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
AT&T Inc. COM 00206R102 23,290 695,025 SH   DFND 1 0 695,025 0
AT&T Inc. COM 00206R102 1,596 47,623 SH   SOLE 0 47,623 0 0
Advanced Emissions Solutions Inc. COM 00770C101 10,112 800,000 SH   DFND 1 0 800,000 0
Alcentra Capital Corp COM 01374T102 1,774 211,717 SH   DFND 1 0 211,717 0
Alliance Data Systems Corp COM 018581108 11,224 80,100 SH   DFND 1 0 80,100 0
Alphabet Inc. CAP STK CL A 02079K305 3,248 3,000 SH   SOLE 0 3,000 0 0
American Midstream Partners LP COM UNITS 02752P100 4,489 868,230 SH   DFND 1 0 868,230 0
American Midstream Partners LP COM UNITS 02752P100 30 5,775 SH   SOLE 0 5,775 0 0
American River Bankshares COM 029326105 130 10,602 SH   DFND 1 0 10,602 0
Anadarko Petroleum Corp. COM 032511107 10,584 150,000 SH   DFND 1 0 150,000 0
Anterix Inc COM 03676C100 1,951 41,500 SH   DFND 1 0 41,500 0
Atlantic Capital Bancshares COM 048269203 16,266 950,093 SH   DFND 1 0 950,093 0
Avaya Holdings Corp COM 05351X101 488 41,000 SH   DFND 1 0 41,000 0
BKF Capital Group, Inc. COM 05548G201 285 29,380 SH   DFND 1 0 29,380 0
BRT Realty Trust COM 055645303 2,045 144,700 SH   DFND 1 0 144,700 0
BMC Stock Holdings Inc. COM 05591B109 9,414 444,039 SH   DFND 1 0 444,039 0
Baker Hughes a GE Company CL A 05722G100 246 10,000 SH   SOLE 0 10,000 0 0
The Bancorp Bank COM 05969A105 3,635 407,500 SH   DFND 1 0 407,500 0
Banc of California, Inc. COM 05990K106 18,685 1,337,500 SH   DFND 1 0 1,337,500 0
Bank of America Corporation COM 060505104 203 7,000 SH   SOLE 0 7,000 0 0
Blackberry Limited COM 09228F103 7,460 1,000,000 SH   DFND 1 0 1,000,000 0
Blackberry Limited COM 09228F103 470 63,000 SH   SOLE 0 63,000 0 0
CBM Bancorp, Inc. COM 1248XT104 345 25,000 SH   DFND 1 0 25,000 0
CIBL, Inc. COM 12543Y104 386 215 SH   DFND 1 0 215 0
CIT Group Inc. COM NEW 125581801 31,393 597,500 SH   DFND 1 0 597,500 0
CIT Group Inc. COM NEW 125581801 525 10,000 SH   SOLE 0 10,000 0 0
Campbell Soup Company COM 134429109 11,620 290,000 SH   DFND 1 0 290,000 0
Carbon Natural Gas Co. COM 14115T208 1,056 211,112 SH   DFND 1 0 211,112 0
Carter Bank & Trust COM 146102108 16,519 836,400 SH   DFND 1 0 836,400 0
Celgene Corp. COM 151020104 12,017 130,000 SH   DFND 1 0 130,000 0
CIRCOR International Inc. COM 17273K109 34 734 SH   DFND 1 0 734 0
Columbia Financial Inc. COM 197641103 7,550 500,000 SH   DFND 1 0 500,000 0
Continental Resources Inc. COM 212015101 4,209 100,000 SH   DFND 1 0 100,000 0
Continental Resources Inc. COM 212015101 7,155 170,000 SH   SOLE 0 170,000 0 0
Corteva, Inc. COM 22052L104 647 21,878 SH   SOLE 0 21,878 0 0
Crimson Wine Group Ltd. COM 22662X100 8,800 1,100,000 SH   DFND 1 0 1,100,000 0
Devon Energy Corp. New COM 25179M103 970 34,000 SH   SOLE 0 34,000 0 0
Dolby Laboratories Inc. COM CL A 25659T107 35,071 542,900 SH   DFND 1 0 542,900 0
Dolby Laboratories Inc. COM CL A 25659T107 210 3,255 SH   SOLE 0 3,255 0 0
Dow Inc. COM 260557103 2,367 48,000 SH   DFND 1 0 48,000 0
Dow Inc. COM 260557103 997 20,212 SH   SOLE 0 20,212 0 0
Du Pont E I De Nemours & Co COM 26614N102 7,207 96,000 SH   DFND 1 0 96,000 0
Du Pont E I De Nemours & Co COM 26614N102 1,642 21,878 SH   SOLE 0 21,878 0 0
Extraction Oil & Gas, Inc. COM 30227M105 1,434 331,200 SH   DFND 1 0 331,200 0
Exxon Mobil Corp. COM 30231G102 843 11,000 SH   SOLE 0 11,000 0 0
FMC Corp. COM NEW 302491303 20,945 252,500 SH   DFND 1 0 252,500 0
FMC Corp. COM NEW 302491303 3,318 40,000 SH   SOLE 0 40,000 0 0
FSB Bancorp COM 30289C102 3,271 181,713 SH   DFND 1 0 181,713 0
Farmers & Merchants Bank COM 308243104 1,685 203 SH   SOLE 0 203 0 0
Federal Life Group, Inc. COM 313533101 1 100 SH   DFND 1 0 100 0
Federal Life Group, Inc. COM 313533101 1 100 SH   SOLE 0 100 0 0
First Bank COM 31931U102 2,349 200,100 SH   DFND 1 0 200,100 0
First of Long Island Corp COM 320734106 1,707 85,000 SH   DFND 1 0 85,000 0
First Midwest Bancorp. COM 320867104 5,868 286,677 SH   DFND 1 0 286,677 0
Fox Corporation Class A CL B COM 35137L105 305 8,333 SH   DFND 1 0 8,333 0
Fox Corporation Class B CL A COM 35137L204 1,339 36,666 SH   DFND 1 0 36,666 0
Franklin Resources Inc. COM 354613101 7,785 223,700 SH   DFND 1 0 223,700 0
Franklin Resources Inc. COM 354613101 958 27,530 SH   SOLE 0 27,530 0 0
GAMCO Investors, Inc. COM 361438104 1,035 54,000 SH   DFND 1 0 54,000 0
General Electric Company COM 369604103 2,100 200,000 SH   DFND 1 0 200,000 0
Groupon, Inc. COM 399473107 8,234 2,300,000 SH   DFND 1 0 2,300,000 0
Groupon, Inc. COM 399473107 716 200,000 SH   SOLE 0 200,000 0 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 96 5,000,000 SH   DFND 1 0 5,000,000 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 14 721,942 SH   SOLE 0 721,942 0 0
Gyrodyne, LLC COM 403829104 1,544 80,850 SH   DFND 1 0 80,850 0
Gyrodyne, LLC COM 403829104 89 4,658 SH   SOLE 0 4,658 0 0
Halliburton Co. COM 406216101 341 15,000 SH   SOLE 0 15,000 0 0
Helmerich & Payne Inc. COM 423452101 5,062 100,000 SH   DFND 1 0 100,000 0
Hess Corporation COM 42809H107 2,116 33,282 SH   SOLE 0 33,282 0 0
Highland Bankshares Inc. COM 430893107 2,755 396,458 SH   DFND 1 0 396,458 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 69 190,440 SH   SOLE 0 190,440 0 0
ICC Holdings, Inc. COM 44931Q104 688 49,630 SH   DFND 1 0 49,630 0
Innoviva, Inc. COM 45781M101 764 52,500 SH   DFND 1 0 52,500 0
Intel Corp. COM 458140100 38,698 808,400 SH   DFND 1 0 808,400 0
Intel Corp. COM 458140100 58,933 1,231,100 SH   SOLE 0 1,231,100 0 0
Investors Bancorp, Inc. COM 46146L101 14,411 1,292,500 SH   DFND 1 0 1,292,500 0
Ironwood Pharmaceuticals COM CL A 46333X108 91 8,358 SH   DFND 1 0 8,358 0
Jack in the Box Inc. COM 466367109 2,710 33,302 SH   DFND 1 0 33,302 0
Jefferies Financial Group COM 47233W109 8,990 467,500 SH   DFND 1 0 467,500 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 1,952 20,000 SH   DFND 1 0 20,000 0
Kearny Financial Corp. COM 48716P108 8,306 625,000 SH   DFND 1 0 625,000 0
LICT Corp. COM 50187G104 4,510 275 SH   DFND 1 0 275 0
Livent Corp. COM 53814L108 3,633 525,000 SH   DFND 1 0 525,000 0
Livent Corp. COM 53814L108 291 42,088 SH   SOLE 0 42,088 0 0
Luther Bank Corp COM 550550107 3,321 305,000 SH   DFND 1 0 305,000 0
MB Bancorp Inc. COM 55280E104 2,778 171,459 SH   DFND 1 0 171,459 0
MSB Financial COM 55352L101 2,678 174,897 SH   DFND 1 0 174,897 0
The Medicines Company COM 584688105 4,577 125,500 SH   DFND 1 0 125,500 0
Mercantil Bank Holding Corp. CL A NEW 58734F305 7,607 385,939 SH   DFND 1 0 385,939 0
Meredith Corp. COM 589433101 19,282 350,200 SH   DFND 1 0 350,200 0
Meridian Corp. COM 58958P104 5,073 300,190 SH   DFND 1 0 300,190 0
Meridian Bancorp, Inc. COM 58958U103 1,789 100,000 SH   DFND 1 0 100,000 0
Mid-Southern Bancorp COM 59548Q107 2,036 161,485 SH   DFND 1 0 161,485 0
Bunge Limited COM 616962105 5,571 100,000 SH   DFND 1 0 100,000 0
Bunge Limited COM 616962105 2,228 40,000 SH   SOLE 0 40,000 0 0
News Corp COM 65249B109 6,273 465,000 SH   DFND 1 0 465,000 0
NI Holdings Inc. COM 65342T106 8,236 467,662 SH   DFND 1 0 467,662 0
Northeast Bancorp COM 663904209 6,389 231,637 SH   DFND 1 0 231,637 0
Oaktree Specialty Lending Corp. COM 67401P108 814 150,100 SH   DFND 1 0 150,100 0
PDL Community Bancorp COM 69290X101 1,023 71,565 SH   DFND 1 0 71,565 0
PG&E Corporation COM 69331C108 970 42,301 SH   DFND 1 0 42,301 0
Peapack-Gladstone Financial Corp. COM 704699107 2,834 100,800 SH   DFND 1 0 100,800 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 84 13,841 SH   SOLE 0 13,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 9,923 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 270 11,081 SH   SOLE 0 11,081 0 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 4,148 166,130 SH   DFND 1 0 166,130 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 2,357 94,388 SH   SOLE 0 94,388 0 0
Popular, Inc. COM UNIT RP IN 733174700 13,153 242,500 SH   DFND 1 0 242,500 0
Positive Phyisicians Holdings Inc COM 73740G106 6 450 SH   DFND 1 0 450 0
Positive Phyisicians Holdings Inc COM 73740G106 6 450 SH   SOLE 0 450 0 0
Prudential Bancorp Inc. COM 74431A101 2,458 129,896 SH   DFND 1 0 129,896 0
Red Hat, Inc. COM 756577102 4,225 22,500 SH   DFND 1 0 22,500 0
Red Lion Hotels Corp COM 756764106 826 116,216 SH   DFND 1 0 116,216 0
Regions Financial Corp. COM 7591EP100 4,734 316,878 SH   DFND 1 0 316,878 0
S&W Seed Company COM 785135104 42,095 15,945,017 SH   DFND 1 0 15,945,017 0
William H. Sadlier, Inc. COM 786327106 1,125 21,217 SH   DFND 1 0 21,217 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 384 100,240 SH   SOLE 0 100,240 0 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 1,683 3,235,625 SH   DFND 1 0 3,235,625 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 181 348,043 SH   SOLE 0 348,043 0 0
South Plains Financial, Inc. COM 83946P107 667 40,400 SH   DFND 1 0 40,400 0
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 81 5,773 SH   SOLE 0 5,773 0 0
Tejon Ranch Co. COM 879080109 7,548 455,000 SH   DFND 1 0 455,000 0
Teva Pharmaceutical Industries Ltd. SPONSORED ADR 881624209 968 104,875 SH   SOLE 0 104,875 0 0
Tidewater Warrant Exp 11/24/24 *W EXP 11/24/202 88642R174 8 7,444 SH   DFND 1 0 7,444 0
Trinity Place Holdings Inc. COM 89656D101 26,499 6,708,538 SH   DFND 1 0 6,708,538 0
Vornado Realty Trust SH BEN INT 929042109 6,923 108,000 SH   DFND 1 0 108,000 0
WABCO Holdings Inc. COM 92927K102 16,244 122,500 SH   DFND 1 0 122,500 0
Wabtec Corp COM 929740108 66 913 SH   DFND 1 0 913 0
Waterstone Financial Inc. COM 94188P101 16,548 970,000 SH   DFND 1 0 970,000 0
Westlake Chemical Corp. COM 960413102 6,376 91,800 SH   DFND 1 0 91,800 0
Wright Investors Service Holdings COM 982345100 330 825,691 SH   DFND 1 0 825,691 0
York Traditions Bank COM 987159100 2,810 144,100 SH   DFND 1 0 144,100 0
TechnipFMC plc COM G87110105 8,358 322,200 SH   DFND 1 0 322,200 0
Chubb Limited COM h1467j104 4,965 33,706 SH   DFND 1 0 33,706 0
Constellium N.V. COM N22035104 3,112 310,000 SH   DFND 1 0 310,000 0