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
Qurate Retail Inc Preferred PFD 74915M308   18 600 SH   SOLE   600 0 0
AGNC Investment Corporation PFD 00123q500   337 14,000 SH   SOLE   14,000 0 0
Lifecore Series A Convertible PFD 514766A99   1,783 3,000 SH   SOLE   3,000 0 0
Wells Fargo & Company FPP PFD 949746804   259 220 SH   SOLE   220 0 0
Abbott Laboratories COM 002824100   101 1,000 SH   SOLE   1,000 0 0
AbbVie Inc COM 00287y109   159 1,000 SH   SOLE   1,000 0 0
ALJ Regional Holdings Inc COM 001627108   7 4,158 SH   SOLE   4,158 0 0
Axalta Coating Systems Ltd COM g0750c108   4,128 136,275 SH   SOLE   136,275 0 0
Berkshire Hathaway Inc CL B COM 084670702   3,597 11,650 SH   SOLE   11,650 0 0
Butler National Corporation COM 123720104   2 3,000 SH   SOLE   3,000 0 0
Chase Corporation COM 16150r104   2,290 21,867 SH   SOLE   21,867 0 0
Chase Corporation COM 16150r104   2,147 20,503 SH   DFND   0 0 20,503
Chevron Corporation COM 166764100   163 1,000 SH   SOLE   1,000 0 0
Clean Harbors Inc COM 184496107   1,986 13,932 SH   SOLE   13,932 0 0
Climb Global Solutions Inc COM 946760105   4,304 80,772 SH   SOLE   80,772 0 0
Climb Global Solutions Inc COM 946760105   6,275 117,753 SH   DFND   0 0 117,753
CNX Resources Corporation COM 12653C108   3,372 210,489 SH   SOLE   210,489 0 0
CNX Resources Corporation COM 12653C108   3,441 214,800 SH   DFND   0 0 214,800
Commvault Systems Inc COM 204166102   4,346 76,600 SH   SOLE   76,600 0 0
Commvault Systems Inc COM 204166102   2,639 46,518 SH   DFND   0 0 46,518
Compass Minerals International COM 20451n101   8,160 237,962 SH   SOLE   237,962 0 0
Compass Minerals International COM 20451n101   5,994 174,789 SH   DFND   0 0 174,789
CTO Realty Growth Inc COM 22948Q101   376 21,784 SH   SOLE   21,784 0 0
Devon Energy Corporation COM 25179M103   1,146 22,634 SH   SOLE   22,634 0 0
DISH Network Corporation COM 25470M109   404 43,300 SH   SOLE   43,300 0 0
DLH Holdings Corporation COM 23335q100   3,082 268,701 SH   SOLE   268,701 0 0
DLH Holdings Corporation COM 23335q100   2,830 246,730 SH   DFND   0 0 246,730
Ducommun Inc COM 264147109   3,147 57,518 SH   SOLE   57,518 0 0
Ducommun Inc COM 264147109   4,286 78,335 SH   DFND   0 0 78,335
E.W. Scripps Company COM 811054402   6,120 650,414 SH   SOLE   650,414 0 0
E.W. Scripps Company COM 811054402   3,135 333,174 SH   DFND   0 0 333,174
Ecovyst Inc COM 27923Q109   14,606 1,321,841 SH   SOLE   1,321,841 0 0
Ecovyst Inc COM 27923Q109   7,997 723,680 SH   DFND   0 0 723,680
Element Solutions Inc COM 28618M106   998 51,689 SH   SOLE   51,689 0 0
Enovis Corporation COM 194014502   6,854 128,135 SH   SOLE   128,135 0 0
Enovis Corporation COM 194014502   3,097 57,894 SH   DFND   0 0 57,894
First Republic Bank COM 33616C100   83 5,948 SH   SOLE   5,948 0 0
FMC Corporation COM 302491303   2,782 22,776 SH   SOLE   22,776 0 0
Franco-Nevada Corporation COM 351858105   3,441 23,600 SH   SOLE   23,600 0 0
Generac Holdings Inc COM 368736104   13 123 SH   SOLE   123 0 0
Global Indemnity Group LLC COM 37959r103   2,305 81,882 SH   SOLE   81,882 0 0
Godaddy Inc COM 380237107   7 94 SH   SOLE   94 0 0
Great Elm Group Inc COM 39037G109   700 308,178 SH   SOLE   308,178 0 0
Great Elm Group Inc COM 39037G109   1,173 516,700 SH   DFND   0 0 516,700
Great Lakes Dredge & Doc COM 390607109   1,690 311,277 SH   SOLE   311,277 0 0
Great Lakes Dredge & Doc COM 390607109   2,117 389,900 SH   DFND   0 0 389,900
GXO Logistics Inc COM 36262g101   15 299 SH   SOLE   299 0 0
Hallador Energy Company COM 40609P105   3,862 420,221 SH   SOLE   420,221 0 0
Hallador Energy Company COM 40609P105   1,915 208,385 SH   DFND   0 0 208,385
Hamilton Thorne Ltd COM 407891100   12 10,564 SH   SOLE   10,564 0 0
Heritage-Crystal Clean Inc COM 42726m106   4,277 120,098 SH   SOLE   120,098 0 0
Heritage-Crystal Clean Inc COM 42726m106   6,077 170,665 SH   DFND   0 0 170,665
Howmet Aerospace Inc COM 443201108   1,425 33,636 SH   SOLE   33,636 0 0
IAC InterActive Corporation COM 44891N208   11,189 216,846 SH   SOLE   216,846 0 0
IAC InterActive Corporation COM 44891N208   6,729 130,400 SH   DFND   0 0 130,400
IEH Corporation COM 44949K107   612 90,804 SH   SOLE   90,804 0 0
InfuSystems Holdings Inc COM 45685K102   2,012 259,575 SH   SOLE   259,575 0 0
InfuSystems Holdings Inc COM 45685K102   2,239 288,964 SH   DFND   0 0 288,964
Innovative Solutions COM 45769N105   8 1,031 SH   SOLE   1,031 0 0
IPG Photonics Corporation COM 44980X109   1,016 8,242 SH   SOLE   8,242 0 0
Issuer Direct Corporation COM 46520m204   6 264 SH   SOLE   264 0 0
KBR Inc COM 48242W106   8,374 152,111 SH   SOLE   152,111 0 0
KBR Inc COM 48242W106   4,553 82,700 SH   DFND   0 0 82,700
Kinder Morgan Inc COM 49456B101   298 17,000 SH   SOLE   17,000 0 0
Liberty SiriusXM Group - A COM 531229409   3,504 124,743 SH   SOLE   124,743 0 0
Liberty TripAdvisor Holdings Inc COM 531465102   1,884 2,192,771 SH   SOLE   2,192,771 0 0
Liberty TripAdvisor Holdings Inc COM 531465102   1,633 1,900,537 SH   DFND   0 0 1,900,537
Lifecore Biomedical COM 514766104   4,811 1,274,351 SH   SOLE   1,274,351 0 0
Lifecore Biomedical COM 514766104   2,303 609,993 SH   DFND   0 0 609,993
Lions Gate Entertainment Corporation COM 535919500   4,269 411,307 SH   SOLE   411,307 0 0
Lions Gate Entertainment Corporation COM 535919500   4,982 480,000 SH   DFND   0 0 480,000
Littelfuse Inc COM 537008104   1,069 3,989 SH   SOLE   3,989 0 0
Masco Corporation COM 574599106   14 278 SH   SOLE   278 0 0
McDermott International Ltd COM G5924V106   2 6,300 SH   SOLE   6,300 0 0
Millicom International Cellular COM l6388f110   1,461 77,237 SH   SOLE   77,237 0 0
Millicom International Cellular COM l6388f110   2,099 110,938 SH   DFND   0 0 110,938
N-able Inc COM 62878D100   1,119 84,753 SH   SOLE   84,753 0 0
N-able Inc COM 62878D100   1,869 141,563 SH   DFND   0 0 141,563
NewMarket Corporation COM 651587107   3,997 10,951 SH   SOLE   10,951 0 0
NewMarket Corporation COM 651587107   4,562 12,500 SH   DFND   0 0 12,500
Northern Technologies Internation COM 665809109   6 514 SH   SOLE   514 0 0
Outfront Media Inc COM 69007J106   160 9,870 SH   SOLE   9,870 0 0
Overseas Shipholding Group Inc COM 69036R863   57 14,499 SH   SOLE   14,499 0 0
Philip Morris International Inc COM 718172109   107 1,100 SH   SOLE   1,100 0 0
Regal Rexnord Corporation COM 758750103   1,689 12,003 SH   SOLE   12,003 0 0
Research Solutions Inc COM 761025105   2,980 1,482,698 SH   SOLE   1,482,698 0 0
Research Solutions Inc COM 761025105   2,139 1,064,353 SH   DFND   0 0 1,064,353
SecureWorks Corporation COM 81374A105   2,719 317,255 SH   SOLE   317,255 0 0
SecureWorks Corporation COM 81374A105   2,521 294,112 SH   DFND   0 0 294,112
Six Flags Entertainment Corporation COM 83001a102   7,187 269,074 SH   SOLE   269,074 0 0
Six Flags Entertainment Corporation COM 83001a102   4,546 170,199 SH   DFND   0 0 170,199
Skechers U.S.A. Inc CL A COM 830566105   1,132 23,818 SH   SOLE   23,818 0 0
Standex International Corporation COM 854231107   2,801 22,876 SH   SOLE   22,876 0 0
Standex International Corporation COM 854231107   4,027 32,889 SH   DFND   0 0 32,889
Star Group L.P. COM 85512c105   345 26,600 SH   SOLE   26,600 0 0
StoneX Group Inc COM 861896108   3,946 38,110 SH   SOLE   38,110 0 0
StoneX Group Inc COM 861896108   3,737 36,100 SH   DFND   0 0 36,100
Tapestry Inc COM 876030107   1,369 31,763 SH   SOLE   31,763 0 0
The Bank of New York Mellon Co COM 064058100   1,204 26,500 SH   SOLE   26,500 0 0
The Charles Schwab Corporation COM 808513105   576 11,000 SH   SOLE   11,000 0 0
The Eastern Company COM 276317104   6 310 SH   SOLE   310 0 0
The Monarch Cement Company COM 609031307   3 23 SH   SOLE   23 0 0
Tiptree Inc COM 88822Q103   2,139 146,824 SH   SOLE   146,824 0 0
Tiptree Inc COM 88822Q103   2,185 149,980 SH   DFND   0 0 149,980
Trimble Navigation Ltd COM 896239100   946 18,039 SH   SOLE   18,039 0 0
Viasat Inc COM 92552v100   20,625 609,485 SH   SOLE   609,485 0 0
Viasat Inc COM 92552v100   11,377 336,200 SH   DFND   0 0 336,200
Viemed Healthcare Inc COM 92663r105   3,618 374,572 SH   SOLE   374,572 0 0
Viemed Healthcare Inc COM 92663r105   4,937 511,067 SH   DFND   0 0 511,067
Vitesse Energy Inc COM 92852X103   938 49,274 SH   SOLE   49,274 0 0
Vitesse Energy Inc COM 92852X103   1,663 87,400 SH   DFND   0 0 87,400
Warner Bros Discovery Inc COM 934423104   5,167 342,200 SH   SOLE   342,200 0 0
Wells Fargo & Company COM 949746101   1,327 35,500 SH   SOLE   35,500 0 0
White Mountains Insurance Group COM g9618e107   8,408 6,104 SH   SOLE   6,104 0 0
White Mountains Insurance Group COM g9618e107   6,668 4,841 SH   DFND   0 0 4,841
Zurn Water Solutions Corporation COM 98983L108   7 321 SH   SOLE   321 0 0