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
AFFILIATED MANAGERS GROUP COM 008252108 214 2,000 SH   DFND 1, 2, 3, 4 2,000 0 0
AMREP CORP COM 032159105 501 87,095 SH   DFND 1, 2, 3, 4 87,095 0 0
AT&T INC COM 00206R102 8,467 270,000 SH Put DFND 1, 2, 3, 4 0 0 270,000
BLACKSTONE GROUP LP/THE COM 09253U108 350 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
BONANZA CREEK ENERGY INC COM 097793400 1,741 76,747 SH   DFND 1, 2, 3, 4 76,747 0 0
CAPITAL SENIOR LIVING CORP COM 140475104 18,029 4,518,627 SH   DFND 1, 2, 3, 4 4,518,627 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 3,552 5,000 SH Put DFND 1, 2, 3, 4 0 0 5,000
CIT GROUP INC COM 125581801 1,367 28,500 SH   DFND 1, 2, 3, 4 28,500 0 0
CLIPPER REALTY INC COM 18885T306 1,527 114,059 SH   DFND 1, 2, 3, 4 114,059 0 0
CLOROX COMPANY COM 189054109 11,232 70,000 SH Put DFND 1, 2, 3, 4 0 0 70,000
COWEN INC COM 223622606 24,114 1,664,180 SH   DFND 1, 2, 3, 4 1,664,180 0 0
DEVON ENERGY CORP COM 25179M103 908 28,784 SH   DFND 1, 2, 3, 4 28,784 0 0
FIVE BELOW COM 33829M101 2,883 23,200 SH Put DFND 1, 2, 3, 4 0 0 23,200
GREAT ELM CAPITAL GROUP INC COM 39036P209 4,888 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREIF INC-CL B COM 397624206 22,390 457,969 SH   DFND 1, 2, 3, 4 457,969 0 0
HALCON RESOURCES CORP COM 40537Q605 2,920 2,162,593 SH   DFND 1, 2, 3, 4 2,162,593 0 0
HENNESSY ADVISORS INC COM 425885100 145 15,646 SH   DFND 1, 2, 3, 4 15,646 0 0
HIGHPOINT RESOURCES CORP COM 43114K108 123 55,435 SH   DFND 1, 2, 3, 4 55,435 0 0
HORMEL FOODS CORP COM 440452100 8,952 200,000 SH Put DFND 1, 2, 3, 4 0 0 200,000
ICC HOLDINGS INC COM 44931Q104 216 15,965 SH   DFND 1, 2, 3, 4 15,965 0 0
INTELSAT SA COM L5140P101 10,137 647,337 SH   DFND 1, 2, 3, 4 647,337 0 0
JMP GROUP LLC COM 46629U107 88 23,589 SH   DFND 1, 2, 3, 4 23,589 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 512 68,283 SH   DFND 1, 2, 3, 4 68,283 0 0
KKR & CO INC -A COM 48251W104 282 12,000 SH   DFND 1, 2, 3, 4 12,000 0 0
LAKE SHORE BANCORP INC COM 510700107 2,740 173,406 SH   DFND 1, 2, 3, 4 173,406 0 0
LAREDO PETROLEUM INC COM 516806106 429 138,825 SH   DFND 1, 2, 3, 4 138,825 0 0
LENNAR CORP - B SHS COM 526057302 6,208 158,694 SH   DFND 1, 2, 3, 4 158,694 0 0
LINCOLN NATIONAL CORP COM 534187109 6,891 117,398 SH   DFND 1, 2, 3, 4 117,398 0 0
LONESTAR RESOURCES US I-CL A COM 54240F103 526 131,250 SH   DFND 1, 2, 3, 4 131,250 0 0
LULULEMON ATHLETICA INC COM 550021109 23,892 145,800 SH Put DFND 1, 2, 3, 4 0 0 145,800
MCKESSON CORP COM 58155Q103 585 4,994 SH   DFND 1, 2, 3, 4 4,994 0 0
MOTOROLA SOLUTIONS INC COM 620076307 118,374 843,000 SH Put DFND 1, 2, 3, 4 0 0 843,000
MVC CAPITAL INC COM 553829102 1,731 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NVIDIA CORP COM 67066G104 4,309 24,000 SH Put DFND 1, 2, 3, 4 0 0 24,000
PARATEK PHARMACEUTICALS INC COM 699374302 5,930 1,106,422 SH   DFND 1, 2, 3, 4 1,106,422 0 0
PROTECTIVE INSURANCE CORP- A COM 74368L104 1,455 74,612 SH   DFND 1, 2, 3, 4 74,612 0 0
SEABRIDGE GOLD INC COM 811916105 153 12,385 SH   DFND 1, 2, 3, 4 12,385 0 0
SENECA FOODS CORP - CL B COM 817070105 202 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 7,255 1,511,397 SH   DFND 1, 2, 3, 4 1,511,397 0 0
TEJON RANCH CO COM 879080109 653 37,102 SH   DFND 1, 2, 3, 4 37,102 0 0
TESLA INC COM 88160R101 179,838 642,600 SH Put DFND 1, 2, 3, 4 0 0 642,600
TEXTRON INC COM 883203101 5,132 101,300 SH Put DFND 1, 2, 3, 4 0 0 101,300
THIRD POINT REINSURANCE LTD COM G8827U100 1,545 148,850 SH   DFND 1, 2, 3, 4 148,850 0 0
U.S. GLOBAL INVESTORS INC-A COM 902952100 41 38,069 SH   DFND 1, 2, 3, 4 38,069 0 0
VISTA OUTDOOR INC COM 928377100 276 34,401 SH   DFND 1, 2, 3, 4 34,401 0 0
XTRACKERS HARVEST CSI 300 CH COM 233051879 1,755 61,100 SH Put DFND 1, 2, 3, 4 0 0 61,100