# EDGAR Filing Document

**Accession Number:** 0001056581
**File Stem:** 0001214659-26-001719
**Filing Date:** 2026-2
**Character Count:** 19732
**Document Hash:** a8c83c9b4e14ef129f2ba1f424f7e3f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-001719.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001214659-26-001719

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GENDELL JEFFREY L
- **CENTRAL INDEX KEY:** 0001056581

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06950
- **FILM NUMBER:** 26632376

**MAIL ADDRESS:**
- **STREET 1:** 1 SOUND SHORE DRIVE
- **STREET 2:** SUITE 304
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830-7251

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** GENDELL JEFFREY L<br>**Address:** 1 Sound Shore Drive<br>Suite 304<br>Greenwich, CT 06830-7251

**Form 13F File Number:** 028-06950

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Jeffrey L. Gendell<br>**Title:** Authorized Signatory<br>**Phone:** 203-769-2000

**Signature, Place, and Date of Signing:**

/s/ Jeffrey L. Gendell  Greenwich, CT  02-13-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[x] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 3

**Form 13F Information Table Entry Total:** 160

**Form 13F Information Table Value Total:** $5755830704

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

|   No. | Name                            | Form 13F File Number   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | Tontine Asset Management LLC    | 028-14690              |  |  |
|     2 | Tontine Associates LLC          | 028-19509              |  |  |
|     3 | TONTINE CAPITAL ASSOCIATES L.P. | 028-20769              |  |  |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADVANCED MICRO DEVICES | COM | 007903107 |  | 17668200 | 82500 | SH |  | DFND | 1 | 0 | 82500 | 0 |
| ADVANCED MICRO DEVICES | COM | 007903107 |  | 4818600 | 22500 | SH |  | DFND | 2 | 0 | 22500 | 0 |
| ALCOA CORP | COM | 013872106 |  | 1774557 | 33394 | SH |  | DFND | 1 | 0 | 33394 | 0 |
| ALERUS FINANCIAL CORP | COM | 01446U103 |  | 5262924 | 233700 | SH |  | DFND | 2 | 0 | 233700 | 0 |
| ALPHA METALLURGICAL RESOURCE | COM | 020764106 |  | 68034555 | 340377 | SH |  | DFND | 1 | 0 | 340377 | 0 |
| ALPHA METALLURGICAL RESOURCE | COM | 020764106 |  | 30720557 | 153695 | SH |  | DFND | 2 | 0 | 153695 | 0 |
| AMERISERV FINANCIAL INC | COM | 03074A102 |  | 5217810 | 1635677 | SH |  | DFND | 2 | 0 | 1635677 | 0 |
| APPLE INC | COM | 037833100 |  | 9515100 | 35000 | SH |  | DFND | 1 | 0 | 35000 | 0 |
| ATKORE INC | COM | 047649108 |  | 19683843 | 311207 | SH |  | DFND | 1 | 0 | 311207 | 0 |
| ATKORE INC | COM | 047649108 |  | 4806621 | 75994 | SH |  | DFND | 2 | 0 | 75994 | 0 |
| AVADEL PHARMACEUTICALS | COM | G29687103 |  | 61621686 | 2859475 | SH |  | DFND | 1 | 0 | 2859475 | 0 |
| AVADEL PHARMACEUTICALS | COM | G29687103 |  | 41157957 | 1909882 | SH |  | DFND | 2 | 0 | 1909882 | 0 |
| AVADEL PHARMACEUTICALS | COM | G29687103 |  | 24383825 | 1131500 | SH | Call | DFND | 1 | 0 | 0 | 0 |
| AVANTOR INC | COM | 05352A100 |  | 4684275 | 408750 | SH |  | DFND | 1 | 0 | 408750 | 0 |
| AVANTOR INC | COM | 05352A100 |  | 1561425 | 136250 | SH |  | DFND | 2 | 0 | 136250 | 0 |
| BABCOCK  WILCOX ENTERPR | COM | 05614L209 |  | 24741121 | 3902385 | SH |  | DFND | 1 | 0 | 3902385 | 0 |
| BABCOCK  WILCOX ENTERPR | COM | 05614L209 |  | 7250950 | 1143683 | SH |  | DFND | 2 | 0 | 1143683 | 0 |
| BAUSCH HEALTH COS INC | COM | 071734107 |  | 6767618 | 973758 | SH |  | DFND | 1 | 0 | 973758 | 0 |
| BAUSCH HEALTH COS INC | COM | 071734107 |  | 2255393 | 324517 | SH |  | DFND | 2 | 0 | 324517 | 0 |
| BAXTER INTERNATIONAL INC | COM | 071813109 |  | 6394091 | 334594 | SH |  | DFND | 1 | 0 | 334594 | 0 |
| BAXTER INTERNATIONAL INC | COM | 071813109 |  | 2131357 | 111531 | SH |  | DFND | 2 | 0 | 111531 | 0 |
| BLUE RIDGE BANKSHARES INC | COM | 095825105 |  | 916376 | 214608 | SH |  | DFND | 2 | 0 | 214608 | 0 |
| BLUELINX HOLDINGS INC | COM | 09624H208 |  | 29837472 | 485715 | SH |  | DFND | 1 | 0 | 485715 | 0 |
| BLUELINX HOLDINGS INC | COM | 09624H208 |  | 14330268 | 233278 | SH |  | DFND | 2 | 0 | 233278 | 0 |
| BOEING CO/THE | COM | 097023105 |  | 15591604 | 71811 | SH |  | DFND | 1 | 0 | 71811 | 0 |
| BOEING CO/THE | COM | 097023105 |  | 2171200 | 10000 | SH |  | DFND | 2 | 0 | 10000 | 0 |
| BV FINANCIAL INC | COM | 05603E208 |  | 2562493 | 141262 | SH |  | DFND | 2 | 0 | 141262 | 0 |
| CAMDEN NATIONAL CORP | COM | 133034108 |  | 2657849 | 61269 | SH |  | DFND | 2 | 0 | 61269 | 0 |
| CHAMPION HOMES INC | COM | 830830105 |  | 23156042 | 274036 | SH |  | DFND | 1 | 0 | 274036 | 0 |
| CHAMPION HOMES INC | COM | 830830105 |  | 3638655 | 43061 | SH |  | DFND | 2 | 0 | 43061 | 0 |
| CHOICEONE FINANCIAL SVCS INC | COM | 170386106 |  | 4385137 | 148548 | SH |  | DFND | 2 | 0 | 148548 | 0 |
| CITIZENS COMMUNITY BANCORP I | COM | 174903104 |  | 4425045 | 248319 | SH |  | DFND | 2 | 0 | 248319 | 0 |
| CIVISTA BANCSHARES INC | COM | 178867107 |  | 222200 | 10000 | SH |  | DFND | 2 | 0 | 10000 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 2330565 | 12627 | SH |  | DFND | 1 | 0 | 12627 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 2768550 | 15000 | SH |  | DFND | 2 | 0 | 15000 | 0 |
| CORE LABORATORIES INC | COM | 21867A105 |  | 6261735 | 390626 | SH |  | DFND | 1 | 0 | 390626 | 0 |
| CORE LABORATORIES INC | COM | 21867A105 |  | 4133079 | 257834 | SH |  | DFND | 2 | 0 | 257834 | 0 |
| CORE NATURAL RESOURCES INC | COM | 218937100 |  | 11403274 | 128836 | SH |  | DFND | 1 | 0 | 128836 | 0 |
| CORE NATURAL RESOURCES INC | COM | 218937100 |  | 4594820 | 51913 | SH |  | DFND | 2 | 0 | 51913 | 0 |
| CORNING INC | COM | 219350105 |  | 14506678 | 165677 | SH |  | DFND | 1 | 0 | 165677 | 0 |
| CORNING INC | COM | 219350105 |  | 11840126 | 135223 | SH |  | DFND | 2 | 0 | 135223 | 0 |
| CUMMINS INC | COM | 231021106 |  | 7656750 | 15000 | SH |  | DFND | 1 | 0 | 15000 | 0 |
| CUMMINS INC | COM | 231021106 |  | 3695658 | 7240 | SH |  | DFND | 2 | 0 | 7240 | 0 |
| DMC GLOBAL INC | COM | 23291C103 |  | 4674417 | 698717 | SH |  | DFND | 1 | 0 | 698717 | 0 |
| DMC GLOBAL INC | COM | 23291C103 |  | 1362010 | 203589 | SH |  | DFND | 2 | 0 | 203589 | 0 |
| DRILLING TOOLS INTERNATIONAL | CL A | 26205E107 |  | 917535 | 374504 | SH |  | DFND | 1 | 0 | 374504 | 0 |
| DRILLING TOOLS INTERNATIONAL | CL A | 26205E107 |  | 5059821 | 2065233 | SH |  | DFND | 2 | 0 | 2065233 | 0 |
| EQT CORP | COM | 26884L109 |  | 14144879 | 263897 | SH |  | DFND | 1 | 0 | 263897 | 0 |
| EQT CORP | COM | 26884L109 |  | 4714978 | 87966 | SH |  | DFND | 2 | 0 | 87966 | 0 |
| FENNEC PHARMACEUTICALS INC | COM | 31447P100 |  | 508701 | 66065 | SH |  | DFND | 1 | 0 | 66065 | 0 |
| FENNEC PHARMACEUTICALS INC | COM | 31447P100 |  | 565904 | 73494 | SH |  | DFND | 2 | 0 | 73494 | 0 |
| FERROGLOBE PLC | COM | G33856108 |  | 454706 | 97997 | SH |  | DFND | 1 | 0 | 97997 | 0 |
| FIRST BANK/HAMILTON NJ | COM | 31931U102 |  | 805536 | 48939 | SH |  | DFND | 2 | 0 | 48939 | 0 |
| FIRST MID BANCSHARES INC | COM | 320866106 |  | 5361447 | 137473 | SH |  | DFND | 2 | 0 | 137473 | 0 |
| FIRST TRUST NATURAL GAS ETF | COM | 33733E807 |  | 18262703 | 780124 | SH |  | DFND | 1 | 0 | 780124 | 0 |
| FIRST TRUST NATURAL GAS ETF | COM | 33733E807 |  | 3833388 | 163750 | SH |  | DFND | 2 | 0 | 163750 | 0 |
| FIRST UNITED CORP | COM | 33741H107 |  | 6677499 | 178352 | SH |  | DFND | 2 | 0 | 178352 | 0 |
| FIRST US BANCSHARES INC | COM | 33744V103 |  | 5552432 | 397454 | SH |  | DFND | 2 | 0 | 397454 | 0 |
| FLEX LTD | COM | Y2573F102 |  | 29414571 | 486835 | SH |  | DFND | 1 | 0 | 486835 | 0 |
| FLEX LTD | COM | Y2573F102 |  | 11456417 | 189613 | SH |  | DFND | 2 | 0 | 189613 | 0 |
| FMC CORP | COM | 302491303 |  | 9362250 | 675000 | SH |  | DFND | 1 | 0 | 675000 | 0 |
| FMC CORP | COM | 302491303 |  | 3120750 | 225000 | SH |  | DFND | 2 | 0 | 225000 | 0 |
| FRIEDMAN INDUSTRIES | COM | 358435105 |  | 5490336 | 267952 | SH |  | DFND | 1 | 0 | 267952 | 0 |
| FRIEDMAN INDUSTRIES | COM | 358435105 |  | 1774926 | 86624 | SH |  | DFND | 2 | 0 | 86624 | 0 |
| GENWORTH FINANCIAL INC | COM | 37247D106 |  | 45762586 | 5067839 | SH |  | DFND | 1 | 0 | 5067839 | 0 |
| GENWORTH FINANCIAL INC | COM | 37247D106 |  | 12804982 | 1418049 | SH |  | DFND | 2 | 0 | 1418049 | 0 |
| GOODYEAR TIRE  RUBBER CO | COM | 382550101 |  | 5253898 | 599760 | SH |  | DFND | 1 | 0 | 599760 | 0 |
| GOODYEAR TIRE  RUBBER CO | COM | 382550101 |  | 1934287 | 220809 | SH |  | DFND | 2 | 0 | 220809 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 19522715 | 690825 | SH |  | DFND | 1 | 0 | 690825 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 6507572 | 230275 | SH |  | DFND | 2 | 0 | 230275 | 0 |
| HUMANA INC | COM | 444859102 |  | 6915510 | 27000 | SH |  | DFND | 1 | 0 | 27000 | 0 |
| HUMANA INC | COM | 444859102 |  | 2305170 | 9000 | SH |  | DFND | 2 | 0 | 9000 | 0 |
| IES HOLDINGS INC | COM | 44951W106 |  | 1597405206 | 4106229 | SH |  | DFND |  | 0 | 4106229 | 0 |
| IES HOLDINGS INC | COM | 44951W106 |  | 276059485 | 709628 | SH |  | DFND | 1 | 0 | 709628 | 0 |
| IES HOLDINGS INC | COM | 44951W106 |  | 2152272601 | 5532550 | SH |  | DFND | 3 | 0 | 5532550 | 0 |
| IF BANCORP INC | COM | 44951J105 |  | 194139 | 7201 | SH |  | DFND | 1 | 0 | 7201 | 0 |
| IF BANCORP INC | COM | 44951J105 |  | 8599647 | 318978 | SH |  | DFND | 2 | 0 | 318978 | 0 |
| INDIVIOR PLC | COM | G4766E116 |  | 22722625 | 633295 | SH |  | DFND | 1 | 0 | 633295 | 0 |
| INDIVIOR PLC | COM | G4766E116 |  | 16614162 | 463048 | SH |  | DFND | 2 | 0 | 463048 | 0 |
| INNOSPEC INC | COM | 45768S105 |  | 12932964 | 168970 | SH |  | DFND | 1 | 0 | 168970 | 0 |
| INNOSPEC INC | COM | 45768S105 |  | 8907802 | 116381 | SH |  | DFND | 2 | 0 | 116381 | 0 |
| INNOVEX INTERNATIONAL INC | COM | 457651107 |  | 7199385 | 329190 | SH |  | DFND | 1 | 0 | 329190 | 0 |
| INNOVEX INTERNATIONAL INC | COM | 457651107 |  | 1380456 | 63121 | SH |  | DFND | 2 | 0 | 63121 | 0 |
| INSEEGO CORP | COM | 45782B302 |  | 2620955 | 255205 | SH |  | DFND | 1 | 0 | 255205 | 0 |
| INSEEGO CORP | COM | 45782B302 |  | 1787966 | 174096 | SH |  | DFND | 2 | 0 | 174096 | 0 |
| INTERFACE INC | COM | 458665304 |  | 698000 | 25000 | SH |  | DFND | 2 | 0 | 25000 | 0 |
| INVESCO S SMALLCAP ENERGY | COM | 46138G474 |  | 2942407 | 68469 | SH |  | DFND | 2 | 0 | 68469 | 0 |
| KLX ENERGY SERVICES HOLDING | COM | 48253L205 |  | 2882658 | 1525216 | SH |  | DFND | 1 | 0 | 1525216 | 0 |
| KLX ENERGY SERVICES HOLDING | COM | 48253L205 |  | 430716 | 227892 | SH |  | DFND | 2 | 0 | 227892 | 0 |
| LIBERTY ENERGY INC | COM | 53115L104 |  | 14237995 | 771289 | SH |  | DFND | 1 | 0 | 771289 | 0 |
| LSB INDUSTRIES INC | COM | 502160104 |  | 7712203 | 907318 | SH |  | DFND | 1 | 0 | 907318 | 0 |
| LSB INDUSTRIES INC | CL A | 502160104 |  | 10427902 | 1226812 | SH |  | DFND | 2 | 0 | 1226812 | 0 |
| LUMEN TECHNOLOGIES INC | COM | 550241103 |  | 31257389 | 4022830 | SH |  | DFND | 1 | 0 | 4022830 | 0 |
| LUMEN TECHNOLOGIES INC | COM | 550241103 |  | 5737259 | 738386 | SH |  | DFND | 2 | 0 | 738386 | 0 |
| MATERION CORP | COM | 576690101 |  | 3007674 | 24193 | SH |  | DFND | 1 | 0 | 24193 | 0 |
| MATERION CORP | COM | 576690101 |  | 5855845 | 47103 | SH |  | DFND | 2 | 0 | 47103 | 0 |
| MATRIX SERVICE CO | COM | 576853105 |  | 8393299 | 717376 | SH |  | DFND | 1 | 0 | 717376 | 0 |
| MATRIX SERVICE CO | COM | 576853105 |  | 3980165 | 340185 | SH |  | DFND | 2 | 0 | 340185 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 30690137 | 107530 | SH |  | DFND | 1 | 0 | 107530 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 10229951 | 35843 | SH |  | DFND | 2 | 0 | 35843 | 0 |
| MOHAWK INDUSTRIES INC | COM | 608190104 |  | 37259714 | 340894 | SH |  | DFND | 1 | 0 | 340894 | 0 |
| MOHAWK INDUSTRIES INC | COM | 608190104 |  | 11451908 | 104775 | SH |  | DFND | 2 | 0 | 104775 | 0 |
| NABORS INDUSTRIES LTD | COM | G6359F137 |  | 17527986 | 322799 | SH |  | DFND | 1 | 0 | 322799 | 0 |
| NABORS INDUSTRIES LTD | COM | G6359F137 |  | 1086000 | 20000 | SH |  | DFND | 2 | 0 | 20000 | 0 |
| NOV INC | COM | 62955J103 |  | 5309464 | 339697 | SH |  | DFND | 1 | 0 | 339697 | 0 |
| OCTAVE SPECIALTY GROUP INC | COM | 023139884 |  | 8971826 | 1153191 | SH |  | DFND | 1 | 0 | 1153191 | 0 |
| OCTAVE SPECIALTY GROUP INC | COM | 023139884 |  | 3238666 | 416281 | SH |  | DFND | 2 | 0 | 416281 | 0 |
| OIL STATES INTERNATIONAL INC | COM | 678026105 |  | 8709063 | 1286420 | SH |  | DFND | 1 | 0 | 1286420 | 0 |
| OIL STATES INTERNATIONAL INC | COM | 678026105 |  | 1887808 | 278849 | SH |  | DFND | 2 | 0 | 278849 | 0 |
| OPTICAL CABLE CORP | COM | 683827208 |  | 1848263 | 415340 | SH |  | DFND | 2 | 0 | 415340 | 0 |
| ORION GROUP HOLDINGS INC | COM | 68628V308 |  | 8396914 | 844760 | SH |  | DFND | 1 | 0 | 844760 | 0 |
| ORION GROUP HOLDINGS INC | COM | 68628V308 |  | 2579828 | 259540 | SH |  | DFND | 2 | 0 | 259540 | 0 |
| OWENS CORNING | COM | 690742101 |  | 77408483 | 691703 | SH |  | DFND | 1 | 0 | 691703 | 0 |
| OWENS CORNING | CL A | 690742101 |  | 25779588 | 230360 | SH |  | DFND | 2 | 0 | 230360 | 0 |
| PATRICK INDUSTRIES INC | COM | 703343103 |  | 11394692 | 105088 | SH |  | DFND |  | 0 | 105088 | 0 |
| PEABODY ENERGY CORP | COM | 704551100 |  | 11250093 | 378791 | SH |  | DFND | 1 | 0 | 378791 | 0 |
| PEABODY ENERGY CORP | COM | 704551100 |  | 3796343 | 127823 | SH |  | DFND | 2 | 0 | 127823 | 0 |
| PEOPLES BANCORP OF NC | COM | 710577107 |  | 7883021 | 217763 | SH |  | DFND | 2 | 0 | 217763 | 0 |
| PROSPECT CAPITAL CORP | COM | 74348T102 |  | 4850881 | 1872927 | SH |  | DFND | 1 | 0 | 1872927 | 0 |
| PROSPECT CAPITAL CORP | COM | 74348T102 |  | 4805465 | 1855392 | SH |  | DFND | 2 | 0 | 1855392 | 0 |
| REPUBLIC BANCORP INC-CLASS A | COM | 760281204 |  | 9859775 | 142916 | SH |  | DFND | 2 | 0 | 142916 | 0 |
| SANDISK CORP | COM | 80004C200 |  | 31289295 | 131811 | SH |  | DFND | 1 | 0 | 131811 | 0 |
| SANDISK CORP | COM | 80004C200 |  | 7984988 | 33638 | SH |  | DFND | 2 | 0 | 33638 | 0 |
| SB FINANCIAL GROUP INC | COM | 78408D105 |  | 1030789 | 46286 | SH |  | DFND | 2 | 0 | 46286 | 0 |
| SELECT WATER SOLUTIONS INC | COM | 81617J301 |  | 5747171 | 546309 | SH |  | DFND | 1 | 0 | 546309 | 0 |
| SHORE BANCSHARES INC | COM | 825107105 |  | 2419331 | 136840 | SH |  | DFND | 2 | 0 | 136840 | 0 |
| SLB LTD | COM | 806857108 |  | 20379780 | 531000 | SH |  | DFND | 1 | 0 | 531000 | 0 |
| SLB LTD | COM | 806857108 |  | 13010820 | 339000 | SH |  | DFND | 2 | 0 | 339000 | 0 |
| SMART SAND INC | COM | 83191H107 |  | 12105468 | 3026367 | SH |  | DFND | 1 | 0 | 3026367 | 0 |
| SMART SAND INC | COM | 83191H107 |  | 402192 | 100548 | SH |  | DFND | 2 | 0 | 100548 | 0 |
| SOUTHLAND HOLDINGS INC | COM | 84445C100 |  | 1101762 | 331856 | SH |  | DFND | 1 | 0 | 331856 | 0 |
| SOUTHLAND HOLDINGS INC | COM | 84445C100 |  | 5206039 | 1568084 | SH |  | DFND | 2 | 0 | 1568084 | 0 |
| SS SPDR S BIOTECH ETF | COM | 78464A870 |  | 23471525 | 192500 | SH |  | DFND | 1 | 0 | 192500 | 0 |
| SS SPDR S BIOTECH ETF | COM | 78464A870 |  | 8508032 | 69778 | SH |  | DFND | 2 | 0 | 69778 | 0 |
| STEPAN CO | COM | 858586100 |  | 323279 | 6826 | SH |  | DFND | 1 | 0 | 6826 | 0 |
| STEPAN CO | COM | 858586100 |  | 106986 | 2259 | SH |  | DFND | 2 | 0 | 2259 | 0 |
| SUNCOKE ENERGY INC | COM | 86722A103 |  | 8161913 | 1133599 | SH |  | DFND | 1 | 0 | 1133599 | 0 |
| SUNCOKE ENERGY INC | COM | 86722A103 |  | 2436775 | 338441 | SH |  | DFND | 2 | 0 | 338441 | 0 |
| TECHNIPFMC PLC | COM | G87110105 |  | 10694400 | 240000 | SH |  | DFND | 1 | 0 | 240000 | 0 |
| TECHNIPFMC PLC | COM | G87110105 |  | 3564800 | 80000 | SH |  | DFND | 2 | 0 | 80000 | 0 |
| TECOGEN INC/WALTHAM MA | COM | 87876P201 |  | 1459973 | 295541 | SH |  | DFND | 1 | 0 | 295541 | 0 |
| TETRA TECHNOLOGIES INC | COM | 88162F105 |  | 22352547 | 2385544 | SH |  | DFND | 1 | 0 | 2385544 | 0 |
| TETRA TECHNOLOGIES INC | COM | 88162F105 |  | 4685000 | 500000 | SH |  | DFND | 2 | 0 | 500000 | 0 |
| TOWER SEMICONDUCTOR LTD | COM | M87915274 |  | 1761300 | 15000 | SH |  | DFND | 1 | 0 | 15000 | 0 |
| TOWER SEMICONDUCTOR LTD | COM | M87915274 |  | 7045200 | 60000 | SH |  | DFND | 2 | 0 | 60000 | 0 |
| TRANSOCEAN LTD | COM | H8817H100 |  | 34220420 | 8285816 | SH |  | DFND | 1 | 0 | 8285816 | 0 |
| TRANSOCEAN LTD | COM | H8817H100 |  | 10341590 | 2504017 | SH |  | DFND | 2 | 0 | 2504017 | 0 |
| TUTOR PERINI CORP | COM | 901109108 |  | 41235127 | 615266 | SH |  | DFND | 1 | 0 | 615266 | 0 |
| TUTOR PERINI CORP | COM | 901109108 |  | 18406976 | 274649 | SH |  | DFND | 2 | 0 | 274649 | 0 |
| UFP INDUSTRIES INC | COM | 90278Q108 |  | 19807381 | 217544 | SH |  | DFND | 1 | 0 | 217544 | 0 |
| UFP INDUSTRIES INC | COM | 90278Q108 |  | 11213172 | 123154 | SH |  | DFND | 2 | 0 | 123154 | 0 |
| UNIVERSAL TECHNICAL INSTITUT | COM | 913915104 |  | 1794844 | 68689 | SH |  | DFND | 1 | 0 | 68689 | 0 |
| UNIVERSAL TECHNICAL INSTITUT | COM | 913915104 |  | 598272 | 22896 | SH |  | DFND | 2 | 0 | 22896 | 0 |
| VANECK OIL SERVICES ETF | COM | 92189H607 |  | 31183169 | 109503 | SH |  | DFND | 1 | 0 | 109503 | 0 |
| VANECK OIL SERVICES ETF | COM | 92189H607 |  | 10544748 | 37029 | SH |  | DFND | 2 | 0 | 37029 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 27217971 | 157996 | SH |  | DFND | 1 | 0 | 157996 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 8991288 | 52193 | SH |  | DFND | 2 | 0 | 52193 | 0 |
| WHITE MOUNTAINS INSURANCE GP | COM | G9618E107 |  | 44523871 | 21426 | SH |  | DFND | 1 | 0 | 21426 | 0 |
| WHITE MOUNTAINS INSURANCE GP | COM | G9618E107 |  | 23053665 | 11094 | SH |  | DFND | 2 | 0 | 11094 | 0 |
| WINNEBAGO INDUSTRIES | COM | 974637100 |  | 6912104 | 170585 | SH |  | DFND | 1 | 0 | 170585 | 0 |

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