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 24,045 842,500 SH   DFND 1 0 842,500 0
AT&T Inc. COM 00206R102 1,359 47,623 SH   SOLE 0 47,623 0 0
Advanced Emissions Solutions Inc. COM 00770C101 8,440 800,000 SH   DFND 1 0 800,000 0
Alcentra Capital Corp COM 01374T102 1,370 211,717 SH   DFND 1 0 211,717 0
Alliance Data Systems Corp COM 018581108 10,971 73,100 SH   DFND 1 0 73,100 0
Alphabet Inc. CAP STK CL A 02079K305 3,135 3,000 SH   SOLE 0 3,000 0 0
American Midstream Partners LP COM UNIT RP IN 02752P100 2,332 769,724 SH   DFND 1 0 769,724 0
American Midstream Partners LP COM UNIT RP IN 02752P100 17 5,775 SH   SOLE 0 5,775 0 0
American River Bankshares COM 029326105 329 23,602 SH   DFND 1 0 23,602 0
Anadarko Petroleum Corp. COM 032511107 2,718 62,000 SH   DFND 1 0 62,000 0
Atlantic Capital Bancshares COM 048269203 15,553 950,093 SH   DFND 1 0 950,093 0
BKF Capital Group, Inc. COM 05548G201 335 29,380 SH   DFND 1 0 29,380 0
BRT Realty Trust COM 055645303 1,926 168,369 SH   DFND 1 0 168,369 0
BMC Stock Holdings Inc. COM 05591B109 19,553 1,263,105 SH   DFND 1 0 1,263,105 0
Babcock & Wilcox Enterprises COM 05614L100 227 582,591 SH   DFND 1 0 582,591 0
Baker Hughes a GE Company COM 05722G100 215 10,000 SH   SOLE 0 10,000 0 0
The Bancorp Bank COM 05969A105 3,244 407,500 SH   DFND 1 0 407,500 0
Banc of California, Inc. COM 05990K106 17,203 1,292,500 SH   DFND 1 0 1,292,500 0
Bank of America Corporation COM 060505104 246 10,000 SH   SOLE 0 10,000 0 0
Barnes & Noble Edu. Inc COM 06777U101 1,593 397,300 SH   DFND 1 0 397,300 0
Blackberry Limited COM 09228F103 4,142 582,500 SH   DFND 1 0 582,500 0
Blackberry Limited COM 09228F103 356 50,000 SH   SOLE 0 50,000 0 0
CBM Bancorp, Inc. COM 1248XT104 313 25,000 SH   DFND 1 0 25,000 0
CIBL, Inc. COM 12543Y104 363 215 SH   DFND 1 0 215 0
CIT Group Inc. COM NEW 125581801 22,866 597,500 SH   DFND 1 0 597,500 0
CIT Group Inc. COM NEW 125581801 383 10,000 SH   SOLE 0 10,000 0 0
Campbell Soup Company COM 134429109 9,567 290,000 SH   DFND 1 0 290,000 0
Carbon Natural Gas Co. COM 14115T208 1,953 211,112 SH   DFND 1 0 211,112 0
Carter Bank & Trust COM 146102108 13,370 891,327 SH   DFND 1 0 891,327 0
Columbia Financial Inc. COM 197641103 7,645 500,000 SH   DFND 1 0 500,000 0
Continental Resources Inc. COM 212015101 4,019 100,000 SH   DFND 1 0 100,000 0
Continental Resources Inc. COM 212015101 6,832 170,000 SH   SOLE 0 170,000 0 0
Crimson Wine Group Ltd. COM 22662X100 8,136 1,039,804 SH   DFND 1 0 1,039,804 0
Cumulus Media Inc. COM 231082801 270 25,000 SH   DFND 1 0 25,000 0
Devon Energy Corp. New COM 25179M103 766 34,000 SH   SOLE 0 34,000 0 0
Dolby Laboratories Inc. COM 25659T107 33,573 542,900 SH   DFND 1 0 542,900 0
Dolby Laboratories Inc. COM 25659T107 201 3,255 SH   SOLE 0 3,255 0 0
DowDuPont Inc. COM 26078J100 15,777 295,000 SH   DFND 1 0 295,000 0
DowDuPont Inc. COM 26078J100 3,243 60,640 SH   SOLE 0 60,640 0 0
Extraction Oil & Gas, Inc. COM 30227M105 1,421 331,200 SH   DFND 1 0 331,200 0
Exxon Mobil Corp. COM 30231G102 886 13,000 SH   SOLE 0 13,000 0 0
FMC Corp. COM 302491303 18,488 250,000 SH   DFND 1 0 250,000 0
FMC Corp. COM 302491303 3,328 45,000 SH   SOLE 0 45,000 0 0
FSB Bancorp COM 30289C102 3,089 181,713 SH   DFND 1 0 181,713 0
Farmers & Merchants Bank COM 308243104 1,563 203 SH   SOLE 0 203 0 0
Federal Life Group, Inc. COM 313533101 1 100 SH   DFND 1 0 100 0
First Bank COM 31931U102 2,425 200,100 SH   DFND 1 0 200,100 0
First of Long Island Corp COM 320734106 1,696 85,000 SH   DFND 1 0 85,000 0
Franklin Resources Inc. COM 354613101 6,190 208,700 SH   DFND 1 0 208,700 0
Franklin Resources Inc. COM 354613101 817 27,530 SH   SOLE 0 27,530 0 0
GAMCO Investors, Inc. COM 361438104 912 54,000 SH   DFND 1 0 54,000 0
General Electric Co. COM 369604103 1,287 170,000 SH   DFND 1 0 170,000 0
Groupon, Inc. COM 399473107 7,360 2,300,000 SH   DFND 1 0 2,300,000 0
Groupon, Inc. COM 399473107 640 200,000 SH   SOLE 0 200,000 0 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 143 5,000,000 SH   DFND 1 0 5,000,000 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 21 721,942 SH   SOLE 0 721,942 0 0
Gyrodyne, LLC COM 403829104 1,398 80,800 SH   DFND 1 0 80,800 0
Gyrodyne, LLC COM 403829104 81 4,658 SH   SOLE 0 4,658 0 0
Halcon Resources Group COM PAR NEW 40537Q605 306 180,000 SH   DFND 1 0 180,000 0
Halliburton Co. COM 406216101 399 15,000 SH   SOLE 0 15,000 0 0
Helmerich & Payne Inc. COM 423452101 4,794 100,000 SH   DFND 1 0 100,000 0
Hess Corporation COM 42809H107 2,765 68,282 SH   SOLE 0 68,282 0 0
Highland Bankshares Inc. COM 430893107 2,062 396,458 SH   DFND 1 0 396,458 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 103 190,440 SH   SOLE 0 190,440 0 0
ICC Holdings, Inc. COM 44931Q104 677 49,630 SH   DFND 1 0 49,630 0
Innoviva, Inc. COM 45781M101 916 52,500 SH   DFND 1 0 52,500 0
Intel Corp. COM 458140100 37,544 800,000 SH   DFND 1 0 800,000 0
Intel Corp. COM 458140100 58,663 1,250,000 SH   SOLE 0 1,250,000 0 0
Investors Bancorp, Inc. COM 46146L101 13,364 1,285,000 SH   DFND 1 0 1,285,000 0
JBG SMITH Properties COM 46590V100 310 8,912 SH   DFND 1 0 8,912 0
Jack in the Box Inc. COM 466367109 2,585 33,302 SH   DFND 1 0 33,302 0
Jefferies Financial Group COM 47233W109 7,812 450,000 SH   DFND 1 0 450,000 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 5,072 56,800 SH   DFND 1 0 56,800 0
Kearny Financial Corp. COM 48716P108 17,854 1,392,697 SH   DFND 1 0 1,392,697 0
LICT Corp. COM 50187G104 3,974 275 SH   DFND 1 0 275 0
Luther Bank Corp COM 550550107 2,751 305,000 SH   DFND 1 0 305,000 0
MB Bancorp Inc. COM 55280E104 2,418 171,459 SH   DFND 1 0 171,459 0
MSB Financial COM 55352L101 3,122 174,897 SH   DFND 1 0 174,897 0
The Macerich Company COM 554382101 4,328 100,000 SH   DFND 1 0 100,000 0
The Medicines Company COM 584688105 3,637 190,000 SH   DFND 1 0 190,000 0
Mercantil Bank Holding Corp. CL A NEW 58734F305 5,204 400,000 SH   DFND 1 0 400,000 0
Meredith Corp. COM 589433101 18,605 358,200 SH   DFND 1 0 358,200 0
Meridian Corp. COM 58958P104 5,154 300,190 SH   DFND 1 0 300,190 0
Meridian Bancorp, Inc. COM 58958U103 1,432 100,000 SH   DFND 1 0 100,000 0
Mid-Southern Bancorp COM 59548Q107 1,812 156,578 SH   DFND 1 0 156,578 0
Bunge Limited COM 616962105 26,987 505,000 SH   DFND 1 0 505,000 0
Bunge Limited COM 616962105 2,138 40,000 SH   SOLE 0 40,000 0 0
News Corp COM 65249B109 5,278 465,000 SH   DFND 1 0 465,000 0
NI Holdings Inc. COM 65342T106 6,975 443,400 SH   DFND 1 0 443,400 0
Northeast Bancorp COM 663904209 3,875 231,637 SH   DFND 1 0 231,637 0
Oaktree Specialty Lending Corp. COM 67401P108 635 150,100 SH   DFND 1 0 150,100 0
pdvWireless COM 69290R104 1,661 44,431 SH   DFND 1 0 44,431 0
PDL Community Bancorp COM 69290X101 631 49,501 SH   DFND 1 0 49,501 0
PCSB Financial COM 69324R104 7 369 SH   SOLE 0 369 0 0
Papa Murphy's Holdings COM 698814100 12,024 2,531,369 SH   DFND 1 0 2,531,369 0
Peapack-Gladstone Financial Corp. COM 704699107 2,538 100,800 SH   DFND 1 0 100,800 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 82 13,841 SH   SOLE 0 13,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 8,166 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 222 11,081 SH   SOLE 0 11,081 0 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 3,339 166,130 SH   DFND 1 0 166,130 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 1,897 94,388 SH   SOLE 0 94,388 0 0
Popular, Inc. COM UNIT RP IN 733174700 14,166 300,000 SH   DFND 1 0 300,000 0
Prudential Bancorp Inc. COM 74431A101 2,286 129,896 SH   DFND 1 0 129,896 0
Red Hat, Inc. COM 756577102 1,054 6,000 SH   DFND 1 0 6,000 0
Regions Financial Corp. COM 7591EP100 4,240 316,878 SH   DFND 1 0 316,878 0
SI Financial Group COM 78425V104 1,750 137,500 SH   DFND 1 0 137,500 0
S&W Seed Company COM 785135104 28,860 15,945,017 SH   DFND 1 0 15,945,017 0
William H. Sadlier, Inc. COM 786327106 1,018 21,217 SH   DFND 1 0 21,217 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 481 100,240 SH   SOLE 0 100,240 0 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 1,553 3,235,625 SH   DFND 1 0 3,235,625 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 167 348,043 SH   SOLE 0 348,043 0 0
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 77 5,773 SH   SOLE 0 5,773 0 0
Tejon Ranch Co. COM 879080109 7,544 455,000 SH   DFND 1 0 455,000 0
Teva Pharmaceutical Industries Ltd. SPONSORED ADR 881624209 1,617 104,875 SH   SOLE 0 104,875 0 0
Tidewater Warrant Exp 11/24/24 *W EXP 11/24/202 88642R174 4 7,444 SH   DFND 1 0 7,444 0
Trinity Place Holdings Inc. COM 89656D101 19,883 4,581,392 SH   DFND 1 0 4,581,392 0
Twenty First Century Fox A CL A 90130A101 1,203 25,000 SH   DFND 1 0 25,000 0
Twenty-First Century Fox Class B CL B 90130A200 5,256 110,000 SH   DFND 1 0 110,000 0
Vornado Realty Trust SH BEN INT 929042109 6,699 108,000 SH   DFND 1 0 108,000 0
Waterstone Financial Inc. COM 94188P101 20,131 1,201,121 SH   DFND 1 0 1,201,121 0
Westlake Chemical Corp. COM 960413102 6,074 91,800 SH   DFND 1 0 91,800 0
Williams-Sonoma, Inc. COM 969904101 2,775 55,000 SH   DFND 1 0 55,000 0
Wright Investors Service Holdings COM 982345100 314 825,691 SH   DFND 1 0 825,691 0
XPO Logistics, Inc. COM 983793100 7,273 127,500 SH   DFND 1 0 127,500 0
York Traditions Bank COM 987159100 2,450 131,000 SH   DFND 1 0 131,000 0
TechnipFMC plc COM G87110105 6,309 322,200 SH   DFND 1 0 322,200 0
Chubb Limited COM h1467j104 4,354 33,706 SH   DFND 1 0 33,706 0
Constellium N.V. COM N22035104 2,167 310,000 SH   DFND 1 0 310,000 0