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
AMREP CORP COM 032159105 673 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
AT&T INC COM 00206R102 9,133 320,000 SH Put DFND 1, 2, 3, 4 0 0 320,000
BLACKSTONE GROUP LP/THE COM 09253U108 298 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
BONANZA CREEK ENERGY INC COM 097793400 1,915 92,632 SH   DFND 1, 2, 3, 4 92,632 0 0
BOSTON BEER COMPANY INC-A COM 100557107 4,576 19,000 SH Put DFND 1, 2, 3, 4 0 0 19,000
BURLINGTON STORES INC COM 122017106 3,253 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
CAPITAL SENIOR LIVING CORP COM 140475104 30,863 4,538,627 SH   DFND 1, 2, 3, 4 4,538,627 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 16,840 39,000 SH Put DFND 1, 2, 3, 4 0 0 39,000
CIT GROUP INC COM 125581801 5,564 145,392 SH   DFND 1, 2, 3, 4 145,392 0 0
CIT GROUP INC COM 125581801 4,390 114,700 SH Call DFND 1, 2, 3, 4 0 0 114,700
CLIPPER REALTY INC COM 18885T306 6,612 505,898 SH   DFND 1, 2, 3, 4 505,898 0 0
CLOROX COMPANY COM 189054109 10,790 70,000 SH Put DFND 1, 2, 3, 4 0 0 70,000
COWEN INC COM 223622606 22,641 1,697,260 SH   DFND 1, 2, 3, 4 1,697,260 0 0
DEVON ENERGY CORP COM 25179M103 649 28,784 SH   DFND 1, 2, 3, 4 28,784 0 0
DOMINO'S PIZZA INC COM 25754A201 2,480 10,000 SH Put DFND 1, 2, 3, 4 0 0 10,000
FIVE BELOW COM 33829M101 6,467 63,200 SH Put DFND 1, 2, 3, 4 0 0 63,200
FLOTEK INDUSTRIES INC COM 343389102 46 42,640 SH   DFND 1, 2, 3, 4 42,640 0 0
GAMESTOP CORP-CLASS A COM 36467W109 1,010 80,000 SH Call DFND 1, 2, 3, 4 0 0 80,000
GREAT ELM CAPITAL GROUP INC COM 39036P209 3,887 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREIF INC-CL B COM 397624206 26,538 597,694 SH   DFND 1, 2, 3, 4 597,694 0 0
HALCON RESOURCES CORP COM 40537Q605 3,676 2,162,593 SH   DFND 1, 2, 3, 4 2,162,593 0 0
HENNESSY ADVISORS INC COM 425885100 127 12,646 SH   DFND 1, 2, 3, 4 12,646 0 0
HIGHPOINT RESOURCES CORP COM 43114K108 356 143,153 SH   DFND 1, 2, 3, 4 143,153 0 0
HOME BANCSHARES INC COM 436893200 654 40,000 SH Put DFND 1, 2, 3, 4 0 0 40,000
HORMEL FOODS CORP COM 440452100 19,633 460,000 SH Put DFND 1, 2, 3, 4 0 0 460,000
ICC HOLDINGS INC COM 44931Q104 218 15,965 SH   DFND 1, 2, 3, 4 15,965 0 0
INTELSAT SA COM L5140P101 16,763 783,706 SH   DFND 1, 2, 3, 4 783,706 0 0
ISHARES RUSSELL 2000 ETF COM 464287655 33,475 250,000 SH Put DFND 1, 2, 3, 4 0 0 250,000
JMP GROUP LLC COM 46629U107 92 23,589 SH   DFND 1, 2, 3, 4 23,589 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 472 68,283 SH   DFND 1, 2, 3, 4 68,283 0 0
KKR & CO INC -A COM 48251W104 236 12,000 SH   DFND 1, 2, 3, 4 12,000 0 0
LAKE SHORE BANCORP INC COM 510700107 2,630 174,606 SH   DFND 1, 2, 3, 4 174,606 0 0
LAREDO PETROLEUM INC COM 516806106 559 154,500 SH   DFND 1, 2, 3, 4 154,500 0 0
LENNAR CORP - B SHS COM 526057302 4,972 158,694 SH   DFND 1, 2, 3, 4 158,694 0 0
LINCOLN NATIONAL CORP COM 534187109 6,024 117,398 SH   DFND 1, 2, 3, 4 117,398 0 0
LONESTAR RESOURCES US I-CL A COM 54240F103 726 198,789 SH   DFND 1, 2, 3, 4 198,789 0 0
LULULEMON ATHLETICA INC COM 550021109 17,731 145,800 SH Put DFND 1, 2, 3, 4 0 0 145,800
MCKESSON CORP COM 58155Q103 13,234 119,800 SH   DFND 1, 2, 3, 4 119,800 0 0
MOTOROLA SOLUTIONS INC COM 620076307 135,230 1,175,500 SH Put DFND 1, 2, 3, 4 0 0 1,175,500
MVC CAPITAL INC COM 553829102 1,567 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NVIDIA CORP COM 67066G104 3,204 24,000 SH Put DFND 1, 2, 3, 4 0 0 24,000
OCONEE FEDERAL FINANCIAL COR COM 675607105 404 16,235 SH   DFND 1, 2, 3, 4 16,235 0 0
PARATEK PHARMACEUTICALS INC COM 699374302 5,704 1,111,936 SH   DFND 1, 2, 3, 4 1,111,936 0 0
PROTECTIVE INSURANCE CORP- A COM 74368L104 860 50,597 SH   DFND 1, 2, 3, 4 50,597 0 0
RAFAEL HOLDINGS INC-CLASS B COM 75062E106 818 103,155 SH   DFND 1, 2, 3, 4 103,155 0 0
SEABRIDGE GOLD INC COM 811916105 2,421 183,008 SH   DFND 1, 2, 3, 4 183,008 0 0
SENECA FOODS CORP - CL B COM 817070105 218 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SPDR BBG BARC HIGH YIELD BND COM 78464A417 24,857 740,000 SH Put DFND 1, 2, 3, 4 0 0 740,000
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 9,253 2,112,502 SH   DFND 1, 2, 3, 4 2,112,502 0 0
TEJON RANCH CO COM 879080109 784 47,272 SH   DFND 1, 2, 3, 4 47,272 0 0
TESLA INC COM 88160R101 418,063 1,256,200 SH Put DFND 1, 2, 3, 4 0 0 1,256,200
TEXAS PACIFIC LAND TRUST COM 882610108 309 571 SH   DFND 1, 2, 3, 4 571 0 0
TEXTRON INC COM 883203101 4,659 101,300 SH Put DFND 1, 2, 3, 4 0 0 101,300
THIRD POINT REINSURANCE LTD COM G8827U100 1,435 148,850 SH   DFND 1, 2, 3, 4 148,850 0 0
U.S. GLOBAL INVESTORS INC-A COM 902952100 42 38,069 SH   DFND 1, 2, 3, 4 38,069 0 0
VISTA OUTDOOR INC COM 928377100 390 34,401 SH   DFND 1, 2, 3, 4 34,401 0 0
XTRACKERS HARVEST CSI 300 CH COM 233051879 5,068 231,100 SH Put DFND 1, 2, 3, 4 0 0 231,100