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
AMREP CORP NEW COM 032159105 1,497 134,860 SH   DFND   0 134,860 0
AMREP CORP NEW COM 032159105 1 135 SH   SOLE   135 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 452 51,800 SH   SOLE   51,800 0 0
CRITEO S A SPONS ADS 226718104 2,605 75,000 SH   DFND   0 75,000 0
KIRKLANDS INC COM 497498105 34,764 1,237,139 SH   DFND   0 1,237,139 0
KIRKLANDS INC COM 497498105 3,069 109,231 SH   SOLE   109,231 0 0
LEAF GROUP LTD COM 52177G102 15,735 2,439,490 SH   DFND   0 2,439,490 0
LEAF GROUP LTD COM 52177G102 2,419 375,000 SH Call DFND   0 375,000 0
LEAF GROUP LTD COM 52177G102 609 94,348 SH   SOLE   94,348 0 0
MANNING & NAPIER INC CL A 56382Q102 1,605 248,036 SH   DFND   0 248,036 0
NAUTILUS INC COM 63910B102 1,146 73,300 SH Call DFND   0 73,300 0
SPARK NETWORKS SE SPONSORED ADR 846517100 24,839 3,334,127 SH   DFND   0 3,334,127 0
SPARK NETWORKS SE SPONSORED ADR 846517100 1,273 170,834 SH   SOLE   170,834 0 0
SPARK NETWORKS SE SPONSORED ADR 846517100 37 5,000 SH Call SOLE   5,000 0 0
SPARK NETWORKS SE SPONSORED ADR 846517100 4,070 546,300 SH Call DFND   0 546,300 0
TUCOWS INC COM NEW 898697206 5,459 70,444 SH   DFND   0 70,444 0
VICTORY CAP HLDGS INC COM CL A 92645B103 6,101 238,707 SH   DFND   0 238,707 0
VICTORY CAP HLDGS INC COM CL A 92645B103 3,364 131,600 SH Call DFND   0 131,600 0