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 111,176 176,517 SH   SOLE   176,517 0 0
THERAVANCE BIOPHARMA INC COM G8807B106 73,461 6,648,025 SH   SOLE   6,648,025 0 0
SUPER MICRO COMPUTER INC COM 86800U104 60,515 1,376,909 SH   SOLE   1,376,909 0 0
SYLVAMO CORP COMMON STOCK 871332102 58,299 2,090,335 SH   SOLE   2,090,335 0 0
STAGWELL INC COM CL A 85256A109 49,880 5,753,210 SH   SOLE   5,753,210 0 0
ADTALEM GLOBAL ED INC COM 00737L103 36,780 1,244,260 SH   SOLE   1,244,260 0 0
JAMES RIV GROUP LTD COM G5005R107 22,899 794,837 SH   SOLE   794,837 0 0
PFSWEB INC COM NEW 717098206 21,071 1,635,961 SH   SOLE   1,635,961 0 0
WIDEOPENWEST INC COM 96758W101 9,532 442,952 SH   SOLE   442,952 0 0
PG&E CORP COM 69331C108 4,274 352,084 SH   SOLE   352,084 0 0
LENSAR INC COM 52634L108 4,050 676,109 SH   SOLE   676,109 0 0
CEDAR REALTY TRUST INC COM NEW 150602605 3,508 139,697 SH   SOLE   139,697 0 0
SAFEGUARD SCIENTIFICS INC COM NEW 786449207 3,406 463,384 SH   SOLE   463,384 0 0
N-ABLE INC COMMON STOCK 62878D100 2,154 194,059 SH   SOLE   194,059 0 0
KAROOOOO LTD ORD SHS Y4600W108 518 12,705 SH   SOLE   12,705 0 0
ZOVIO INC COM 98979V102 381 300,000 SH   SOLE   300,000 0 0