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
AMERISERV FINANC INC COM 03074A102   66,810 17,000 SH   OTR   0 17,000 0
AMERISERV FINANC INC COM 03074A102   161,916 41,200 SH   SOLE   41,200 0 0
ASCENT INDUSTRIES COM 871565107   107,239 12,369 SH   OTR   0 12,369 0
ASCENT INDUSTRIES COM 871565107   416,160 48,000 SH   SOLE   48,000 0 0
ASTRONICS CORP COM 046433108   1,080,728 104,925 SH   OTR   0 104,925 0
ASTRONICS CORP COM 046433108   3,689,254 358,180 SH   SOLE   358,180 0 0
AUDACY INC COM 05070N103   17,415 77,400 SH   OTR   0 77,400 0
CAMDEN NATIONAL CORP COM 133034108   1,522,326 36,568 SH   OTR   0 36,568 0
CAMDEN NATIONAL CORP COM 133034108   2,206,390 53,000 SH   SOLE   53,000 0 0
CECO ENVIRONMENTAL CORP COM 125141101   406,321 34,758 SH   OTR   0 34,758 0
CECO ENVIRONMENTAL CORP COM 125141101   1,282,393 109,700 SH   SOLE   109,700 0 0
CHASE CORP COM 16150R104   2,969,069 34,420 SH   OTR   0 34,420 0
CHASE CORP COM 16150R104   7,403,955 85,833 SH   SOLE   85,833 0 0
CITIZENS & NORTHERN CORP COM 172922106   373,920 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106   604,200 26,500 SH   SOLE   26,500 0 0
CITIZENS FINL GROUP INC COM 174610105   261,980 6,656 SH   OTR   0 6,656 0
CITIZENS FINL GROUP INC COM 174610105   666,325 16,929 SH   SOLE   16,929 0 0
COLUMBIA FINANCIAL COM 197641103   730,626 33,794 SH   SOLE   33,794 0 0
COMMUNITY BANK SYS INC COM 203607106   416,272 6,618 SH   OTR   0 6,618 0
COMPUTER TASK GROUP INC COM 205477102   1,908,658 252,468 SH   OTR   0 252,468 0
COMPUTER TASK GROUP INC COM 205477102   7,589,325 1,003,879 SH   SOLE   1,003,879 0 0
COMPX INTERNATIONAL COM 20563P101   131,153 7,097 SH   OTR   0 7,097 0
COMPX INTERNATIONAL COM 20563P101   383,460 20,750 SH   SOLE   20,750 0 0
CONTANGO ORE INC COM 21077F100   338,800 15,400 SH   OTR   0 15,400 0
CONTANGO ORE INC COM 21077F100   1,815,990 82,545 SH   SOLE   82,545 0 0
CRAWFORD & CO CL B COM 224633107   158,185 29,790 SH   OTR   0 29,790 0
CRAWFORD & CO CL B COM 224633107   408,482 76,927 SH   SOLE   76,927 0 0
DALLASNEWS CORPORATION COM 235050101   81,842 21,313 SH   OTR   0 21,313 0
DALLASNEWS CORPORATION COM 235050101   279,072 72,675 SH   SOLE   72,675 0 0
DELTA APPAREL INC COM 247368103   56,233 5,300 SH   OTR   0 5,300 0
DELTA APPAREL INC COM 247368103   149,601 14,100 SH   SOLE   14,100 0 0
DELUXE CORP COM 248019101   236,022 13,900 SH   OTR   0 13,900 0
DLH HOLDINGS CORP COM 23335Q100   533,859 45,204 SH   OTR   0 45,204 0
DLH HOLDINGS CORP COM 23335Q100   1,771,323 149,985 SH   SOLE   149,985 0 0
DONEGAL GROUP INC CL B 257701300   71,055 4,500 SH   OTR   0 4,500 0
DONEGAL GROUP INC CL B 257701300   210,891 13,356 SH   SOLE   13,356 0 0
DONEGAL GROUP INC CL A 257701201   324,825 22,875 SH   OTR   0 22,875 0
DONEGAL GROUP INC CL A 257701201   335,333 23,615 SH   SOLE   23,615 0 0
DORMAN PRODUCTS INC COM 258278100   693,814 8,590 SH   OTR   0 8,590 0
DORMAN PRODUCTS INC COM 258278100   686,545 8,500 SH   SOLE   8,500 0 0
EAGLE BANCORP MONT INC COM 26942G100   62,907 3,900 SH   OTR   0 3,900 0
EAGLE BANCORP MONT INC COM 26942G100   277,404 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104   1,818,471 94,466 SH   OTR   0 94,466 0
EASTERN CO COM 276317104   6,058,168 314,710 SH   SOLE   314,710 0 0
ESCALADE INC COM 296056104   1,731,384 170,077 SH   OTR   0 170,077 0
ESCALADE INC COM 296056104   3,903,460 383,444 SH   SOLE   383,444 0 0
FIRST MERCHANTS CORP COM 320817109   200,411 4,875 SH   OTR   0 4,875 0
FIRST MERCHANTS CORP COM 320817109   205,550 5,000 SH   SOLE   5,000 0 0
FIRST SAVINGS FINANCIAL GP INC COM 33621E109   114,000 5,700 SH   OTR   0 5,700 0
FIRST SAVINGS FINANCIAL GP INC COM 33621E109   210,420 10,521 SH   SOLE   10,521 0 0
FNB CORP COM 302520101   152,555 11,690 SH   OTR   0 11,690 0
FNB CORP COM 302520101   756,900 58,000 SH   SOLE   58,000 0 0
FOSTER L B CO COM 350060109   362,264 37,424 SH   OTR   0 37,424 0
FOSTER L B CO COM 350060109   410,180 42,374 SH   SOLE   42,374 0 0
FREIGHTCAR AMERICA INC COM 357023100   697,361 220,684 SH   OTR   0 220,684 0
FREIGHTCAR AMERICA INC COM 357023100   1,850,900 585,728 SH   SOLE   585,728 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109   1,581,442 266,236 SH   OTR   0 266,236 0
GREAT LAKES DREDGE & DOCK CO COM 390607109   5,399,828 909,062 SH   SOLE   909,062 0 0
GSE SYSTEMS INC COM 36227K106   121,127 173,039 SH   OTR   0 173,039 0
GSE SYSTEMS INC COM 36227K106   416,255 594,650 SH   SOLE   594,650 0 0
HORIZON BANCORP INDIANA COM 440407104   106,274 7,052 SH   OTR   0 7,052 0
HORIZON BANCORP INDIANA COM 440407104   421,960 28,000 SH   SOLE   28,000 0 0
HV BANCORP COM 40441H105   736,312 25,890 SH   SOLE   25,890 0 0
ICC HOLDINGS INC COM 44931Q104   129,576 8,414 SH   OTR   0 8,414 0
ICC HOLDINGS INC COM 44931Q104   384,276 24,953 SH   SOLE   24,953 0 0
IMMUCELL CORP COM 452525306   27,461 4,554 SH   SOLE   0 4,554 0
IMMUCELL CORP COM 452525306   44,646 7,404 SH   OTR   7,404 0 0
INFUSYSTEM HLDGS INC COM 45685K102   1,596,113 183,884 SH   OTR   0 183,884 0
INFUSYSTEM HLDGS INC COM 45685K102   5,754,554 662,967 SH   SOLE   662,967 0 0
KEWAUNEE SCIENTIFIC CP COM 492854104   2,024,454 126,925 SH   SOLE   126,925 0 0
KEWAUNEE SCIENTIFIC CP COM 492854104   676,048 43,616 SH   OTR   0 43,616 0
LAKE SHORE BANCORP INC COM 510700107   68,685 5,700 SH   OTR   0 5,700 0
LAKE SHORE BANCORP INC COM 510700107   168,700 14,000 SH   SOLE   14,000 0 0
LUMOS PHARMA INC COM 55028X109   48,776 13,549 SH   OTR   0 13,549 0
LUMOS PHARMA INC COM 55028X109   73,678 20,466 SH   SOLE   20,466 0 0
MALVERN BANCORP INC COM 561409103   852,000 48,000 SH   SOLE   48,000 0 0
MALVERN BANCORP INC COM 561409103   92,407 5,206 SH   OTR   0 5,206 0
MID PENN BANCORP COM 59540G107   374,340 12,503 SH   OTR   0 12,503 0
MID PENN BANCORP COM 59540G107   1,174,516 39,229 SH   SOLE   39,229 0 0
MID SOUTHERN BANCORP COM 59548Q107   115,895 8,915 SH   OTR   0 8,915 0
MID SOUTHERN BANCORP COM 59548Q107   166,283 12,791 SH   SOLE   12,791 0 0
NAVIGATOR HOLDINGS LTD COM Y62132108   941,048 78,947 SH   OTR   0 78,947 0
NAVIGATOR HOLDINGS LTD COM Y62132108   3,166,727 265,665 SH   SOLE   265,665 0 0
NEXTCURE INC COM 65343E108   16,779 11,900 SH   OTR   0 11,900 0
NEXTCURE INC COM 65343E108   27,936 19,813 SH   SOLE   19,813 0 0
NI HOLDINGS INC COM 65342T106   389,105 29,500 SH   OTR   0 29,500 0
NI HOLDINGS INC COM 65342T106   1,324,276 100,400 SH   SOLE   100,400 0 0
NORTHWEST BANCSHARES INC COM 667340103   531,240 38,000 SH   SOLE   38,000 0 0
NORWOOD FINANCIAL CORP COM 669549107   158,138 4,729 SH   OTR   0 4,729 0
NORWOOD FINANCIAL CORP COM 669549107   299,355 8,952 SH   SOLE   8,952 0 0
OCONEE FED FINL CORP COM 675607105   286,275 11,451 SH   SOLE   11,451 0 0
PATHFINDER BANCORP INC COM 70319R109   892,997 47,399 SH   OTR   0 47,399 0
PATHFINDER BANCORP INC COM 70319R109   3,848,070 204,250 SH   SOLE   204,250 0 0
PATRIOT TRANSPORTATION HOLDING COM 70338W105   313,123 44,541 SH   OTR   0 44,541 0
PATRIOT TRANSPORTATION HOLDING COM 70338W105   1,420,355 202,042 SH   SOLE   202,042 0 0
PC TEL INC COM 69325Q105   22,950 5,400 SH   OTR   0 5,400 0
PC TEL INC COM 69325Q105   58,833 13,843 SH   SOLE   13,843 0 0
PROASSURANCE CORP COM 74267C106   149,089 8,534 SH   OTR   0 8,534 0
PROASSURANCE CORP COM 74267C106   151,989 8,700 SH   SOLE   8,700 0 0
RICHMOND MUTUAL COM 76525P100   390,300 30,000 SH   SOLE   30,000 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300   1,233,445 52,487 SH   OTR   0 52,487 0
SAGA COMMUNICATIONS INC CL A NEW 786598300   3,579,215 152,307 SH   SOLE   152,307 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402   1,642,391 124,707 SH   OTR   0 124,707 0
SCRIPPS E W CO OHIO CL A NEW 811054402   5,250,879 398,700 SH   SOLE   398,700 0 0
SIFCO INDUSTRIES INC COM 826546103   158,579 76,608 SH   OTR   0 76,608 0
SIFCO INDUSTRIES INC COM 826546103   639,837 309,100 SH   SOLE   309,100 0 0
SOUTH STATE CORP COM 840441109   432,274 5,661 SH   OTR   0 5,661 0
STARRETT LS COM 855668109   151,173 20,737 SH   OTR   0 20,737 0
STARRETT LS COM 855668109   382,725 52,500 SH   SOLE   52,500 0 0
THRYV HOLDINGS IINC COM 886029206   184,260 9,703 SH   SOLE   0 9,703 0
THRYV HOLDINGS IINC COM 886029206   759,600 40,000 SH   SOLE   40,000 0 0
TREDEGAR CORP COM 894650100   1,164,916 113,984 SH   OTR   0 113,984 0
TREDEGAR CORP COM 894650100   2,715,352 265,690 SH   SOLE   265,690 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100   1,114,125 155,604 SH   OTR   0 155,604 0
UNIVERSAL STAINLESS & ALLOY COM 913837100   4,173,013 582,823 SH   SOLE   582,823 0 0
US LIME & MINERAL COM 911922102   1,719,953 12,380 SH   OTR   0 12,380 0
US LIME & MINERAL COM 911922102   3,631,352 26,138 SH   SOLE   26,138 0 0
VILLAGE BANK & TRUST FIN CO COM 92705T200   903,631 17,947 SH   SOLE   17,947 0 0
VILLAGE BANK & TRUST FIN CO COM 92705T200   90,529 1,798 SH   OTR   0 1,798 0
VIRCO MANUFACTURING CO COM 927651109   983,430 217,573 SH   OTR   0 217,573 0
VIRCO MANUFACTURING CO COM 927651109   3,215,383 711,368 SH   SOLE   711,368 0 0
WILLIAMS INDUSTRIAL SERVICES GROUP COM 96951A104   434,521 426,001 SH   OTR   0 426,001 0
WILLIAMS INDUSTRIAL SERVICES GROUP COM 96951A104   1,488,462 1,459,276 SH   SOLE   1,459,276 0 0