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
Expires: July 31, 2015
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
LEAD REAL ESTATE CO LTD COM 52168R109 85,473 64,752 SH DFND 1, 2, 3, 4 64,752 0 0
SHINHAN FINANCIAL GROUP-ADR COM 824596100 4,248,439 67,169 SH DFND 1, 2, 3, 4 67,169 0 0
ARVINAS INC COM 04335A105 2,448,076 294,594 SH DFND 1, 2, 3, 4 294,594 0 0
ATRIUM THERAPEUTICS INC COM 04965N104 3,514,324 261,288 SH DFND 1, 2, 3, 4 261,288 0 0
AVIDIA BANCORP INC COM 05369T100 688,472 32,800 SH DFND 1, 2, 3, 4 32,800 0 0
B2GOLD CORP COM 11777Q209 93,500 25,000 SH DFND 1, 2, 3, 4 25,000 0 0
BURFORD CAPITAL LTD COM G17977110 110,700 27,000 SH DFND 1, 2, 3, 4 27,000 0 0
CBL & ASSOCIATES PROPERTIES COM 124830878 5,799,764 109,244 SH DFND 1, 2, 3, 4 109,244 0 0
CLIPPER REALTY INC COM 18885T306 61,521 22,618 SH DFND 1, 2, 3, 4 22,618 0 0
COMMUNITY WEST BANCSHARES COM 203937107 1,398,439 52,064 SH DFND 1, 2, 3, 4 52,064 0 0
COREBRIDGE FINANCIAL INC COM 21871X109 11,370,548 397,155 SH DFND 1, 2, 3, 4 397,155 0 0
ELEMENTAL ROYALTY CORP COM 28620K106 2,938,815 168,317 SH DFND 1, 2, 3, 4 168,317 0 0
GENWORTH FINANCIAL INC COM 37247D106 5,114,974 540,124 SH DFND 1, 2, 3, 4 540,124 0 0
GOLD ROYALTY CORP COM 38071H106 216,936 78,600 SH DFND 1, 2, 3, 4 78,600 0 0
GRAIL INC COM 384747101 70,611,456 1,034,297 SH DFND 1, 2, 3, 4 1,034,297 0 0
GREIF INC-CL B COM 397624206 18,125,340 193,771 SH DFND 1, 2, 3, 4 193,771 0 0
LENNAR CORP - B SHS COM 526057302 499,349 5,629 SH DFND 1, 2, 3, 4 5,629 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102 1,289,531 164,481 SH DFND 1, 2, 3, 4 164,481 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128 2,329,584 299,048 SH DFND 1, 2, 3, 4 299,048 0 0
MARTI TECHNOLOGIES INC COM 573134103 423,230 323,076 SH DFND 1, 2, 3, 4 323,076 0 0
METALLA ROYALTY & STREAMING COM 59124U605 258,740 34,000 SH DFND 1, 2, 3, 4 34,000 0 0
MGIC INVESTMENT CORP COM 552848103 2,453,400 87,000 SH DFND 1, 2, 3, 4 87,000 0 0
MOUNT LOGAN CAPITAL INC COM 62188E103 122,138 35,505 SH DFND 1, 2, 3, 4 35,505 0 0
NAVIENT CORP COM 63938C108 5,638,283 662,548 SH DFND 1, 2, 3, 4 662,548 0 0
NI HOLDINGS INC COM 65342T106 983,320 62,592 SH DFND 1, 2, 3, 4 62,592 0 0
OLIN CORP COM 680665205 255,678 12,900 SH DFND 1, 2, 3, 4 12,900 0 0
OMNIAB INC COM 68218J103 473,759 192,585 SH DFND 1, 2, 3, 4 192,585 0 0
OPORTUN FINANCIAL CORP COM 68376D104 697,225 122,106 SH DFND 1, 2, 3, 4 122,106 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104 7,028,858 66,599 SH DFND 1, 2, 3, 4 66,599 0 0
OSISKO DEVELOPMENT CORP COM 68828E809 5,319,740 2,162,496 SH DFND 1, 2, 3, 4 2,162,496 0 0
SIRIUSPOINT LTD COM G8192H106 5,820,768 242,532 SH DFND 1, 2, 3, 4 242,532 0 0
SONIDA SENIOR LIVING INC COM 140475203 5,748,598 140,897 SH DFND 1, 2, 3, 4 140,897 0 0
SONIDA SENIOR LIVING INC COM 140475203 4,992,959 124,286 SH DFND 1, 2, 3, 4 124,286 0 0
TAMBORAN RESOURCES CORP COM 87507T101 2,185,062 67,212 SH DFND 1, 2, 3, 4 67,212 0 0
TEJON RANCH CO COM 879080109 242,970 12,993 SH DFND 1, 2, 3, 4 12,993 0 0
TRIPLE FLAG PRECIOUS MET COM 89679M104 1,752,526 58,476 SH DFND 1, 2, 3, 4 58,476 0 0
VERMILION ENERGY INC COM 923725105 2,499,335 266,738 SH DFND 1, 2, 3, 4 266,738 0 0
VOX ROYALTY CORP COM 92919F103 113,142 23,920 SH DFND 1, 2, 3, 4 23,920 0 0
WEATHERFORD INTERNATIONAL PL COM G48833118 815,000 10,000 SH DFND 1, 2, 3, 4 10,000 0 0
NAVIOS MARITIME PARTNERS LP COM Y62267409 1,737,736 24,800 SH DFND 1, 2, 3, 4 24,800 0 0
ARBOR REALTY TRUST INC COM 038923108 735,494 135,700 SH Put DFND 1, 2, 3, 4 0 0 135,700
TESLA INC COM 88160R101 8,664,360 20,600 SH Put DFND 1, 2, 3, 4 0 0 20,600