The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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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 | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| SYLVAMO CORP | COMMON STOCK | 871332102 | 238,610,761 | 6,312,454 | SH | DFND | 1,2,3,4 | 0 | 6,312,454 | 0 | |
| APTARGROUP INC | COM | 038336103 | 25,040,000 | 200,000 | SH | DFND | 1,2 | 0 | 200,000 | 0 | |
| FLOOR & DECOR HOLDINGS INC-A | CL A | 339750101 | 6,232,800 | 105,000 | SH | DFND | 1,2 | 0 | 105,000 | 0 | |
| INTERNATIONAL PAPER CO | COM | 460146103 | 97,726,500 | 2,565,000 | SH | DFND | 1,2 | 0 | 2,565,000 | 0 | |
| MERCER INTERNATIONAL INC | COM | 588056101 | 138,168 | 209,346 | SH | DFND | 1,2 | 0 | 209,346 | 0 | |
| PACKAGING CORP OF AMERICA | COM | 695156109 | 82,530,899 | 346,361 | SH | DFND | 1,2 | 0 | 346,361 | 0 | |
| SILGAN HOLDINGS INC | COM | 827048109 | 1,855,600 | 40,000 | SH | DFND | 1,2 | 0 | 40,000 | 0 | |
| SUZANO SA - ADR | SPON ADS | 86959K105 | 63,632,000 | 8,200,000 | SH | DFND | 1,2 | 0 | 8,200,000 | 0 | |
| WASTE CONNECTIONS INC | COM | 94106B101 | 25,003,500 | 150,000 | SH | DFND | 1,2 | 0 | 150,000 | 0 | |
| APTARGROUP INC | COM | 038336103 | 2,504,000 | 20,000 | SH | DFND | 3,4 | 0 | 20,000 | 0 | |
| BOISE CASCADE CO | COM | 09739D100 | 17,078,600 | 220,000 | SH | DFND | 3,4 | 0 | 220,000 | 0 | |
| Builders FirstSource Inc | COM | 12008R107 | 20,848,840 | 233,000 | SH | DFND | 3,4 | 0 | 233,000 | 0 | |
| CEMEX SAB-SPONS ADR PART CER | SPON ADR NEW | 151290889 | 7,200,000 | 600,000 | SH | DFND | 3,4 | 0 | 600,000 | 0 | |
| EZCORP INC-CL A(NSM) | CL A NON VTG | 302301106 | 38,891,250 | 1,125,000 | SH | DFND | 3,4 | 0 | 1,125,000 | 0 | |
| FORTUNE BRANDS INNOVATIONS INC | COM | 34964C106 | 80,428,500 | 1,465,000 | SH | DFND | 3,4 | 0 | 1,465,000 | 0 | |
| FIRSTCASH HOLDINGS INC | COM | 33768G107 | 45,427,200 | 210,000 | SH | DFND | 3,4 | 0 | 210,000 | 0 | |
| FLOOR & DECOR HOLDINGS INC-A | CL A | 339750101 | 22,853,600 | 385,000 | SH | DFND | 3,4 | 0 | 385,000 | 0 | |
| GREENBRIER COMPANIES INC | COM | 393657101 | 3,302,245 | 67,379 | SH | DFND | 3,4 | 0 | 67,379 | 0 | |
| INTERNATIONAL PAPER CO | COM | 460146103 | 143,827,500 | 3,775,000 | SH | DFND | 3,4 | 0 | 3,775,000 | 0 | |
| JANUS INTERNATIONAL GROUP IN | COM | 47103N106 | 4,662,000 | 840,000 | SH | DFND | 3,4 | 0 | 840,000 | 0 | |
| MASTERBRAND INC | COMMON STOCK | 57638P104 | 47,585,076 | 4,624,400 | SH | DFND | 3,4 | 0 | 4,624,400 | 0 | |
| MERCER INTERNATIONAL INC | COM | 588056101 | 255,714 | 387,445 | SH | DFND | 3,4 | 0 | 387,445 | 0 | |
| PACKAGING CORP OF AMERICA | COM | 695156109 | 150,983,501 | 633,639 | SH | DFND | 3,4 | 0 | 633,639 | 0 | |
| Rayonier Inc | COM | 754907103 | 34,899,200 | 1,640,000 | SH | DFND | 3,4 | 0 | 1,640,000 | 0 | |
| SILGAN HOLDINGS INC | COM | 827048109 | 20,875,500 | 450,000 | SH | DFND | 3,4 | 0 | 450,000 | 0 | |
| SONOCO PRODUCTS CO | COM | 835495102 | 2,817,500 | 50,000 | SH | DFND | 3,4 | 0 | 50,000 | 0 | |
| SUZANO SA - ADR | SPON ADS | 86959K105 | 86,291,200 | 11,120,000 | SH | DFND | 3,4 | 0 | 11,120,000 | 0 | |
| VULCAN MATERIALS CO | COM | 929160109 | 1,475,050 | 5,000 | SH | DFND | 3,4 | 0 | 5,000 | 0 | |
| WASTE CONNECTIONS INC | COM | 94106B101 | 115,016,100 | 690,000 | SH | DFND | 3,4 | 0 | 690,000 | 0 | |
| West Fraser Timber Co Ltd | COM | 952845105 | 20,983,900 | 310,000 | SH | DFND | 3,4 | 0 | 310,000 | 0 | |
| Weyerhaeuser Co | COM NEW | 962166104 | 35,431,200 | 1,480,000 | SH | DFND | 3,4 | 0 | 1,480,000 | 0 | |
| GREENBRIER COMPANIES INC | COM | 393657101 | 35,297,443 | 720,209 | SH | DFND | 3,4 | 0 | 720,209 | 0 | |
| APTARGROUP INC | COM | 038336103 | 56,340,000 | 450,000 | SH | DFND | 6,5 | 0 | 450,000 | 0 | |
| BOISE CASCADE CO | COM | 09739D100 | 17,466,750 | 225,000 | SH | DFND | 6,5 | 0 | 225,000 | 0 | |
| Builders FirstSource Inc | COM | 12008R107 | 43,397,800 | 485,000 | SH | DFND | 6,5 | 0 | 485,000 | 0 | |
| CEMEX SAB-SPONS ADR PART CER | SPON ADR NEW | 151290889 | 18,240,000 | 1,520,000 | SH | DFND | 6,5 | 0 | 1,520,000 | 0 | |
| EZCORP INC-CL A(NSM) | CL A NON VTG | 302301106 | 11,235,250 | 325,000 | SH | DFND | 6,5 | 0 | 325,000 | 0 | |
| FORTUNE BRANDS INNOVATIONS INC | COM | 34964C106 | 19,764,000 | 360,000 | SH | DFND | 6,5 | 0 | 360,000 | 0 | |
| FIRSTCASH HOLDINGS INC | COM | 33768G107 | 12,979,200 | 60,000 | SH | DFND | 6,5 | 0 | 60,000 | 0 | |
| FLOOR & DECOR HOLDINGS INC-A | CL A | 339750101 | 26,118,400 | 440,000 | SH | DFND | 6,5 | 0 | 440,000 | 0 | |
| INTERNATIONAL PAPER CO | COM | 460146103 | 133,350,000 | 3,500,000 | SH | DFND | 6,5 | 0 | 3,500,000 | 0 | |
| JANUS INTERNATIONAL GROUP IN | COMMON STOCK | 47103N106 | 13,320,000 | 2,400,000 | SH | DFND | 6,5 | 0 | 2,400,000 | 0 | |
| LGI HOMES INC | COM | 50187T106 | 61,578,560 | 967,000 | SH | DFND | 6,5 | 0 | 967,000 | 0 | |
| MERITAGE HOMES CORP | COM | 59001A102 | 18,447,000 | 220,000 | SH | DFND | 6,5 | 0 | 220,000 | 0 | |
| PACKAGING CORP OF AMERICA | COM | 695156109 | 131,649,700 | 552,500 | SH | DFND | 6,5 | 0 | 552,500 | 0 | |
| Rayonier Inc | COM | 754907103 | 48,944,000 | 2,300,000 | SH | DFND | 6,5 | 0 | 2,300,000 | 0 | |
| SILGAN HOLDINGS INC | COM | 827048109 | 25,514,500 | 550,000 | SH | DFND | 6,5 | 0 | 550,000 | 0 | |
| SUZANO SA - ADR | SPON ADS | 86959K105 | 38,800,000 | 5,000,000 | SH | DFND | 6,5 | 0 | 5,000,000 | 0 | |
| WASTE CONNECTIONS INC | COM | 94106B101 | 111,682,300 | 670,000 | SH | DFND | 6,5 | 0 | 670,000 | 0 | |
| West Fraser Timber Co Ltd | COM | 952845105 | 29,106,700 | 430,000 | SH | DFND | 6,5 | 0 | 430,000 | 0 | |
| Weyerhaeuser Co | COM NEW | 962166104 | 37,346,400 | 1,560,000 | SH | DFND | 6,5 | 0 | 1,560,000 | 0 | |