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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ARBOR REALTY TRUST INC COM 038923108   3,582,480 236,000 SH Put DFND 1, 2, 3, 4 0 0 236,000
ARK INNOVATION ETF COM 00214Q104   4,488,109 85,700 SH Put DFND 1, 2, 3, 4 0 0 85,700
BEYOND MEAT INC COM 08862E109   1,455,150 163,500 SH Put DFND 1, 2, 3, 4 0 0 163,500
CLIPPER REALTY INC COM 18885T306   122,137 22,618 SH   DFND 1, 2, 3, 4 22,618 0 0
CLOROX COMPANY COM 189054109   4,491,585 31,500 SH Put DFND 1, 2, 3, 4 0 0 31,500
COMMUNITY WEST BANCSHARES COM 204157101   620,284 35,669 SH   DFND 1, 2, 3, 4 35,669 0 0
COREBRIDGE FINANCIAL INC COM 21871X109   1,701,393 78,550 SH   DFND 1, 2, 3, 4 78,550 0 0
CRESUD S.A.-SPONS ADR COM 226406106   94,800 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
DEVON ENERGY CORP COM 25179M103   817,393 18,044 SH   DFND 1, 2, 3, 4 18,044 0 0
DIGITAL REALTY TRUST INC COM 253868103   8,007,510 59,500 SH Put DFND 1, 2, 3, 4 0 0 59,500
F&G ANNUITIES & LIFE INC COM 30190A104   917,608 19,948 SH   DFND 1, 2, 3, 4 19,948 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102   404,400 30,000 SH   DFND 1, 2, 3, 4 30,000 0 0
FIRST SEACOAST BANCORP INC COM 33631F104   692,100 90,000 SH   DFND 1, 2, 3, 4 90,000 0 0
FMC CORP COM 302491303   775,515 12,300 SH Put DFND 1, 2, 3, 4 0 0 12,300
FORTREA HOLDINGS INC COM 34965K107   282,690 8,100 SH   DFND 1, 2, 3, 4 8,100 0 0
GREAT ELM GROUP INC COM 39037G109   1,651,563 851,321 SH   DFND 1, 2, 3, 4 851,321 0 0
GREIF INC-CL B COM 397624206   13,140,149 199,063 SH   DFND 1, 2, 3, 4 199,063 0 0
INVITATION HOMES INC COM 46187W107   613,980 18,000 SH Put DFND 1, 2, 3, 4 0 0 18,000
JACKSON FINANCIAL INC-A COM 46817M107   3,609,600 70,500 SH   DFND 1, 2, 3, 4 70,500 0 0
JACKSON FINANCIAL INC-A COM 46817M107   2,048,000 40,000 SH Call DFND 1, 2, 3, 4 0 0 40,000
LABORATORY CRP OF AMER HLDGS COM 50540R409   1,841,049 8,100 SH   DFND 1, 2, 3, 4 8,100 0 0
LENNAR CORP - B SHS COM 526057302   1,030,442 7,687 SH   DFND 1, 2, 3, 4 7,687 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102   1,184,081 161,981 SH   DFND 1, 2, 3, 4 161,981 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128   2,708,812 369,048 SH   DFND 1, 2, 3, 4 369,048 0 0
LINCOLN NATIONAL CORP COM 534187109   795,615 29,500 SH   DFND 1, 2, 3, 4 29,500 0 0
LOGAN RIDGE FINANCE CORP COM 541098109   1,381,765 61,113 SH   DFND 1, 2, 3, 4 61,113 0 0
MGIC INVESTMENT CORP COM 552848103   1,427,460 74,000 SH   DFND 1, 2, 3, 4 74,000 0 0
NI HOLDINGS INC COM 65342T106   264,892 20,392 SH   DFND 1, 2, 3, 4 20,392 0 0
NOBLE CORP PLC COM G65431907   2,408,000 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
OPPENHEIMER HOLDINGS-CL A COM 683797104   946,228 22,900 SH   DFND 1, 2, 3, 4 22,900 0 0
PIEDMONT LITHIUM INC COM 72016P105   282,300 10,000 SH Put DFND 1, 2, 3, 4 0 0 10,000
RHINEBECK BANCORP INC COM 762093102   100,794 12,521 SH   DFND 1, 2, 3, 4 12,521 0 0
SENECA FOODS CORP - CL A COM 817070501   219,724 4,190 SH   DFND 1, 2, 3, 4 4,190 0 0
SENECA FOODS CORP - CL B COM 817070105   382,284 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SHINHAN FINANCIAL GROUP-ADR COM 824596100   326,268 10,600 SH   DFND 1, 2, 3, 4 10,600 0 0
SIRIUSPOINT LTD COM G8192H106   994,665 85,747 SH   DFND 1, 2, 3, 4 85,747 0 0
SONIDA SENIOR LIVING INC COM 140475203   6,359,850 508,788 SH   DFND 1, 2, 3, 4 508,788 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106   175,235 41,135 SH   DFND 1, 2, 3, 4 41,135 0 0
STEREOTAXIS INC COM 85916J409   4,822,463 2,755,693 SH   DFND 1, 2, 3, 4 2,755,693 0 0
SUNCOR ENERGY INC COM 867224107   640,800 20,000 SH Call DFND 1, 2, 3, 4 0 0 20,000
TEJON RANCH CO COM 879080109   253,562 14,742 SH   DFND 1, 2, 3, 4 14,742 0 0
TESLA INC COM 88160R101   8,050,752 32,400 SH Put DFND 1, 2, 3, 4 0 0 32,400
WALKER & DUNLOP INC COM 93148P102   832,575 7,500 SH Put DFND 1, 2, 3, 4 0 0 7,500
WD-40 CO COM 929236107   645,489 2,700 SH Put DFND 1, 2, 3, 4 0 0 2,700
WESTROCK CO COM 96145D105   264,565 6,372 SH   DFND 1, 2, 3, 4 6,372 0 0