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
APPLE INC COM 037833100   911,659 4,700 SH Put DFND 1, 2, 3, 4 0 0 4,700
ARK INNOVATION ETF COM 00214Q104   3,690,104 83,600 SH Put DFND 1, 2, 3, 4 0 0 83,600
BATTALION OIL CORP COM 07134L107   102,546 17,959 SH   DFND 1, 2, 3, 4 17,959 0 0
BEYOND MEAT INC COM 08862E109   4,314,552 332,400 SH Put DFND 1, 2, 3, 4 0 0 332,400
CLIPPER REALTY INC COM 18885T306   128,754 22,708 SH   DFND 1, 2, 3, 4 22,708 0 0
CLOROX COMPANY COM 189054109   4,930,240 31,000 SH Put DFND 1, 2, 3, 4 0 0 31,000
COMMUNITY WEST BANCSHARES COM 204157101   433,378 35,669 SH   DFND 1, 2, 3, 4 35,669 0 0
COREBRIDGE FINANCIAL INC COM 21871X109   1,387,193 78,550 SH   DFND 1, 2, 3, 4 78,550 0 0
CUBESMART COM 229663109   1,473,780 33,000 SH Put DFND 1, 2, 3, 4 0 0 33,000
DEVON ENERGY CORP COM 25179M103   872,247 18,044 SH   DFND 1, 2, 3, 4 18,044 0 0
DIGITAL REALTY TRUST INC COM 253868103   5,545,469 48,700 SH Put DFND 1, 2, 3, 4 0 0 48,700
ENVIVA INC COM 29415B103   141,050 13,000 SH Put DFND 1, 2, 3, 4 0 0 13,000
F&G ANNUITIES & LIFE INC COM 30190A104   1,042,024 42,051 SH   DFND 1, 2, 3, 4 42,051 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102   341,100 30,000 SH   DFND 1, 2, 3, 4 30,000 0 0
FIRST SEACOAST BANCORP INC COM 33631F104   725,152 90,418 SH   DFND 1, 2, 3, 4 90,418 0 0
GREAT ELM GROUP INC COM 39037G109   1,889,739 921,824 SH   DFND 1, 2, 3, 4 921,824 0 0
GREIF INC-CL B COM 397624206   15,377,617 199,063 SH   DFND 1, 2, 3, 4 199,063 0 0
JACKSON FINANCIAL INC-A COM 46817M107   2,231,469 72,900 SH   DFND 1, 2, 3, 4 72,900 0 0
JACKSON FINANCIAL INC-A COM 46817M107   1,224,400 40,000 SH Call DFND 1, 2, 3, 4 0 0 40,000
LABORATORY CRP OF AMER HLDGS COM 50540R409   1,954,773 8,100 SH   DFND 1, 2, 3, 4 8,100 0 0
LABORATORY CRP OF AMER HLDGS COM 50540R409   1,845,148 8,900 SH Call DFND 1, 2, 3, 4 0 0 8,900
LENNAR CORP - B SHS COM 526057302   868,477 7,687 SH   DFND 1, 2, 3, 4 7,687 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102   1,426,355 163,012 SH   DFND 1, 2, 3, 4 163,012 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128   6,586,094 764,048 SH   DFND 1, 2, 3, 4 764,048 0 0
LINCOLN NATIONAL CORP COM 534187109   1,416,800 55,000 SH   DFND 1, 2, 3, 4 55,000 0 0
LOGAN RIDGE FINANCE CORP COM 541098109   1,265,650 61,113 SH   DFND 1, 2, 3, 4 61,113 0 0
MGIC INVESTMENT CORP COM 552848103   1,168,460 74,000 SH   DFND 1, 2, 3, 4 74,000 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102   1,560,428 3,755 SH   DFND 1, 2, 3, 4 3,755 0 0
NOBLE CORP PLC COM G65431907   2,065,500 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
NI HOLDINGS INC COM 65342T106   302,821 20,392 SH   DFND 1, 2, 3, 4 20,392 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104   401,800 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
PIEDMONT LITHIUM INC COM 72016P105   1,159,971 20,100 SH Put DFND 1, 2, 3, 4 0 0 20,100
RHINEBECK BANCORP INC COM 762093102   107,821 16,021 SH   DFND 1, 2, 3, 4 16,021 0 0
SENECA FOODS CORP - CL A COM 817070501   210,459 6,440 SH   DFND 1, 2, 3, 4 6,440 0 0
SENECA FOODS CORP - CL B COM 817070105   247,900 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SIRIUSPOINT LTD COM G8192H106   963,925 106,747 SH   DFND 1, 2, 3, 4 106,747 0 0
SONIDA SENIOR LIVING INC COM 140475203   6,412,587 513,007 SH   DFND 1, 2, 3, 4 513,007 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106   3,812,816 668,915 SH   DFND 1, 2, 3, 4 668,915 0 0
STEREOTAXIS INC COM 85916J409   3,936,864 2,573,114 SH   DFND 1, 2, 3, 4 2,573,114 0 0
SUNCOR ENERGY INC COM 867224107   586,400 20,000 SH Call DFND 1, 2, 3, 4 0 0 20,000
TEJON RANCH CO COM 879080109   253,710 14,742 SH   DFND 1, 2, 3, 4 14,742 0 0
TRANSOCEAN LTD COM H8817H100   1,146,016 163,483 SH   DFND 1, 2, 3, 4 163,483 0 0
TESLA INC COM 88160R101   5,156,869 19,700 SH Put DFND 1, 2, 3, 4 0 0 19,700
WD-40 CO COM 929236107   679,140 3,600 SH Put DFND 1, 2, 3, 4 0 0 3,600
WESTROCK CO COM 96145D105   1,106,288 38,056 SH   DFND 1, 2, 3, 4 38,056 0 0