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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
APPLE INC COM 037833100   753,594 5,800 SH Put DFND 1, 2, 3, 4 0 0 5,800
ARK INNOVATION ETF COM 00214Q104   2,258,652 72,300 SH Put DFND 1, 2, 3, 4 0 0 72,300
BATTALION OIL CORP COM 07134L107   174,382 17,959 SH   DFND 1, 2, 3, 4 17,959 0 0
BED BATH & BEYOND INC COM 075896100   251,000 100,000 SH Put DFND 1, 2, 3, 4 0 0 100,000
BIOHAVEN LTD COM G1110E107   971,600 70,000 SH   DFND 1, 2, 3, 4 70,000 0 0
BEYOND MEAT INC COM 08862E109   2,156,712 175,200 SH Put DFND 1, 2, 3, 4 0 0 175,200
CLIPPER REALTY INC COM 18885T306   145,331 22,708 SH   DFND 1, 2, 3, 4 22,708 0 0
CLOROX COMPANY COM 189054109   5,262,375 37,500 SH Put DFND 1, 2, 3, 4 0 0 37,500
COINBASE GLOBAL INC -CLASS A COM 19260Q107   385,751 10,900 SH Put DFND 1, 2, 3, 4 0 0 10,900
COMMUNITY WEST BANCSHARES COM 204157101   518,995 34,669 SH   DFND 1, 2, 3, 4 34,669 0 0
COREBRIDGE FINANCIAL INC COM 21871X109   2,607,800 130,000 SH   DFND 1, 2, 3, 4 130,000 0 0
DEVON ENERGY CORP COM 25179M103   1,337,781 21,749 SH   DFND 1, 2, 3, 4 21,749 0 0
DIGITAL REALTY TRUST INC COM 253868103   2,376,399 23,700 SH Put DFND 1, 2, 3, 4 0 0 23,700
ESAB CORP COM 29605J106   751,987 16,027 SH   DFND 1, 2, 3, 4 16,027 0 0
ENVIVA INC COM 29415B103   688,610 13,000 SH Put DFND 1, 2, 3, 4 0 0 13,000
FIRST CITIZENS BCSHS -CL A COM 31946M103   1,305,896 1,722 SH   DFND 1, 2, 3, 4 1,722 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102   449,400 30,000 SH   DFND 1, 2, 3, 4 30,000 0 0
GREAT ELM GROUP INC COM 39037G109   1,918,784 949,893 SH   DFND 1, 2, 3, 4 949,893 0 0
GREIF INC-CL B COM 397624206   16,729,329 213,848 SH   DFND 1, 2, 3, 4 213,848 0 0
INTL BUSINESS MACHINES CORP COM 459200101   2,113,350 15,000 SH Put DFND 1, 2, 3, 4 0 0 15,000
ISHARES RUSSELL 2000 GROWTH COM 464287648   6,242,532 29,100 SH Put DFND 1, 2, 3, 4 0 0 29,100
JACKSON FINANCIAL INC-A COM 46817M107   5,232,416 150,400 SH   DFND 1, 2, 3, 4 150,400 0 0
JACKSON FINANCIAL INC-A COM 46817M107   1,391,600 40,000 SH Call DFND 1, 2, 3, 4 0 0 40,000
LENNAR CORP - B SHS COM 526057302   7,113,074 95,120 SH   DFND 1, 2, 3, 4 95,120 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102   1,227,751 163,048 SH   DFND 1, 2, 3, 4 163,048 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128   9,687,568 1,274,680 SH   DFND 1, 2, 3, 4 1,274,680 0 0
LINCOLN NATIONAL CORP COM 534187109   890,880 29,000 SH   DFND 1, 2, 3, 4 29,000 0 0
LOGAN RIDGE FINANCE CORP COM 541098109   623,031 27,864 SH   DFND 1, 2, 3, 4 27,864 0 0
MGIC INVESTMENT CORP COM 552848103   871,000 67,000 SH   DFND 1, 2, 3, 4 67,000 0 0
MICROSOFT CORP COM 594918104   443,907 1,851 SH   DFND 1, 2, 3, 4 1,851 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102   5,628,430 20,030 SH   DFND 1, 2, 3, 4 20,030 0 0
NI HOLDINGS INC COM 65342T106   270,602 20,392 SH   DFND 1, 2, 3, 4 20,392 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104   423,300 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
PORTMAN RIDGE FINANCE CORP COM 73688F201   607,890 26,430 SH   DFND 1, 2, 3, 4 26,430 0 0
REVOLUTION HEALTHCARE -CW28 WTS 76155Y116   11 17,780 SH   DFND 1, 2, 3, 4 0 0 17,780
SENECA FOODS CORP - CL A COM 817070501   392,518 6,440 SH   DFND 1, 2, 3, 4 6,440 0 0
SENECA FOODS CORP - CL B COM 817070105   447,922 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SILVERGATE CAPITAL CORP-CL A COM 82837P408   581,160 33,400 SH Put DFND 1, 2, 3, 4 0 0 33,400
SIRIUSPOINT LTD COM G8192H106   1,056,997 179,152 SH   DFND 1, 2, 3, 4 179,152 0 0
SONIDA SENIOR LIVING INC COM 140475203   6,365,663 509,253 SH   DFND 1, 2, 3, 4 509,253 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106   6,294,490 668,915 SH   DFND 1, 2, 3, 4 668,915 0 0
STEREOTAXIS INC COM 85916J409   5,326,346 2,573,114 SH   DFND 1, 2, 3, 4 2,573,114 0 0
TEJON RANCH CO COM 879080109   277,739 14,742 SH   DFND 1, 2, 3, 4 14,742 0 0
TRANSOCEAN LTD COM H8817H100   867,900 190,329 SH   DFND 1, 2, 3, 4 190,329 0 0
TESLA INC COM 88160R101   7,316,892 59,400 SH Put DFND 1, 2, 3, 4 0 0 59,400
WEWORK INC-CL A COM 96209A104   42,185 29,500 SH Put DFND 1, 2, 3, 4 0 0 29,500
WESTROCK CO COM 96145D105   3,051,888 86,800 SH   DFND 1, 2, 3, 4 86,800 0 0