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
AERCAP HOLDINGS NV COM N00985106 1,196 23,000 SH   DFND 1, 2, 3, 4 23,000 0 0
AMERICAN NATIONAL INSURANCE COM 028591105 291 2,500 SH   DFND 1, 2, 3, 4 2,500 0 0
AMREP CORP COM 032159105 578 84,259 SH   DFND 1, 2, 3, 4 84,259 0 0
AT&T INC COM 00206R102 4,691 140,000 SH Put DFND 1, 2, 3, 4 0 0 140,000
BLACKSTONE GROUP INC/THE-A COM 09260D107 444 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
BONANZA CREEK ENERGY INC COM 097793400 1,602 76,747 SH   DFND 1, 2, 3, 4 76,747 0 0
CAPITAL SENIOR LIVING CORP COM 140475104 22,785 4,529,853 SH   DFND 1, 2, 3, 4 4,529,853 0 0
CARLYLE GROUP/THE COM 14309L102 1,357 60,000 SH Call DFND 1, 2, 3, 4 0 0 60,000
CHIPOTLE MEXICAN GRILL INC COM 169656105 3,664 5,000 SH Put DFND 1, 2, 3, 4 0 0 5,000
CIT GROUP INC COM 125581801 1,497 28,500 SH   DFND 1, 2, 3, 4 28,500 0 0
CLIPPER REALTY INC COM 18885T306 746 66,740 SH   DFND 1, 2, 3, 4 66,740 0 0
COWEN INC - A COM 223622606 28,607 1,664,180 SH   DFND 1, 2, 3, 4 1,664,180 0 0
DEVON ENERGY CORP COM 25179M103 821 28,784 SH   DFND 1, 2, 3, 4 28,784 0 0
DILLARDS INC-CL A COM 254067101 623 10,000 SH Call DFND 1, 2, 3, 4 0 0 10,000
FIVE BELOW COM 33829M101 2,784 23,200 SH Put DFND 1, 2, 3, 4 0 0 23,200
GOLDMAN SACHS GROUP INC COM 38141G104 1,228 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 6,752 33,000 SH Call DFND 1, 2, 3, 4 0 0 33,000
GREAT ELM CAPITAL GROUP INC COM 39036P209 4,945 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREIF INC-CL B COM 397624206 17,422 399,139 SH   DFND 1, 2, 3, 4 399,139 0 0
HENNESSY ADVISORS INC COM 425885100 152 15,646 SH   DFND 1, 2, 3, 4 15,646 0 0
HIGHPOINT RESOURCES CORP COM 43114K108 101 55,435 SH   DFND 1, 2, 3, 4 55,435 0 0
ICC HOLDINGS INC COM 44931Q104 221 15,965 SH   DFND 1, 2, 3, 4 15,965 0 0
INTELSAT SA COM L5140P101 10,373 533,337 SH   DFND 1, 2, 3, 4 533,337 0 0
JMP GROUP LLC COM 46629U107 92 23,589 SH   DFND 1, 2, 3, 4 23,589 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 536 68,283 SH   DFND 1, 2, 3, 4 68,283 0 0
KKR & CO INC -A COM 48251W104 303 12,000 SH   DFND 1, 2, 3, 4 12,000 0 0
KONTOOR BRANDS INC COM 50050N103 6,932 247,377 SH   DFND 1, 2, 3, 4 247,377 0 0
LAKE SHORE BANCORP INC COM 510700107 2,563 171,471 SH   DFND 1, 2, 3, 4 171,471 0 0
LAREDO PETROLEUM INC COM 516806106 403 138,825 SH   DFND 1, 2, 3, 4 138,825 0 0
LENNAR CORP - B SHS COM 526057302 6,111 158,694 SH   DFND 1, 2, 3, 4 158,694 0 0
LINCOLN NATIONAL CORP COM 534187109 7,566 117,398 SH   DFND 1, 2, 3, 4 117,398 0 0
LONESTAR RESOURCES US I-CL A COM 54240F103 301 131,250 SH   DFND 1, 2, 3, 4 131,250 0 0
LULULEMON ATHLETICA INC COM 550021109 26,275 145,800 SH Put DFND 1, 2, 3, 4 0 0 145,800
MCKESSON CORP COM 58155Q103 671 4,994 SH   DFND 1, 2, 3, 4 4,994 0 0
MOTOROLA SOLUTIONS INC COM 620076307 173,533 1,040,800 SH Put DFND 1, 2, 3, 4 0 0 1,040,800
MVC CAPITAL INC COM 553829102 1,758 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 502 1,955 SH   DFND 1, 2, 3, 4 1,955 0 0
NVIDIA CORP COM 67066G104 3,942 24,000 SH Put DFND 1, 2, 3, 4 0 0 24,000
OLLIE'S BARGAIN OUTLET HOLDI COM 681116109 4,242 48,700 SH Put DFND 1, 2, 3, 4 0 0 48,700
PARATEK PHARMACEUTICALS INC COM 699374302 4,415 1,106,422 SH   DFND 1, 2, 3, 4 1,106,422 0 0
PROCTER & GAMBLE CO/THE COM 742718109 1,096 10,000 SH Put DFND 1, 2, 3, 4 0 0 10,000
PROTECTIVE INSURANCE CORP- A COM 74368L104 1,601 97,037 SH   DFND 1, 2, 3, 4 97,037 0 0
RANGE RESOURCES CORP COM 75281A109 349 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
SEABRIDGE GOLD INC COM 811916105 168 12,385 SH   DFND 1, 2, 3, 4 12,385 0 0
SENECA FOODS CORP - CL B COM 817070105 206 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 5,713 1,511,397 SH   DFND 1, 2, 3, 4 1,511,397 0 0
TEJON RANCH CO COM 879080109 615 37,102 SH   DFND 1, 2, 3, 4 37,102 0 0
TESLA INC COM 88160R101 150,366 672,900 SH Put DFND 1, 2, 3, 4 0 0 672,900
TEXTRON INC COM 883203101 0 101,300 SH Put DFND 1, 2, 3, 4 0 0 101,300
THIRD POINT REINSURANCE LTD COM G8827U100 1,056 102,350 SH   DFND 1, 2, 3, 4 102,350 0 0
U.S. GLOBAL INVESTORS INC-A COM 902952100 0 38,069 SH   DFND 1, 2, 3, 4 38,069 0 0
VISTA OUTDOOR INC COM 928377100 0 34,401 SH   DFND 1, 2, 3, 4 34,401 0 0
WILLIAM LYON HOMES-CL A COM 552074700 0 17,436 SH   DFND 1, 2, 3, 4 17,436 0 0
XTRACKERS HARVEST CSI 300 CH COM 233051879 1,721 61,100 SH Put DFND 1, 2, 3, 4 0 0 61,100