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 0 1,478,658 SH   DFND 1 0 1,478,658 0
Advanced Emissions Solutions Inc. COM 00770C101 7,632 800,000 SH   DFND 1 0 800,000 0
Allscripts Healtcare Solutions, Inc. COM 01988PAD0 6,055 477,500 SH   DFND 1 0 477,500 0
Ally Financial Inc. COM 02005N100 11,486 565,000 SH   DFND 1 0 565,000 0
Ally Financial Inc. COM 02005N100 2,480 122,000 SH   SOLE 0 122,000 0 0
American Midstream Partners LP COM UNIT RP IN 02752P100 9,626 648,212 SH   DFND 1 0 648,212 0
American Midstream Partners LP COM UNIT RP IN 02752P100 234 15,775 SH   SOLE 0 15,775 0 0
American River Bankshares COM 029326105 1,386 93,506 SH   DFND 1 0 93,506 0
Anadarko Petroleum Corp. COM 032511107 3,844 62,000 SH   DFND 1 0 62,000 0
Apache Corporation COM 037411105 514 10,000 SH   SOLE 0 10,000 0 0
Arconic Inc. COM 03965L100 4,610 175,000 SH   DFND 1 0 175,000 0
Atlantic Capital Bancshares COM 048269203 18,038 951,893 SH   DFND 1 0 951,893 0
BKF Capital Group, Inc. COM 05548G201 215 29,380 SH   DFND 1 0 29,380 0
BRT Realty Trust COM 055645303 1,399 168,369 SH   DFND 1 0 168,369 0
BMC Stock Holdings Inc. COM 05591B109 58,534 2,590,000 SH   DFND 1 0 2,590,000 0
Baker Hughes Inc. COM 057224107 1,196 20,000 SH   SOLE 0 20,000 0 0
The Bancorp Bank COM 05969A105 2,078 407,500 SH   DFND 1 0 407,500 0
Banc of California, Inc. COM 05990K106 25,995 1,255,810 SH   DFND 1 0 1,255,810 0
Bank of America Corporation COM 060505104 590 25,000 SH   SOLE 0 25,000 0 0
Barnes & Noble Edu. Inc COM 06777U101 3,043 317,315 SH   DFND 1 0 317,315 0
Barnes & Noble Edu. Inc COM 06777U101 101 10,554 SH   SOLE 0 10,554 0 0
Boeing Co. COM 097023105 2,653 15,000 SH   SOLE 0 15,000 0 0
Boston Scientific Corp. COM 101137107 12,435 500,000 SH   DFND 1 0 500,000 0
CIBL, Inc. COM 12543Y104 296 215 SH   DFND 1 0 215 0
CIT Group Inc. COM NEW 125581801 21,465 500,000 SH   DFND 1 0 500,000 0
CIT Group Inc. COM NEW 125581801 987 23,000 SH   SOLE 0 23,000 0 0
Cabela's Inc. COM 126804301 17,813 335,400 SH   DFND 1 0 335,400 0
Cabela's Inc. COM 126804301 1,062 20,000 SH   SOLE 0 20,000 0 0
Carbon Natural Gas Co. COM 14115T208 1,267 211,112 SH   DFND 1 0 211,112 0
Carrizo Oil & Gas, Inc. COM 144577103 3,038 106,000 SH   DFND 1 0 106,000 0
Carter Bank & Trust COM 146102108 845 50,000 SH   DFND 1 0 50,000 0
Central Steel & Wire Company COM 155411101 48 108 SH   DFND 1 0 108 0
Citizens Financial Group COM 174610105 7,947 230,000 SH   DFND 1 0 230,000 0
Clifton Bancorp, Inc. COM 186873105 4,753 293,568 SH   DFND 1 0 293,568 0
Columbus McKinnon Corp. COM 199333105 3,847 155,000 SH   DFND 1 0 155,000 0
Continental Resources Inc. COM 212015101 2,725 60,000 SH   DFND 1 0 60,000 0
Continental Resources Inc. COM 212015101 13,626 300,000 SH   SOLE 0 300,000 0 0
Crimson Wine Group Ltd. COM 22662X100 9,692 969,200 SH   DFND 1 0 969,200 0
Dell Technologies Inc. COM CL V 24703L103 1,317 20,560 SH   DFND 1 0 20,560 0
Devon Energy Corp. New COM 25179M103 3,338 80,000 SH   SOLE 0 80,000 0 0
Dolby Laboratories Inc. COM 25659T107 49,302 940,700 SH   DFND 1 0 940,700 0
Dolby Laboratories Inc. COM 25659T107 433 8,255 SH   SOLE 0 8,255 0 0
Donnelley Financial Solutions, Inc. COM 25787G100 3,472 180,000 SH   DFND 1 0 180,000 0
Du Pont E I De Nemours & Co COM 263534109 9,238 115,000 SH   DFND 1 0 115,000 0
Du Pont E I De Nemours & Co COM 263534109 2,008 25,000 SH   SOLE 0 25,000 0 0
EchoSTar Corp. CL A 278768106 2,278 40,000 SH   DFND 1 0 40,000 0
Exxon Mobil Corp. COM 30231G102 1,640 20,000 SH   SOLE 0 20,000 0 0
FMC Corp. COM 30249U101 13,918 200,000 SH   DFND 1 0 200,000 0
FMC Corp. COM NEW 30249U101 3,480 50,000 SH   SOLE 0 50,000 0 0
FSB Bancorp COM 30289C102 779 53,382 SH   DFND 1 0 53,382 0
Farmer Brothers Co. COM 307675108 2,418 68,390 SH   DFND 1 0 68,390 0
Farmer Brothers Co. COM 307675108 99 2,800 SH   SOLE 0 2,800 0 0
Farmers & Merchants Bank COM 308243104 1,517 203 SH   SOLE 0 203 0 0
First Guaranty Bancshares, Inc. COM 32043P106 1,123 46,410 SH   DFND 1 0 46,410 0
Forest City Realty Trust A Shares COM CL A 345605109 4,356 200,000 SH   DFND 1 0 200,000 0
Franklin Resources Inc. COM 354613101 13,485 320,000 SH   DFND 1 0 320,000 0
Franklin Resources Inc. COM 354613101 1,160 27,530 SH   SOLE 0 27,530 0 0
GAMCO Investors, Inc. COM 361438104 488 16,500 SH   DFND 1 0 16,500 0
General Electric Co. COM 369604103 298 10,000 SH   SOLE 0 10,000 0 0
General Motors Corp. COM 37045V100 6,844 193,560 SH   DFND 1 0 193,560 0
GM '19 WRNT W EXP 07/10/201 37045V126 189 10,597 SH   DFND 1 0 10,597 0
Getty Realty Corp. COM 374297109 921 36,427 SH   SOLE 0 36,427 0 0
Global Eagle Entertainment COM 37951D102 319 100,000 SH   DFND 1 0 100,000 0
Gulf Coast Ultra Deep Rty Trust Unit COM 40222T104 501 5,000,000 SH   DFND 1 0 5,000,000 0
Gulf Coast Ultra Deep Rty Trust Unit COM 40222T104 72 721,942 SH   SOLE 0 721,942 0 0
GulfMark Offshore, Inc. CL A NEW 402629208 92 277,793 SH   DFND 1 0 277,793 0
Gyrodyne, LLC COM 403829104 1,678 81,000 SH   DFND 1 0 81,000 0
Gyrodyne, LLC COM 403829104 97 4,658 SH   SOLE 0 4,658 0 0
Halliburton Co. COM 406216101 984 20,000 SH   SOLE 0 20,000 0 0
Helmerich & Payne Inc. COM 423452101 5,492 82,500 SH   DFND 1 0 82,500 0
Heritage Oaks Bancorp COM 42724R107 3,057 228,971 SH   DFND 1 0 228,971 0
Hertz Global Holdings, Inc. COM 42806J106 3,508 200,000 SH   DFND 1 0 200,000 0
Hess Corporation COM 42809H107 15,668 325,000 SH   DFND 1 0 325,000 0
Hess Corporation COM 42809H107 8,678 180,000 SH   SOLE 0 180,000 0 0
Highland Bankshares Inc. COM 430893107 2,755 396,458 SH   DFND 1 0 396,458 0
Howard Bancorp Inc. COM 442496105 935 50,000 SH   DFND 1 0 50,000 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 362 190,440 SH   SOLE 0 190,440 0 0
ICTC Group COM 44931F108 147 3,687 SH   DFND 1 0 3,687 0
ICC Holdings, Inc. COM 44931Q104 493 30,000 SH   DFND 1 0 30,000 0
Intel Corp. COM 458140100 18,035 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 45,989 1,275,000 SH   SOLE 0 1,275,000 0 0
Investar Holding Corporation COM 46134L105 3,833 175,000 SH   DFND 1 0 175,000 0
Investors Bancorp, Inc. COM 46146L101 7,190 500,000 SH   DFND 1 0 500,000 0
Johnson & Johnson COM 478160104 623 5,000 SH   SOLE 0 5,000 0 0
KLX Inc. COM 482539103 4,470 100,000 SH   DFND 1 0 100,000 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 14,909 186,600 SH   DFND 1 0 186,600 0
Kearny Financial Corp. COM 48716P108 15,050 1,000,000 SH   DFND 1 0 1,000,000 0
Kemper Corp. COM 488401100 399 10,000 SH   SOLE 0 10,000 0 0
Keweenaw Land Association LTD. COM 493026108 102 1,000 SH   SOLE 0 1,000 0 0
Keysight Technologies, Inc. COM 49338L103 6,867 190,000 SH   DFND 1 0 190,000 0
LICT Corp. COM 50187G104 1,925 275 SH   DFND 1 0 275 0
MB Bancorp Inc. COM 55280E104 2,524 170,559 SH   DFND 1 0 170,559 0
MSB Financial COM 55352L101 2,886 174,897 SH   DFND 1 0 174,897 0
The Macerich Company COM 554382101 2,454 38,100 SH   DFND 1 0 38,100 0
Meridian Bancorp, Inc. COM 58958U103 1,830 100,000 SH   DFND 1 0 100,000 0
National Presto Industries, Inc. COM 637215104 5,008 49,000 SH   DFND 1 0 49,000 0
News Corp COM 65249B109 5,980 460,000 SH   DFND 1 0 460,000 0
NI Holdings Inc. COM 65342T106 3,863 258,750 SH   DFND 1 0 258,750 0
Northeast Bancorp COM 663904209 5,536 361,800 SH   DFND 1 0 361,800 0
Peapack-Gladstone Financial Corp. COM 704699107 2,983 100,800 SH   DFND 1 0 100,800 0
Pennsylvania Real Estate Investment Trust SH BEN INT 709102107 3,331 220,000 SH   DFND 1 0 220,000 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 223 23,841 SH   SOLE 0 23,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 12,881 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 350 11,081 SH   SOLE 0 11,081 0 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 5,193 166,130 SH   DFND 1 0 166,130 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 293 9,388 SH   SOLE 0 9,388 0 0
Popular, Inc. COM NEW 733174700 12,219 300,000 SH   DFND 1 0 300,000 0
Popular, Inc. COM NEW 733174700 407 10,000 SH   SOLE 0 10,000 0 0
Prudential Bancorp Inc. COM 74431A101 2,165 121,287 SH   DFND 1 0 121,287 0
Quality Care Properties, Inc. COM 747545101 1,886 100,000 SH   DFND 1 0 100,000 0
Randolph Bancorp, Inc. COM 752378109 887 57,200 SH   DFND 1 0 57,200 0
Regions Financial Corp. COM 7591EP100 7,577 521,500 SH   DFND 1 0 521,500 0
Resolute Forest Products COM 76117w109 712 130,621 SH   DFND 1 0 130,621 0
SI Financial Group COM 78425V104 1,535 109,241 SH   DFND 1 0 109,241 0
S&W Seed Company COM 785135104 15,829 3,197,838 SH   DFND 1 0 3,197,838 0
William H. Sadlier, Inc. COM 786327106 1,061 21,217 SH   DFND 1 0 21,217 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 726 100,240 SH   SOLE 0 100,240 0 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 1,456 3,235,625 SH   DFND 1 0 3,235,625 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 157 348,043 SH   SOLE 0 348,043 0 0
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 111 5,773 SH   SOLE 0 5,773 0 0
Taubman Centers, Inc. COM 876664103 11,554 175,000 SH   DFND 1 0 175,000 0
Tejon Ranch Co. COM 879080109 11,383 520,000 SH   DFND 1 0 520,000 0
Tenet Healthcare Corporation COM NEW 88033G407 974 55,000 SH   DFND 1 0 55,000 0
Teva Pharmaceutical Industries Ltd. ADR 881624209 21,420 667,500 SH   DFND 1 0 667,500 0
Teva Pharmaceutical Industries Ltd. COM 881624209 1,685 52,500 SH   SOLE 0 52,500 0 0
Time Warner Inc. COM 887317303 3,908 40,000 SH   DFND 1 0 40,000 0
TowneBank Portsmouth VA COM 89214P109 1,815 56,022 SH   DFND 1 0 56,022 0
Trinity Place Holdings Inc. COM 89656D101 30,215 4,133,410 SH   DFND 1 0 4,133,410 0
Universal Stainless & Alloy Products, Inc. COM 913837100 3,131 184,200 SH   DFND 1 0 184,200 0
Vornado Realty Trust SH BEN INT 929042109 602 6,000 SH   DFND 1 0 6,000 0
Waterstone Financial Inc. COM 94188P101 21,711 1,189,617 SH   DFND 1 0 1,189,617 0
Westlake Chemical Corp. COM 960413102 14,861 225,000 SH   DFND 1 0 225,000 0
Whitewave Foods Co. COM 966244105 5,615 100,000 SH   DFND 1 0 100,000 0
Wright Investors Service Holdings COM 982345100 538 825,691 SH   DFND 1 0 825,691 0
Belmond Ltd. Class A COM G1154H107 3,930 324,800 SH   DFND 1 0 324,800 0
TechnipFMC plc COM G87110105 14,138 435,000 SH   DFND 1 0 435,000 0
Chubb Limited COM h1467j104 4,592 33,706 SH   DFND 1 0 33,706 0
Constellium N.V. CL A N22035104 1,188 182,800 SH   DFND 1 0 182,800 0