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
Qurate Retail Inc Preferred PFD 74915M308 52 900 SH   SOLE   900 0 0
AGNC Investment Corp PFD 00123q500 316 14,000 SH   SOLE   14,000 0 0
Blueknight Energy Partners PFD 09625u208 280 32,900 SH   SOLE   32,900 0 0
Wells Fargo & Company FPP PFD 949746804 267 220 SH   SOLE   220 0 0
Abbott Laboratories COM 002824100 109 1,000 SH   SOLE   1,000 0 0
AbbVie Inc COM 00287y109 153 1,000 SH   SOLE   1,000 0 0
Alleghany Corporation COM 017175100 461 553 SH   SOLE   553 0 0
Apex Escrow Note COM 8amcsg732 0 8,497 SH   SOLE   8,497 0 0
Axalta Coating Systems Ltd COM g0750c108 4,032 182,363 SH   SOLE   182,363 0 0
AZZ Inc COM 002474104 4,942 121,080 SH   SOLE   121,080 0 0
AZZ Inc COM 002474104 3,040 74,475 SH   DFND   0 0 74,475
Berkshire Hathaway Inc CL B COM 084670702 3,481 12,750 SH   SOLE   12,750 0 0
BlackRock TCP Capital Corporation COM 09259E108 81 6,500 SH   SOLE   6,500 0 0
Chase Corporation COM 16150r104 3,103 39,874 SH   SOLE   39,874 0 0
Chase Corporation COM 16150r104 1,595 20,503 SH   DFND   0 0 20,503
Chevron Corporation COM 166764100 145 1,000 SH   SOLE   1,000 0 0
Clean Harbors Inc COM 184496107 2,503 28,548 SH   SOLE   28,548 0 0
CNX Resources Corporation COM 12653C108 3,197 194,200 SH   SOLE   194,200 0 0
CNX Resources Corporation COM 12653C108 2,899 176,100 SH   DFND   0 0 176,100
Commvault Systems Inc COM 204166102 6,007 95,500 SH   SOLE   95,500 0 0
Commvault Systems Inc COM 204166102 2,747 43,668 SH   DFND   0 0 43,668
Compass Minerals International COM 20451n101 12,974 366,603 SH   SOLE   366,603 0 0
Compass Minerals International COM 20451n101 5,984 169,089 SH   DFND   0 0 169,089
CTO Realty Growth Inc COM 22948Q101 362 5,928 SH   SOLE   5,928 0 0
Devon Energy Corporation COM 25179M103 1,313 23,829 SH   SOLE   23,829 0 0
DISH Network Corporation COM 25470M109 418 23,300 SH   SOLE   23,300 0 0
DLH Holdings Corporation COM 23335q100 3,813 250,219 SH   SOLE   250,219 0 0
DLH Holdings Corporation COM 23335q100 2,943 193,089 SH   DFND   0 0 193,089
Ducommun Inc COM 264147109 3,540 82,255 SH   SOLE   82,255 0 0
Ducommun Inc COM 264147109 3,372 78,335 SH   DFND   0 0 78,335
E.W. Scripps Company COM 811054402 7,878 631,718 SH   SOLE   631,718 0 0
E.W. Scripps Company COM 811054402 3,499 280,574 SH   DFND   0 0 280,574
Ecovyst Inc COM 27923Q109 19,085 1,937,582 SH   SOLE   1,937,582 0 0
Ecovyst Inc COM 27923Q109 9,228 936,890 SH   DFND   0 0 936,890
Element Solutions Inc COM 28618M106 1,032 57,973 SH   SOLE   57,973 0 0
Enovis Corporation COM 194014502 7,393 134,412 SH   SOLE   134,412 0 0
Enovis Corporation COM 194014502 2,942 53,494 SH   DFND   0 0 53,494
FMC Corporation COM 302491303 4,864 45,457 SH   SOLE   45,457 0 0
Franco-Nevada Corporation COM 351858105 3,395 25,800 SH   SOLE   25,800 0 0
Global Indemnity Group LLC COM 37959r103 3,195 123,493 SH   SOLE   123,493 0 0
Great Elm Group Inc COM 39037G109 1,330 618,481 SH   SOLE   618,481 0 0
Great Elm Group Inc COM 39037G109 1,111 516,700 SH   DFND   0 0 516,700
Hallador Energy Company COM 40609P105 3,479 643,160 SH   SOLE   643,160 0 0
Hallador Energy Company COM 40609P105 1,287 237,985 SH   DFND   0 0 237,985
Hamilton Thorne Ltd COM 407891100 58 51,754 SH   SOLE   51,754 0 0
Henry Schein Inc COM 806407102 1,453 18,939 SH   SOLE   18,939 0 0
Heritage-Crystal Clean Inc COM 42726m106 6,910 256,314 SH   SOLE   256,314 0 0
Heritage-Crystal Clean Inc COM 42726m106 4,601 170,665 SH   DFND   0 0 170,665
Howmet Aerospace Inc COM 443201108 1,373 43,671 SH   SOLE   43,671 0 0
IAC InterActive Corporation COM 44891N208 1,334 17,559 SH   SOLE   17,559 0 0
IEH Corporation COM 44949K107 1,093 90,000 SH   SOLE   90,000 0 0
InfuSystems Holdings Inc COM 45685K102 2,068 214,715 SH   SOLE   214,715 0 0
InfuSystems Holdings Inc COM 45685K102 1,857 192,800 SH   DFND   0 0 192,800
IPG Photonics Corporation COM 44980X109 1,315 13,970 SH   SOLE   13,970 0 0
Issuer Direct Corporation COM 46520m204 63 2,479 SH   SOLE   2,479 0 0
KBR Inc COM 48242W106 10,151 209,771 SH   SOLE   209,771 0 0
KBR Inc COM 48242W106 4,186 86,500 SH   DFND   0 0 86,500
Kinder Morgan Inc COM 49456B101 328 19,600 SH   SOLE   19,600 0 0
Landec Corporation COM 514766104 13,790 1,383,128 SH   SOLE   1,383,128 0 0
Landec Corporation COM 514766104 5,367 538,293 SH   DFND   0 0 538,293
Liberty Media Acquisition Corp COM 53073L104 3,426 348,134 SH   SOLE   348,134 0 0
Liberty Media Acquisition Corp COM 53073L104 2,415 245,400 SH   DFND   0 0 245,400
Liberty SiriusXM Group - A COM 531229409 5,471 151,806 SH   SOLE   151,806 0 0
Liberty TripAdvisor Holdings Inc COM 531465102 1,844 2,437,390 SH   SOLE   2,437,390 0 0
Liberty TripAdvisor Holdings Inc COM 531465102 924 1,221,129 SH   DFND   0 0 1,221,129
Lions Gate Entertainment Corporation COM 535919500 12,296 1,392,496 SH   SOLE   1,392,496 0 0
Lions Gate Entertainment Corporation COM 535919500 4,107 465,100 SH   DFND   0 0 465,100
Lumen Technologies Inc COM 550241103 8,916 817,277 SH   SOLE   817,277 0 0
Millicom International Cellular COM l6388f110 8,503 591,690 SH   SOLE   591,690 0 0
Millicom International Cellular COM l6388f110 3,817 265,629 SH   DFND   0 0 265,629
N-able Inc COM 62878D100 2,116 235,163 SH   SOLE   235,163 0 0
N-able Inc COM 62878D100 1,882 209,105 SH   DFND   0 0 209,105
Nature's Sunshine Products Inc COM 639027101 581 54,439 SH   SOLE   54,439 0 0
Nature's Sunshine Products Inc COM 639027101 1,607 150,653 SH   DFND   0 0 150,653
NewMarket Corporation COM 651587107 5,793 19,250 SH   SOLE   19,250 0 0
NewMarket Corporation COM 651587107 4,412 14,660 SH   DFND   0 0 14,660
Northern Technologies International COM 665809109 26 2,769 SH   SOLE   2,769 0 0
Omni-Lite Industries Canada COM 681976106 54 86,398 SH   SOLE   86,398 0 0
Overseas Shipholding Group Inc COM 69036R863 26 12,500 SH   SOLE   12,500 0 0
Philip Morris International In COM 718172109 118 1,200 SH   SOLE   1,200 0 0
Quipt Home Medical Corporation COM 74880P104 30 6,556 SH   SOLE   6,556 0 0
Quorum Information Technologies COM 749093100 55 77,266 SH   SOLE   77,266 0 0
Regal Rexnord Corporation COM 758750103 2,384 21,005 SH   SOLE   21,005 0 0
Research Solutions Inc COM 761025105 1,873 1,052,503 SH   SOLE   1,052,503 0 0
Research Solutions Inc COM 761025105 1,453 816,353 SH   DFND   0 0 816,353
SecureWorks Corporation COM 81374A105 4,633 426,620 SH   SOLE   426,620 0 0
SecureWorks Corporation COM 81374A105 2,508 230,908 SH   DFND   0 0 230,908
Sensata Technologies Holding COM G8060N102 1,182 28,607 SH   SOLE   28,607 0 0
Six Flags Entertainment Corporation COM 83001a102 5,716 263,400 SH   SOLE   263,400 0 0
Six Flags Entertainment Corporation COM 83001a102 2,925 134,799 SH   DFND   0 0 134,799
Skechers U.S.A. Inc CL A COM 830566105 5,960 167,510 SH   SOLE   167,510 0 0
Skechers U.S.A. Inc CL A COM 830566105 2,715 76,308 SH   DFND   0 0 76,308
Spectrum Brands Holdings Inc COM 84790a105 1,376 16,776 SH   SOLE   16,776 0 0
Standex International Corporation COM 854231107 3,474 40,976 SH   SOLE   40,976 0 0
Standex International Corporation COM 854231107 2,788 32,889 SH   DFND   0 0 32,889
Star Group L.P. COM 85512c105 427 46,600 SH   SOLE   46,600 0 0
StoneX Group Inc COM 861896108 8,029 102,848 SH   SOLE   102,848 0 0
StoneX Group Inc COM 861896108 5,027 64,393 SH   DFND   0 0 64,393
Tapestry Inc COM 876030107 1,341 43,931 SH   SOLE   43,931 0 0
TEGNA Inc COM 87901j105 20 945 SH   SOLE   945 0 0
The Bank of New York Mellon Co COM 064058100 1,477 35,415 SH   SOLE   35,415 0 0
The Eastern Company COM 276317104 28 1,354 SH   SOLE   1,354 0 0
The Monarch Cement Company COM 609031307 15 143 SH   SOLE   143 0 0
The Stephan Company COM 858603103 10 5,927 SH   SOLE   5,927 0 0
Tiptree Inc COM 88822Q103 2,201 207,271 SH   SOLE   207,271 0 0
Tiptree Inc COM 88822Q103 1,299 122,327 SH   DFND   0 0 122,327
UFP Technologies Inc COM 902673102 4,246 53,360 SH   SOLE   53,360 0 0
UFP Technologies Inc COM 902673102 3,329 41,832 SH   DFND   0 0 41,832
Viasat Inc COM 92552v100 13,502 440,799 SH   SOLE   440,799 0 0
Viasat Inc COM 92552v100 7,349 239,936 SH   DFND   0 0 239,936
Viemed Healthcare Inc COM 92663r105 4,512 838,680 SH   SOLE   838,680 0 0
Viemed Healthcare Inc COM 92663r105 3,409 633,562 SH   DFND   0 0 633,562
Warner Bros Discovery Inc COM 934423104 409 30,500 SH   SOLE   30,500 0 0
Wayside Technology Group Inc COM 946760105 6,017 181,007 SH   SOLE   181,007 0 0
Wayside Technology Group Inc COM 946760105 3,695 111,163 SH   DFND   0 0 111,163
Wells Fargo & Company COM 949746101 2,656 67,800 SH   SOLE   67,800 0 0
White Mountains Insurance Group COM g9618e107 12,991 10,425 SH   SOLE   10,425 0 0
White Mountains Insurance Group COM g9618e107 7,320 5,874 SH   DFND   0 0 5,874