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 7,328 800,000 SH   DFND 1 0 800,000 0
Allscripts Healtcare Solutions, Inc. COM 01988PAD0 6,093 477,500 SH   DFND 1 0 477,500 0
Alphabet Inc. CAP STK CL A 02079K305 1,580 1,700 SH   SOLE 0 1,700 0 0
American Midstream Partners LP COM UNIT RP IN 02752P100 8,606 669,724 SH   DFND 1 0 669,724 0
American Midstream Partners LP COM UNIT RP IN 02752P100 203 15,775 SH   SOLE 0 15,775 0 0
Anadarko Petroleum Corp. COM 032511107 2,811 62,000 SH   DFND 1 0 62,000 0
Apache Corporation COM 037411105 479 10,000 SH   SOLE 0 10,000 0 0
Atlantic Capital Bancshares COM 048269203 18,086 951,893 SH   DFND 1 0 951,893 0
BKF Capital Group, Inc. COM 05548G201 220 29,380 SH   DFND 1 0 29,380 0
BRT Realty Trust COM 055645303 1,323 168,369 SH   DFND 1 0 168,369 0
BMC Stock Holdings Inc. COM 05591B109 46,680 2,136,386 SH   DFND 1 0 2,136,386 0
Babcock & Wilcox Enterprises COM 05614L100 6,837 581,396 SH   DFND 1 0 581,396 0
Baker Hughes Inc. COM 057224107 1,090 20,000 SH   SOLE 0 20,000 0 0
The Bancorp Bank COM 05969A105 3,089 407,500 SH   DFND 1 0 407,500 0
Banc of California, Inc. COM 05990K106 27,000 1,255,810 SH   DFND 1 0 1,255,810 0
Bank of America Corporation COM 060505104 607 25,000 SH   SOLE 0 25,000 0 0
Barnes & Noble Edu. Inc COM 06777U101 3,373 317,315 SH   DFND 1 0 317,315 0
Barnes & Noble Edu. Inc COM 06777U101 112 10,554 SH   SOLE 0 10,554 0 0
Boeing Co. COM 097023105 2,966 15,000 SH   SOLE 0 15,000 0 0
Boston Scientific Corp. COM 101137107 8,177 295,000 SH   DFND 1 0 295,000 0
CIBL, Inc. COM 12543Y104 318 215 SH   DFND 1 0 215 0
CIT Group Inc. COM NEW 125581801 21,672 445,000 SH   DFND 1 0 445,000 0
CIT Group Inc. COM NEW 125581801 487 10,000 SH   SOLE 0 10,000 0 0
Cabela's Inc. COM 126804301 29,710 500,000 SH   DFND 1 0 500,000 0
Cabela's Inc. COM 126804301 1,188 20,000 SH   SOLE 0 20,000 0 0
Carbon Natural Gas Co. COM 14115T208 1,267 211,112 SH   DFND 1 0 211,112 0
Carrizo Oil & Gas, Inc. COM 144577103 1,847 106,000 SH   DFND 1 0 106,000 0
Carter Bank & Trust COM 146102108 1,606 103,600 SH   DFND 1 0 103,600 0
Central Steel & Wire Company COM 155411101 60 108 SH   DFND 1 0 108 0
Citizens Financial Group COM 174610105 8,206 230,000 SH   DFND 1 0 230,000 0
Clifton Bancorp, Inc. COM 186873105 4,853 293,568 SH   DFND 1 0 293,568 0
Columbus McKinnon Corp. COM 199333105 3,940 155,000 SH   DFND 1 0 155,000 0
Continental Resources Inc. COM 212015101 3,233 100,000 SH   DFND 1 0 100,000 0
Continental Resources Inc. COM 212015101 11,639 360,000 SH   SOLE 0 360,000 0 0
Crimson Wine Group Ltd. COM 22662X100 10,380 969,200 SH   DFND 1 0 969,200 0
Dell Technologies Inc. COM CL V 24703L103 1,256 20,560 SH   DFND 1 0 20,560 0
Devon Energy Corp. New COM 25179M103 2,558 80,000 SH   SOLE 0 80,000 0 0
Dolby Laboratories Inc. COM 25659T107 47,023 960,446 SH   DFND 1 0 960,446 0
Dolby Laboratories Inc. COM 25659T107 404 8,255 SH   SOLE 0 8,255 0 0
Donnelley Financial Solutions, Inc. COM 25787G100 2,870 125,000 SH   DFND 1 0 125,000 0
Du Pont E I De Nemours & Co COM 263534109 9,282 115,000 SH   DFND 1 0 115,000 0
Du Pont E I De Nemours & Co COM 263534109 2,018 25,000 SH   SOLE 0 25,000 0 0
EchoSTar Corp. CL A 278768106 279 4,600 SH   DFND 1 0 4,600 0
Energen Corporation COM 29265N108 670 13,562 SH   DFND 1 0 13,562 0
Exxon Mobil Corp. COM 30231G102 1,615 20,000 SH   SOLE 0 20,000 0 0
FMC Corp. COM 30249U101 14,610 200,000 SH   DFND 1 0 200,000 0
FMC Corp. COM NEW 30249U101 3,653 50,000 SH   SOLE 0 50,000 0 0
FSB Bancorp COM 30289C102 787 53,382 SH   DFND 1 0 53,382 0
Farmer Brothers Co. COM 307675108 1,603 53,000 SH   DFND 1 0 53,000 0
Farmer Brothers Co. COM 307675108 85 2,800 SH   SOLE 0 2,800 0 0
Farmers & Merchants Bank COM 308243104 1,553 203 SH   SOLE 0 203 0 0
Fifth Street Finance Corp. COM 31678A103 486 100,000 SH   DFND 1 0 100,000 0
First Bank COM 31931U102 2,331 200,100 SH   DFND 1 0 200,100 0
Franklin Resources Inc. COM 354613101 14,333 320,000 SH   DFND 1 0 320,000 0
Franklin Resources Inc. COM 354613101 1,233 27,530 SH   SOLE 0 27,530 0 0
GAMCO Investors, Inc. COM 361438104 488 16,500 SH   DFND 1 0 16,500 0
General Electric Co. COM 369604103 270 10,000 SH   SOLE 0 10,000 0 0
General Motors Corp. COM 37045V100 6,761 193,560 SH   DFND 1 0 193,560 0
GM '19 WRNT W EXP 07/10/201 37045V126 184 10,597 SH   DFND 1 0 10,597 0
Genworth MI Canada COM 37252B102 7,502 272,500 SH   DFND 1 0 272,500 0
Getty Realty Corp. COM 374297109 914 36,427 SH   SOLE 0 36,427 0 0
Global Eagle Entertainment COM 37951D102 356 100,000 SH   DFND 1 0 100,000 0
Gulf Coast Ultra Deep Rty Trust Unit COM 40222T104 325 5,000,000 SH   DFND 1 0 5,000,000 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 47 721,942 SH   SOLE 0 721,942 0 0
GulfMark Offshore, Inc. CL A NEW 402629208 58 277,793 SH   DFND 1 0 277,793 0
Gyrodyne, LLC COM 403829104 1,661 81,000 SH   DFND 1 0 81,000 0
Gyrodyne, LLC COM 403829104 96 4,658 SH   SOLE 0 4,658 0 0
Halliburton Co. COM 406216101 854 20,000 SH   SOLE 0 20,000 0 0
Helmerich & Payne Inc. COM 423452101 5,434 100,000 SH   DFND 1 0 100,000 0
Hess Corporation COM 42809H107 14,258 325,000 SH   DFND 1 0 325,000 0
Hess Corporation COM 42809H107 8,335 190,000 SH   SOLE 0 190,000 0 0
Highland Bankshares Inc. COM 430893107 2,874 396,458 SH   DFND 1 0 396,458 0
Howard Bancorp Inc. COM 442496105 963 50,000 SH   DFND 1 0 50,000 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 343 190,440 SH   SOLE 0 190,440 0 0
ICTC Group COM 44931F108 111 3,687 SH   DFND 1 0 3,687 0
ICC Holdings, Inc. COM 44931Q104 520 30,000 SH   DFND 1 0 30,000 0
Innoviva, Inc. COM 45781M101 672 52,500 SH   DFND 1 0 52,500 0
Intel Corp. COM 458140100 16,870 500,000 SH   DFND 1 0 500,000 0
Intel Corp. COM 458140100 43,019 1,275,000 SH   SOLE 0 1,275,000 0 0
Investar Holding Corporation COM 46134L105 4,008 175,000 SH   DFND 1 0 175,000 0
Investors Bancorp, Inc. COM 46146L101 6,680 500,000 SH   DFND 1 0 500,000 0
Johnson & Johnson COM 478160104 661 5,000 SH   SOLE 0 5,000 0 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 9,383 106,000 SH   DFND 1 0 106,000 0
Kearny Financial Corp. COM 48716P108 14,850 1,000,000 SH   DFND 1 0 1,000,000 0
Kemper Corp. COM 488401100 386 10,000 SH   SOLE 0 10,000 0 0
Keweenaw Land Association LTD. Common Stock 493026108 105 1,000 SH   SOLE 0 1,000 0 0
Keysight Technologies, Inc. COM 49338L103 5,937 152,500 SH   DFND 1 0 152,500 0
LICT Corp. COM 50187G104 2,750 275 SH   DFND 1 0 275 0
MB Bancorp Inc. COM 55280E104 2,567 170,559 SH   DFND 1 0 170,559 0
MSB Financial COM 55352L101 3,052 174,897 SH   DFND 1 0 174,897 0
The Macerich Company COM 554382101 2,212 38,100 SH   DFND 1 0 38,100 0
Meridian Bancorp, Inc. COM 58958U103 1,690 100,000 SH   DFND 1 0 100,000 0
National Presto Industries, Inc. COM 637215104 2,873 26,000 SH   DFND 1 0 26,000 0
News Corp COM 65249B109 6,302 460,000 SH   DFND 1 0 460,000 0
NI Holdings Inc. COM 65342T106 4,626 258,750 SH   DFND 1 0 258,750 0
Northeast Bancorp COM 663904209 4,782 235,000 SH   DFND 1 0 235,000 0
PCSB Financial COM 69324R104 341 20,000 SH   SOLE 0 20,000 0 0
Pacific Premier Bancorp, Inc. COM 69478X105 320 8,675 SH   DFND 1 0 8,675 0
Pandora Media Inc. COM 698354107 1,184 132,700 SH   DFND 1 0 132,700 0
Papa Murphy's Holdings COM 698814100 9,038 2,068,145 SH   DFND 1 0 2,068,145 0
Peapack-Gladstone Financial Corp. COM 704699107 3,154 100,800 SH   DFND 1 0 100,800 0
Pennsylvania Real Estate Investment Trust SH BEN INT 709102107 2,490 220,000 SH   DFND 1 0 220,000 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 207 23,841 SH   SOLE 0 23,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 10,705 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 291 11,081 SH   SOLE 0 11,081 0 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 4,346 166,130 SH   DFND 1 0 166,130 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 2,469 94,388 SH   SOLE 0 94,388 0 0
Popular, Inc. COM NEW 733174700 12,513 300,000 SH   DFND 1 0 300,000 0
Popular, Inc. COM NEW 733174700 417 10,000 SH   SOLE 0 10,000 0 0
Prudential Bancorp Inc. COM 74431A101 2,203 121,287 SH   DFND 1 0 121,287 0
Quality Care Properties, Inc. COM 747545101 1,831 100,000 SH   DFND 1 0 100,000 0
Randolph Bancorp, Inc. COM 752378109 909 57,200 SH   DFND 1 0 57,200 0
Regions Financial Corp. COM 7591EP100 7,635 521,500 SH   DFND 1 0 521,500 0
SI Financial Group COM 78425V104 1,759 109,241 SH   DFND 1 0 109,241 0
S&W Seed Company COM 785135104 13,271 3,197,838 SH   DFND 1 0 3,197,838 0
William H. Sadlier, Inc. COM 786327106 1,242 21,217 SH   DFND 1 0 21,217 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 683 100,240 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
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 107 5,773 SH   SOLE 0 5,773 0 0
Taubman Centers, Inc. COM 876664103 10,421 175,000 SH   DFND 1 0 175,000 0
Tejon Ranch Co. COM 879080109 10,733 520,000 SH   DFND 1 0 520,000 0
Tenet Healthcare Corporation COM NEW 88033G407 1,880 97,224 SH   DFND 1 0 97,224 0
Teva Pharmaceutical Industries Ltd. SPONSORED ADR 881624209 22,174 667,500 SH   DFND 1 0 667,500 0
Teva Pharmaceutical Industries Ltd. SPONSORED ADR 881624209 1,744 52,500 SH   SOLE 0 52,500 0 0
Time Warner Inc. COM 887317303 5,021 50,000 SH   DFND 1 0 50,000 0
Trinity Place Holdings Inc. COM 89656D101 30,057 4,227,438 SH   DFND 1 0 4,227,438 0
Vornado Realty Trust SH BEN INT 929042109 563 6,000 SH   DFND 1 0 6,000 0
Warrior Met Coal, Inc. COM 93627C101 1,113 65,000 SH   DFND 1 0 65,000 0
Waterstone Financial Inc. COM 94188P101 22,424 1,189,617 SH   DFND 1 0 1,189,617 0
Westlake Chemical Corp. COM 960413102 14,897 225,000 SH   DFND 1 0 225,000 0
World Point Terminals COM 98159G107 10 600 SH   DFND 1 0 600 0
Wright Investors Service Holdings COM 982345100 495 825,691 SH   DFND 1 0 825,691 0
XPO Logistics, Inc. COM 983793100 6,463 100,000 SH   DFND 1 0 100,000 0
Belmond Ltd. Class A COM G1154H107 4,522 340,000 SH   DFND 1 0 340,000 0
TechnipFMC plc COM G87110105 11,832 435,000 SH   DFND 1 0 435,000 0
Chubb Limited COM h1467j104 4,900 33,706 SH   DFND 1 0 33,706 0
Constellium N.V. COM N22035104 1,380 200,000 SH   DFND 1 0 200,000 0