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
Adelphia Recovery Trust COM 00685R102 15 1,478,658 SH   DFND 1 0 1,478,658 0
Advanced Emissions Solutions Inc. COM 00770C101 5,680 800,000 SH   DFND 1 0 800,000 0
Aerojet Rocketdyne Holdings Inc COM 007800105 732 40,020 SH   DFND 1 0 40,020 0
Aerojet Rocketdyne Holdings Inc COM 007800105 453 24,794 SH   SOLE 0 24,794 0 0
Allison Transmission Holdings, Inc. COM 01973R101 8,469 300,000 SH   DFND 1 0 300,000 0
Allscripts Healtcare Solutions, Inc. COM 01988PAD0 6,071 477,500 SH   DFND 1 0 477,500 0
Ally Financial Inc. COM 02005N100 8,919 522,500 SH   DFND 1 0 522,500 0
Ally Financial Inc. COM 02005N100 2,083 122,000 SH   SOLE 0 122,000 0 0
American Midstream Partners LP COM UNITS 02752P100 6,063 512,500 SH   DFND 1 0 512,500 0
American Midstream Partners LP COM UNITS 02752P100 118 10,000 SH   SOLE 0 10,000 0 0
American River Bankshares COM 029326105 1,745 170,000 SH   DFND 1 0 170,000 0
Anadarko Petroleum Corp. COM 032511107 3,302 62,000 SH   DFND 1 0 62,000 0
Ariad Pharmaceuticals, Inc. COM 04033A100 7,944 1,075,000 SH   DFND 1 0 1,075,000 0
Atlantic Capital Bancshares COM 048269203 13,764 951,893 SH   DFND 1 0 951,893 0
Axiall Corp COM 05463D100 6,196 190,000 SH   DFND 1 0 190,000 0
BKF Capital Group, Inc. COM 05548G102 220 293,800 SH   DFND 1 0 293,800 0
BRT Realty Trust COM 055645303 1,204 168,369 SH   DFND 1 0 168,369 0
BMC Stock Holdings Inc. COM 05591B109 63,769 3,578,527 SH   DFND 1 0 3,578,527 0
Baker Hughes Inc. COM 057224107 903 20,000 SH   SOLE 0 20,000 0 0
The Bancorp Bank COM 05969A105 2,453 407,500 SH   DFND 1 0 407,500 0
Bank of America Corporation COM 060505104 1,327 100,000 SH   SOLE 0 100,000 0 0
Barnes & Noble Edu. Inc COM 06777U101 56 5,554 SH   SOLE 0 5,554 0 0
Boardwalk Pipeline Partners, LP UT LTD PARTNER 096627104 2,380 136,417 SH   DFND 1 0 136,417 0
Boeing Co. COM 097023105 2,597 20,000 SH   SOLE 0 20,000 0 0
Boston Scientific Corp. COM 101137107 21,033 900,000 SH   DFND 1 0 900,000 0
CIBL, Inc. COM 12543Y104 280 215 SH   DFND 1 0 215 0
CIT Group Inc. COM NEW 125581801 15,955 500,000 SH   DFND 1 0 500,000 0
CIT Group Inc. COM NEW 125581801 638 20,000 SH   SOLE 0 20,000 0 0
Capital Properties, Inc. COM 140430109 231 23,149 SH   DFND 1 0 23,149 0
Carbon Natural Gas Co. COM 14115T109 844 4,222,222 SH   DFND 1 0 4,222,222 0
Carrizo Oil & Gas, Inc. COM 144577103 3,800 106,000 SH   DFND 1 0 106,000 0
Central Steel & Wire Company COM 155411101 45 108 SH   DFND 1 0 108 0
Cenveo Inc. COM 15670S105 82 100,000 SH   DFND 1 0 100,000 0
Citizens Financial Group COM 174610105 6,394 320,000 SH   DFND 1 0 320,000 0
Clifton Bancorp, Inc. COM 186873105 4,424 293,568 SH   DFND 1 0 293,568 0
Columbus McKinnon Corp. COM 199333105 2,193 155,000 SH   DFND 1 0 155,000 0
Continental Resources Inc. COM 212015101 2,716 60,000 SH   DFND 1 0 60,000 0
Continental Resources Inc. COM 212015101 9,054 200,000 SH   SOLE 0 200,000 0 0
Crimson Wine Group Ltd. COM 22662X100 7,762 928,500 SH   DFND 1 0 928,500 0
Devon Energy Corp. New COM 25179M103 2,538 70,000 SH   SOLE 0 70,000 0 0
Dolby Laboratories Inc. COM 25659T107 48,172 1,006,720 SH   DFND 1 0 1,006,720 0
Dolby Laboratories Inc. COM 25659T107 395 8,255 SH   SOLE 0 8,255 0 0
Du Pont E I De Nemours & Co COM 263534109 7,452 115,000 SH   DFND 1 0 115,000 0
Du Pont E I De Nemours & Co COM 263534109 1,944 30,000 SH   SOLE 0 30,000 0 0
EMC Corporation COM 268648102 11,820 435,026 SH   DFND 1 0 435,026 0
EMC Corporation COM 268648102 5,706 210,000 SH   SOLE 0 210,000 0 0
Enable Midstream Partners, LP COM UNIT RP IN 292480100 1,351 100,000 SH   DFND 1 0 100,000 0
Enable Midstream Partners, LP COM UNIT RP IN 292480100 135 10,000 SH   SOLE 0 10,000 0 0
Exxon Mobil Corp. COM 30231G102 1,875 20,000 SH   SOLE 0 20,000 0 0
FMC Corp. COM NEW 30249U101 11,578 250,000 SH   DFND 1 0 250,000 0
FMC Corp. COM NEW 30249U101 2,316 50,000 SH   SOLE 0 50,000 0 0
FMC Technologies, Inc. COM 30249U101 11,601 435,000 SH   DFND 1 0 435,000 0
Farmer Brothers Co. COM 307675108 5,091 158,800 SH   DFND 1 0 158,800 0
Farmer Brothers Co. COM 307675108 90 2,800 SH   SOLE 0 2,800 0 0
First Guaranty Bancshares, Inc. COM 32043P106 951 59,459 SH   DFND 1 0 59,459 0
First Northwest Bancorp COM 335834107 1,624 127,500 SH   DFND 1 0 127,500 0
Forest City Enterprises, Inc. COM 345550107 6,191 277,500 SH   DFND 1 0 277,500 0
Fossil Group, Inc. COM 34988V106 7,986 279,900 SH   DFND 1 0 279,900 0
Franklin Resources Inc. COM 354613101 3,921 117,500 SH   DFND 1 0 117,500 0
GAMCO Investors, Inc. COM 361438104 541 16,500 SH   DFND 1 0 16,500 0
General Electric Co. COM 369604103 315 10,000 SH   SOLE 0 10,000 0 0
General Motors Corp. COM 37045V100 5,282 186,657 SH   DFND 1 0 186,657 0
GM '16 WRNT *W EXP 07/10/201 37045V118 195 10,597 SH   DFND 1 0 10,597 0
GM '19 WRNT *W EXP 07/10/201 37045V126 111 10,597 SH   DFND 1 0 10,597 0
Getty Realty Corp. COM 374297109 6,607 308,000 SH   DFND 1 0 308,000 0
Getty Realty Corp. COM 374297109 781 36,427 SH   SOLE 0 36,427 0 0
Gulf Coast Ultra Deep Rty Trust Unit COM 40222T104 52 721,942 SH   SOLE 0 721,942 0 0
Gyrodyne, LLC COM 403829104 1,436 71,138 SH   DFND 1 0 71,138 0
Gyrodyne, LLC COM 403829104 94 4,658 SH   SOLE 0 4,658 0 0
Halliburton Co. COM 406216101 906 20,000 SH   SOLE 0 20,000 0 0
Hardinge, Inc. COM 412324303 551 54,813 SH   DFND 1 0 54,813 0
Helmerich & Payne Inc. COM 423452101 5,538 82,500 SH   DFND 1 0 82,500 0
Heritage Oaks Bancorp COM 42724R107 6,352 800,000 SH   DFND 1 0 800,000 0
Hess Corporation COM 42809H107 21,035 350,000 SH   DFND 1 0 350,000 0
Hess Corporation COM 42809H107 10,818 180,000 SH   SOLE 0 180,000 0 0
Highland Bankshares Inc. COM 430893107 2,276 396,458 SH   DFND 1 0 396,458 0
HomeTrust Bancshares, Inc. COM 437872104 1,295 70,000 SH   DFND 1 0 70,000 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 449 190,440 SH   SOLE 0 190,440 0 0
ICTC Group COM 44931F108 79 3,602 SH   DFND 1 0 3,602 0
Intel Corp. COM 458140100 16,405 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 44,294 1,350,000 SH   SOLE 0 1,350,000 0 0
Investar Holding Corporation COM 46134L105 2,692 175,000 SH   DFND 1 0 175,000 0
Investors Bancorp, Inc. COM 46146L101 5,540 500,000 SH   DFND 1 0 500,000 0
JP Energy Partners, LP UNT REPST LTD 46643C109 1,983 235,000 SH   DFND 1 0 235,000 0
JP Energy Partners, LP UNT REPST LTD 46643C109 84 10,000 SH   SOLE 0 10,000 0 0
Johnson & Johnson COM 478160104 3,033 25,000 SH   SOLE 0 25,000 0 0
KLX Inc. COM 482539103 3,100 100,000 SH   DFND 1 0 100,000 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 19,732 218,200 SH   DFND 1 0 218,200 0
Kearny Financial Corp. COM 48716P108 17,927 1,425,000 SH   DFND 1 0 1,425,000 0
Kemper Corp. COM 488401100 310 10,000 SH   SOLE 0 10,000 0 0
Keysight Technologies, Inc. COM 49338L103 5,818 200,000 SH   DFND 1 0 200,000 0
LICT Corp. COM 50187G104 1,348 275 SH   DFND 1 0 275 0
MB Bancorp Inc. COM 55280E104 2,294 170,559 SH   DFND 1 0 170,559 0
MSB Financial COM 55352L101 2,412 174,897 SH   DFND 1 0 174,897 0
The Macerich Company COM 554382101 3,253 38,100 SH   DFND 1 0 38,100 0
Meridian Bancorp, Inc. COM 58958U103 1,478 100,000 SH   DFND 1 0 100,000 0
National Presto Industries, Inc. COM 637215104 7,650 81,082 SH   DFND 1 0 81,082 0
News Corp COM 65249B109 5,221 460,000 SH   DFND 1 0 460,000 0
Northeast Bancorp COM NEW 663904209 4,070 361,800 SH   DFND 1 0 361,800 0
Old Republic Interrnational Corp. COM 680223104 407 21,093 SH   SOLE 0 21,093 0 0
Outerwall Inc. COM 690070107 8,644 205,800 SH   DFND 1 0 205,800 0
Peapack-Gladstone Financial Corp. COM 704699107 1,851 100,000 SH   DFND 1 0 100,000 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 175 23,841 SH   SOLE 0 23,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 11,202 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 305 11,081 SH   SOLE 0 11,081 0 0
Plains GP Holdings LP SHS A REP LTPN 72651A108 4,614 442,400 SH   DFND 1 0 442,400 0
Plains GP Holdings LP SHS A REP LTPN 72651A108 261 25,000 SH   SOLE 0 25,000 0 0
Popular, Inc. COM NEW 733174700 8,790 300,000 SH   DFND 1 0 300,000 0
Popular, Inc. COM NEW 733174700 293 10,000 SH   SOLE 0 10,000 0 0
Prudential Bancorp Inc. COM 74431A101 1,710 121,287 SH   DFND 1 0 121,287 0
Realogy Holdings Corp. COM 75605Y106 2,902 100,000 SH   DFND 1 0 100,000 0
Resolute Forest Products COM 76117w109 3,404 643,500 SH   DFND 1 0 643,500 0
Ruth's Hospitality Group, Inc. COM 783332109 2,389 149,800 SH   DFND 1 0 149,800 0
SI Financial Group COM 78425V104 1,446 109,241 SH   DFND 1 0 109,241 0
S&W Seed Company COM 785135104 13,575 3,113,423 SH   DFND 1 0 3,113,423 0
William H. Sadlier, Inc. COM 786327106 1,167 21,217 SH   DFND 1 0 21,217 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 729 100,240 SH   SOLE 0 100,240 0 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 777 3,235,625 SH   DFND 1 0 3,235,625 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 84 348,043 SH   SOLE 0 348,043 0 0
Seaboard Corp. COM 811543107 144 50 SH   DFND 1 0 50 0
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 85 5,773 SH   SOLE 0 5,773 0 0
Tejon Ranch Co. COM 879080109 12,293 520,000 SH   DFND 1 0 520,000 0
Tejon Ranch Warrant *W EXP 08/31/201 879080133 0 76,809 SH   DFND 1 0 76,809 0
Teva Pharmaceutical Industries Ltd. ADR 881624209 22,116 440,300 SH   DFND 1 0 440,300 0
TowneBank Portsmouth VA COM 89214P109 10,825 500,000 SH   DFND 1 0 500,000 0
Trinity Place Holdings Inc. COM 89656D101 22,459 2,920,577 SH   DFND 1 0 2,920,577 0
Universal Stainless & Alloy Products, Inc. COM 913837100 3,243 297,500 SH   DFND 1 0 297,500 0
Vereit Inc. COM 92339V100 5,780 570,000 SH   DFND 1 0 570,000 0
Vmware, Inc. CL A COM 928563402 286 5,000 SH   SOLE 0 5,000 0 0
Vornado Realty Trust SH BEN INT 929042109 260 2,600 SH   DFND 1 0 2,600 0
Waterstone Financial Inc. COM 94188P101 18,237 1,189,617 SH   DFND 1 0 1,189,617 0
Westlake Chemical Corp. COM 960413102 9,945 231,700 SH   DFND 1 0 231,700 0
Wheeler Real Estate Investment Trust COM 963025101 4,139 2,687,500 SH   DFND 1 0 2,687,500 0
Wright Investors Service Holdings COM 982345100 950 825,691 SH   DFND 1 0 825,691 0
Navigator Holdings Limited SHS B7KN3P3 2,444 212,500 SH   DFND 1 0 212,500 0
Belmond Ltd. Class A COM G1154H107 2,508 253,300 SH   DFND 1 0 253,300 0
Chubb Limited COM h1467j104 4,406 33,706 SH   DFND 1 0 33,706 0