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
Advanced Emissions Solutions Inc. COM 00770C101 7,728 800,000 SH   DFND 1 0 800,000 0
Alliance Data Systems Corp COM 018581108 9,784 38,600 SH   DFND 1 0 38,600 0
Alphabet Inc. CAP STK CL A 02079K305 2,107 2,000 SH   SOLE 0 2,000 0 0
American Midstream Partners LP COM UNIT RP IN 02752P100 8,941 669,724 SH   DFND 1 0 669,724 0
American Midstream Partners LP COM UNIT RP IN 02752P100 211 15,775 SH   SOLE 0 15,775 0 0
American River Bankshares COM 029326105 380 24,950 SH   DFND 1 0 24,950 0
Anadarko Petroleum Corp. COM 032511107 3,326 62,000 SH   DFND 1 0 62,000 0
Apache Corporation COM 037411105 422 10,000 SH   SOLE 0 10,000 0 0
Atlantic Capital Bancshares COM 048269203 16,722 950,093 SH   DFND 1 0 950,093 0
BKF Capital Group, Inc. COM 05548G201 441 29,380 SH   DFND 1 0 29,380 0
BRT Realty Trust COM 055645303 1,985 168,369 SH   DFND 1 0 168,369 0
BMC Stock Holdings Inc. COM 05591B109 45,540 1,800,000 SH   DFND 1 0 1,800,000 0
Babcock & Wilcox Enterprises COM 05614L100 2,556 450,000 SH   DFND 1 0 450,000 0
Baker Hughes a GE Company CL A 05722G100 316 10,000 SH   SOLE 0 10,000 0 0
The Bancorp Bank COM 05969A105 4,026 407,500 SH   DFND 1 0 407,500 0
Banc of California, Inc. COM 05990K106 26,690 1,292,500 SH   DFND 1 0 1,292,500 0
Bank of America Corporation COM 060505104 590 20,000 SH   SOLE 0 20,000 0 0
Barnes & Noble Edu. Inc COM 06777U101 3,274 397,300 SH   DFND 1 0 397,300 0
Barnes & Noble Edu. Inc COM 06777U101 87 10,554 SH   SOLE 0 10,554 0 0
Bojangles' Inc. COM 097488100 5,546 470,000 SH   DFND 1 0 470,000 0
Boston Scientific Corp. COM 101137107 7,045 284,200 SH   DFND 1 0 284,200 0
Brighthouse Financial Inc. COM 10922N103 11,728 200,000 SH   DFND 1 0 200,000 0
CIBL, Inc. COM 12543Y104 323 215 SH   DFND 1 0 215 0
CIT Group Inc. COM NEW 125581801 26,338 535,000 SH   DFND 1 0 535,000 0
CIT Group Inc. COM 125581801 492 10,000 SH   SOLE 0 10,000 0 0
Carbon Natural Gas Co. COM 14115T208 1,989 211,112 SH   DFND 1 0 211,112 0
Carter Bank & Trust COM 146102108 14,981 853,600 SH   DFND 1 0 853,600 0
Central Steel & Wire Company COM 155411101 54 108 SH   DFND 1 0 108 0
Citizens Financial Group COM 174610105 7,347 175,000 SH   DFND 1 0 175,000 0
Clifton Bancorp, Inc. COM 186873105 5,020 293,568 SH   DFND 1 0 293,568 0
Continental Resources Inc. COM 212015101 5,297 100,000 SH   DFND 1 0 100,000 0
Continental Resources Inc. COM 212015101 13,772 260,000 SH   SOLE 0 260,000 0 0
Crimson Wine Group Ltd. COM 22662X100 10,341 969,200 SH   DFND 1 0 969,200 0
Devon Energy Corp. New COM 25179M103 2,898 70,000 SH   SOLE 0 70,000 0 0
Dolby Laboratories Inc. COM 25659T107 46,500 750,000 SH   DFND 1 0 750,000 0
Dolby Laboratories Inc. COM 25659T107 512 8,255 SH   SOLE 0 8,255 0 0
Donnelley Financial Solutions, Inc. COM 25787G100 2,436 125,000 SH   DFND 1 0 125,000 0
DowDuPont Inc. COM 26078J100 10,500 147,430 SH   DFND 1 0 147,430 0
DowDuPont Inc. COM 26078J100 2,283 32,050 SH   SOLE 0 32,050 0 0
Energen Corporation COM 29265N108 3,598 62,500 SH   DFND 1 0 62,500 0
Enduro Royalty Trust TR UNIT 29269K100 248 78,860 SH   DFND 1 0 78,860 0
Exxon Mobil Corp. COM 30231G102 1,673 20,000 SH   SOLE 0 20,000 0 0
FMC Corp. COM 30249U101 18,932 200,000 SH   DFND 1 0 200,000 0
FMC Corp. COM 30249U101 4,733 50,000 SH   SOLE 0 50,000 0 0
FSB Bancorp COM 30289C102 2,827 166,286 SH   DFND 1 0 166,286 0
Farmers & Merchants Bank COM 308243104 1,596 203 SH   SOLE 0 203 0 0
First Bank COM 31931U102 2,771 200,100 SH   DFND 1 0 200,100 0
Franklin Resources Inc. COM 354613101 9,151 211,200 SH   DFND 1 0 211,200 0
Franklin Resources Inc. COM 354613101 1,193 27,530 SH   SOLE 0 27,530 0 0
GAMCO Investors, Inc. COM 361438104 489 16,500 SH   DFND 1 0 16,500 0
General Electric Co. COM 369604103 70 4,000 SH   SOLE 0 4,000 0 0
Getty Realty Corp. COM 374297109 989 36,427 SH   SOLE 0 36,427 0 0
Global Eagle Entertainment COM 37951D102 229 100,000 SH   DFND 1 0 100,000 0
Groupon, Inc. COM 399473107 2,499 490,000 SH   DFND 1 0 490,000 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 155 5,000,000 SH   DFND 1 0 5,000,000 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 22 721,942 SH   SOLE 0 721,942 0 0
GulfMark Offshore, Inc. COM 402629505 3,839 134,759 SH   DFND 1 0 134,759 0
Gyrodyne, LLC COM 403829104 1,609 80,100 SH   DFND 1 0 80,100 0
Gyrodyne, LLC COM 403829104 94 4,658 SH   SOLE 0 4,658 0 0
Halliburton Co. COM 406216101 977 20,000 SH   SOLE 0 20,000 0 0
Helmerich & Payne Inc. COM 423452101 6,464 100,000 SH   DFND 1 0 100,000 0
Hess Corporation COM 42809H107 8,307 175,000 SH   DFND 1 0 175,000 0
Hess Corporation COM 42809H107 9,019 190,000 SH   SOLE 0 190,000 0 0
Highland Bankshares Inc. COM 430893107 2,895 396,458 SH   DFND 1 0 396,458 0
Howard Bancorp Inc. COM 442496105 1,100 50,000 SH   DFND 1 0 50,000 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 267 190,440 SH   SOLE 0 190,440 0 0
ICTC Group COM 44931F108 258 3,687 SH   DFND 1 0 3,687 0
ICC Holdings, Inc. COM 44931Q104 488 30,000 SH   DFND 1 0 30,000 0
Innoviva, Inc. COM 45781M101 745 52,500 SH   DFND 1 0 52,500 0
Intel Corp. COM 458140100 23,080 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 57,931 1,255,000 SH   SOLE 0 1,255,000 0 0
Investar Holding Corporation COM 46134L105 384 15,915 SH   DFND 1 0 15,915 0
Investors Bancorp, Inc. COM 46146L101 7,495 540,000 SH   DFND 1 0 540,000 0
JBG SMITH Properties COM 46590V100 104 3,000 SH   DFND 1 0 3,000 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 6,358 59,500 SH   DFND 1 0 59,500 0
Kearny Financial Corp. COM 48716P108 14,450 1,000,000 SH   DFND 1 0 1,000,000 0
Kemper Corp. COM 488401100 413 6,000 SH   SOLE 0 6,000 0 0
Keweenaw Land Association LTD. COM 493026108 99 1,000 SH   SOLE 0 1,000 0 0
Keysight Technologies, Inc. COM 49338L103 3,578 86,000 SH   DFND 1 0 86,000 0
LICT Corp. COM 50187G104 3,204 275 SH   DFND 1 0 275 0
Luther Burbank Corporation COM 550550107 1,505 125,000 SH   DFND 1 0 125,000 0
MB Bancorp Inc. COM 55280E104 2,686 170,559 SH   DFND 1 0 170,559 0
MSB Financial COM 55352L101 3,113 174,897 SH   DFND 1 0 174,897 0
The Macerich Company COM 554382101 6,568 100,000 SH   DFND 1 0 100,000 0
Meridian Bank of Malvern COM 58958P104 3,497 175,000 SH   DFND 1 0 175,000 0
Meridian Bancorp, Inc. COM 58958U103 2,060 100,000 SH   DFND 1 0 100,000 0
National Presto Industries, Inc. COM 637215104 2,337 23,500 SH   DFND 1 0 23,500 0
New York REIT COM 64976L109 1,611 410,000 SH   DFND 1 0 410,000 0
News Corp COM 65249B109 7,457 460,000 SH   DFND 1 0 460,000 0
NI Holdings Inc. COM 65342T106 4,394 258,750 SH   DFND 1 0 258,750 0
Northeast Bancorp COM 663904209 4,688 202,500 SH   DFND 1 0 202,500 0
Oaktree Specialty Lending Corp. COM 67401P108 489 100,000 SH   DFND 1 0 100,000 0
PCSB Financial COM 69324R104 381 20,000 SH   SOLE 0 20,000 0 0
Pandora Media Inc. COM 698354107 1,615 335,000 SH   DFND 1 0 335,000 0
Papa Murphy's Holdings COM 698814100 12,466 2,317,178 SH   DFND 1 0 2,317,178 0
Peapack-Gladstone Financial Corp. COM 704699107 3,530 100,800 SH   DFND 1 0 100,800 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 211 23,841 SH   SOLE 0 23,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 8,411 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 229 11,081 SH   SOLE 0 11,081 0 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 3,647 166,130 SH   DFND 1 0 166,130 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 2,072 94,388 SH   SOLE 0 94,388 0 0
Popular, Inc. COM UNIT RP IN 733174700 10,647 300,000 SH   DFND 1 0 300,000 0
Popular, Inc. COM UNIT RP IN 733174700 355 10,000 SH   SOLE 0 10,000 0 0
Prudential Bancorp Inc. COM 74431A101 2,135 121,287 SH   DFND 1 0 121,287 0
Quality Care Properties, Inc. COM 747545101 1,381 100,000 SH   DFND 1 0 100,000 0
Randolph Bancorp, Inc. COM 752378109 878 57,200 SH   DFND 1 0 57,200 0
Regions Financial Corp. COM 7591EP100 9,012 521,500 SH   DFND 1 0 521,500 0
SI Financial Group COM 78425V104 1,606 109,241 SH   DFND 1 0 109,241 0
S&W Seed Company COM 785135104 26,576 6,814,339 SH   DFND 1 0 6,814,339 0
William H. Sadlier, Inc. COM 786327106 1,347 21,217 SH   DFND 1 0 21,217 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 826 100,240 SH   SOLE 0 100,240 0 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 1,230 3,235,625 SH   DFND 1 0 3,235,625 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 132 348,043 SH   SOLE 0 348,043 0 0
ShotSpotter, Inc. COM 82536T107 4,104 292,116 SH   DFND 1 0 292,116 0
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 113 5,773 SH   SOLE 0 5,773 0 0
Tejon Ranch Co. COM 879080109 14,081 678,285 SH   DFND 1 0 678,285 0
Tenet Healthcare Corporation COM NEW 88033G407 6,064 400,000 SH   DFND 1 0 400,000 0
Teva Pharmaceutical Industries Ltd. SPONSORED ADR 881624209 1,987 104,875 SH   SOLE 0 104,875 0 0
Time Warner Inc. COM NEW 887317303 10,245 112,000 SH   DFND 1 0 112,000 0
Time Warner Inc. COM NEW 887317303 503 5,500 SH   SOLE 0 5,500 0 0
Trinity Place Holdings Inc. COM 89656D101 29,993 4,315,561 SH   DFND 1 0 4,315,561 0
Veeco Instruments Inc. COM 922417100 298 20,100 SH   DFND 1 0 20,100 0
Vornado Realty Trust SH BEN INT 929042109 469 6,000 SH   DFND 1 0 6,000 0
Waterstone Financial Inc. COM 94188P101 20,283 1,189,617 SH   DFND 1 0 1,189,617 0
Westlake Chemical Corp. COM 960413102 23,969 225,000 SH   DFND 1 0 225,000 0
Williams-Sonoma, Inc. COM 969904101 3,981 77,000 SH   DFND 1 0 77,000 0
Wright Investors Service Holdings COM 982345100 429 825,691 SH   DFND 1 0 825,691 0
XPO Logistics, Inc. COM 983793100 16,028 175,000 SH   DFND 1 0 175,000 0
XPO Logistics, Inc. COM 983793100 733 8,000 SH   SOLE 0 8,000 0 0
York Traditions Bank COM 987159100 2,391 131,000 SH   DFND 1 0 131,000 0
Belmond Ltd. Class A COM G1154H107 4,165 340,000 SH   DFND 1 0 340,000 0
TechnipFMC plc COM G87110105 13,626 435,200 SH   DFND 1 0 435,200 0
Chubb Limited COM h1467j104 4,925 33,706 SH   DFND 1 0 33,706 0
Constellium N.V. CL A N22035104 2,230 200,000 SH   DFND 1 0 200,000 0