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
ARK INNOVATION ETF COM 00214Q104 1,834 46,000 SH Put DFND 1, 2, 3, 4 0 0 46,000
BATTALION OIL CORP COM 07134L107 153 17,959 SH   DFND 1, 2, 3, 4 17,959 0 0
BEYOND MEAT INC COM 08862E109 2,155 90,000 SH Put DFND 1, 2, 3, 4 0 0 90,000
CLIPPER REALTY INC COM 18885T306 175 22,708 SH   DFND 1, 2, 3, 4 22,708 0 0
COMMUNITY WEST BANCSHARES COM 204157101 496 34,669 SH   DFND 1, 2, 3, 4 34,669 0 0
COWEN INC - A COM 223622606 22,116 933,560 SH   DFND 1, 2, 3, 4 933,560 0 0
DEVON ENERGY CORP COM 25179M103 1,016 18,444 SH   DFND 1, 2, 3, 4 18,444 0 0
FIRST CITIZENS BCSHS -CL A COM 31946M103 1,780 2,722 SH   DFND 1, 2, 3, 4 2,722 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102 634 40,780 SH   DFND 1, 2, 3, 4 40,780 0 0
GREAT ELM GROUP INC COM 39037G109 2,074 964,770 SH   DFND 1, 2, 3, 4 964,770 0 0
GREIF INC-CL B COM 397624206 15,889 255,087 SH   DFND 1, 2, 3, 4 255,087 0 0
ICC HOLDINGS INC COM 44931Q104 260 16,263 SH   DFND 1, 2, 3, 4 16,263 0 0
JACKSON FINANCIAL INC-A COM 46817M107 4,023 150,400 SH   DFND 1, 2, 3, 4 150,400 0 0
JACKSON FINANCIAL INC-A COM 46817M107 535 20,000 SH Call DFND 1, 2, 3, 4 0 0 20,000
LENNAR CORP - B SHS COM 526057302 5,819 99,120 SH   DFND 1, 2, 3, 4 99,120 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102 1,197 153,512 SH   DFND 1, 2, 3, 4 153,512 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128 10,365 1,330,590 SH   DFND 1, 2, 3, 4 1,330,590 0 0
LINCOLN NATIONAL CORP COM 534187109 1,356 29,000 SH   DFND 1, 2, 3, 4 29,000 0 0
LOGAN RIDGE FINANCE CORP COM 541098109 440 27,864 SH   DFND 1, 2, 3, 4 27,864 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 3,816 18,824 SH   DFND 1, 2, 3, 4 18,824 0 0
NI HOLDINGS INC COM 65342T106 335 20,392 SH   DFND 1, 2, 3, 4 20,392 0 0
PORTMAN RIDGE FINANCE CORP COM 73688F201 779 33,249 SH   DFND 1, 2, 3, 4 33,249 0 0
REVOLUTION HEALTHCARE -CW28 WTS 76155Y116 4 17,780 SH   DFND 1, 2, 3, 4 0 0 17,780
SENECA FOODS CORP - CL A COM 817070501 358 6,440 SH   DFND 1, 2, 3, 4 6,440 0 0
SENECA FOODS CORP - CL B COM 817070105 402 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SIRIUSPOINT LTD COM G8192H106 1,059 195,347 SH   DFND 1, 2, 3, 4 195,347 0 0
SONIDA SENIOR LIVING INC COM 140475203 13,011 619,580 SH   DFND 1, 2, 3, 4 619,580 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 6,333 660,411 SH   DFND 1, 2, 3, 4 660,411 0 0
STEREOTAXIS INC COM 85916J409 4,700 2,554,583 SH   DFND 1, 2, 3, 4 2,554,583 0 0
TEJON RANCH CO COM 879080109 229 14,742 SH   DFND 1, 2, 3, 4 14,742 0 0
TESLA INC COM 88160R101 53,402 79,300 SH Put DFND 1, 2, 3, 4 0 0 79,300
WEWORK INC-CL A COM 96209A104 600 119,500 SH Put DFND 1, 2, 3, 4 0 0 119,500
WESTROCK CO COM 96145D105 3,458 86,800 SH   DFND 1, 2, 3, 4 86,800 0 0