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
ANGI INC COM 00183L102 BBG00HVKH479 19,317 7,373 SH   SOLE   7,373 0 0
ABBOTT LABS COM 002824100 BBG000B9ZZG4 113,660 1,000 SH   SOLE   1,000 0 0
ABBVIE INC COM 00287Y109 BBG003P7K0B5 182,100 1,000 SH   SOLE   1,000 0 0
AMER SOFTWARE INC COM 029683109 BBG000BBWPX5 4,452,550 388,869 SH   DFND   0 0 388,869
AMER SOFTWARE INC COM 029683109 BBG000BBWPX5 1,749,995 152,838 SH   SOLE   152,838 0 0
AMERICAN VANGUARD CORP COM 030371108 BBG000DPXXH2 5,310,963 410,113 SH   DFND   0 0 410,113
AMERICAN VANGUARD CORP COM 030371108 BBG000DPXXH2 3,874,303 299,174 SH   SOLE   299,174 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 BBG000BB7059 1,808,928 28,800 SH   SOLE   28,800 0 0
BANK NEW YORK MELLON CORP COM 064058100 BBG000BD8QV8 1,578,788 27,400 SH   SOLE   27,400 0 0
BERKSHIRE HATHAWAY INC DEL COM 084670702 BBG000DWH8Q0 1,509,667 3,590 SH   SOLE   3,590 0 0
CNX RES CORP COM 12653C108 BBG000CKVVL5 4,946,925 208,555 SH   DFND   0 0 208,555
CNX RES CORP COM 12653C108 BBG000CKVVL5 2,708,634 114,192 SH   SOLE   114,192 0 0
CHEVRON CORP NEW COM 166764100 BBG000K4NHJ5 157,740 1,000 SH   SOLE   1,000 0 0
CLEAN HARBORS INC COM 184496107 BBG000BFRVR6 929,650 4,618 SH   SOLE   4,618 0 0
ENOVIS CORPORATION COM 194014502 BBG000C606W3 4,833,255 77,394 SH   DFND   0 0 77,394
ENOVIS CORPORATION COM 194014502 BBG000C606W3 5,095,608 81,595 SH   SOLE   81,595 0 0
COMPASS MINERALS INTL INC COM 20451N101 BBG000C42YN5 3,242,802 206,023 SH   DFND   0 0 206,023
COMPASS MINERALS INTL INC COM 20451N101 BBG000C42YN5 1,639,557 104,165 SH   SOLE   104,165 0 0
COMPUTER PROGRAMS & SYS INC COM 205306103 BBG000BHYN74 4,814,029 522,129 SH   DFND   0 0 522,129
COMPUTER PROGRAMS & SYS INC COM 205306103 BBG000BHYN74 1,947,633 211,240 SH   SOLE   211,240 0 0
CTO RLTY GROWTH INC NEW COM 22948Q101 BBG00Y3M3N63 227,198 13,404 SH   SOLE   13,404 0 0
DLH HLDGS CORP COM 23335Q100 BBG000G1BQT8 3,479,328 262,195 SH   DFND   0 0 262,195
DLH HLDGS CORP COM 23335Q100 BBG000G1BQT8 1,507,220 113,581 SH   SOLE   113,581 0 0
DEVON ENERGY CORP NEW COM 25179M103 BBG000BBVMM5 2,785,793 55,516 SH   SOLE   55,516 0 0
EASTERN CO COM 276317104 BBG000BHWXC8 18,545 544 SH   SOLE   544 0 0
ECOVYST INC COM 27923Q109 BBG00GX8YKD4 9,830,219 881,634 SH   DFND   0 0 881,634
ECOVYST INC COM 27923Q109 BBG00GX8YKD4 10,685,290 958,322 SH   SOLE   958,322 0 0
FMC CORP COM 302491303 BBG000BJPBC0 2,259,949 35,478 SH   SOLE   35,478 0 0
FRANCO NEV CORP COM 351858105 BBG000RD3FN9 2,311,704 19,400 SH   SOLE   19,400 0 0
GLOBAL INDEMNITY GROUP LLC COM 37959R103 BBG00X03FH79 2,085,779 68,319 SH   SOLE   68,319 0 0
GREAT ELM CAP CORP COM 390320703 BBG00F5TLJ48 67,466 6,100 SH   SOLE   6,100 0 0
GREAT ELM GROUP INC COM 39037G109 BBG00YPT1PQ9 1,363,315 710,060 SH   DFND   0 0 710,060
GREAT ELM GROUP INC COM 39037G109 BBG00YPT1PQ9 581,541 302,886 SH   SOLE   302,886 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 BBG000QT4FF3 17 2 SH   DFND   0 0 2
GREAT LAKES DREDGE & DOCK CO COM 390607109 BBG000QT4FF3 9 1 SH   SOLE   1 0 0
HALLADOR ENERGY COMPANY COM 40609P105 BBG000DP9Z66 833,532 156,385 SH   DFND   0 0 156,385
HALLADOR ENERGY COMPANY COM 40609P105 BBG000DP9Z66 708,218 132,874 SH   SOLE   132,874 0 0
HOWMET AEROSPACE INC COM 443201108 BBG00DYNJGM3 969,653 14,170 SH   SOLE   14,170 0 0
IAC INC COM 44891N208 BBG00S1LT2C1 12,065,508 226,200 SH   DFND   0 0 226,200
IAC INC COM 44891N208 BBG00S1LT2C1 10,726,087 201,089 SH   SOLE   201,089 0 0
INFUSYSTEM HLDGS INC COM 45685K102 BBG000P10026 2,476,421 288,964 SH   DFND   0 0 288,964
INFUSYSTEM HLDGS INC COM 45685K102 BBG000P10026 885,804 103,361 SH   SOLE   103,361 0 0
INNOVATIVE SOLUTIONS & SUPPO COM 45769N105 BBG000BF2B42 18,556 2,535 SH   SOLE   2,535 0 0
ISHARES TR ETF 464288687 BBG000G7KBM5 112,805 3,500 SH   SOLE   3,500 0 0
ISHARES TR ETF 46429B655 BBG001QWVBD5 112,343 2,200 SH   SOLE   2,200 0 0
JANUS DETROIT STR TR COM 47103U845 BBG00XX897P1 96,406 1,900 SH   SOLE   1,900 0 0
KBR INC COM 48242W106 BBG000P292S3 4,442,131 69,779 SH   DFND   0 0 69,779
KBR INC COM 48242W106 BBG000P292S3 5,923,181 93,044 SH   SOLE   93,044 0 0
KINDER MORGAN INC DEL COM 49456B101 BBG0019JZ8D6 713,426 38,900 SH   SOLE   38,900 0 0
LIFECORE BIOMEDICAL INC COM 514766104 BBG000G1H6G0 4,385,577 825,909 SH   DFND   0 0 825,909
LIFECORE BIOMEDICAL INC COM 514766104 BBG000G1H6G0 2,431,295 457,871 SH   SOLE   457,871 0 0
LIBERTY MEDIA CORP DEL COM 531229748 BBG01HMFL0T8 85 2 SH   SOLE   2 0 0
LIONS GATE ENTMNT CORP COM 535919500 BBG00FFJY8B1 2,672,901 287,100 SH   DFND   0 0 287,100
LIONS GATE ENTMNT CORP COM 535919500 BBG00FFJY8B1 222,369 23,885 SH   SOLE   23,885 0 0
LITTELFUSE INC COM 537008104 BBG000BGFS30 776,005 3,202 SH   SOLE   3,202 0 0
MOTORCAR PTS AMER INC COM 620071100 BBG000BJSC99 4,213,386 524,053 SH   DFND   0 0 524,053
MOTORCAR PTS AMER INC COM 620071100 BBG000BJSC99 1,581,468 196,700 SH   SOLE   196,700 0 0
NEWMARKET CORP COM 651587107 BBG000BJ5TW1 4,693,650 7,396 SH   DFND   0 0 7,396
NEWMARKET CORP COM 651587107 BBG000BJ5TW1 2,190,074 3,451 SH   SOLE   3,451 0 0
OUTFRONT MEDIA INC COM 69007J106 BBG004S6B059 6,922,517 412,300 SH   DFND   0 0 412,300
OUTFRONT MEDIA INC COM 69007J106 BBG004S6B059 6,779,802 403,800 SH   SOLE   403,800 0 0
PARK AEROSPACE CORP COM 70014A104 BBG000BR8D37 4,088,436 245,847 SH   DFND   0 0 245,847
PARK AEROSPACE CORP COM 70014A104 BBG000BR8D37 1,852,632 111,403 SH   SOLE   111,403 0 0
PHILIP MORRIS INTL INC COM 718172109 BBG000J2XPB0 100,782 1,100 SH   SOLE   1,100 0 0
RED VIOLET INC COM 75704L104 BBG00HNGGZL3 4,435,895 226,900 SH   DFND   0 0 226,900
RED VIOLET INC COM 75704L104 BBG00HNGGZL3 940,355 48,100 SH   SOLE   48,100 0 0
REGAL REXNORD CORPORATION COM 758750103 BBG000BRXWM6 1,520,224 8,441 SH   SOLE   8,441 0 0
RESEARCH SOLUTIONS INC COM 761025105 BBG000GQFCD7 5,010,265 1,585,527 SH   DFND   0 0 1,585,527
RESEARCH SOLUTIONS INC COM 761025105 BBG000GQFCD7 5,840,802 1,848,355 SH   SOLE   1,848,355 0 0
SPDR SER TR COM 78464A649 BBG000RFSDG0 356,660 14,100 SH   SOLE   14,100 0 0
SCHWAB CHARLES CORP COM 808513105 BBG000BSM368 2,177,434 30,100 SH   SOLE   30,100 0 0
SCRIPPS E W CO OHIO COM 811054402 BBG000C79YF0 7,096,287 1,805,671 SH   DFND   0 0 1,805,671
SCRIPPS E W CO OHIO COM 811054402 BBG000C79YF0 7,456,825 1,897,411 SH   SOLE   1,897,411 0 0
SECUREWORKS CORP COM 81374A105 BBG00BL6Z9K8 3,119,565 464,221 SH   DFND   0 0 464,221
SECUREWORKS CORP COM 81374A105 BBG00BL6Z9K8 1,172,002 174,405 SH   SOLE   174,405 0 0
SIMPLIFY EXCHANGE TRADED FUN MBS ETF 82889N525 US82889N5251 392,007 7,700 SH   SOLE   7,700 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 BBG000F4W2P7 5,903,550 224,299 SH   DFND   0 0 224,299
SIX FLAGS ENTMT CORP NEW COM 83001A102 BBG000F4W2P7 4,303,636 163,512 SH   SOLE   163,512 0 0
STANDEX INTL CORP COM 854231107 BBG000BTT7Q8 2,451,406 13,453 SH   DFND   0 0 13,453
STANDEX INTL CORP COM 854231107 BBG000BTT7Q8 1,241,647 6,814 SH   SOLE   6,814 0 0
STAR GROUP L P COM 85512C105 BBG000C07X96 160,320 16,000 SH   SOLE   16,000 0 0
STONEX GROUP INC COM 861896108 BBG000BB26D2 4,099,671 58,350 SH   DFND   0 0 58,350
STONEX GROUP INC COM 861896108 BBG000BB26D2 2,219,865 31,595 SH   SOLE   31,595 0 0
TAPESTRY INC COM 876030107 BBG000BY2CY6 142,440 3,000 SH   SOLE   3,000 0 0
TIPTREE INC COM 88822Q103 BBG000R2S1T1 4,820,895 278,987 SH   DFND   0 0 278,987
TIPTREE INC COM 88822Q103 BBG000R2S1T1 2,501,798 144,780 SH   SOLE   144,780 0 0
TREDEGAR CORP COM 894650100 BBG000BLVPY3 32,600 5,000 SH   SOLE   5,000 0 0
TRIMBLE INC COM 896239100 BBG000BNQ4W4 1,673,360 26,000 SH   SOLE   26,000 0 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104 BBG012PP0X99 4,243,575 293,673 SH   DFND   0 0 293,673
TRIPLE FLAG PRECIOUS METAL COM 89679M104 BBG012PP0X99 3,577,560 247,582 SH   SOLE   247,582 0 0
VIASAT INC COM 92552V100 BBG000HHNV27 6,544,618 361,781 SH   DFND   0 0 361,781
VIASAT INC COM 92552V100 BBG000HHNV27 7,325,943 404,972 SH   SOLE   404,972 0 0
VIEMED HEALTHCARE INC COM 92663R105 BBG00JNKPJF3 5,243,665 556,062 SH   DFND   0 0 556,062
VIEMED HEALTHCARE INC COM 92663R105 BBG00JNKPJF3 3,184,841 337,735 SH   SOLE   337,735 0 0
VITESSE ENERGY INC COM 92852X103 BBG01B9G0H01 4,606,515 194,122 SH   DFND   0 0 194,122
VITESSE ENERGY INC COM 92852X103 BBG01B9G0H01 3,731,376 157,243 SH   SOLE   157,243 0 0
WARNER BROS DISCOVERY INC COM 934423104 BBG016HRQK22 3,955,208 452,800 SH   SOLE   452,800 0 0
CLIMB GLOBAL SOLUTIONS INC COM 946760105 BBG000BCJZ93 6,864,515 96,847 SH   DFND   0 0 96,847
CLIMB GLOBAL SOLUTIONS INC COM 946760105 BBG000BCJZ93 4,151,938 58,577 SH   SOLE   58,577 0 0
WELLS FARGO CO NEW COM 949746101 BBG000BWQHB8 1,576,512 27,200 SH   SOLE   27,200 0 0
WELLS FARGO CO NEW COM 949746804 BBG000001Y75 139,035 115 SH   SOLE   115 0 0
AXALTA COATING SYS LTD COM G0750C108 BBG0070QYRW4 2,665,294 77,502 SH   SOLE   77,502 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 BBG000G7QSB4 9,224,496 5,141 SH   DFND   0 0 5,141
WHITE MTNS INS GROUP LTD COM G9618E107 BBG000G7QSB4 8,820,779 4,916 SH   SOLE   4,916 0 0
MILLICOM INTL CELLULAR S A COM L6388F110 BBG000BQBT49 40 2 SH   SOLE   2 0 0