Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ISHARES TR	4,000	$92.5M	36.0%	$23125.00	—	PUT	464287955
GLD	SPDR GOLD TR	10,228	$4.401M	1.7%	$430.29	—	GOLD SHS	78463V107
—	SUNOPTA INC	335,296	$2.173M	0.8%	$6.48	—	COM	8676EP908
KD	KYNDRYL HLDGS INC	86,030	$1.129M	0.4%	$20.57	0.0%	COMMON STOCK	50155Q100
—	KINGSTONE COS INC CALL	500	$875K	0.3%	$1750.00	—	CALL	496719905
BPRE	BLUEROCK PVT REAL ESTATE FD	27,900	$463K	0.2%	$16.61	—	COM	09631P102
CE	CELANESE CORP DEL	4,807	$221K	0.1%	$49.52	0.0%	COM	150870103

Increased Positions (6)

ASH ASHLAND INC 1.4%

Value $3.714M (+112.0%) Shares 66,784 (+123.7%) Est. Cost $57.79 Unrealized +7.9%

FIP FTAI INFRASTRUCTURE INC 1.3%

Value $3.233M (+19.4%) Shares 654,423 (+11.4%) Est. Cost $4.31 Unrealized +34.1%

DUOT DUOS TECHNOLOGIES GROUP INC 0.3%

Value $651K (+286.2%) Shares 94,852 (+533.3%) Est. Cost $9.37 Unrealized +4.5%

OSG AMBAC FINL GROUP INC 0.2%

Value $506K (-39.3%) Shares 108,798 (+1.5%) Est. Cost $8.41 Unrealized -27.4%

LODE COMSTOCK INC 0.1%

Value $292K (+53.0%) Shares 95,776 (+88.6%) Est. Cost $3.24 Unrealized +4.2%

AGM FEDERAL AGRIC MTG CORP 0.6%

Value $1.629M (+0.3%) Shares 10,981 (+18.7%) Est. Cost $96.33 Unrealized +78.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ASH	ASHLAND INC	66,784 (+123.7%)	$3.714M (+112.0%)	1.4%	$57.79	+7.9%	COM	044186104
FIP	FTAI INFRASTRUCTURE INC	654,423 (+11.4%)	$3.233M (+19.4%)	1.3%	$4.31	+34.1%	COMMON STOCK	35953C106
DUOT	DUOS TECHNOLOGIES GROUP INC	94,852 (+533.3%)	$651K (+286.2%)	0.3%	$9.37	+4.5%	COM	266042407
OSG	AMBAC FINL GROUP INC	108,798 (+1.5%)	$506K (-39.3%)	0.2%	$8.41	-27.4%	COM NEW	023139884
LODE	COMSTOCK INC	95,776 (+88.6%)	$292K (+53.0%)	0.1%	$3.24	+4.2%	COM SHS	205750409
AGM	FEDERAL AGRIC MTG CORP	10,981 (+18.7%)	$1.629M (+0.3%)	0.6%	$96.33	+78.1%	CL C	313148306

Exited Positions (9)

PBI PITNEY BOWES INC 0.3%

Value $665K Shares 62,906 Est. Cost $7.11 Unrealized +46.9%

UNH UNITEDHEALTH GROUP INC 0.3%

Value $660K Shares 2,000 Est. Cost $298.94 Unrealized +3.3%

STKL SUNOPTA INC 0.2%

Value $513K Shares 135,000 Est. Cost $4.54 Unrealized +13.7%

— BANC OF CALIFORNIA INC 0.2%

Value $482K Shares 25,000 Est. Cost $19.29 Unrealized —

LWLG LIGHTWAVE LOGIC INC 0.1%

Value $243K Shares 75,000 Est. Cost $4.44 Unrealized -14.2%

BCIC BCP INVESTMENT CORPORATION 0.1%

Value $242K Shares 20,435 Est. Cost $11.61 Unrealized +3.8%

PRMB PRIMO BRANDS CORPORATION 0.1%

Value $164K Shares 10,000 Est. Cost $18.48 Unrealized +1.2%

VLY VALLEY NATL BANCORP 0.1%

Value $145K Shares 12,399 Est. Cost $9.99 Unrealized +26.6%

LAKE LAKELAND INDS INC 0.0%

Value $88,400 Shares 10,000 Est. Cost $14.04 Unrealized -33.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PBI	PITNEY BOWES INC	62,906	$665K	0.3%	$7.11	+46.9%	—	724479100
UNH	UNITEDHEALTH GROUP INC	2,000	$660K	0.3%	$298.94	+3.3%	—	91324P102
STKL	SUNOPTA INC	135,000	$513K	0.2%	$4.54	+13.7%	—	8676EP108
—	BANC OF CALIFORNIA INC	25,000	$482K	0.2%	$19.29	—	—	05590K106
LWLG	LIGHTWAVE LOGIC INC	75,000	$243K	0.1%	$4.44	-14.2%	—	532275104
BCIC	BCP INVESTMENT CORPORATION	20,435	$242K	0.1%	$11.61	+3.8%	—	73688F201
PRMB	PRIMO BRANDS CORPORATION	10,000	$164K	0.1%	$18.48	+1.2%	—	741623102
VLY	VALLEY NATL BANCORP	12,399	$145K	0.1%	$9.99	+26.6%	—	919794107
LAKE	LAKELAND INDS INC	10,000	$88,400	0.0%	$14.04	-33.2%	—	511795106

Decreased Positions (10)

— ASHLAND INC - CALL 1.9%

Value $4.875M (+70.9%) Shares 750 (-50.0%) Est. Cost $1901.67 Unrealized —

TIC TIC SOLUTIONS INC 0.4%

Value $1.136M (-51.1%) Shares 172,708 (-24.9%) Est. Cost $11.38 Unrealized -9.9%

KINS KINGSTONE COS INC 1.9%

Value $4.862M (-16.0%) Shares 333,711 (-3.0%) Est. Cost $14.59 Unrealized +9.6%

ALIT ALIGHT INC 0.0%

Value $55,852 (-91.4%) Shares 95,851 (-71.3%) Est. Cost $4.34 Unrealized -66.4%

NBIS NEBIUS GROUP N.V. 1.9%

Value $4.914M (+11.0%) Shares 47,357 (-10.5%) Est. Cost $47.69 Unrealized +102.1%

COLD AMERICOLD REALTY TRUST INC 0.2%

Value $538K (-39.8%) Shares 46,922 (-32.4%) Est. Cost $12.86 Unrealized —

SKIL SKILLSOFT CORP 0.1%

Value $192K (-64.2%) Shares 44,794 (-22.5%) Est. Cost $12.26 Unrealized -37.1%

NVRI ENVIRI CORP 0.2%

Value $633K (-33.9%) Shares 32,257 (-39.7%) Est. Cost $14.90 Unrealized +25.6%

GECC GREAT ELM CAP CORP 0.2%

Value $639K (-30.7%) Shares 127,470 (-2.6%) Est. Cost $6.87 Unrealized -0.4%

FTAI FTAI AVIATION LTD 13.1%

Value $33.71M (+0.6%) Shares 122,676 (-27.9%) Est. Cost $16.81 Unrealized +1511.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ASHLAND INC - CALL	750 (-50.0%)	$4.875M (+70.9%)	1.9%	$1901.67	—	CALL	044186904
TIC	TIC SOLUTIONS INC	172,708 (-24.9%)	$1.136M (-51.1%)	0.4%	$11.38	-9.9%	COM	00510N102
KINS	KINGSTONE COS INC	333,711 (-3.0%)	$4.862M (-16.0%)	1.9%	$14.59	+9.6%	COM	496719105
ALIT	ALIGHT INC	95,851 (-71.3%)	$55,852 (-91.4%)	0.0%	$4.34	-66.4%	COM CL A	01626W101
NBIS	NEBIUS GROUP N.V.	47,357 (-10.5%)	$4.914M (+11.0%)	1.9%	$47.69	+102.1%	SHS CLASS A	N97284108
COLD	AMERICOLD REALTY TRUST INC	46,922 (-32.4%)	$538K (-39.8%)	0.2%	$12.86	—	COM	03064D108
SKIL	SKILLSOFT CORP	44,794 (-22.5%)	$192K (-64.2%)	0.1%	$12.26	-37.1%	CL A	83066P309
NVRI	ENVIRI CORP	32,257 (-39.7%)	$633K (-33.9%)	0.2%	$14.90	+25.6%	COM	415864107
GECC	GREAT ELM CAP CORP	127,470 (-2.6%)	$639K (-30.7%)	0.2%	$6.87	-0.4%	COM NEW	390320703
FTAI	FTAI AVIATION LTD	122,676 (-27.9%)	$33.71M (+0.6%)	13.1%	$16.81	+1511.0%	SHS	G3730V105

Unchanged Positions (29)

— STATE STR SPDR S&P 500 ETF T 23.7%

Value $61M Shares 1,000 Est. Cost $20704.30 Unrealized —

CRH CRH PLC 2.6%

Value $6.601M Shares 62,791 Est. Cost $65.14 Unrealized +90.9%

AVD AMERICAN VANGUARD CORP 0.6%

Value $1.424M Shares 571,781 Est. Cost $17.96 Unrealized -73.8%

APG API GROUP CORP 3.8%

Value $9.754M Shares 240,726 Est. Cost $17.77 Unrealized +140.9%

MOD MODINE MFG CO 0.4%

Value $1.084M Shares 5,000 Est. Cost $41.93 Unrealized +320.9%

ORN ORION GROUP HLDGS INC 1.0%

Value $2.661M Shares 244,104 Est. Cost $7.63 Unrealized +61.9%

GDOT GREEN DOT CORP 0.3%

Value $825K Shares 73,500 Est. Cost $10.56 Unrealized +15.3%

GFL GFL ENVIRONMENTAL INC 1.9%

Value $4.95M Shares 118,767 Est. Cost $41.32 Unrealized +3.8%

URNM SPROTT FDS TR 0.2%

Value $632K Shares 10,000 Est. Cost $26.30 Unrealized —

NN NEXTNAV INC 0.6%

Value $1.423M Shares 88,854 Est. Cost $10.60 Unrealized +46.9%

SRUUF SPROTT FDS TRUST 0.5%

Value $1.354M Shares 67,100 Est. Cost $20.02 Unrealized —

GPGI GPGI INC 0.1%

Value $237K Shares 13,876 Est. Cost $9.04 Unrealized +158.3%

ACR ACRES COMMERCIAL REALTY CORP 0.1%

Value $227K Shares 11,742 Est. Cost $21.67 Unrealized —

TDAY USA TODAY CO INC 0.0%

Value $78,079 Shares 11,075 Est. Cost $4.52 Unrealized +30.7%

BODI THE BEACHBODY COMPANY INC 0.1%

Value $215K Shares 19,830 Est. Cost $5.11 Unrealized +94.2%

PHYWF PYROPHYTE ACQUISITION CORP 0.0%

Value $11,813 Shares 37,500 Est. Cost $0.10 Unrealized —

INVE IDENTIV INC 0.0%

Value $118K Shares 31,778 Est. Cost $4.75 Unrealized -29.3%

STIM NEURONETICS INC 0.0%

Value $70,905 Shares 48,900 Est. Cost $3.65 Unrealized -52.8%

RSVRW RESERVOIR MEDIA INC 0.0%

Value $6,101 Shares 30,503 Est. Cost $1.97 Unrealized —

QXO QXO INC 0.2%

Value $550K Shares 10,000 Est. Cost $16.42 Unrealized +47.0%

CECO CECO ENVIRONMENTAL CORP 0.1%

Value $264K Shares 4,431 Est. Cost $42.33 Unrealized +62.5%

GTLS CHART INDS INC 0.2%

Value $455K Shares 2,200 Est. Cost $113.15 Unrealized +83.0%

BDMDW BAIRD MED INVT HLDGS LTD 0.0%

Value $2,439 Shares 25,000 Est. Cost $0.21 Unrealized —

SCLXW SCILEX HOLDING CO 0.0%

Value $5,505 Shares 49,999 Est. Cost $0.19 Unrealized —

ICUCW SEASTAR MEDICAL HOLDING CORP 0.0%

Value $935 Shares 32,473 Est. Cost $0.09 Unrealized —

MSAIW MULTISENSOR AI HOLDINGS INC 0.0%

Value $1,466 Shares 37,500 Est. Cost $0.05 Unrealized —

BENFW BENEFICIENT 0.0%

Value $683 Shares 48,750 Est. Cost $0.01 Unrealized —

SQLLW SEQLL INC 0.0%

Value $222 Shares 70,000 Est. Cost $1.06 Unrealized —

AEAEW ALTENERGY ACQUISITION CORP 0.0%

Value $3,632 Shares 20,000 Est. Cost $0.08 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	STATE STR SPDR S&P 500 ETF T	1,000	$61M	23.7%	$20704.30	—	PUT	78462F953
CRH	CRH PLC	62,791	$6.601M	2.6%	$65.14	+90.9%	ORD	G25508105
AVD	AMERICAN VANGUARD CORP	571,781	$1.424M	0.6%	$17.96	-73.8%	COM	030371108
APG	API GROUP CORP	240,726	$9.754M	3.8%	$17.77	+140.9%	COM STK	00187Y100
MOD	MODINE MFG CO	5,000	$1.084M	0.4%	$41.93	+320.9%	COM	607828100
ORN	ORION GROUP HLDGS INC	244,104	$2.661M	1.0%	$7.63	+61.9%	COM	68628V308
GDOT	GREEN DOT CORP	73,500	$825K	0.3%	$10.56	+15.3%	CL A	39304D102
GFL	GFL ENVIRONMENTAL INC	118,767	$4.95M	1.9%	$41.32	+3.8%	SUB VTG SHS	36168Q104
URNM	SPROTT FDS TR	10,000	$632K	0.2%	$26.30	—	URANIUM MINERS E	85208P303
NN	NEXTNAV INC	88,854	$1.423M	0.6%	$10.60	+46.9%	COMMON STOCK	65345N106
SRUUF	SPROTT FDS TRUST	67,100	$1.354M	0.5%	$20.02	—	URANIUM MINERS E	85210A104
GPGI	GPGI INC	13,876	$237K	0.1%	$9.04	+158.3%	COM CL A	20459V105
ACR	ACRES COMMERCIAL REALTY CORP	11,742	$227K	0.1%	$21.67	—	COM NEW	00489Q102
TDAY	USA TODAY CO INC	11,075	$78,079	0.0%	$4.52	+30.7%	COM	36472T109
BODI	THE BEACHBODY COMPANY INC	19,830	$215K	0.1%	$5.11	+94.2%	COM CL A NEW	073463309
PHYWF	PYROPHYTE ACQUISITION CORP	37,500	$11,813	0.0%	$0.10	—	*W EXP 05/03/202	G7308P127
INVE	IDENTIV INC	31,778	$118K	0.0%	$4.75	-29.3%	COM NEW	45170X205
STIM	NEURONETICS INC	48,900	$70,905	0.0%	$3.65	-52.8%	COM	64131A105
RSVRW	RESERVOIR MEDIA INC	30,503	$6,101	0.0%	$1.97	—	*W EXP 08/26/202	76119X113
QXO	QXO INC	10,000	$550K	0.2%	$16.42	+47.0%	COM NEW	82846H405
CECO	CECO ENVIRONMENTAL CORP	4,431	$264K	0.1%	$42.33	+62.5%	COM	125141101
GTLS	CHART INDS INC	2,200	$455K	0.2%	$113.15	+83.0%	COM	16115Q308
BDMDW	BAIRD MED INVT HLDGS LTD	25,000	$2,439	0.0%	$0.21	—	*W EXP 10/01/202	G0705H111
SCLXW	SCILEX HOLDING CO	49,999	$5,505	0.0%	$0.19	—	*W EXP 11/10/202	80880W114
ICUCW	SEASTAR MEDICAL HOLDING CORP	32,473	$935	0.0%	$0.09	—	*W EXP 10/28/202	81256L112
MSAIW	MULTISENSOR AI HOLDINGS INC	37,500	$1,466	0.0%	$0.05	—	*W EXP 12/19/202	456948116
BENFW	BENEFICIENT	48,750	$683	0.0%	$0.01	—	*W EXP 06/07/202	08178Q119
SQLLW	SEQLL INC	70,000	$222	0.0%	$1.06	—	*W EXP 08/31/202	81734C114
AEAEW	ALTENERGY ACQUISITION CORP	20,000	$3,632	0.0%	$0.08	—	*W EXP 10/29/202	02157M116