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 19,866 525,000 SH   DFND 1 0 525,000 0
AT&T Inc. COM 00206R102 1,802 47,623 SH   SOLE 0 47,623 0 0
Advanced Emissions Solutions Inc. COM 00770C101 11,872 800,000 SH   DFND 1 0 800,000 0
Alcentra Capital Corp COM 01374T102 1,459 164,090 SH   DFND 1 0 164,090 0
Alliance Data Systems Corp COM 018581108 7,662 59,800 SH   DFND 1 0 59,800 0
Alphabet Inc. CAP STK CL A 02079K305 3,663 3,000 SH   SOLE 0 3,000 0 0
Altaba Inc. COM 021346101 925 47,500 SH   DFND 1 0 47,500 0
Altaba Inc. COM 021346101 198 10,141 SH   SOLE 0 10,141 0 0
Altria Group Inc. COM 02209S103 4,295 105,000 SH   DFND 1 0 105,000 0
Amazon.Com Inc. COM 023135106 1,736 1,000 SH   SOLE 0 1,000 0 0
Amerant Bancorp Inc. CL A 023576101 6,081 290,000 SH   DFND 1 0 290,000 0
Anterix Inc COM 03676C100 1,627 44,931 SH   DFND 1 0 44,931 0
Atlantic Capital Bancshares COM 048269203 16,475 950,093 SH   DFND 1 0 950,093 0
BKF Capital Group, Inc. COM 05548G201 367 29,380 SH   DFND 1 0 29,380 0
BRT Realty Trust COM 055645303 948 65,000 SH   DFND 1 0 65,000 0
Baker Hughes Company COM 05722G100 232 10,000 SH   SOLE 0 10,000 0 0
The Bancorp Bank COM 05969A105 4,034 407,500 SH   DFND 1 0 407,500 0
Banc of California, Inc. COM 05990K106 18,912 1,337,500 SH   DFND 1 0 1,337,500 0
Bank of America Corporation COM 060505104 204 7,000 SH   SOLE 0 7,000 0 0
Blackberry Limited COM 09228F103 6,405 1,220,000 SH   DFND 1 0 1,220,000 0
Blackberry Limited COM 09228F103 331 63,000 SH   SOLE 0 63,000 0 0
Boeing Co. COM 097023105 551 1,447 SH   SOLE 0 1,447 0 0
CBM Bancorp, Inc. COM 1248XT104 350 25,000 SH   DFND 1 0 25,000 0
CIBL, Inc. COM 12543Y104 398 215 SH   DFND 1 0 215 0
CIT Group Inc. COM NEW 125581801 27,639 610,000 SH   DFND 1 0 610,000 0
CIT Group Inc. COM NEW 125581801 453 10,000 SH   SOLE 0 10,000 0 0
Campbell Soup Company COM 134429109 13,607 290,000 SH   DFND 1 0 290,000 0
Carbon Natural Gas Co. COM 14115T208 844 211,112 SH   DFND 1 0 211,112 0
Carter Bank & Trust COM 146102108 15,758 834,175 SH   DFND 1 0 834,175 0
Celgene Corp. COM 151020104 13,902 140,000 SH   DFND 1 0 140,000 0
Columbia Financial Inc. COM 197641103 7,895 500,000 SH   DFND 1 0 500,000 0
Continental Resources Inc. COM 212015101 3,079 100,000 SH   DFND 1 0 100,000 0
Continental Resources Inc. COM 212015101 5,234 170,000 SH   SOLE 0 170,000 0 0
Crimson Wine Group Ltd. COM 22662X100 8,305 1,100,000 SH   DFND 1 0 1,100,000 0
Devon Energy Corp. New COM 25179M103 818 34,000 SH   SOLE 0 34,000 0 0
The Walt Disney Company COM DISNEY 254687106 269 2,065 SH   SOLE 0 2,065 0 0
Dolby Laboratories Inc. COM CL A 25659T107 44,875 694,231 SH   DFND 1 0 694,231 0
Dolby Laboratories Inc. COM CL A 25659T107 210 3,255 SH   SOLE 0 3,255 0 0
Dow Inc. COM 260557103 963 20,212 SH   SOLE 0 20,212 0 0
Du Pont E I De Nemours & Co COM 26614N102 6,275 88,000 SH   DFND 1 0 88,000 0
Du Pont E I De Nemours & Co COM 26614N102 1,441 20,212 SH   SOLE 0 20,212 0 0
Energy Transfer LP COM UT LTD PTN 29273V100 460 35,168 SH   SOLE 0 35,168 0 0
Extraction Oil & Gas, Inc. COM 30227M105 974 331,200 SH   DFND 1 0 331,200 0
Exxon Mobil Corp. COM 30231G102 777 11,000 SH   SOLE 0 11,000 0 0
FLIR Systems Inc. COM 302445101 201 3,822 SH   SOLE 0 3,822 0 0
FMC Corp. COM NEW 302491303 17,536 200,000 SH   DFND 1 0 200,000 0
FSB Bancorp COM 30289C102 3,205 187,130 SH   DFND 1 0 187,130 0
Facebook Inc. CL A 30303M102 961 5,395 SH   SOLE 0 5,395 0 0
Farmers & Merchants Bank COM 308243104 1,614 203 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 2,167 200,100 SH   DFND 1 0 200,100 0
First of Long Island Corp COM 320734106 1,934 85,000 SH   DFND 1 0 85,000 0
First Midwest Bancorp. COM 320867104 5,584 286,677 SH   DFND 1 0 286,677 0
Fox Corporation Class A CL A COM 35137L105 263 8,333 SH   DFND 1 0 8,333 0
Fox Corporation Class B CL B COM 35137L204 1,156 36,666 SH   DFND 1 0 36,666 0
Franklin Resources Inc. COM 354613101 7,469 258,800 SH   DFND 1 0 258,800 0
Franklin Resources Inc. COM 354613101 1,083 37,530 SH   SOLE 0 37,530 0 0
GAMCO Investors, Inc. COM 361438104 1,056 54,000 SH   DFND 1 0 54,000 0
Groupon, Inc. COM 399473107 6,118 2,300,000 SH   DFND 1 0 2,300,000 0
Groupon, Inc. COM 399473107 532 200,000 SH   SOLE 0 200,000 0 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 154 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
Gyrodyne, LLC COM 403829104 1,581 80,850 SH   DFND 1 0 80,850 0
Gyrodyne, LLC COM 403829104 91 4,658 SH   SOLE 0 4,658 0 0
Halliburton Co. COM 406216101 283 15,000 SH   SOLE 0 15,000 0 0
HarborOne Bancorp Inc. NEW COM NEW 41165Y100 281 27,882 SH   DFND 1 0 27,882 0
Helmerich & Payne Inc. COM 423452101 4,008 100,000 SH   DFND 1 0 100,000 0
Hess Corporation COM 42809H107 2,013 33,282 SH   SOLE 0 33,282 0 0
Highland Bankshares Inc. COM 430893107 2,282 270,000 SH   DFND 1 0 270,000 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 55 190,440 SH   SOLE 0 190,440 0 0
Huntsman Corp. COM 447011107 51 2,198 SH   SOLE 0 2,198 0 0
ICC Holdings, Inc. COM 44931Q104 682 49,630 SH   DFND 1 0 49,630 0
Innoviva, Inc. COM 45781M101 553 52,500 SH   DFND 1 0 52,500 0
Intel Corp. COM 458140100 41,657 808,400 SH   DFND 1 0 808,400 0
Intel Corp. COM 458140100 63,439 1,231,100 SH   SOLE 0 1,231,100 0 0
Investors Bancorp, Inc. COM 46146L101 14,683 1,292,500 SH   DFND 1 0 1,292,500 0
Jefferies Financial Group COM 47233W109 8,920 484,500 SH   DFND 1 0 484,500 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 1,979 20,000 SH   DFND 1 0 20,000 0
Kearny Financial Corp. COM 48716P108 6,128 469,953 SH   DFND 1 0 469,953 0
LICT Corp. COM 50187G104 5,390 275 SH   DFND 1 0 275 0
Las Vegas Sands Corp. COM 517834107 242 4,195 SH   SOLE 0 4,195 0 0
Livent Corp. COM 53814L108 3,518 525,000 SH   DFND 1 0 525,000 0
Livent Corp. COM 53814L108 282 42,088 SH   SOLE 0 42,088 0 0
Luther Bank Corp COM 550550107 3,456 305,000 SH   DFND 1 0 305,000 0
MB Bancorp Inc. COM 55280E104 2,690 171,459 SH   DFND 1 0 171,459 0
MSB Financial COM 55352L101 2,816 174,897 SH   DFND 1 0 174,897 0
Madison Square Garden Co New CL A 55825T103 161 612 SH   SOLE 0 612 0 0
Masco Corp. COM 574599106 202 4,840 SH   SOLE 0 4,840 0 0
Meredith Corp. COM 589433101 7,882 215,000 SH   DFND 1 0 215,000 0
Meridian Corp. COM 58958P104 5,328 300,190 SH   DFND 1 0 300,190 0
Meridian Bancorp, Inc. COM 58958U103 1,875 100,000 SH   DFND 1 0 100,000 0
Mid-Southern Bancorp COM 59548Q107 2,263 169,485 SH   DFND 1 0 169,485 0
Bunge Limited COM 616962105 5,662 100,000 SH   DFND 1 0 100,000 0
Bunge Limited COM 616962105 2,265 40,000 SH   SOLE 0 40,000 0 0
News Corp COM 65249B109 6,473 465,000 SH   DFND 1 0 465,000 0
NI Holdings Inc. COM 65342T106 8,016 467,662 SH   DFND 1 0 467,662 0
Northeast Bancorp COM 663904209 5,135 231,637 SH   DFND 1 0 231,637 0
Oaktree Specialty Lending Corp. COM 67401P108 778 150,100 SH   DFND 1 0 150,100 0
Occidental Petroleum COM 674599105 3,558 80,000 SH   DFND 1 0 80,000 0
PDL Community Bancorp COM 69290X101 1,006 71,565 SH   DFND 1 0 71,565 0
PG&E Corporation COM 69331C108 541 54,068 SH   SOLE 0 54,068 0 0
Peapack-Gladstone Financial Corp. COM 704699107 2,825 100,800 SH   DFND 1 0 100,800 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 72 13,841 SH   SOLE 0 13,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 8,456 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 230 11,081 SH   SOLE 0 11,081 0 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 3,527 166,130 SH   DFND 1 0 166,130 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 2,004 94,388 SH   SOLE 0 94,388 0 0
Popular, Inc. COM UNIT RP IN 733174700 13,114 242,500 SH   DFND 1 0 242,500 0
Positive Phyisicians Holdings Inc COM 73740G106 5 450 SH   DFND 1 0 450 0
Positive Phyisicians Holdings Inc COM 73740G106 5 450 SH   SOLE 0 450 0 0
Prudential Bancorp Inc. COM 74431A101 2,210 129,896 SH   DFND 1 0 129,896 0
QualComm Inc. COM 747525103 56 732 SH   SOLE 0 732 0 0
Red Lion Hotels COM 756764106 3,953 610,100 SH   DFND 1 0 610,100 0
Regions Financial Corp. COM 7591EP100 5,013 316,878 SH   DFND 1 0 316,878 0
S&W Seed Company COM 785135104 37,949 15,945,017 SH   DFND 1 0 15,945,017 0
William H. Sadlier, Inc. COM 786327106 1,008 21,217 SH   DFND 1 0 21,217 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 303 100,240 SH   SOLE 0 100,240 0 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 1,814 3,235,625 SH   DFND 1 0 3,235,625 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 195 348,043 SH   SOLE 0 348,043 0 0
SIGA Technologies COM 826917106 660 128,974 SH   DFND 1 0 128,974 0
Skyworks Solutions Inc. COM 83088M102 153 1,936 SH   SOLE 0 1,936 0 0
South Plains Financial, Inc. COM 83946P107 658 40,356 SH   DFND 1 0 40,356 0
Spectrum Brands Holdings Inc. COM 84790A105 641 12,141 SH   DFND 1 0 12,141 0
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 74 5,773 SH   SOLE 0 5,773 0 0
Tallgrass Energy, LP CLASS A SHS 874696107 101 5,000 SH   DFND 1 0 5,000 0
Tejon Ranch Co. COM 879080109 7,721 455,000 SH   DFND 1 0 455,000 0
Teva Pharmaceutical Industries Ltd. SPONSORED ADR 881624209 715 103,910 SH   SOLE 0 103,910 0 0
Tidewater Warrant Exp 11/24/24 *W EXP 11/24/202 88642R174 6 7,444 SH   DFND 1 0 7,444 0
Trinity Place Holdings Inc. COM 89656D101 26,834 6,708,538 SH   DFND 1 0 6,708,538 0
US Foods Holding Co COM 912008109 905 22,026 SH   SOLE 0 22,026 0 0
Univar Solutions Inc COM 91336L107 2,325 112,000 SH   DFND 1 0 112,000 0
Vericity, Inc. COM 92347D100 1,267 90,507 SH   DFND 1 0 90,507 0
Vornado Realty Trust SH BEN INT 929042109 7,444 117,000 SH   DFND 1 0 117,000 0
Vornado Realty Trust SH BEN INT 929042109 244 3,838 SH   SOLE 0 3,838 0 0
WABCO Holdings Inc. COM 92927K102 16,384 122,500 SH   DFND 1 0 122,500 0
Waterstone Financial Inc. COM 94188P101 16,665 970,000 SH   DFND 1 0 970,000 0
Westlake Chemical Corp. COM 960413102 6,015 91,800 SH   DFND 1 0 91,800 0
Wright Investors Service Holdings COM 982345100 363 825,691 SH   DFND 1 0 825,691 0
York Traditions Bank COM 987159100 2,515 144,100 SH   DFND 1 0 144,100 0
TechnipFMC plc COM G87110105 7,778 322,200 SH   DFND 1 0 322,200 0
Chubb Limited COM h1467j104 4,440 27,500 SH   DFND 1 0 27,500 0
Constellium N.V. COM N22035104 3,311 260,509 SH   DFND 1 0 260,509 0