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 410 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
APPFOLIO INC - A COM 03783C100 709 5,000 SH Put DFND 1, 2, 3, 4 0 0 5,000
XTRACKERS HARVEST CSI 300 CH COM 233051879 21,422 621,300 SH Put DFND 1, 2, 3, 4 0 0 621,300
BATTALION OIL CORP COM 07134L107 148 18,682 SH   DFND 1, 2, 3, 4 18,682 0 0
BLACKSTONE GROUP INC/THE-A COM 09260D107 522 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
CAPITAL SENIOR LIVING CORP COM 140475104 2,850 4,536,679 SH   DFND 1, 2, 3, 4 4,536,679 0 0
CAPSTAR FINANCIAL HOLDINGS I COM 14070T102 1,361 138,729 SH   DFND 1, 2, 3, 4 138,729 0 0
CIT GROUP INC COM 125581801 10,460 590,610 SH   DFND 1, 2, 3, 4 590,610 0 0
CLIPPER REALTY INC COM 18885T306 182 30,108 SH   DFND 1, 2, 3, 4 30,108 0 0
CODORUS VALLEY BANCORP INC COM 192025104 246 18,813 SH   DFND 1, 2, 3, 4 18,813 0 0
COWEN INC - A COM 223622606 31,732 1,950,351 SH   DFND 1, 2, 3, 4 1,950,351 0 0
DILLARDS INC-CL A COM 254067101 274 7,500 SH Call DFND 1, 2, 3, 4 0 0 7,500
DEVON ENERGY CORP COM 25179M103 272 28,784 SH   DFND 1, 2, 3, 4 28,784 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102 428 46,893 SH   DFND 1, 2, 3, 4 46,893 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,206 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
GREAT ELM CAPITAL GROUP INC COM 39036P209 2,714 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREIF INC-CL B COM 397624206 11,975 303,330 SH   DFND 1, 2, 3, 4 303,330 0 0
HENNESSY ADVISORS INC COM 425885100 130 15,646 SH   DFND 1, 2, 3, 4 15,646 0 0
HIGHPOINT RESOURCES CORP COM 43114K108 13 55,435 SH   DFND 1, 2, 3, 4 55,435 0 0
ICC HOLDINGS INC COM 44931Q104 198 16,965 SH   DFND 1, 2, 3, 4 16,965 0 0
INTERNATIONAL PAPER CO COM 460146103 4,054 100,000 SH   DFND 1, 2, 3, 4 100,000 0 0
JMP GROUP LLC COM 46629U107 60 23,589 SH   DFND 1, 2, 3, 4 23,589 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 428 68,283 SH   DFND 1, 2, 3, 4 68,283 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 5,117 105,000 SH   DFND 1, 2, 3, 4 105,000 0 0
KKR & CO INC COM 48251W104 240 7,000 SH   DFND 1, 2, 3, 4 7,000 0 0
LENNAR CORP - B SHS COM 526057302 9,225 140,500 SH   DFND 1, 2, 3, 4 140,500 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102 1,432 173,560 SH   DFND 1, 2, 3, 4 173,560 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128 10,712 1,315,922 SH   DFND 1, 2, 3, 4 1,315,922 0 0
LINCOLN NATIONAL CORP COM 534187109 7,689 245,432 SH   DFND 1, 2, 3, 4 245,432 0 0
LINCOLN NATIONAL CORP COM 534187109 1,491 47,600 SH Call DFND 1, 2, 3, 4 0 0 47,600
LONESTAR RESOURCES US I-CL A COM 54240F103 27 115,770 SH   DFND 1, 2, 3, 4 115,770 0 0
MALVERN BANCORP INC COM 561409103 264 22,388 SH   DFND 1, 2, 3, 4 22,388 0 0
MOTOROLA SOLUTIONS INC COM 620076307 20,228 129,000 SH Put DFND 1, 2, 3, 4 0 0 129,000
MVC CAPITAL INC COM 553829102 1,708 218,633 SH   DFND 1, 2, 3, 4 218,633 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 2,777 15,195 SH   DFND 1, 2, 3, 4 15,195 0 0
PORTMAN RIDGE FINANCE CORP COM 73688F102 460 345,615 SH   DFND 1, 2, 3, 4 345,615 0 0
PROTECTIVE INSURANCE CORP- A COM 74368L104 1,729 123,525 SH   DFND 1, 2, 3, 4 123,525 0 0
RANGE RESOURCES CORP COM 75281A109 331 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
RAYTHEON TECHNOLOGIES CORP COM 75513E101 2,302 40,000 SH Call DFND 1, 2, 3, 4 0 0 40,000
SENECA FOODS CORP - CL A COM 817070501 230 6,440 SH   DFND 1, 2, 3, 4 6,440 0 0
SENECA FOODS CORP - CL B COM 817070105 259 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
STATE STREET CORP COM 857477103 2,670 45,000 SH   DFND 1, 2, 3, 4 45,000 0 0
STEREOTAXIS INC COM 85916J409 15,290 4,270,952 SH   DFND 1, 2, 3, 4 4,270,952 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 246 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
TEJON RANCH CO COM 879080109 488 34,462 SH   DFND 1, 2, 3, 4 34,462 0 0
TESLA INC COM 88160R101 2 5 SH   DFND 1, 2, 3, 4 5 0 0
TESLA INC COM 88160R101 2,025,785 4,722,000 SH Put DFND 1, 2, 3, 4 0 0 4,722,000
THIRD POINT REINSURANCE LTD COM G8827U100 1,328 191,054 SH   DFND 1, 2, 3, 4 191,054 0 0
TRUPANION INC COM 898202106 18,936 240,000 SH Put DFND 1, 2, 3, 4 0 0 240,000
WESTROCK CO COM 96145D105 9,380 270,000 SH   DFND 1, 2, 3, 4 270,000 0 0