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
AG MTG INVT TR INC COM NEW 001228501   5,503,338 828,816 SH   SOLE   828,816 0 0
APOLLO GLOBAL MGMT INC COM 03769M106   25,701,360 217,679 SH   SOLE   217,679 0 0
APPLIED DIGITAL CORP COM NEW 038169207   2,826,250 475,000 SH   SOLE   475,000 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101   17,447,152 130,906 SH   SOLE   130,906 0 0
BLADE AIR MOBILITY INC CL A COM 092667104   4,024,968 1,156,600 SH   SOLE   1,156,600 0 0
BOYD GAMING CORP COM 103304101   5,425,477 98,466 SH   SOLE   98,466 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108   851,580 114 SH Put SOLE   114 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603   1,053,873 76,925 SH   SOLE   76,925 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100   4,375,150 269,738 SH   SOLE   269,738 0 0
FTAI AVIATION LTD SHS G3730V105   13,920,049 134,845 SH   SOLE   134,845 0 0
GREAT ELM CAP CORP COM NEW 390320703   8,523,678 798,471 SH   SOLE   798,471 0 0
GREAT ELM GROUP INC COM NEW 39037G109   7,637,702 4,243,168 SH   SOLE   4,243,168 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   12,502,028 192,873 SH   SOLE   192,873 0 0
HUT 8 CORP COM 44812J104   4,497,000 300,000 SH   SOLE   300,000 0 0
IAC INC COM NEW 44891N208   22,407,090 478,273 SH   SOLE   478,273 0 0
IDENTIV INC COM NEW 45170X205   2,872,301 667,977 SH   SOLE   667,977 0 0
KBR INC COM 48242W106   12,512,752 195,085 SH   SOLE   195,085 0 0
MADISON SQUARE GARDEN ENTMT COM CL A 558256103   17,692,392 516,868 SH   SOLE   516,868 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103   18,969,336 100,831 SH   SOLE   100,831 0 0
MGM RESORTS INTERNATIONAL COM 552953101   5,536,246 124,578 SH   SOLE   124,578 0 0
MIDCAP FINANCIAL INVSTMNT CO COM NEW 03761U502   6,594,015 435,536 SH   SOLE   435,536 0 0
MPLX LP COM UNIT REP LTD 55336V100   1,333,919 31,320 SH   SOLE   31,320 0 0
NEWS CORP NEW CL A 65249B109   28,874,337 1,047,310 SH   SOLE   1,047,310 0 0
NEWS CORP NEW CL B 65249B208   3,561,781 125,459 SH   SOLE   125,459 0 0
REGIS CORPORATION COM SHS 758932206   611,133 26,571 SH   SOLE   26,571 0 0
RITHM CAPITAL CORP COM NEW 64828T201   15,826,330 1,450,626 SH   SOLE   1,450,626 0 0
TRANSUNION COM 89400J107   8,642,161 116,534 SH   SOLE   116,534 0 0
UBER TECHNOLOGIES INC COM 90353T100   4,283,832 58,941 SH   SOLE   58,941 0 0
WEX INC COM 96208T104   7,432,617 41,959 SH   SOLE   41,959 0 0