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 26,421 842,500 SH   DFND 1 0 842,500 0
AT&T Inc. COM 00206R102 1,493 47,623 SH   SOLE 0 47,623 0 0
Advanced Emissions Solutions Inc. COM 00770C101 9,248 800,000 SH   DFND 1 0 800,000 0
Alcentra Capital Corp COM 01374T102 1,588 211,717 SH   DFND 1 0 211,717 0
Alliance Data Systems Corp COM 018581108 12,791 73,100 SH   DFND 1 0 73,100 0
Alphabet Inc. CAP STK CL A 02079K305 3,531 3,000 SH   SOLE 0 3,000 0 0
American Midstream Partners LP COM UNITS 02752P100 4,489 868,230 SH   DFND 1 0 868,230 0
American Midstream Partners LP COM UNITS 02752P100 30 5,775 SH   SOLE 0 5,775 0 0
American River Bankshares COM 029326105 138 10,602 SH   DFND 1 0 10,602 0
Anadarko Petroleum Corp. COM 032511107 2,820 62,000 SH   DFND 1 0 62,000 0
Atlantic Capital Bancshares COM 048269203 16,940 950,093 SH   DFND 1 0 950,093 0
BKF Capital Group, Inc. COM 05548G201 294 29,380 SH   DFND 1 0 29,380 0
BRT Realty Trust COM 055645303 2,337 168,369 SH   DFND 1 0 168,369 0
BMC Stock Holdings Inc. COM 05591B109 22,319 1,263,105 SH   DFND 1 0 1,263,105 0
Babcock & Wilcox Enterprises COM 05614L100 244 582,591 SH   DFND 1 0 582,591 0
Baker Hughes a GE Company CL A 05722G100 277 10,000 SH   SOLE 0 10,000 0 0
The Bancorp Bank COM 05969A105 3,293 407,500 SH   DFND 1 0 407,500 0
Banc of California, Inc. COM 05990K106 18,414 1,330,000 SH   DFND 1 0 1,330,000 0
Bank of America Corporation COM 060505104 193 7,000 SH   SOLE 0 7,000 0 0
Blackberry Limited COM 09228F103 6,538 648,000 SH   DFND 1 0 648,000 0
Blackberry Limited COM 09228F103 636 63,000 SH   SOLE 0 63,000 0 0
CBM Bancorp, Inc. COM 1248XT104 324 25,000 SH   DFND 1 0 25,000 0
CIBL, Inc. COM 12543Y104 376 215 SH   DFND 1 0 215 0
CIT Group Inc. COM NEW 125581801 28,662 597,500 SH   DFND 1 0 597,500 0
CIT Group Inc. COM NEW 125581801 480 10,000 SH   SOLE 0 10,000 0 0
Campbell Soup Company COM 134429109 11,058 290,000 SH   DFND 1 0 290,000 0
Carbon Natural Gas Co. COM 14115T208 2,111 211,112 SH   DFND 1 0 211,112 0
Carter Bank & Trust COM 146102108 17,105 891,327 SH   DFND 1 0 891,327 0
Celgene Corp. COM 151020104 10,377 110,000 SH   DFND 1 0 110,000 0
Columbia Financial Inc. COM 197641103 7,835 500,000 SH   DFND 1 0 500,000 0
Continental Resources Inc. COM 212015101 4,477 100,000 SH   DFND 1 0 100,000 0
Continental Resources Inc. COM 212015101 7,611 170,000 SH   SOLE 0 170,000 0 0
Crimson Wine Group Ltd. COM 22662X100 8,938 1,086,082 SH   DFND 1 0 1,086,082 0
Devon Energy Corp. New COM 25179M103 1,073 34,000 SH   SOLE 0 34,000 0 0
Dolby Laboratories Inc. COM CL A 25659T107 34,186 542,900 SH   DFND 1 0 542,900 0
Dolby Laboratories Inc. COM CL A 25659T107 205 3,255 SH   SOLE 0 3,255 0 0
DowDuPont Inc. COM 26078J100 15,726 295,000 SH   DFND 1 0 295,000 0
DowDuPont Inc. COM 26078J100 3,233 60,640 SH   SOLE 0 60,640 0 0
elf Beauty Inc. COM 26856L103 345 32,500 SH   DFND 1 0 32,500 0
Extraction Oil & Gas, Inc. COM 30227M105 1,401 331,200 SH   DFND 1 0 331,200 0
Exxon Mobil Corp. COM 30231G102 889 11,000 SH   SOLE 0 11,000 0 0
FMC Corp. COM NEW 302491303 19,397 252,500 SH   DFND 1 0 252,500 0
FMC Corp. COM NEW 302491303 3,073 40,000 SH   SOLE 0 40,000 0 0
FSB Bancorp COM 30289C102 3,105 181,713 SH   DFND 1 0 181,713 0
Farmers & Merchants Bank COM 308243104 1,665 203 SH   SOLE 0 203 0 0
Federal Life Group, Inc. COM 313533101 1 100 SH   DFND 1 0 100 0
Federal Life Group, Inc. COM 313533101 1 100 SH   SOLE 0 100 0 0
First Bank COM 31931U102 2,307 200,100 SH   DFND 1 0 200,100 0
First of Long Island Corp COM 320734106 1,864 85,000 SH   DFND 1 0 85,000 0
Fox Corp A CL A COM 35137L105 306 8,333 SH   DFND 1 0 8,333 0
Fox Corp B CL B COM 35137L204 1,316 36,666 SH   DFND 1 0 36,666 0
Franklin Resources Inc. COM 354613101 7,413 223,700 SH   DFND 1 0 223,700 0
Franklin Resources Inc. COM 354613101 912 27,530 SH   SOLE 0 27,530 0 0
GAMCO Investors, Inc. COM 361438104 1,107 54,000 SH   DFND 1 0 54,000 0
General Electric Company COM 369604103 1,998 200,000 SH   DFND 1 0 200,000 0
Groupon, Inc. COM 399473107 8,165 2,300,000 SH   DFND 1 0 2,300,000 0
Groupon, Inc. COM 399473107 710 200,000 SH   SOLE 0 200,000 0 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 140 5,000,000 SH   DFND 1 0 5,000,000 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 20 721,942 SH   SOLE 0 721,942 0 0
Gyrodyne, LLC COM 403829104 1,455 80,850 SH   DFND 1 0 80,850 0
Gyrodyne, LLC COM 403829104 84 4,658 SH   SOLE 0 4,658 0 0
Halliburton Co. COM 406216101 440 15,000 SH   SOLE 0 15,000 0 0
Helmerich & Payne Inc. COM 423452101 5,556 100,000 SH   DFND 1 0 100,000 0
Hess Corporation COM 42809H107 4,113 68,282 SH   SOLE 0 68,282 0 0
Highland Bankshares Inc. COM 430893107 2,617 396,458 SH   DFND 1 0 396,458 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 93 190,440 SH   SOLE 0 190,440 0 0
ICC Holdings, Inc. COM 44931Q104 671 49,630 SH   DFND 1 0 49,630 0
Innoviva, Inc. COM 45781M101 737 52,500 SH   DFND 1 0 52,500 0
Intel Corp. COM 458140100 42,960 800,000 SH   DFND 1 0 800,000 0
Intel Corp. COM 458140100 66,051 1,230,000 SH   SOLE 0 1,230,000 0 0
Investors Bancorp, Inc. COM 46146L101 15,227 1,285,000 SH   DFND 1 0 1,285,000 0
Jack in the Box Inc. COM 466367109 2,699 33,302 SH   DFND 1 0 33,302 0
Jefferies Financial Group COM 47233W109 8,456 450,000 SH   DFND 1 0 450,000 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 5,237 50,000 SH   DFND 1 0 50,000 0
Kearny Financial Corp. COM 48716P108 12,420 965,000 SH   DFND 1 0 965,000 0
LICT Corp. COM 50187G104 4,290 275 SH   DFND 1 0 275 0
Livent Corp. COM 53814L108 5,526 450,000 SH   DFND 1 0 450,000 0
Livent Corp. COM 53814L108 517 42,088 SH   SOLE 0 42,088 0 0
Luther Bank Corp COM 550550107 3,081 305,000 SH   DFND 1 0 305,000 0
MB Bancorp Inc. COM 55280E104 2,829 171,459 SH   DFND 1 0 171,459 0
MSB Financial COM 55352L101 3,139 174,897 SH   DFND 1 0 174,897 0
The Medicines Company COM 584688105 5,311 190,000 SH   DFND 1 0 190,000 0
Mercantil Bank Holding Corp. CL A NEW 58734F305 5,572 400,000 SH   DFND 1 0 400,000 0
Meredith Corp. COM 589433101 19,794 358,200 SH   DFND 1 0 358,200 0
Meridian Corp. COM 58958P104 5,415 300,190 SH   DFND 1 0 300,190 0
Meridian Bancorp, Inc. COM 58958U103 1,569 100,000 SH   DFND 1 0 100,000 0
Mid-Southern Bancorp COM 59548Q107 1,946 156,578 SH   DFND 1 0 156,578 0
Bunge Limited COM 616962105 18,840 355,000 SH   DFND 1 0 355,000 0
Bunge Limited COM 616962105 2,123 40,000 SH   SOLE 0 40,000 0 0
News Corp COM 65249B109 5,785 465,000 SH   DFND 1 0 465,000 0
NI Holdings Inc. COM 65342T106 7,159 447,447 SH   DFND 1 0 447,447 0
Northeast Bancorp COM 663904209 4,790 231,637 SH   DFND 1 0 231,637 0
Oaktree Specialty Lending Corp. COM 67401P108 778 150,100 SH   DFND 1 0 150,100 0
pdvWireless COM 69290R104 1,562 44,431 SH   DFND 1 0 44,431 0
PDL Community Bancorp COM 69290X101 998 71,565 SH   DFND 1 0 71,565 0
Papa Murphy's Holdings COM 698814100 13,264 2,531,369 SH   DFND 1 0 2,531,369 0
Peapack-Gladstone Financial Corp. COM 704699107 2,643 100,800 SH   DFND 1 0 100,800 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 104 13,841 SH   SOLE 0 13,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 9,988 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 272 11,081 SH   SOLE 0 11,081 0 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 4,140 166,130 SH   DFND 1 0 166,130 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 2,352 94,388 SH   SOLE 0 94,388 0 0
Popular, Inc. COM NEW 733174700 13,851 265,700 SH   DFND 1 0 265,700 0
Prudential Bancorp Inc. COM 74431A101 2,254 129,896 SH   DFND 1 0 129,896 0
Red Hat, Inc. COM 756577102 2,923 16,000 SH   DFND 1 0 16,000 0
Regions Financial Corp. COM 7591EP100 4,484 316,878 SH   DFND 1 0 316,878 0
SI Financial Group COM 78425V104 1,508 116,824 SH   DFND 1 0 116,824 0
S&W Seed Company COM 785135104 42,733 15,945,017 SH   DFND 1 0 15,945,017 0
William H. Sadlier, Inc. COM 786327106 1,125 21,217 SH   DFND 1 0 21,217 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 538 100,240 SH   SOLE 0 100,240 0 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 1,456 3,235,625 SH   DFND 1 0 3,235,625 0
Sanofi-Aventis SA, CVR SPONSORED ADR 80105N113 157 348,043 SH   SOLE 0 348,043 0 0
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 80 5,773 SH   SOLE 0 5,773 0 0
Tejon Ranch Co. COM 879080109 8,008 455,000 SH   DFND 1 0 455,000 0
Teva Pharmaceutical Industries Ltd. SPONSORED ADS 881624209 1,644 104,875 SH   SOLE 0 104,875 0 0
Tidewater Warrant Exp 11/24/24 *W EXP 11/24/202 88642R174 13 7,444 SH   DFND 1 0 7,444 0
Trinity Place Holdings Inc. COM 89656D101 18,326 4,581,392 SH   DFND 1 0 4,581,392 0
Vornado Realty Trust SH BEN INT 929042109 7,284 108,000 SH   DFND 1 0 108,000 0
WABCO Holdings Inc. COM 92927K102 10,429 79,110 SH   DFND 1 0 79,110 0
Wabtec Corp COM 929740108 67 913 SH   DFND 1 0 913 0
Waterstone Financial Inc. COM 94188P101 16,448 999,246 SH   DFND 1 0 999,246 0
Westlake Chemical Corp. COM 960413102 6,230 91,800 SH   DFND 1 0 91,800 0
Williams-Sonoma, Inc. COM 969904101 3,095 55,000 SH   DFND 1 0 55,000 0
Wright Investors Service Holdings COM 982345100 372 825,691 SH   DFND 1 0 825,691 0
York Traditions Bank COM 987159100 2,469 131,000 SH   DFND 1 0 131,000 0
TechnipFMC plc COM G87110105 7,578 322,200 SH   DFND 1 0 322,200 0
Chubb Limited COM h1467j104 4,722 33,706 SH   DFND 1 0 33,706 0
Constellium N.V. COM N22035104 2,474 310,000 SH   DFND 1 0 310,000 0