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 208 1,000 SH   DFND 1, 2, 3, 4 1,000 0 0
AEGEAN MARINE PETROLEUM NETW COM Y0017S102 7,672 1,313,506 SH   DFND 1, 2, 3, 4 1,313,506 0 0
AMREP CORP COM 032159105 767 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
ANTERO RESOURCES CORP COM 03674X106 609 28,200 SH   DFND 1, 2, 3, 4 28,200 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 397 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
BAY BANCORP INC COM 07203T106 97 12,700 SH   DFND 1, 2, 3, 4 12,700 0 0
BLACKSTONE GROUP LP/THE COM 09253U108 667 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
CITIGROUP INC COM 172967424 8,092 121,000 SH   DFND 1, 2, 3, 4 121,000 0 0
CITIGROUP INC COM 172967424 12,874 192,500 SH Call DFND 1, 2, 3, 4 0 0 192,500
CAPITAL SENIOR LIVING CORP COM 140475104 68,761 4,520,769 SH   DFND 1, 2, 3, 4 4,520,769 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 14,469 733,370 SH   DFND 1, 2, 3, 4 733,370 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 5,919 300,000 SH Call DFND 1, 2, 3, 4 0 0 300,000
CIT GROUP INC COM 125581801 5,040 103,500 SH   DFND 1, 2, 3, 4 103,500 0 0
CIT GROUP INC COM 125581801 9,935 204,000 SH Call DFND 1, 2, 3, 4 0 0 204,000
CITIZENS COMMUNITY BANCORP I COM 174903104 1,693 121,103 SH   DFND 1, 2, 3, 4 121,103 0 0
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 242 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
CLIPPER REALTY INC COM 18885T306 8,014 649,453 SH   DFND 1, 2, 3, 4 649,453 0 0
CONDUENT INC COM 206787103 4,583 287,541 SH   DFND 1, 2, 3, 4 287,541 0 0
COWEN INC COM 223622606 24,590 1,513,206 SH   DFND 1, 2, 3, 4 1,513,206 0 0
DEVON ENERGY CORP COM 25179M103 2,094 65,490 SH   DFND 1, 2, 3, 4 65,490 0 0
DEVON ENERGY CORP COM 25179M103 5,595 175,000 SH Call DFND 1, 2, 3, 4 0 0 175,000
ELDORADO GOLD CORP COM 284902103 40 15,300 SH   DFND 1, 2, 3, 4 15,300 0 0
EQUITABLE FINANCIAL CORP COM 29448T105 1,656 161,600 SH   DFND 1, 2, 3, 4 161,600 0 0
ERIE INDEMNITY COMPANY-CL A COM 29530P102 1,138 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
EXTREME NETWORKS INC COM 30226D106 4,228 458,554 SH   DFND 1, 2, 3, 4 458,554 0 0
FIRST NORTHWEST BANCORP COM 335834107 3,402 215,726 SH   DFND 1, 2, 3, 4 215,726 0 0
GAMESTOP CORP-CLASS A COM 36467W109 3,524 163,053 SH   DFND 1, 2, 3, 4 163,053 0 0
GAMESTOP CORP-CLASS A COM 36467W109 432 20,000 SH Call DFND 1, 2, 3, 4 0 0 20,000
GILEAD SCIENCES INC COM 375558103 365 5,162 SH   DFND 1, 2, 3, 4 5,162 0 0
SPDR GOLD SHARES COM 78463V107 41,897 355,000 SH Call DFND 1, 2, 3, 4 0 0 355,000
GLOBALSTAR INC COM 378973408 745 349,600 SH   DFND 1, 2, 3, 4 349,600 0 0
GREAT ELM CAPITAL GROUP INC COM 39036P209 3,128 919,927 SH   DFND 1, 2, 3, 4 919,927 0 0
GREENLIGHT CAPITAL RE LTD-A COM G4095J109 575 27,512 SH   DFND 1, 2, 3, 4 27,512 0 0
GREIF INC-CL B COM 397624206 46,656 772,448 SH   DFND 1, 2, 3, 4 772,448 0 0
HAMILTON BANCORP INC/MD COM 407015106 179 11,960 SH   DFND 1, 2, 3, 4 11,960 0 0
HENNESSY ADVISORS INC COM 425885100 192 12,646 SH   DFND 1, 2, 3, 4 12,646 0 0
ICC HOLDINGS INC COM 44931Q104 433 25,000 SH   DFND 1, 2, 3, 4 25,000 0 0
INTELSAT SA COM L5140P101 17,135 5,599,575 SH   DFND 1, 2, 3, 4 5,599,575 0 0
IRON MOUNTAIN INC COM 46284V101 5,154 150,000 SH Put DFND 1, 2, 3, 4 0 0 150,000
JMP GROUP LLC COM 46629U107 123 22,589 SH   DFND 1, 2, 3, 4 22,589 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 736 77,978 SH   DFND 1, 2, 3, 4 77,978 0 0
KKR & CO LP COM 48248M102 223 12,000 SH   DFND 1, 2, 3, 4 12,000 0 0
KOPPERS HOLDINGS INC COM 50060P106 319 8,819 SH   DFND 1, 2, 3, 4 8,819 0 0
LAKE SHORE BANCORP INC COM 510700107 3,164 200,877 SH   DFND 1, 2, 3, 4 200,877 0 0
LENNAR CORP - B SHS COM 526057302 16,571 368,491 SH   DFND 1, 2, 3, 4 368,491 0 0
LIBERTY EXPEDIA HOLD-A COM 53046P109 258 4,785 SH   DFND 1, 2, 3, 4 4,785 0 0
LIBERTY GLOBAL PLC LILAC - C COM G5480U153 5,526 258,093 SH   DFND 1, 2, 3, 4 258,093 0 0
LIBERTY VENTURES - SER A COM 53071M856 375 7,179 SH   DFND 1, 2, 3, 4 7,179 0 0
LONESTAR RESOURCES US I-CL A COM 54240F103 55 12,726 SH   DFND 1, 2, 3, 4 12,726 0 0
LUXFER HOLDINGS PLC-ADR COM 550678106 801 62,622 SH   DFND 1, 2, 3, 4 62,622 0 0
MCKESSON CORP COM 58155Q103 7,898 48,000 SH   DFND 1, 2, 3, 4 48,000 0 0
MCKESSON CORP COM 58155Q103 11,189 68,000 SH Call DFND 1, 2, 3, 4 0 0 68,000
MERITAGE HOMES CORP COM 59001A102 4,240 100,465 SH   DFND 1, 2, 3, 4 100,465 0 0
MFC BANCORP LTD/CAYMAN COM 00000NANA 7,672 1,313,506 SH   DFND 1, 2, 3, 4 1,313,506 0 0
MVC CAPITAL INC COM 553829102 1,882 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 435 1,362 SH   DFND 1, 2, 3, 4 1,362 0 0
NEW SENIOR INVESTMENT GROUP COM 648691103 1,735 172,628 SH   DFND 1, 2, 3, 4 172,628 0 0
NETFLIX INC COM 64110L106 14,941 100,000 SH Put DFND 1, 2, 3, 4 0 0 100,000
NI HOLDINGS INC COM 65342T106 2,635 147,364 SH   DFND 1, 2, 3, 4 147,364 0 0
NOBLE ENERGY INC COM 655044105 276 9,756 SH   DFND 1, 2, 3, 4 9,756 0 0
NORTHERN DYNASTY MINERALS COM 66510M204 2,627 1,890,263 SH   DFND 1, 2, 3, 4 1,890,263 0 0
OCONEE FEDERAL FINANCIAL COR COM 675607105 1,193 43,399 SH   DFND 1, 2, 3, 4 43,399 0 0
OTTAWA BANCORP INC COM 689195105 208 15,119 SH   DFND 1, 2, 3, 4 15,119 0 0
PB BANCORP INC COM 70454T100 2,105 199,492 SH   DFND 1, 2, 3, 4 199,492 0 0
PIONEER NATURAL RESOURCES CO COM 723787107 40,278 252,400 SH Call DFND 1, 2, 3, 4 0 0 252,400
SEABRIDGE GOLD INC COM 811916105 12,349 1,143,445 SH   DFND 1, 2, 3, 4 1,143,445 0 0
SEALED AIR CORP COM 81211K100 1,348 30,114 SH   DFND 1, 2, 3, 4 30,114 0 0
SENECA FOODS CORP - CL A COM 817070501 287 9,250 SH   DFND 1, 2, 3, 4 9,250 0 0
SENECA FOODS CORP - CL B COM 817070105 272 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SEARS HOLDINGS CORP COM 812350106 354 40,000 SH Put DFND 1, 2, 3, 4 0 0 40,000
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 11,923 2,207,974 SH   DFND 1, 2, 3, 4 2,207,974 0 0
TEXAS PACIFIC LAND TRUST COM 882610108 6,283 21,386 SH   DFND 1, 2, 3, 4 21,386 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 1,437 103,350 SH   DFND 1, 2, 3, 4 103,350 0 0
TRIMTABS FLOAT SHRINK ETF COM 89628W302 291 9,800 SH   DFND 1, 2, 3, 4 9,800 0 0
TESLA INC COM 88160R101 301,113 832,700 SH Put DFND 1, 2, 3, 4 0 0 832,700
U.S. GLOBAL INVESTORS INC-A COM 902952100 86 56,815 SH   DFND 1, 2, 3, 4 56,815 0 0
UNDER ARMOUR INC-CLASS A COM 904311107 653 30,000 SH Put DFND 1, 2, 3, 4 0 0 30,000
UNITED BANCSHARES INC/OHIO COM 909458101 1,033 44,236 SH   DFND 1, 2, 3, 4 44,236 0 0
VISTA OUTDOOR INC COM 928377100 21,645 961,559 SH   DFND 1, 2, 3, 4 961,559 0 0
IPATH S&P 500 VIX S/T FU ETN COM 06740Q252 1,418 111,100 SH Put DFND 1, 2, 3, 4 0 0 111,100
WILLIAM LYON HOMES-CL A COM 552074700 12,780 529,430 SH   DFND 1, 2, 3, 4 529,430 0 0
WMIH CORP COM 92936P100 21 16,712 SH   DFND 1, 2, 3, 4 16,712 0 0
XEROX CORP COM 984121608 1,724 60,000 SH   DFND 1, 2, 3, 4 60,000 0 0