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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERICAN NATIONAL GROUP INC COM 02772A109 714 3,780 SH   DFND 1, 2, 3, 4 3,780 0 0
ARK INNOVATION ETF COM 00214Q104 1,419 15,000 SH Put DFND 1, 2, 3, 4 0 0 15,000
BATTALION OIL CORP COM 07134L107 176 17,959 SH   DFND 1, 2, 3, 4 17,959 0 0
BEYOND MEAT INC COM 08862E109 6,711 103,000 SH Put DFND 1, 2, 3, 4 0 0 103,000
CITIGROUP INC COM 172967424 6,039 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
CIT GROUP INC COM 125581801 4,159 81,000 SH   DFND 1, 2, 3, 4 81,000 0 0
CLIPPER REALTY INC COM 18885T306 226 22,708 SH   DFND 1, 2, 3, 4 22,708 0 0
COMMUNITY WEST BANCSHARES COM 204157101 465 34,669 SH   DFND 1, 2, 3, 4 34,669 0 0
COWEN INC - A COM 223622606 33,670 932,693 SH   DFND 1, 2, 3, 4 932,693 0 0
DEVON ENERGY CORP COM 25179M103 812 18,444 SH   DFND 1, 2, 3, 4 18,444 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102 758 46,893 SH   DFND 1, 2, 3, 4 46,893 0 0
GREAT ELM GROUP INC COM 39037G109 2,404 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREIF INC-CL B COM 397624206 14,936 249,844 SH   DFND 1, 2, 3, 4 249,844 0 0
ICC HOLDINGS INC COM 44931Q104 284 16,965 SH   DFND 1, 2, 3, 4 16,965 0 0
INTERNATIONAL PAPER CO COM 460146103 2,819 60,000 SH   DFND 1, 2, 3, 4 60,000 0 0
JACKSON FINANCIAL INC-A COM 46817M107 11,018 263,400 SH   DFND 1, 2, 3, 4 263,400 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 514 68,283 SH   DFND 1, 2, 3, 4 68,283 0 0
LENNAR CORP - B SHS COM 526057302 6,967 72,860 SH   DFND 1, 2, 3, 4 72,860 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102 1,615 138,512 SH   DFND 1, 2, 3, 4 138,512 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128 13,721 1,203,574 SH   DFND 1, 2, 3, 4 1,203,574 0 0
LINCOLN NATIONAL CORP COM 534187109 3,550 52,000 SH   DFND 1, 2, 3, 4 52,000 0 0
LOCKHEED MARTIN CORP COM 539830109 1,099 3,093 SH   DFND 1, 2, 3, 4 3,093 0 0
MALVERN BANCORP INC COM 561409103 158 10,087 SH   DFND 1, 2, 3, 4 10,087 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 3,672 17,124 SH   DFND 1, 2, 3, 4 17,124 0 0
NI HOLDINGS INC COM 65342T106 386 20,392 SH   DFND 1, 2, 3, 4 20,392 0 0
PORTMAN RIDGE FINANCE CORP COM 73688F201 1,591 64,250 SH   DFND 1, 2, 3, 4 64,250 0 0
REVOLUTION HEALTHCARE ACQU-A COM 76155Y108 866 88,900 SH   DFND 1, 2, 3, 4 88,900 0 0
REVOLUTION HEALTHCARE -CW28 WTS 76155Y116 13 17,780 SH   DFND 1, 2, 3, 4 0 0 17,780
SENECA FOODS CORP - CL A COM 817070501 309 6,440 SH   DFND 1, 2, 3, 4 6,440 0 0
SENECA FOODS CORP - CL B COM 817070105 349 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SIRIUSPOINT LTD COM 00000NANA 1,341 164,951 SH   DFND 1, 2, 3, 4 164,951 0 0
SONIDA SENIOR LIVING INC COM 140475203 13,826 485,299 SH   DFND 1, 2, 3, 4 485,299 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 3,016 255,600 SH   DFND 1, 2, 3, 4 255,600 0 0
STEREOTAXIS INC COM 85916J409 14,080 2,270,952 SH   DFND 1, 2, 3, 4 2,270,952 0 0
TEJON RANCH CO COM 879080109 322 16,902 SH   DFND 1, 2, 3, 4 16,902 0 0
TESLA INC COM 88160R101 666,617 630,800 SH Put DFND 1, 2, 3, 4 0 0 630,800