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
AG MTG INVT TR INC COM NEW 001228501   6,374,608 848,816 SH   SOLE   848,816 0 0
APOLLO GLOBAL MGMT INC COM 03769M106   28,276,251 226,373 SH   SOLE   226,373 0 0
APPLIED DIGITAL CORP COM NEW 038169207   3,650,625 442,500 SH   SOLE   442,500 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101   20,639,450 132,440 SH   SOLE   132,440 0 0
BOYD GAMING CORP COM 103304101   6,365,827 98,466 SH   SOLE   98,466 0 0
CORE SCIENTIFIC INC NEW CL A 16119P108   3,839,295 323,718 SH   SOLE   323,718 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100   4,489,795 279,738 SH   SOLE   279,738 0 0
FTAI AVIATION LTD SHS G3730V105   16,907,538 127,220 SH   SOLE   127,220 0 0
GAP INC COM 364760108   2,470,041 112,020 SH   SOLE   112,020 0 0
GREAT ELM CAP CORP COM NEW 390320703   8,120,450 798,471 SH   SOLE   798,471 0 0
GREAT ELM GROUP INC COM NEW 39037G109   8,104,451 4,243,168 SH   SOLE   4,243,168 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   17,697,711 228,564 SH   SOLE   228,564 0 0
HUT 8 CORP COM 44812J104   5,108,154 416,652 SH   SOLE   416,652 0 0
IAC INC COM NEW 44891N208   25,237,813 468,930 SH   SOLE   468,930 0 0
MADISON SQUARE GARDEN ENTMT COM CL A 558256103   21,982,396 516,868 SH   SOLE   516,868 0 0
MATCH GROUP INC NEW COM 57667L107   9,653,589 255,116 SH   SOLE   255,116 0 0
MPLX LP COM UNIT REP LTD 55336V100   2,277,775 51,232 SH   SOLE   51,232 0 0
NEWS CORP NEW CL A 65249B109   27,282,701 1,024,510 SH   SOLE   1,024,510 0 0
NEWS CORP NEW CL B 65249B208   3,506,579 125,459 SH   SOLE   125,459 0 0
PINTEREST INC CL A 72352L106   10,069,983 311,090 SH   SOLE   311,090 0 0
REDDIT INC CL A 75734B100   988,800 15,000 SH   SOLE   15,000 0 0
RITHM CAPITAL CORP COM NEW 64828T201   19,840,095 1,748,026 SH   SOLE   1,748,026 0 0
TELOS CORP MD COM 87969B101   3,727,170 1,038,209 SH   SOLE   1,038,209 0 0
THREDUP INC CL A 88556E102   160,148 190,200 SH   SOLE   190,200 0 0
TRANSUNION COM 89400J107   6,180,860 59,034 SH   SOLE   59,034 0 0
TURNING PT BRANDS INC COM 90041L105   1,269,602 29,423 SH   SOLE   29,423 0 0
UBER TECHNOLOGIES INC COM 90353T100   4,430,006 58,941 SH   SOLE   58,941 0 0