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
ARK INNOVATION ETF COM 00214Q104   2,126,312 53,600 SH Put DFND 1, 2, 3, 4 0 0 53,600
BATTALION OIL CORP COM 07134L107   110,987 17,959 SH   DFND 1, 2, 3, 4 17,959 0 0
BEYOND MEAT INC COM 08862E109   1,572,870 163,500 SH Put DFND 1, 2, 3, 4 0 0 163,500
CLIPPER REALTY INC COM 18885T306   117,161 22,618 SH   DFND 1, 2, 3, 4 22,618 0 0
CLOROX COMPANY COM 189054109   3,145,440 24,000 SH Put DFND 1, 2, 3, 4 0 0 24,000
COMMUNITY WEST BANCSHARES COM 204157101   463,340 35,669 SH   DFND 1, 2, 3, 4 35,669 0 0
COREBRIDGE FINANCIAL INC COM 21871X109   1,551,363 78,550 SH   DFND 1, 2, 3, 4 78,550 0 0
CUBESMART COM 229663109   1,258,290 33,000 SH Put DFND 1, 2, 3, 4 0 0 33,000
DEVON ENERGY CORP COM 25179M103   860,699 18,044 SH   DFND 1, 2, 3, 4 18,044 0 0
DIGITAL REALTY TRUST INC COM 253868103   2,977,092 24,600 SH Put DFND 1, 2, 3, 4 0 0 24,600
ENVIVA INC COM 29415B103   97,110 13,000 SH Put DFND 1, 2, 3, 4 0 0 13,000
F&G ANNUITIES & LIFE INC COM 30190A104   1,179,951 42,051 SH   DFND 1, 2, 3, 4 42,051 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102   381,600 30,000 SH   DFND 1, 2, 3, 4 30,000 0 0
FIRST SEACOAST BANCORP INC COM 33631F104   664,200 90,000 SH   DFND 1, 2, 3, 4 90,000 0 0
FORTREA HOLDINGS INC COM 34965K107   231,579 8,100 SH   DFND 1, 2, 3, 4 8,100 0 0
GREAT ELM GROUP INC COM 39037G109   1,972,703 921,824 SH   DFND 1, 2, 3, 4 921,824 0 0
GREIF INC-CL B COM 397624206   13,249,633 199,063 SH   DFND 1, 2, 3, 4 199,063 0 0
JACKSON FINANCIAL INC-A COM 46817M107   2,786,238 72,900 SH   DFND 1, 2, 3, 4 72,900 0 0
JACKSON FINANCIAL INC-A COM 46817M107   1,528,800 40,000 SH Call DFND 1, 2, 3, 4 0 0 40,000
LABORATORY CRP OF AMER HLDGS COM 50540R409   1,628,505 8,100 SH   DFND 1, 2, 3, 4 8,100 0 0
LABORATORY CRP OF AMER HLDGS COM 50540R409   1,789,345 8,900 SH Call DFND 1, 2, 3, 4 0 0 8,900
LENNAR CORP - B SHS COM 526057302   785,842 7,687 SH   DFND 1, 2, 3, 4 7,687 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102   1,330,178 163,012 SH   DFND 1, 2, 3, 4 163,012 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128   4,888,232 599,048 SH   DFND 1, 2, 3, 4 599,048 0 0
LINCOLN NATIONAL CORP COM 534187109   1,357,950 55,000 SH   DFND 1, 2, 3, 4 55,000 0 0
LOGAN RIDGE FINANCE CORP COM 541098109   1,268,095 61,113 SH   DFND 1, 2, 3, 4 61,113 0 0
MGIC INVESTMENT CORP COM 552848103   1,235,060 74,000 SH   DFND 1, 2, 3, 4 74,000 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102   1,052,163 2,405 SH   DFND 1, 2, 3, 4 2,405 0 0
NOBLE CORP PLC COM G65431907   2,532,500 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
NI HOLDINGS INC COM 65342T106   262,445 20,392 SH   DFND 1, 2, 3, 4 20,392 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104   877,299 22,900 SH   DFND 1, 2, 3, 4 22,900 0 0
PIEDMONT LITHIUM INC COM 72016P105   397,000 10,000 SH Put DFND 1, 2, 3, 4 0 0 10,000
RHINEBECK BANCORP INC COM 762093102   108,491 16,021 SH   DFND 1, 2, 3, 4 16,021 0 0
SENECA FOODS CORP - CL A COM 817070501   225,548 4,190 SH   DFND 1, 2, 3, 4 4,190 0 0
SENECA FOODS CORP - CL B COM 817070105   402,486 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SHINHAN FINANCIAL GROUP-ADR COM 824596100   280,794 10,600 SH   DFND 1, 2, 3, 4 10,600 0 0
SIRIUSPOINT LTD COM G8192H106   1,085,617 106,747 SH   DFND 1, 2, 3, 4 106,747 0 0
SONIDA SENIOR LIVING INC COM 140475203   6,412,588 513,007 SH   DFND 1, 2, 3, 4 513,007 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106   3,003,428 668,915 SH   DFND 1, 2, 3, 4 668,915 0 0
STEREOTAXIS INC COM 85916J409   4,232,515 2,678,807 SH   DFND 1, 2, 3, 4 2,678,807 0 0
SUNCOR ENERGY INC COM 867224107   687,600 20,000 SH Call DFND 1, 2, 3, 4 0 0 20,000
TEJON RANCH CO COM 879080109   239,115 14,742 SH   DFND 1, 2, 3, 4 14,742 0 0
TESLA INC COM 88160R101   3,803,344 15,200 SH Put DFND 1, 2, 3, 4 0 0 15,200
WD-40 CO COM 929236107   731,664 3,600 SH Put DFND 1, 2, 3, 4 0 0 3,600
WESTROCK CO COM 96145D105   1,362,405 38,056 SH   DFND 1, 2, 3, 4 38,056 0 0