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
AGNC INVESTMENT CORP PFD 00123Q500 BBG00HFWWNC6 229,229 9,100 SH   SOLE   9,100 0 0
ANGI INC COM 00183L102 BBG00HVKH479 17,339 9,908 SH   SOLE   9,908 0 0
ABBOTT LABS COM 002824100 BBG000B9ZZG4 96,760 1,000 SH   SOLE   1,000 0 0
ABBVIE INC COM 00287Y109 BBG003P7K0B5 149,110 1,000 SH   SOLE   1,000 0 0
AMER SOFTWARE INC COM 029683109 BBG000BBWPX5 2,955,742 271,169 SH   DFND   0 0 271,169
AMER SOFTWARE INC COM 029683109 BBG000BBWPX5 1,238,796 113,651 SH   SOLE   113,651 0 0
Lifcore Series A Convertible Preferred PFD 514766A99 BBG000G1H6G0 3,440,240 3,167 SH   SOLE   3,167 0 0
ARCH CAPITAL GROUP LTD PFD 03939A107 BBG00HFR9NH8 150,000 7,500 SH   SOLE   7,500 0 0
BANK NEW YORK MELLON CORP COM 064058100 BBG000BD8QV8 1,148,882 27,400 SH   SOLE   27,400 0 0
BERKSHIRE HATHAWAY INC DEL COM 084670702 BBG000DWH8Q0 4,024,493 11,650 SH   SOLE   11,650 0 0
BUTLER NATL ORD COM 123720104 BBG000D96T87 63,738 87,914 SH   SOLE   87,914 0 0
CNX RES CORP COM 12653C108 BBG000CKVVL5 5,282,290 232,700 SH   DFND   0 0 232,700
CNX RES CORP COM 12653C108 BBG000CKVVL5 3,595,226 158,380 SH   SOLE   158,380 0 0
CHEVRON CORP NEW COM 166764100 BBG000K4NHJ5 166,720 1,000 SH   SOLE   1,000 0 0
CITIGROUP INC PFD 172967341 BBG005H79ZL4 225,348 8,900 SH   SOLE   8,900 0 0
CLEAN HARBORS INC COM 184496107 BBG000BFRVR6 1,839,726 11,224 SH   SOLE   11,224 0 0
ENOVIS CORPORATION COM 194014502 BBG000C606W3 3,257,464 65,994 SH   DFND   0 0 65,994
ENOVIS CORPORATION COM 194014502 BBG000C606W3 5,452,009 110,454 SH   SOLE   110,454 0 0
COMPASS MINERALS INTL INC COM 20451N101 BBG000C42YN5 4,448,536 163,489 SH   DFND   0 0 163,489
COMPASS MINERALS INTL INC COM 20451N101 BBG000C42YN5 5,259,149 193,280 SH   SOLE   193,280 0 0
CORUS ENTERTAINMT ORD COM 220874101 BBG000B9X3W9 1,226,216 1,829,900 SH   DFND   0 0 1,829,900
CORUS ENTERTAINMT ORD COM 220874101 BBG000B9X3W9 595,987 889,400 SH   SOLE   889,400 0 0
CTO RLTY GROWTH INC NEW COM 22948Q101 BBG00Y3M3N63 240,831 14,784 SH   SOLE   14,784 0 0
DLH HLDGS CORP COM 23335Q100 BBG000G1BQT8 6,965,463 492,607 SH   DFND   0 0 492,607
DLH HLDGS CORP COM 23335Q100 BBG000G1BQT8 4,395,461 310,853 SH   SOLE   310,853 0 0
DEVON ENERGY CORP NEW COM 25179M103 BBG000BBVMM5 1,075,697 23,334 SH   SOLE   23,334 0 0
DISH NETWORK CORPORATION COM 25470M109 BBG000C2YW76 208,384 40,700 SH   SOLE   40,700 0 0
DUCOMMUN INC DEL COM 264147109 BBG000BH04P3 4,069,575 90,435 SH   DFND   0 0 90,435
DUCOMMUN INC DEL COM 264147109 BBG000BH04P3 1,656,315 36,807 SH   SOLE   36,807 0 0
EASTERN CO COM 276317104 BBG000BHWXC8 9,634 544 SH   SOLE   544 0 0
ECOVYST INC COM 27923Q109 BBG00GX8YKD4 8,380,286 856,880 SH   DFND   0 0 856,880
ECOVYST INC COM 27923Q109 BBG00GX8YKD4 10,899,458 1,114,464 SH   SOLE   1,114,464 0 0
ELEMENT SOLUTIONS INC COM 28618M106 BBG005C4XHW7 747,981 38,836 SH   SOLE   38,836 0 0
FMC CORP COM 302491303 BBG000BJPBC0 2,002,303 31,607 SH   SOLE   31,607 0 0
FRANCO NEV CORP COM 351858105 BBG000RD3FN9 2,780,005 20,500 SH   SOLE   20,500 0 0
GLOBAL INDEMNITY GROUP LLC COM 37959R103 BBG00X03FH79 3,745,242 102,469 SH   SOLE   102,469 0 0
GOLDMAN SACHS GROUP INC PFD 38144G804 BBG0000092F8 277,034 13,200 SH   SOLE   13,200 0 0
GREAT ELM CAP CORP COM 390320703 BBG00F5TLJ48 117,242 12,200 SH   SOLE   12,200 0 0
GREAT ELM GROUP INC COM 39037G109 BBG00YPT1PQ9 1,286,882 673,760 SH   DFND   0 0 673,760
GREAT ELM GROUP INC COM 39037G109 BBG00YPT1PQ9 639,250 334,686 SH   SOLE   334,686 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 BBG000QT4FF3 3,947,630 499,700 SH   DFND   0 0 499,700
GREAT LAKES DREDGE & DOCK CO COM 390607109 BBG000QT4FF3 2,039,583 258,175 SH   SOLE   258,175 0 0
HALLADOR ENERGY COMPANY COM 40609P105 BBG000DP9Z66 2,309,806 156,385 SH   DFND   0 0 156,385
HALLADOR ENERGY COMPANY COM 40609P105 BBG000DP9Z66 1,851,124 125,330 SH   SOLE   125,330 0 0
HAMILTON THORNE ORD COM 407891100 BBG000QJW1T0 15,018 18,007 SH   SOLE   18,007 0 0
HOWMET AEROSPACE INC COM 443201108 BBG00DYNJGM3 1,365,119 29,408 SH   SOLE   29,408 0 0
IAC INC COM 44891N208 BBG00S1LT2C1 10,959,390 226,200 SH   DFND   0 0 226,200
IAC INC COM 44891N208 BBG00S1LT2C1 12,881,498 265,872 SH   SOLE   265,872 0 0
IEH ORD COM 44949K107 BBG000BLSBV1 796,392 99,549 SH   SOLE   99,549 0 0
INFUSYSTEM HLDGS INC COM 45685K102 BBG000P10026 2,826,068 288,964 SH   DFND   0 0 288,964
INFUSYSTEM HLDGS INC COM 45685K102 BBG000P10026 1,658,717 169,603 SH   SOLE   169,603 0 0
INNOVATIVE SOLUTIONS & SUPPO COM 45769N105 BBG000BF2B42 19,621 2,535 SH   SOLE   2,535 0 0
ISSUER DIRECT CORP COM 46520M204 BBG000C1CKJ5 8,963 509 SH   SOLE   509 0 0
KBR INC COM 48242W106 BBG000P292S3 5,031,468 82,700 SH   DFND   0 0 82,700
KBR INC COM 48242W106 BBG000P292S3 7,802,304 128,243 SH   SOLE   128,243 0 0
KINDER MORGAN INC DEL COM 49456B101 BBG0019JZ8D6 201,120 12,000 SH   SOLE   12,000 0 0
LIFECORE BIOMEDICAL INC COM 514766104 BBG000G1H6G0 3,616,553 534,993 SH   DFND   0 0 534,993
LIFECORE BIOMEDICAL INC COM 514766104 BBG000G1H6G0 3,857,006 570,563 SH   SOLE   570,563 0 0
LIBERTY MEDIA CORP DEL COM 531229748 BBG01HMFL0T8 1,588,790 50,310 SH   SOLE   50,310 0 0
LIBERTY MEDIA CORP DEL COM 531229813 BBG01HLM8WM6 2,626,335 103,399 SH   SOLE   103,399 0 0
LIBERTY TRIPADVISOR HLDGS IN COM 531465102 BBG005DKMJS3 1,595,323 3,473,378 SH   DFND   0 0 3,473,378
LIBERTY TRIPADVISOR HLDGS IN COM 531465102 BBG005DKMJS3 926,081 2,016,288 SH   SOLE   2,016,288 0 0
LIONS GATE ENTMNT CORP COM 535919500 BBG00FFJY8B1 3,269,619 437,700 SH   DFND   0 0 437,700
LIONS GATE ENTMNT CORP COM 535919500 BBG00FFJY8B1 1,433,381 191,885 SH   SOLE   191,885 0 0
LITTELFUSE INC COM 537008104 BBG000BGFS30 835,145 3,485 SH   SOLE   3,485 0 0
MONARCH CEMENT ORD COM 609031307 BBG000BCT589 4,764 32 SH   SOLE   32 0 0
MOTORCAR PARTS OF AMERICA ORD COM 620071100 BBG000BJSC99 3,671,932 482,514 SH   DFND   0 0 482,514
MOTORCAR PARTS OF AMERICA ORD COM 620071100 BBG000BJSC99 1,657,861 217,853 SH   SOLE   217,853 0 0
NEWMARKET CORP COM 651587107 BBG000BJ5TW1 4,371,264 9,600 SH   DFND   0 0 9,600
NEWMARKET CORP COM 651587107 BBG000BJ5TW1 3,542,545 7,780 SH   SOLE   7,780 0 0
NORTHERN TECHNOLOGIES INTL C COM 665809109 BBG000D38456 11,659 918 SH   SOLE   918 0 0
OUTFRONT MEDIA INC COM 69007J106 BBG004S6B059 1,521,387 176,700 SH   DFND   0 0 176,700
OUTFRONT MEDIA INC COM 69007J106 BBG004S6B059 546,735 63,500 SH   SOLE   63,500 0 0
OVERSEAS SHIPHOLDING GROUP I COM 69036R863 BBG0071D5R45 40,036 8,838 SH   SOLE   8,838 0 0
PHILIP MORRIS INTL INC COM 718172109 BBG000J2XPB0 101,541 1,100 SH   SOLE   1,100 0 0
QURATE RETAIL INC COM 74915M308 BBG00X28PK32 15,996 600 SH   SOLE   600 0 0
REGAL REXNORD CORPORATION COM 758750103 BBG000BRXWM6 1,403,888 10,505 SH   SOLE   10,505 0 0
RESEARCH SOLUTIONS INC COM 761025105 BBG000GQFCD7 3,630,857 1,585,527 SH   DFND   0 0 1,585,527
RESEARCH SOLUTIONS INC COM 761025105 BBG000GQFCD7 4,516,613 1,972,320 SH   SOLE   1,972,320 0 0
SCHWAB CHARLES CORP COM 808513105 BBG000BSM368 1,702,575 32,900 SH   SOLE   32,900 0 0
SCRIPPS E W CO OHIO COM 811054402 BBG000C79YF0 7,224,674 1,433,467 SH   DFND   0 0 1,433,467
SCRIPPS E W CO OHIO COM 811054402 BBG000C79YF0 7,555,913 1,499,189 SH   SOLE   1,499,189 0 0
SECUREWORKS CORP COM 81374A105 BBG00BL6Z9K8 2,766,757 464,221 SH   DFND   0 0 464,221
SECUREWORKS CORP COM 81374A105 BBG00BL6Z9K8 1,211,942 203,346 SH   SOLE   203,346 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 BBG000F4W2P7 5,075,886 224,299 SH   DFND   0 0 224,299
SIX FLAGS ENTMT CORP NEW COM 83001A102 BBG000F4W2P7 5,742,453 253,754 SH   SOLE   253,754 0 0
SKECHERS U S A INC COM 830566105 BBG000C4HLV8 996,560 20,805 SH   SOLE   20,805 0 0
STANDEX INTL CORP COM 854231107 BBG000BTT7Q8 2,943,887 19,289 SH   DFND   0 0 19,289
STANDEX INTL CORP COM 854231107 BBG000BTT7Q8 1,665,237 10,911 SH   SOLE   10,911 0 0
STAR GROUP L P COM 85512C105 BBG000C07X96 202,233 17,023 SH   SOLE   17,023 0 0
STONEX GROUP INC COM 861896108 BBG000BB26D2 3,732,066 38,900 SH   DFND   0 0 38,900
STONEX GROUP INC COM 861896108 BBG000BB26D2 2,837,809 29,579 SH   SOLE   29,579 0 0
TAPESTRY INC COM 876030107 BBG000BY2CY6 765,669 27,161 SH   SOLE   27,161 0 0
TIPTREE INC COM 88822Q103 BBG000R2S1T1 3,782,904 232,080 SH   DFND   0 0 232,080
TIPTREE INC COM 88822Q103 BBG000R2S1T1 1,993,131 122,278 SH   SOLE   122,278 0 0
TREDEGAR CORP COM 894650100 BBG000BLVPY3 9,381 1,804 SH   SOLE   1,804 0 0
TRIMBLE INC COM 896239100 BBG000BNQ4W4 826,166 15,943 SH   SOLE   15,943 0 0
VIASAT INC COM 92552V100 BBG000HHNV27 5,238,295 328,214 SH   DFND   0 0 328,214
VIASAT INC COM 92552V100 BBG000HHNV27 4,959,953 310,774 SH   SOLE   310,774 0 0
VIEMED HEALTHCARE INC COM 92663R105 BBG00JNKPJF3 3,881,313 556,062 SH   DFND   0 0 556,062
VIEMED HEALTHCARE INC COM 92663R105 BBG00JNKPJF3 2,709,182 388,135 SH   SOLE   388,135 0 0
VITESSE ENERGY INC COM 92852X103 BBG01B9G0H01 150,688 6,512 SH   DFND   0 0 6,512
VITESSE ENERGY INC COM 92852X103 BBG01B9G0H01 291,564 12,600 SH   SOLE   12,600 0 0
WARNER BROS DISCOVERY INC COM 934423104 BBG016HRQK22 5,190,930 493,200 SH   SOLE   493,200 0 0
CLIMB GLOBAL SOLUTIONS INC COM 946760105 BBG000BCJZ93 5,257,298 118,809 SH   DFND   0 0 118,809
CLIMB GLOBAL SOLUTIONS INC COM 946760105 BBG000BCJZ93 3,552,965 80,293 SH   SOLE   80,293 0 0
WELLS FARGO CO NEW PFD 949746101 BBG000BWQHB8 1,409,350 35,500 SH   SOLE   35,500 0 0
WELLS FARGO CO NEW PFD 949746804 BBG000001Y75 235,693 220 SH   SOLE   220 0 0
AXALTA COATING SYS LTD COM G0750C108 BBG0070QYRW4 3,213,114 119,225 SH   SOLE   119,225 0 0
MCDERMOTT INTERNATIONAL ORD COM G5924V106 BBG00W0K5B59 1,260 6,300 SH   SOLE   6,300 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 BBG000G7QSB4 7,710,780 5,141 SH   DFND   0 0 5,141
WHITE MTNS INS GROUP LTD COM G9618E107 BBG000G7QSB4 7,832,269 5,222 SH   SOLE   5,222 0 0
MILLICOM INTL CELLULAR S A COM L6388F110 BBG000BQBT49 132,453 8,612 SH   SOLE   8,612 0 0