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 355 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
AMERICAN NATIONAL INSURANCE COM 028591105 1,130 13,721 SH   DFND 1, 2, 3, 4 13,721 0 0
AMREP CORP COM 032159105 396 82,550 SH   DFND 1, 2, 3, 4 82,550 0 0
XTRACKERS HARVEST CSI 300 CH COM 233051879 20,829 804,500 SH Put DFND 1, 2, 3, 4 0 0 804,500
BATTALION OIL CORP COM 07134L107 88 18,790 SH   DFND 1, 2, 3, 4 18,790 0 0
BLACKSTONE GROUP INC/THE-A COM 09260D107 456 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
BADGER METER INC COM 056525108 19,441 362,700 SH Put DFND 1, 2, 3, 4 0 0 362,700
BONANZA CREEK ENERGY INC COM 097793400 863 76,747 SH   DFND 1, 2, 3, 4 76,747 0 0
CAPITAL SENIOR LIVING CORP COM 140475104 2,631 4,536,679 SH   DFND 1, 2, 3, 4 4,536,679 0 0
CAPSTAR FINANCIAL HOLDINGS I COM 14070T102 549 55,530 SH   DFND 1, 2, 3, 4 55,530 0 0
CIT GROUP INC COM 125581801 4,118 238,610 SH   DFND 1, 2, 3, 4 238,610 0 0
CLIPPER REALTY INC COM 18885T306 118 22,708 SH   DFND 1, 2, 3, 4 22,708 0 0
COWEN INC - A COM 223622606 16,429 1,700,751 SH   DFND 1, 2, 3, 4 1,700,751 0 0
DILLARDS INC-CL A COM 254067101 277 7,500 SH Call DFND 1, 2, 3, 4 0 0 7,500
DEVON ENERGY CORP COM 25179M103 199 28,784 SH   DFND 1, 2, 3, 4 28,784 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 928 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
GREAT ELM CAPITAL GROUP INC COM 39036P209 2,139 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREIF INC-CL B COM 397624206 11,584 289,162 SH   DFND 1, 2, 3, 4 289,162 0 0
HENNESSY ADVISORS INC COM 425885100 119 15,646 SH   DFND 1, 2, 3, 4 15,646 0 0
HIGHPOINT RESOURCES CORP COM 43114K108 11 55,435 SH   DFND 1, 2, 3, 4 55,435 0 0
ICC HOLDINGS INC COM 44931Q104 176 15,965 SH   DFND 1, 2, 3, 4 15,965 0 0
INTELSAT SA COM L5140P101 217 141,556 SH   DFND 1, 2, 3, 4 141,556 0 0
INTERNATIONAL PAPER CO COM 460146103 934 30,000 SH   DFND 1, 2, 3, 4 30,000 0 0
JMP GROUP LLC COM 46629U107 57 23,589 SH   DFND 1, 2, 3, 4 23,589 0 0
KAYNE ANDERSON MLP/MIDSTREAM COM 486606106 829 228,284 SH   DFND 1, 2, 3, 4 228,284 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 410 68,283 SH   DFND 1, 2, 3, 4 68,283 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 5,328 180,000 SH   DFND 1, 2, 3, 4 180,000 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 1,740 58,800 SH Call DFND 1, 2, 3, 4 0 0 58,800
KKR & CO INC -A COM 48251W104 282 12,000 SH   DFND 1, 2, 3, 4 12,000 0 0
LENNAR CORP - B SHS COM 526057302 4,650 160,786 SH   DFND 1, 2, 3, 4 160,786 0 0
LINCOLN NATIONAL CORP COM 534187109 4,302 163,432 SH   DFND 1, 2, 3, 4 163,432 0 0
LINCOLN NATIONAL CORP COM 534187109 1,253 47,600 SH Call DFND 1, 2, 3, 4 0 0 47,600
LONESTAR RESOURCES US I-CL A COM 54240F103 54 131,250 SH   DFND 1, 2, 3, 4 131,250 0 0
MOTOROLA SOLUTIONS INC COM 620076307 53,713 404,100 SH Put DFND 1, 2, 3, 4 0 0 404,100
MVC CAPITAL INC COM 553829102 955 218,633 SH   DFND 1, 2, 3, 4 218,633 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 726 4,219 SH   DFND 1, 2, 3, 4 4,219 0 0
PARATEK PHARMACEUTICALS INC COM 699374302 608 193,124 SH   DFND 1, 2, 3, 4 193,124 0 0
PORTMAN RIDGE FINANCE CORP COM 73688F102 154 164,121 SH   DFND 1, 2, 3, 4 164,121 0 0
PROTECTIVE INSURANCE CORP- A COM 74368L104 1,730 123,525 SH   DFND 1, 2, 3, 4 123,525 0 0
PRUDENTIAL FINANCIAL INC COM 744320102 782 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
PRUDENTIAL FINANCIAL INC COM 744320102 1,043 20,000 SH Call DFND 1, 2, 3, 4 0 0 20,000
RANGE RESOURCES CORP COM 75281A109 114 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
SENECA FOODS CORP - CL A COM 817070501 256 6,440 SH   DFND 1, 2, 3, 4 6,440 0 0
SENECA FOODS CORP - CL B COM 817070105 261 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
STATE STREET CORP COM 857477103 2,930 55,000 SH   DFND 1, 2, 3, 4 55,000 0 0
STEREOTAXIS INC COM 85916J409 14,126 4,677,385 SH   DFND 1, 2, 3, 4 4,677,385 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 110 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
TEJON RANCH CO COM 879080109 522 37,101 SH   DFND 1, 2, 3, 4 37,101 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 1,751 236,350 SH   DFND 1, 2, 3, 4 236,350 0 0
TESLA INC COM 88160R101 489,259 1,223,700 SH Put DFND 1, 2, 3, 4 0 0 1,223,700
U.S. GLOBAL INVESTORS INC-A COM 902952100 0 38,069 SH   DFND 1, 2, 3, 4 38,069 0 0
YUM CHINA HOLDINGS INC COM 98850P109 0 40,000 SH Put DFND 1, 2, 3, 4 0 0 40,000