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
GRAHAM HLDGS CO COM CL B 384637104 91,769 155,763 SH   SOLE   155,763 0 0
ADTALEM GLOBAL ED INC COM 00737L103 63,146 1,670,081 SH   SOLE   1,670,081 0 0
SUPER MICRO COMPUTER INC COM 86800U104 60,860 1,664,214 SH   SOLE   1,664,214 0 0
JAMES RIV GROUP LTD COM G5005R107 60,745 1,609,997 SH   SOLE   1,609,997 0 0
N-ABLE INC COMMON STOCK 62878D100 42,656 3,437,214 SH   SOLE   3,437,214 0 0
STAGWELL INC COM CL A 85256A109 38,429 5,010,249 SH   SOLE   5,010,249 0 0
THERAVANCE BIOPHARMA INC COM G8807B106 36,478 4,929,423 SH   SOLE   4,929,423 0 0
PFSWEB INC COM NEW 717098206 15,157 1,174,943 SH   SOLE   1,174,943 0 0
TEGNA INC COM 87901J105 11,832 600,000 SH   SOLE   600,000 0 0
SAFEGUARD SCIENTIFICS INC COM NEW 786449207 8,571 965,242 SH   SOLE   965,242 0 0
COREPOINT LODGING INC COM 21872L104 7,640 492,933 SH   SOLE   492,933 0 0
LENSAR INC COM 52634L108 5,172 676,109 SH   SOLE   676,109 0 0
PG&E CORP COM 69331C108 3,380 352,084 SH   SOLE   352,084 0 0
KAROOOOO LTD ORD SHS Y4600W108 2,591 87,764 SH   SOLE   87,764 0 0
WIDEOPENWEST INC COM 96758W101 1,323 67,310 SH   SOLE   67,310 0 0
CEDAR REALTY TRUST INC COM NEW 150602605 1,229 56,658 SH   SOLE   56,658 0 0
ZOVIO INC COM 98979V102 296 123,727 SH   SOLE   123,727 0 0