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
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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
American River Bankshares COM 029326105 2,267 150,000 SH   DFND 1 0 150,000 0
Anadarko Petroleum Corp. COM 032511107 4,323 62,000 SH   DFND 1 0 62,000 0
Astoria Financial Corp COM 046265104 933 50,000 SH   DFND 1 0 50,000 0
Atlantic Capital Bancshares COM 048269203 18,086 951,893 SH   DFND 1 0 951,893 0
BRT Realty Trust COM 055645303 1,379 168,369 SH   DFND 1 0 168,369 0
Baker Hughes Inc. COM 057224107 1,299 20,000 SH   SOLE 0 20,000 0 0
Bank of America Corporation COM 060505104 2,210 100,000 SH   SOLE 0 100,000 0 0
Boardwalk Pipeline Partners, LP UT LTD PARTNER 096627104 2,368 136,417 SH   DFND 1 0 136,417 0
Boeing Co. COM 097023105 3,114 20,000 SH   SOLE 0 20,000 0 0
Boston Scientific Corp. COM 101137107 15,141 700,000 SH   DFND 1 0 700,000 0
CIT Group Inc. COM NEW 125581801 21,340 500,000 SH   DFND 1 0 500,000 0
CIT Group Inc. COM NEW 125581801 982 23,000 SH   SOLE 0 23,000 0 0
Cabela's Inc. COM 126804301 12,296 210,000 SH   DFND 1 0 210,000 0
Carrizo Oil & Gas, Inc. COM 144577103 3,959 106,000 SH   DFND 1 0 106,000 0
Central Steel & Wire Company COM 155411101 46 108 SH   DFND 1 0 108 0
Citizens Financial Group COM 174610105 8,195 230,000 SH   DFND 1 0 230,000 0
Clifton Bancorp, Inc. COM 186873105 4,973 293,568 SH   DFND 1 0 293,568 0
Columbus McKinnon Corp. COM 199333105 4,191 155,000 SH   DFND 1 0 155,000 0
Continental Resources Inc. COM 212015101 3,092 60,000 SH   DFND 1 0 60,000 0
Continental Resources Inc. COM 212015101 10,308 200,000 SH   SOLE 0 200,000 0 0
Du Pont E I De Nemours & Co COM 263534109 8,441 115,000 SH   DFND 1 0 115,000 0
Du Pont E I De Nemours & Co COM 263534109 2,202 30,000 SH   SOLE 0 30,000 0 0
Enable Midstream Partners, LP COM UNIT RP IN 292480100 787 50,000 SH   DFND 1 0 50,000 0
Enable Midstream Partners, LP COM UNIT RP IN 292480100 157 10,000 SH   SOLE 0 10,000 0 0
Farmer Brothers Co. COM 307675108 4,621 125,900 SH   DFND 1 0 125,900 0
Farmer Brothers Co. COM 307675108 103 2,800 SH   SOLE 0 2,800 0 0
Farmers & Merchants Bank COM 308243104 1,380 203 SH   SOLE 0 203 0 0
Ferrellgas Partners, L.P. UNIT LTD PART 315293100 344 50,759 SH   DFND 1 0 50,759 0
Forest City Realty Trust A Shares COM CL A 345605109 4,897 235,000 SH   DFND 1 0 235,000 0
Franklin Resources Inc. COM 354613101 12,666 320,000 SH   DFND 1 0 320,000 0
Franklin Resources Inc. COM 354613101 1,090 27,530 SH   SOLE 0 27,530 0 0
GAMCO Investors, Inc. COM 361438104 510 16,500 SH   DFND 1 0 16,500 0
General Electric Co. COM 369604103 316 10,000 SH   SOLE 0 10,000 0 0
Getty Realty Corp. COM 374297109 929 36,427 SH   SOLE 0 36,427 0 0
Gyrodyne, LLC COM 403829104 1,477 81,000 SH   DFND 1 0 81,000 0
Gyrodyne, LLC COM 403829104 85 4,658 SH   SOLE 0 4,658 0 0
Halliburton Co. COM 406216101 1,082 20,000 SH   SOLE 0 20,000 0 0
Helmerich & Payne Inc. COM 423452101 6,386 82,500 SH   DFND 1 0 82,500 0
Highland Bankshares Inc. COM 430893107 2,359 396,458 SH   DFND 1 0 396,458 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 409 190,440 SH   SOLE 0 190,440 0 0
Intel Corp. COM 458140100 18,150 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 47,190 1,300,000 SH   SOLE 0 1,300,000 0 0
International Speedway Corporation CL A 460335201 464 12,600 SH   DFND 1 0 12,600 0
Johnson & Johnson COM 478160104 2,304 20,000 SH   SOLE 0 20,000 0 0
KLX Inc. COM 482539103 4,511 100,000 SH   DFND 1 0 100,000 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 14,885 191,600 SH   DFND 1 0 191,600 0
Kemper Corp. COM 488401100 443 10,000 SH   SOLE 0 10,000 0 0
Keweenaw Land Association LTD. COM 493026108 99 1,000 SH   SOLE 0 1,000 0 0
The Macerich Company COM 554382101 2,699 38,100 SH   DFND 1 0 38,100 0
National Presto Industries, Inc. COM 637215104 6,810 64,000 SH   DFND 1 0 64,000 0
Northeast Bancorp COM 663904209 4,740 361,800 SH   DFND 1 0 361,800 0
Peapack-Gladstone Financial Corp. COM 704699107 3,113 100,800 SH   DFND 1 0 100,800 0
Pennsylvania Real Estate Investment Trust SH BEN INT 709102107 2,199 116,000 SH   DFND 1 0 116,000 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 184 23,841 SH   SOLE 0 23,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 13,150 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 358 11,081 SH   SOLE 0 11,081 0 0
Popular, Inc. COM NEW 733174700 13,146 300,000 SH   DFND 1 0 300,000 0
Popular, Inc. COM NEW 733174700 438 10,000 SH   SOLE 0 10,000 0 0
Randolph Bancorp, Inc. COM 752378109 922 57,200 SH   DFND 1 0 57,200 0
Ruth's Hospitality Group, Inc. COM 783332109 732 40,000 SH   DFND 1 0 40,000 0
S&W Seed Company COM 785135104 14,710 3,197,838 SH   DFND 1 0 3,197,838 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 664 100,240 SH   SOLE 0 100,240 0 0
Taubman Centers, Inc. COM 876664103 15,525 210,000 SH   DFND 1 0 210,000 0
Tejon Ranch Co. COM 879080109 13,224 520,000 SH   DFND 1 0 520,000 0
Teva Pharmaceutical Industries Ltd. ADR 881624209 24,197 667,500 SH   DFND 1 0 667,500 0
Teva Pharmaceutical Industries Ltd. ADR 881624209 1,051 29,000 SH   SOLE 0 29,000 0 0
Time Warner Inc. COM NEW 887317303 4,827 50,000 SH   DFND 1 0 50,000 0
Universal Stainless & Alloy Products, Inc. COM 913837100 4,019 297,500 SH   DFND 1 0 297,500 0
Vmware, Inc. CL A COM 928563402 394 5,000 SH   SOLE 0 5,000 0 0
Vornado Realty Trust SH BEN INT 929042109 626 6,000 SH   DFND 1 0 6,000 0
Westlake Chemical Corp. COM 960413102 13,998 250,000 SH   DFND 1 0 250,000 0
Wheeler Real Estate Investment Trust COM 963025101 4,024 2,367,002 SH   DFND 1 0 2,367,002 0
Whitewave Foods Co. COM 966244105 5,560 100,000 SH   DFND 1 0 100,000 0
Wright Investors Service Holdings COM 982345100 520 825,691 SH   DFND 1 0 825,691 0
MB Bancorp Inc. COM 55280E104 2,507 170,559 SH   DFND 1 0 170,559 0
Advanced Emissions Solutions Inc. COM 00770C101 7,392 800,000 SH   DFND 1 0 800,000 0
Allison Transmission Holdings, Inc. COM 01973R101 10,107 300,000 SH   DFND 1 0 300,000 0
Allscripts Healtcare Solutions, Inc. COM 01988PAD0 4,875 477,500 SH   DFND 1 0 477,500 0
Ally Financial Inc. COM 02005N100 10,746 565,000 SH   DFND 1 0 565,000 0
Ally Financial Inc. COM 02005N100 2,320 122,000 SH   SOLE 0 122,000 0 0
American Midstream Partners LP COM UNIT RP IN 02752P100 9,328 512,500 SH   DFND 1 0 512,500 0
American Midstream Partners LP COM UNIT RP IN 02752P100 182 10,000 SH   SOLE 0 10,000 0 0
Arconic Inc. COM 03965L100 4,820 260,000 SH   DFND 1 0 260,000 0
Ariad Pharmaceuticals, Inc. COM 04033A100 11,694 940,000 SH   DFND 1 0 940,000 0
BKF Capital Group, Inc. COM 05548G201 235 29,380 SH   DFND 1 0 29,380 0
BMC Stock Holdings Inc. COM 05591B109 66,690 3,420,000 SH   DFND 1 0 3,420,000 0
The Bancorp Bank COM 05969A105 3,203 407,500 SH   DFND 1 0 407,500 0
Barnes & Noble Edu. Inc COM 06777U101 121 10,554 SH   SOLE 0 10,554 0 0
CIBL, Inc. COM 12543Y104 292 215 SH   DFND 1 0 215 0
Carbon Natural Gas Co. COM 14115T109 1,267 4,222,222 SH   DFND 1 0 4,222,222 0
Crimson Wine Group Ltd. COM 22662X100 8,700 928,500 SH   DFND 1 0 928,500 0
Dell Technologies Inc. COM CL V 24703L103 1,283 23,349 SH   DFND 1 0 23,349 0
Dell Technologies Inc. COM CL V 24703L103 122 2,228 SH   SOLE 0 2,228 0 0
Devon Energy Corp. New COM 25179M103 3,197 70,000 SH   SOLE 0 70,000 0 0
Dolby Laboratories Inc. COM 25659T107 41,575 920,000 SH   DFND 1 0 920,000 0
Dolby Laboratories Inc. COM 25659T107 373 8,255 SH   SOLE 0 8,255 0 0
Exxon Mobil Corp. COM 30231G102 1,805 20,000 SH   SOLE 0 20,000 0 0
FMC Corp. COM 30249U101 11,312 200,000 SH   DFND 1 0 200,000 0
FMC Technologies, Inc. COM NEW 30249U101 15,456 435,000 SH   DFND 1 0 435,000 0
FMC Corp. COM NEW 30249U101 2,828 50,000 SH   SOLE 0 50,000 0 0
FSB Bancorp COM 30289C102 758 53,382 SH   DFND 1 0 53,382 0
First Guaranty Bancshares, Inc. COM 32043P106 1,423 59,459 SH   DFND 1 0 59,459 0
Fossil Group, Inc. COM 34988V106 1,872 72,400 SH   DFND 1 0 72,400 0
General Motors Corp. COM 37045V100 6,744 193,560 SH   DFND 1 0 193,560 0
GM '19 WRNT W EXP 07/10/201 37045V126 182 10,597 SH   DFND 1 0 10,597 0
Gulf Coast Ultra Deep Rty Trust Unit Common Stock 40222T104 725 5,000,000 SH   DFND 1 0 5,000,000 0
Gulf Coast Ultra Deep Rty Trust Unit COM 40222T104 105 721,942 SH   SOLE 0 721,942 0 0
Heritage Oaks Bancorp COM 42724R107 9,859 799,600 SH   DFND 1 0 799,600 0
Hess Corporation COM 42809H107 20,244 325,000 SH   DFND 1 0 325,000 0
Hess Corporation COM 42809H107 11,212 180,000 SH   SOLE 0 180,000 0 0
ICTC Group COM 44931F108 111 3,687 SH   DFND 1 0 3,687 0
Investar Holding Corporation COM 46134L105 3,264 175,000 SH   DFND 1 0 175,000 0
Investors Bancorp, Inc. COM 46146L101 6,975 500,000 SH   DFND 1 0 500,000 0
JP Energy Partners, LP UNT REPST LTD 46643C109 2,378 235,000 SH   DFND 1 0 235,000 0
JP Energy Partners, LP UNT REPST LTD 46643C109 101 10,000 SH   SOLE 0 10,000 0 0
Kearny Financial Corp. COM 48716P108 15,550 1,000,000 SH   DFND 1 0 1,000,000 0
Keysight Technologies, Inc. COM 49338L103 7,314 200,000 SH   DFND 1 0 200,000 0
LICT Corp. COM 50187G104 1,636 275 SH   DFND 1 0 275 0
MSB Financial COM 55352L101 2,571 174,897 SH   DFND 1 0 174,897 0
Meridian Bancorp, Inc. COM 58958U103 1,890 100,000 SH   DFND 1 0 100,000 0
News Corp COM 65249B109 5,272 460,000 SH   DFND 1 0 460,000 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 5,761 166,130 SH   DFND 1 0 166,130 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 326 9,388 SH   SOLE 0 9,388 0 0
Prudential Bancorp Inc. COM 74431A101 2,076 121,287 SH   DFND 1 0 121,287 0
Regions Financial Corp. COM 7591EP100 7,489 521,500 SH   DFND 1 0 521,500 0
Resolute Forest Products COM 76117w109 1,743 325,806 SH   DFND 1 0 325,806 0
SI Financial Group COM 78425V104 1,682 109,241 SH   DFND 1 0 109,241 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
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 89 5,773 SH   SOLE 0 5,773 0 0
Tenet Healthcare Corporation COM NEW 88033G407 3,710 250,000 SH   DFND 1 0 250,000 0
TowneBank Portsmouth VA COM 89214P109 5,985 180,000 SH   DFND 1 0 180,000 0
Trinity Place Holdings Inc. COM 89656D101 27,074 2,920,577 SH   DFND 1 0 2,920,577 0
Verifone Systems, Inc. COM 92342Y109 975 55,000 SH   DFND 1 0 55,000 0
Waterstone Financial Inc. COM 94188P101 21,889 1,189,617 SH   DFND 1 0 1,189,617 0
Belmond Ltd. Class A COM G1154H107 4,139 310,000 SH   DFND 1 0 310,000 0
Chubb Limited COM h1467j104 4,453 33,706 SH   DFND 1 0 33,706 0
Constellium N.V. CL A N22035104 1,038 176,000 SH   DFND 1 0 176,000 0