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
3M CO COM 88579Y101 235 1,000 SH   DFND 1, 2, 3, 4 1,000 0 0
AEGEAN MARINE PETROLEUM NETW COM Y0017S102 7,646 1,778,132 SH   DFND 1, 2, 3, 4 1,778,132 0 0
ALIGN TECHNOLOGY INC COM 016255101 4,444 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
AMREP CORP COM 032159105 794 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
ANTERO RESOURCES CORP COM 03674X106 1,486 78,200 SH   DFND 1, 2, 3, 4 78,200 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 502 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
BLACKSTONE GROUP LP/THE COM 09253U108 640 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BURLINGTON STORES INC COM 122017106 2,461 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
CAPITAL SENIOR LIVING CORP COM 140475104 60,985 4,520,769 SH   DFND 1, 2, 3, 4 4,520,769 0 0
CIT GROUP INC COM 125581801 6,911 140,392 SH   DFND 1, 2, 3, 4 140,392 0 0
CIT GROUP INC COM 125581801 12,278 249,400 SH Call DFND 1, 2, 3, 4 0 0 249,400
CITIZENS COMMUNITY BANCORP I COM 174903104 1,612 119,389 SH   DFND 1, 2, 3, 4 119,389 0 0
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 230 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
CLIPPER REALTY INC COM 18885T306 7,363 737,060 SH   DFND 1, 2, 3, 4 737,060 0 0
CONDUENT INC COM 206787103 7,339 454,121 SH   DFND 1, 2, 3, 4 454,121 0 0
COWEN INC COM 223622606 21,101 1,545,839 SH   DFND 1, 2, 3, 4 1,545,839 0 0
DILLARDS INC-CL A COM 254067101 5,404 90,000 SH Call DFND 1, 2, 3, 4 0 0 90,000
DEVON ENERGY CORP COM 25179M103 2,711 65,490 SH   DFND 1, 2, 3, 4 65,490 0 0
DEVON ENERGY CORP COM 25179M103 7,245 175,000 SH Call DFND 1, 2, 3, 4 0 0 175,000
EQUITABLE FINANCIAL CORP COM 29448T105 1,761 161,600 SH   DFND 1, 2, 3, 4 161,600 0 0
ERIE INDEMNITY COMPANY-CL A COM 29530P102 1,109 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
FIRST NORTHWEST BANCORP COM 335834107 3,516 215,726 SH   DFND 1, 2, 3, 4 215,726 0 0
FIVE BELOW COM 33829M101 2,653 40,000 SH Put DFND 1, 2, 3, 4 0 0 40,000
FRONTIER COMMUNICATIONS CORP COM 35906A306 426 63,000 SH Put DFND 1, 2, 3, 4 0 0 63,000
GAMESTOP CORP-CLASS A COM 36467W109 2,118 118,000 SH   DFND 1, 2, 3, 4 118,000 0 0
GAMESTOP CORP-CLASS A COM 36467W109 1,436 80,000 SH Call DFND 1, 2, 3, 4 0 0 80,000
GLOBALSTAR INC COM 378973408 137 104,880 SH   DFND 1, 2, 3, 4 104,880 0 0
GREAT ELM CAPITAL GROUP INC COM 39036P209 4,658 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREIF INC-CL B COM 397624206 50,966 734,915 SH   DFND 1, 2, 3, 4 734,915 0 0
HALCON RESOURCES CORP COM 40537Q605 16,897 2,232,123 SH   DFND 1, 2, 3, 4 2,232,123 0 0
HAMILTON BANCORP INC/MD COM 407015106 184 11,960 SH   DFND 1, 2, 3, 4 11,960 0 0
HENNESSY ADVISORS INC COM 425885100 265 15,995 SH   DFND 1, 2, 3, 4 15,995 0 0
ICC HOLDINGS INC COM 44931Q104 379 23,265 SH   DFND 1, 2, 3, 4 23,265 0 0
INTELSAT SA COM L5140P101 20,228 5,967,034 SH   DFND 1, 2, 3, 4 5,967,034 0 0
IRON MOUNTAIN INC COM 46284V101 10,942 290,000 SH Put DFND 1, 2, 3, 4 0 0 290,000
ISHARES RUSSELL 2000 ETF COM 464287655 38,115 250,000 SH Put DFND 1, 2, 3, 4 0 0 250,000
JBG SMITH PROPERTIES COM 46590V100 20,008 576,100 SH   DFND 1, 2, 3, 4 576,100 0 0
JMP GROUP LLC COM 46629U107 132 23,589 SH   DFND 1, 2, 3, 4 23,589 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 611 68,283 SH   DFND 1, 2, 3, 4 68,283 0 0
KKR & CO LP COM 48248M102 253 12,000 SH   DFND 1, 2, 3, 4 12,000 0 0
LAKE SHORE BANCORP INC COM 510700107 3,445 200,877 SH   DFND 1, 2, 3, 4 200,877 0 0
LENNAR CORP - B SHS COM 526057302 14,323 277,141 SH   DFND 1, 2, 3, 4 277,141 0 0
LONESTAR RESOURCES US I-CL A COM 54240F103 51 12,726 SH   DFND 1, 2, 3, 4 12,726 0 0
MCKESSON CORP COM 58155Q103 13,724 88,000 SH   DFND 1, 2, 3, 4 88,000 0 0
MCKESSON CORP COM 58155Q103 4,367 28,000 SH Call DFND 1, 2, 3, 4 0 0 28,000
MOTOROLA SOLUTIONS INC COM 620076307 96,980 1,073,500 SH Put DFND 1, 2, 3, 4 0 0 1,073,500
MVC CAPITAL INC COM 553829102 2,015 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NEW SENIOR INVESTMENT GROUP COM 648691103 3,346 442,628 SH   DFND 1, 2, 3, 4 442,628 0 0
NI HOLDINGS INC COM 65342T106 2,502 147,364 SH   DFND 1, 2, 3, 4 147,364 0 0
NOBLE ENERGY INC COM 655044105 284 9,756 SH   DFND 1, 2, 3, 4 9,756 0 0
NORTHERN DYNASTY MINERALS COM 66510M204 3,319 1,875,263 SH   DFND 1, 2, 3, 4 1,875,263 0 0
OCONEE FEDERAL FINANCIAL COR COM 675607105 1,246 43,399 SH   DFND 1, 2, 3, 4 43,399 0 0
OTTAWA BANCORP INC COM 689195105 218 15,119 SH   DFND 1, 2, 3, 4 15,119 0 0
PB BANCORP INC COM 70454T100 2,145 199,492 SH   DFND 1, 2, 3, 4 199,492 0 0
PITNEY BOWES INC COM 724479100 11,442 1,023,426 SH   DFND 1, 2, 3, 4 1,023,426 0 0
SEABRIDGE GOLD INC COM 811916105 8,951 792,168 SH   DFND 1, 2, 3, 4 792,168 0 0
SEALED AIR CORP COM 81211K100 1,485 30,114 SH   DFND 1, 2, 3, 4 30,114 0 0
SENECA FOODS CORP - CL B COM 817070105 255 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SEARS HOLDINGS CORP COM 812350106 143 40,000 SH Put DFND 1, 2, 3, 4 0 0 40,000
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 17,107 2,587,974 SH   DFND 1, 2, 3, 4 2,587,974 0 0
TEJON RANCH CO COM 879080109 1,022 49,251 SH   DFND 1, 2, 3, 4 49,251 0 0
TEXAS PACIFIC LAND TRUST COM 882610108 760 1,701 SH   DFND 1, 2, 3, 4 1,701 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 1,565 106,850 SH   DFND 1, 2, 3, 4 106,850 0 0
TRIMTABS ALL CAP US FREE-CAS COM 89628W302 330 9,800 SH   DFND 1, 2, 3, 4 9,800 0 0
TESLA INC COM 88160R101 360,232 1,157,000 SH Put DFND 1, 2, 3, 4 0 0 1,157,000
U.S. GLOBAL INVESTORS INC-A COM 902952100 222 56,815 SH   DFND 1, 2, 3, 4 56,815 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 535 24,104 SH   DFND 1, 2, 3, 4 24,104 0 0
VISTA OUTDOOR INC COM 928377100 17,351 1,190,901 SH   DFND 1, 2, 3, 4 1,190,901 0 0
WMIH CORP COM 92936P100 14 16,712 SH   DFND 1, 2, 3, 4 16,712 0 0
XEROX CORP COM 984121608 437 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0