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
ARK INNOVATION ETF COM 00214Q104   7,285,404 180,600 SH Put DFND 1, 2, 3, 4 0 0 180,600
BATTALION OIL CORP COM 07134L107   117,991 17,959 SH   DFND 1, 2, 3, 4 17,959 0 0
BIOHAVEN LTD COM G1110E107   956,200 70,000 SH   DFND 1, 2, 3, 4 70,000 0 0
BEYOND MEAT INC COM 08862E109   7,118,478 438,600 SH Put DFND 1, 2, 3, 4 0 0 438,600
CLIPPER REALTY INC COM 18885T306   130,344 22,708 SH   DFND 1, 2, 3, 4 22,708 0 0
COINBASE GLOBAL INC -CLASS A COM 19260Q107   412,177 6,100 SH Put DFND 1, 2, 3, 4 0 0 6,100
COMMUNITY WEST BANCSHARES COM 204157101   438,563 34,669 SH   DFND 1, 2, 3, 4 34,669 0 0
COREBRIDGE FINANCIAL INC COM 21871X109   2,403,000 150,000 SH   DFND 1, 2, 3, 4 150,000 0 0
DEVON ENERGY CORP COM 25179M103   913,207 18,044 SH   DFND 1, 2, 3, 4 18,044 0 0
DIGITAL REALTY TRUST INC COM 253868103   2,329,947 23,700 SH Put DFND 1, 2, 3, 4 0 0 23,700
ENVIVA INC COM 29415B103   375,440 13,000 SH Put DFND 1, 2, 3, 4 0 0 13,000
F&G ANNUITIES & LIFE INC COM 30190A104   1,959,062 108,116 SH   DFND 1, 2, 3, 4 108,116 0 0
FIRST CITIZENS BCSHS -CL A COM 31946M103   973,100 1,000 SH   DFND 1, 2, 3, 4 1,000 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102   383,100 30,000 SH   DFND 1, 2, 3, 4 30,000 0 0
GREAT ELM GROUP INC COM 39037G109   2,120,489 934,136 SH   DFND 1, 2, 3, 4 934,136 0 0
GREIF INC-CL B COM 397624206   16,193,545 211,625 SH   DFND 1, 2, 3, 4 211,625 0 0
JACKSON FINANCIAL INC-A COM 46817M107   5,140,134 137,400 SH   DFND 1, 2, 3, 4 137,400 0 0
JACKSON FINANCIAL INC-A COM 46817M107   1,496,400 40,000 SH Call DFND 1, 2, 3, 4 0 0 40,000
LENNAR CORP - B SHS COM 526057302   2,045,735 22,906 SH   DFND 1, 2, 3, 4 22,906 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102   1,354,630 163,012 SH   DFND 1, 2, 3, 4 163,012 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128   10,527,965 1,274,572 SH   DFND 1, 2, 3, 4 1,274,572 0 0
LINCOLN NATIONAL CORP COM 534187109   651,630 29,000 SH   DFND 1, 2, 3, 4 29,000 0 0
LOGAN RIDGE FINANCE CORP COM 541098109   1,271,150 61,113 SH   DFND 1, 2, 3, 4 61,113 0 0
MGIC INVESTMENT CORP COM 552848103   2,241,140 167,000 SH   DFND 1, 2, 3, 4 167,000 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102   4,859,679 20,030 SH   DFND 1, 2, 3, 4 20,030 0 0
NOBLE CORP PLC COM 00000NANA   1,973,500 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
NI HOLDINGS INC COM 65342T106   265,096 20,392 SH   DFND 1, 2, 3, 4 20,392 0 0
NOVO-NORDISK A/S-SPONS ADR COM 670100205   3,182,800 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
OPPENHEIMER HOLDINGS-CL A COM 683797104   391,500 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
PIEDMONT LITHIUM INC COM 72016P105   1,807,505 30,100 SH Put DFND 1, 2, 3, 4 0 0 30,100
PORTMAN RIDGE FINANCE CORP COM 73688F201   216,467 10,503 SH   DFND 1, 2, 3, 4 10,503 0 0
RHINEBECK BANCORP INC COM 762093102   85,604 11,190 SH   DFND 1, 2, 3, 4 11,190 0 0
SENECA FOODS CORP - CL A COM 817070501   336,619 6,440 SH   DFND 1, 2, 3, 4 6,440 0 0
SENECA FOODS CORP - CL B COM 817070105   399,600 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SIRIUSPOINT LTD COM G8192H106   867,853 106,747 SH   DFND 1, 2, 3, 4 106,747 0 0
SONIDA SENIOR LIVING INC COM 140475203   6,412,588 513,007 SH   DFND 1, 2, 3, 4 513,007 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106   5,672,399 668,915 SH   DFND 1, 2, 3, 4 668,915 0 0
STEREOTAXIS INC COM 85916J409   5,249,153 2,573,114 SH   DFND 1, 2, 3, 4 2,573,114 0 0
SUNCOR ENERGY INC COM 867224107   621,000 20,000 SH Call DFND 1, 2, 3, 4 0 0 20,000
TEJON RANCH CO COM 879080109   269,336 14,742 SH   DFND 1, 2, 3, 4 14,742 0 0
TRANSOCEAN LTD COM H8817H100   1,210,492 190,329 SH   DFND 1, 2, 3, 4 190,329 0 0
TESLA INC COM 88160R101   1,742,664 8,400 SH Put DFND 1, 2, 3, 4 0 0 8,400
WESTROCK CO COM 96145D105   2,644,796 86,800 SH   DFND 1, 2, 3, 4 86,800 0 0