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
CENTRAL & EASTERN EUROPE FD COM 153436100   1,911,932 211,030 SH   SOLE   211,030 0 0
FIRST HORIZON CORPORATION COM 320517105   20,771,343 1,843,065 SH   SOLE   1,843,065 0 0
FRANKLIN STR PPTYS CORP COM 35471R106   2,903,847 2,002,653 SH   SOLE   2,002,653 0 0
G III APPAREL GROUP LTD COM 36237H101   75,439,526 3,914,869 SH   SOLE   3,914,869 0 0
GRAHAM HLDGS CO COM CL B 384637104   114,572,595 200,484 SH   SOLE   200,484 0 0
INDIVIOR PLC ORD G4766E116   266,560 11,200 SH   SOLE   11,200 0 0
INTEGRA LIFESCIENCES HLDS C COM NEW 457985208   38,031,554 924,667 SH   SOLE   924,667 0 0
JAMES RIV GROUP LTD COM G5005R107   1,166,577 63,887 SH   SOLE   63,887 0 0
LENSAR INC COM 52634L108   1,519,218 357,463 SH   SOLE   357,463 0 0
MASTERBRAND INC COMMON STOCK 57638P104   15,103,740 1,298,688 SH   SOLE   1,298,688 0 0
MBIA INC COM 55262C100   3,635,937 420,826 SH   SOLE   420,826 0 0
MERRIMACK PHARMACEUTICALS INC COM NEW 590328209   6,802,946 553,085 SH   SOLE   553,085 0 0
ORION GROUP HLDGS INC COM 68629Y103   27,073,906 4,095,901 SH   SOLE   0 0 4,095,901
OVID THERAPEUTICS INC COM 690469101   10,848,943 3,307,605 SH   SOLE   3,307,605 0 0
PFSWEB INC COM NEW 717098206   11,902,013 2,633,189 SH   SOLE   189 0 2,633,000
SAFEGUARD SCIENTIFICS INC COM NEW 786449207   645,906 391,459 SH   SOLE   391,459 0 0
STAGWELL INC COM CL A 85256A109   51,534,642 7,147,662 SH   SOLE   7,147,662 0 0
SYLVAMO CORP COMMON STOCK 871332102   1,624,592 40,163 SH   SOLE   40,163 0 0
THERAVANCE BIOPHARMA INC COM G8807B106   72,576,538 7,012,226 SH   SOLE   7,012,226 0 0