| 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 |
| Orient Express Hotels Ltd | COM CL A | G67743107 | 1,520 | 125,000 | SH | | DFND | 1 | 0 | 125,000 | 0 |
| ALCO Stores Inc. | COM | 001600105 | 2,941 | 264,919 | SH | | DFND | 1 | 0 | 264,919 | 0 |
| Alleghany Corp. | COM | 017175100 | 28,557 | 74,500 | SH | | DFND | 1 | 0 | 74,500 | 0 |
| Allscripts Healthcare Solutn | COM | 01988P108 | 6,179 | 477,500 | SH | | DFND | 1 | 0 | 477,500 | 0 |
| American River Bankshares | COM | 029326105 | 2,096 | 255,000 | SH | | DFND | 1 | 0 | 255,000 | 0 |
| Astoria Financial Corp | COM | 046265104 | 3,773 | 350,000 | SH | | DFND | 1 | 0 | 350,000 | 0 |
| BRT Realty Trust | SH BEN INT NEW | 055645303 | 1,179 | 168,369 | SH | | DFND | 1 | 0 | 168,369 | 0 |
| The Bancorp Bank | COM | 05969F104 | 4,870 | 324,900 | SH | | DFND | 1 | 0 | 324,900 | 0 |
| Bank of America Corporation | COM | 060505104 | 1,543 | 120,000 | SH | | SOLE | | 120,000 | 0 | 0 |
| Barnes & Noble Inc. | COM | 067774109 | 10,371 | 649,800 | SH | | DFND | 1 | 0 | 649,800 | 0 |
| Becton, Dickinson & Co. | COM | 075887109 | 19,766 | 200,000 | SH | | DFND | 1 | 0 | 200,000 | 0 |
| Big 5 Sporting Goods Corp. | COM | 08915P101 | 4,829 | 220,000 | SH | | DFND | 1 | 0 | 220,000 | 0 |
| Blount International, Inc. | COM | 095180105 | 4,734 | 400,500 | SH | | DFND | 1 | 0 | 400,500 | 0 |
| Boeing Co. | COM | 097023105 | 2,049 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
| Boston Scientific Corp. | COM | 101137107 | 15,759 | 1,700,000 | SH | | DFND | 1 | 0 | 1,700,000 | 0 |
| Bridgepoint Ed Inc. | COM | 10807M105 | 3,342 | 274,390 | SH | | DFND | 1 | 0 | 274,390 | 0 |
| CIT Group Inc. | COM NEW | 125581801 | 16,670 | 357,500 | SH | | DFND | 1 | 0 | 357,500 | 0 |
| CNO Financial Group Inc. | COM | 12621E103 | 12 | 894 | SH | | SOLE | | 894 | 0 | 0 |
| Cache, Inc. | COM NEW | 127150308 | 16,851 | 3,786,635 | SH | | DFND | 1 | 0 | 3,786,635 | 0 |
| Cape Bancorp Inc. | COM | 139209100 | 2,462 | 259,200 | SH | | DFND | 1 | 0 | 259,200 | 0 |
| Castle A M & Co. | COM | 148411101 | 6,458 | 409,803 | SH | | DFND | 1 | 0 | 409,803 | 0 |
| Charter Financial Corporation MD | COM | 16122W108 | 461 | 45,725 | SH | | DFND | 1 | 0 | 45,725 | 0 |
| Citigroup Inc. | COM NEW | 172967424 | 15,111 | 315,000 | SH | | DFND | 1 | 0 | 315,000 | 0 |
| Citigroup Inc. | COM NEW | 172967424 | 4,797 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
| Clearwater Paper Corp. | COM | 18538R103 | 3,329 | 70,739 | SH | | DFND | 1 | 0 | 70,739 | 0 |
| Clifton Savings Bancorp, Inc. | COM | 18712Q103 | 593 | 50,000 | SH | | DFND | 1 | 0 | 50,000 | 0 |
| Columbia Banking System, Inc. | COM | 197236102 | 26,191 | 1,100,000 | SH | | DFND | 1 | 0 | 1,100,000 | 0 |
| Courier Corporation | COM | 222660102 | 500 | 35,000 | SH | | DFND | 1 | 0 | 35,000 | 0 |
| Crocs, Inc. | COM | 227046109 | 1,980 | 120,000 | SH | | DFND | 1 | 0 | 120,000 | 0 |
| Cubist Pharmaceuticals Inc. | COM | 229678107 | 8,813 | 182,500 | SH | | DFND | 1 | 0 | 182,500 | 0 |
| Dole Food Inc. New | COM | 256603101 | 5,164 | 405,000 | SH | | DFND | 1 | 0 | 405,000 | 0 |
| Donegal Group Inc. | COM CL A | 257701201 | 1,234 | 88,308 | SH | | DFND | 1 | 0 | 88,308 | 0 |
| Elan plc | ADR | 284131208 | 11,639 | 823,150 | SH | | DFND | 1 | 0 | 823,150 | 0 |
| Enzon Pharmaceuticals Inc. | COM | 293904108 | 1,496 | 748,200 | SH | | DFND | 1 | 0 | 748,200 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 | 1,084 | 12,000 | SH | | SOLE | | 12,000 | 0 | 0 |
| FXCM Inc | COM CL A | 302693106 | 29,501 | 1,797,758 | SH | | DFND | 1 | 0 | 1,797,758 | 0 |
| Farmer Bros Co. | COM | 307675108 | 5,136 | 365,300 | SH | | DFND | 1 | 0 | 365,300 | 0 |
| Farmer Bros Co. | COM | 307675108 | 39 | 2,800 | SH | | SOLE | | 2,800 | 0 | 0 |
| First Security Group Inc. | COM NEW | 336312025 | 13,194 | 6,080,000 | SH | | DFND | 1 | 0 | 6,080,000 | 0 |
| Forest City Enterprises Inc. | CL A | 345550107 | 17,910 | 1,000,000 | SH | | DFND | 1 | 0 | 1,000,000 | 0 |
| Franklin Financial Corp VA | COM | 35353C102 | 12,856 | 713,798 | SH | | DFND | 1 | 0 | 713,798 | 0 |
| GAMCO Investors Inc. | COM | 361438104 | 3,823 | 69,000 | SH | | DFND | 1 | 0 | 69,000 | 0 |
| Gencorp Inc. | COM | 368682100 | 12,016 | 739,000 | SH | | DFND | 1 | 0 | 739,000 | 0 |
| Gencorp Inc. | COM | 368682100 | 403 | 24,794 | SH | | SOLE | | 24,794 | 0 | 0 |
| General Electric Co. | COM | 369604103 | 1,160 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
| Getty Realty Corp. | COM | 374297109 | 1,295 | 62,701 | SH | | DFND | 1 | 0 | 62,701 | 0 |
| Getty Realty Corp. | COM | 374297109 | 748 | 36,218 | SH | | SOLE | | 36,218 | 0 | 0 |
| Great Florida Bk Miami Lakes Fla | CL A | 390528107 | 11 | 28,469 | SH | | SOLE | | 28,469 | 0 | 0 |
| GulfMark Offshore, Inc. | CL A NEW | 402629208 | 27,839 | 617,400 | SH | | DFND | 1 | 0 | 617,400 | 0 |
| Gyrodyne Co. America Inc. | COM | 403820103 | 2,939 | 41,100 | SH | | DFND | 1 | 0 | 41,100 | 0 |
| Gyrodyne Co. America Inc. | COM | 403820103 | 437 | 6,110 | SH | | SOLE | | 6,110 | 0 | 0 |
| Hardinge, Inc. | COM | 412324303 | 5,321 | 360,000 | SH | | DFND | 1 | 0 | 360,000 | 0 |
| Harris Corp Del | COM | 413875105 | 16,006 | 325,000 | SH | | DFND | 1 | 0 | 325,000 | 0 |
| Heritage Commerce Corp. | COM | 426927109 | 6,160 | 880,000 | SH | | DFND | 1 | 0 | 880,000 | 0 |
| Heritage Oaks Bancorp | COM | 42724R107 | 7,198 | 1,166,575 | SH | | DFND | 1 | 0 | 1,166,575 | 0 |
| Hess Corporation | COM | 42809H107 | 31,582 | 475,000 | SH | | DFND | 1 | 0 | 475,000 | 0 |
| Hess Corporation | COM | 42809H107 | 9,974 | 150,000 | SH | | SOLE | | 150,000 | 0 | 0 |
| Hilltop Holdings, Inc. | COM | 432748101 | 2,206 | 134,500 | SH | | DFND | 1 | 0 | 134,500 | 0 |
| HomeTrust Bancshares, Inc. | COM | 437872104 | 9,336 | 550,470 | SH | | DFND | 1 | 0 | 550,470 | 0 |
| Hospira Inc. | COM | 441060100 | 15,324 | 400,000 | SH | | DFND | 1 | 0 | 400,000 | 0 |
| Hugoton RTY TR TEX | UNIT BEN INT | 444717102 | 302 | 35,000 | SH | | SOLE | | 35,000 | 0 | 0 |
| Intel Corp. | COM | 458140100 | 12,115 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| Intel Corp. | COM | 458140100 | 31,741 | 1,310,000 | SH | | SOLE | | 1,310,000 | 0 | 0 |
| Investors Bancorp Inc. | COM | 46146P102 | 2,108 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Johnson & Johnson | COM | 478160104 | 3,005 | 35,000 | SH | | SOLE | | 35,000 | 0 | 0 |
| Johnson Outdoors Inc. | CL A | 479167108 | 3,497 | 140,439 | SH | | DFND | 1 | 0 | 140,439 | 0 |
| Kaiser Aluminum Corp. | COM PAR $0.01 | 483007704 | 18,830 | 304,002 | SH | | DFND | 1 | 0 | 304,002 | 0 |
| Kemper Corp. Del | COM | 488401100 | 343 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
| MVC Capital Inc. | COM | 553829102 | 1,944 | 154,400 | SH | | DFND | 1 | 0 | 154,400 | 0 |
| MVC Capital Inc. | COM | 553829102 | 131 | 10,400 | SH | | SOLE | | 10,400 | 0 | 0 |
| McGraw Hill Companies Inc. | COM | 580645109 | 22,664 | 426,100 | SH | | DFND | 1 | 0 | 426,100 | 0 |
| Mercer International Inc. | COM | 588056101 | 129 | 19,725 | SH | | DFND | 1 | 0 | 19,725 | 0 |
| National Presto Industries, Inc. | COM | 637215104 | 6,981 | 96,924 | SH | | DFND | 1 | 0 | 96,924 | 0 |
| News Corp | CL A | 65248E104 | 4,635 | 303,921 | SH | | DFND | 1 | 0 | 303,921 | 0 |
| Northeast Bancorp | COM NEW | 663904209 | 2,773 | 286,800 | SH | | DFND | 1 | 0 | 286,800 | 0 |
| Northfield Bancorp Inc | COM | 66611T105 | 8,204 | 700,000 | SH | | DFND | 1 | 0 | 700,000 | 0 |
| Old Republic Intl Corp. | COM | 680223104 | 271 | 21,093 | SH | | SOLE | | 21,093 | 0 | 0 |
| OmniAmerican Bancorp Inc | COM | 68216R107 | 12,117 | 550,000 | SH | | DFND | 1 | 0 | 550,000 | 0 |
| PLX Technology Inc. | COM | 693417107 | 1,168 | 245,471 | SH | | DFND | 1 | 0 | 245,471 | 0 |
| Penford Corp. | COM | 707051108 | 1,853 | 138,365 | SH | | DFND | 1 | 0 | 138,365 | 0 |
| Penny JC Inc. | COM | 708160106 | 1,537 | 90,000 | SH | | DFND | 1 | 0 | 90,000 | 0 |
| Pfizer Inc. | COM | 717081103 | 5,322 | 190,000 | SH | | DFND | 1 | 0 | 190,000 | 0 |
| Pfizer Inc. | COM | 717081103 | 4,400 | 157,100 | SH | | SOLE | | 157,100 | 0 | 0 |
| Prudential Bancorp Inc. PA | COM | 744319104 | 946 | 95,200 | SH | | DFND | 1 | 0 | 95,200 | 0 |
| Quanex Building Products | COM | 747619104 | 1,263 | 75,000 | SH | | DFND | 1 | 0 | 75,000 | 0 |
| Resolute Forest Products Inc. | COM | 76117W109 | 6,290 | 477,631 | SH | | DFND | 1 | 0 | 477,631 | 0 |
| Royal Dutch Shell PLC | Spon ADR A | 780259206 | 956 | 14,979 | SH | | SOLE | | 14,979 | 0 | 0 |
| Ruths Hospitality Group Inc. | COM | 783332109 | 22,261 | 1,844,300 | SH | | DFND | 1 | 0 | 1,844,300 | 0 |
| SandRidge Energy, Inc. | COM | 80007P307 | 2,856 | 600,000 | SH | | DFND | 1 | 0 | 600,000 | 0 |
| Sanofi | RIGHT 12/31/2020 | 80105N113 | 7,648 | 4,025,000 | SH | | DFND | 1 | 0 | 4,025,000 | 0 |
| Seacor Holdings Inc. | COM | 811904101 | 1,453 | 17,500 | SH | | DFND | 1 | 0 | 17,500 | 0 |
| Smithfield Foods Inc. | COM | 832248108 | 16,048 | 490,000 | SH | | DFND | 1 | 0 | 490,000 | 0 |
| Symetra Financial Corp. | COM | 87151Q106 | 15,859 | 991,800 | SH | | DFND | 1 | 0 | 991,800 | 0 |
| Symetra Financial Corp. | COM | 87151Q106 | 7,755 | 485,000 | SH | | SOLE | | 485,000 | 0 | 0 |
| Tejon Ranch Co. | COM | 879080109 | 14,869 | 521,900 | SH | | DFND | 1 | 0 | 521,900 | 0 |
| Teva Pharmaceutical Inds Ltd. | ADR | 881624209 | 13,720 | 350,000 | SH | | DFND | 1 | 0 | 350,000 | 0 |
| United Financial Bancorp, Inc. | COM | 91030T109 | 1,217 | 80,300 | SH | | DFND | 1 | 0 | 80,300 | 0 |
| Universal Stainless & Alloy Inc. | COM | 913837100 | 2,444 | 82,909 | SH | | DFND | 1 | 0 | 82,909 | 0 |
| Valassis Communications, Inc. | COM | 918866104 | 1,230 | 50,000 | SH | | DFND | 1 | 0 | 50,000 | 0 |
| ViroPharma Inc. | COM | 928241108 | 2,435 | 85,000 | SH | | DFND | 1 | 0 | 85,000 | 0 |
| Wright Medical Group Inc. | COM | 98235T107 | 5,504 | 210,000 | SH | | DFND | 1 | 0 | 210,000 | 0 |
| Yadkin Valley Financial Corp | COM | 984314104 | 5,014 | 357,140 | SH | | DFND | 1 | 0 | 357,140 | 0 |
