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
AEROVIRONMENT INC COM 008073108 3,365 30,000 SH Put DFND 1, 2, 3, 4 0 0 30,000
AMREP CORP COM 032159105 827 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 518 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
AQUA AMERICA INC COM 03836W103 208 5,626 SH   DFND 1, 2, 3, 4 5,626 0 0
BLACKSTONE GROUP LP/THE COM 09253U108 762 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BONANZA CREEK ENERGY INC COM 097793400 2,759 92,632 SH   DFND 1, 2, 3, 4 92,632 0 0
BURLINGTON STORES INC COM 122017106 3,258 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
CAPITAL SENIOR LIVING CORP COM 140475104 42,845 4,538,627 SH   DFND 1, 2, 3, 4 4,538,627 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 6,363 14,000 SH Put DFND 1, 2, 3, 4 0 0 14,000
CIT GROUP INC COM 125581801 7,504 145,392 SH   DFND 1, 2, 3, 4 145,392 0 0
CIT GROUP INC COM 125581801 9,016 174,700 SH Call DFND 1, 2, 3, 4 0 0 174,700
CLIPPER REALTY INC COM 18885T306 10,110 747,247 SH   DFND 1, 2, 3, 4 747,247 0 0
COWEN INC COM 223622606 27,317 1,675,908 SH   DFND 1, 2, 3, 4 1,675,908 0 0
DEVON ENERGY CORP COM 25179M103 2,560 64,090 SH   DFND 1, 2, 3, 4 64,090 0 0
DOMINO'S PIZZA INC COM 25754A201 2,948 10,000 SH Put DFND 1, 2, 3, 4 0 0 10,000
ERIE INDEMNITY COMPANY-CL A COM 29530P102 1,160 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
FIVE BELOW COM 33829M101 8,220 63,200 SH Put DFND 1, 2, 3, 4 0 0 63,200
FLOTEK INDUSTRIES INC COM 343389102 102 42,640 SH   DFND 1, 2, 3, 4 42,640 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A306 409 63,000 SH Put DFND 1, 2, 3, 4 0 0 63,000
GAMESTOP CORP-CLASS A COM 36467W109 1,222 80,000 SH Call DFND 1, 2, 3, 4 0 0 80,000
GREAT ELM CAPITAL GROUP INC COM 39036P209 3,738 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREIF INC-CL B COM 397624206 36,538 633,787 SH   DFND 1, 2, 3, 4 633,787 0 0
HALCON RESOURCES CORP COM 40537Q605 9,418 2,106,893 SH   DFND 1, 2, 3, 4 2,106,893 0 0
HENNESSY ADVISORS INC COM 425885100 175 12,646 SH   DFND 1, 2, 3, 4 12,646 0 0
HERBALIFE NUTRITION LTD COM G4412G951 5,706 104,600 SH Put DFND 1, 2, 3, 4 0 0 104,600
ICC HOLDINGS INC COM 44931Q104 240 15,965 SH   DFND 1, 2, 3, 4 15,965 0 0
INTELSAT SA COM L5140P101 26,668 888,926 SH   DFND 1, 2, 3, 4 888,926 0 0
ISHARES RUSSELL 2000 ETF COM 464287655 67,589 401,000 SH Put DFND 1, 2, 3, 4 0 0 401,000
JBG SMITH PROPERTIES COM 46590V100 4,069 110,476 SH   DFND 1, 2, 3, 4 110,476 0 0
JMP GROUP LLC COM 46629U107 125 23,589 SH   DFND 1, 2, 3, 4 23,589 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 546 68,283 SH   DFND 1, 2, 3, 4 68,283 0 0
KKR & CO INC -A COM 48251W104 327 12,000 SH   DFND 1, 2, 3, 4 12,000 0 0
LAKE SHORE BANCORP INC COM 510700107 2,881 174,606 SH   DFND 1, 2, 3, 4 174,606 0 0
LAREDO PETROLEUM INC COM 516806106 1,262 154,500 SH   DFND 1, 2, 3, 4 154,500 0 0
LENNAR CORP - B SHS COM 526057302 4,839 125,694 SH   DFND 1, 2, 3, 4 125,694 0 0
LINCOLN NATIONAL CORP COM 534187109 7,943 117,398 SH   DFND 1, 2, 3, 4 117,398 0 0
LONESTAR RESOURCES US I-CL A COM 54240F103 99 12,726 SH   DFND 1, 2, 3, 4 12,726 0 0
LULULEMON ATHLETICA INC COM 550021109 23,691 145,800 SH Put DFND 1, 2, 3, 4 0 0 145,800
MCKESSON CORP COM 58155Q103 15,891 119,800 SH   DFND 1, 2, 3, 4 119,800 0 0
MOTOROLA SOLUTIONS INC COM 620076307 249,739 1,919,000 SH Put DFND 1, 2, 3, 4 0 0 1,919,000
MVC CAPITAL INC COM 553829102 1,842 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NOBLE ENERGY INC COM 655044105 304 9,756 SH   DFND 1, 2, 3, 4 9,756 0 0
NVIDIA CORP COM 67066G104 9,555 34,000 SH Put DFND 1, 2, 3, 4 0 0 34,000
OCONEE FEDERAL FINANCIAL COR COM 675607105 896 33,775 SH   DFND 1, 2, 3, 4 33,775 0 0
PARATEK PHARMACEUTICALS INC COM 699374302 9,624 992,146 SH   DFND 1, 2, 3, 4 992,146 0 0
PROSHARES ULTRASHORT SILVER COM 74347W114 832 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
RAFAEL HOLDINGS INC-CLASS B COM 75062E106 867 103,155 SH   DFND 1, 2, 3, 4 103,155 0 0
RANGE RESOURCES CORP COM 75281A109 1,732 101,965 SH   DFND 1, 2, 3, 4 101,965 0 0
SEABRIDGE GOLD INC COM 811916105 11,583 894,468 SH   DFND 1, 2, 3, 4 894,468 0 0
SEALED AIR CORP COM 81211K100 1,084 27,000 SH   DFND 1, 2, 3, 4 27,000 0 0
SENECA FOODS CORP - CL A COM 817070501 217 6,440 SH   DFND 1, 2, 3, 4 6,440 0 0
SENECA FOODS CORP - CL B COM 817070105 239 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SMITH (A.O.) CORP COM 831865209 2,294 42,984 SH   DFND 1, 2, 3, 4 42,984 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 13,206 2,257,481 SH   DFND 1, 2, 3, 4 2,257,481 0 0
TEJON RANCH CO COM 879080109 1,026 47,272 SH   DFND 1, 2, 3, 4 47,272 0 0
TESLA INC COM 88160R101 331,545 1,252,200 SH Put DFND 1, 2, 3, 4 0 0 1,252,200
TEXAS PACIFIC LAND TRUST COM 882610108 751 871 SH   DFND 1, 2, 3, 4 871 0 0
TEXTRON INC COM 883203101 3,574 50,000 SH Put DFND 1, 2, 3, 4 0 0 50,000
THIRD POINT REINSURANCE LTD COM G8827U100 1,753 134,850 SH   DFND 1, 2, 3, 4 134,850 0 0
TRIMTABS ALL CAP US FREE-CAS COM 89628W302 221 5,800 SH   DFND 1, 2, 3, 4 5,800 0 0
U.S. GLOBAL INVESTORS INC-A COM 902952100 86 56,815 SH   DFND 1, 2, 3, 4 56,815 0 0
VISTA OUTDOOR INC COM 928377100 8,591 480,189 SH   DFND 1, 2, 3, 4 480,189 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 802 11,000 SH   DFND 1, 2, 3, 4 11,000 0 0
XTRACKERS HARVEST CSI 300 CH COM 233051879 5,858 231,100 SH Put DFND 1, 2, 3, 4 0 0 231,100