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
ARK INNOVATION ETF COM 00214Q104 1,790 27,000 SH Put DFND 1, 2, 3, 4 0 0 27,000
BATTALION OIL CORP COM 07134L107 334 17,959 SH   DFND 1, 2, 3, 4 17,959 0 0
BEYOND MEAT INC COM 08862E109 4,348 90,000 SH Put DFND 1, 2, 3, 4 0 0 90,000
CLIPPER REALTY INC COM 18885T306 206 22,708 SH   DFND 1, 2, 3, 4 22,708 0 0
COMMUNITY WEST BANCSHARES COM 204157101 486 34,669 SH   DFND 1, 2, 3, 4 34,669 0 0
COWEN INC - A COM 223622606 25,681 947,643 SH   DFND 1, 2, 3, 4 947,643 0 0
DEVON ENERGY CORP COM 25179M103 1,091 18,444 SH   DFND 1, 2, 3, 4 18,444 0 0
FIRST CITIZENS BCSHS -CL A COM 31946M103 3,343 5,022 SH   DFND 1, 2, 3, 4 5,022 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102 802 46,893 SH   DFND 1, 2, 3, 4 46,893 0 0
GREAT ELM GROUP INC COM 39037G109 2,082 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREIF INC-CL B COM 397624206 16,162 253,487 SH   DFND 1, 2, 3, 4 253,487 0 0
ICC HOLDINGS INC COM 44931Q104 289 16,965 SH   DFND 1, 2, 3, 4 16,965 0 0
INTERNATIONAL PAPER CO COM 460146103 2,769 60,000 SH   DFND 1, 2, 3, 4 60,000 0 0
JACKSON FINANCIAL INC-A COM 46817M107 10,987 248,400 SH   DFND 1, 2, 3, 4 248,400 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 503 68,283 SH   DFND 1, 2, 3, 4 68,283 0 0
LENNAR CORP - B SHS COM 526057302 5,545 81,120 SH   DFND 1, 2, 3, 4 81,120 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102 1,344 138,512 SH   DFND 1, 2, 3, 4 138,512 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128 11,819 1,232,474 SH   DFND 1, 2, 3, 4 1,232,474 0 0
LINCOLN NATIONAL CORP COM 534187109 3,399 52,000 SH   DFND 1, 2, 3, 4 52,000 0 0
LOGAN RIDGE FINANCE CORP COM 541098109 360 15,956 SH   DFND 1, 2, 3, 4 15,956 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 3,702 17,594 SH   DFND 1, 2, 3, 4 17,594 0 0
NI HOLDINGS INC COM 65342T106 346 20,392 SH   DFND 1, 2, 3, 4 20,392 0 0
PORTMAN RIDGE FINANCE CORP COM 73688F201 1,113 46,049 SH   DFND 1, 2, 3, 4 46,049 0 0
REVOLUTION HEALTHCARE -CW28 WTS 76155Y116 8 17,780 SH   DFND 1, 2, 3, 4 0 0 17,780
SENECA FOODS CORP - CL A COM 817070501 332 6,440 SH   DFND 1, 2, 3, 4 6,440 0 0
SENECA FOODS CORP - CL B COM 817070105 387 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SIRIUSPOINT LTD COM G8192H106 1,211 161,951 SH   DFND 1, 2, 3, 4 161,951 0 0
SONIDA SENIOR LIVING INC COM 140475203 20,398 615,704 SH   DFND 1, 2, 3, 4 615,704 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 3,504 327,763 SH   DFND 1, 2, 3, 4 327,763 0 0
STEREOTAXIS INC COM 85916J409 8,471 2,270,952 SH   DFND 1, 2, 3, 4 2,270,952 0 0
TEJON RANCH CO COM 879080109 298 16,302 SH   DFND 1, 2, 3, 4 16,302 0 0
TESLA INC COM 88160R101 47,738 44,300 SH Put DFND 1, 2, 3, 4 0 0 44,300
WESTROCK CO COM 96145D105 9,573 203,548 SH   DFND 1, 2, 3, 4 203,548 0 0