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
AERCAP HOLDINGS COM N00985106   333,917,079 3,525,307 SH   DFND 2 0 3,505,357 0
AIR FRANCE-KLM COM 009119108   5,541,760 5,328,615 SH   DFND 2 0 5,319,525 0
AMERICAN INTERNATIONAL GROUP COM 026874784   53,061,017 724,580 SH   DFND 2 0 724,580 0
ALLEGIANT TRAVEL CO COM 01748X102   54,700,678 993,474 SH   DFND 2 0 967,814 0
ALLY FINANCIAL INC COM 02005N100   89,529,030 2,515,567 SH   DFND 2 0 2,515,567 0
ADVANSIX INC COM 00773T101   5,377,138 176,996 SH   DFND 2 0 176,996 0
ALGOMA STEEL GROUP INC COM 015658107   82,483,129 8,062,867 SH   DFND 2 0 7,903,617 0
AZURE POWER GLOBAL LTD COM V0393H103   117,220 304,467 SH   SOLE 0 304,467 0 0
BEAZER HOMES USA INC COM 07556Q881   107,035,031 3,132,427 SH   DFND 2 0 3,087,327 0
CITIGROUP COM 172967424   80,041,612 1,278,620 SH   DFND 2 0 1,278,620 0
CENTERRA GOLD INC. COM 152006102   48,009,977 6,705,304 SH   DFND 2 0 6,705,304 0
CIVITAS RESOURCES INC COM 17888H103   160,821,614 3,173,902 SH   DFND 2 0 3,145,922 0
COOL CO LTD COM G2415A113   39,094,662 3,462,769 SH   DFND 2 0 3,353,669 0
CHATHAM LODGING TRUST COM 16208T102   29,323,114 3,441,680 SH   DFND 2 0 3,287,992 0
CNA FINANCIAL CORP. COM 126117100   25,395,113 518,903 SH   DFND 2 0 518,903 0
COREBRIDGE FINANCIAL INC COM 21871X109   126,411,399 4,335,096 SH   DFND 2 0 4,335,096 0
ELDORADO GOLD COM 284902509   204,816,288 11,791,381 SH   DFND 2 0 11,691,741 0
EQUINOX GOLD CORP COM 29446Y502   109,927,174 18,050,439 SH   DFND 2 0 17,987,539 0
GALIANO GOLD INC COM 36352H100   33,911,479 23,881,323 SH   DFND 2 0 23,030,098 0
GUILD HOLDINGS CO- CLASS A COM 40172N107   5,707,532 343,207 SH   DFND 2 0 335,807 0
GOLAR LNG LTD COM G9456A100   117,460,404 3,195,332 SH   DFND 2 0 3,163,732 0
GENERAL MOTORS COM 37045V100   73,070,053 1,629,573 SH   DFND 2 0 1,629,573 0
GENWORTH FINANCIAL INC. COM 37247D106   171,354,764 25,015,294 SH   DFND 2 0 24,764,394 0
GLOBAL SHIP LEASE INC- CL A COM Y27183600   49,503,148 1,857,529 SH   DFND 2 0 1,809,799 0
FERROGLOBE PLC COM G33856108   2,900,000 625,000 SH   SOLE 0 625,000 0 0
HUDBAY MINERALS COM 443628102   34,451,288 3,748,780 SH   DFND 2 0 3,665,280 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   127,928,839 1,652,187 SH   DFND 2 0 1,642,487 0
HOOKER FURNISHINGS CORP COM 439038100   18,364,290 1,015,724 SH   DFND 2 0 982,824 0
IAMGOLD CORP COM 450913108   162,219,553 31,017,123 SH   DFND 2 0 30,764,323 0
INTERNATIONAL SEAWAYS COM Y41053102   10,502,617 203,697 SH   DFND 2 0 198,807 0
JETBLUE AIRWAYS COM 477143101   74,265,498 11,320,960 SH   DFND 2 0 11,212,360 0
JEFFERIES FINANCIAL GROUP COM 47233W109   70,957,671 1,152,846 SH   DFND 2 0 1,152,846 0
JACKSON FINANCIAL INC COM 46817M107   182,587,357 2,001,396 SH   DFND 2 0 1,983,166 0
KB HOME COM 48666K109   19,375,366 226,110 SH   DFND 2 0 217,010 0
KIMBALL ELECTRONICS COM 49428J109   3,546,072 191,576 SH   SOLE 0 191,576 0 0
KOREA ELECTRIC POWER CORP COM 500631106   11,521,683 1,484,753 SH   DFND 2 0 1,484,753 0
LOEWS CORP COM 540424108   6,136,177 77,624 SH   DFND 2 0 77,624 0
M/I HOMES COM 55305B101   188,224,908 1,098,418 SH   DFND 2 0 1,088,978 0
THE MOSAIC COMPANY COM 61945C103   73,687,312 2,751,580 SH   DFND 2 0 2,751,580 0
MOTORCAR PARTS OF AMERICA COM 620071100   7,689,628 1,040,545 SH   DFND 2 0 972,095 0
MICRON TECHNOLOGY COM 595112103   37,474,986 361,344 SH   DFND 2 0 361,344 0
NAVIENT CORP COM 63938C108   55,832,638 3,581,311 SH   DFND 2 0 3,536,731 0
NMI HOLDINGS INC - CLASS A COM 629209305   39,949,028 969,872 SH   DFND 2 0 948,172 0
NOMURA HOLDINGS INC COM 65535H208   33,782,702 6,471,782 SH   DFND 2 0 6,471,782 0
NETGEAR INC COM 64111Q104   6,154,589 306,809 SH   DFND 2 0 306,809 0
PARK HOTELS & RESORTS INC COM 700517105   113,889,733 8,077,286 SH   DFND 2 0 8,077,286 0
RADIAN GROUP INC COM 750236101   99,250,518 2,861,070 SH   DFND 2 0 2,846,870 0
RLJ LODGING TRUST COM 74965L101   44,570,020 4,855,122 SH   DFND 2 0 4,755,122 0
SIRIUSPOINT LTD COM G8192H106   100,203,303 6,987,678 SH   DFND 2 0 6,872,338 0
TAYLOR MORRISON HOME CORP COM 87724P106   136,366,159 1,940,879 SH   DFND 2 0 1,940,879 0
TUTOR PERINI CORP COM 901109108   88,825,096 3,270,438 SH   DFND 2 0 3,212,048 0
TITAN INTERNATIONAL INC COM 88830M102   3,234,114 397,800 SH   SOLE 0 397,800 0 0
TERNIUM SA COM 880890108   93,742,209 2,539,751 SH   DFND 2 0 2,525,161 0
UNUM GROUP COM 91529Y106   173,624,834 2,921,010 SH   DFND 2 0 2,921,010 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107   34,252,180 1,545,676 SH   DFND 2 0 1,473,176 0
BRISTOW GROUP INC COM 11040G103   2,579,999 74,373 SH   SOLE 0 70,577 0 0
UNITED STATES STEEL CORP COM 912909108   166,752,124 4,719,845 SH   SOLE 0 4,719,845 0 0
RESOLUTE FOREST PRODUCTS - CONTINGENT VALUE RTS WTS 761CVR042   8,330 5,866 SH   DFND 2 0 5,866 0
RUSSELL 1000 COM 464287598   3,378,440 17,800 SH   DFND 2 0 17,800 0
DAKOTA GOLD CORP COM 46655E100   719,800 305,000 SH   DFND 2 0 305,000 0
GREAT PANTHER MINING COM 39115V101   47 472,001 SH   DFND 2 0 472,001 0
PERPETUA RESOURCES CORP COM 714266103   2,477,750 265,000 SH   DFND 2 0 265,000 0