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 1,259 23,000 SH   DFND 1, 2, 3, 4 23,000 0 0
AMERICAN NATIONAL INSURANCE COM 028591105 309 2,500 SH   DFND 1, 2, 3, 4 2,500 0 0
AMREP CORP COM 032159105 482 84,259 SH   DFND 1, 2, 3, 4 84,259 0 0
XTRACKERS HARVEST CSI 300 CH COM 233051879 12,174 449,400 SH Put DFND 1, 2, 3, 4 0 0 449,400
BLACKSTONE GROUP INC/THE-A COM 09260D107 488 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
BONANZA CREEK ENERGY INC COM 097793400 1,718 76,747 SH   DFND 1, 2, 3, 4 76,747 0 0
CAPITAL SENIOR LIVING CORP COM 140475104 19,871 4,536,679 SH   DFND 1, 2, 3, 4 4,536,679 0 0
CARLYLE GROUP/THE COM 14309L102 1,534 60,000 SH Call DFND 1, 2, 3, 4 0 0 60,000
CIT GROUP INC COM 125581801 1,291 28,500 SH   DFND 1, 2, 3, 4 28,500 0 0
CLIPPER REALTY INC COM 18885T306 292 28,640 SH   DFND 1, 2, 3, 4 28,640 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 8,405 10,000 SH Put DFND 1, 2, 3, 4 0 0 10,000
COWEN INC - A COM 223622606 25,612 1,664,180 SH   DFND 1, 2, 3, 4 1,664,180 0 0
DILLARDS INC-CL A COM 254067101 959 14,500 SH Call DFND 1, 2, 3, 4 0 0 14,500
DEVON ENERGY CORP COM 25179M103 693 28,784 SH   DFND 1, 2, 3, 4 28,784 0 0
FIVE BELOW COM 33829M101 2,926 23,200 SH Put DFND 1, 2, 3, 4 0 0 23,200
GOLDMAN SACHS GROUP INC COM 38141G104 1,243 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 5,181 25,000 SH Call DFND 1, 2, 3, 4 0 0 25,000
GREAT ELM CAPITAL GROUP INC COM 39036P209 4,220 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREIF INC-CL B COM 397624206 16,173 354,980 SH   DFND 1, 2, 3, 4 354,980 0 0
HENNESSY ADVISORS INC COM 425885100 169 15,646 SH   DFND 1, 2, 3, 4 15,646 0 0
HIGHPOINT RESOURCES CORP COM 43114K108 88 55,435 SH   DFND 1, 2, 3, 4 55,435 0 0
ICC HOLDINGS INC COM 44931Q104 220 15,965 SH   DFND 1, 2, 3, 4 15,965 0 0
INTELSAT SA COM L5140P101 9,576 420,000 SH   DFND 1, 2, 3, 4 420,000 0 0
JMP GROUP LLC COM 46629U107 81 23,589 SH   DFND 1, 2, 3, 4 23,589 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 512 68,283 SH   DFND 1, 2, 3, 4 68,283 0 0
KKR & CO INC -A COM 48251W104 322 12,000 SH   DFND 1, 2, 3, 4 12,000 0 0
LAKE SHORE BANCORP INC COM 510700107 1,262 86,721 SH   DFND 1, 2, 3, 4 86,721 0 0
LAREDO PETROLEUM INC COM 516806106 335 138,825 SH   DFND 1, 2, 3, 4 138,825 0 0
LENNAR CORP - B SHS COM 526057302 7,134 160,786 SH   DFND 1, 2, 3, 4 160,786 0 0
LINCOLN NATIONAL CORP COM 534187109 7,081 117,398 SH   DFND 1, 2, 3, 4 117,398 0 0
LONESTAR RESOURCES US I-CL A COM 54240F103 357 131,250 SH   DFND 1, 2, 3, 4 131,250 0 0
LULULEMON ATHLETICA INC COM 550021109 28,071 145,800 SH Put DFND 1, 2, 3, 4 0 0 145,800
MOTOROLA SOLUTIONS INC COM 620076307 196,789 1,154,800 SH Put DFND 1, 2, 3, 4 0 0 1,154,800
MVC CAPITAL INC COM 553829102 1,699 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 525 1,955 SH   DFND 1, 2, 3, 4 1,955 0 0
NVIDIA CORP COM 67066G104 4,178 24,000 SH Put DFND 1, 2, 3, 4 0 0 24,000
OLLIE'S BARGAIN OUTLET HOLDI COM 681116109 2,856 48,700 SH Put DFND 1, 2, 3, 4 0 0 48,700
PARATEK PHARMACEUTICALS INC COM 699374302 4,780 1,106,422 SH   DFND 1, 2, 3, 4 1,106,422 0 0
PROTECTIVE INSURANCE CORP- A COM 74368L104 1,971 119,463 SH   DFND 1, 2, 3, 4 119,463 0 0
PRUDENTIAL FINANCIAL INC COM 744320102 1,799 20,000 SH Call DFND 1, 2, 3, 4 0 0 20,000
RANGE RESOURCES CORP COM 75281A109 191 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
SENECA FOODS CORP - CL A COM 817070501 201 6,440 SH   DFND 1, 2, 3, 4 6,440 0 0
SENECA FOODS CORP - CL B COM 817070105 232 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 6,831 1,318,812 SH   DFND 1, 2, 3, 4 1,318,812 0 0
STEREOTAXIS INC COM 85916J409 16,418 4,677,385 SH   DFND 1, 2, 3, 4 4,677,385 0 0
STATE STREET CORP COM 857477103 1,776 30,000 SH Call DFND 1, 2, 3, 4 0 0 30,000
TEJON RANCH CO COM 879080109 630 37,102 SH   DFND 1, 2, 3, 4 37,102 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 1,122 112,350 SH   DFND 1, 2, 3, 4 112,350 0 0
TESLA INC COM 88160R101 147,461 871,000 SH Put DFND 1, 2, 3, 4 0 0 871,000
TEXTRON INC COM 883203101 0 51,300 SH Put DFND 1, 2, 3, 4 0 0 51,300
U.S. GLOBAL INVESTORS INC-A COM 902952100 0 38,069 SH   DFND 1, 2, 3, 4 38,069 0 0