| 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 |
| ALCO Stores Inc. | COM | 001600105 | 2,503 | 264,919 | SH | | DFND | 1 | 0 | 264,919 | 0 |
| Alleghany Corp. | COM | 017175100 | 29,797 | 74,500 | SH | | DFND | 1 | 0 | 74,500 | 0 |
| Allscripts Healthcare Solutn | COM | 01988P108 | 7,382 | 477,500 | SH | | DFND | 1 | 0 | 477,500 | 0 |
| American River Bankshares | COM | 029326105 | 2,410 | 255,000 | SH | | DFND | 1 | 0 | 255,000 | 0 |
| Axiall Corp | COM | 05463D100 | 949 | 20,000 | SH | | DFND | 1 | 0 | 20,000 | 0 |
| BRT Realty Trust | SH BEN INT NEW | 055645303 | 1,190 | 168,369 | SH | | DFND | 1 | 0 | 168,369 | 0 |
| The Bancorp Bank | COM | 05969F104 | 5,642 | 315,000 | SH | | DFND | 1 | 0 | 315,000 | 0 |
| Bank of America Corporation | COM | 060505104 | 779 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
| Barnes & Noble Inc. | COM | 067774109 | 10,166 | 680,000 | SH | | DFND | 1 | 0 | 680,000 | 0 |
| Becton, Dickinson & Co. | COM | 075887109 | 22,098 | 200,000 | SH | | DFND | 1 | 0 | 200,000 | 0 |
| Big 5 Sporting Goods Corp. | COM | 08915P101 | 4,113 | 207,500 | SH | | DFND | 1 | 0 | 207,500 | 0 |
| Blount International, Inc. | COM | 095180105 | 8,320 | 575,000 | SH | | DFND | 1 | 0 | 575,000 | 0 |
| Boeing Co. | COM | 097023105 | 2,730 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
| Boston Scientific Corp. | COM | 101137107 | 24,040 | 2,000,000 | SH | | DFND | 1 | 0 | 2,000,000 | 0 |
| CIT Group Inc. | COM NEW | 125581801 | 18,636 | 357,500 | SH | | DFND | 1 | 0 | 357,500 | 0 |
| Cache, Inc. | COM NEW | 127150308 | 20,561 | 3,786,635 | SH | | DFND | 1 | 0 | 3,786,635 | 0 |
| Cape Bancorp Inc. | COM | 139209100 | 2,633 | 259,200 | SH | | DFND | 1 | 0 | 259,200 | 0 |
| Castle A M & Co. | COM | 148411101 | 8,382 | 567,500 | SH | | DFND | 1 | 0 | 567,500 | 0 |
| Charter Financial Corporation MD | COM | 16122W108 | 492 | 45,725 | SH | | DFND | 1 | 0 | 45,725 | 0 |
| Clearwater Paper Corp. | COM | 18538R103 | 525 | 10,000 | SH | | DFND | 1 | 0 | 10,000 | 0 |
| Clifton Savings Bancorp, Inc. | COM | 18712Q103 | 2,531 | 197,700 | SH | | DFND | 1 | 0 | 197,700 | 0 |
| Columbia Banking System, Inc. | COM | 197236102 | 19,793 | 720,000 | SH | | DFND | 1 | 0 | 720,000 | 0 |
| Crocs, Inc. | COM | 227046109 | 1,433 | 90,000 | SH | | DFND | 1 | 0 | 90,000 | 0 |
| Demand Media, Inc. | COM | 24802N109 | 3,606 | 625,000 | SH | | DFND | 1 | 0 | 625,000 | 0 |
| Dolby Laboratories Inc. | COM | 25659T107 | 16,203 | 420,200 | SH | | DFND | 1 | 0 | 420,200 | 0 |
| Donegal Group Inc. | COM CL A | 257701201 | 2,385 | 150,000 | SH | | DFND | 1 | 0 | 150,000 | 0 |
| Du Pont E I De Nemours & Co | COM | 263534109 | 19,491 | 300,000 | SH | | DFND | 1 | 0 | 300,000 | 0 |
| Du Pont E I De Nemours & Co | COM | 263534109 | 1,299 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
| Enzon Pharmaceuticals Inc. | COM | 293904108 | 868 | 748,200 | SH | | DFND | 1 | 0 | 748,200 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 | 1,214 | 12,000 | SH | | SOLE | | 12,000 | 0 | 0 |
| FXCM Inc | COM CL A | 302693106 | 29,986 | 1,680,828 | SH | | DFND | 1 | 0 | 1,680,828 | 0 |
| FTD Companies, Inc. | COM | 30281V108 | 2,444 | 75,000 | SH | | DFND | 1 | 0 | 75,000 | 0 |
| Farmer Bros Co. | COM | 307675108 | 8,500 | 365,300 | SH | | DFND | 1 | 0 | 365,300 | 0 |
| Farmer Bros Co. | COM | 307675108 | 62 | 2,800 | SH | | SOLE | | 2,800 | 0 | 0 |
| First Security Group Inc. | COM NEW | 336312025 | 13,984 | 6,080,000 | SH | | DFND | 1 | 0 | 6,080,000 | 0 |
| Forest City Enterprises Inc. | CL A | 345550107 | 17,095 | 895,000 | SH | | DFND | 1 | 0 | 895,000 | 0 |
| Franklin Financial Corp VA | COM | 35353C102 | 14,119 | 713,798 | SH | | DFND | 1 | 0 | 713,798 | 0 |
| GAMCO Investors Inc. | COM | 361438104 | 1,931 | 22,200 | SH | | DFND | 1 | 0 | 22,200 | 0 |
| Gencorp Inc. | COM | 368682100 | 13,317 | 739,000 | SH | | DFND | 1 | 0 | 739,000 | 0 |
| Gencorp Inc. | COM | 368682100 | 447 | 24,794 | SH | | SOLE | | 24,794 | 0 | 0 |
| General Electric Co. | COM | 369604103 | 1,402 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
| General Motors Co. | W EXP 7/10/2019 | 37045V126 | 1,156 | 50,000 | SH | | DFND | 1 | 0 | 50,000 | 0 |
| Getty Realty Corp. | COM | 374297109 | 3,247 | 176,756 | SH | | DFND | 1 | 0 | 176,756 | 0 |
| Getty Realty Corp. | COM | 374297109 | 665 | 36,218 | SH | | SOLE | | 36,218 | 0 | 0 |
| Great Florida Bk Miami Lakes Fla | CL A | 390528107 | 92 | 28,469 | SH | | SOLE | | 28,469 | 0 | 0 |
| GulfMark Offshore, Inc. | CL A NEW | 402629208 | 16,260 | 345,000 | SH | | DFND | 1 | 0 | 345,000 | 0 |
| Gyrodyne Co. America Inc. | COM | 403820103 | 78 | 6,110 | SH | | SOLE | | 6,110 | 0 | 0 |
| Hardinge, Inc. | COM | 412324303 | 4,269 | 295,000 | SH | | DFND | 1 | 0 | 295,000 | 0 |
| Harris Corp Del | COM | 413875105 | 22,688 | 325,000 | SH | | DFND | 1 | 0 | 325,000 | 0 |
| Heritage Commerce Corp. | COM | 426927109 | 5,338 | 647,794 | SH | | DFND | 1 | 0 | 647,794 | 0 |
| Heritage Oaks Bancorp | COM | 42724R107 | 8,749 | 1,166,575 | SH | | DFND | 1 | 0 | 1,166,575 | 0 |
| Hess Corporation | COM | 42809H107 | 45,443 | 547,500 | SH | | DFND | 1 | 0 | 547,500 | 0 |
| Hess Corporation | COM | 42809H107 | 12,450 | 150,000 | SH | | SOLE | | 150,000 | 0 | 0 |
| HomeTrust Bancshares, Inc. | COM | 437872104 | 4,797 | 300,000 | SH | | DFND | 1 | 0 | 300,000 | 0 |
| Hospira Inc. | COM | 441060100 | 16,512 | 400,000 | SH | | DFND | 1 | 0 | 400,000 | 0 |
| Hugoton RTY TR TEX | UNIT BEN INT | 444717102 | 263 | 35,000 | SH | | SOLE | | 35,000 | 0 | 0 |
| Intel Corp. | COM | 458140100 | 12,978 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| Intel Corp. | COM | 458140100 | 35,039 | 1,350,000 | SH | | SOLE | | 1,350,000 | 0 | 0 |
| Johnson & Johnson | COM | 478160104 | 3,206 | 35,000 | SH | | SOLE | | 35,000 | 35,000 | 0 |
| Kaiser Aluminum Corp. | COM PAR $0.01 | 483007704 | 21,353 | 304,002 | SH | | DFND | 1 | 0 | 304,002 | 0 |
| Kemper Corp. Del | COM | 488401100 | 409 | 10,000 | SH | | SOLE | | 10,000 | 10,000 | 0 |
| Liberty Interactive Corp | INT COM SER A | 53071M104 | 734 | 25,000 | SH | | DFND | 1 | 0 | 25,000 | 0 |
| MVC Capital Inc. | COM | 553829102 | 140 | 10,400 | SH | | SOLE | | 10,400 | 0 | 0 |
| National Presto Industries, Inc. | COM | 637215104 | 7,889 | 98,000 | SH | | DFND | 1 | 0 | 98,000 | 0 |
| News Corp | CL A | 65248E104 | 7,208 | 400,000 | SH | | DFND | 1 | 0 | 400,000 | 0 |
| Northeast Bancorp | COM NEW | 663904209 | 2,748 | 286,800 | SH | | DFND | 1 | 0 | 286,800 | 0 |
| Northfield Bancorp Inc | COM | 66611T105 | 9,240 | 700,000 | SH | | DFND | 1 | 0 | 700,000 | 0 |
| Novagold Resources Inc. | COM NEW | 66987E206 | 254 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Old Republic Intl Corp. | COM | 680223104 | 364 | 21,093 | SH | | SOLE | | 21,093 | 0 | 0 |
| OmniAmerican Bancorp Inc | COM | 68216R107 | 11,819 | 552,800 | SH | | DFND | 1 | 0 | 552,800 | 0 |
| Oneok Inc. | COM | 682680103 | 18,654 | 300,000 | SH | | DFND | 1 | 0 | 300,000 | 0 |
| Orient Express Hotels Ltd | COM CL A | G67743107 | 1,435 | 95,000 | SH | | DFND | 1 | 0 | 95,000 | 0 |
| Penford Corp. | COM | 707051108 | 320 | 24,935 | SH | | DFND | 1 | 0 | 24,935 | 0 |
| Penny JC Inc. | COM | 708160106 | 3,337 | 364,700 | SH | | DFND | 1 | 0 | 364,700 | 0 |
| Pfizer Inc. | COM | 717081103 | 5,820 | 190,000 | SH | | DFND | 1 | 0 | 190,000 | 0 |
| Pfizer Inc. | COM | 717081103 | 4,812 | 157,100 | SH | | SOLE | | 157,100 | 0 | 0 |
| Plains All American Pipeline | UNIT LTD PARTN | 726503105 | 733 | 14,363 | SH | | SOLE | | 14,363 | 0 | 0 |
| Prudential Bancorp Inc. PA | COM | 744319104 | 970 | 89,887 | SH | | DFND | 1 | 0 | 89,887 | 0 |
| Quanex Building Products | COM | 747619104 | 1,494 | 75,000 | SH | | DFND | 1 | 0 | 75,000 | 0 |
| Resolute Forest Products Inc. | COM | 76117W109 | 7,743 | 483,306 | SH | | DFND | 1 | 0 | 483,306 | 0 |
| Royal Dutch Shell PLC | Spon ADR A | 780259206 | 1,068 | 14,979 | SH | | SOLE | | 14,979 | 0 | 0 |
| Ruths Hospitality Group Inc. | COM | 783332109 | 19,954 | 1,404,200 | SH | | DFND | 1 | 0 | 1,404,200 | 0 |
| SI Financial Group Inc MD | COM | 78425V104 | 628 | 52,152 | SH | | DFND | 1 | 0 | 52,152 | 0 |
| SandRidge Energy, Inc. | COM | 80007P307 | 1,518 | 250,000 | SH | | DFND | 1 | 0 | 250,000 | 0 |
| Sanofi | RIGHT 12/31/2020 | 80105N113 | 1,700 | 5,000,000 | SH | | DFND | 1 | 0 | 5,000,000 | 0 |
| Sanofi | RIGHT 12/31/2020 | 80105N113 | 102 | 300,000 | SH | | SOLE | | 300,000 | 0 | 0 |
| Seacoast Banking Corp of Florida | COM NEW | 811707801 | 3,405 | 279,070 | SH | | DFND | 1 | 0 | 279,070 | 0 |
| Symetra Financial Corp. | COM | 87151Q106 | 14,030 | 740,000 | SH | | DFND | 1 | 0 | 740,000 | 0 |
| Symetra Financial Corp. | COM | 87151Q106 | 9,196 | 485,000 | SH | | SOLE | | 485,000 | 0 | 0 |
| Tejon Ranch Co. | COM | 879080109 | 19,115 | 520,000 | SH | | DFND | 1 | 0 | 520,000 | 0 |
| Tejon Ranch Co. | W EXP 8/31/2016 | 879080133 | 422 | 76,809 | SH | | DFND | 1 | 0 | 76,809 | 0 |
| Teva Pharmaceutical Inds Ltd. | ADR | 881624209 | 16,032 | 400,000 | SH | | DFND | 1 | 0 | 400,000 | 0 |
| United Financial Bancorp, Inc. | COM | 91030T109 | 1,517 | 80,300 | SH | | DFND | 1 | 0 | 80,300 | 0 |
| Universal Stainless & Alloy Inc. | COM | 913837100 | 2,990 | 82,909 | SH | | DFND | 1 | 0 | 82,909 | 0 |
| ViroPharma Inc. | COM | 928241108 | 19,940 | 400,000 | SH | | DFND | 1 | 0 | 400,000 | 0 |
| Vornado Realty Trust | SH BEN INT | 929042109 | 8,879 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Wright Medical Group Inc. | COM | 98235T107 | 1,550 | 774,852 | SH | | DFND | 1 | 0 | 774,852 | 0 |
| Yadkin Valley Financial Corp | COM | 984314104 | 6,086 | 357,140 | SH | | DFND | 1 | 0 | 357,140 | 0 |
