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
ACTIVE POWER INC COM 00504W308 37 16,900 SH   DFND 1, 2, 3, 4 16,900 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 5,479 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
AMBAC FINANCIAL GROUP-CW23 WTS 023139116 683 50,782 SH   DFND 1, 2, 3, 4 0 0 50,782
AMERICAN HOMES 4 RENT- A COM 02665T306 166 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
AMKOR TECHNOLOGY INC COM 031652100 1,164 131,711 SH   DFND 1, 2, 3, 4 131,711 0 0
AMREP CORP COM 032159105 582 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
AMAZON.COM INC COM 023135106 269,996 725,600 SH Put DFND 1, 2, 3, 4 0 0 725,600
ANWORTH MORTGAGE ASSET CORP COM 037347101 2,856 561,038 SH   DFND 1, 2, 3, 4 561,038 0 0
APACHE CORP COM 037411105 603 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
APACHE CORP COM 037411105 19,909 330,000 SH Call DFND 1, 2, 3, 4 0 0 330,000
APOLLO GLOBAL MANAGEMENT - A COM 037612306 324 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
ASB BANCORP INC COM 00213T109 662 32,300 SH   DFND 1, 2, 3, 4 32,300 0 0
DEUTSCHE X-TRACKERS HARVEST COM 233051879 18,738 450,000 SH Put DFND 1, 2, 3, 4 0 0 450,000
ATHENAHEALTH INC COM 04685W103 9,885 82,800 SH Put DFND 1, 2, 3, 4 0 0 82,800
ATLANTIC COAST FINANCIAL COR COM 048426100 3,112 750,000 SH   DFND 1, 2, 3, 4 750,000 0 0
BANK OF THE OZARKS COM 063904106 563 15,239 SH   DFND 1, 2, 3, 4 15,239 0 0
BENEFICIAL BANCORP INC COM 08171T102 7,606 673,709 SH   DFND 1, 2, 3, 4 673,709 0 0
BAKER HUGHES INC COM 057224107 3,815 60,000 SH Call DFND 1, 2, 3, 4 0 0 60,000
BLACKROCK RESOURCES & COMMOD COM 09257A108 398 41,671 SH   DFND 1, 2, 3, 4 41,671 0 0
BLACKSTONE GROUP LP/THE COM 09253U108 778 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BLUE HILLS BANCORP INC COM 095573101 1,317 99,600 SH   DFND 1, 2, 3, 4 99,600 0 0
CITIGROUP INC COM 172967424 979 19,000 SH   DFND 1, 2, 3, 4 19,000 0 0
CITIGROUP INC COM 172967424 72,128 1,400,000 SH Call DFND 1, 2, 3, 4 0 0 1,400,000
CAPITAL SENIOR LIVING CORP COM 140475104 48,871 1,883,983 SH   DFND 1, 2, 3, 4 1,883,983 0 0
CARNIVAL CORP COM 143658300 2,153 45,000 SH   DFND 1, 2, 3, 4 45,000 0 0
CARNIVAL CORP COM 143658300 28,226 590,000 SH Call DFND 1, 2, 3, 4 0 0 590,000
CHICAGO BRIDGE & IRON CO NV COM 167250109 9,852 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
CHARTER FINANCIAL CORP COM 16122W108 1,726 150,124 SH   DFND 1, 2, 3, 4 150,124 0 0
CHC GROUP LTD COM G07021101 63 47,300 SH   DFND 1, 2, 3, 4 47,300 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 1,033 113,490 SH   DFND 1, 2, 3, 4 113,490 0 0
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 3,008 297,218 SH   DFND 1, 2, 3, 4 297,218 0 0
CLIFTON BANCORP INC COM 186873105 1,730 122,576 SH   DFND 1, 2, 3, 4 122,576 0 0
COWEN GROUP INC-CLASS A COM 223622101 8,894 1,710,379 SH   DFND 1, 2, 3, 4 1,710,379 0 0
SALESFORCE.COM INC COM 79466L302 5,345 80,000 SH Put DFND 1, 2, 3, 4 0 0 80,000
DEVON ENERGY CORP COM 25179M103 5,156 85,490 SH   DFND 1, 2, 3, 4 85,490 0 0
DEVON ENERGY CORP COM 25179M103 34,298 568,700 SH Call DFND 1, 2, 3, 4 0 0 568,700
DEX MEDIA INC COM 25213A107 51 12,206 SH   DFND 1, 2, 3, 4 12,206 0 0
EAGLE ROCK ENERGY PARTNERS COM 26985R104 149 64,100 SH   DFND 1, 2, 3, 4 64,100 0 0
EASTERN VIRGINIA BANKSHARES COM 277196101 302 48,200 SH   DFND 1, 2, 3, 4 48,200 0 0
ELDORADO GOLD CORP COM 284902103 70 15,300 SH   DFND 1, 2, 3, 4 15,300 0 0
ELDORADO RESORTS INC COM 28470R102 3,686 732,877 SH   DFND 1, 2, 3, 4 732,877 0 0
EQUINIX INC COM 29444U700 9,873 42,401 SH   DFND 1, 2, 3, 4 42,401 0 0
EQUINIX INC COM 29444U700 21,050 90,400 SH Call DFND 1, 2, 3, 4 0 0 90,400
ERIE INDEMNITY COMPANY-CL A COM 29530P102 794 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
ESCALERA RESOURCES CO COM 296064108 7 19,908 SH   DFND 1, 2, 3, 4 19,908 0 0
ESSA BANCORP INC COM 29667D104 3,512 273,953 SH   DFND 1, 2, 3, 4 273,953 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 434 5,000 SH   DFND 1, 2, 3, 4 5,000 0 0
EXTREME NETWORKS INC COM 30226D106 8,245 2,609,274 SH   DFND 1, 2, 3, 4 2,609,274 0 0
FIRST CITIZENS BCSHS -CL A COM 31946M103 13,732 52,880 SH   DFND 1, 2, 3, 4 52,880 0 0
FIRST NORTHWEST BANCORP COM 335834107 1,872 150,000 SH   DFND 1, 2, 3, 4 150,000 0 0
FOREST CITY ENTERPRISES-CL A COM 345550107 24,607 964,208 SH   DFND 1, 2, 3, 4 964,208 0 0
FOREST CITY ENTERPRISES-CL B COM 345550305 388 15,200 SH   DFND 1, 2, 3, 4 15,200 0 0
ISHARES CHINA LARGE-CAP ETF COM 464287184 4,440 100,000 SH Put DFND 1, 2, 3, 4 0 0 100,000
GENERAL ELECTRIC CO COM 369604103 1 46 SH   DFND 1, 2, 3, 4 46 0 0
GENERAL ELECTRIC CO COM 369604103 12,405 500,000 SH Call DFND 1, 2, 3, 4 0 0 500,000
GENWORTH FINANCIAL INC-CL A COM 37247D106 1,462 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
GREENLIGHT CAPITAL RE LTD-A COM G4095J109 223 7,000 SH   DFND 1, 2, 3, 4 7,000 0 0
GREIF INC-CL B COM 397624206 41,654 910,265 SH   DFND 1, 2, 3, 4 910,265 0 0
HALLIBURTON CO COM 406216101 16,236 370,000 SH Call DFND 1, 2, 3, 4 0 0 370,000
HAMILTON BANCORP INC/MD COM 407015106 164 11,960 SH   DFND 1, 2, 3, 4 11,960 0 0
HENNESSY ADVISORS INC COM 425885100 253 12,493 SH   DFND 1, 2, 3, 4 12,493 0 0
HARTFORD FINANCIAL SVCS GRP COM 416515104 8,364 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
HERBALIFE LTD COM G4412G901 641 15,000 SH Call DFND 1, 2, 3, 4 0 0 15,000
HERBALIFE LTD COM G4412G951 855 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
HOPFED BANCORP INC COM 439734104 1,214 94,328 SH   DFND 1, 2, 3, 4 94,328 0 0
HUNTSMAN CORP COM 447011107 9,976 450,000 SH Call DFND 1, 2, 3, 4 0 0 450,000
IMPERIAL OIL LTD COM 453038408 239 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
INTELSAT SA COM L5140P101 19,114 1,592,867 SH   DFND 1, 2, 3, 4 1,592,867 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 474 57,583 SH   DFND 1, 2, 3, 4 57,583 0 0
LAKE SHORE BANCORP INC COM 510700107 2,762 200,877 SH   DFND 1, 2, 3, 4 200,877 0 0
LAPORTE BANCORP INC COM 516651106 223 17,171 SH   DFND 1, 2, 3, 4 17,171 0 0
LENNAR CORP - B SHS COM 526057302 10,955 266,540 SH   DFND 1, 2, 3, 4 266,540 0 0
LIBERTY INTERACTIVE CORP-A COM 53071M104 16,892 578,700 SH   DFND 1, 2, 3, 4 578,700 0 0
LIBERTY VENTURES - SER A COM 53071M880 1,116 26,569 SH   DFND 1, 2, 3, 4 26,569 0 0
LIMONEIRA CO COM 532746104 603 27,668 SH   DFND 1, 2, 3, 4 27,668 0 0
LUXFER HOLDINGS PLC-ADR COM 550678106 134 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
MERIDIAN BANCORP INC COM 58958U103 662 50,244 SH   DFND 1, 2, 3, 4 50,244 0 0
MVC CAPITAL INC COM 553829102 592 62,460 SH   DFND 1, 2, 3, 4 62,460 0 0
NATL WESTERN LIFE INS-CL A COM 638522102 13,636 53,623 SH   DFND 1, 2, 3, 4 53,623 0 0
NEWMONT MINING CORP COM 651639106 145 6,700 SH   DFND 1, 2, 3, 4 6,700 0 0
NEWMONT MINING CORP COM 651639106 5,786 266,500 SH Call DFND 1, 2, 3, 4 0 0 266,500
NETFLIX INC COM 64110L106 41,169 98,800 SH Put DFND 1, 2, 3, 4 0 0 98,800
NORTHERN DYNASTY MINERALS COM 66510M204 33 84,437 SH   DFND 1, 2, 3, 4 84,437 0 0
OCONEE FEDERAL FINANCIAL COR COM 675607105 871 43,399 SH   DFND 1, 2, 3, 4 43,399 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104 6,014 256,367 SH   DFND 1, 2, 3, 4 256,367 0 0
PEOPLES BANCORP OF NC COM 710577107 476 25,794 SH   DFND 1, 2, 3, 4 25,794 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 4,907 606,583 SH   DFND 1, 2, 3, 4 606,583 0 0
PFIZER INC COM 717081103 6,958 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
POWERSECURE INTERNATIONAL IN COM 73936N105 942 71,600 SH   DFND 1, 2, 3, 4 71,600 0 0
PREMIER FINANCIAL BANCORP COM 74050M105 188 12,314 SH   DFND 1, 2, 3, 4 12,314 0 0
PSB HOLDINGS INC COM 69360W108 534 70,862 SH   DFND 1, 2, 3, 4 70,862 0 0
PUBLIC STORAGE COM 74460D109 356 1,806 SH   DFND 1, 2, 3, 4 1,806 0 0
RADIO ONE INC -CL D COM 75040P405 1,856 602,542 SH   DFND 1, 2, 3, 4 602,542 0 0
ROSETTA RESOURCES INC COM 777779307 306 18,000 SH   DFND 1, 2, 3, 4 18,000 0 0
SALEM MEDIA GROUP INC COM 794093104 462 74,971 SH   DFND 1, 2, 3, 4 74,971 0 0
SEALED AIR CORP COM 81211K100 2,377 52,172 SH   DFND 1, 2, 3, 4 52,172 0 0
SENECA FOODS CORP - CL A COM 817070501 276 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
SEARS HOLDINGS CORP COM 812350106 9,236 223,200 SH Call DFND 1, 2, 3, 4 0 0 223,200
SEARS HOLDINGS CORP COM 812350106 9,911 239,500 SH Put DFND 1, 2, 3, 4 0 0 239,500
SHORE BANCSHARES INC COM 825107105 688 75,000 SH   DFND 1, 2, 3, 4 75,000 0 0
SPARK NETWORKS INC COM 84651P100 467 115,525 SH   DFND 1, 2, 3, 4 115,525 0 0
SPROTT FOCUS TRUST INC COM 85208J109 87 11,963 SH   DFND 1, 2, 3, 4 11,963 0 0
STONEGATE MORTGAGE CORP COM 86181Q300 1,202 111,111 SH   DFND 1, 2, 3, 4 111,111 0 0
PROSHARES SHORT VIX ST FUTUR COM 74347W627 12,479 183,400 SH Call DFND 1, 2, 3, 4 0 0 183,400
SOUTHWESTERN ENERGY CO COM 845467109 2,319 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
TEXAS PACIFIC LAND TRUST COM 882610108 16,600 114,598 SH   DFND 1, 2, 3, 4 114,598 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 325 23,000 SH   DFND 1, 2, 3, 4 23,000 0 0
TESLA MOTORS INC COM 88160R101 143,182 758,500 SH Put DFND 1, 2, 3, 4 0 0 758,500
U.S. GLOBAL INVESTORS INC-A COM 902952100 131 40,969 SH   DFND 1, 2, 3, 4 40,969 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 511 33,647 SH   DFND 1, 2, 3, 4 33,647 0 0
VIACOM INC-CLASS B COM 92553P201 13,660 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
VIACOM INC-CLASS A COM 92553P102 1,252 18,221 SH   DFND 1, 2, 3, 4 18,221 0 0
IPATH S&P 500 VIX S/T FU ETN COM 06742E711 11,523 449,600 SH Put DFND 1, 2, 3, 4 0 0 449,600
WHOLE FOODS MARKET INC COM 966837106 2,604 50,000 SH Put DFND 1, 2, 3, 4 0 0 50,000
WHITING PETROLEUM CORP COM 966387102 3,090 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
WOLVERINE BANCORP INC COM 977880103 342 13,946 SH   DFND 1, 2, 3, 4 13,946 0 0
WPX ENERGY INC COM 98212B103 2,842 260,000 SH   DFND 1, 2, 3, 4 260,000 0 0
WRIGHT MEDICAL GROUP INC-CVR COM 98235T115 8,278 1,925,027 SH   DFND 1, 2, 3, 4 1,925,027 0 0
XEROX CORP COM 984121103 386 30,000 SH   DFND 1, 2, 3, 4 30,000 0 0
XEROX CORP COM 984121103 7,761 604,000 SH Call DFND 1, 2, 3, 4 0 0 604,000
YUM! BRANDS INC COM 988498101 7,872 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000