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
AMERICAN INTERNATIONAL GROUP COM 026874784 5,682 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
AMBAC FINANCIAL GROUP-CW23 WTS 023139116 906 131,946 SH   DFND 1, 2, 3, 4 0 0 131,946
AMERICAN NATIONAL INSURANCE COM 028591105 8,314 85,153 SH   DFND 1, 2, 3, 4 85,153 0 0
AMKOR TECHNOLOGY INC COM 031652100 18,171 4,056,135 SH   DFND 1, 2, 3, 4 4,056,135 0 0
AMKOR TECHNOLOGY INC COM 031652100 449 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
AMREP CORP COM 032159105 554 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
AMAZON.COM INC COM 023135106 199,688 390,100 SH Put DFND 1, 2, 3, 4 0 0 390,100
ANWORTH MORTGAGE ASSET CORP COM 037347101 3,727 754,538 SH   DFND 1, 2, 3, 4 754,538 0 0
APACHE CORP COM 037411105 196 5,000 SH   DFND 1, 2, 3, 4 5,000 0 0
APACHE CORP COM 037411105 12,923 330,000 SH Call DFND 1, 2, 3, 4 0 0 330,000
APOLLO GLOBAL MANAGEMENT - A COM 037612306 258 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315507 248 12,400 SH   DFND 1, 2, 3, 4 12,400 0 0
ASB BANCORP INC COM 00213T109 809 32,300 SH   DFND 1, 2, 3, 4 32,300 0 0
DEUTSCHE X-TRACKERS HARVEST COM 233051879 16,215 501,400 SH Put DFND 1, 2, 3, 4 0 0 501,400
ATHENAHEALTH INC COM 04685W103 11,041 82,800 SH Put DFND 1, 2, 3, 4 0 0 82,800
ATLANTIC COAST FINANCIAL COR COM 048426100 4,103 741,889 SH   DFND 1, 2, 3, 4 741,889 0 0
BANK OF COMMERCE HOLDINGS COM 06424J103 252 43,640 SH   DFND 1, 2, 3, 4 43,640 0 0
BAY BANCORP INC COM 07203T106 535 104,879 SH   DFND 1, 2, 3, 4 104,879 0 0
BENEFICIAL BANCORP INC COM 08171T102 8,940 673,709 SH   DFND 1, 2, 3, 4 673,709 0 0
BAKER HUGHES INC COM 057224107 3,122 60,000 SH Call DFND 1, 2, 3, 4 0 0 60,000
BLACKSTONE GROUP LP/THE COM 09253U108 633 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BLUE HILLS BANCORP INC COM 095573101 1,379 99,600 SH   DFND 1, 2, 3, 4 99,600 0 0
BUFFALO WILD WINGS INC COM 119848109 11,606 60,000 SH Put DFND 1, 2, 3, 4 0 0 60,000
CITIGROUP INC COM 172967424 3,423 69,000 SH   DFND 1, 2, 3, 4 69,000 0 0
CITIGROUP INC COM 172967424 38,448 775,000 SH Call DFND 1, 2, 3, 4 0 0 775,000
CAPITAL SENIOR LIVING CORP COM 140475104 46,913 2,339,825 SH   DFND 1, 2, 3, 4 2,339,825 0 0
CARNIVAL CORP COM 143658300 447 9,000 SH   DFND 1, 2, 3, 4 9,000 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 7,932 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
CHARTER FINANCIAL CORP COM 16122W108 1,904 150,124 SH   DFND 1, 2, 3, 4 150,124 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 1,050 118,792 SH   DFND 1, 2, 3, 4 118,792 0 0
CLEAR CHANNEL OUTDOOR-CL A COM 18451C109 569 79,844 SH   DFND 1, 2, 3, 4 79,844 0 0
COMMUNITY BANKERS TRUST CORP COM 203612106 56 11,228 SH   DFND 1, 2, 3, 4 11,228 0 0
COWEN GROUP INC-CLASS A COM 223622101 166 36,375 SH   DFND 1, 2, 3, 4 36,375 0 0
SALESFORCE.COM INC COM 79466L302 5,554 80,000 SH Put DFND 1, 2, 3, 4 0 0 80,000
WISDOMTREE CHINESE YUAN STRA COM 97717W182 8,996 361,000 SH Put DFND 1, 2, 3, 4 0 0 361,000
DATARAM CORP COM 238108302 46 37,425 SH   DFND 1, 2, 3, 4 37,425 0 0
DEVON ENERGY CORP COM 25179M103 3,171 85,490 SH   DFND 1, 2, 3, 4 85,490 0 0
DEVON ENERGY CORP COM 25179M103 17,384 468,700 SH Call DFND 1, 2, 3, 4 0 0 468,700
DIREXION DAILY GOLD MINERS I COM 25459W235 3,114 125,000 SH Call DFND 1, 2, 3, 4 0 0 125,000
EASTERN VIRGINIA BANKSHARES COM 277196101 325 48,200 SH   DFND 1, 2, 3, 4 48,200 0 0
ELDORADO GOLD CORP COM 284902103 49 15,300 SH   DFND 1, 2, 3, 4 15,300 0 0
EMERSON ELECTRIC CO COM 291011104 8,834 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
EQUINIX INC COM 29444U700 471 1,723 SH   DFND 1, 2, 3, 4 1,723 0 0
EQUITABLE FINANCIAL CORP COM 29448T105 1,328 161,600 SH   DFND 1, 2, 3, 4 161,600 0 0
ERIE INDEMNITY COMPANY-CL A COM 29530P102 755 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
ESCALERA RESOURCES CO COM 296064108 3 19,908 SH   DFND 1, 2, 3, 4 19,908 0 0
ESSA BANCORP INC COM 29667D104 3,550 273,953 SH   DFND 1, 2, 3, 4 273,953 0 0
EXTREME NETWORKS INC COM 30226D106 16,464 4,900,000 SH   DFND 1, 2, 3, 4 4,900,000 0 0
FIRST CITIZENS BCSHS -CL A COM 31946M103 12,762 56,470 SH   DFND 1, 2, 3, 4 56,470 0 0
FIRST NORTHWEST BANCORP COM 335834107 2,671 215,726 SH   DFND 1, 2, 3, 4 215,726 0 0
FMC CORP COM 302491303 2,282 67,289 SH   DFND 1, 2, 3, 4 67,289 0 0
FOREST CITY ENTERPRISES-CL A COM 345550107 19,450 966,208 SH   DFND 1, 2, 3, 4 966,208 0 0
FOREST CITY ENTERPRISES-CL B COM 345550305 348 16,600 SH   DFND 1, 2, 3, 4 16,600 0 0
FORTRESS INVESTMENT GRP-CL A COM 34958B106 56 10,000 SH   DFND 1, 2, 3, 4 10,000 0 0
CURRENCYSHARES EURO TRUST COM 23130C108 822 7,500 SH Put DFND 1, 2, 3, 4 0 0 7,500
ISHARES CHINA LARGE-CAP ETF COM 464287184 3,547 100,000 SH Put DFND 1, 2, 3, 4 0 0 100,000
GENWORTH FINANCIAL INC-CL A COM 37247D106 924 200,000 SH Call DFND 1, 2, 3, 4 0 0 200,000
GREENLIGHT CAPITAL RE LTD-A COM G4095J109 905 40,600 SH   DFND 1, 2, 3, 4 40,600 0 0
GREIF INC-CL B COM 397624206 35,200 910,265 SH   DFND 1, 2, 3, 4 910,265 0 0
HALLIBURTON CO COM 406216101 13,080 370,000 SH Call DFND 1, 2, 3, 4 0 0 370,000
HAMILTON BANCORP INC/MD COM 407015106 167 11,960 SH   DFND 1, 2, 3, 4 11,960 0 0
HENNESSY ADVISORS INC COM 425885100 309 12,993 SH   DFND 1, 2, 3, 4 12,993 0 0
HERBALIFE LTD COM G4412G901 818 15,000 SH Call DFND 1, 2, 3, 4 0 0 15,000
HERBALIFE LTD COM G4412G951 1,090 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
HOPFED BANCORP INC COM 439734104 1,127 94,328 SH   DFND 1, 2, 3, 4 94,328 0 0
HUNTSMAN CORP COM 447011107 5,330 550,000 SH Call DFND 1, 2, 3, 4 0 0 550,000
INTELSAT SA COM L5140P101 29,118 4,528,405 SH   DFND 1, 2, 3, 4 4,528,405 0 0
JAVELIN MORTGAGE INVESTMENT COM 47200B104 131 21,750 SH   DFND 1, 2, 3, 4 21,750 0 0
JMP GROUP LLC COM 46629U107 68 11,000 SH   DFND 1, 2, 3, 4 11,000 0 0
JOHNSON & JOHNSON COM 478160104 4,668 50,000 SH Call DFND 1, 2, 3, 4 0 0 50,000
KEARNY FINANCIAL CORP/MD COM 48716P108 4,944 431,035 SH   DFND 1, 2, 3, 4 431,035 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 665 78,178 SH   DFND 1, 2, 3, 4 78,178 0 0
KOPPERS HOLDINGS INC COM 50060P106 4,620 229,031 SH   DFND 1, 2, 3, 4 229,031 0 0
LAKE SHORE BANCORP INC COM 510700107 2,712 200,877 SH   DFND 1, 2, 3, 4 200,877 0 0
LAPORTE BANCORP INC COM 516651106 253 17,171 SH   DFND 1, 2, 3, 4 17,171 0 0
LENNAR CORP - B SHS COM 526057302 16,713 422,036 SH   DFND 1, 2, 3, 4 422,036 0 0
LEXMARK INTERNATIONAL INC-A COM 529771107 3,459 119,350 SH   DFND 1, 2, 3, 4 119,350 0 0
LIBERTY INTERACTIVE CORP Q-A COM 53071M104 15,179 578,700 SH   DFND 1, 2, 3, 4 578,700 0 0
LIBERTY VENTURES - SER A COM 53071M880 886 21,969 SH   DFND 1, 2, 3, 4 21,969 0 0
LIMONEIRA CO COM 532746104 212 12,668 SH   DFND 1, 2, 3, 4 12,668 0 0
LUXFER HOLDINGS PLC-ADR COM 550678106 1,792 166,094 SH   DFND 1, 2, 3, 4 166,094 0 0
MERIDIAN BANCORP INC COM 58958U103 687 50,244 SH   DFND 1, 2, 3, 4 50,244 0 0
MICRON TECHNOLOGY INC COM 595112103 20,672 1,380,000 SH   DFND 1, 2, 3, 4 1,380,000 0 0
MVC CAPITAL INC COM 553829102 1,567 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 3,800 385,000 SH Call DFND 1, 2, 3, 4 0 0 385,000
NOBLE ENERGY INC COM 655044105 294 9,756 SH   DFND 1, 2, 3, 4 9,756 0 0
NORTHERN DYNASTY MINERALS COM 66510M204 261 843,348 SH   DFND 1, 2, 3, 4 843,348 0 0
OCONEE FEDERAL FINANCIAL COR COM 675607105 868 43,399 SH   DFND 1, 2, 3, 4 43,399 0 0
OPPENHEIMER HOLDINGS-CL A COM 683797104 6,245 312,075 SH   DFND 1, 2, 3, 4 312,075 0 0
PEOPLES BANCORP OF NC COM 710577107 451 25,794 SH   DFND 1, 2, 3, 4 25,794 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 5,902 965,889 SH   DFND 1, 2, 3, 4 965,889 0 0
PFIZER INC COM 717081103 12,564 400,000 SH Call DFND 1, 2, 3, 4 0 0 400,000
PHOENIX COMPANIES INC COM 71902E604 877 26,569 SH   DFND 1, 2, 3, 4 26,569 0 0
POWERSECURE INTERNATIONAL IN COM 73936N105 226 19,606 SH   DFND 1, 2, 3, 4 19,606 0 0
PREMIER FINANCIAL BANCORP COM 74050M105 175 12,314 SH   DFND 1, 2, 3, 4 12,314 0 0
PSB HOLDINGS INC COM 69360W108 679 71,059 SH   DFND 1, 2, 3, 4 71,059 0 0
RACKSPACE HOSTING INC COM 750086100 247 10,000 SH Put DFND 1, 2, 3, 4 0 0 10,000
SALEM MEDIA GROUP INC COM 794093104 506 82,697 SH   DFND 1, 2, 3, 4 82,697 0 0
SEALED AIR CORP COM 81211K100 2,238 47,729 SH   DFND 1, 2, 3, 4 47,729 0 0
SENECA FOODS CORP - CL A COM 817070501 244 9,250 SH   DFND 1, 2, 3, 4 9,250 0 0
SENECA FOODS CORP - CL B COM 817070105 242 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SERITAGE GROWTH PROP- A REIT COM 81752R100 14,418 387,052 SH   DFND 1, 2, 3, 4 387,052 0 0
SEARS HOLDINGS CORP COM 812350106 11,673 516,500 SH Put DFND 1, 2, 3, 4 0 0 516,500
SHORE BANCSHARES INC COM 825107105 729 75,000 SH   DFND 1, 2, 3, 4 75,000 0 0
SPARK NETWORKS INC COM 84651P100 333 115,525 SH   DFND 1, 2, 3, 4 115,525 0 0
SPROTT FOCUS TRUST INC COM 85208J109 73 12,317 SH   DFND 1, 2, 3, 4 12,317 0 0
STONEGATE MORTGAGE CORP COM 86181Q300 790 111,111 SH   DFND 1, 2, 3, 4 111,111 0 0
PROSHARES SHORT VIX ST FUTUR COM 74347W627 4,469 93,800 SH Call DFND 1, 2, 3, 4 0 0 93,800
SOUTHWESTERN ENERGY CO COM 845467109 1,269 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
TECK RESOURCES LTD-CLS B COM 878742204 961 200,240 SH   DFND 1, 2, 3, 4 200,240 0 0
TEXAS PACIFIC LAND TRUST COM 882610108 16,072 114,598 SH   DFND 1, 2, 3, 4 114,598 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 679 50,500 SH   DFND 1, 2, 3, 4 50,500 0 0
TESLA MOTORS INC COM 88160R101 199,291 802,300 SH Put DFND 1, 2, 3, 4 0 0 802,300
TUTOR PERINI CORP COM 901109108 3,972 241,320 SH   DFND 1, 2, 3, 4 241,320 0 0
U.S. GLOBAL INVESTORS INC-A COM 902952100 68 40,969 SH   DFND 1, 2, 3, 4 40,969 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 654 41,681 SH   DFND 1, 2, 3, 4 41,681 0 0
VIACOM INC-CLASS B COM 92553P201 9,493 220,000 SH Call DFND 1, 2, 3, 4 0 0 220,000
VIACOM INC-CLASS A COM 92553P102 1,028 23,221 SH   DFND 1, 2, 3, 4 23,221 0 0
IPATH S&P 500 VIX S/T FU ETN COM 06742E711 20,742 809,300 SH Put DFND 1, 2, 3, 4 0 0 809,300
WHITING PETROLEUM CORP COM 966387102 1,527 100,000 SH Call DFND 1, 2, 3, 4 0 0 100,000
WMIH CORP COM 92936P100 43 16,712 SH   DFND 1, 2, 3, 4 16,712 0 0
WOLVERINE BANCORP INC COM 977880103 356 13,946 SH   DFND 1, 2, 3, 4 13,946 0 0
XEROX CORP COM 984121103 584 60,000 SH   DFND 1, 2, 3, 4 60,000 0 0
XEROX CORP COM 984121103 5,877 604,000 SH Call DFND 1, 2, 3, 4 0 0 604,000