA INC COM 8676EP108   2,461,500 450,000 SH   DFND   450,000 0 0
TE CONNECTIVITY LTD REG SHS H84989104   7,867,438 55,996 SH   DFND   55,996 0 0
TERADATA CORP DEL COM 88076W103   27,629,851 635,023 SH   DFND   635,023 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107   54,442,050 819,896 SH   DFND   809,296 0 10,600
TEXAS INSTRS INC COM 882508104   1,690,622 9,918 SH   DFND   9,918 0 0
THERMON GROUP HLDGS INC COM 88362T103   7,909,625 242,850 SH   DFND   236,600 0 6,250
THOR INDS INC COM 885160101   9,926,969 83,949 SH   DFND   83,949 0 0
TIPTREE INC COM 88822Q103   6,636,000 350,000 SH   DFND   350,000 0 0
TOOTSIE ROLL INDS INC COM 890516107   3,732,520 104,412 SH   DFND   104,412 0 0
TREEHOUSE FOODS INC COM 89469A104   7,731,337 172,727 SH   DFND   172,727 0 0
TRICO BANCSHARES COM 896095106   8,594,000 200,000 SH   DFND   200,000 0 0
TWIN DISC INC COM 901476101   6,464,000 400,000 SH   DFND   400,000 0 0
UGI CORP NEW COM 902681105   8,965,470 364,450 SH   DFND   338,600 0 25,850
UMH PPTYS INC COM 903002103   9,167,488 598,400 SH   DFND   561,200 0 37,200
UNILEVER PLC SPON ADR NEW 904767704   2,788,279 57,514 SH   DFND   57,514 0 0
VAIL RESORTS INC COM 91879Q109   16,122,322 75,525 SH   DFND   75,525 0 0
VIPER ENERGY INC CL A 927959106   12,552,000 400,000 SH   DFND   400,000 0 0
WATSCO INC COM 942622200   10,854,002 25,332 SH   DFND   25,332 0 0
WELLS FARGO CO NEW COM 949746101   1,901,123 38,625 SH   DFND   38,625 0 0
WESTROCK CO COM 96145D105   12,456,000 300,000 SH   DFND   300,000 0 0
WISDOMTREE TR INTL SMCAP DIV 97717W760   699,752 10,960 SH   DFND   10,960 0 0