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
American River Bankshares COM 029326105 1,843 170,000 SH   DFND 1 0 170,000 0
Anadarko Petroleum Corp. COM 032511107 3,928 62,000 SH   DFND 1 0 62,000 0
Atlantic Capital Bancshares COM 048269203 14,259 951,893 SH   DFND 1 0 951,893 0
BRT Realty Trust COM 055645303 1,347 168,369 SH   DFND 1 0 168,369 0
Baker Hughes Inc. COM 057224107 1,009 20,000 SH   SOLE 0 20,000 0 0
Bank of America Corporation COM 060505104 1,565 100,000 SH   SOLE 0 100,000 0 0
Boardwalk Pipeline Partners, LP UT LTD PARTNER 096627104 2,341 136,417 SH   DFND 1 0 136,417 0
Boeing Co. COM 097023105 2,635 20,000 SH   SOLE 0 20,000 0 0
Boston Scientific Corp. COM 101137107 16,660 700,000 SH   DFND 1 0 700,000 0
CIT Group Inc. COM NEW 125581801 18,150 500,000 SH   DFND 1 0 500,000 0
CIT Group Inc. COM NEW 125581801 726 20,000 SH   SOLE 0 20,000 0 0
Capital Properties, Inc. COM 140430109 247 22,949 SH   DFND 1 0 22,949 0
Carrizo Oil & Gas, Inc. COM 144577103 4,306 106,000 SH   DFND 1 0 106,000 0
Central Steel & Wire Company COM 155411101 44 108 SH   DFND 1 0 108 0
Citizens Financial Group COM 174610105 8,649 350,000 SH   DFND 1 0 350,000 0
Clifton Bancorp, Inc. COM 186873105 4,489 293,568 SH   DFND 1 0 293,568 0
Columbus McKinnon Corp. COM 199333105 2,765 155,000 SH   DFND 1 0 155,000 0
Continental Resources Inc. COM 212015101 3,118 60,000 SH   DFND 1 0 60,000 0
Continental Resources Inc. COM 212015101 10,392 200,000 SH   SOLE 0 200,000 0 0
Du Pont E I De Nemours & Co COM 263534109 7,702 115,000 SH   DFND 1 0 115,000 0
Du Pont E I De Nemours & Co COM 263534109 2,009 30,000 SH   SOLE 0 30,000 0 0
Enable Midstream Partners, LP COM UNIT RP IN 292480100 1,525 100,000 SH   DFND 1 0 100,000 0
Enable Midstream Partners, LP COM UNIT RP IN 292480100 153 10,000 SH   SOLE 0 10,000 0 0
Farmer Brothers Co. COM 307675108 4,476 125,900 SH   DFND 1 0 125,900 0
Farmer Brothers Co. COM 307675108 100 2,800 SH   SOLE 0 2,800 0 0
First Northwest Bancorp COM 335834107 1,443 107,000 SH   DFND 1 0 107,000 0
Franklin Resources Inc. COM 354613101 4,179 117,500 SH   DFND 1 0 117,500 0
GAMCO Investors, Inc. COM 361438104 470 16,500 SH   DFND 1 0 16,500 0
General Electric Co. COM 369604103 296 10,000 SH   SOLE 0 10,000 0 0
Getty Realty Corp. COM 374297109 2,249 94,000 SH   DFND 1 0 94,000 0
Getty Realty Corp. COM 374297109 872 36,427 SH   SOLE 0 36,427 0 0
Gyrodyne, LLC COM 403829104 1,321 71,238 SH   DFND 1 0 71,238 0
Gyrodyne, LLC COM 403829104 86 4,658 SH   SOLE 0 4,658 0 0
Halliburton Co. COM 406216101 898 20,000 SH   SOLE 0 20,000 0 0
Helmerich & Payne Inc. COM 423452101 5,552 82,500 SH   DFND 1 0 82,500 0
Highland Bankshares Inc. COM 430893107 1,804 396,458 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 453 190,440 SH   SOLE 0 190,440 0 0
Intel Corp. COM 458140100 18,875 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 49,075 1,300,000 SH   SOLE 0 1,300,000 0 0
Johnson & Johnson COM 478160104 2,363 20,000 SH   SOLE 0 20,000 0 0
KLX Inc. COM 482539103 3,520 100,000 SH   DFND 1 0 100,000 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 17,765 205,400 SH   DFND 1 0 205,400 0
Kemper Corp. COM 488401100 393 10,000 SH   SOLE 0 10,000 0 0
The Macerich Company COM 554382101 3,081 38,100 SH   DFND 1 0 38,100 0
National Presto Industries, Inc. COM 637215104 6,628 75,500 SH   DFND 1 0 75,500 0
Northeast Bancorp COM 663904209 4,190 361,800 SH   DFND 1 0 361,800 0
Old Republic Interrnational Corp. COM 680223104 372 21,093 SH   SOLE 0 21,093 0 0
Peapack-Gladstone Financial Corp. COM 704699107 2,259 100,800 SH   DFND 1 0 100,800 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 166 23,841 SH   SOLE 0 23,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 12,800 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 348 11,081 SH   SOLE 0 11,081 0 0
Popular, Inc. COM NEW 733174700 11,466 300,000 SH   DFND 1 0 300,000 0
Popular, Inc. COM NEW 733174700 382 10,000 SH   SOLE 0 10,000 0 0
Randolph Bancorp, Inc. COM 752378109 780 57,200 SH   DFND 1 0 57,200 0
Ruth's Hospitality Group, Inc. COM 783332109 1,947 137,900 SH   DFND 1 0 137,900 0
S&W Seed Company COM 785135104 16,309 3,197,838 SH   DFND 1 0 3,197,838 0
William H. Sadlier, Inc. COM 786327106 1,166 21,217 SH   DFND 1 0 21,217 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 591 100,240 SH   SOLE 0 100,240 0 0
Seaboard Corp. COM 811543107 172 50 SH   DFND 1 0 50 0
Tejon Ranch Co. COM 879080109 12,646 520,000 SH   DFND 1 0 520,000 0
Teva Pharmaceutical Industries Ltd. ADR 881624209 20,258 440,300 SH   DFND 1 0 440,300 0
Teva Pharmaceutical Industries Ltd. ADR 881624209 1,334 29,000 SH   SOLE 0 29,000 0 0
Universal Stainless & Alloy Products, Inc. COM 913837100 3,124 297,500 SH   DFND 1 0 297,500 0
Vmware, Inc. CL A COM 928563402 367 5,000 SH   SOLE 0 5,000 0 0
Vornado Realty Trust SH BEN INT 929042109 263 2,600 SH   DFND 1 0 2,600 0
Westlake Chemical Corp. COM 960413102 13,375 250,000 SH   DFND 1 0 250,000 0
Wheeler Real Estate Investment Trust COM 963025101 4,362 2,492,356 SH   DFND 1 0 2,492,356 0
Whitewave Foods Co. COM 966244105 4,627 85,000 SH   DFND 1 0 85,000 0
Wright Investors Service Holdings COM 982345100 578 825,691 SH   DFND 1 0 825,691 0
Forest City Realty Trust A Shares COM CL A 345605109 5,436 235,000 SH   DFND 1 0 235,000 0
MB Bancorp Inc. COM 55280E104 2,285 170,559 SH   DFND 1 0 170,559 0
Accuride Corp. COM NEW 00439T206 1,831 715,237 SH   DFND 1 0 715,237 0
Adelphia Recovery Trust COM 00685R102 15 1,478,658 SH   DFND 1 0 1,478,658 0
Advanced Emissions Solutions Inc. COM 00770C101 6,016 800,000 SH   DFND 1 0 800,000 0
Allison Transmission Holdings, Inc. COM 01973R101 8,604 300,000 SH   DFND 1 0 300,000 0
Allscripts Healtcare Solutions, Inc. COM 01988PAD0 6,289 477,500 SH   DFND 1 0 477,500 0
Ally Financial Inc. COM 02005N100 10,173 522,500 SH   DFND 1 0 522,500 0
Ally Financial Inc. COM 02005N100 2,375 122,000 SH   SOLE 0 122,000 0 0
American Midstream Partners LP COM UNITS 02752P100 7,570 512,500 SH   DFND 1 0 512,500 0
American Midstream Partners LP COM UNITS 02752P100 148 10,000 SH   SOLE 0 10,000 0 0
Ariad Pharmaceuticals, Inc. COM 04033A100 12,869 940,000 SH   DFND 1 0 940,000 0
BKF Capital Group, Inc. COM 05548G201 193 293,800 SH   DFND 1 0 293,800 0
BMC Stock Holdings Inc. COM 05591B109 60,637 3,420,000 SH   DFND 1 0 3,420,000 0
The Bancorp Bank COM 05969A105 2,616 407,500 SH   DFND 1 0 407,500 0
Barnes & Noble Edu. Inc COM 06777U101 53 5,554 SH   SOLE 0 5,554 0 0
CIBL, Inc. COM 12543Y104 290 215 SH   DFND 1 0 215 0
Carbon Natural Gas Co. COM 14115T109 844 4,222,222 SH   DFND 1 0 4,222,222 0
Crimson Wine Group Ltd. COM 22662X100 8,032 928,500 SH   DFND 1 0 928,500 0
Dell Technologies Inc. COM CL V 24703L103 3,274 68,487 SH   DFND 1 0 68,487 0
Dell Technologies Inc. COM CL V 24703L103 1,119 23,405 SH   SOLE 0 23,405 0 0
Devon Energy Corp. New COM 25179M103 3,088 70,000 SH   SOLE 0 70,000 0 0
Dolby Laboratories Inc. COM 25659T107 50,093 922,700 SH   DFND 1 0 922,700 0
Dolby Laboratories Inc. COM 25659T107 448 8,255 SH   SOLE 0 8,255 0 0
Exxon Mobil Corp. COM 30231G102 1,746 20,000 SH   SOLE 0 20,000 0 0
FMC Corp. COM NEW 30249U101 12,085 250,000 SH   DFND 1 0 250,000 0
FMC Corp. COM NEW 30249U101 2,417 50,000 SH   SOLE 0 50,000 0 0
FMC Technologies, Inc. COM 30249U101 12,906 435,000 SH   DFND 1 0 435,000 0
FSB Bancorp COM 30289C102 673 53,382 SH   DFND 1 0 53,382 0
First Guaranty Bancshares, Inc. COM 32043P106 966 59,459 SH   DFND 1 0 59,459 0
Fossil Group, Inc. COM 34988V106 7,773 279,900 SH   DFND 1 0 279,900 0
General Motors Corp. COM 37045V100 6,149 193,560 SH   DFND 1 0 193,560 0
GM '19 WRNT *W EXP 07/10/201 37045V126 148 10,597 SH   DFND 1 0 10,597 0
Gulf Coast Ultra Deep Rty Trust Unit COM 40222T104 48 721,942 SH   SOLE 0 721,942 0 0
Heritage Oaks Bancorp COM 42724R107 6,557 799,600 SH   DFND 1 0 799,600 0
Hess Corporation COM 42809H107 18,767 350,000 SH   DFND 1 0 350,000 0
Hess Corporation COM 42809H107 9,652 180,000 SH   SOLE 0 180,000 0 0
ICTC Group COM 44931F108 88 3,687 SH   DFND 1 0 3,687 0
Investar Holding Corporation COM 46134L105 2,686 175,000 SH   DFND 1 0 175,000 0
Investors Bancorp, Inc. COM 46146L101 6,005 500,000 SH   DFND 1 0 500,000 0
JP Energy Partners, LP UNT REPST LTD 46643C109 1,739 235,000 SH   DFND 1 0 235,000 0
JP Energy Partners, LP UNT REPST LTD 46643C109 74 10,000 SH   SOLE 0 10,000 0 0
Kearny Financial Corp. COM 48716P108 13,610 1,000,000 SH   DFND 1 0 1,000,000 0
Keysight Technologies, Inc. COM 49338L103 6,338 200,000 SH   DFND 1 0 200,000 0
LICT Corp. COM 50187G104 1,519 275 SH   DFND 1 0 275 0
MSB Financial COM 55352L101 2,363 174,897 SH   DFND 1 0 174,897 0
Meridian Bancorp, Inc. COM 58958U103 1,557 100,000 SH   DFND 1 0 100,000 0
News Corp COM 65249B109 6,431 460,000 SH   DFND 1 0 460,000 0
Plains GP Holdings LP SHS A REP LTPN 72651A108 5,725 442,400 SH   DFND 1 0 442,400 0
Plains GP Holdings LP SHS A REP LTPN 72651A108 324 25,000 SH   SOLE 0 25,000 0 0
Prudential Bancorp Inc. COM 74431A101 1,756 121,287 SH   DFND 1 0 121,287 0
Regions Financial Corp. COM 7591EP100 5,147 521,500 SH   DFND 1 0 521,500 0
Resolute Forest Products COM 76117w109 3,044 643,500 SH   DFND 1 0 643,500 0
SI Financial Group COM 78425V104 1,442 109,241 SH   DFND 1 0 109,241 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 874 3,235,625 SH   DFND 1 0 3,235,625 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 94 348,043 SH   SOLE 0 348,043 0 0
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 83 5,773 SH   SOLE 0 5,773 0 0
TowneBank Portsmouth VA COM 89214P109 9,612 400,000 SH   DFND 1 0 400,000 0
Trinity Place Holdings Inc. COM 89656D101 28,563 2,920,577 SH   DFND 1 0 2,920,577 0
Waterstone Financial Inc. COM 94188P101 20,212 1,189,617 SH   DFND 1 0 1,189,617 0
Belmond Ltd. Class A COM G1154H107 3,940 310,000 SH   DFND 1 0 310,000 0
Chubb Limited COM h1467j104 4,235 33,706 SH   DFND 1 0 33,706 0