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
Alliance Data Systems Corp COM 018581108 14,692 63,000 SH   DFND 1 0 63,000 0
American River Bankshares COM 029326105 395 24,950 SH   DFND 1 0 24,950 0
Anadarko Petroleum Corp. COM 032511107 4,542 62,000 SH   DFND 1 0 62,000 0
Atlantic Capital Bancshares COM 048269203 18,669 950,093 SH   DFND 1 0 950,093 0
BRT Realty Trust COM 055645303 2,147 168,369 SH   DFND 1 0 168,369 0
Bank of America Corporation COM 060505104 282 10,000 SH   SOLE 0 10,000 0 0
Boardwalk Pipeline Partners, LP UT LTD PARTNER 096627104 4,090 351,998 SH   DFND 1 0 351,998 0
Boston Scientific Corp. COM 101137107 3,352 102,500 SH   DFND 1 0 102,500 0
CIT Group Inc. COM NEW 125581801 29,364 582,500 SH   DFND 1 0 582,500 0
CIT Group Inc. COM NEW 125581801 504 10,000 SH   SOLE 0 10,000 0 0
Carter Bank & Trust COM 146102108 16,008 891,327 SH   DFND 1 0 891,327 0
Central Steel & Wire Company COM 155411101 1,451 2,379 SH   DFND 1 0 2,379 0
Columbia Financial Inc. COM 197641103 8,275 500,000 SH   DFND 1 0 500,000 0
Continental Resources Inc. COM 212015101 6,476 100,000 SH   DFND 1 0 100,000 0
Continental Resources Inc. COM 212015101 12,304 190,000 SH   SOLE 0 190,000 0 0
Coty Inc. COM CL A 222070203 4,301 305,000 SH   DFND 1 0 305,000 0
Farmers & Merchants Bank COM 308243104 1,656 203 SH   SOLE 0 203 0 0
Forest City Realty Trust A Shares COM CL A 345605109 771 33,819 SH   DFND 1 0 33,819 0
Franklin Resources Inc. COM 354613101 6,689 208,700 SH   DFND 1 0 208,700 0
Franklin Resources Inc. COM 354613101 882 27,530 SH   SOLE 0 27,530 0 0
GAMCO Investors, Inc. COM 361438104 1,445 54,000 SH   DFND 1 0 54,000 0
General Electric Co. COM 369604103 547 40,200 SH   DFND 1 0 40,200 0
Groupon, Inc. COM 399473107 2,387 555,000 SH   DFND 1 0 555,000 0
Gyrodyne, LLC COM 403829104 1,658 80,100 SH   DFND 1 0 80,100 0
Gyrodyne, LLC COM 403829104 96 4,658 SH   SOLE 0 4,658 0 0
Halliburton Co. COM 406216101 676 15,000 SH   SOLE 0 15,000 0 0
Helmerich & Payne Inc. COM 423452101 6,376 100,000 SH   DFND 1 0 100,000 0
Highland Bankshares Inc. COM 430893107 2,894 396,458 SH   DFND 1 0 396,458 0
Howard Bancorp Inc. COM 442496105 720 40,000 SH   DFND 1 0 40,000 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 124 190,440 SH   SOLE 0 190,440 0 0
Intel Corp. COM 458140100 39,768 800,000 SH   DFND 1 0 800,000 0
Intel Corp. COM 458140100 62,138 1,250,000 SH   SOLE 0 1,250,000 0 0
KLX Inc. COM 482539103 14,380 200,000 SH   DFND 1 0 200,000 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 5,913 56,800 SH   DFND 1 0 56,800 0
Luther Bank Corp COM 550550107 1,438 125,000 SH   DFND 1 0 125,000 0
The Macerich Company COM 554382101 5,683 100,000 SH   DFND 1 0 100,000 0
Meredith Corp. COM 589433101 18,268 358,200 SH   DFND 1 0 358,200 0
Bunge Limited COM 616962105 17,776 255,000 SH   DFND 1 0 255,000 0
Bunge Limited COM 616962105 2,788 40,000 SH   SOLE 0 40,000 0 0
National Presto Industries, Inc. COM 637215104 310 2,500 SH   DFND 1 0 2,500 0
Northeast Bancorp COM 663904209 4,415 202,500 SH   DFND 1 0 202,500 0
Papa Murphy's Holdings COM 698814100 14,049 2,531,369 SH   DFND 1 0 2,531,369 0
Park Electrochemical Corp COM 700416209 996 42,955 SH   DFND 1 0 42,955 0
Peapack-Gladstone Financial Corp. COM 704699107 3,487 100,800 SH   DFND 1 0 100,800 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 129 13,841 SH   SOLE 0 13,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 9,633 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 262 11,081 SH   SOLE 0 11,081 0 0
Popular, Inc. COM UNIT RP IN 733174700 13,563 300,000 SH   DFND 1 0 300,000 0
Popular, Inc. COM UNIT RP IN 733174700 226 5,000 SH   SOLE 0 5,000 0 0
S&W Seed Company COM 785135104 23,082 7,102,300 SH   DFND 1 0 7,102,300 0
William H. Sadlier, Inc. COM 786327106 1,167 21,217 SH   DFND 1 0 21,217 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 580 100,240 SH   SOLE 0 100,240 0 0
Tejon Ranch Co. COM 879080109 11,057 455,000 SH   DFND 1 0 455,000 0
Teva Pharmaceutical Industries Ltd. SPONSORED ADR 881624209 2,551 104,875 SH   SOLE 0 104,875 0 0
Vornado Realty Trust SH BEN INT 929042109 6,919 93,600 SH   DFND 1 0 93,600 0
Westlake Chemical Corp. COM 960413102 9,880 91,800 SH   DFND 1 0 91,800 0
Williams-Sonoma, Inc. COM 969904101 4,726 77,000 SH   DFND 1 0 77,000 0
Wright Investors Service Holdings COM 982345100 339 825,691 SH   DFND 1 0 825,691 0
XPO Logistics, Inc. COM 983793100 11,721 117,000 SH   DFND 1 0 117,000 0
XPO Logistics, Inc. COM 983793100 801 8,000 SH   SOLE 0 8,000 0 0
York Traditions Bank COM 987159100 2,640 131,000 SH   DFND 1 0 131,000 0
MB Bancorp Inc. COM 55280E104 2,831 170,559 SH   DFND 1 0 170,559 0
AT&T Inc. COM 00206R102 24,083 750,000 SH   DFND 1 0 750,000 0
AT&T Inc. COM 00206R102 1,529 47,623 SH   SOLE 0 47,623 0 0
Advanced Emissions Solutions Inc. COM 00770C101 9,088 800,000 SH   DFND 1 0 800,000 0
Alphabet Inc. CAP STK CL A 02079K305 3,388 3,000 SH   SOLE 0 3,000 0 0
American Midstream Partners LP COM UNIT RP IN 02752P100 6,831 669,724 SH   DFND 1 0 669,724 0
American Midstream Partners LP COM UNIT RP IN 02752P100 59 5,775 SH   SOLE 0 5,775 0 0
BKF Capital Group, Inc. COM 05548G201 332 29,380 SH   DFND 1 0 29,380 0
BMC Stock Holdings Inc. COM 05591B109 37,530 1,800,000 SH   DFND 1 0 1,800,000 0
Babcock & Wilcox Enterprises COM 05614L100 3,551 1,491,983 SH   DFND 1 0 1,491,983 0
The Bancorp Bank COM 05969A105 4,262 407,500 SH   DFND 1 0 407,500 0
Banc of California, Inc. COM 05990K106 25,268 1,292,500 SH   DFND 1 0 1,292,500 0
Barnes & Noble Edu. Inc COM 06777U101 2,241 397,300 SH   DFND 1 0 397,300 0
Barnes & Noble Edu. Inc COM 06777U101 60 10,554 SH   SOLE 0 10,554 0 0
Blackberry Limited COM 09228F103 2,343 242,754 SH   DFND 1 0 242,754 0
Brighthouse Financial Inc. COM 10922N103 8,014 200,000 SH   DFND 1 0 200,000 0
CIBL, Inc. COM 12543Y104 323 215 SH   DFND 1 0 215 0
Carbon Natural Gas Co. COM 14115T208 1,989 211,112 SH   DFND 1 0 211,112 0
Comcast Corp. CL A 20030N101 3,282 100,000 SH   DFND 1 0 100,000 0
Crimson Wine Group Ltd. COM 22662X100 8,965 969,200 SH   DFND 1 0 969,200 0
Devon Energy Corp. New COM 25179M103 1,934 44,000 SH   SOLE 0 44,000 0 0
Dolby Laboratories Inc. COM 25659T107 41,917 679,471 SH   DFND 1 0 679,471 0
Dolby Laboratories Inc. COM 25659T107 509 8,255 SH   SOLE 0 8,255 0 0
DowDuPont Inc. COM 26078J100 11,206 170,000 SH   DFND 1 0 170,000 0
DowDuPont Inc. COM 26078J100 3,997 60,640 SH   SOLE 0 60,640 0 0
Energen Corporation COM 29265N108 728 10,000 SH   DFND 1 0 10,000 0
Enduro Royalty Trust TR UNIT 29269K100 292 78,860 SH   DFND 1 0 78,860 0
Exxon Mobil Corp. COM 30231G102 1,075 13,000 SH   SOLE 0 13,000 0 0
FMC Corp. COM 30249U101 22,305 250,000 SH   DFND 1 0 250,000 0
FMC Corp. COM 30249U101 4,015 45,000 SH   SOLE 0 45,000 0 0
FSB Bancorp COM 30289C102 2,952 166,286 SH   DFND 1 0 166,286 0
First Bank COM 31931U102 2,781 200,100 SH   DFND 1 0 200,100 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 428 5,000,000 SH   DFND 1 0 5,000,000 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 62 721,942 SH   SOLE 0 721,942 0 0
Hess Corporation COM 42809H107 2,742 41,000 SH   DFND 1 0 41,000 0
Hess Corporation COM 42809H107 7,577 113,282 SH   SOLE 0 113,282 0 0
ICTC Group COM 44931F108 258 3,687 SH   DFND 1 0 3,687 0
ICC Holdings, Inc. COM 44931Q104 647 40,488 SH   DFND 1 0 40,488 0
Innoviva, Inc. COM 45781M101 725 52,500 SH   DFND 1 0 52,500 0
Investors Bancorp, Inc. COM 46146L101 7,098 555,000 SH   DFND 1 0 555,000 0
Kearny Financial Corp. COM 48716P108 18,732 1,392,697 SH   DFND 1 0 1,392,697 0
LICT Corp. COM 50187G104 3,836 275 SH   DFND 1 0 275 0
MSB Financial COM 55352L101 3,760 174,897 SH   DFND 1 0 174,897 0
Baker Hughes a GE Company CL A 05722G100 330 10,000 SH   SOLE 0 10,000 0 0
Meridian Bank of Malvern COM 58958P104 3,576 196,600 SH   DFND 1 0 196,600 0
Meridian Bancorp, Inc. COM 58958U103 1,915 100,000 SH   DFND 1 0 100,000 0
New York REIT COM 64976L109 748 41,000 SH   DFND 1 0 41,000 0
News Corp COM 65249B109 7,208 465,000 SH   DFND 1 0 465,000 0
NI Holdings Inc. COM 65342T106 6,842 403,667 SH   DFND 1 0 403,667 0
Oaktree Specialty Lending Corp. COM 67401P108 598 125,000 SH   DFND 1 0 125,000 0
pdvWireless COM 69290R104 1,096 43,915 SH   DFND 1 0 43,915 0
PCSB Financial COM 69324R104 397 20,000 SH   SOLE 0 20,000 0 0
PG&E Corporation COM 69331C108 409 9,620 SH   DFND 1 0 9,620 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 3,972 166,130 SH   DFND 1 0 166,130 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 2,257 94,388 SH   SOLE 0 94,388 0 0
Prudential Bancorp Inc. COM 74431A101 2,507 129,896 SH   DFND 1 0 129,896 0
Regions Financial Corp. COM 7591EP100 8,801 495,000 SH   DFND 1 0 495,000 0
SI Financial Group COM 78425V104 1,611 109,241 SH   DFND 1 0 109,241 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 1,618 3,235,625 SH   DFND 1 0 3,235,625 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 174 348,043 SH   SOLE 0 348,043 0 0
ShotSpotter, Inc. COM 82536T107 2,082 54,900 SH   DFND 1 0 54,900 0
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 97 5,773 SH   SOLE 0 5,773 0 0
Trinity Place Holdings Inc. COM 89656D101 29,245 4,464,896 SH   DFND 1 0 4,464,896 0
Waterstone Financial Inc. COM 94188P101 20,356 1,193,922 SH   DFND 1 0 1,193,922 0
Belmond Ltd. Class A COM G1154H107 3,791 340,000 SH   DFND 1 0 340,000 0
TechnipFMC plc COM G87110105 10,227 322,200 SH   DFND 1 0 322,200 0
Chubb Limited COM h1467j104 4,281 33,706 SH   DFND 1 0 33,706 0
Constellium N.V. COM N22035104 2,060 200,000 SH   DFND 1 0 200,000 0