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 15,304 525,000 SH   DFND 1 0 525,000 0
AT&T Inc. COM 00206R102 1,388 47,623 SH   SOLE 0 47,623 0 0
Advanced Emissions Solutions Inc. COM 00770C101 4,040 614,852 SH   DFND 1 0 614,852 0
Alphabet Inc. CAP STK CL A 02079K305 3,486 3,000 SH   SOLE 0 3,000 0 0
Amazon.Com Inc. COM 023135106 6,824 3,500 SH   SOLE 0 3,500 0 0
Anterix Inc COM 03676C100 2,052 44,931 SH   DFND 1 0 44,931 0
Arconic Inc. COM 03965L100 721 44,900 SH   DFND 1 0 44,900 0
Atlantic Capital Bancshares COM 048269203 11,278 950,093 SH   DFND 1 0 950,093 0
BCB Bancorp, Inc. COM 055298103 10,867 1,020,408 SH   DFND 1 0 1,020,408 0
BKF Capital Group, Inc. COM 05548G201 286 29,380 SH   DFND 1 0 29,380 0
Baker Hughes Company COM 05722G100 53 5,000 SH   SOLE 0 5,000 0 0
The Bancorp Bank COM 05969A105 2,474 407,500 SH   DFND 1 0 407,500 0
Banc of California, Inc. COM 05990K106 10,700 1,337,500 SH   DFND 1 0 1,337,500 0
Bank of America Corporation COM 060505104 85 4,000 SH   SOLE 0 4,000 0 0
Blackberry Limited COM 09228F103 4,977 1,205,000 SH   DFND 1 0 1,205,000 0
Blackberry Limited COM 09228F103 260 63,000 SH   SOLE 0 63,000 0 0
CIBL, Inc. COM 12543Y104 376 215 SH   DFND 1 0 215 0
CIT Group Inc. COM NEW 125581801 11,402 660,600 SH   DFND 1 0 660,600 0
CIT Group Inc. COM NEW 125581801 173 10,000 SH   SOLE 0 10,000 0 0
Carbon Natural Gas Co. COM 14115T208 728 211,112 SH   DFND 1 0 211,112 0
Carter Bank & Trust COM 146102108 5,009 545,693 SH   DFND 1 0 545,693 0
Columbia Financial Inc. COM 197641103 5,237 363,695 SH   DFND 1 0 363,695 0
Continental Resources Inc. COM 212015101 229 30,000 SH   SOLE 0 30,000 0 0
Crescent Capital BDC COM 225655109 448 46,471 SH   DFND 1 0 46,471 0
Crimson Wine Group Ltd. COM 22662X100 6,509 1,113,596 SH   DFND 1 0 1,113,596 0
Devon Energy Corp. New COM 25179M103 235 34,000 SH   SOLE 0 34,000 0 0
Dolby Laboratories Inc. COM CL A 25659T107 29,273 540,000 SH   DFND 1 0 540,000 0
Dolby Laboratories Inc. COM CL A 25659T107 176 3,255 SH   SOLE 0 3,255 0 0
Dow Inc. COM 260557103 591 20,212 SH   SOLE 0 20,212 0 0
Du Pont E I De Nemours & Co COM 26614N102 689 20,212 SH   SOLE 0 20,212 0 0
Exxon Mobil Corp. COM 30231G102 418 11,000 SH   SOLE 0 11,000 0 0
FLIR Systems Inc. COM 302445101 3,926 123,114 SH   DFND 1 0 123,114 0
FLIR Systems Inc. COM 302445101 122 3,822 SH   SOLE 0 3,822 0 0
FMC Corp. COM NEW 302491303 7,515 92,000 SH   DFND 1 0 92,000 0
FFBW Inc. COM 30260M103 2,091 265,000 SH   DFND 1 0 265,000 0
FSB Bancorp COM 30289C102 2,642 187,130 SH   DFND 1 0 187,130 0
Facebook Inc. COM 30303M102 1,734 10,395 SH   SOLE 0 10,395 0 0
Farmers & Merchants Bank COM 308243104 1,218 203 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 1,389 200,100 SH   DFND 1 0 200,100 0
First of Long Island Corp COM 320734106 1,475 85,000 SH   DFND 1 0 85,000 0
First Midwest Bancorp. COM 320867104 1,892 142,962 SH   DFND 1 0 142,962 0
Franklin Resources Inc. COM 354613101 5,090 305,000 SH   DFND 1 0 305,000 0
Franklin Resources Inc. COM 354613101 626 37,530 SH   SOLE 0 37,530 0 0
GAMCO Investors, Inc. COM 361438104 694 63,124 SH   DFND 1 0 63,124 0
Groupon, Inc. COM 399473107 196 200,000 SH   SOLE 0 200,000 0 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 83 5,000,000 SH   DFND 1 0 5,000,000 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104 12 721,942 SH   SOLE 0 721,942 0 0
Gyrodyne, LLC COM 403829104 1,180 80,850 SH   DFND 1 0 80,850 0
Gyrodyne, LLC COM 403829104 68 4,658 SH   SOLE 0 4,658 0 0
HarborOne Bancorp COM NEW 41165F101 210 27,882 SH   DFND 1 0 27,882 0
Helmerich & Payne Inc. COM 423452101 1,565 100,000 SH   DFND 1 0 100,000 0
Hess Corporation COM 42809H107 942 28,282 SH   SOLE 0 28,282 0 0
Hexcel Corp COM 428291108 1,860 50,000 SH   DFND 1 0 50,000 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102 20 190,440 SH   SOLE 0 190,440 0 0
ICC Holdings, Inc. COM 44931Q104 547 49,630 SH   DFND 1 0 49,630 0
Intel Corp. COM 458140100 45,645 843,400 SH   DFND 1 0 843,400 0
Intel Corp. COM 458140100 65,649 1,213,025 SH   SOLE 0 1,213,025 0 0
Investors Bancorp, Inc. COM 46146L101 10,427 1,305,000 SH   DFND 1 0 1,305,000 0
Ironwood Pharmaceuticals COM CL A 46333X108 404 40,000 SH   DFND 1 0 40,000 0
Jefferies Financial Group COM 47233W109 4,105 300,328 SH   DFND 1 0 300,328 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704 589 8,500 SH   DFND 1 0 8,500 0
Kearny Financial Corp. COM 48716P108 1,289 150,000 SH   DFND 1 0 150,000 0
LICT Corp. COM 50187G104 4,125 275 SH   DFND 1 0 275 0
Las Vegas Sands Corp. COM 517834107 178 4,195 SH   SOLE 0 4,195 0 0
Livent Corp. COM 53814L108 1,647 313,663 SH   DFND 1 0 313,663 0
Livent Corp. COM 53814L108 221 42,088 SH   SOLE 0 42,088 0 0
Luther Bank Corp COM 550550107 2,797 305,000 SH   DFND 1 0 305,000 0
MSB Financial COM 55352L101 404 32,995 SH   DFND 1 0 32,995 0
Madison Square Garden Co. CL A 55825T103 129 612 SH   SOLE 0 612 0 0
Amerant Bancorp Inc. CL A 58734F305 4,519 293,601 SH   DFND 1 0 293,601 0
Meridian Corp. COM 58958P104 4,102 299,890 SH   DFND 1 0 299,890 0
Meridian Bancorp, Inc. COM 58958U103 1,122 100,000 SH   DFND 1 0 100,000 0
Mid-Southern Bancorp COM 59548Q107 2,169 169,485 SH   DFND 1 0 169,485 0
Bunge Limited COM 616962105 4,148 101,100 SH   DFND 1 0 101,100 0
Bunge Limited COM 616962105 1,641 40,000 SH   SOLE 0 40,000 0 0
News Corp COM 65249B109 4,173 465,000 SH   DFND 1 0 465,000 0
NI Holdings Inc. COM 65342T106 7,170 528,791 SH   DFND 1 0 528,791 0
Northeast Bancorp COM 663904209 2,701 231,637 SH   DFND 1 0 231,637 0
Oaktree Specialty Lending Corp. COM 67401P108 226 69,800 SH   DFND 1 0 69,800 0
PDL Community Bancorp COM 69290X101 871 84,804 SH   DFND 1 0 84,804 0
Peapack-Gladstone Financial Corp. COM 704699107 2,614 145,650 SH   DFND 1 0 145,650 0
Permian Basin Rlty Trust UNIT BEN INT 714236106 39 13,841 SH   SOLE 0 13,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105 2,152 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105 59 11,081 SH   SOLE 0 11,081 0 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 932 166,130 SH   DFND 1 0 166,130 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207 530 94,388 SH   SOLE 0 94,388 0 0
Popular, Inc. COM UNIT RP IN 733174700 10,965 313,296 SH   DFND 1 0 313,296 0
Positive Phyisicians Holdings Inc COM 73740G106 5 450 SH   DFND 1 0 450 0
Positive Phyisicians Holdings Inc COM 73740G106 5 450 SH   SOLE 0 450 0 0
Provident Bancorp Inc COM NEW 74383L105 496 57,500 SH   DFND 1 0 57,500 0
Prudential Bancorp Inc. COM 74431A101 1,874 126,596 SH   DFND 1 0 126,596 0
QualComm Inc. COM 747525103 50 732 SH   SOLE 0 732 0 0
Red Lion Hotels COM 756764106 1,825 1,250,000 SH   DFND 1 0 1,250,000 0
Ruth's Hospitality Group, Inc. COM 783332109 242 36,258 SH   DFND 1 0 36,258 0
S&W Seed Company COM 785135104 32,754 15,977,491 SH   DFND 1 0 15,977,491 0
William H. Sadlier, Inc. COM 786327106 845 21,217 SH   DFND 1 0 21,217 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105 211 100,240 SH   SOLE 0 100,240 0 0
SIGA Technologies COM 826917106 5,764 1,205,900 SH   DFND 1 0 1,205,900 0
Skyworks Solutions Inc. COM 83088M102 173 1,936 SH   SOLE 0 1,936 0 0
Spirit AeroSystems Holdings COM CL A 848574109 2,393 100,000 SH   DFND 1 0 100,000 0
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107 31 5,773 SH   SOLE 0 5,773 0 0
Tallgrass Energy, LP CLASS A SHS 874696107 82 5,000 SH   DFND 1 0 5,000 0
Taubman Centers, Inc. COM 876664103 9,004 215,000 SH   DFND 1 0 215,000 0
Tejon Ranch Co. COM 879080109 6,401 455,231 SH   DFND 1 0 455,231 0
Tidewater Warrant Exp 11/24/24 *W EXP 11/24/202 88642R174 1 7,444 SH   DFND 1 0 7,444 0
Tiffany & Co. COM 886547108 3,238 25,000 SH   DFND 1 0 25,000 0
Trinity Place Holdings Inc. COM 89656D101 12,210 6,708,538 SH   DFND 1 0 6,708,538 0
US Foods Holding Co COM 912008109 390 22,026 SH   SOLE 0 22,026 0 0
Univar Solutions Inc. COM 91336L107 1,707 159,200 SH   DFND 1 0 159,200 0
Vericity, Inc. COM 92347D100 688 86,338 SH   DFND 1 0 86,338 0
Vornado Realty Trust SH BEN INT 929042109 7,148 197,393 SH   DFND 1 0 197,393 0
WABCO Holdings Inc. COM 92927K102 16,544 122,500 SH   DFND 1 0 122,500 0
Waterstone Financial Inc. COM 94188P101 12,395 852,506 SH   DFND 1 0 852,506 0
Westlake Chemical Corp. COM 960413102 3,054 80,000 SH   DFND 1 0 80,000 0
Wright Investors Service Holdings COM 982345100 355 825,691 SH   DFND 1 0 825,691 0
York Traditions Bank COM 987159100 2,052 144,100 SH   DFND 1 0 144,100 0
Allergan PLC SHS G0177J108 1,328 7,500 SH   DFND 1 0 7,500 0
Nielsen Holdings PLC SHS EUR G6518L108 903 72,000 SH   DFND 1 0 72,000 0
Sirius International Insurance Group COM G8196D101 1,527 179,595 SH   DFND 1 0 179,595 0
TechnipFMC plc COM G87110105 3,690 547,500 SH   DFND 1 0 547,500 0
Chubb Limited COM h1467j104 2,513 22,500 SH   DFND 1 0 22,500 0