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
CRESUD S.A.-SPONS ADR COM 226406106   83,005 10,098 SH   DFND 1, 2, 3, 4 10,098 0 0
SHINHAN FINANCIAL GROUP-ADR COM 824596100   368,986 10,600 SH   DFND 1, 2, 3, 4 10,600 0 0
CLIPPER REALTY INC COM 18885T306   81,651 22,618 SH   DFND 1, 2, 3, 4 22,618 0 0
COREBRIDGE FINANCIAL INC COM 21871X109   2,584,545 88,755 SH   DFND 1, 2, 3, 4 88,755 0 0
DEVON ENERGY CORP COM 25179M103   777,360 16,400 SH   DFND 1, 2, 3, 4 16,400 0 0
FIRST SEACOAST BANCORP INC COM 33631F104   810,000 90,000 SH   DFND 1, 2, 3, 4 90,000 0 0
GRAIL INC COM 384747101   2,151,800 140,000 SH   DFND 1, 2, 3, 4 140,000 0 0
GREAT ELM GROUP INC COM 39037G109   460,310 255,728 SH   DFND 1, 2, 3, 4 255,728 0 0
GREIF INC-CL B COM 397624206   12,439,447 199,063 SH   DFND 1, 2, 3, 4 199,063 0 0
LABCORP HOLDINGS INC COM 504922105   1,648,431 8,100 SH   DFND 1, 2, 3, 4 8,100 0 0
LENNAR CORP - B SHS COM 526057302   1,071,798 7,687 SH   DFND 1, 2, 3, 4 7,687 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102   1,580,662 164,481 SH   DFND 1, 2, 3, 4 164,481 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128   3,550,242 369,048 SH   DFND 1, 2, 3, 4 369,048 0 0
LINCOLN NATIONAL CORP COM 534187109   342,100 11,000 SH   DFND 1, 2, 3, 4 11,000 0 0
LOGAN RIDGE FINANCE CORP COM 541098109   1,368,931 61,113 SH   DFND 1, 2, 3, 4 61,113 0 0
MGIC INVESTMENT CORP COM 552848103   1,594,700 74,000 SH   DFND 1, 2, 3, 4 74,000 0 0
NI HOLDINGS INC COM 65342T106   311,998 20,392 SH   DFND 1, 2, 3, 4 20,392 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104   1,097,139 22,900 SH   DFND 1, 2, 3, 4 22,900 0 0
RHINEBECK BANCORP INC COM 762093102   106,275 13,521 SH   DFND 1, 2, 3, 4 13,521 0 0
SENECA FOODS CORP - CL A COM 817070501   240,506 4,190 SH   DFND 1, 2, 3, 4 4,190 0 0
SENECA FOODS CORP - CL B COM 817070105   432,160 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SIRIUSPOINT LTD COM G8192H106   1,046,113 85,747 SH   DFND 1, 2, 3, 4 85,747 0 0
SONIDA SENIOR LIVING INC COM 140475203   9,968,627 363,629 SH   DFND 1, 2, 3, 4 363,629 0 0
STEREOTAXIS INC COM 85916J409   5,062,728 2,781,719 SH   DFND 1, 2, 3, 4 2,781,719 0 0
TEJON RANCH CO COM 879080109   251,499 14,742 SH   DFND 1, 2, 3, 4 14,742 0 0
ARBOR REALTY TRUST INC COM 038923108   7,417,515 516,900 SH Put DFND 1, 2, 3, 4 0 0 516,900
ARK INNOVATION ETF COM 00214Q104   1,481,115 33,700 SH Put DFND 1, 2, 3, 4 0 0 33,700
CLOROX COMPANY COM 189054109   805,173 5,900 SH Put DFND 1, 2, 3, 4 0 0 5,900
FMC CORP COM 302491303   707,865 12,300 SH Put DFND 1, 2, 3, 4 0 0 12,300
INVITATION HOMES INC COM 46187W107   646,020 18,000 SH Put DFND 1, 2, 3, 4 0 0 18,000
SUNCOR ENERGY INC COM 867224107   762,000 20,000 SH Call DFND 1, 2, 3, 4 0 0 20,000
TESLA INC COM 88160R101   37,874,232 191,400 SH Put DFND 1, 2, 3, 4 0 0 191,400
WALKER & DUNLOP INC COM 93148P102   942,720 9,600 SH Put DFND 1, 2, 3, 4 0 0 9,600