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
APARTMENT INVT & MGMT CO -A COM 03748R747 5,219 988,400 SH   DFND 1, 2, 3, 4 988,400 0 0
APPFOLIO INC - A COM 03783C100 900 5,000 SH Put DFND 1, 2, 3, 4 0 0 5,000
BARINGS BDC INC COM 06759L103 1,969 214,059 SH   DFND 1, 2, 3, 4 214,059 0 0
BATTALION OIL CORP COM 07134L107 155 18,682 SH   DFND 1, 2, 3, 4 18,682 0 0
BLACKSTONE GROUP INC/THE-A COM 09260D107 648 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
BEYOND MEAT INC COM 08862E109 7,500 60,000 SH Put DFND 1, 2, 3, 4 0 0 60,000
CAPITAL SENIOR LIVING CORP COM 140475203 3,721 301,576 SH   DFND 1, 2, 3, 4 301,576 0 0
CAPSTAR FINANCIAL HOLDINGS I COM 14070T102 2,046 138,729 SH   DFND 1, 2, 3, 4 138,729 0 0
CIT GROUP INC COM 125581801 18,331 510,610 SH   DFND 1, 2, 3, 4 510,610 0 0
CLIPPER REALTY INC COM 18885T306 212 30,108 SH   DFND 1, 2, 3, 4 30,108 0 0
COMMUNITY WEST BANCSHARES COM 204157101 231 25,411 SH   DFND 1, 2, 3, 4 25,411 0 0
COWEN INC - A COM 223622606 37,864 1,456,873 SH   DFND 1, 2, 3, 4 1,456,873 0 0
DEVON ENERGY CORP COM 25179M103 292 18,444 SH   DFND 1, 2, 3, 4 18,444 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102 535 46,893 SH   DFND 1, 2, 3, 4 46,893 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,582 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
GREIF INC-CL B COM 397624206 13,785 284,930 SH   DFND 1, 2, 3, 4 284,930 0 0
HENNESSY ADVISORS INC COM 425885100 133 15,646 SH   DFND 1, 2, 3, 4 15,646 0 0
ICC HOLDINGS INC COM 44931Q104 243 16,965 SH   DFND 1, 2, 3, 4 16,965 0 0
INTERNATIONAL PAPER CO COM 460146103 3,480 70,000 SH   DFND 1, 2, 3, 4 70,000 0 0
JMP GROUP LLC COM 46629U107 66 17,088 SH   DFND 1, 2, 3, 4 17,088 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 432 68,283 SH   DFND 1, 2, 3, 4 68,283 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 4,127 100,000 SH   DFND 1, 2, 3, 4 100,000 0 0
KKR & CO INC COM 48251W104 283 7,000 SH   DFND 1, 2, 3, 4 7,000 0 0
LENNAR CORP - B SHS COM 526057302 6,946 113,500 SH   DFND 1, 2, 3, 4 113,500 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102 1,932 173,560 SH   DFND 1, 2, 3, 4 173,560 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128 13,522 1,219,263 SH   DFND 1, 2, 3, 4 1,219,263 0 0
LINCOLN NATIONAL CORP COM 534187109 11,845 235,432 SH   DFND 1, 2, 3, 4 235,432 0 0
LINCOLN NATIONAL CORP COM 534187109 2,395 47,600 SH Call DFND 1, 2, 3, 4 0 0 47,600
MALVERN BANCORP INC COM 561409103 578 37,304 SH   DFND 1, 2, 3, 4 37,304 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 3,137 15,195 SH   DFND 1, 2, 3, 4 15,195 0 0
PENUMBRA INC COM 70975L107 3,500 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
PORTMAN RIDGE FINANCE CORP COM 73688F102 950 497,236 SH   DFND 1, 2, 3, 4 497,236 0 0
PROTECTIVE INSURANCE CORP- A COM 74368L104 1,861 123,599 SH   DFND 1, 2, 3, 4 123,599 0 0
PROTECTIVE INSURANCE CORP- B COM 74368L203 141 10,319 SH   DFND 1, 2, 3, 4 10,319 0 0
RANGE RESOURCES CORP COM 75281A109 335 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
RAYTHEON TECHNOLOGIES CORP COM 75513E101 2,860 40,000 SH Call DFND 1, 2, 3, 4 0 0 40,000
SENECA FOODS CORP - CL A COM 817070501 257 6,440 SH   DFND 1, 2, 3, 4 6,440 0 0
SENECA FOODS CORP - CL B COM 817070105 292 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
STEREOTAXIS INC COM 85916J409 21,739 4,270,952 SH   DFND 1, 2, 3, 4 4,270,952 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 256 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
TEJON RANCH CO COM 879080109 426 29,462 SH   DFND 1, 2, 3, 4 29,462 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 1,757 184,554 SH   DFND 1, 2, 3, 4 184,554 0 0
TRUPANION INC COM 898202106 23,942 200,000 SH Put DFND 1, 2, 3, 4 0 0 200,000
TESLA INC COM 88160R101 614,286 870,500 SH Put DFND 1, 2, 3, 4 0 0 870,500
WESTROCK CO COM 96145D105 8,793 202,000 SH   DFND 1, 2, 3, 4 202,000 0 0
WESTROCK CO COM 96145D105 5,659 130,000 SH Call DFND 1, 2, 3, 4 0 0 130,000