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
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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
Belmond Ltd. Class A CL A G1154H107 1,520 160,000 SH   DFND 1 0 160,000 0
Adelphia Recovery Trust COM 00685R102 3 1,478,658 SH   DFND 1 0 1,478,658 0
Advanced Emissions Solutions Inc. COM 00770C101 5,712 800,000 SH   DFND 1 0 800,000 0
Aerojet Rocketdyne Holdings Inc COM 007800105 3,915 250,000 SH   DFND 1 0 250,000 0
Aerojet Rocketdyne Holdings Inc COM 007800105 388 24,794 SH   SOLE 0 24,794 0 0
Allison Transmission Holdings, Inc. COM 01973R101 6,470 250,000 SH   DFND 1 0 250,000 0
Allscripts Healtcare Solutions, Inc. COM 01988PAD0 7,344 477,500 SH   DFND 1 0 477,500 0
Ally Financial Inc. COM 02005N100 13,195 707,500 SH   DFND 1 0 707,500 0
Ally Financial Inc. COM 02005N100 187 10,000 SH   SOLE 0 10,000 0 0
American Midstream Partners LP COM UNITS 02752P100 3,671 455,500 SH   DFND 1 0 455,500 0
American Midstream Partners LP COM UNITS 02752P100 81 10,000 SH   SOLE 0 10,000 0 0
American River Bankshares COM 029326105 2,899 274,000 SH   DFND 1 0 274,000 0
Anadarko Petroleum Corp. COM 032511107 3,012 62,000 SH   DFND 1 0 62,000 0
Anchor BanCorp COM 03283P106 18,496 425,000 SH   DFND 1 0 425,000 0
Ariad Pharmaceuticals, Inc. COM 04033A100 5,125 820,000 SH   DFND 1 0 820,000 0
Associated Capital Group Inc CL A 045528106 503 16,500 SH   DFND 1 0 16,500 0
Atlantic Capital Bancshares COM 048269203 14,259 951,893 SH   DFND 1 0 951,893 0
BKF Capital Group, Inc. COM 05548G102 235 293,800 SH   DFND 1 0 293,800 0
BRT Realty Trust COM 055645303 1,067 168,369 SH   DFND 1 0 168,369 0
BMC Stock Holdings Inc. COM 05591B109 59,940 3,578,527 SH   DFND 1 0 3,578,527 0
Baker Hughes Inc. COM 057224107 923 20,000 SH   SOLE 0 20,000 0 0
The Bancorp Bank COM 05969A105 2,596 407,500 SH   DFND 1 0 407,500 0
Bank of America Corporation COM 060505104 842 50,000 SH   SOLE 0 50,000 0 0
Barnes & Noble Edu. Inc COM 06777U101 498 50,000 SH   DFND 1 0 50,000 0
Barnes & Noble Edu. Inc COM 06777U101 55 5,554 SH   SOLE 0 5,554 0 0
Beneficial Bancorp, Inc. COM 08171T102 2,331 175,000 SH   DFND 1 0 175,000 0
Big 5 Sporting Goods Corp. COM 08915P101 277 27,700 SH   DFND 1 0 27,700 0
Blount International, Inc. COM 095180105 10,486 1,068,912 SH   DFND 1 0 1,068,912 0
Boardwalk Pipeline Partners, LP UT LTD PARTNER 096627104 1,771 136,417 SH   DFND 1 0 136,417 0
Boeing Co. COM 097023105 2,892 20,000 SH   SOLE 0 20,000 0 0
Boston Scientific Corp. COM 101137107 36,521 1,980,000 SH   DFND 1 0 1,980,000 0
CIBL, Inc. COM 12543Y104 280 215 SH   DFND 1 0 215 0
CIT Group Inc. COM NEW 125581801 18,059 455,000 SH   DFND 1 0 455,000 0
CIT Group Inc. COM NEW 125581801 397 10,000 SH   SOLE 0 10,000 0 0
Cape Bancorp, Inc. COM 139209100 3,222 259,200 SH   DFND 1 0 259,200 0
Capital Properties, Inc. COM 140430109 256 23,149 SH   DFND 1 0 23,149 0
Carbon Natural Gas Co. COM 14115T109 2,533 4,222,222 SH   DFND 1 0 4,222,222 0
Carrizo Oil & Gas, Inc. COM 144577103 3,135 106,000 SH   DFND 1 0 106,000 0
Central Steel & Wire Company COM 155411101 61 108 SH   DFND 1 0 108 0
Chubb Corp. COM 171232101 7,428 56,000 SH   DFND 1 0 56,000 0
Citizens Financial Group COM 174610105 3,140 120,000 SH   DFND 1 0 120,000 0
Clifton Bancorp, Inc. COM 186873105 4,210 293,568 SH   DFND 1 0 293,568 0
Columbia Banking System, Inc. COM 197236102 21,072 648,184 SH   DFND 1 0 648,184 0
Columbus McKinnon Corp. COM 199333105 1,478 78,190 SH   DFND 1 0 78,190 0
Continental Resources Inc. COM 212015101 2,620 114,000 SH   DFND 1 0 114,000 0
Continental Resources Inc. COM 212015101 4,596 200,000 SH   SOLE 0 200,000 0 0
Crimson Wine Group Ltd. COM 22662X100 5,580 634,129 SH   DFND 1 0 634,129 0
Devon Energy Corp. New COM 25179M103 2,240 70,000 SH   SOLE 0 70,000 0 0
Dolby Laboratories Inc. COM 25659T107 34,461 1,024,420 SH   DFND 1 0 1,024,420 0
Dolby Laboratories Inc. COM 25659T107 278 8,255 SH   SOLE 0 8,255 0 0
Donegal Group Inc., Cl. A CL A 257701201 2,112 150,000 SH   DFND 1 0 150,000 0
Du Pont E I De Nemours & Co COM 263534109 7,658 115,000 SH   DFND 1 0 115,000 0
Du Pont E I De Nemours & Co COM 263534109 1,998 30,000 SH   SOLE 0 30,000 0 0
EMC Corporation COM 268648102 11,042 430,000 SH   DFND 1 0 430,000 0
EMC Corporation EMC 268648102 5,393 210,000 SH   SOLE 0 210,000 0 0
Enable Midstream Partners, LP COM UNIT RP IN 292480100 920 100,000 SH   DFND 1 0 100,000 0
Enable Midstream Partners, LP COM UNIT RP IN 292480100 92 10,000 SH   SOLE 0 10,000 0 0
Exxon Mobil Corp. COM 30231G102 1,559 20,000 SH   SOLE 0 20,000 0 0
Farmer Brothers Co. COM 307675108 8,332 258,189 SH   DFND 1 0 258,189 0
Farmer Brothers Co. COM 307675108 90 2,800 SH   SOLE 0 2,800 0 0
First Guaranty Bancshares, Inc. COM 32043P106 1,115 59,459 SH   DFND 1 0 59,459 0
First Northwest Bancorp COM 335834107 4,245 300,000 SH   DFND 1 0 300,000 0
FMC Corp. COM NEW 30249U101 9,783 250,000 SH   DFND 1 0 250,000 0
FMC Corp. COM NEW 30249U101 1,957 50,000 SH   SOLE 0 50,000 0 0
FMC Technologies, Inc. COM 30249U101 9,715 335,000 SH   DFND 1 0 335,000 0
Forest City Enterprises, Inc. CL A 345550107 6,072 277,500 SH   DFND 1 0 277,500 0
Fossil Group, Inc. COM 34988V106 7,952 217,500 SH   DFND 1 0 217,500 0
Franklin Resources Inc. COM 354613101 2,025 55,000 SH   DFND 1 0 55,000 0
GAMCO Investors, Inc. COM 361438104 512 16,500 SH   DFND 1 0 16,500 0
General Electric Co. COM 369604103 312 10,000 SH   SOLE 0 10,000 0 0
General Motors Corp. COM 37045V100 6,348 186,657 SH   DFND 1 0 186,657 0
Getty Realty Corp. COM 374297109 5,483 319,703 SH   DFND 1 0 319,703 0
Getty Realty Corp. COM 374297109 617 35,969 SH   SOLE 0 35,969 0 0
GM '16 WRNT *W EXP 07/10/201 37045V118 258 10,597 SH   DFND 1 0 10,597 0
GM '19 WRNT *W EXP 07/10/201 37045V126 173 10,597 SH   DFND 1 0 10,597 0
Gyrodyne, LLC COM 403829104 1,072 41,971 SH   DFND 1 0 41,971 0
Gyrodyne, LLC COM 403829104 119 4,658 SH   SOLE 0 4,658 0 0
Halliburton Co. COM 406216101 681 20,000 SH   SOLE 0 20,000 0 0
Hardinge, Inc. COM 412324303 2,749 295,000 SH   DFND 1 0 295,000 0
Helmerich & Payne Inc. COM 423452101 4,418 82,500 SH   DFND 1 0 82,500 0
Heritage Commerce Corp. COM 426927109 2,691 225,000 SH   DFND 1 0 225,000 0
Heritage Oaks Bancorp COM 42724R107 9,070 1,132,300 SH   DFND 1 0 1,132,300 0
Hess Corporation COM 42809H107 21,821 450,000 SH   DFND 1 0 450,000 0
Hess Corporation COM 42809H107 8,728 180,000 SH   SOLE 0 180,000 0 0
Highland Bankshares Inc. COM 430893107 1,861 383,714 SH   DFND 1 0 383,714 0
HomeTrust Bancshares, Inc. COM 437872104 5,257 259,622 SH   DFND 1 0 259,622 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 266 165,940 SH   SOLE 0 165,940 0 0
ICTC Group COM 44931F108 93 3,575 SH   DFND 1 0 3,575 0
Intel Corp. COM 458140100 17,220 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 46,494 1,350,000 SH   SOLE 0 1,350,000 0 0
Investar Holding Corporation COM 46134L105 3,080 175,000 SH   DFND 1 0 175,000 0
Investors Bancorp, Inc. COM 46146L101 6,220 500,000 SH   DFND 1 0 500,000 0
Johnson & Johnson COM 478160104 2,568 25,000 SH   SOLE 0 25,000 0 0
JP Energy Partners, LP UNT REPST LTD 46643C109 802 163,000 SH   DFND 1 0 163,000 0
JP Energy Partners, LP UNT REPST LTD 46643C109 49 10,000 SH   SOLE 0 10,000 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 19,242 230,000 SH   DFND 1 0 230,000 0
Kearny Financial Corp. COM 48716P108 20,589 1,625,000 SH   DFND 1 0 1,625,000 0
Kemper Corp. COM 488401100 373 10,000 SH   SOLE 0 10,000 0 0
Keysight Technologies, Inc. COM 49338L103 1,700 60,000 SH   DFND 1 0 60,000 0
LICT Corp. COM 50187G104 1,540 275 SH   DFND 1 0 275 0
MB Bancorp Inc. COM 55280E104 1,234 91,559 SH   DFND 1 0 91,559 0
MSB Financial COM 55352L101 2,186 174,897 SH   DFND 1 0 174,897 0
The Macerich Company COM 554382101 3,075 38,100 SH   DFND 1 0 38,100 0
Meridian Bancorp, Inc. COM 58958U103 1,410 100,000 SH   DFND 1 0 100,000 0
Motors Liquidation Company COM 62010U101 1,455 100,009 SH   DFND 1 0 100,009 0
National Presto Industries, Inc. COM 637215104 6,717 81,082 SH   DFND 1 0 81,082 0
News Corp CL A 65249B109 5,878 440,000 SH   DFND 1 0 440,000 0
Northeast Bancorp COM NEW 663904209 3,799 361,800 SH   DFND 1 0 361,800 0
Oasis Petroleum Inc COM 674215108 442 60,000 SH   DFND 1 0 60,000 0
Old Republic Interrnational Corp. COM 680223104 393 21,093 SH   SOLE 0 21,093 0 0
Peapack-Gladstone Financial Corp. COM 704699107 2,062 100,000 SH   DFND 1 0 100,000 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 121 23,841 SH   SOLE 0 23,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 9,417 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 256 11,081 SH   SOLE 0 11,081 0 0
Plains GP Holdings LP SHS A REP LTPN 72651A108 4,181 442,400 SH   DFND 1 0 442,400 0
Plains GP Holdings LP SHS A REP LTPN 72651A108 236 25,000 SH   SOLE 0 25,000 0 0
Popular, Inc. COM NEW 733174700 7,794 275,000 SH   DFND 1 0 275,000 0
Popular, Inc. COM NEW 733174700 283 10,000 SH   SOLE 0 10,000 0 0
Precision Castparts Corp. COM 740189105 2,901 12,500 SH   DFND 1 0 12,500 0
Prudential Bancorp Inc. COM 74431A101 1,844 121,287 SH   DFND 1 0 121,287 0
Realogy Holdings Corp. COM 75605Y106 3,667 100,000 SH   DFND 1 0 100,000 0
Resolute Forest Products COM 76117w109 4,871 643,500 SH   DFND 1 0 643,500 0
Ruth's Hospitality Group, Inc. COM 783332109 9,052 568,600 SH   DFND 1 0 568,600 0
SI Financial Group COM 78425V104 3,077 225,419 SH   DFND 1 0 225,419 0
S&W Seed Company COM 785135104 10,443 2,474,722 SH   DFND 1 0 2,474,722 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 214 51,639 SH   SOLE 0 51,639 0 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 152 1,348,950 SH   DFND 1 0 1,348,950 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 39 348,043 SH   SOLE 0 348,043 0 0
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 95 5,773 SH   SOLE 0 5,773 0 0
Symetra Financial Corp. COM 87151Q106 5,242 165,000 SH   DFND 1 0 165,000 0
Symetra Financial Corp. COM 87151Q106 6,354 200,000 SH   SOLE 0 200,000 0 0
Tejon Ranch Co. Common Stock 879080109 9,963 520,000 SH   DFND 1 0 520,000 0
Tejon Ranch Warrant *W EXP 08/31/201 879080133 1 76,809 SH   DFND 1 0 76,809 0
Teva Pharmaceutical Industries Ltd. ADR 881624209 28,892 440,300 SH   DFND 1 0 440,300 0
TowneBank Portsmouth VA COM 89214P109 23,762 1,138,575 SH   DFND 1 0 1,138,575 0
Trinity Place Holdings Inc. COM 89656D101 17,903 2,920,577 SH   DFND 1 0 2,920,577 0
Universal Stainless & Alloy Products, Inc. COM 913837100 2,764 297,500 SH   DFND 1 0 297,500 0
Vereit Inc. COM 92339V100 5,551 700,000 SH   DFND 1 0 700,000 0
Vmware, Inc. CL A COM 928563402 283 5,000 SH   SOLE 0 5,000 0 0
Waterstone Financial Inc. COM 94188P101 17,615 1,249,300 SH   DFND 1 0 1,249,300 0
Westlake Chemical Corp. COM 960413102 679 12,500 SH   DFND 1 0 12,500 0
Wheeler Real Estate Investment Trust COM 963025101 5,187 2,687,500 SH   DFND 1 0 2,687,500 0
Whiting Petroleum COM 966387102 378 40,000 SH   DFND 1 0 40,000 0
William H. Sadlier, Inc. COM 786327106 1,146 21,217 SH   DFND 1 0 21,217 0
Wright Investors Service Holdings COM 982345100 1,643 825,691 SH   DFND 1 0 825,691 0