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.COM00206R10215,304525,000SH DFND10525,0000
AT&T Inc.COM00206R1021,38847,623SH SOLE047,62300
Advanced Emissions Solutions Inc.COM00770C1014,040614,852SH DFND10614,8520
Alphabet Inc.CAP STK CL A02079K3053,4863,000SH SOLE03,00000
Amazon.Com Inc.COM0231351066,8243,500SH SOLE03,50000
Anterix IncCOM03676C1002,05244,931SH DFND1044,9310
Arconic Inc.COM03965L10072144,900SH DFND1044,9000
Atlantic Capital BancsharesCOM04826920311,278950,093SH DFND10950,0930
BCB Bancorp, Inc.COM05529810310,8671,020,408SH DFND101,020,4080
BKF Capital Group, Inc.COM05548G20128629,380SH DFND1029,3800
Baker Hughes CompanyCOM05722G100535,000SH SOLE05,00000
The Bancorp BankCOM05969A1052,474407,500SH DFND10407,5000
Banc of California, Inc.COM05990K10610,7001,337,500SH DFND101,337,5000
Bank of America CorporationCOM060505104854,000SH SOLE04,00000
Blackberry LimitedCOM09228F1034,9771,205,000SH DFND101,205,0000
Blackberry LimitedCOM09228F10326063,000SH SOLE063,00000
CIBL, Inc.COM12543Y104376215SH DFND102150
CIT Group Inc.COM NEW12558180111,402660,600SH DFND10660,6000
CIT Group Inc.COM NEW12558180117310,000SH SOLE010,00000
Carbon Natural Gas Co.COM14115T208728211,112SH DFND10211,1120
Carter Bank & TrustCOM1461021085,009545,693SH DFND10545,6930
Columbia Financial Inc.COM1976411035,237363,695SH DFND10363,6950
Continental Resources Inc.COM21201510122930,000SH SOLE030,00000
Crescent Capital BDCCOM22565510944846,471SH DFND1046,4710
Crimson Wine Group Ltd.COM22662X1006,5091,113,596SH DFND101,113,5960
Devon Energy Corp. NewCOM25179M10323534,000SH SOLE034,00000
Dolby Laboratories Inc.COM CL A25659T10729,273540,000SH DFND10540,0000
Dolby Laboratories Inc.COM CL A25659T1071763,255SH SOLE03,25500
Dow Inc.COM26055710359120,212SH SOLE020,21200
Du Pont E I De Nemours & CoCOM26614N10268920,212SH SOLE020,21200
Exxon Mobil Corp.COM30231G10241811,000SH SOLE011,00000
FLIR Systems Inc.COM3024451013,926123,114SH DFND10123,1140
FLIR Systems Inc.COM3024451011223,822SH SOLE03,82200
FMC Corp.COM NEW3024913037,51592,000SH DFND1092,0000
FFBW Inc.COM30260M1032,091265,000SH DFND10265,0000
FSB BancorpCOM30289C1022,642187,130SH DFND10187,1300
Facebook Inc.COM30303M1021,73410,395SH SOLE010,39500
Farmers & Merchants BankCOM3082431041,218203SH SOLE020300
Federal Life Group, Inc.COM3135331011100SH DFND101000
Federal Life Group, Inc.COM3135331011100SH SOLE010000
First BankCOM31931U1021,389200,100SH DFND10200,1000
First of Long Island CorpCOM3207341061,47585,000SH DFND1085,0000
First Midwest Bancorp.COM3208671041,892142,962SH DFND10142,9620
Franklin Resources Inc.COM3546131015,090305,000SH DFND10305,0000
Franklin Resources Inc.COM35461310162637,530SH SOLE037,53000
GAMCO Investors, Inc.COM36143810469463,124SH DFND1063,1240
Groupon, Inc.COM399473107196200,000SH SOLE0200,00000
Gulf Coast Ultra Deep Rty Trust UnitUNIT BEN INT40222T104835,000,000SH DFND105,000,0000
Gulf Coast Ultra Deep Rty Trust UnitUNIT BEN INT40222T10412721,942SH SOLE0721,94200
Gyrodyne, LLCCOM4038291041,18080,850SH DFND1080,8500
Gyrodyne, LLCCOM403829104684,658SH SOLE04,65800
HarborOne BancorpCOM NEW41165F10121027,882SH DFND1027,8820
Helmerich & Payne Inc.COM4234521011,565100,000SH DFND10100,0000
Hess CorporationCOM42809H10794228,282SH SOLE028,28200
Hexcel CorpCOM4282911081,86050,000SH DFND1050,0000
Hugoton Realty Trust TEX Unit Ben IntUNIT BEN INT44471710220190,440SH SOLE0190,44000
ICC Holdings, Inc.COM44931Q10454749,630SH DFND1049,6300
Intel Corp.COM45814010045,645843,400SH DFND10843,4000
Intel Corp.COM45814010065,6491,213,025SH SOLE01,213,02500
Investors Bancorp, Inc.COM46146L10110,4271,305,000SH DFND101,305,0000
Ironwood PharmaceuticalsCOM CL A46333X10840440,000SH DFND1040,0000
Jefferies Financial GroupCOM47233W1094,105300,328SH DFND10300,3280
Kaiser Aluminum Corp.COM PAR $0.014830077045898,500SH DFND108,5000
Kearny Financial Corp.COM48716P1081,289150,000SH DFND10150,0000
LICT Corp.COM50187G1044,125275SH DFND102750
Las Vegas Sands Corp.COM5178341071784,195SH SOLE04,19500
Livent Corp.COM53814L1081,647313,663SH DFND10313,6630
Livent Corp.COM53814L10822142,088SH SOLE042,08800
Luther Bank CorpCOM5505501072,797305,000SH DFND10305,0000
MSB FinancialCOM55352L10140432,995SH DFND1032,9950
Madison Square Garden Co.CL A55825T103129612SH SOLE061200
Amerant Bancorp Inc.CL A58734F3054,519293,601SH DFND10293,6010
Meridian Corp.COM58958P1044,102299,890SH DFND10299,8900
Meridian Bancorp, Inc.COM58958U1031,122100,000SH DFND10100,0000
Mid-Southern BancorpCOM59548Q1072,169169,485SH DFND10169,4850
Bunge LimitedCOM6169621054,148101,100SH DFND10101,1000
Bunge LimitedCOM6169621051,64140,000SH SOLE040,00000
News CorpCOM65249B1094,173465,000SH DFND10465,0000
NI Holdings Inc.COM65342T1067,170528,791SH DFND10528,7910
Northeast BancorpCOM6639042092,701231,637SH DFND10231,6370
Oaktree Specialty Lending Corp.COM67401P10822669,800SH DFND1069,8000
PDL Community BancorpCOM69290X10187184,804SH DFND1084,8040
Peapack-Gladstone Financial Corp.COM7046991072,614145,650SH DFND10145,6500
Permian Basin Rlty TrustUNIT BEN INT7142361063913,841SH SOLE013,84100
Plains All American PipelineUNIT LTD PARTN7265031052,152407,500SH DFND10407,5000
Plains All American PipelineUNIT LTD PARTN7265031055911,081SH SOLE011,08100
Plains GP Holdings LPLTD PARTNR INT A72651A207932166,130SH DFND10166,1300
Plains GP Holdings LPLTD PARTNR INT A72651A20753094,388SH SOLE094,38800
Popular, Inc.COM UNIT RP IN73317470010,965313,296SH DFND10313,2960
Positive Phyisicians Holdings IncCOM73740G1065450SH DFND104500
Positive Phyisicians Holdings IncCOM73740G1065450SH SOLE045000
Provident Bancorp IncCOM NEW74383L10549657,500SH DFND1057,5000
Prudential Bancorp Inc.COM74431A1011,874126,596SH DFND10126,5960
QualComm Inc.COM74752510350732SH SOLE073200
Red Lion HotelsCOM7567641061,8251,250,000SH DFND101,250,0000
Ruth's Hospitality Group, Inc.COM78333210924236,258SH DFND1036,2580
S&W Seed CompanyCOM78513510432,75415,977,491SH DFND1015,977,4910
William H. Sadlier, Inc.COM78632710684521,217SH DFND1021,2170
San Juan Basin Realty Trust UnitUNIT BEN INT798241105211100,240SH SOLE0100,24000
SIGA TechnologiesCOM8269171065,7641,205,900SH DFND101,205,9000
Skyworks Solutions Inc.COM83088M1021731,936SH SOLE01,93600
Spirit AeroSystems HoldingsCOM CL A8485741092,393100,000SH DFND10100,0000
Steel Holdings LP Ltd Prshp UnitLTD PRTRSHIP U85814R107315,773SH SOLE05,77300
Tallgrass Energy, LPCLASS A SHS874696107825,000SH DFND105,0000
Taubman Centers, Inc.COM8766641039,004215,000SH DFND10215,0000
Tejon Ranch Co.COM8790801096,401455,231SH DFND10455,2310
Tidewater Warrant Exp 11/24/24*W EXP 11/24/20288642R17417,444SH DFND107,4440
Tiffany & Co.COM8865471083,23825,000SH DFND1025,0000
Trinity Place Holdings Inc.COM89656D10112,2106,708,538SH DFND106,708,5380
US Foods Holding CoCOM91200810939022,026SH SOLE022,02600
Univar Solutions Inc.COM91336L1071,707159,200SH DFND10159,2000
Vericity, Inc.COM92347D10068886,338SH DFND1086,3380
Vornado Realty TrustSH BEN INT9290421097,148197,393SH DFND10197,3930
WABCO Holdings Inc.COM92927K10216,544122,500SH DFND10122,5000
Waterstone Financial Inc.COM94188P10112,395852,506SH DFND10852,5060
Westlake Chemical Corp.COM9604131023,05480,000SH DFND1080,0000
Wright Investors Service HoldingsCOM982345100355825,691SH DFND10825,6910
York Traditions BankCOM9871591002,052144,100SH DFND10144,1000
Allergan PLCSHSG0177J1081,3287,500SH DFND107,5000
Nielsen Holdings PLCSHS EURG6518L10890372,000SH DFND1072,0000
Sirius International Insurance GroupCOMG8196D1011,527179,595SH DFND10179,5950
TechnipFMC plcCOMG871101053,690547,500SH DFND10547,5000
Chubb LimitedCOMh1467j1042,51322,500SH DFND1022,5000