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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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
Actuant Corporation CL A NEW 00508X203 4,136 224,900 SH   DFND 1 0 224,900 0
Advanced Emissions Solutions Inc. COM 00770C101 5,280 800,000 SH   DFND 1 0 800,000 0
Aerojet Rocketdyne Holdings Inc COM 007800105 4,045 250,000 SH   DFND 1 0 250,000 0
Aerojet Rocketdyne Holdings Inc COM 007800105 401 24,794 SH   SOLE 0 24,794 0 0
Allison Transmission Holdings, Inc. COM 01973R101 667 25,000 SH   DFND 1 0 25,000 0
Allscripts Healtcare Solutions, Inc. COM 01988PAD0 5,921 477,500 SH   DFND 1 0 477,500 0
Ally Financial Inc. COM 02005N100 14,419 707,500 SH   DFND 1 0 707,500 0
American Midstream Partners LP COM UNITS 02752P100 3,878 350,000 SH   DFND 1 0 350,000 0
American River Bankshares COM 029326105 2,453 255,000 SH   DFND 1 0 255,000 0
Anchor BanCorp COM 03283P106 18,101 425,000 SH   DFND 1 0 425,000 0
Apache Corporation COM 037411105 392 10,000 SH   SOLE 0 10,000 0 0
Ariad Pharmaceuticals, Inc. COM 04033A100 4,184 716,500 SH   DFND 1 0 716,500 0
Astoria Financial Corp COM 046265104 1,369 85,000 SH   DFND 1 0 85,000 0
Avon Products Inc. COM 054303102 1,511 465,000 SH   DFND 1 0 465,000 0
BRT Realty Trust COM 055645303 1,194 168,369 SH   DFND 1 0 168,369 0
Baker Hughes Inc. COM 057224107 4,554 87,500 SH   DFND 1 0 87,500 0
Baker Hughes Inc. COM 057224107 1,041 20,000 SH   SOLE 0 20,000 0 0
The Bancorp Bank COM 05969A105 3,105 407,500 SH   DFND 1 0 407,500 0
Bank of America Corporation COM 060505104 779 50,000 SH   SOLE 0 50,000 0 0
Barnes & Noble, Inc. COM 067774109 1,211 100,000 SH   DFND 1 0 100,000 0
Barnes & Noble Edu. Inc COM 06777U101 636 50,000 SH   DFND 1 0 50,000 0
Beneficial Bancorp, Inc. SH BEN INT NEW 08173R104 2,321 175,000 SH   DFND 1 0 175,000 0
Big 5 Sporting Goods Corp. COM 08915P101 288 27,700 SH   DFND 1 0 27,700 0
Blount International, Inc. COM 095180105 5,918 1,062,500 SH   DFND 1 0 1,062,500 0
Boardwalk Pipeline Partners, LP UT LTD PARTNER 096627104 1,177 100,000 SH   DFND 1 0 100,000 0
Boeing Co. COM 097023105 2,619 20,000 SH   SOLE 0 20,000 0 0
Boston Scientific Corp. COM 101137107 32,492 1,980,000 SH   DFND 1 0 1,980,000 0
CIT Group Inc. COM NEW 125581801 18,214 455,000 SH   DFND 1 0 455,000 0
Cape Bancorp, Inc. COM 139209100 3,217 259,200 SH   DFND 1 0 259,200 0
Chubb Corp. COM 171232101 6,868 56,000 SH   DFND 1 0 56,000 0
Clifton Bancorp, Inc. COM 186373105 4,075 293,568 SH   DFND 1 0 293,568 0
Columbia Banking System, Inc. COM 197236102 20,230 648,184 SH   DFND 1 0 648,184 0
Columbus McKinnon Corp. COM 199333105 1,420 78,190 SH   DFND 1 0 78,190 0
ConocoPhillips COM 20825C104 480 10,000 SH   SOLE 0 10,000 0 0
Continental Resources Inc. COM 212015101 5,794 200,000 SH   SOLE 0 200,000 0 0
Devon Energy Corp. New COM 25179M103 1,484 40,000 SH   SOLE 0 40,000 0 0
Dolby Laboratories Inc. COM 25659T107 33,396 1,024,420 SH   DFND 1 0 1,024,420 0
Donegal Group Inc., Cl. A COM CL A 257701201 2,109 150,000 SH   DFND 1 0 150,000 0
Du Pont E I De Nemours & Co COM 263534109 7,211 149,603 SH   DFND 1 0 149,603 0
Du Pont E I De Nemours & Co COM 263534109 1,446 30,000 SH   SOLE 0 30,000 0 0
EMC Corporation COM 268648102 9,785 405,000 SH   DFND 1 0 405,000 0
EMC Corporation COM 268648102 4,832 200,000 SH   SOLE 0 200,000 0 0
Exxon Mobil Corp. COM 30231G102 1,487 20,000 SH   SOLE 0 20,000 0 0
FMC Corp. COM 302491303 15,701 463,017 SH   DFND 1 0 463,017 0
FMC Corp. COM 302491303 1,696 50,000 SH   SOLE 0 50,000 0 0
FMC Technologies, Inc. COM 30249U101 5,890 190,000 SH   DFND 1 0 190,000 0
Farmer Brothers Co. COM 307675108 8,323 305,416 SH   DFND 1 0 305,416 0
Farmer Brothers Co. COM 307675108 76 2,800 SH   SOLE 0 2,800 0 0
First Northwest Bancorp COM 335834107 3,714 300,000 SH   DFND 1 0 300,000 0
First Security Group Inc. COM NEW 336312202 15,139 6,080,000 SH   DFND 1 0 6,080,000 0
Forest City Enterprises, Inc. COM 345550107 5,586 277,500 SH   DFND 1 0 277,500 0
GAMCO Investors, Inc. COM 361438104 906 16,500 SH   DFND 1 0 16,500 0
General Electric Co. COM 369604103 504 20,000 SH   SOLE 0 20,000 0 0
General Motors Corp. COM 37045V100 5,603 186,657 SH   DFND 1 0 186,657 0
GM '16 WRNT W EXP 7/10/2016 37045V118 216 10,597 SH   DFND 1 0 10,597 0
GM '19 WRNT W EXP 7/10/2019 37045V126 140 10,597 SH   DFND 1 0 10,597 0
Getty Realty Corp. COM 374297109 5,051 319,703 SH   DFND 1 0 319,703 0
Getty Realty Corp. COM 374297109 568 35,969 SH   SOLE 0 35,969 0 0
Gulf Coast Ultra Deep Rty Trust Unit ROYALTY TR UNT 40222T104 177 611,942 SH   SOLE 0 611,942 0 0
Gyrodyne, LLC COM 403829104 864 30,807 SH   DFND 1 0 30,807 0
Gyrodyne, LLC COM 403829104 131 4,658 SH   SOLE 0 4,658 0 0
Halliburton Co. COM 406216101 707 20,000 SH   SOLE 0 20,000 0 0
Hardinge, Inc. COM 412324303 2,705 295,000 SH   DFND 1 0 295,000 0
Helmerich & Payne Inc. COM 423452101 6,262 132,500 SH   DFND 1 0 132,500 0
Heritage Commerce Corp. COM 426927109 2,552 225,000 SH   DFND 1 0 225,000 0
Heritage Oaks Bancorp COM 42724R107 9,286 1,166,575 SH   DFND 1 0 1,166,575 0
Hess Corporation COM 42809H107 22,527 450,000 SH   DFND 1 0 450,000 0
Hess Corporation COM 42809H107 9,011 180,000 SH   SOLE 0 180,000 0 0
Highland Bankshares Inc. COM 430893107 1,631 383,714 SH   DFND 1 0 383,714 0
HomeTrust Bancshares, Inc. COM 437872104 4,816 259,622 SH   DFND 1 0 259,622 0
Hugoton Realty Trust TEX Unit Ben Int COM 444717102 372 125,940 SH   SOLE 0 125,940 0 0
Intel Corp. COM 458140100 15,070 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 40,689 1,350,000 SH   SOLE 0 1,350,000 0 0
Investar Holding Corporation COM 46134L105 2,711 175,000 SH   DFND 1 0 175,000 0
Investors Bancorp, Inc. COM 46146L101 6,170 500,000 SH   DFND 1 0 500,000 0
Johnson & Johnson COM 478160104 2,334 25,000 SH   SOLE 0 25,000 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 18,458 230,000 SH   DFND 1 0 230,000 0
Kearny Financial Corp. COM 48716P108 18,639 1,625,000 SH   DFND 1 0 1,625,000 0
Kemper Corp. COM 488401100 354 10,000 SH   SOLE 0 10,000 0 0
Keysight Technologies, Inc. COM 49338L103 1,045 33,900 SH   DFND 1 0 33,900 0
MB Bancorp Inc. COM 55280E104 1,144 91,559 SH   DFND 1 0 91,559 0
MSB Financial COM 55352L101 1,973 170,100 SH   DFND 1 0 170,100 0
The Macerich Company COM 554382101 2,927 38,100 SH   DFND 1 0 38,100 0
Meridian Bancorp, Inc. COM 58958U103 1,367 100,000 SH   DFND 1 0 100,000 0
Motors Liquidation Company COM 62010U101 1,519 100,009 SH   DFND 1 0 100,009 0
National Presto Industries, Inc. COM 637215104 11,207 133,000 SH   DFND 1 0 133,000 0
News Corp COM 65249B109 5,553 440,000 SH   DFND 1 0 440,000 0
Northeast Bancorp COM NEW 663904209 3,810 361,800 SH   DFND 1 0 361,800 0
Old Republic Interrnational Corp. COM 680223104 330 21,093 SH   SOLE 0 21,093 0 0
Peapack-Gladstone Financial Corp. COM 704699107 2,117 100,000 SH   DFND 1 0 100,000 0
Plains All American Pipeline UNIT LTD PARTN 726503105 351 11,081 SH   SOLE 0 11,081 0 0
Plains GP Holdings LP SHS A REP LTPN 72651A108 1,619 92,500 SH   DFND 1 0 92,500 0
Plains GP Holdings LP SHS A REP LTPN 72651A108 438 25,000 SH   SOLE 0 25,000 0 0
Popular, Inc. COM NEW 733174700 8,313 275,000 SH   DFND 1 0 275,000 0
Precision Castparts Corp. COM 740189105 2,871 12,500 SH   DFND 1 0 12,500 0
Prudential Bancorp Inc. COM 74431A101 1,748 121,287 SH   DFND 1 0 121,287 0
Realogy Holdings Corp. COM 75605Y106 3,763 100,000 SH   DFND 1 0 100,000 0
Resolute Forest Products COM 76117w109 6,136 738,400 SH   DFND 1 0 738,400 0
Royal Dutch Shell PLC COM 780259206 710 14,979 SH   SOLE 0 14,979 0 0
Ruth's Hospitality Group, Inc. COM 783332109 9,234 568,600 SH   DFND 1 0 568,600 0
SI Financial Group COM 78425V104 2,682 225,419 SH   DFND 1 0 225,419 0
S&W Seed Company COM 785135104 5,952 1,294,000 SH   DFND 1 0 1,294,000 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 131 13,800 SH   DFND 1 0 13,800 0
San Juan Basin Realty Trust Unit COM 798241105 383 40,439 SH   SOLE 0 40,439 0 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 186 975,000 SH   DFND 1 0 975,000 0
Sanofi-Aventis SA, CVR COM 80105N113 66 348,043 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 5,221 165,000 SH   DFND 1 0 165,000 0
Symetra Financial Corp. COM 87151Q106 6,328 200,000 SH   SOLE 0 200,000 0 0
Tejon Ranch Co. COM 879080109 11,341 520,000 SH   DFND 1 0 520,000 0
Tejon Ranch Warrant W EXP 8/31/2016 879080133 12 76,809 SH   DFND 1 0 76,809 0
Teva Pharmaceutical Industries Ltd. ADR 881624209 24,859 440,300 SH   DFND 1 0 440,300 0
TowneBank Portsmouth VA COM 89214P109 21,462 1,138,575 SH   DFND 1 0 1,138,575 0
United States Steel Corp. COM 912909108 6,252 600,000 SH   DFND 1 0 600,000 0
United States Steel Corp. COM 912909108 2,605 250,000 SH   SOLE 0 250,000 0 0
Universal Stainless & Alloy Products, Inc. COM 913837100 2,593 245,123 SH   SOLE 0 245,123 0 0
Vereit Inc. COM 92339V100 5,404 700,000 SH   DFND 1 0 700,000 0
Waterstone Financial Inc. COM 94188P101 16,841 1,249,300 SH   DFND 1 0 1,249,300 0
Westlake Chemical Corp. COM 960413102 649 12,500 SH   DFND 1 0 12,500 0
Wheeler Real Estate Investment Trust CV PFD SER B 963025101 5,106 2,687,500 SH   DFND 1 0 2,687,500 0
Wright Investors Service Holdings COM 982345100 1,087 825,691 SH   DFND 1 0 825,691 0
Belmond Ltd. Class A COM CL A G1154H107 910 90,000 SH   DFND 1 0 90,000 0