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
SHINHAN FINANCIAL GROUP-ADR COM 824596100   6,909,203 137,169 SH   DFND 1, 2, 3, 4 137,169 0 0
ALPHABET INC-CL A COM 02079K305   2,917,200 12,000 SH   DFND 1, 2, 3, 4 12,000 0 0
ALPHABET INC-CL A COM 02079K305   1,191,190 4,900 SH Call DFND 1, 2, 3, 4 0 0 4,900
ARVINAS INC COM 04335A105   3,857,762 452,789 SH   DFND 1, 2, 3, 4 452,789 0 0
B2GOLD CORP COM 11777Q209   123,750 25,000 SH   DFND 1, 2, 3, 4 25,000 0 0
CBL & ASSOCIATES PROPERTIES COM 124830878   2,952,897 96,563 SH   DFND 1, 2, 3, 4 96,563 0 0
CLIPPER REALTY INC COM 18885T306   85,948 22,618 SH   DFND 1, 2, 3, 4 22,618 0 0
COMMUNITY WEST BANCSHARES COM 203937107   914,126 43,864 SH   DFND 1, 2, 3, 4 43,864 0 0
COREBRIDGE FINANCIAL INC COM 21871X109   6,046,392 188,655 SH   DFND 1, 2, 3, 4 188,655 0 0
DEVON ENERGY CORP COM 25179M103   455,780 13,000 SH   DFND 1, 2, 3, 4 13,000 0 0
EMX ROYALTY CORP COM 26873J107   1,060,462 205,915 SH   DFND 1, 2, 3, 4 205,915 0 0
GENWORTH FINANCIAL INC COM 37247D106   4,337,860 487,400 SH   DFND 1, 2, 3, 4 487,400 0 0
GRAIL INC COM 384747101   61,252,590 1,035,897 SH   DFND 1, 2, 3, 4 1,035,897 0 0
GREIF INC-CL B COM 397624206   12,139,203 197,033 SH   DFND 1, 2, 3, 4 197,033 0 0
JBG SMITH PROPERTIES COM 46590V100   1,740,150 78,209 SH   DFND 1, 2, 3, 4 78,209 0 0
LENNAR CORP - B SHS COM 526057302   675,423 5,629 SH   DFND 1, 2, 3, 4 5,629 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102   1,363,547 164,481 SH   DFND 1, 2, 3, 4 164,481 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128   3,030,365 359,048 SH   DFND 1, 2, 3, 4 359,048 0 0
MARTI TECHNOLOGIES INC COM 573134103   353,277 173,175 SH   DFND 1, 2, 3, 4 173,175 0 0
MGIC INVESTMENT CORP COM 552848103   2,099,380 74,000 SH   DFND 1, 2, 3, 4 74,000 0 0
NAVIENT CORP COM 63938C108   1,390,534 105,744 SH   DFND 1, 2, 3, 4 105,744 0 0
NI HOLDINGS INC COM 65342T106   696,875 51,392 SH   DFND 1, 2, 3, 4 51,392 0 0
OMNIAB INC COM 68218J103   256,846 160,529 SH   DFND 1, 2, 3, 4 160,529 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104   4,064,976 54,999 SH   DFND 1, 2, 3, 4 54,999 0 0
OSISKO DEVELOPMENT CORP COM 68828E809   1,152,600 340,000 SH   DFND 1, 2, 3, 4 340,000 0 0
SENECA FOODS CORP - CL A COM 817070501   398,298 3,690 SH   DFND 1, 2, 3, 4 3,690 0 0
SIRIUSPOINT LTD COM G8192H106   3,633,050 200,832 SH   DFND 1, 2, 3, 4 200,832 0 0
SONIDA SENIOR LIVING INC COM 140475203   6,066,050 218,833 SH   DFND 1, 2, 3, 4 218,833 0 0
STEREOTAXIS INC COM 85916J409   8,875,492 2,853,856 SH   DFND 1, 2, 3, 4 2,853,856 0 0
TAMBORAN RESOURCES CORP COM 87507T101   1,356,459 49,542 SH   DFND 1, 2, 3, 4 49,542 0 0
TEJON RANCH CO COM 879080109   219,597 13,742 SH   DFND 1, 2, 3, 4 13,742 0 0
TRIPLE FLAG PRECIOUS MET COM 89679M104   1,580,040 54,000 SH   DFND 1, 2, 3, 4 54,000 0 0
VERMILION ENERGY INC COM 923725105   1,956,837 250,235 SH   DFND 1, 2, 3, 4 250,235 0 0
VOX ROYALTY CORP COM 92919F103   102,856 23,920 SH   DFND 1, 2, 3, 4 23,920 0 0
WEATHERFORD INTERNATIONAL PL COM G48833118   684,300 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
NAVIOS MARITIME PARTNERS LP COM Y62267409   1,117,240 24,800 SH   DFND 1, 2, 3, 4 24,800 0 0
APPLE INC COM 037833100   1,247,687 4,900 SH Put DFND 1, 2, 3, 4 0 0 4,900
ARBOR REALTY TRUST INC COM 038923108   3,857,139 315,900 SH Put DFND 1, 2, 3, 4 0 0 315,900
METLIFE INC COM 59156R108   823,700 10,000 SH Call DFND 1, 2, 3, 4 0 0 10,000
TESLA INC COM 88160R101   14,453,400 32,500 SH Put DFND 1, 2, 3, 4 0 0 32,500