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

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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
ALLIANCE RESOURCE PARTNERS L UT LTD PART 01877R108 BBG001SD52Y1 3,338,830 127,000 SH   SOLE   127,000 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 BBG001S9DR67 3,087,507 529,590 SH   SOLE   503,690 0 25,900
AT&T INC COM 00206R102 BBG001S5VWH2 12,136,410 533,000 SH   SOLE   533,000 0 0
ATKORE INC COM 047649108 BBG001T8LDZ8 3,087,650 37,000 SH   SOLE   37,000 0 0
BOISE CASCADE CO DEL COM 09739D100 BBG001SZX397 4,754,400 40,000 SH   SOLE   40,000 0 0
BREAD FINANCIAL HOLDINGS INC COM 018581108 BBG001S78Z50 18,565,291 304,050 SH   SOLE   297,825 0 6,225
BRISTOL-MYERS SQUIBB CO COM 110122108 BBG001S8N8J6 6,108,480 108,000 SH   SOLE   108,000 0 0
BUCKLE INC COM 118440106 BBG001S5P6T3 5,335,050 105,000 SH   SOLE   105,000 0 0
BUILD-A-BEAR WORKSHOP INC COM 120076104 BBG001SMC9T4 4,373,800 95,000 SH   SOLE   95,000 0 0
CARLYLE GROUP INC COM 14316J108 BBG001S7JM84 3,534,300 70,000 SH   SOLE   70,000 0 0
CHORD ENERGY CORPORATION COM NEW 674215207 BBG00Y7BLJF2 6,169,401 52,766 SH   SOLE   52,766 0 0
CONDUENT INC COM 206787103 BBG00C1BZMV6 6,259,010 1,549,260 SH   SOLE   1,467,800 0 81,460
CTO RLTY GROWTH INC NEW COM 22948Q101 BBG00Y3M1H68 7,566,669 383,900 SH   SOLE   383,900 0 0
FOSSIL GROUP INC COM 34988V106 BBG001S6FP74 4,293,702 2,571,080 SH   SOLE   2,439,285 0 131,795
GANNETT CO INC COM 36472T109 BBG005C9FQR2 12,126,921 2,396,625 SH   SOLE   2,255,035 0 141,590
GRAY TELEVISION INC COM 389375106 BBG001S8SQK9 10,661,016 3,384,450 SH   SOLE   3,225,660 0 158,790
JACKSON FINANCIAL INC COM CL A 46817M107 BBG00922Y611 11,962,179 137,370 SH   SOLE   135,660 0 1,710
LINCOLN NATL CORP IND COM 534187109 BBG001S5STV7 15,654,751 493,685 SH   SOLE   481,355 0 12,330
MICROSTRATEGY INC CL A NEW 594972408 BBG001SC7PX1 4,416,705 15,250 SH   SOLE   15,250 0 0
NABORS INDUSTRIES LTD SHS G6359F137 BBG001S604K2 16,075,919 281,195 SH   SOLE   266,630 0 14,565
ONEMAIN HLDGS INC COM 68268W103 BBG005497H09 7,767,370 149,000 SH   SOLE   149,000 0 0
PITNEY BOWES INC COM 724479100 BBG001S5V171 175,635 24,259 SH   SOLE   17,609 0 6,650
QUAD / GRAPHICS INC COM CL A 747301109 BBG001SG6LT7 17,551,366 2,518,130 SH   SOLE   2,391,635 0 126,495
SEMLER SCIENTIFIC INC COM 81684M104 BBG005LBVC90 2,322,000 43,000 SH   SOLE   43,000 0 0
STELLANTIS N.V SHS N82405106 BBG0078ZLDH8 5,089,500 390,000 SH   SOLE   390,000 0 0
TECHNIPFMC PLC COM G87110105 BBG00DL8NMT5 236,874 8,185 SH   SOLE   5,935 0 2,250
TEVA PHARMACEUTICAL INDS LTD SPONSORED ADS 881624209 BBG001S62NT9 241,338 10,950 SH   SOLE   7,950 0 3,000
TOTALENERGIES SE SPONSORED ADS 89151E109 BBG001S6WYD9 416,925 7,650 SH   SOLE   7,650 0 0
TUTOR PERINI CORP COM 901109108 BBG001S5V297 1,840,168 76,040 SH   SOLE   69,635 0 6,405
UGI CORP NEW COM 902681105 BBG001S5X0W3 8,243,160 292,000 SH   SOLE   292,000 0 0
UNITED NAT FOODS INC COM 911163103 BBG001S7B0Y1 11,265,373 412,500 SH   SOLE   387,235 0 25,265
VIATRIS INC COM 92556V106 BBG00Y52JV51 7,706,550 619,000 SH   SOLE   619,000 0 0
WESTERN ALLIANCE BANCORP COM 957638109 BBG001SLM522 11,788,328 141,110 SH   SOLE   139,375 0 1,735