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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AT&T Inc.COM00206R10224,045842,500SH DFND10842,5000
AT&T Inc.COM00206R1021,35947,623SH SOLE047,62300
Advanced Emissions Solutions Inc.COM00770C1018,440800,000SH DFND10800,0000
Alcentra Capital CorpCOM01374T1021,370211,717SH DFND10211,7170
Alliance Data Systems CorpCOM01858110810,97173,100SH DFND1073,1000
Alphabet Inc.CAP STK CL A02079K3053,1353,000SH SOLE03,00000
American Midstream Partners LPCOM UNIT RP IN02752P1002,332769,724SH DFND10769,7240
American Midstream Partners LPCOM UNIT RP IN02752P100175,775SH SOLE05,77500
American River BanksharesCOM02932610532923,602SH DFND1023,6020
Anadarko Petroleum Corp.COM0325111072,71862,000SH DFND1062,0000
Atlantic Capital BancsharesCOM04826920315,553950,093SH DFND10950,0930
BKF Capital Group, Inc.COM05548G20133529,380SH DFND1029,3800
BRT Realty TrustCOM0556453031,926168,369SH DFND10168,3690
BMC Stock Holdings Inc.COM05591B10919,5531,263,105SH DFND101,263,1050
Babcock & Wilcox EnterprisesCOM05614L100227582,591SH DFND10582,5910
Baker Hughes a GE CompanyCOM05722G10021510,000SH SOLE010,00000
The Bancorp BankCOM05969A1053,244407,500SH DFND10407,5000
Banc of California, Inc.COM05990K10617,2031,292,500SH DFND101,292,5000
Bank of America CorporationCOM06050510424610,000SH SOLE010,00000
Barnes & Noble Edu. IncCOM06777U1011,593397,300SH DFND10397,3000
Blackberry LimitedCOM09228F1034,142582,500SH DFND10582,5000
Blackberry LimitedCOM09228F10335650,000SH SOLE050,00000
CBM Bancorp, Inc.COM1248XT10431325,000SH DFND1025,0000
CIBL, Inc.COM12543Y104363215SH DFND102150
CIT Group Inc.COM NEW12558180122,866597,500SH DFND10597,5000
CIT Group Inc.COM NEW12558180138310,000SH SOLE010,00000
Campbell Soup CompanyCOM1344291099,567290,000SH DFND10290,0000
Carbon Natural Gas Co.COM14115T2081,953211,112SH DFND10211,1120
Carter Bank & TrustCOM14610210813,370891,327SH DFND10891,3270
Columbia Financial Inc.COM1976411037,645500,000SH DFND10500,0000
Continental Resources Inc.COM2120151014,019100,000SH DFND10100,0000
Continental Resources Inc.COM2120151016,832170,000SH SOLE0170,00000
Crimson Wine Group Ltd.COM22662X1008,1361,039,804SH DFND101,039,8040
Cumulus Media Inc.COM23108280127025,000SH DFND1025,0000
Devon Energy Corp. NewCOM25179M10376634,000SH SOLE034,00000
Dolby Laboratories Inc.COM25659T10733,573542,900SH DFND10542,9000
Dolby Laboratories Inc.COM25659T1072013,255SH SOLE03,25500
DowDuPont Inc.COM26078J10015,777295,000SH DFND10295,0000
DowDuPont Inc.COM26078J1003,24360,640SH SOLE060,64000
Extraction Oil & Gas, Inc.COM30227M1051,421331,200SH DFND10331,2000
Exxon Mobil Corp.COM30231G10288613,000SH SOLE013,00000
FMC Corp.COM30249130318,488250,000SH DFND10250,0000
FMC Corp.COM3024913033,32845,000SH SOLE045,00000
FSB BancorpCOM30289C1023,089181,713SH DFND10181,7130
Farmers & Merchants BankCOM3082431041,563203SH SOLE020300
Federal Life Group, Inc.COM3135331011100SH DFND101000
First BankCOM31931U1022,425200,100SH DFND10200,1000
First of Long Island CorpCOM3207341061,69685,000SH DFND1085,0000
Franklin Resources Inc.COM3546131016,190208,700SH DFND10208,7000
Franklin Resources Inc.COM35461310181727,530SH SOLE027,53000
GAMCO Investors, Inc.COM36143810491254,000SH DFND1054,0000
General Electric Co.COM3696041031,287170,000SH DFND10170,0000
Groupon, Inc.COM3994731077,3602,300,000SH DFND102,300,0000
Groupon, Inc.COM399473107640200,000SH SOLE0200,00000
Gulf Coast Ultra Deep Rty Trust UnitUNIT BEN INT40222T1041435,000,000SH DFND105,000,0000
Gulf Coast Ultra Deep Rty Trust UnitUNIT BEN INT40222T10421721,942SH SOLE0721,94200
Gyrodyne, LLCCOM4038291041,39880,800SH DFND1080,8000
Gyrodyne, LLCCOM403829104814,658SH SOLE04,65800
Halcon Resources GroupCOM PAR NEW40537Q605306180,000SH DFND10180,0000
Halliburton Co.COM40621610139915,000SH SOLE015,00000
Helmerich & Payne Inc.COM4234521014,794100,000SH DFND10100,0000
Hess CorporationCOM42809H1072,76568,282SH SOLE068,28200
Highland Bankshares Inc.COM4308931072,062396,458SH DFND10396,4580
Hugoton Realty Trust TEX Unit Ben IntUNIT BEN INT444717102103190,440SH SOLE0190,44000
ICC Holdings, Inc.COM44931Q10467749,630SH DFND1049,6300
Innoviva, Inc.COM45781M10191652,500SH DFND1052,5000
Intel Corp.COM45814010037,544800,000SH DFND10800,0000
Intel Corp.COM45814010058,6631,250,000SH SOLE01,250,00000
Investors Bancorp, Inc.COM46146L10113,3641,285,000SH DFND101,285,0000
JBG SMITH PropertiesCOM46590V1003108,912SH DFND108,9120
Jack in the Box Inc.COM4663671092,58533,302SH DFND1033,3020
Jefferies Financial GroupCOM47233W1097,812450,000SH DFND10450,0000
Kaiser Aluminum Corp.COM PAR $0.014830077045,07256,800SH DFND1056,8000
Kearny Financial Corp.COM48716P10817,8541,392,697SH DFND101,392,6970
LICT Corp.COM50187G1043,974275SH DFND102750
Luther Bank CorpCOM5505501072,751305,000SH DFND10305,0000
MB Bancorp Inc.COM55280E1042,418171,459SH DFND10171,4590
MSB FinancialCOM55352L1013,122174,897SH DFND10174,8970
The Macerich CompanyCOM5543821014,328100,000SH DFND10100,0000
The Medicines CompanyCOM5846881053,637190,000SH DFND10190,0000
Mercantil Bank Holding Corp.CL A NEW58734F3055,204400,000SH DFND10400,0000
Meredith Corp.COM58943310118,605358,200SH DFND10358,2000
Meridian Corp.COM58958P1045,154300,190SH DFND10300,1900
Meridian Bancorp, Inc.COM58958U1031,432100,000SH DFND10100,0000
Mid-Southern BancorpCOM59548Q1071,812156,578SH DFND10156,5780
Bunge LimitedCOM61696210526,987505,000SH DFND10505,0000
Bunge LimitedCOM6169621052,13840,000SH SOLE040,00000
News CorpCOM65249B1095,278465,000SH DFND10465,0000
NI Holdings Inc.COM65342T1066,975443,400SH DFND10443,4000
Northeast BancorpCOM6639042093,875231,637SH DFND10231,6370
Oaktree Specialty Lending Corp.COM67401P108635150,100SH DFND10150,1000
pdvWirelessCOM69290R1041,66144,431SH DFND1044,4310
PDL Community BancorpCOM69290X10163149,501SH DFND1049,5010
PCSB FinancialCOM69324R1047369SH SOLE036900
Papa Murphy's HoldingsCOM69881410012,0242,531,369SH DFND102,531,3690
Peapack-Gladstone Financial Corp.COM7046991072,538100,800SH DFND10100,8000
Permian Basin Rlty TrustUNIT BEN INT7142361068213,841SH SOLE013,84100
Plains All American PipelineUNIT LTD PARTN7265031058,166407,500SH DFND10407,5000
Plains All American PipelineUNIT LTD PARTN72650310522211,081SH SOLE011,08100
Plains GP Holdings LPLTD PARTNR INT A72651A2073,339166,130SH DFND10166,1300
Plains GP Holdings LPLTD PARTNR INT A72651A2071,89794,388SH SOLE094,38800
Popular, Inc.COM UNIT RP IN73317470014,166300,000SH DFND10300,0000
Prudential Bancorp Inc.COM74431A1012,286129,896SH DFND10129,8960
Red Hat, Inc.COM7565771021,0546,000SH DFND106,0000
Regions Financial Corp.COM7591EP1004,240316,878SH DFND10316,8780
SI Financial GroupCOM78425V1041,750137,500SH DFND10137,5000
S&W Seed CompanyCOM78513510428,86015,945,017SH DFND1015,945,0170
William H. Sadlier, Inc.COM7863271061,01821,217SH DFND1021,2170
San Juan Basin Realty Trust UnitUNIT BEN INT798241105481100,240SH SOLE0100,24000
Sanofi-Aventis SA, CVRSPONSORED ADR80105N1131,5533,235,625SH DFND103,235,6250
Sanofi-Aventis SA, CVRSPONSORED ADR80105N113167348,043SH SOLE0348,04300
Steel Holdings LP Ltd Prshp UnitLTD PRTRSHIP U85814R107775,773SH SOLE05,77300
Tejon Ranch Co.COM8790801097,544455,000SH DFND10455,0000
Teva Pharmaceutical Industries Ltd.SPONSORED ADR8816242091,617104,875SH SOLE0104,87500
Tidewater Warrant Exp 11/24/24*W EXP 11/24/20288642R17447,444SH DFND107,4440
Trinity Place Holdings Inc.COM89656D10119,8834,581,392SH DFND104,581,3920
Twenty First Century Fox ACL A90130A1011,20325,000SH DFND1025,0000
Twenty-First Century Fox Class BCL B90130A2005,256110,000SH DFND10110,0000
Vornado Realty TrustSH BEN INT9290421096,699108,000SH DFND10108,0000
Waterstone Financial Inc.COM94188P10120,1311,201,121SH DFND101,201,1210
Westlake Chemical Corp.COM9604131026,07491,800SH DFND1091,8000
Williams-Sonoma, Inc.COM9699041012,77555,000SH DFND1055,0000
Wright Investors Service HoldingsCOM982345100314825,691SH DFND10825,6910
XPO Logistics, Inc.COM9837931007,273127,500SH DFND10127,5000
York Traditions BankCOM9871591002,450131,000SH DFND10131,0000
TechnipFMC plcCOMG871101056,309322,200SH DFND10322,2000
Chubb LimitedCOMh1467j1044,35433,706SH DFND1033,7060
Constellium N.V.COMN220351042,167310,000SH DFND10310,0000