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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AT&T Inc. COM 00206R102   357 11,816 SH   SOLE 0 11,816 0 0
Allison Transmission Holdings, Inc. COM 01973R101   644 17,500 SH   DFND 1 0 17,500 0
Alphabet Inc. CAP STK CL A 02079K305   1,064 750 SH   DFND 1 0 750 0
Alphabet Inc. CAP STK CL A 02079K305   4,254 3,000 SH   SOLE 0 3,000 0 0
Amazon.Com Inc. COM 023135106   9,656 3,500 SH   SOLE 0 3,500 0 0
Anterix Inc COM 03676C100   22,217 490,000 SH   DFND 1 0 490,000 0
Atlantic Capital Bancshares COM 048269203   11,553 950,093 SH   DFND 1 0 950,093 0
BCB Bancorp, Inc. COM 055298103   9,469 1,020,408 SH   DFND 1 0 1,020,408 0
BKF Capital Group, Inc. COM 05548G201   236 29,380 SH   DFND 1 0 29,380 0
BRT Apartments Corp COM 055645303   478 44,217 SH   DFND 1 0 44,217 0
Baker Hughes Company COM 05722G100   77 5,000 SH   SOLE 0 5,000 0 0
The Bancorp Bank COM 05969A105   3,994 407,500 SH   DFND 1 0 407,500 0
Banc of California, Inc. COM 05990K106   14,485 1,337,500 SH   DFND 1 0 1,337,500 0
Bank of America Corporation COM 060505104   95 4,000 SH   SOLE 0 4,000 0 0
Blackberry Limited COM 09228F103   6,210 1,270,000 SH   DFND 1 0 1,270,000 0
Blackberry Limited COM 09228F103   308 63,000 SH   SOLE 0 63,000 0 0
CIBL, Inc. COM 12543Y104   367 215 SH   DFND 1 0 215 0
CIT Group Inc. COM NEW 125581801   13,694 660,600 SH   DFND 1 0 660,600 0
CIT Group Inc. COM NEW 125581801   207 10,000 SH   SOLE 0 10,000 0 0
Carbon Natural Gas Co. COM 14115T208   215 211,112 SH   DFND 1 0 211,112 0
Carter Bank & Trust COM 146102108   1,286 159,400 SH   DFND 1 0 159,400 0
Constellation Brands CL A 21036P108   612 3,500 SH   DFND 1 0 3,500 0
Continental Resources Inc. COM 212015101   526 30,000 SH   SOLE 0 30,000 0 0
Crimson Wine Group Ltd. COM 22662X100   6,074 1,124,849 SH   DFND 1 0 1,124,849 0
Devon Energy Corp. New COM 25179M103   386 34,000 SH   SOLE 0 34,000 0 0
Dolby Laboratories Inc. COM CL A 25659T107   35,570 540,000 SH   DFND 1 0 540,000 0
Dolby Laboratories Inc. COM CL A 25659T107   214 3,255 SH   SOLE 0 3,255 0 0
Dow Inc. COM 260557103   824 20,212 SH   SOLE 0 20,212 0 0
Du Pont E I De Nemours & Co COM 26614N102   1,074 20,212 SH   SOLE 0 20,212 0 0
Edgewell Personal Care Company COM 28035Q102   686 22,000 SH   DFND 1 0 22,000 0
Evans Bancorp COM NEW 29911Q208   374 16,074 SH   DFND 1 0 16,074 0
Exxon Mobil Corp. COM 30231G102   492 11,000 SH   SOLE 0 11,000 0 0
FLIR Systems Inc. COM 302445101   5,177 127,614 SH   DFND 1 0 127,614 0
FLIR Systems Inc. COM 302445101   155 3,822 SH   SOLE 0 3,822 0 0
FMC Corp. COM NEW 302491303   8,906 89,400 SH   DFND 1 0 89,400 0
FFBW Inc. COM 30260M103   2,279 265,000 SH   DFND 1 0 265,000 0
Facebook Inc. COM 30303M102   2,360 10,395 SH   SOLE 0 10,395 0 0
Farmers & Merchants Bank COM 308243104   1,209 203 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   1,305 200,100 SH   DFND 1 0 200,100 0
First of Long Island Corp COM 320734106   1,389 85,000 SH   DFND 1 0 85,000 0
Franklin Resources Inc. COM 354613101   6,396 305,000 SH   DFND 1 0 305,000 0
Franklin Resources Inc. COM 354613101   787 37,530 SH   SOLE 0 37,530 0 0
GAMCO Investors, Inc. COM 361438104   840 63,124 SH   DFND 1 0 63,124 0
Goldman Sachs Group Inc. COM 38141G104   988 5,000 SH   SOLE 0 5,000 0 0
Groupon, Inc. COM 399473107   181 10,000 SH   SOLE 0 10,000 0 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104   90 5,000,000 SH   DFND 1 0 5,000,000 0
Gulf Coast Ultra Deep Rty Trust Unit UNIT BEN INT 40222T104   13 721,942 SH   SOLE 0 721,942 0 0
Gyrodyne, LLC COM 403829104   1,334 80,850 SH   DFND 1 0 80,850 0
Gyrodyne, LLC COM 403829104   77 4,658 SH   SOLE 0 4,658 0 0
HarborOne Bancorp COM NEW 41165F101   238 27,882 SH   DFND 1 0 27,882 0
Helmerich & Payne Inc. COM 423452101   1,951 100,000 SH   DFND 1 0 100,000 0
Hess Corporation COM 42809H107   1,465 28,282 SH   SOLE 0 28,282 0 0
Hexcel Corp COM 428291108   12,096 267,500 SH   DFND 1 0 267,500 0
Hugoton Realty Trust TEX Unit Ben Int UNIT BEN INT 444717102   27 190,440 SH   SOLE 0 190,440 0 0
ICC Holdings, Inc. COM 44931Q104   553 49,630 SH   DFND 1 0 49,630 0
Intel Corp. COM 458140100   50,461 843,400 SH   DFND 1 0 843,400 0
Intel Corp. COM 458140100   72,575 1,213,025 SH   SOLE 0 1,213,025 0 0
Investors Bancorp, Inc. COM 46146L101   11,093 1,305,000 SH   DFND 1 0 1,305,000 0
Ironwood Pharmaceuticals COM CL A 46333X108   4,226 409,500 SH   DFND 1 0 409,500 0
Jefferies Financial Group COM 47233W109   5,248 337,500 SH   DFND 1 0 337,500 0
Kaiser Aluminum Corp. COM PAR $0.01 483007704   663 9,000 SH   DFND 1 0 9,000 0
Kearny Financial Corp. COM 48716P108   1,227 150,000 SH   DFND 1 0 150,000 0
LICT Corp. COM 50187G104   4,648 275 SH   DFND 1 0 275 0
Las Vegas Sands Corp. COM 517834107   191 4,195 SH   SOLE 0 4,195 0 0
Livent Corp. COM 53814L108   259 42,088 SH   SOLE 0 42,088 0 0
MSB Financial COM 55352L101   373 32,995 SH   DFND 1 0 32,995 0
Madison Square Garden Sports CL A 55825T103   90 612 SH   SOLE 0 612 0 0
Madison Square Garden Entertainment CL A 55826T102   46 612 SH   SOLE 0 612 0 0
Amerant Bancorp Inc. CL A 58734F305   4,211 280,012 SH   DFND 1 0 280,012 0
Meridian Corp. COM 58958P104   4,379 276,277 SH   DFND 1 0 276,277 0
Meridian Bancorp, Inc. COM 58958U103   1,160 100,000 SH   DFND 1 0 100,000 0
Mid-Southern Bancorp COM 59548Q107   2,047 169,485 SH   DFND 1 0 169,485 0
Bunge Limited COM 616962105   11,722 285,000 SH   DFND 1 0 285,000 0
Bunge Limited COM 616962105   1,645 40,000 SH   SOLE 0 40,000 0 0
News Corp COM 65249B109   5,515 465,000 SH   DFND 1 0 465,000 0
NI Holdings Inc. COM 65342T106   7,810 528,791 SH   DFND 1 0 528,791 0
Northeast Bancorp COM 663904209   4,065 231,637 SH   DFND 1 0 231,637 0
One Liberty Properties, Inc. COM 682406103   2,785 158,064 SH   DFND 1 0 158,064 0
PDL Community Bancorp COM 69290X101   863 84,804 SH   DFND 1 0 84,804 0
Peapack-Gladstone Financial Corp. COM 704699107   2,728 145,650 SH   DFND 1 0 145,650 0
Permian Basin Rlty Trust UNIT BEN INT 714236106   46 13,841 SH   SOLE 0 13,841 0 0
Plains All American Pipeline UNIT LTD PARTN 726503105   3,602 407,500 SH   DFND 1 0 407,500 0
Plains All American Pipeline UNIT LTD PARTN 726503105   98 11,081 SH   SOLE 0 11,081 0 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207   1,479 166,130 SH   DFND 1 0 166,130 0
Plains GP Holdings LP LTD PARTNR INT A 72651A207   840 94,388 SH   SOLE 0 94,388 0 0
Popular, Inc. COM UNIT RP IN 733174700   11,645 313,296 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   452 57,500 SH   DFND 1 0 57,500 0
QualComm Inc. COM 747525103   67 732 SH   SOLE 0 732 0 0
Red Lion Hotels COM 756764106   2,913 1,250,000 SH   DFND 1 0 1,250,000 0
Resources Connection Inc COM 76122q105   658 55,000 SH   DFND 1 0 55,000 0
Ruth's Hospitality Group, Inc. COM 783332109   3,554 435,584 SH   DFND 1 0 435,584 0
S&W Seed Company COM 785135104   36,429 15,977,491 SH   DFND 1 0 15,977,491 0
William H. Sadlier, Inc. COM 786327106   743 21,217 SH   DFND 1 0 21,217 0
San Juan Basin Realty Trust Unit UNIT BEN INT 798241105   229 100,240 SH   SOLE 0 100,240 0 0
SIGA Technologies COM 826917106   7,127 1,205,900 SH   DFND 1 0 1,205,900 0
Skyworks Solutions Inc. COM 83088M102   248 1,936 SH   SOLE 0 1,936 0 0
Steel Holdings LP Ltd Prshp Unit LTD PRTRSHIP U 85814R107   31 5,773 SH   SOLE 0 5,773 0 0
Taubman Centers, Inc. COM 876664103   2,738 72,500 SH   DFND 1 0 72,500 0
Tejon Ranch Co. COM 879080109   6,555 455,231 SH   DFND 1 0 455,231 0
Textron, Inc. COM 883203101   5,585 169,700 SH   DFND 1 0 169,700 0
Tidewater Warrant Exp 11/24/24 *W EXP 11/24/202 88642R174   3 7,444 SH   DFND 1 0 7,444 0
Tiffany & Co. COM 886547108   9,267 76,000 SH   DFND 1 0 76,000 0
Trinity Place Holdings Inc. COM 89656D101   9,258 6,708,538 SH   DFND 1 0 6,708,538 0
Twitter COM 90184L102   2,979 100,000 SH   DFND 1 0 100,000 0
US Foods Holding Co COM 912008109   986 50,000 SH   DFND 1 0 50,000 0
US Foods Holding Co COM 912008109   434 22,026 SH   SOLE 0 22,026 0 0
Univar Solutions Inc. COM 91336L107   2,824 167,500 SH   DFND 1 0 167,500 0
Vericity, Inc. COM 92347D100   764 71,907 SH   DFND 1 0 71,907 0
ViasSat, Inc. COM 92552V100   1,074 28,000 SH   DFND 1 0 28,000 0
Vornado Realty Trust SH BEN INT 929042109   8,689 227,393 SH   DFND 1 0 227,393 0
Waterstone Financial Inc. COM 94188P101   8,517 574,300 SH   DFND 1 0 574,300 0
Westlake Chemical Corp. COM 960413102   4,292 80,000 SH   DFND 1 0 80,000 0
Wright Investors Service Holdings COM 982345100   388 825,691 SH   DFND 1 0 825,691 0
York Traditions Bank COM 987159100   2,226 144,100 SH   DFND 1 0 144,100 0
Alkermes PLC SHS B3P6D2600   4,124 212,500 SH   DFND 1 0 212,500 0
Nielsen Holdings PLC SHS EUR G6518L108   1,137 76,508 SH   DFND 1 0 76,508 0
Sirius International Insurance Group COM G8196D101   1,255 180,795 SH   DFND 1 0 180,795 0
TechnipFMC plc COM G87110105   3,745 547,500 SH   DFND 1 0 547,500 0
Chubb Limited COM H1467J104   2,849 22,500 SH   DFND 1 0 22,500 0