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   358,260 14,000 SH   SOLE   14,000 0 0
WELLS FARGO CO NEW PFD 949746804   253,550 220 SH   SOLE   220 0 0
ARCH CAPITAL GROUP LTD PFD 03939A107   305,320 13,600 SH   SOLE   13,600 0 0
CITIGROUP INC PFD 172967341   404,160 16,000 SH   SOLE   16,000 0 0
GOLDMAN SACHS GROUP INC PFD 38144G804   272,106 13,200 SH   SOLE   13,200 0 0
ABBOTT LABS COM 002824100   109,020 1,000 SH   SOLE   1,000 0 0
ABBVIE INC COM 00287Y109   134,730 1,000 SH   SOLE   1,000 0 0
AXALTA COATING SYS LTD COM G0750C108   3,947,864 120,325 SH   SOLE   120,325 0 0
BANK NEW YORK MELLON CORP COM 064058100   1,259,916 28,300 SH   SOLE   28,300 0 0
BERKSHIRE HATHAWAY INC DEL COM 084670702   3,972,650 11,650 SH   SOLE   11,650 0 0
BUTLER NATL ORD COM 123720104   67,968 87,914 SH   SOLE   87,914 0 0
CHASE CORP COM 16150R104   459,787 3,793 SH   SOLE   3,793 0 0
CHEVRON CORP NEW COM 166764100   157,350 1,000 SH   SOLE   1,000 0 0
CLEAN HARBORS INC COM 184496107   1,845,562 11,224 SH   SOLE   11,224 0 0
CLIMB GLOBAL SOLUTIONS INC COM 946760105   4,480,127 93,609 SH   DFND   0 0 93,609
CLIMB GLOBAL SOLUTIONS INC COM 946760105   2,632,013 54,994 SH   SOLE   54,994 0 0
CNX RES CORP COM 12653C108   3,806,256 214,800 SH   DFND   0 0 214,800
CNX RES CORP COM 12653C108   2,878,667 162,453 SH   SOLE   162,453 0 0
COMMVAULT SYS INC COM 204166102   3,378,137 46,518 SH   DFND   0 0 46,518
COMMVAULT SYS INC COM 204166102   3,783,502 52,100 SH   SOLE   52,100 0 0
COMPASS MINERALS INTL INC COM 20451N101   5,793,226 170,389 SH   DFND   0 0 170,389
COMPASS MINERALS INTL INC COM 20451N101   6,730,436 197,954 SH   SOLE   197,954 0 0
COMPUTER TASK GROUP INC COM 205477102   9,908 1,302 SH   SOLE   1,302 0 0
CORUS ENTERTAINMT ORD COM 220874101   1,591,611 1,596,400 SH   DFND   0 0 1,596,400
CORUS ENTERTAINMT ORD COM 220874101   794,310 796,700 SH   SOLE   796,700 0 0
CTO RLTY GROWTH INC NEW COM 22948Q101   304,818 17,784 SH   SOLE   17,784 0 0
DEVON ENERGY CORP NEW COM 25179M103   1,127,966 23,334 SH   SOLE   23,334 0 0
DISH NETWORK CORPORATION COM 25470M109   285,347 43,300 SH   SOLE   43,300 0 0
DLH HLDGS CORP COM 23335Q100   4,397,383 429,013 SH   DFND   0 0 429,013
DLH HLDGS CORP COM 23335Q100   2,789,763 272,172 SH   SOLE   272,172 0 0
DUCOMMUN INC DEL COM 264147109   3,413,056 78,335 SH   DFND   0 0 78,335
DUCOMMUN INC DEL COM 264147109   1,626,207 37,324 SH   SOLE   37,324 0 0
EASTERN CO COM 276317104   7,743 428 SH   SOLE   428 0 0
ECOVYST INC COM 27923Q109   8,293,373 723,680 SH   DFND   0 0 723,680
ECOVYST INC COM 27923Q109   12,895,422 1,125,255 SH   SOLE   1,125,255 0 0
ELEMENT SOLUTIONS INC COM 28618M106   745,651 38,836 SH   SOLE   38,836 0 0
ENOVIS CORPORATION COM 194014502   3,712,163 57,894 SH   DFND   0 0 57,894
ENOVIS CORPORATION COM 194014502   7,164,128 111,730 SH   SOLE   111,730 0 0
FMC CORP COM 302491303   2,271,900 21,774 SH   SOLE   21,774 0 0
FRANCO NEV CORP COM 351858105   2,994,600 21,000 SH   SOLE   21,000 0 0
GLOBAL INDEMNITY GROUP LLC COM 37959R103   3,445,158 102,565 SH   SOLE   102,565 0 0
GREAT ELM CAP CORP COM 390320703   94,794 12,200 SH   SOLE   12,200 0 0
GREAT ELM GROUP INC COM 39037G109   1,176,085 573,700 SH   DFND   0 0 573,700
GREAT ELM GROUP INC COM 39037G109   753,074 367,353 SH   SOLE   367,353 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109   3,181,584 389,900 SH   DFND   0 0 389,900
GREAT LAKES DREDGE & DOCK CO COM 390607109   1,849,276 226,627 SH   SOLE   226,627 0 0
HALLADOR ENERGY COMPANY COM 40609P105   1,785,860 208,385 SH   DFND   0 0 208,385
HALLADOR ENERGY COMPANY COM 40609P105   2,397,380 279,741 SH   SOLE   279,741 0 0
HAMILTON THORNE ORD COM 407891100   19,721 18,007 SH   SOLE   18,007 0 0
HERITAGE CRYSTAL CLEAN INC COM 42726M106   6,449,430 170,665 SH   DFND   0 0 170,665
HERITAGE CRYSTAL CLEAN INC COM 42726M106   2,985,297 78,997 SH   SOLE   78,997 0 0
HOWMET AEROSPACE INC COM 443201108   1,457,461 29,408 SH   SOLE   29,408 0 0
IAC INC COM 44891N208   7,919,080 126,100 SH   DFND   0 0 126,100
IAC INC COM 44891N208   11,550,364 183,923 SH   SOLE   183,923 0 0
IEH ORD COM 44949K107   716,753 99,549 SH   SOLE   99,549 0 0
INFUSYSTEM HLDGS INC COM 45685K102   2,782,723 288,964 SH   DFND   0 0 288,964
INFUSYSTEM HLDGS INC COM 45685K102   1,702,940 176,837 SH   SOLE   176,837 0 0
INNOVATIVE SOLUTIONS & SUPPO COM 45769N105   17,660 2,463 SH   SOLE   2,463 0 0
ISSUER DIRECT CORP COM 46520M204   6,915 368 SH   SOLE   368 0 0
KBR INC COM 48242W106   5,380,462 82,700 SH   DFND   0 0 82,700
KBR INC COM 48242W106   8,529,041 131,095 SH   SOLE   131,095 0 0
KINDER MORGAN INC DEL COM 49456B101   292,740 17,000 SH   SOLE   17,000 0 0
LIBERTY MEDIA CORP DEL COM 531229409   3,904,357 118,999 SH   SOLE   118,999 0 0
LIBERTY TRIPADVISOR HLDGS IN COM 531465102   1,352,571 2,080,878 SH   DFND   0 0 2,080,878
LIBERTY TRIPADVISOR HLDGS IN COM 531465102   1,265,203 1,946,466 SH   SOLE   1,946,466 0 0
LIFECORE BIOMEDICAL INC COM 514766104   5,898,632 609,993 SH   DFND   0 0 609,993
LIFECORE BIOMEDICAL INC COM 514766104   9,762,281 1,009,543 SH   SOLE   1,009,543 0 0
LIONS GATE ENTMNT CORP COM 535919500   3,340,000 400,000 SH   DFND   0 0 400,000
LIONS GATE ENTMNT CORP COM 535919500   2,097,394 251,185 SH   SOLE   251,185 0 0
LITTELFUSE INC COM 537008104   1,015,215 3,485 SH   SOLE   3,485 0 0
MCDERMOTT INTERNATIONAL ORD COM G5924V106   1,134 6,300 SH   SOLE   6,300 0 0
MILLICOM INTL CELLULAR S A COM L6388F110   1,648,023 108,138 SH   DFND   0 0 108,138
MILLICOM INTL CELLULAR S A COM L6388F110   711,662 46,697 SH   SOLE   46,697 0 0
MONARCH CEMENT ORD COM 609031307   3,696 32 SH   SOLE   32 0 0
MOTORCAR PARTS OF AMERICA ORD COM 620071100   868,018 112,147 SH   DFND   0 0 112,147
MOTORCAR PARTS OF AMERICA ORD COM 620071100   250,126 32,316 SH   SOLE   32,316 0 0
NEWMARKET CORP COM 651587107   4,222,260 10,500 SH   DFND   0 0 10,500
NEWMARKET CORP COM 651587107   3,502,063 8,709 SH   SOLE   8,709 0 0
NORTHERN TECHNOLOGIES INTL C COM 665809109   7,658 715 SH   SOLE   715 0 0
OUTFRONT MEDIA INC COM 69007J106   243,660 15,500 SH   SOLE   15,500 0 0
OVERSEAS SHIPHOLDING GROUP I COM 69036R863   38,623 9,262 SH   SOLE   9,262 0 0
PHILIP MORRIS INTL INC COM 718172109   107,382 1,100 SH   SOLE   1,100 0 0
QURATE RETAIL INC COM 74915M308   22,410 600 SH   SOLE   600 0 0
REGAL REXNORD CORPORATION COM 758750103   1,616,720 10,505 SH   SOLE   10,505 0 0
RESEARCH SOLUTIONS INC COM 761025105   2,238,804 1,097,453 SH   DFND   0 0 1,097,453
RESEARCH SOLUTIONS INC COM 761025105   2,570,490 1,260,044 SH   SOLE   1,260,044 0 0
SCHWAB CHARLES CORP COM 808513105   1,161,940 20,500 SH   SOLE   20,500 0 0
SCRIPPS E W CO OHIO COM 811054402   7,925,970 867,174 SH   DFND   0 0 867,174
SCRIPPS E W CO OHIO COM 811054402   4,037,184 441,705 SH   SOLE   441,705 0 0
SECUREWORKS CORP COM 81374A105   2,315,856 320,312 SH   DFND   0 0 320,312
SECUREWORKS CORP COM 81374A105   1,813,725 250,861 SH   SOLE   250,861 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102   4,421,770 170,199 SH   DFND   0 0 170,199
SIX FLAGS ENTMT CORP NEW COM 83001A102   6,631,499 255,254 SH   SOLE   255,254 0 0
SKECHERS U S A INC COM 830566105   1,095,591 20,805 SH   SOLE   20,805 0 0
STANDEX INTL CORP COM 854231107   2,728,815 19,289 SH   DFND   0 0 19,289
STANDEX INTL CORP COM 854231107   1,591,538 11,250 SH   SOLE   11,250 0 0
STAR GROUP L P COM 85512C105   296,422 21,700 SH   SOLE   21,700 0 0
STONEX GROUP INC COM 861896108   2,999,188 36,100 SH   DFND   0 0 36,100
STONEX GROUP INC COM 861896108   2,483,095 29,888 SH   SOLE   29,888 0 0
TAPESTRY INC COM 876030107   1,162,491 27,161 SH   SOLE   27,161 0 0
TIPTREE INC COM 88822Q103   3,057,237 203,680 SH   DFND   0 0 203,680
TIPTREE INC COM 88822Q103   1,860,624 123,959 SH   SOLE   123,959 0 0
TRIMBLE INC COM 896239100   844,022 15,943 SH   SOLE   15,943 0 0
VIASAT INC COM 92552V100   13,871,612 336,200 SH   DFND   0 0 336,200
VIASAT INC COM 92552V100   21,578,608 522,991 SH   SOLE   522,991 0 0
VIEMED HEALTHCARE INC COM 92663R105   4,695,984 480,162 SH   DFND   0 0 480,162
VIEMED HEALTHCARE INC COM 92663R105   2,577,705 263,569 SH   SOLE   263,569 0 0
VITESSE ENERGY INC COM 92852X103   244,429 10,912 SH   DFND   0 0 10,912
VITESSE ENERGY INC COM 92852X103   327,040 14,600 SH   SOLE   14,600 0 0
WARNER BROS DISCOVERY INC COM 934423104   4,291,188 342,200 SH   SOLE   342,200 0 0
WELLS FARGO CO NEW COM 949746101   1,515,140 35,500 SH   SOLE   35,500 0 0
WHITE MTNS INS GROUP LTD COM G9618E107   6,723,713 4,841 SH   DFND   0 0 4,841
WHITE MTNS INS GROUP LTD COM G9618E107   7,409,835 5,335 SH   SOLE   5,335 0 0