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 210 1,000 SH   DFND 1, 2, 3, 4 1,000 0 0
AEGEAN MARINE PETROLEUM NETW COM Y0017S102 10,036 2,027,437 SH   DFND 1, 2, 3, 4 2,027,437 0 0
ALLERGAN PLC COM G0177J958 10,248 50,000 SH Put DFND 1, 2, 3, 4 0 0 50,000
AMREP CORP COM 032159105 792 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
ANTERO RESOURCES CORP COM 03674X106 561 28,200 SH   DFND 1, 2, 3, 4 28,200 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 452 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
BLACKSTONE GROUP LP/THE COM 09253U108 667 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
CAPITAL SENIOR LIVING CORP COM 140475104 56,736 4,520,769 SH   DFND 1, 2, 3, 4 4,520,769 0 0
CATERPILLAR INC COM 149123101 4,365 35,000 SH Put DFND 1, 2, 3, 4 0 0 35,000
CHICAGO BRIDGE & IRON CO NV COM 167250109 5,040 300,000 SH Call DFND 1, 2, 3, 4 0 0 300,000
CIT GROUP INC COM 125581801 5,077 103,500 SH   DFND 1, 2, 3, 4 103,500 0 0
CIT GROUP INC COM 125581801 16,648 339,400 SH Call DFND 1, 2, 3, 4 0 0 339,400
CITIZENS COMMUNITY BANCORP I COM 174903104 1,689 121,103 SH   DFND 1, 2, 3, 4 121,103 0 0
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 232 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
CLIPPER REALTY INC COM 18885T306 7,894 737,060 SH   DFND 1, 2, 3, 4 737,060 0 0
CONDUENT INC COM 206787103 4,927 314,441 SH   DFND 1, 2, 3, 4 314,441 0 0
COWEN INC COM 223622606 26,935 1,513,206 SH   DFND 1, 2, 3, 4 1,513,206 0 0
DEVON ENERGY CORP COM 25179M103 2,404 65,490 SH   DFND 1, 2, 3, 4 65,490 0 0
DEVON ENERGY CORP COM 25179M103 6,424 175,000 SH Call DFND 1, 2, 3, 4 0 0 175,000
ELDORADO GOLD CORP COM 284902103 34 15,300 SH   DFND 1, 2, 3, 4 15,300 0 0
EQUITABLE FINANCIAL CORP COM 29448T105 1,664 161,600 SH   DFND 1, 2, 3, 4 161,600 0 0
ERIE INDEMNITY COMPANY-CL A COM 29530P102 1,097 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
EXTREME NETWORKS INC COM 30226D106 274 23,049 SH   DFND 1, 2, 3, 4 23,049 0 0
EXXON MOBIL CORP COM 30231G102 4,919 60,000 SH Put DFND 1, 2, 3, 4 0 0 60,000
FIRST NORTHWEST BANCORP COM 335834107 3,689 215,726 SH   DFND 1, 2, 3, 4 215,726 0 0
GAMESTOP CORP-CLASS A COM 36467W109 3,563 172,453 SH   DFND 1, 2, 3, 4 172,453 0 0
GAMESTOP CORP-CLASS A COM 36467W109 1,653 80,000 SH Call DFND 1, 2, 3, 4 0 0 80,000
GLOBALSTAR INC COM 378973408 171 104,880 SH   DFND 1, 2, 3, 4 104,880 0 0
GREAT ELM CAPITAL GROUP INC COM 39036P209 4,082 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREENLIGHT CAPITAL RE LTD-A COM G4095J109 596 27,512 SH   DFND 1, 2, 3, 4 27,512 0 0
GREIF INC-CL B COM 397624206 49,630 772,448 SH   DFND 1, 2, 3, 4 772,448 0 0
HALCON RESOURCES CORP COM 40537Q605 15,178 2,232,123 SH   DFND 1, 2, 3, 4 2,232,123 0 0
HAMILTON BANCORP INC/MD COM 407015106 176 11,960 SH   DFND 1, 2, 3, 4 11,960 0 0
HENNESSY ADVISORS INC COM 425885100 247 15,995 SH   DFND 1, 2, 3, 4 15,995 0 0
ICC HOLDINGS INC COM 44931Q104 450 25,000 SH   DFND 1, 2, 3, 4 25,000 0 0
INTELSAT SA COM L5140P101 26,389 5,614,575 SH   DFND 1, 2, 3, 4 5,614,575 0 0
IPATH S&P 500 VIX S/T FU ETN COM 06746L422 1,176 30,000 SH Put DFND 1, 2, 3, 4 0 0 30,000
IRON MOUNTAIN INC COM 46284V101 12,448 320,000 SH Put DFND 1, 2, 3, 4 0 0 320,000
JMP GROUP LLC COM 46629U107 133 23,589 SH   DFND 1, 2, 3, 4 23,589 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 764 77,978 SH   DFND 1, 2, 3, 4 77,978 0 0
KKR & CO LP COM 48248M102 244 12,000 SH   DFND 1, 2, 3, 4 12,000 0 0
KOPPERS HOLDINGS INC COM 50060P106 407 8,819 SH   DFND 1, 2, 3, 4 8,819 0 0
LAKE SHORE BANCORP INC COM 510700107 3,214 200,877 SH   DFND 1, 2, 3, 4 200,877 0 0
LENNAR CORP - B SHS COM 526057302 16,612 368,491 SH   DFND 1, 2, 3, 4 368,491 0 0
LONESTAR RESOURCES US I-CL A COM 54240F103 45 12,726 SH   DFND 1, 2, 3, 4 12,726 0 0
LUXFER HOLDINGS PLC-ADR COM 550678106 537 43,110 SH   DFND 1, 2, 3, 4 43,110 0 0
MCKESSON CORP COM 58155Q103 7,373 48,000 SH   DFND 1, 2, 3, 4 48,000 0 0
MCKESSON CORP COM 58155Q103 10,445 68,000 SH Call DFND 1, 2, 3, 4 0 0 68,000
MERITAGE HOMES CORP COM 59001A102 4,461 100,465 SH   DFND 1, 2, 3, 4 100,465 0 0
MOLINA HEALTHCARE INC COM 60855R100 4,793 69,700 SH Put DFND 1, 2, 3, 4 0 0 69,700
MOTOROLA SOLUTIONS INC COM 620076307 65,562 772,500 SH Put DFND 1, 2, 3, 4 0 0 772,500
MVC CAPITAL INC COM 553829102 1,910 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 311 891 SH   DFND 1, 2, 3, 4 891 0 0
NEW SENIOR INVESTMENT GROUP COM 648691103 4,050 442,628 SH   DFND 1, 2, 3, 4 442,628 0 0
NI HOLDINGS INC COM 65342T106 2,638 147,364 SH   DFND 1, 2, 3, 4 147,364 0 0
NOBLE ENERGY INC COM 655044105 277 9,756 SH   DFND 1, 2, 3, 4 9,756 0 0
NORTHERN DYNASTY MINERALS COM 66510M204 3,402 1,890,263 SH   DFND 1, 2, 3, 4 1,890,263 0 0
OCONEE FEDERAL FINANCIAL COR COM 675607105 1,217 43,399 SH   DFND 1, 2, 3, 4 43,399 0 0
OTTAWA BANCORP INC COM 689195105 211 15,119 SH   DFND 1, 2, 3, 4 15,119 0 0
PB BANCORP INC COM 70454T100 2,095 199,492 SH   DFND 1, 2, 3, 4 199,492 0 0
PIONEER NATURAL RESOURCES CO COM 723787107 37,239 252,400 SH Call DFND 1, 2, 3, 4 0 0 252,400
PITNEY BOWES INC COM 724479100 12,937 923,426 SH   DFND 1, 2, 3, 4 923,426 0 0
PROCTER & GAMBLE CO/THE COM 742718109 3,639 40,000 SH Put DFND 1, 2, 3, 4 0 0 40,000
RESTAURANT BRANDS INTERN COM 76131D103 9,691 151,700 SH Put DFND 1, 2, 3, 4 0 0 151,700
SEABRIDGE GOLD INC COM 811916105 13,950 1,143,445 SH   DFND 1, 2, 3, 4 1,143,445 0 0
SEALED AIR CORP COM 81211K100 1,286 30,114 SH   DFND 1, 2, 3, 4 30,114 0 0
SEARS HOLDINGS CORP COM 812350106 292 40,000 SH Put DFND 1, 2, 3, 4 0 0 40,000
SENECA FOODS CORP - CL A COM 817070501 319 9,250 SH   DFND 1, 2, 3, 4 9,250 0 0
SENECA FOODS CORP - CL B COM 817070105 260 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SPDR GOLD SHARES COM 78463V107 43,161 355,000 SH Call DFND 1, 2, 3, 4 0 0 355,000
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 11,672 2,587,974 SH   DFND 1, 2, 3, 4 2,587,974 0 0
TEJON RANCH CO COM 879080109 759 35,960 SH   DFND 1, 2, 3, 4 35,960 0 0
TESLA INC COM 88160R101 301,089 882,700 SH Put DFND 1, 2, 3, 4 0 0 882,700
TEXAS PACIFIC LAND TRUST COM 882610108 2,490 6,161 SH   DFND 1, 2, 3, 4 6,161 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 1,612 103,350 SH   DFND 1, 2, 3, 4 103,350 0 0
TRIMTABS FLOAT SHRINK ETF COM 89628W302 306 9,800 SH   DFND 1, 2, 3, 4 9,800 0 0
U.S. GLOBAL INVESTORS INC-A COM 902952100 121 56,815 SH   DFND 1, 2, 3, 4 56,815 0 0
UNDER ARMOUR INC-CLASS A COM 904311107 494 30,000 SH Put DFND 1, 2, 3, 4 0 0 30,000
UNITED BANCSHARES INC/OHIO COM 909458101 995 44,236 SH   DFND 1, 2, 3, 4 44,236 0 0
VISTA OUTDOOR INC COM 928377100 22,058 961,559 SH   DFND 1, 2, 3, 4 961,559 0 0
WILLIAM LYON HOMES-CL A COM 552074700 12,183 529,930 SH   DFND 1, 2, 3, 4 529,930 0 0
WMIH CORP COM 92936P100 16 16,712 SH   DFND 1, 2, 3, 4 16,712 0 0
XEROX CORP COM 984121608 499 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0