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 3,211,195 127,000 SH   SOLE   127,000 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 BBG001S9DR67 10,319,741 1,717,095 SH   SOLE   1,648,895 0 68,200
BOISE CASCADE CO DEL COM 09739D100 BBG001SZX397 2,860,840 37,000 SH   SOLE   37,000 0 0
BREAD FINANCIAL HOLDINGS INC COM 018581108 BBG001S78Z50 15,058,458 270,010 SH   SOLE   264,775 0 5,235
BRISTOL-MYERS SQUIBB CO COM 110122108 BBG001S8N8J6 4,870,800 108,000 SH   SOLE   108,000 0 0
BUCKLE INC COM 118440106 BBG001S5P6T3 4,223,520 72,000 SH   SOLE   72,000 0 0
BUILD-A-BEAR WORKSHOP INC COM 120076104 BBG001SMC9T4 6,390,580 98,000 SH   SOLE   98,000 0 0
CAL MAINE FOODS INC COM NEW 128030202 BBG001S80MM6 5,834,200 62,000 SH   SOLE   62,000 0 0
CARLYLE GROUP INC COM 14316J108 BBG001S7JM84 2,508,000 40,000 SH   SOLE   40,000 0 0
CHORD ENERGY CORPORATION COM NEW 674215207 BBG00Y7BLJF2 5,243,357 52,766 SH   SOLE   52,766 0 0
CONDUENT INC COM 206787103 BBG00C1BZMV6 11,286,310 4,030,825 SH   SOLE   3,854,000 0 176,825
CTO RLTY GROWTH INC NEW COM 22948Q101 BBG00Y3M1H68 6,995,063 429,145 SH   SOLE   429,145 0 0
FOSSIL GROUP INC COM 34988V106 BBG001S6FP74 8,548,835 3,326,395 SH   SOLE   3,187,600 0 138,795
GANNETT CO INC COM 36472T109 BBG005C9FQR2 14,055,484 3,403,265 SH   SOLE   3,259,540 0 143,725
GRAY MEDIA INC COM 389375106 BBG001S8SQK9 20,566,483 3,558,215 SH   SOLE   3,410,975 0 147,240
ITURAN LOCATION AND CONTROL SHS M6158M104 BBG001S8KHC6 7,679,800 215,000 SH   SOLE   215,000 0 0
JACKSON FINANCIAL INC COM CL A 46817M107 BBG00922Y611 9,497,905 93,825 SH   SOLE   92,395 0 1,430
JELD-WEN HLDG INC COM 47580P103 BBG001TG2G57 10,158,004 2,068,840 SH   SOLE   1,981,010 0 87,830
LINCOLN NATL CORP IND COM 534187109 BBG001S5STV7 20,998,863 520,676 SH   SOLE   508,216 0 12,460
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 BBG001T8LMY9 1,863,520 38,000 SH   SOLE   38,000 0 0
NABORS INDUSTRIES LTD SHS G6359F137 BBG001S604K2 27,509,393 673,095 SH   SOLE   646,400 0 26,695
ONEMAIN HLDGS INC COM 68268W103 BBG005497H09 5,190,989 91,941 SH   SOLE   91,941 0 0
QUAD / GRAPHICS INC COM CL A 747301109 BBG001SG6LT7 16,422,953 2,623,475 SH   SOLE   2,532,405 0 91,070
SEMLER SCIENTIFIC INC COM 81684M104 BBG005LBVC90 1,590,000 53,000 SH   SOLE   53,000 0 0
STELLANTIS N.V SHS N82405106 BBG0078ZLDH8 3,642,600 390,000 SH   SOLE   390,000 0 0
STRATEGY INC CL A NEW 594972408 BBG001SC7PX1 4,913,702 15,250 SH   SOLE   15,250 0 0
TECHNIPFMC PLC COM G87110105 BBG00DL8NMT5 296,269 7,510 SH   SOLE   5,425 0 2,085
TOTALENERGIES SE SPONSORED ADS 89151E109 BBG001S6WYD9 456,628 7,650 SH   SOLE   7,650 0 0
TUTOR PERINI CORP COM 901109108 BBG001S5V297 446,996 6,815 SH   SOLE   4,880 0 1,935
UGI CORP NEW COM 902681105 BBG001S5X0W3 8,714,120 262,000 SH   SOLE   262,000 0 0
UNITED NAT FOODS INC COM 911163103 BBG001S7B0Y1 2,763,001 73,445 SH   SOLE   68,180 0 5,265
UNITED PARCEL SERVICE INC CL B 911312106 BBG001SDGSH1 7,233,698 86,600 SH   SOLE   86,600 0 0
UPBOUND GROUP INC COM 76009N100 BBG001S6BR38 472,600 20,000 SH   SOLE   20,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 BBG001S67QY1 8,702,100 198,000 SH   SOLE   198,000 0 0
VIATRIS INC COM 92556V106 BBG00Y52JV51 6,128,100 619,000 SH   SOLE   619,000 0 0
WESTERN ALLIANCE BANCORP COM 957638109 BBG001SLM522 5,502,818 63,455 SH   SOLE   62,340 0 1,115