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
AEGEAN MARINE PETROLEUM NETW COM Y0017S102 1,437 638,565 SH   DFND 1, 2, 3, 4 638,565 0 0
AMREP CORP COM 032159105 813 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
ANTERO RESOURCES CORP COM 03674X106 1,617 81,470 SH   DFND 1, 2, 3, 4 81,470 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 444 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
XTRACKERS HARVEST CSI 300 CH COM 233051879 8,167 261,100 SH Put DFND 1, 2, 3, 4 0 0 261,100
BED BATH & BEYOND INC COM 075896100 1,058 50,400 SH   DFND 1, 2, 3, 4 50,400 0 0
BLACKSTONE GROUP LP/THE COM 09253U108 639 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BONANZA CREEK ENERGY INC COM 097793400 2,934 105,900 SH   DFND 1, 2, 3, 4 105,900 0 0
BURLINGTON STORES INC COM 122017106 2,663 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
CAPITAL SENIOR LIVING CORP COM 140475104 48,598 4,520,769 SH   DFND 1, 2, 3, 4 4,520,769 0 0
CATERPILLAR INC COM 149123101 4,421 30,000 SH Put DFND 1, 2, 3, 4 0 0 30,000
CIT GROUP INC COM 125581801 7,230 140,392 SH   DFND 1, 2, 3, 4 140,392 0 0
CIT GROUP INC COM 125581801 10,269 199,400 SH Call DFND 1, 2, 3, 4 0 0 199,400
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 245 50,000 SH   DFND 1, 2, 3, 4 50,000 0 0
CLIPPER REALTY INC COM 18885T306 6,345 749,060 SH   DFND 1, 2, 3, 4 749,060 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 2,908 9,000 SH Put DFND 1, 2, 3, 4 0 0 9,000
CONDUENT INC COM 206787103 7,533 404,121 SH   DFND 1, 2, 3, 4 404,121 0 0
COWEN INC COM 223622606 20,298 1,537,762 SH   DFND 1, 2, 3, 4 1,537,762 0 0
DEVON ENERGY CORP COM 25179M103 2,082 65,490 SH   DFND 1, 2, 3, 4 65,490 0 0
EQUITABLE FINANCIAL CORP COM 29448T105 579 55,164 SH   DFND 1, 2, 3, 4 55,164 0 0
ERIE INDEMNITY COMPANY-CL A COM 29530P102 1,070 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
FIVE BELOW COM 33829M101 4,635 63,200 SH Put DFND 1, 2, 3, 4 0 0 63,200
FRONTIER COMMUNICATIONS CORP COM 35906A306 467 63,000 SH Put DFND 1, 2, 3, 4 0 0 63,000
GAMESTOP CORP-CLASS A COM 36467W109 1,920 152,100 SH   DFND 1, 2, 3, 4 152,100 0 0
GAMESTOP CORP-CLASS A COM 36467W109 1,010 80,000 SH Call DFND 1, 2, 3, 4 0 0 80,000
ALPHABET INC-CL A COM 02079K305 9,334 9,000 SH Call DFND 1, 2, 3, 4 0 0 9,000
GREAT ELM CAPITAL GROUP INC COM 39036P209 4,600 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREIF INC-CL B COM 397624206 41,150 706,433 SH   DFND 1, 2, 3, 4 706,433 0 0
HALCON RESOURCES CORP COM 40537Q605 10,962 2,250,823 SH   DFND 1, 2, 3, 4 2,250,823 0 0
HENNESSY ADVISORS INC COM 425885100 244 12,646 SH   DFND 1, 2, 3, 4 12,646 0 0
ICC HOLDINGS INC COM 44931Q104 250 15,965 SH   DFND 1, 2, 3, 4 15,965 0 0
INTELSAT SA COM L5140P101 22,872 6,083,054 SH   DFND 1, 2, 3, 4 6,083,054 0 0
ISHARES RUSSELL 2000 ETF COM 464287655 37,958 250,000 SH Put DFND 1, 2, 3, 4 0 0 250,000
JBG SMITH PROPERTIES COM 46590V100 19,420 576,100 SH   DFND 1, 2, 3, 4 576,100 0 0
JMP GROUP LLC COM 46629U107 119 23,589 SH   DFND 1, 2, 3, 4 23,589 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 604 68,283 SH   DFND 1, 2, 3, 4 68,283 0 0
KKR & CO LP COM 48248M102 244 12,000 SH   DFND 1, 2, 3, 4 12,000 0 0
LAKE SHORE BANCORP INC COM 510700107 3,204 190,929 SH   DFND 1, 2, 3, 4 190,929 0 0
LENNAR CORP - B SHS COM 526057302 4,752 99,640 SH   DFND 1, 2, 3, 4 99,640 0 0
LONESTAR RESOURCES US I-CL A COM 54240F103 55 12,726 SH   DFND 1, 2, 3, 4 12,726 0 0
MCKESSON CORP COM 58155Q103 15,468 109,800 SH   DFND 1, 2, 3, 4 109,800 0 0
MOTOROLA SOLUTIONS INC COM 620076307 146,630 1,392,500 SH Put DFND 1, 2, 3, 4 0 0 1,392,500
MVC CAPITAL INC COM 553829102 1,895 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NEW SENIOR INVESTMENT GROUP COM 648691103 3,621 442,628 SH   DFND 1, 2, 3, 4 442,628 0 0
NI HOLDINGS INC COM 65342T106 2,461 147,364 SH   DFND 1, 2, 3, 4 147,364 0 0
NOBLE ENERGY INC COM 655044105 296 9,756 SH   DFND 1, 2, 3, 4 9,756 0 0
NVIDIA CORP COM 67066G104 5,558 0 SH Put DFND 1, 2, 3, 4 0 0 24,000
OCONEE FEDERAL FINANCIAL COR COM 675607105 1,127 39,116 SH   DFND 1, 2, 3, 4 39,116 0 0
PARATEK PHARMACEUTICALS INC COM 699374302 1,214 93,350 SH   DFND 1, 2, 3, 4 93,350 0 0
PITNEY BOWES INC COM 724479100 11,145 1,023,426 SH   DFND 1, 2, 3, 4 1,023,426 0 0
SEABRIDGE GOLD INC COM 811916105 8,555 792,168 SH   DFND 1, 2, 3, 4 792,168 0 0
SEALED AIR CORP COM 81211K100 1,289 30,114 SH   DFND 1, 2, 3, 4 30,114 0 0
SENECA FOODS CORP - CL B COM 817070105 244 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 10,559 2,587,974 SH   DFND 1, 2, 3, 4 2,587,974 0 0
TEJON RANCH CO COM 879080109 1,092 47,272 SH   DFND 1, 2, 3, 4 47,272 0 0
TEXAS PACIFIC LAND TRUST COM 882610108 860 1,701 SH   DFND 1, 2, 3, 4 1,701 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 1,491 106,850 SH   DFND 1, 2, 3, 4 106,850 0 0
TRIMTABS ALL CAP US FREE-CAS COM 89628W302 269 7,800 SH   DFND 1, 2, 3, 4 7,800 0 0
TESLA INC COM 88160R101 299,183 1,124,200 SH Put DFND 1, 2, 3, 4 0 0 1,124,200
U.S. GLOBAL INVESTORS INC-A COM 902952100 144 56,815 SH   DFND 1, 2, 3, 4 56,815 0 0
VISTA OUTDOOR INC COM 928377100 17,576 1,076,956 SH   DFND 1, 2, 3, 4 1,076,956 0 0
WAYFAIR INC- CLASS A COM 94419L101 2,026 30,000 SH Put DFND 1, 2, 3, 4 0 0 30,000
WMIH CORP COM 92936P100 24 16,712 SH   DFND 1, 2, 3, 4 16,712 0 0