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
APPLE INC COM 037833100 2,184 15,800 SH Put DFND 1, 2, 3, 4 0 0 15,800
ARK INNOVATION ETF COM 00214Q104 2,728 72,300 SH Put DFND 1, 2, 3, 4 0 0 72,300
BATTALION OIL CORP COM 07134L107 214 17,959 SH   DFND 1, 2, 3, 4 17,959 0 0
BED BATH & BEYOND INC COM 075896100 2,253 370,000 SH Put DFND 1, 2, 3, 4 0 0 370,000
BEYOND MEAT INC COM 08862E109 1,275 90,000 SH Put DFND 1, 2, 3, 4 0 0 90,000
CLIPPER REALTY INC COM 18885T306 158 22,708 SH   DFND 1, 2, 3, 4 22,708 0 0
CLOROX COMPANY COM 189054109 3,531 27,500 SH Put DFND 1, 2, 3, 4 0 0 27,500
COMMUNITY WEST BANCSHARES COM 204157101 484 34,669 SH   DFND 1, 2, 3, 4 34,669 0 0
DEVON ENERGY CORP COM 25179M103 1,085 18,044 SH   DFND 1, 2, 3, 4 18,044 0 0
DIGITAL REALTY TRUST INC COM 253868103 2,351 23,700 SH Put DFND 1, 2, 3, 4 0 0 23,700
ESAB CORP COM 29605J106 201 6,027 SH   DFND 1, 2, 3, 4 6,027 0 0
FIRST CITIZENS BCSHS -CL A COM 31946M103 2,171 2,722 SH   DFND 1, 2, 3, 4 2,722 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102 445 30,000 SH   DFND 1, 2, 3, 4 30,000 0 0
GREAT ELM GROUP INC COM 39037G109 1,900 949,893 SH   DFND 1, 2, 3, 4 949,893 0 0
GREIF INC-CL B COM 397624206 13,357 219,687 SH   DFND 1, 2, 3, 4 219,687 0 0
ISHARES RUSSELL 2000 GROWTH COM 464287648 15,370 74,400 SH Put DFND 1, 2, 3, 4 0 0 74,400
JACKSON FINANCIAL INC-A COM 46817M107 4,174 150,400 SH   DFND 1, 2, 3, 4 150,400 0 0
JACKSON FINANCIAL INC-A COM 46817M107 1,110 40,000 SH Call DFND 1, 2, 3, 4 0 0 40,000
LENNAR CORP - B SHS COM 526057302 5,661 95,120 SH   DFND 1, 2, 3, 4 95,120 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102 1,009 163,012 SH   DFND 1, 2, 3, 4 163,012 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128 7,839 1,274,572 SH   DFND 1, 2, 3, 4 1,274,572 0 0
LINCOLN NATIONAL CORP COM 534187109 1,273 29,000 SH   DFND 1, 2, 3, 4 29,000 0 0
LOGAN RIDGE FINANCE CORP COM 541098109 500 27,864 SH   DFND 1, 2, 3, 4 27,864 0 0
MGIC INVESTMENT CORP COM 552848103 577 45,000 SH   DFND 1, 2, 3, 4 45,000 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 3,421 20,030 SH   DFND 1, 2, 3, 4 20,030 0 0
NI HOLDINGS INC COM 65342T106 272 20,392 SH   DFND 1, 2, 3, 4 20,392 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104 310 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
PORTMAN RIDGE FINANCE CORP COM 73688F201 555 26,430 SH   DFND 1, 2, 3, 4 26,430 0 0
REVOLUTION HEALTHCARE -CW28 WTS 76155Y116 1 17,780 SH   DFND 1, 2, 3, 4 0 0 17,780
SENECA FOODS CORP - CL A COM 817070501 325 6,440 SH   DFND 1, 2, 3, 4 6,440 0 0
SENECA FOODS CORP - CL B COM 817070105 392 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SIRIUSPOINT LTD COM G8192H106 918 185,447 SH   DFND 1, 2, 3, 4 185,447 0 0
SONIDA SENIOR LIVING INC COM 140475203 10,006 616,158 SH   DFND 1, 2, 3, 4 481,877 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 5,552 668,915 SH   DFND 1, 2, 3, 4 668,915 0 0
STEREOTAXIS INC COM 85916J409 4,598 2,554,583 SH   DFND 1, 2, 3, 4 2,554,583 0 0
TEJON RANCH CO COM 879080109 212 14,742 SH   DFND 1, 2, 3, 4 14,742 0 0
TESLA INC COM 88160R101 55,543 209,400 SH Put DFND 1, 2, 3, 4 0 0 209,400
WEWORK INC-CL A COM 96209A104 237 89,500 SH Put DFND 1, 2, 3, 4 0 0 89,500
WESTROCK CO COM 96145D105 2,681 86,800 SH   DFND 1, 2, 3, 4 86,800 0 0