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
GRAHAM HLDGS CO COM CL B 384637104 81,168 128,045 SH   SOLE 0 128,045 0 0
SUPER MICRO COMPUTER INC COM 86800U104 64,194 1,824,740 SH   SOLE 0 1,824,740 0 0
JAMES RIV GROUP LTD COM G5005R107 58,864 1,568,858 SH   SOLE 0 1,568,858 0 0
ADTALEM GLOBAL ED INC COM 00737L103 54,273 1,522,798 SH   SOLE 0 1,522,798 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 28,287 4,835,328 SH   SOLE 0 4,835,328 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 23,816 20,745 SH   SOLE 0 20,745 0 0
LENSAR INC COM 52634L108 5,855 676,109 SH   SOLE 0 676,109 0 0
SAFEGUARD SCIENTIFICS INC COM NEW 786449207 5,036 649,033 SH   SOLE 0 649,033 0 0
KAROOOOO LTD ORD SHS Y4600W108 3,672 99,913 SH   SOLE 0 99,913 0 0
PG&E CORP COM 69331C108 3,581 352,084 SH   SOLE 0 352,084 0 0
A-MARK PRECIOUS METALS INC COM 00181T107 1,904 40,942 SH   SOLE 0 40,942 0 0
CARRIER GLOBAL CORPORATION COM 14448C104 1,723 35,459 SH   SOLE 0 35,459 0 0
COREPOINT LODGING INC COM 21872L104 1,694 158,344 SH   SOLE 0 158,344 0 0
MMA CAPITAL HOLDINGS INC COM 55315D105 724 26,647 SH   SOLE 0 26,647 0 0