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 COM 032159105 806 113,095 SH   DFND 1, 2, 3, 4 113,095 0 0
ANTERO RESOURCES CORP COM 03674X106 235 11,000 SH   DFND 1, 2, 3, 4 11,000 0 0
APOLLO GLOBAL MANAGEMENT - A COM 037612306 478 15,000 SH   DFND 1, 2, 3, 4 15,000 0 0
XTRACKERS HARVEST CSI 300 CH COM 233051879 6,131 231,100 SH Put DFND 1, 2, 3, 4 0 0 231,100
BLACKSTONE GROUP LP/THE COM 09253U108 643 20,000 SH   DFND 1, 2, 3, 4 20,000 0 0
BONANZA CREEK ENERGY INC COM 097793400 3,508 92,632 SH   DFND 1, 2, 3, 4 92,632 0 0
BURLINGTON STORES INC COM 122017106 3,011 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000
CAPITAL SENIOR LIVING CORP COM 140475104 48,427 4,538,627 SH   DFND 1, 2, 3, 4 4,538,627 0 0
CIT GROUP INC COM 125581801 7,077 140,392 SH   DFND 1, 2, 3, 4 140,392 0 0
CIT GROUP INC COM 125581801 8,807 174,700 SH Call DFND 1, 2, 3, 4 0 0 174,700
CLIPPER REALTY INC COM 18885T306 6,381 747,247 SH   DFND 1, 2, 3, 4 747,247 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 3,882 9,000 SH Put DFND 1, 2, 3, 4 0 0 9,000
COWEN INC COM 223622606 21,241 1,533,669 SH   DFND 1, 2, 3, 4 1,533,669 0 0
DEVON ENERGY CORP COM 25179M103 2,817 64,090 SH   DFND 1, 2, 3, 4 64,090 0 0
DOMINO'S PIZZA INC COM 25754A201 2,822 10,000 SH Put DFND 1, 2, 3, 4 0 0 10,000
EQUITABLE FINANCIAL CORP COM 29448T105 588 54,593 SH   DFND 1, 2, 3, 4 54,593 0 0
ERIE INDEMNITY COMPANY-CL A COM 29530P102 1,067 9,099 SH   DFND 1, 2, 3, 4 9,099 0 0
FIVE BELOW COM 33829M101 6,175 63,200 SH Put DFND 1, 2, 3, 4 0 0 63,200
FRONTIER COMMUNICATIONS CORP COM 35906A306 338 63,000 SH Put DFND 1, 2, 3, 4 0 0 63,000
GAMESTOP CORP-CLASS A COM 36467W109 1,166 80,000 SH Call DFND 1, 2, 3, 4 0 0 80,000
GREAT ELM CAPITAL GROUP INC COM 39036P209 4,140 1,150,000 SH   DFND 1, 2, 3, 4 1,150,000 0 0
GREIF INC-CL B COM 397624206 38,068 660,903 SH   DFND 1, 2, 3, 4 660,903 0 0
HALCON RESOURCES CORP COM 40537Q605 9,249 2,106,893 SH   DFND 1, 2, 3, 4 2,106,893 0 0
HENNESSY ADVISORS INC COM 425885100 219 12,646 SH   DFND 1, 2, 3, 4 12,646 0 0
HERBALIFE NUTRITION LTD COM 00000NANA 6,962 129,600 SH Put DFND 1, 2, 3, 4 0 0 129,600
ICC HOLDINGS INC COM 44931Q104 255 15,965 SH   DFND 1, 2, 3, 4 15,965 0 0
INTELSAT SA COM L5140P101 17,758 1,065,926 SH   DFND 1, 2, 3, 4 1,065,926 0 0
ISHARES RUSSELL 2000 ETF COM 464287655 40,943 250,000 SH Put DFND 1, 2, 3, 4 0 0 250,000
JBG SMITH PROPERTIES COM 46590V100 9,599 263,195 SH   DFND 1, 2, 3, 4 263,195 0 0
JMP GROUP LLC COM 46629U107 127 23,589 SH   DFND 1, 2, 3, 4 23,589 0 0
KENTUCKY FIRST FEDERAL BANCO COM 491292108 577 68,283 SH   DFND 1, 2, 3, 4 68,283 0 0
KKR & CO INC -A COM 48251W104 298 12,000 SH   DFND 1, 2, 3, 4 12,000 0 0
LAKE SHORE BANCORP INC COM 510700107 3,083 179,760 SH   DFND 1, 2, 3, 4 179,760 0 0
LAREDO PETROLEUM INC COM 516806106 1,486 154,500 SH   DFND 1, 2, 3, 4 154,500 0 0
LENNAR CORP - B SHS COM 526057302 4,254 99,640 SH   DFND 1, 2, 3, 4 99,640 0 0
LONESTAR RESOURCES US I-CL A COM 54240F103 107 12,726 SH   DFND 1, 2, 3, 4 12,726 0 0
LULULEMON ATHLETICA INC COM 550021109 21,137 169,300 SH Put DFND 1, 2, 3, 4 0 0 169,300
MCKESSON CORP COM 58155Q103 14,647 109,800 SH   DFND 1, 2, 3, 4 109,800 0 0
MOTOROLA SOLUTIONS INC COM 620076307 212,724 1,828,000 SH Put DFND 1, 2, 3, 4 0 0 1,828,000
MVC CAPITAL INC COM 553829102 1,813 190,854 SH   DFND 1, 2, 3, 4 190,854 0 0
NOBLE ENERGY INC COM 655044105 344 9,756 SH   DFND 1, 2, 3, 4 9,756 0 0
NVIDIA CORP COM 67066G104 8,055 34,000 SH Put DFND 1, 2, 3, 4 0 0 34,000
OCONEE FEDERAL FINANCIAL COR COM 675607105 977 33,775 SH   DFND 1, 2, 3, 4 33,775 0 0
PARATEK PHARMACEUTICALS INC COM 699374302 7,918 776,309 SH   DFND 1, 2, 3, 4 776,309 0 0
PITNEY BOWES INC COM 724479100 7,496 874,639 SH   DFND 1, 2, 3, 4 874,639 0 0
RAFAEL HOLDINGS INC-CLASS B COM 75062E106 948 103,155 SH   DFND 1, 2, 3, 4 103,155 0 0
RANGE RESOURCES CORP COM 75281A109 2,339 139,815 SH   DFND 1, 2, 3, 4 139,815 0 0
SEABRIDGE GOLD INC COM 811916105 10,289 922,768 SH   DFND 1, 2, 3, 4 922,768 0 0
SEALED AIR CORP COM 81211K100 1,146 27,000 SH   DFND 1, 2, 3, 4 27,000 0 0
SENECA FOODS CORP - CL B COM 817070105 211 7,500 SH   DFND 1, 2, 3, 4 7,500 0 0
SMITH (A.O.) CORP COM 831865209 2,543 42,984 SH   DFND 1, 2, 3, 4 42,984 0 0
SPORTSMAN'S WAREHOUSE HOLDIN COM 84920Y106 11,558 2,257,481 SH   DFND 1, 2, 3, 4 2,257,481 0 0
TEJON RANCH CO COM 879080109 1,149 47,272 SH   DFND 1, 2, 3, 4 47,272 0 0
TEXAS PACIFIC LAND TRUST COM 882610108 606 871 SH   DFND 1, 2, 3, 4 871 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 1,636 130,850 SH   DFND 1, 2, 3, 4 130,850 0 0
TRIMTABS ALL CAP US FREE-CAS COM 89628W302 207 5,800 SH   DFND 1, 2, 3, 4 5,800 0 0
TESLA INC COM 88160R101 408,968 1,192,500 SH Put DFND 1, 2, 3, 4 0 0 1,192,500
U.S. GLOBAL INVESTORS INC-A COM 902952100 91 56,815 SH   DFND 1, 2, 3, 4 56,815 0 0
VISTA OUTDOOR INC COM 928377100 12,578 811,993 SH   DFND 1, 2, 3, 4 811,993 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 9,002 150,000 SH Call DFND 1, 2, 3, 4 0 0 150,000
WMIH CORP COM 92936P100 22 16,712 SH   DFND 1, 2, 3, 4 16,712 0 0
PROSHARES ULTRASHORT SILVER COM 74347W114 688 20,000 SH Put DFND 1, 2, 3, 4 0 0 20,000