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
AMC ENTERTAINMENT HLDS-CL A COM 00165C104 3,558 348,500 SH   DFND 1, 2, 3, 4 348,500 0 0
APPFOLIO INC - A COM 03783C100 707 5,000 SH Put DFND 1, 2, 3, 4 0 0 5,000
BATTALION OIL CORP COM 07134L107 203 18,682 SH   DFND 1, 2, 3, 4 18,682 0 0
BLACKSTONE GROUP INC/THE COM 09260D107 373 5,000 SH   DFND 1, 2, 3, 4 5,000 0 0
BONANZA CREEK ENERGY INC COM 097793400 214 6,000 SH   DFND 1, 2, 3, 4 6,000 0 0
BEYOND MEAT INC COM 08862E109 7,807 60,000 SH Put DFND 1, 2, 3, 4 0 0 60,000
CAPITAL SENIOR LIVING CORP COM 140475203 11,611 301,576 SH   DFND 1, 2, 3, 4 301,576 0 0
CAPSTAR FINANCIAL HOLDINGS I COM 14070T102 2,205 127,839 SH   DFND 1, 2, 3, 4 127,839 0 0
CIT GROUP INC COM 125581801 8,309 161,310 SH   DFND 1, 2, 3, 4 161,310 0 0
CLIPPER REALTY INC COM 18885T306 180 22,708 SH   DFND 1, 2, 3, 4 22,708 0 0
COMMUNITY WEST BANCSHARES COM 204157101 445 34,669 SH   DFND 1, 2, 3, 4 34,669 0 0
COWEN INC - A COM 223622606 37,577 1,069,033 SH   DFND 1, 2, 3, 4 1,069,033 0 0
DEVON ENERGY CORP COM 25179M103 403 18,444 SH   DFND 1, 2, 3, 4 18,444 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102 668 46,893 SH   DFND 1, 2, 3, 4 46,893 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,897 5,800 SH   DFND 1, 2, 3, 4 5,800 0 0
GREAT ELM GROUP INC COM 39037G109 2,806 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREIF INC-CL B COM 397624206 16,265 284,159 SH   DFND 1, 2, 3, 4 284,159 0 0
HENNESSY ADVISORS INC COM 425885100 135 15,646 SH   DFND 1, 2, 3, 4 15,646 0 0
ICC HOLDINGS INC COM 44931Q104 251 16,965 SH   DFND 1, 2, 3, 4 16,965 0 0
INTERNATIONAL PAPER CO COM 460146103 3,785 70,000 SH   DFND 1, 2, 3, 4 70,000 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 395 11,700 SH   DFND 1, 2, 3, 4 11,700 0 0
KKR & CO INC COM 48251W104 342 7,000 SH   DFND 1, 2, 3, 4 7,000 0 0
LENNAR CORP - B SHS COM 526057302 8,552 103,860 SH   DFND 1, 2, 3, 4 103,860 0 0
LIBERTY LATIN AMERIC-CL A COM G9001E102 1,962 152,960 SH   DFND 1, 2, 3, 4 152,960 0 0
LIBERTY LATIN AMERIC-CL C COM G9001E128 16,726 1,288,580 SH   DFND 1, 2, 3, 4 1,288,580 0 0
LINCOLN NATIONAL CORP COM 534187109 5,455 87,610 SH   DFND 1, 2, 3, 4 87,610 0 0
LOCKHEED MARTIN CORP COM 539830109 1,143 3,093 SH   DFND 1, 2, 3, 4 3,093 0 0
MALVERN BANCORP INC COM 561409103 512 27,485 SH   DFND 1, 2, 3, 4 27,485 0 0
NATIONAL WESTERN LIFE GROU-A COM 638517102 3,784 15,195 SH   DFND 1, 2, 3, 4 15,195 0 0
PORTMAN RIDGE FINANCE CORP COM 73688F102 1,380 639,044 SH   DFND 1, 2, 3, 4 639,044 0 0
PROTECTIVE INSURANCE CORP- A COM 74368L104 2,909 126,901 SH   DFND 1, 2, 3, 4 126,901 0 0
PROTECTIVE INSURANCE CORP- B COM 74368L203 257 11,226 SH   DFND 1, 2, 3, 4 11,226 0 0
SENECA FOODS CORP - CL A COM 817070501 303 6,440 SH   DFND 1, 2, 3, 4 6,440 0 0
SENECA FOODS CORP - CL B COM 817070105 373 7,400 SH   DFND 1, 2, 3, 4 7,400 0 0
SIRIUSPOINT LTD COM G8192H106 1,305 128,350 SH   DFND 1, 2, 3, 4 128,350 0 0
STEREOTAXIS INC COM 85916J409 28,701 4,270,952 SH   DFND 1, 2, 3, 4 4,270,952 0 0
TEJON RANCH CO COM 879080109 712 46,592 SH   DFND 1, 2, 3, 4 46,592 0 0
TESLA INC COM 88160R101 1,162,866 1,741,000 SH Put DFND 1, 2, 3, 4 0 0 1,741,000
WESTROCK CO COM 96145D105 21,850 452,848 SH   DFND 1, 2, 3, 4 452,848 0 0
WESTROCK CO COM 96145D105 6,766 130,000 SH Call DFND 1, 2, 3, 4 0 0 130,000
TAYLOR MORRISON HOME CORP COM 87724P106 256 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
TRUPANION INC COM 898202106 15,242 200,000 SH Put DFND 1, 2, 3, 4 0 0 200,000