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
Actuant Corporation CL A NEW 00508X203 4,618 200,000 SH   DFND 1 0 200,000 0
Advanced Emissions Solutions Inc. COM 00770C101 10,400 800,000 SH   DFND 1 0 800,000 0
Aerojet Rocketdyne Holdings Inc COM 007800105 5,153 250,000 SH   DFND 1 0 250,000 0
Aerojet Rocketdyne Holdings Inc COM 007800105 511 24,794 SH   SOLE 0 24,794 0 0
Allscripts Healtcare Solutions, Inc. COM 01988PAD0 6,532 477,500 SH   DFND 1 0 477,500 0
Ally Financial Inc. COM 02005N100 15,869 707,500 SH   DFND 1 0 707,500 0
American Midstream Partners LP COM UNITS 02752P100 910 56,600 SH   DFND 1 0 56,600 0
American Realty Cap. COM 02917T104 5,691 700,000 SH   DFND 1 0 700,000 0
American River Bankshares COM 029326105 2,377 255,000 SH   DFND 1 0 255,000 0
Anchor BanCorp COM 03283P106 16,142 425,000 SH   DFND 1 0 425,000 0
Apache Corporation COM 037411105 576 10,000 SH   SOLE 0 10,000 0 0
Ariad Pharmaceuticals, Inc. COM 04033A100 4,549 550,000 SH   DFND 1 0 550,000 0
Avon Products Inc. COM 054303102 2,911 465,000 SH   DFND 1 0 465,000 0
BRT Realty Trust SH BEN INT NEW 055645303 1,184 168,369 SH   DFND 1 0 168,369 0
Baker Hughes Inc. COM 057224107 5,089 82,500 SH   DFND 1 0 82,500 0
Baker Hughes Inc. COM 057224107 1,234 20,000 SH   SOLE 0 20,000 0 0
The Bancorp Bank COM 05969A105 3,782 407,500 SH   DFND 1 0 407,500 0
Bank of America Corporation COM 060505104 851 50,000 SH   SOLE 0 50,000 0 0
Barnes & Noble, Inc. COM 067774109 4,008 154,389 SH   DFND 1 0 154,389 0
Beneficial Bancorp, Inc. COM 08173R104 2,186 175,000 SH   DFND 1 0 175,000 0
Big 5 Sporting Goods Corp. COM 08915P101 426 30,000 SH   DFND 1 0 30,000 0
Blount International, Inc. COM 095180105 10,333 946,200 SH   DFND 1 0 946,200 0
Boeing Co. COM 097023105 2,774 20,000 SH   SOLE 0 20,000 0 0
Boston Scientific Corp. COM 101137107 35,046 1,980,000 SH   DFND 1 0 1,980,000 0
CIT Group Inc. COM NEW 125581801 21,153 455,000 SH   DFND 1 0 455,000 0
Cape Bancorp, Inc. COM 139209100 2,452 259,200 SH   DFND 1 0 259,200 0
Clifton Bancorp, Inc. COM 186373105 4,107 293,568 SH   DFND 1 0 293,568 0
Columbia Banking System, Inc. COM 197236102 21,135 649,509 SH   DFND 1 0 649,509 0
Columbus McKinnon Corp. COM 199333105 1,898 75,900 SH   DFND 1 0 75,900 0
ConocoPhillips COM 20825C104 614 10,000 SH   SOLE 0 10,000 0 0
Continental Resources Inc. COM 212015101 8,478 200,000 SH   SOLE 0 200,000 0 0
Demand Media, Inc. COM 24802N208 1,924 302,500 SH   DFND 1 0 302,500 0
Devon Energy Corp. New COM 25179M103 1,785 30,000 SH   SOLE 0 30,000 0 0
Dolby Laboratories Inc. COM 25659T107 27,875 702,500 SH   DFND 1 0 702,500 0
Donegal Group Inc., Cl. A COM CL A 257701201 2,285 150,000 SH   DFND 1 0 150,000 0
Du Pont E I De Nemours & Co COM 263534109 15,988 250,000 SH   DFND 1 0 250,000 0
Du Pont E I De Nemours & Co COM 263534109 1,919 30,000 SH   SOLE 0 30,000 0 0
EMC Corporation COM 268648102 13,327 505,000 SH   DFND 1 0 505,000 0
EMC Corporation COM 268648102 5,278 200,000 SH   SOLE 0 200,000 0 0
Exxon Mobil Corp. COM 30231G102 998 12,000 SH   SOLE 0 12,000 0 0
FMC Corp. COM 302491303 26,932 512,500 SH   DFND 1 0 512,500 0
FMC Corp. COM 302491303 2,628 50,000 SH   SOLE 0 50,000 0 0
FMC Technologies, Inc. COM 30249U101 1,348 32,500 SH   DFND 1 0 32,500 0
Farmer Brothers Co. COM 307675108 7,877 335,206 SH   DFND 1 0 335,206 0
Farmer Brothers Co. COM 307675108 66 2,800 SH   SOLE 0 2,800 0 0
First Northwest Bancorp COM 335834107 3,741 300,000 SH   DFND 1 0 300,000 0
First Security Group Inc. COM NEW 336312202 14,896 6,080,000 SH   DFND 1 0 6,080,000 0
Forest City Enterprises, Inc. COM 345550107 6,133 277,500 SH   DFND 1 0 277,500 0
GAMCO Investors, Inc. COM 361438104 1,134 16,500 SH   DFND 1 0 16,500 0
General Electric Co. COM 369604103 531 20,000 SH   SOLE 0 20,000 0 0
General Motors Corp. COM 37045V100 6,221 186,657 SH   DFND 1 0 186,657 0
GM '16 WRNT W EXP 7/10/2016 37045V118 252 10,597 SH   DFND 1 0 10,597 0
GM '19 WRNT W EXP 7/10/2019 37045V126 169 10,597 SH   DFND 1 0 10,597 0
Getty Realty Corp. COM 374297109 4,908 300,000 SH   DFND 1 0 300,000 0
Getty Realty Corp. COM 374297109 588 35,969 SH   SOLE 0 35,969 0 0
Gulf Coast Ultra Deep Rty Trust Unit ROYALTY TR UNT 40222T104 428 611,942 SH   SOLE 0 611,942 0 0
GulfMark Offshore, Inc. CL A NEW 402629208 5,800 500,000 SH   DFND 1 0 500,000 0
GulfMark Offshore, Inc. CL A NEW 402629208 580 50,000 SH   SOLE 0 50,000 0 0
Halliburton Co. COM 406216101 861 20,000 SH   SOLE 0 20,000 0 0
Hardinge, Inc. COM 412324303 2,906 295,000 SH   DFND 1 0 295,000 0
Helmerich & Payne Inc. COM 423452101 9,331 132,500 SH   DFND 1 0 132,500 0
Heritage Commerce Corp. COM 426927109 3,467 360,786 SH   DFND 1 0 360,786 0
Heritage Oaks Bancorp COM 42724R107 9,181 1,166,575 SH   DFND 1 0 1,166,575 0
Hess Corporation COM 42809H107 30,932 462,500 SH   DFND 1 0 462,500 0
Hess Corporation COM 42809H107 12,038 180,000 SH   SOLE 0 180,000 0 0
Highland Bankshares Inc. COM 430893107 1,535 383,714 SH   DFND 1 0 383,714 0
HomeTrust Bancshares, Inc. COM 437872104 4,351 259,622 SH   DFND 1 0 259,622 0
Hospira, Inc. COM 441060100 35,484 400,000 SH   DFND 1 0 400,000 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 441 125,940 SH   SOLE 0 125,940 0 0
Intel Corp. COM 458140100 15,208 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 41,060 1,350,000 SH   SOLE 0 1,350,000 0 0
Investar Holding Corporation COM 46134L105 2,660 175,000 SH   DFND 1 0 175,000 0
Investors Bancorp, Inc. COM 46146L101 6,150 500,000 SH   DFND 1 0 500,000 0
Johnson & Johnson COM 478160104 2,437 25,000 SH   SOLE 0 25,000 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 19,108 230,000 SH   DFND 1 0 230,000 0
Kearny Financial Corp. COM 48716P108 18,135 1,625,000 SH   DFND 1 0 1,625,000 0
Kemper Corp. COM 488401100 386 10,000 SH   SOLE 0 10,000 0 0
Kraft Foods Group Inc COM 50076Q106 426 5,000 SH   SOLE 0 5,000 0 0
MB Bancorp Inc. COM 55280E104 1,183 91,559 SH   DFND 1 0 91,559 0
Meridian Bancorp, Inc. COM 58958U103 1,341 100,000 SH   DFND 1 0 100,000 0
Motors Liquidation Company COM 62010U101 1,925 100,009 SH   DFND 1 0 100,009 0
National Presto Industries, Inc. COM 637215104 10,843 135,000 SH   DFND 1 0 135,000 0
News Corp COM 65249B109 5,945 407,500 SH   DFND 1 0 407,500 0
Northeast Bancorp COM NEW 663904209 3,600 361,800 SH   DFND 1 0 361,800 0
Northfield Bancorp Inc COM 66611T108 3,760 249,855 SH   DFND 1 0 249,855 0
Old Republic Interrnational Corp. COM 680223104 330 21,093 SH   SOLE 0 21,093 0 0
PTC Therapeutics, Inc. COM 69366J200 1,588 33,000 SH   DFND 1 0 33,000 0
Peapack-Gladstone Financial Corp. COM 704699107 2,222 100,000 SH   DFND 1 0 100,000 0
Popular, Inc. COM NEW 733174700 7,937 275,000 SH   DFND 1 0 275,000 0
Precision Castparts Corp. COM 740189105 4,597 23,000 SH   DFND 1 0 23,000 0
Prudential Bancorp Inc. COM 74431A101 1,759 121,287 SH   DFND 1 0 121,287 0
Realogy Holdings Corp. COM 75605Y106 4,672 100,000 SH   DFND 1 0 100,000 0
Resolute Forest Products COM 76117w109 7,594 675,000 SH   DFND 1 0 675,000 0
Rightside Group, Ltd. COM 76658B100 435 64,271 SH   DFND 1 0 64,271 0
Royal Dutch Shell PLC Spon ADR A 780259206 854 14,979 SH   SOLE 0 14,979 0 0
Ruth's Hospitality Group, Inc. COM 783332109 10,902 676,295 SH   DFND 1 0 676,295 0
SI Financial Group COM 78425V104 2,624 225,419 SH   DFND 1 0 225,419 0
S&W Seed Company COM 785135104 6,315 1,294,000 SH   DFND 1 0 1,294,000 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 148 13,800 SH   DFND 1 0 13,800 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 434 40,439 SH   SOLE 0 40,439 0 0
Sanofi-Aventis SA, CVR RIGHT 12/31/2020 80105N113 683 975,000 SH   DFND 1 0 975,000 0
Sanofi-Aventis SA, CVR RIGHT 12/31/2020 80105N113 210 300,000 SH   SOLE 0 300,000 0 0
Symetra Financial Corp. COM 87151Q106 4,776 197,500 SH   DFND 1 0 197,500 0
Symetra Financial Corp. COM 87151Q106 6,045 250,000 SH   SOLE 0 250,000 0 0
Tejon Ranch Co. COM 879080109 13,369 520,000 SH   DFND 1 0 520,000 0
Tejon Ranch Warrant W EXP 8/31/2016 879080133 38 76,809 SH   DFND 1 0 76,809 0
Teva Pharmaceutical Industries Ltd. ADR 881624209 26,026 440,300 SH   DFND 1 0 440,300 0
TowneBank Portsmouth VA COM 89214P109 18,601 1,141,875 SH   DFND 1 0 1,141,875 0
United States Steel Corp. COM 912909108 9,846 477,500 SH   DFND 1 0 477,500 0
Universal Stainless & Alloy Products, Inc. COM 913837100 1,362 69,314 SH   DFND 1 0 69,314 0
Waterstone Financial Inc. COM 94188P101 16,491 1,249,300 SH   DFND 1 0 1,249,300 0
Wheeler Real Estate Investment Trust COM 963025101 5,075 2,500,000 SH   DFND 1 0 2,500,000 0
Wheeler Reit Preferred B CV PFD SER B 963025309 359 15,000 SH   DFND 1 0 15,000 0
Wright Investors Service Holdings COM 982345100 1,255 825,691 SH   DFND 1 0 825,691 0
Belmond Ltd. Class A COM CL A G1154H107 1,124 90,000 SH   DFND 1 0 90,000 0