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 9,136 800,000 SH   DFND 1 0 800,000 0
Alliance Data Systems Corp COM 018581108 11,707 55,000 SH   DFND 1 0 55,000 0
Alphabet Inc. CAP STK CL A 02079K305 3,111 3,000 SH   SOLE 0 3,000 0 0
American Midstream Partners LP COM UNIT RP IN 02752P100 7,233 669,724 SH   DFND 1 0 669,724 0
American Midstream Partners LP COM UNIT RP IN 02752P100 170 15,775 SH   SOLE 0 15,775 0 0
American River Bankshares COM 029326105 387 24,950 SH   DFND 1 0 24,950 0
Anadarko Petroleum Corp. COM 032511107 3,745 62,000 SH   DFND 1 0 62,000 0
Apache Corporation COM 037411105 385 10,000 SH   SOLE 0 10,000 0 0
Atlantic Capital Bancshares COM 048269203 17,197 950,093 SH   DFND 1 0 950,093 0
BKF Capital Group, Inc. COM 05548G201 352 29,380 SH   DFND 1 0 29,380 0
BRT Realty Trust COM 055645303 1,978 168,369 SH   DFND 1 0 168,369 0
BMC Stock Holdings Inc. COM 05591B109 35,190 1,800,000 SH   DFND 1 0 1,800,000 0
Babcock & Wilcox Enterprises COM 05614L100 1,967 450,000 SH   DFND 1 0 450,000 0
The Bancorp Bank COM 05969A105 4,401 407,500 SH   DFND 1 0 407,500 0
Banc of California, Inc. COM 05990K106 24,945 1,292,500 SH   DFND 1 0 1,292,500 0
Bank of America Corporation COM 060505104 450 15,000 SH   SOLE 0 15,000 0 0
Barnes & Noble Edu. Inc COM 06777U101 2,737 397,300 SH   DFND 1 0 397,300 0
Barnes & Noble Edu. Inc COM 06777U101 73 10,554 SH   SOLE 0 10,554 0 0
Bojangles' Inc. COM 097488100 5,540 400,000 SH   DFND 1 0 400,000 0
Boston Scientific Corp. COM 101137107 7,581 277,500 SH   DFND 1 0 277,500 0
Brighthouse Financial Inc. COM 10922N103 10,280 200,000 SH   DFND 1 0 200,000 0
CIBL, Inc. COM 12543Y104 312 215 SH   DFND 1 0 215 0
CIT Group Inc. COM NEW 125581801 27,553 535,000 SH   DFND 1 0 535,000 0
CIT Group Inc. COM NEW 125581801 515 10,000 SH   SOLE 0 10,000 0 0
Carbon Natural Gas Co. COM 14115T208 1,989 211,112 SH   DFND 1 0 211,112 0
Carter Bank & Trust COM 146102108 14,554 853,600 SH   DFND 1 0 853,600 0
Central Steel & Wire Company COM 155411101 51 108 SH   DFND 1 0 108 0
Clifton Bancorp, Inc. COM 186873105 4,793 306,276 SH   DFND 1 0 306,276 0
Colony Northstar, Inc. CL A COM 19625W104 3,007 535,000 SH   DFND 1 0 535,000 0
Continental Resources Inc. COM 212015101 5,895 100,000 SH   DFND 1 0 100,000 0
Continental Resources Inc. COM 212015101 13,559 230,000 SH   SOLE 0 230,000 0 0
Coty Inc. COM CL A 222070203 1,327 72,500 SH   DFND 1 0 72,500 0
Crimson Wine Group Ltd. COM 22662X100 9,585 969,200 SH   DFND 1 0 969,200 0
Dell Technologies Inc. COM CL V 24703L103 6,497 88,750 SH   DFND 1 0 88,750 0
Devon Energy Corp. New COM 25179M103 2,035 64,000 SH   SOLE 0 64,000 0 0
Dolby Laboratories Inc. COM 25659T107 46,098 725,271 SH   DFND 1 0 725,271 0
Dolby Laboratories Inc. COM 25659T107 525 8,255 SH   SOLE 0 8,255 0 0
DowDuPont Inc. COM 26078J100 9,393 147,430 SH   DFND 1 0 147,430 0
DowDuPont Inc. COM 26078J100 2,042 32,050 SH   SOLE 0 32,050 0 0
Energen Corporation COM 29265N108 5,972 95,000 SH   DFND 1 0 95,000 0
Enduro Royalty Trust TR UNIT 29269K100 280 78,860 SH   DFND 1 0 78,860 0
Exxon Mobil Corp. COM 30231G102 1,343 18,000 SH   SOLE 0 18,000 0 0
FMC Corp. COM 30249U101 19,143 250,000 SH   DFND 1 0 250,000 0
FMC Corp. COM 30249U101 3,446 45,000 SH   SOLE 0 45,000 0 0
FSB Bancorp COM 30289C102 2,856 166,286 SH   DFND 1 0 166,286 0
Facebook Inc. CL A 30303M102 1,119 7,000 SH   SOLE 0 7,000 0 0
Farmers & Merchants Bank COM 308243104 1,604 203 SH   SOLE 0 203 0 0
First Bank COM 31931U102 2,881 200,100 SH   DFND 1 0 200,100 0
Forest City Realty Trust A Shares COM CL A 345605109 685 33,819 SH   DFND 1 0 33,819 0
Franklin Resources Inc. COM 354613101 7,238 208,700 SH   DFND 1 0 208,700 0
Franklin Resources Inc. COM 354613101 955 27,530 SH   SOLE 0 27,530 0 0
GAMCO Investors, Inc. COM 361438104 1,167 47,000 SH   DFND 1 0 47,000 0
Genworth MI Canada COM 37252B102 8,671 272,500 SH   DFND 1 0 272,500 0
Getty Realty Corp. COM 374297109 919 36,427 SH   SOLE 0 36,427 0 0
Groupon, Inc. COM 399473107 2,409 555,000 SH   DFND 1 0 555,000 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 320 5,000,000 SH   DFND 1 0 5,000,000 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 46 721,942 SH   SOLE 0 721,942 0 0
Gulfmark Warrant COM 402629117 8 8,144 SH   DFND 1 0 8,144 0
GulfMark Offshore, Inc. COM 402629505 1,244 42,884 SH   DFND 1 0 42,884 0
Gyrodyne, LLC COM 403829104 1,642 80,100 SH   DFND 1 0 80,100 0
Gyrodyne, LLC COM 403829104 95 4,658 SH   SOLE 0 4,658 0 0
Hain Celestial Group COM 405217100 1,283 40,000 SH   DFND 1 0 40,000 0
Halliburton Co. COM 406216101 939 20,000 SH   SOLE 0 20,000 0 0
Helmerich & Payne Inc. COM 423452101 6,656 100,000 SH   DFND 1 0 100,000 0
Hess Corporation COM 42809H107 8,859 175,000 SH   DFND 1 0 175,000 0
Hess Corporation COM 42809H107 9,618 190,000 SH   SOLE 0 190,000 0 0
Highland Bankshares Inc. COM 430893107 2,993 396,458 SH   DFND 1 0 396,458 0
Howard Bancorp Inc. COM 442496105 885 44,677 SH   DFND 1 0 44,677 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 133 190,440 SH   SOLE 0 190,440 0 0
ICTC Group COM 44931F108 258 3,687 SH   DFND 1 0 3,687 0
ICC Holdings, Inc. COM 44931Q104 550 35,079 SH   DFND 1 0 35,079 0
Innoviva, Inc. COM 45781M101 875 52,500 SH   DFND 1 0 52,500 0
Intel Corp. COM 458140100 41,664 800,000 SH   DFND 1 0 800,000 0
Intel Corp. COM 458140100 66,142 1,270,000 SH   SOLE 0 1,270,000 0 0
Investors Bancorp, Inc. COM 46146L101 7,366 540,000 SH   DFND 1 0 540,000 0
JBG SMITH Properties COM 46590V100 101 3,000 SH   DFND 1 0 3,000 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 5,731 56,800 SH   DFND 1 0 56,800 0
Kearny Financial Corp. COM 48716P108 13,362 1,027,862 SH   DFND 1 0 1,027,862 0
Keweenaw Land Association LTD. COM 493026108 101 1,000 SH   SOLE 0 1,000 0 0
LICT Corp. COM 50187G104 3,493 275 SH   DFND 1 0 275 0
Luther Bank Corp COM 550550107 1,501 125,000 SH   DFND 1 0 125,000 0
MB Bancorp Inc. COM 55280E104 2,882 170,559 SH   DFND 1 0 170,559 0
MSB Financial COM 55352L101 3,139 174,897 SH   DFND 1 0 174,897 0
The Macerich Company COM 554382101 5,602 100,000 SH   DFND 1 0 100,000 0
Baker Hughes a GE Company CL A 05722G100 278 10,000 SH   SOLE 0 10,000 0 0
Meredith Corp. COM 589433101 18,292 340,000 SH   DFND 1 0 340,000 0
Meridian Bank of Malvern COM 58958P104 3,085 175,000 SH   DFND 1 0 175,000 0
Meridian Bancorp, Inc. COM 58958U103 2,015 100,000 SH   DFND 1 0 100,000 0
National Presto Industries, Inc. COM 637215104 2,203 23,500 SH   DFND 1 0 23,500 0
New York REIT COM 64976L109 882 41,000 SH   DFND 1 0 41,000 0
News Corp COM 65249B109 7,308 462,500 SH   DFND 1 0 462,500 0
NI Holdings Inc. COM 65342T106 4,613 276,198 SH   DFND 1 0 276,198 0
Northeast Bancorp COM 663904209 4,151 202,500 SH   DFND 1 0 202,500 0
OP Bancorp COM 67109R109 747 60,000 SH   DFND 1 0 60,000 0
Oaktree Specialty Lending Corp. COM 67401P108 526 125,000 SH   DFND 1 0 125,000 0
pdvWireless COM 69290R104 732 24,519 SH   DFND 1 0 24,519 0
PCSB Financial COM 69324R104 420 20,000 SH   SOLE 0 20,000 0 0
Pandora Media Inc. COM 698354107 1,987 395,000 SH   DFND 1 0 395,000 0
Papa Murphy's Holdings COM 698814100 12,302 2,531,369 SH   DFND 1 0 2,531,369 0
Park Electrochemical Corp COM 700416209 723 42,955 SH   DFND 1 0 42,955 0
Peapack-Gladstone Financial Corp. COM 704699107 3,366 100,800 SH   DFND 1 0 100,800 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 230 23,841 SH   SOLE 0 23,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 8,977 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 244 11,081 SH   SOLE 0 11,081 0 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 3,613 166,130 SH   DFND 1 0 166,130 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 2,053 94,388 SH   SOLE 0 94,388 0 0
Popular, Inc. COM UNIT RP IN 733174700 12,486 300,000 SH   DFND 1 0 300,000 0
Popular, Inc. COM UNIT RP IN 733174700 416 10,000 SH   SOLE 0 10,000 0 0
Prudential Bancorp Inc. COM 74431A101 2,336 128,787 SH   DFND 1 0 128,787 0
Randolph Bancorp, Inc. COM 752378109 771 47,500 SH   DFND 1 0 47,500 0
Regions Financial Corp. COM 7591EP100 9,689 521,500 SH   DFND 1 0 521,500 0
SI Financial Group COM 78425V104 1,573 109,241 SH   DFND 1 0 109,241 0
S&W Seed Company COM 785135104 24,532 6,814,339 SH   DFND 1 0 6,814,339 0
William H. Sadlier, Inc. COM 786327106 1,347 21,217 SH   DFND 1 0 21,217 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 792 100,240 SH   SOLE 0 100,240 0 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 1,367 3,235,625 SH   DFND 1 0 3,235,625 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 147 348,043 SH   SOLE 0 348,043 0 0
ShotSpotter, Inc. COM 82536T107 5,366 202,500 SH   DFND 1 0 202,500 0
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 103 5,773 SH   SOLE 0 5,773 0 0
Tejon Ranch Co. COM 879080109 11,035 477,500 SH   DFND 1 0 477,500 0
Teva Pharmaceutical Industries Ltd. SPONSORED ADR 881624209 1,792 104,875 SH   SOLE 0 104,875 0 0
Time Warner Inc. COM NEW 887317303 14,187 150,000 SH   DFND 1 0 150,000 0
Time Warner Inc. COM NEW 887317303 520 5,500 SH   SOLE 0 5,500 0 0
Trinity Place Holdings Inc. COM 89656D101 29,022 4,464,896 SH   DFND 1 0 4,464,896 0
Vornado Realty Trust SH BEN INT 929042109 5,606 83,300 SH   DFND 1 0 83,300 0
Waterstone Financial Inc. COM 94188P101 20,655 1,193,922 SH   DFND 1 0 1,193,922 0
Westlake Chemical Corp. COM 960413102 14,616 131,500 SH   DFND 1 0 131,500 0
Williams-Sonoma, Inc. COM 969904101 4,063 77,000 SH   DFND 1 0 77,000 0
Wright Investors Service Holdings COM 982345100 382 825,691 SH   DFND 1 0 825,691 0
XPO Logistics, Inc. COM 983793100 13,133 129,000 SH   DFND 1 0 129,000 0
XPO Logistics, Inc. COM 983793100 814 8,000 SH   SOLE 0 8,000 0 0
York Traditions Bank COM 987159100 2,686 131,000 SH   DFND 1 0 131,000 0
Belmond Ltd. Class A COM G1154H107 3,791 340,000 SH   DFND 1 0 340,000 0
Bunge Limited COM G16962105 14,788 200,000 SH   DFND 1 0 200,000 0
Bunge Limited COM G16962105 2,958 40,000 SH   SOLE 0 40,000 0 0
TechnipFMC plc COM G87110105 9,489 322,200 SH   DFND 1 0 322,200 0
Chubb Limited COM h1467j104 4,610 33,706 SH   DFND 1 0 33,706 0
Constellium N.V. CL A N22035104 2,170 200,000 SH   DFND 1 0 200,000 0