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
AFFILIATED MANAGERS GROUP COM 008252108 447 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
AMREP CORP COM 032159105 75 16,528 SH   DFND 1, 2, 3, 4 16,528 0 0
XTRACKERS HARVEST CSI 300 CH COM 233051879 21,525 724,500 SH Put DFND 1, 2, 3, 4 0 0 724,500
BATTALION OIL CORP COM 07134L107 177 18,682 SH   DFND 1, 2, 3, 4 18,682 0 0
BLACKSTONE GROUP INC/THE-A COM 09260D107 567 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
BONANZA CREEK ENERGY INC COM 097793400 1,137 76,747 SH   DFND 1, 2, 3, 4 76,747 0 0
CAPITAL SENIOR LIVING CORP COM 140475104 3,221 4,536,679 SH   DFND 1, 2, 3, 4 4,536,679 0 0
CAPSTAR FINANCIAL HOLDINGS I COM 14070T102 1,496 124,672 SH   DFND 1, 2, 3, 4 124,672 0 0
CIT GROUP INC COM 125581801 12,243 590,610 SH   DFND 1, 2, 3, 4 590,610 0 0
CLIPPER REALTY INC COM 18885T306 244 30,108 SH   DFND 1, 2, 3, 4 30,108 0 0
CODORUS VALLEY BANCORP INC COM 192025104 260 18,813 SH   DFND 1, 2, 3, 4 18,813 0 0
COWEN INC - A COM 223622606 31,615 1,950,351 SH   DFND 1, 2, 3, 4 1,950,351 0 0
DEVON ENERGY CORP COM 25179M103 326 28,784 SH   DFND 1, 2, 3, 4 28,784 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102 454 46,893 SH   DFND 1, 2, 3, 4 46,893 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,186 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
GREAT ELM CAPITAL GROUP INC COM 39036P209 2,680 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREIF INC-CL B COM 397624206 12,688 303,330 SH   DFND 1, 2, 3, 4 303,330 0 0
HENNESSY ADVISORS INC COM 425885100 123 15,646 SH   DFND 1, 2, 3, 4 15,646 0 0
HIGHPOINT RESOURCES CORP COM 43114K108 16 55,435 SH   DFND 1, 2, 3, 4 55,435 0 0
ICC HOLDINGS INC COM 44931Q104 178 15,965 SH   DFND 1, 2, 3, 4 15,965 0 0
INTERNATIONAL PAPER CO COM 460146103 3,521 100,000 SH   DFND 1, 2, 3, 4 100,000 0 0
JMP GROUP LLC COM 46629U107 66 23,589 SH   DFND 1, 2, 3, 4 23,589 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 461 68,283 SH   DFND 1, 2, 3, 4 68,283 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 6,186 150,000 SH   DFND 1, 2, 3, 4 150,000 0 0
KKR & CO INC COM 48251W104 216 7,000 SH   DFND 1, 2, 3, 4 7,000 0 0
LENNAR CORP - B SHS COM 526057302 8,332 180,786 SH   DFND 1, 2, 3, 4 180,786 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128 1,396 147,855 SH   DFND 1, 2, 3, 4 147,855 0 0
LINCOLN NATIONAL CORP COM 534187109 9,029 245,432 SH   DFND 1, 2, 3, 4 245,432 0 0
LINCOLN NATIONAL CORP COM 534187109 1,751 47,600 SH Call DFND 1, 2, 3, 4 0 0 47,600
LIVE OAK BANCSHARES INC COM 53803X105 290 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
LONESTAR RESOURCES US I-CL A COM 54240F103 54 115,770 SH   DFND 1, 2, 3, 4 115,770 0 0
MALVERN BANCORP INC COM 561409103 285 22,388 SH   DFND 1, 2, 3, 4 22,388 0 0
MOTOROLA SOLUTIONS INC COM 620076307 48,275 344,500 SH Put DFND 1, 2, 3, 4 0 0 344,500
MVC CAPITAL INC COM 553829102 1,428 218,633 SH   DFND 1, 2, 3, 4 218,633 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 2,884 14,195 SH   DFND 1, 2, 3, 4 14,195 0 0
PORTMAN RIDGE FINANCE CORP COM 73688F102 380 345,615 SH   DFND 1, 2, 3, 4 345,615 0 0
PROTECTIVE INSURANCE CORP- A COM 74368L104 2,088 123,525 SH   DFND 1, 2, 3, 4 123,525 0 0
PRUDENTIAL FINANCIAL INC COM 744320102 1,218 20,000 SH Call DFND 1, 2, 3, 4 0 0 20,000
RANGE RESOURCES CORP COM 75281A109 282 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
RAYTHEON TECHNOLOGIES CORP COM 75513E101 2,465 40,000 SH Call DFND 1, 2, 3, 4 0 0 40,000
SENECA FOODS CORP - CL A COM 817070501 218 6,440 SH   DFND 1, 2, 3, 4 6,440 0 0
SENECA FOODS CORP - CL B COM 817070105 244 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
STATE STREET CORP COM 857477103 2,860 45,000 SH   DFND 1, 2, 3, 4 45,000 0 0
STEREOTAXIS INC COM 85916J409 19,827 4,445,575 SH   DFND 1, 2, 3, 4 4,445,575 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 193 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
TEJON RANCH CO COM 879080109 534 37,100 SH   DFND 1, 2, 3, 4 37,100 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 2,279 303,514 SH   DFND 1, 2, 3, 4 303,514 0 0
TESLA INC COM 88160R101 1,049,143 1,142,200 SH Put DFND 1, 2, 3, 4 0 0 1,142,200
WESTROCK CO COM 96145D105 0 270,000 SH   DFND 1, 2, 3, 4 270,000 0 0