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   53,040 17,000 SH   OTR   0 17,000 0
AMERISERV FINANC INC COM 03074A102   128,544 41,200 SH   SOLE   41,200 0 0
ASCENT INDUSTRIES COM 871565107   118,248 12,369 SH   OTR   0 12,369 0
ASCENT INDUSTRIES COM 871565107   413,221 43,224 SH   SOLE   43,224 0 0
ASTRONICS CORP COM 046433108   1,828,843 104,925 SH   OTR   0 104,925 0
ASTRONICS CORP COM 046433108   6,243,077 358,180 SH   SOLE   358,180 0 0
CAMDEN NATIONAL CORP COM 133034108   1,373,128 36,568 SH   OTR   0 36,568 0
CAMDEN NATIONAL CORP COM 133034108   1,990,150 53,000 SH   SOLE   53,000 0 0
CECO ENVIRONMENTAL CORP COM 125141101   448,700 22,158 SH   OTR   0 22,158 0
CECO ENVIRONMENTAL CORP COM 125141101   1,377,000 68,000 SH   SOLE   68,000 0 0
CENTRAL PLAINS BANCSHARES INC COM 15486W100   159,157 15,696 SH   OTR   0 15,696 0
CENTRAL PLAINS BANCSHARES INC COM 15486W100   138,908 13,699 SH   SOLE   13,699 0 0
CITIZENS & NORTHERN CORP COM 172922106   367,852 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106   594,395 26,500 SH   SOLE   26,500 0 0
CITIZENS FINL GROUP INC COM 174610105   220,580 6,656 SH   OTR   0 6,656 0
CITIZENS FINL GROUP INC COM 174610105   561,027 16,929 SH   SOLE   16,929 0 0
CITIZENS FINL SVCS INC COM 174615104   500,027 7,726 SH   SOLE   7,726 0 0
COLUMBIA FINANCIAL COM 197641103   651,548 33,794 SH   SOLE   33,794 0 0
COMMUNITY BANK SYS INC COM 203607106   344,864 6,618 SH   OTR   0 6,618 0
COMPX INTERNATIONAL COM 20563P101   179,412 7,097 SH   OTR   0 7,097 0
COMPX INTERNATIONAL COM 20563P101   524,560 20,750 SH   SOLE   20,750 0 0
CONTANGO ORE INC COM 21077F100   207,637 11,459 SH   OTR   0 11,459 0
CONTANGO ORE INC COM 21077F100   1,063,427 58,688 SH   SOLE   58,688 0 0
CRAWFORD & CO CL B COM 224633107   1,211,384 93,833 SH   OTR   0 93,833 0
CRAWFORD & CO CL B COM 224633107   2,238,607 173,401 SH   SOLE   173,401 0 0
DELUXE CORP COM 248019101   298,155 13,900 SH   OTR   0 13,900 0
DLH HOLDINGS CORP COM 23335Q100   1,614,783 103,181 SH   OTR   0 103,181 0
DLH HOLDINGS CORP COM 23335Q100   6,297,560 402,400 SH   SOLE   402,400 0 0
DONEGAL GROUP INC CL B 257701300   59,130 4,500 SH   OTR   0 4,500 0
DONEGAL GROUP INC CL B 257701300   175,498 13,356 SH   SOLE   13,356 0 0
DONEGAL GROUP INC CL A 257701201   319,335 22,875 SH   OTR   0 22,875 0
DONEGAL GROUP INC CL A 257701201   329,665 23,615 SH   SOLE   23,615 0 0
DORMAN PRODUCTS INC COM 258278100   715,289 8,590 SH   OTR   0 8,590 0
DORMAN PRODUCTS INC COM 258278100   707,795 8,500 SH   SOLE   8,500 0 0
ECB BANCORP INC COM 26828M106   168,973 13,507 SH   OTR   0 13,507 0
ECB BANCORP INC COM 26828M106   235,914 18,858 SH   SOLE   18,858 0 0
EAGLE BANCORP MONT INC COM 26942G100   61,230 3,900 SH   OTR   0 3,900 0
EAGLE BANCORP MONT INC COM 26942G100   270,009 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104   3,371,743 156,027 SH   OTR   0 156,027 0
EASTERN CO COM 276317104   7,251,603 335,567 SH   SOLE   335,567 0 0
ESCALADE INC COM 296056104   3,307,181 165,029 SH   OTR   0 165,029 0
ESCALADE INC COM 296056104   7,470,611 372,785 SH   SOLE   372,785 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102   59,127 4,025 SH   OTR   0 4,025 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102   545,263 37,118 SH   SOLE   37,118 0 0
FIRST COMMONWEALTH FINANCIAL COM 319829107   85,735 5,560 SH   OTR   0 5,560 0
FIRST COMMONWEALTH FINANCIAL COM 319829107   308,400 20,000 SH   SOLE   20,000 0 0
FIRST MERCHANTS CORP COM 320817109   180,765 4,875 SH   OTR   0 4,875 0
FIRST MERCHANTS CORP COM 320817109   185,400 5,000 SH   SOLE   5,000 0 0
FIRST SAVINGS FINANCIAL GP INC COM 33621E109   95,760 5,700 SH   OTR   0 5,700 0
FIRST SAVINGS FINANCIAL GP INC COM 33621E109   176,753 10,521 SH   SOLE   10,521 0 0
FNB CORP COM 302520101   160,971 11,690 SH   OTR   0 11,690 0
FNB CORP COM 302520101   721,341 52,385 SH   SOLE   52,385 0 0
FOSTER L B CO COM 350060109   820,708 37,424 SH   OTR   0 37,424 0
FOSTER L B CO COM 350060109   929,262 42,374 SH   SOLE   42,374 0 0
FREIGHTCAR AMERICA INC COM 357023100   593,640 220,684 SH   OTR   0 220,684 0
FREIGHTCAR AMERICA INC COM 357023100   1,519,850 565,000 SH   SOLE   565,000 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109   2,467,860 321,336 SH   OTR   0 321,336 0
GREAT LAKES DREDGE & DOCK CO COM 390607109   7,331,804 954,662 SH   SOLE   954,662 0 0
GSE SYSTEMS INC COM 36227K106   34,855 17,341 SH   OTR   0 17,341 0
GSE SYSTEMS INC COM 36227K106   120,600 60,000 SH   SOLE   60,000 0 0
HORIZON BANCORP INDIANA COM 440407104   100,914 7,052 SH   OTR   0 7,052 0
HORIZON BANCORP INDIANA COM 440407104   400,680 28,000 SH   SOLE   28,000 0 0
ICC HOLDINGS INC COM 44931Q104   128,314 8,414 SH   OTR   0 8,414 0
ICC HOLDINGS INC COM 44931Q104   380,533 24,953 SH   SOLE   24,953 0 0
INFUSYSTEM HLDGS INC COM 45685K102   1,919,749 183,884 SH   OTR   0 183,884 0
INFUSYSTEM HLDGS INC COM 45685K102   6,921,375 662,967 SH   SOLE   662,967 0 0
KEWAUNEE SCIENTIFIC CP COM 492854104   1,272,768 45,456 SH   SOLE   0 45,456 0
KEWAUNEE SCIENTIFIC CP COM 492854104   3,611,328 128,976 SH   OTR   128,976 0 0
LAKE SHORE BANCORP INC COM 510700107   90,584 7,870 SH   OTR   0 7,870 0
LAKE SHORE BANCORP INC COM 510700107   256,074 22,248 SH   SOLE   22,248 0 0
MID PENN BANCORP COM 59540G107   303,573 12,503 SH   OTR   0 12,503 0
MID PENN BANCORP COM 59540G107   952,480 39,229 SH   SOLE   39,229 0 0
NAVIGATOR HOLDINGS LTD COM Y62132108   1,146,310 78,947 SH   OTR   0 78,947 0
NAVIGATOR HOLDINGS LTD COM Y62132108   3,857,456 265,665 SH   SOLE   265,665 0 0
NI HOLDINGS INC COM 65342T106   380,845 29,500 SH   OTR   0 29,500 0
NI HOLDINGS INC COM 65342T106   1,296,164 100,400 SH   SOLE   100,400 0 0
NORTHWEST BANCSHARES INC COM 667340103   474,240 38,000 SH   SOLE   38,000 0 0
NORWOOD FINANCIAL CORP COM 669549107   155,631 4,729 SH   OTR   0 4,729 0
NORWOOD FINANCIAL CORP COM 669549107   294,610 8,952 SH   SOLE   8,952 0 0
PB BANCSHARES INC COM 69318V103   120,500 9,640 SH   OTR   0 9,640 0
PB BANCSHARES INC COM 69318V103   136,500 10,920 SH   SOLE   10,920 0 0
PATHFINDER BANCORP INC COM 70319R109   671,559 48,699 SH   OTR   0 48,699 0
PATHFINDER BANCORP INC COM 70319R109   2,866,941 207,900 SH   SOLE   207,900 0 0
PROASSURANCE CORP COM 74267C106   117,684 8,534 SH   OTR   0 8,534 0
PROASSURANCE CORP COM 74267C106   119,973 8,700 SH   SOLE   8,700 0 0
RICHMOND MUTUAL COM 76525P100   345,300 30,000 SH   SOLE   30,000 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300   1,694,582 76,161 SH   OTR   0 76,161 0
SAGA COMMUNICATIONS INC CL A NEW 786598300   3,490,580 156,880 SH   SOLE   156,880 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402   1,403,308 175,633 SH   OTR   0 175,633 0
SCRIPPS E W CO OHIO CL A NEW 811054402   3,652,229 457,100 SH   SOLE   457,100 0 0
SIFCO INDUSTRIES INC COM 826546103   347,800 76,608 SH   OTR   0 76,608 0
SIFCO INDUSTRIES INC COM 826546103   1,371,080 302,000 SH   SOLE   302,000 0 0
SOUTH STATE CORP COM 840441109   478,015 5,661 SH   OTR   0 5,661 0
STARRETT LS COM 855668109   250,918 20,737 SH   OTR   0 20,737 0
STARRETT LS COM 855668109   635,250 52,500 SH   SOLE   52,500 0 0
THRYV HOLDINGS IINC COM 886029206   552,866 27,329 SH   SOLE   0 27,329 0
THRYV HOLDINGS IINC COM 886029206   3,995,425 197,500 SH   SOLE   197,500 0 0
TREDEGAR CORP COM 894650100   3,258,091 602,235 SH   OTR   0 602,235 0
TREDEGAR CORP COM 894650100   4,133,024 763,960 SH   SOLE   763,960 0 0
UNIFI INC COM 904677200   1,010,888 151,785 SH   OTR   0 151,785 0
UNIFI INC COM 904677200   970,362 145,700 SH   SOLE   145,700 0 0
UNISYS CORP COM NEW 909214306   1,079,866 192,147 SH   OTR   0 192,147 0
UNISYS CORP COM NEW 909214306   860,984 153,200 SH   SOLE   153,200 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100   3,826,262 191,122 SH   OTR   0 191,122 0
UNIVERSAL STAINLESS & ALLOY COM 913837100   11,710,158 584,923 SH   SOLE   584,923 0 0
US LIME & MINERAL COM 911922102   342,070 1,485 SH   OTR   0 1,485 0
US LIME & MINERAL COM 911922102   705,101 3,061 SH   SOLE   3,061 0 0
VILLAGE BANK & TRUST FIN CO COM 92705T200   71,920 1,798 SH   SOLE   0 1,798 0
VILLAGE BANK & TRUST FIN CO COM 92705T200   717,880 17,947 SH   OTR   17,947 0 0
VIRCO MANUFACTURING CO COM 927651109   3,430,391 285,153 SH   OTR   0 285,153 0
VIRCO MANUFACTURING CO COM 927651109   9,770,598 812,186 SH   SOLE   812,186 0 0