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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALPHABET INC CAP STK CL A 02079K305 34,503 16,731 SH   DFND 01,02 16,731 0 0
ARGAN INC COM 04010E109 3,201 60,000 SH   DFND 01,02 60,000 0 0
ATLANTIC POWER CORP COM 04878Q863 720 250,000 SH   DFND 01,02 250,000 0 0
ATLAS CORP SHARES Y0436Q109 1,362,439 99,812,371 SH   DFND 01,02 99,812,371 0 0
BANK OF NOVA SCOTIA COM 064149107 15,457 247,100 SH   DFND 01,02 247,100 0 0
BERKSHIRE HATHAWAY INC. CL A 084670108 386 1 SH   DFND 01,02 1 0 0
BLACKBERRY LIMITED COM 09228F103 392,487 46,724,700 SH   DFND 01,02 46,724,700 0 0
BOOKING HOLDINGS INC COM 09857L108 15,144 6,500 SH   DFND 01,02 6,500 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 2,225 50,000 SH   DFND 01,02 50,000 0 0
CHANGE HEALTHCARE INC COM 15912K100 773 35,000 SH   DFND 01,02 35,000 0 0
CHEVRON CORP COM 166764100 16,329 155,800 SH   DFND 01,02 155,800 0 0
COLLIERS INTERNATIONAL GROUP INC SUB VTG SHS 194693107 2,452 25,000 SH   DFND 01,02 25,000 0 0
CRESCENT CAPITAL BDC INC COM 225655109 64,688 3,796,246 SH   DFND 01,02 3,796,246 0 0
CRH MEDICAL CORP COM 12626F105 1,067 270,000 SH   DFND 01,02 270,000 0 0
CROWN CASTLE INTL CORP COM 22822V101 688 4,000 SH   DFND 01,02 4,000 0 0
CVS HEALTH CORPORATION COM 126650100 1,993 26,500 SH   DFND 01,02 26,500 0 0
DARLING INGREDIENTS INC COM 237266101 1,192 16,200 SH   DFND 01,02 16,200 0 0
DELEK US HOLDINGS INC COM 24665A103 1,525 70,000 SH   DFND 01,02 70,000 0 0
DENNY'S CORP COM 24869P104 2,264 125,000 SH   DFND 01,02 125,000 0 0
DIAMOND S SHIPPING INC. COM Y20676105 10,357 1,034,681 SH   DFND 01,02 1,034,681 0 0
DINE BRANDS GLOBAL INC COM 254423106 2,296 25,500 SH   DFND 01,02 25,500 0 0
DISCOVERY INC COM SER A 25470F104 1,434 33,000 SH   DFND 01,02 33,000 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 1,626 40,000 SH   DFND 01,02 40,000 0 0
FRANKLIN RESOURCES INC COM 354613101 29,600 1,000,000 SH   DFND 01,02 1,000,000 0 0
GENERAL ELECTRIC CO COM 369604103 18,263 1,390,900 SH   DFND 01,02 1,390,900 0 0
GENERAL MTRS CO COM 37045V100 21,603 375,965 SH   DFND 01,02 375,965 0 0
GRAFTECH INTERNATIONAL LTD COM 384313508 10,275 840,123 SH   DFND 01,02 840,123 0 0
GRANITE REAL ESTATE INVESTMENT TR UNIT 99/99/9999 387437114 1,216 20,000 SH   DFND 01,02 20,000 0 0
H&R BLOCK INC COM 093671105 16,813 770,894 SH   DFND 01,02 770,894 0 0
HELMERICH & PAYNE INC COM 423452101 14,966 555,105 SH   DFND 01,02 555,105 0 0
IMAX CORP COM 45245E109 2,512 125,000 SH   DFND 01,02 125,000 0 0
JACOBS ENGINEERING GROUP INC COM 469814107 1,422 11,000 SH   DFND 01,02 11,000 0 0
JOHNSON & JOHNSON COM 478160104 12,055 73,400 SH   DFND 01,02 73,400 0 0
KENNEDY-WILSON HOLDINGS INC COM 489398107 269,504 13,322,009 SH   DFND 01,02 13,322,009 0 0
KKR & CO INC COM 48251W104 1,955 40,000 SH   DFND 01,02 40,000 0 0
KULICKE & SOFFA INDUSTRIES INC COM 501242101 2,014 41,000 SH   DFND 01,02 41,000 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 957 6,380 SH   DFND 01,02 6,380 0 0
LIBERTY TRIPADVISOR HLDGS INC COM SER A 531465102 7,888 1,236,417 SH   DFND 01,02 1,236,417 0 0
LORAL SPACE & COM INC COM 543881106 2,486 66,000 SH   DFND 01,02 66,000 0 0
LUMEN TECHNOLOGIES INC COM 550241103 19,024 1,425,000 SH   DFND 01,02 1,425,000 0 0
MADISON SQUARE GARDEN CO/THE CL A 55825T103 1,436 8,000 SH   DFND 01,02 8,000 0 0
MASTERCRAFT BOAT HOLDINGS INC COM 57637H103 44,844 1,687,145 SH   DFND 01,02 1,687,145 0 0
MERCK & CO. INC. COM 58933Y105 13,329 172,900 SH   DFND 01,02 172,900 0 0
MICRON TECHNOLOGY INC COM 595112103 60,431 685,000 SH   DFND 01,02 685,000 0 0
MIDDLEBY CORP COM 596278101 2,403 14,500 SH   DFND 01,02 14,500 0 0
MOMO INC ADR 60879B107 1,975 134,000 SH   DFND 01,02 134,000 0 0
NORTHWEST PIPE CO COM 667746101 1,431 43,000 SH   DFND 01,02 43,000 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 1,757 160,000 SH   DFND 01,02 160,000 0 0
PFIZER INC COM 717081103 14,525 400,900 SH   DFND 01,02 400,900 0 0
REALPAGE INC COM 75606N109 698 8,000 SH   DFND 01,02 8,000 0 0
RESOLUTE FOREST PRODS INC COM 76117W109 334,503 30,548,190 SH   DFND 01,02 30,548,190 0 0
RESTAURANT BRANDS INTL INC COM 76131D103 2,826 43,500 SH   DFND 01,02 43,500 0 0
STELLANTIS N.V. SHS N82405106 1,590 89,713 SH   DFND 01,02 89,713 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 11,078 93,700 SH   DFND 01,02 93,700 0 0
U S SILICA HLDGS INC COM 90346E103 1,598 130,000 SH   DFND 01,02 130,000 0 0
UNDER ARMOUR INC CL C 904311206 2,196 119,000 SH   DFND 01,02 119,000 0 0
WW INTERNATIONAL INC COM 98262P101 2,502 80,000 SH   DFND 01,02 80,000 0 0