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
AMAZON.COM INC COM 023135106 131,528 194,600 SH Put DFND 1, 2, 3, 4 0 0 194,600
AMBAC FINANCIAL GROUP-CW23 WTS 023139116 877 131,946 SH   DFND 1, 2, 3, 4 0 0 131,946
AMERICAN INTERNATIONAL GROUP COM 026874784 6,197 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
AMERICAN NATIONAL INSURANCE COM 028591105 8,709 85,153 SH   DFND 1, 2, 3, 4 85,153 0 0
AMKOR TECHNOLOGY INC COM 031652100 22,939 3,772,827 SH   DFND 1, 2, 3, 4 3,772,827 0 0
AMKOR TECHNOLOGY INC COM 031652100 608 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
AMREP CORP COM 032159105 492 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 1,970 210,000 SH Call DFND 1, 2, 3, 4 0 0 210,000
ANWORTH MORTGAGE ASSET CORP COM 037347101 3,282 754,538 SH   DFND 1, 2, 3, 4 754,538 0 0
APACHE CORP COM 037411105 222 5,000 SH   DFND 1, 2, 3, 4 5,000 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 228 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315507 270 12,400 SH   DFND 1, 2, 3, 4 12,400 0 0
ASB BANCORP INC COM 00213T109 780 30,042 SH   DFND 1, 2, 3, 4 30,042 0 0
ATLANTIC COAST FINANCIAL COR COM 048426100 3,880 662,170 SH   DFND 1, 2, 3, 4 662,170 0 0
BANK OF COMMERCE HOLDINGS COM 06424J103 359 53,740 SH   DFND 1, 2, 3, 4 53,740 0 0
BAY BANCORP INC COM 07203T106 531 104,879 SH   DFND 1, 2, 3, 4 104,879 0 0
BENEFICIAL BANCORP INC COM 08171T102 8,974 673,709 SH   DFND 1, 2, 3, 4 673,709 0 0
BLACKSTONE GROUP LP/THE COM 09253U108 585 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BLUE HILLS BANCORP INC COM 095573101 1,525 99,600 SH   DFND 1, 2, 3, 4 99,600 0 0
BROCADE COMMUNICATIONS SYS COM 111621306 711 77,500 SH Call DFND 1, 2, 3, 4 0 0 77,500
CAPITAL SENIOR LIVING CORP COM 140475104 47,873 2,294,950 SH   DFND 1, 2, 3, 4 2,294,950 0 0
CARNIVAL CORP COM 143658300 490 9,000 SH   DFND 1, 2, 3, 4 9,000 0 0
CBL & ASSOCIATES PROPERTIES COM 124830100 124 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
CHARTER FINANCIAL CORP COM 16122W108 1,535 116,162 SH   DFND 1, 2, 3, 4 116,162 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 7,798 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
CITIGROUP INC COM 172967424 3,571 69,000 SH   DFND 1, 2, 3, 4 69,000 0 0
CITIGROUP INC COM 172967424 40,106 775,000 SH Call DFND 1, 2, 3, 4 0 0 775,000
CITIZENS COMMUNITY BANCORP I COM 174903104 1,146 121,103 SH   DFND 1, 2, 3, 4 121,103 0 0
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 446 79,844 SH   DFND 1, 2, 3, 4 79,844 0 0
COMMUNITY BANKERS TRUST CORP COM 203612106 60 11,228 SH   DFND 1, 2, 3, 4 11,228 0 0
COWEN GROUP INC-CLASS A COM 223622101 273 71,375 SH   DFND 1, 2, 3, 4 71,375 0 0
DATARAM CORP COM 238108302 25 37,425 SH   DFND 1, 2, 3, 4 37,425 0 0
DEUTSCHE X-TRACKERS HARVEST COM 233051879 2,837 101,400 SH Put DFND 1, 2, 3, 4 0 0 101,400
DEVON ENERGY CORP COM 25179M103 2,736 85,490 SH   DFND 1, 2, 3, 4 85,490 0 0
EASTERN VIRGINIA BANKSHARES COM 277196101 346 48,200 SH   DFND 1, 2, 3, 4 48,200 0 0
EBAY INC COM 278642103 3,298 120,000 SH   DFND 1, 2, 3, 4 120,000 0 0
ELDORADO GOLD CORP COM 284902103 45 15,300 SH   DFND 1, 2, 3, 4 15,300 0 0
EMERSON ELECTRIC CO COM 291011104 9,566 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
EQUITABLE FINANCIAL CORP COM 29448T105 1,424 161,600 SH   DFND 1, 2, 3, 4 161,600 0 0
ERIE INDEMNITY COMPANY-CL A COM 29530P102 870 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
ESSA BANCORP INC COM 29667D104 3,748 273,953 SH   DFND 1, 2, 3, 4 273,953 0 0
EXTREME NETWORKS INC COM 30226D106 19,992 4,900,000 SH   DFND 1, 2, 3, 4 4,900,000 0 0
FIRST CITIZENS BCSHS -CL A COM 31946M103 14,682 56,870 SH   DFND 1, 2, 3, 4 56,870 0 0
FIRST NORTHWEST BANCORP COM 335834107 3,053 215,726 SH   DFND 1, 2, 3, 4 215,726 0 0
FMC CORP COM 302491303 2,633 67,289 SH   DFND 1, 2, 3, 4 67,289 0 0
FOREST CITY REALTY TRUST- A COM 345605109 21,189 966,208 SH   DFND 1, 2, 3, 4 966,208 0 0
FORTRESS INVESTMENT GRP-CL A COM 34958B106 51 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
GENWORTH FINANCIAL INC-CL A COM 37247D106 746 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
GREENLIGHT CAPITAL RE LTD-A COM G4095J109 760 40,600 SH   DFND 1, 2, 3, 4 40,600 0 0
GREIF INC-CL B COM 397624206 38,196 893,063 SH   DFND 1, 2, 3, 4 893,063 0 0
HAMILTON BANCORP INC/MD COM 407015106 171 11,960 SH   DFND 1, 2, 3, 4 11,960 0 0
HENNESSY ADVISORS INC COM 425885100 389 12,993 SH   DFND 1, 2, 3, 4 12,993 0 0
HOPFED BANCORP INC COM 439734104 1,132 94,328 SH   DFND 1, 2, 3, 4 94,328 0 0
HUNTSMAN CORP COM 447011107 1,137 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
INTELSAT SA COM L5140P101 19,067 4,583,405 SH   DFND 1, 2, 3, 4 4,583,405 0 0
IPATH S&P 500 VIX S/T FU ETN COM 06742E711 21,272 1,058,300 SH Put DFND 1, 2, 3, 4 0 0 1,058,300
ISHARES CHINA LARGE-CAP ETF COM 464287184 3,529 100,000 SH Put DFND 1, 2, 3, 4 0 0 100,000
JAVELIN MORTGAGE INVESTMENT COM 47200B104 136 21,750 SH   DFND 1, 2, 3, 4 21,750 0 0
JMP GROUP LLC COM 46629U107 88 16,200 SH   DFND 1, 2, 3, 4 16,200 0 0
JOHNSON & JOHNSON COM 478160104 5,136 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
KEARNY FINANCIAL CORP/MD COM 48716P108 5,461 431,035 SH   DFND 1, 2, 3, 4 431,035 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 728 77,978 SH   DFND 1, 2, 3, 4 77,978 0 0
KOPPERS HOLDINGS INC COM 50060P106 4,180 229,031 SH   DFND 1, 2, 3, 4 229,031 0 0
LAKE SHORE BANCORP INC COM 510700107 2,692 200,877 SH   DFND 1, 2, 3, 4 200,877 0 0
LAPORTE BANCORP INC COM 516651106 261 17,171 SH   DFND 1, 2, 3, 4 17,171 0 0
LENNAR CORP - B SHS COM 526057302 16,957 422,036 SH   DFND 1, 2, 3, 4 422,036 0 0
LEXMARK INTERNATIONAL INC-A COM 529771107 3,873 119,350 SH   DFND 1, 2, 3, 4 119,350 0 0
LIBERTY INTERACTIVE CORP Q-A COM 53071M104 15,810 578,700 SH   DFND 1, 2, 3, 4 578,700 0 0
LIBERTY VENTURES - SER A COM 53071M880 991 21,969 SH   DFND 1, 2, 3, 4 21,969 0 0
LIMONEIRA CO COM 532746104 189 12,668 SH   DFND 1, 2, 3, 4 12,668 0 0
LUXFER HOLDINGS PLC-ADR COM 550678106 1,654 168,095 SH   DFND 1, 2, 3, 4 168,095 0 0
MCKESSON CORP COM 58155Q103 11,715 59,400 SH Call DFND 1, 2, 3, 4 0 0 59,400
METLIFE INC COM 59156R108 4,821 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
MICRON TECHNOLOGY INC COM 595112103 19,541 1,380,000 SH   DFND 1, 2, 3, 4 1,380,000 0 0
MONSANTO CO COM 61166W101 7,882 80,000 SH Call DFND 1, 2, 3, 4 0 0 80,000
MVC CAPITAL INC COM 553829102 1,407 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 692 2,747 SH   DFND 1, 2, 3, 4 2,747 0 0
NEW SENIOR INVESTMENT GROUP COM 648691103 421 42,700 SH   DFND 1, 2, 3, 4 42,700 0 0
NOBLE ENERGY INC COM 655044105 321 9,756 SH   DFND 1, 2, 3, 4 9,756 0 0
NORTHERN DYNASTY MINERALS COM 66510M204 258 843,348 SH   DFND 1, 2, 3, 4 843,348 0 0
OCH-ZIFF CAPITAL MANAGEMEN-A COM 67551U105 62 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
OCONEE FEDERAL FINANCIAL COR COM 675607105 809 43,399 SH   DFND 1, 2, 3, 4 43,399 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104 5,429 312,375 SH   DFND 1, 2, 3, 4 312,375 0 0
OUTERWALL INC COM 690070107 1,462 40,000 SH   DFND 1, 2, 3, 4 40,000 0 0
PEOPLES BANCORP OF NC COM 710577107 499 25,794 SH   DFND 1, 2, 3, 4 25,794 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 4,887 965,889 SH   DFND 1, 2, 3, 4 965,889 0 0
PFIZER INC COM 717081103 19,368 600,000 SH Call DFND 1, 2, 3, 4 0 0 600,000
PJT PARTNERS INC - A COM 69343T107 5,251 185,600 SH   DFND 1, 2, 3, 4 185,600 0 0
PREMIER FINANCIAL BANCORP COM 74050M105 202 12,314 SH   DFND 1, 2, 3, 4 12,314 0 0
RACKSPACE HOSTING INC COM 750086100 253 10,000 SH Put DFND 1, 2, 3, 4 0 0 10,000
SALEM MEDIA GROUP INC COM 794093104 412 82,697 SH   DFND 1, 2, 3, 4 82,697 0 0
SEALED AIR CORP COM 81211K100 2,129 47,729 SH   DFND 1, 2, 3, 4 47,729 0 0
SEARS HOLDINGS CORP COM 812350106 5,284 257,000 SH Put DFND 1, 2, 3, 4 0 0 257,000
SENECA FOODS CORP - CL A COM 817070501 268 9,250 SH   DFND 1, 2, 3, 4 9,250 0 0
SENECA FOODS CORP - CL B COM 817070105 240 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SERITAGE GROWTH PROP- A REIT COM 81752R100 15,491 385,152 SH   DFND 1, 2, 3, 4 385,152 0 0
SHORE BANCSHARES INC COM 825107105 816 75,000 SH   DFND 1, 2, 3, 4 75,000 0 0
SPARK NETWORKS INC COM 84651P100 445 115,525 SH   DFND 1, 2, 3, 4 115,525 0 0
SPROTT FOCUS TRUST INC COM 85208J109 71 12,317 SH   DFND 1, 2, 3, 4 12,317 0 0
STONEGATE MORTGAGE CORP COM 86181Q300 606 111,111 SH   DFND 1, 2, 3, 4 111,111 0 0
TECK RESOURCES LTD-CLS B COM 878742204 773 200,240 SH   DFND 1, 2, 3, 4 200,240 0 0
TESLA MOTORS INC COM 88160R101 94,156 392,300 SH Put DFND 1, 2, 3, 4 0 0 392,300
TEXAS PACIFIC LAND TRUST COM 882610108 15,003 114,598 SH   DFND 1, 2, 3, 4 114,598 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 677 50,500 SH   DFND 1, 2, 3, 4 50,500 0 0
TUTOR PERINI CORP COM 901109108 4,040 241,320 SH   DFND 1, 2, 3, 4 241,320 0 0
U.S. GLOBAL INVESTORS INC-A COM 902952100 66 56,815 SH   DFND 1, 2, 3, 4 56,815 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 807 44,236 SH   DFND 1, 2, 3, 4 44,236 0 0
VIACOM INC-CLASS A COM 92553P102 1,021 23,221 SH   DFND 1, 2, 3, 4 23,221 0 0
VIACOM INC-CLASS B COM 92553P201 9,055 220,000 SH Call DFND 1, 2, 3, 4 0 0 220,000
WISDOMTREE CHINESE YUAN STRA COM 97717W182 8,776 361,000 SH Put DFND 1, 2, 3, 4 0 0 361,000
WMIH CORP COM 92936P100 43 16,712 SH   DFND 1, 2, 3, 4 16,712 0 0
WOLVERINE BANCORP INC COM 977880103 372 13,946 SH   DFND 1, 2, 3, 4 13,946 0 0
XEROX CORP COM 984121103 638 60,000 SH   DFND 1, 2, 3, 4 60,000 0 0
XEROX CORP COM 984121103 4,996 470,000 SH Call DFND 1, 2, 3, 4 0 0 470,000