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 26,108 777,500 SH   DFND 1 0 777,500 0
AT&T Inc. COM 00206R102 1,599 47,623 SH   SOLE 0 47,623 0 0
Advanced Emissions Solutions Inc. COM 00770C101 9,568 800,000 SH   DFND 1 0 800,000 0
Alliance Data Systems Corp COM 018581108 14,878 63,000 SH   DFND 1 0 63,000 0
Alphabet Inc. CAP STK CL A 02079K305 3,621 3,000 SH   SOLE 0 3,000 0 0
American Midstream Partners LP COM UNIT RP IN 02752P100 4,888 769,724 SH   DFND 1 0 769,724 0
American Midstream Partners LP COM UNIT RP IN 02752P100 37 5,775 SH   SOLE 0 5,775 0 0
American River Bankshares COM 029326105 381 24,850 SH   DFND 1 0 24,850 0
Anadarko Petroleum Corp. COM 032511107 4,179 62,000 SH   DFND 1 0 62,000 0
Atlantic Capital Bancshares COM 048269203 15,914 950,093 SH   DFND 1 0 950,093 0
BKF Capital Group, Inc. COM 05548G201 354 29,380 SH   DFND 1 0 29,380 0
BRT Realty Trust COM 055645303 2,027 168,369 SH   DFND 1 0 168,369 0
BMC Stock Holdings Inc. COM 05591B109 23,557 1,263,105 SH   DFND 1 0 1,263,105 0
Babcock & Wilcox Enterprises COM 05614L100 1,298 1,260,000 SH   DFND 1 0 1,260,000 0
Baker Hughes a GE Company COM 05722G100 338 10,000 SH   SOLE 0 10,000 0 0
The Bancorp Bank COM 05969A105 3,908 407,500 SH   DFND 1 0 407,500 0
Banc of California, Inc. COM 05990K106 24,428 1,292,500 SH   DFND 1 0 1,292,500 0
Bank of America Corporation COM 060505104 295 10,000 SH   SOLE 0 10,000 0 0
Barnes & Noble Edu. Inc COM 06777U101 2,288 397,300 SH   DFND 1 0 397,300 0
Blackberry Limited COM 09228F103 4,211 370,000 SH   DFND 1 0 370,000 0
Brighthouse Financial Inc. COM 10922N103 8,848 200,000 SH   DFND 1 0 200,000 0
CIBL, Inc. COM 12543Y104 329 215 SH   DFND 1 0 215 0
CIT Group Inc. COM NEW 125581801 29,067 563,197 SH   DFND 1 0 563,197 0
CIT Group Inc. COM NEW 125581801 516 10,000 SH   SOLE 0 10,000 0 0
Campbell Soup Company COM 134429109 3,734 101,950 SH   DFND 1 0 101,950 0
Carbon Natural Gas Co. COM 14115T208 1,989 211,112 SH   DFND 1 0 211,112 0
Carter Bank & Trust COM 146102108 17,292 891,327 SH   DFND 1 0 891,327 0
Columbia Financial Inc. COM 197641103 8,350 500,000 SH   DFND 1 0 500,000 0
Continental Resources Inc. COM 212015101 6,828 100,000 SH   DFND 1 0 100,000 0
Continental Resources Inc. COM 212015101 11,608 170,000 SH   SOLE 0 170,000 0 0
Crimson Wine Group Ltd. COM 22662X100 9,181 1,025,850 SH   DFND 1 0 1,025,850 0
Cumulus Media Inc. COM 231082801 426 25,000 SH   DFND 1 0 25,000 0
Devon Energy Corp. New COM 25179M103 1,358 34,000 SH   SOLE 0 34,000 0 0
Dolby Laboratories Inc. COM 25659T107 38,595 551,600 SH   DFND 1 0 551,600 0
Dolby Laboratories Inc. COM 25659T107 228 3,255 SH   SOLE 0 3,255 0 0
DowDuPont Inc. COM 26078J100 10,933 170,000 SH   DFND 1 0 170,000 0
DowDuPont Inc. COM 26078J100 3,900 60,640 SH   SOLE 0 60,640 0 0
Exxon Mobil Corp. COM 30231G102 1,105 13,000 SH   SOLE 0 13,000 0 0
FMC Corp. COM 302491303 21,795 250,000 SH   DFND 1 0 250,000 0
FMC Corp. COM 302491303 3,923 45,000 SH   SOLE 0 45,000 0 0
FSB Bancorp COM 30289C102 3,054 174,502 SH   DFND 1 0 174,502 0
Farmers & Merchants Bank COM 308243104 1,746 203 SH   SOLE 0 203 0 0
First Bank COM 31931U102 2,631 200,100 SH   DFND 1 0 200,100 0
First of Long Island Corp COM 320734106 1,088 50,000 SH   DFND 1 0 50,000 0
Franklin Resources Inc. COM 354613101 6,347 208,700 SH   DFND 1 0 208,700 0
Franklin Resources Inc. COM 354613101 837 27,530 SH   SOLE 0 27,530 0 0
GAMCO Investors, Inc. COM 361438104 1,265 54,000 SH   DFND 1 0 54,000 0
Groupon, Inc. COM 399473107 8,636 2,290,700 SH   DFND 1 0 2,290,700 0
Gulf Coast Ultra Deep Rty Trust Unit COM 40222T104 275 5,000,000 SH   DFND 1 0 5,000,000 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 40 721,942 SH   SOLE 0 721,942 0 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
Halliburton Co. COM 406216101 608 15,000 SH   SOLE 0 15,000 0 0
Helmerich & Payne Inc. COM 423452101 6,877 100,000 SH   DFND 1 0 100,000 0
Hess Corporation COM 42809H107 6,677 93,282 SH   SOLE 0 93,282 0 0
Highland Bankshares Inc. COM 430893107 2,858 396,458 SH   DFND 1 0 396,458 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 84 190,440 SH   SOLE 0 190,440 0 0
ICTC Group COM 44931F108 234 3,687 SH   DFND 1 0 3,687 0
ICC Holdings, Inc. COM 44931Q104 609 40,588 SH   DFND 1 0 40,588 0
Innoviva, Inc. COM 45781M101 800 52,500 SH   DFND 1 0 52,500 0
Intel Corp. COM 458140100 37,836 800,000 SH   DFND 1 0 800,000 0
Intel Corp. COM 458140100 59,119 1,250,000 SH   SOLE 0 1,250,000 0 0
Investors Bancorp, Inc. COM 46146L101 7,362 600,000 SH   DFND 1 0 600,000 0
KLX Inc. COM 482539103 12,556 200,000 SH   DFND 1 0 200,000 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 6,195 56,800 SH   DFND 1 0 56,800 0
Kearny Financial Corp. COM 48716P108 19,289 1,392,697 SH   DFND 1 0 1,392,697 0
LICT Corp. COM 50187G104 4,043 275 SH   DFND 1 0 275 0
Luther Bank Corp COM 550550107 3,230 296,900 SH   DFND 1 0 296,900 0
MB Bancorp Inc. COM 55280E104 3,044 170,559 SH   DFND 1 0 170,559 0
MSB Financial COM 55352L101 3,568 174,897 SH   DFND 1 0 174,897 0
The Macerich Company COM 554382101 5,529 100,000 SH   DFND 1 0 100,000 0
Meredith Corp. COM 589433101 18,286 358,200 SH   DFND 1 0 358,200 0
Meridian Corp. COM 58958P104 5,049 293,532 SH   DFND 1 0 293,532 0
Meridian Bancorp, Inc. COM 58958U103 1,700 100,000 SH   DFND 1 0 100,000 0
Mid-Southern Bancorp COM 59548Q107 2,020 156,000 SH   DFND 1 0 156,000 0
Bunge Limited COM 616962105 17,521 255,000 SH   DFND 1 0 255,000 0
Bunge Limited COM 616962105 2,748 40,000 SH   SOLE 0 40,000 0 0
New York REIT COM 64976L109 744 41,000 SH   DFND 1 0 41,000 0
News Corp COM 65249B109 6,133 465,000 SH   DFND 1 0 465,000 0
NI Holdings Inc. COM 65342T106 6,969 413,109 SH   DFND 1 0 413,109 0
Northeast Bancorp COM 663904209 4,394 202,500 SH   DFND 1 0 202,500 0
Oaktree Specialty Lending Corp. COM 67401P108 620 125,000 SH   DFND 1 0 125,000 0
pdvWireless COM 69290R104 1,506 44,431 SH   DFND 1 0 44,431 0
PCSB Financial COM 69324R104 407 20,000 SH   SOLE 0 20,000 0 0
PG&E Corporation COM 69331C108 443 9,620 SH   DFND 1 0 9,620 0
Papa Murphy's Holdings COM 698814100 13,138 2,531,369 SH   DFND 1 0 2,531,369 0
Peapack-Gladstone Financial Corp. COM 704699107 3,114 100,800 SH   DFND 1 0 100,800 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 110 13,841 SH   SOLE 0 13,841 0 0
Permianville Royalty Trust COM 71425H100 47 13,342 SH   DFND 1 0 13,342 0
Plains All American Pipeline UNIT LTD PARTN 726503105 10,192 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 277 11,081 SH   SOLE 0 11,081 0 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 4,075 166,130 SH   DFND 1 0 166,130 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 2,315 94,388 SH   SOLE 0 94,388 0 0
Popular, Inc. COM UNIT RP IN 733174700 15,375 300,000 SH   DFND 1 0 300,000 0
Prudential Bancorp Inc. COM 74431A101 2,248 129,896 SH   DFND 1 0 129,896 0
Regions Financial Corp. COM 7591EP100 5,815 316,878 SH   DFND 1 0 316,878 0
SI Financial Group COM 78425V104 1,925 137,500 SH   DFND 1 0 137,500 0
S&W Seed Company COM 785135104 21,340 8,710,017 SH   DFND 1 0 8,710,017 0
William H. Sadlier, Inc. COM 786327106 976 21,217 SH   DFND 1 0 21,217 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 497 100,240 SH   SOLE 0 100,240 0 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 1,715 3,235,625 SH   DFND 1 0 3,235,625 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 184 348,043 SH   SOLE 0 348,043 0 0
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 96 5,773 SH   SOLE 0 5,773 0 0
Tejon Ranch Co. COM 879080109 9,878 455,000 SH   DFND 1 0 455,000 0
Teva Pharmaceutical Industries Ltd. SPONSORED ADR 881624209 2,259 104,875 SH   SOLE 0 104,875 0 0
Trinity Place Holdings Inc. COM 89656D101 27,358 4,492,245 SH   DFND 1 0 4,492,245 0
Twenty First Century Fox A CL A 90130A101 1,158 25,000 SH   DFND 1 0 25,000 0
Twenty-First Century Fox Class B CL B 90130A200 3,437 75,000 SH   DFND 1 0 75,000 0
Vornado Realty Trust SH BEN INT 929042109 6,833 93,600 SH   DFND 1 0 93,600 0
Waterstone Financial Inc. COM 94188P101 20,476 1,193,922 SH   DFND 1 0 1,193,922 0
Westlake Chemical Corp. COM 960413102 7,629 91,800 SH   DFND 1 0 91,800 0
Williams-Sonoma, Inc. COM 969904101 3,615 55,000 SH   DFND 1 0 55,000 0
Wright Investors Service Holdings COM 982345100 330 825,691 SH   DFND 1 0 825,691 0
XPO Logistics, Inc. COM 983793100 13,015 114,000 SH   DFND 1 0 114,000 0
York Traditions Bank COM 987159100 2,509 131,000 SH   DFND 1 0 131,000 0
Belmond Ltd. Class A COM G1154H107 2,113 115,800 SH   DFND 1 0 115,800 0
TechnipFMC plc COM G87110105 10,069 322,200 SH   DFND 1 0 322,200 0
Chubb Limited COM h1467j104 4,504 33,706 SH   DFND 1 0 33,706 0
Constellium N.V. COM N22035104 2,470 200,000 SH   DFND 1 0 200,000 0