| 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 | 1,381 | 95,000 | SH | | DFND | 1 | 0 | 95,000 | 0 |
| ALCO Stores Inc. | COM | 001600105 | 2,013 | 264,919 | SH | | DFND | 1 | 0 | 264,919 | 0 |
| Aegerion Pharmaceuticals, Inc. | COM | 00767E102 | 7,702 | 240,000 | SH | | DFND | 1 | 0 | 240,000 | 0 |
| Alamos Gold Inc. | COM | 011527108 | 2,023 | 200,000 | SH | | DFND | 1 | 0 | 200,000 | 0 |
| Allscripts Healthcare Solutn | COM | 01988P108 | 7,664 | 477,500 | SH | | DFND | 1 | 0 | 477,500 | 0 |
| Ally Financial Inc. | COM | 02005N100 | 16,916 | 707,500 | SH | | DFND | 1 | 0 | 707,500 | 0 |
| American River Bankshares | COM | 029326105 | 2,229 | 255,000 | SH | | DFND | 1 | 0 | 255,000 | 0 |
| American Woodmark Corp. | COM | 030506109 | 71 | 2,213 | SH | | DFND | 1 | 0 | 2,213 | 0 |
| BRT Realty Trust | SH BEN INT NEW | 055645303 | 1,243 | 168,369 | SH | | DFND | 1 | 0 | 168,369 | 0 |
| The Bancorp Bank | COM | 05969F104 | 7,742 | 650,000 | SH | | DFND | 1 | 0 | 650,000 | 0 |
| Bank of America Corporation | COM | 060505104 | 769 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
| Barnes & Noble Inc. | COM | 067774109 | 9,857 | 432,500 | SH | | DFND | 1 | 0 | 432,500 | 0 |
| Becton, Dickinson & Co. | COM | 075887109 | 15,971 | 135,000 | SH | | DFND | 1 | 0 | 135,000 | 0 |
| Big 5 Sporting Goods Corp. | COM | 08915P101 | 2,883 | 235,000 | SH | | DFND | 1 | 0 | 235,000 | 0 |
| Blount International, Inc. | COM | 095180105 | 9,901 | 701,700 | SH | | DFND | 1 | 0 | 701,700 | 0 |
| Boeing Co. | COM | 097023105 | 2,544 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
| Boston Scientific Corp. | COM | 101137107 | 25,540 | 2,000,000 | SH | | DFND | 1 | 0 | 2,000,000 | 0 |
| CIT Group Inc. | COM NEW | 125581801 | 20,821 | 455,000 | SH | | DFND | 1 | 0 | 455,000 | 0 |
| Cache, Inc. | COM NEW | 127150308 | 5,245 | 4,072,350 | SH | | DFND | 1 | 0 | 4,072,350 | 0 |
| Callon Pete Co Del | COM | 13123X102 | 1,165 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Cape Bancorp Inc. | COM | 139209100 | 2,781 | 259,200 | SH | | DFND | 1 | 0 | 259,200 | 0 |
| Castle A M & Co. | COM | 148411101 | 7,093 | 642,500 | SH | | DFND | 1 | 0 | 642,500 | 0 |
| Clifton Savings Bancorp, Inc. | COM | 18712Q103 | 3,720 | 293,568 | SH | | DFND | 1 | 0 | 293,568 | 0 |
| Columbia Banking System, Inc. | COM | 197236102 | 34,990 | 1,329,907 | SH | | DFND | 1 | 0 | 1,329,907 | 0 |
| Demand Media, Inc. | COM | 24802N109 | 4,820 | 1,000,000 | SH | | DFND | 1 | 0 | 1,000,000 | 0 |
| Dolby Laboratories Inc. | COM | 25659T107 | 30,348 | 702,500 | SH | | DFND | 1 | 0 | 702,500 | 0 |
| Donegal Group Inc. | COM CL A | 257701201 | 2,295 | 150,000 | SH | | DFND | 1 | 0 | 150,000 | 0 |
| Du Pont E I De Nemours & Co | COM | 263534109 | 25,540 | 375,000 | SH | | DFND | 1 | 0 | 375,000 | 0 |
| Du Pont E I De Nemours & Co | COM | 263534109 | 1,309 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
| Enzon Pharmaceuticals Inc. | COM | 293904108 | 778 | 748,200 | SH | | DFND | 1 | 0 | 748,200 | 0 |
| Express, Inc. | COM | 30219E103 | 852 | 50,000 | SH | | DFND | 1 | 0 | 50,000 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 | 1,208 | 12,000 | SH | | SOLE | | 12,000 | 0 | 0 |
| FXCM Inc | COM CL A | 302693106 | 25,628 | 1,713,100 | SH | | DFND | 1 | 0 | 1,713,100 | 0 |
| Farmer Bros Co. | COM | 307675108 | 7,894 | 365,300 | SH | | DFND | 1 | 0 | 365,300 | 0 |
| Farmer Bros Co. | COM | 307675108 | 61 | 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 | 17,188 | 865,000 | SH | | DFND | 1 | 0 | 865,000 | 0 |
| Franklin Financial Corp VA | COM | 35353C102 | 15,489 | 713,798 | SH | | DFND | 1 | 0 | 713,798 | 0 |
| GAMCO Investors Inc. | COM | 361438104 | 1,810 | 21,800 | SH | | DFND | 1 | 0 | 21,800 | 0 |
| Gencorp Inc. | COM | 368682100 | 14,114 | 739,000 | SH | | DFND | 1 | 0 | 739,000 | 0 |
| Gencorp Inc. | COM | 368682100 | 474 | 24,794 | SH | | SOLE | | 24,794 | 0 | 0 |
| General Electric Co. | COM | 369604103 | 1,314 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
| General Motors Corp. | COM | 37045V100 | 6,353 | 175,000 | SH | | DFND | 1 | 0 | 175,000 | 0 |
| General Motors Co. | W EXP 7/10/2019 | 37045V126 | 3,712 | 200,000 | SH | | DFND | 1 | 0 | 200,000 | 0 |
| Getty Realty Corp. | COM | 374297109 | 5,414 | 283,778 | SH | | DFND | 1 | 0 | 283,778 | 0 |
| Getty Realty Corp. | COM | 374297109 | 686 | 35,969 | SH | | SOLE | | 35,969 | 0 | 0 |
| GulfMark Offshore, Inc. | CL A NEW | 402629208 | 14,593 | 323,000 | SH | | DFND | 1 | 0 | 323,000 | 0 |
| Hardinge, Inc. | COM | 412324303 | 3,732 | 295,000 | SH | | DFND | 1 | 0 | 295,000 | 0 |
| Heritage Commerce Corp. | COM | 426927109 | 4,341 | 531,390 | SH | | DFND | 1 | 0 | 531,390 | 0 |
| Heritage Oaks Bancorp | COM | 42724R107 | 8,901 | 1,166,575 | SH | | DFND | 1 | 0 | 1,166,575 | 0 |
| Hess Corporation | COM | 42809H107 | 57,356 | 580,000 | SH | | DFND | 1 | 0 | 580,000 | 0 |
| Hess Corporation | COM | 42809H107 | 19,778 | 200,000 | SH | | SOLE | | 200,000 | 0 | 0 |
| HomeTrust Bancshares, Inc. | COM | 437872104 | 4,094 | 259,622 | SH | | DFND | 1 | 0 | 259,622 | 0 |
| Hospira Inc. | COM | 441060100 | 20,548 | 400,000 | SH | | DFND | 1 | 0 | 400,000 | 0 |
| Hugoton RTY TR TEX | UNIT BEN INT | 444717102 | 384 | 35,000 | SH | | SOLE | | 35,000 | 0 | 0 |
| Installed Building Products, Inc. | COM | 45780R101 | 1,470 | 120,000 | SH | | DFND | 1 | 0 | 120,000 | 0 |
| Intel Corp. | COM | 458140100 | 15,450 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| Intel Corp. | COM | 458140100 | 41,715 | 1,350,000 | SH | | SOLE | | 1,350,000 | 0 | 0 |
| International Game Technology | COM | 459902102 | 3,182 | 200,000 | SH | | DFND | 1 | 0 | 200,000 | 0 |
| Investors Bancorp, Inc. NEW | COM | 46146L101 | 5,525 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| Johnson & Johnson | COM | 478160104 | 3,662 | 35,000 | SH | | SOLE | | 35,000 | 0 | 0 |
| Kaiser Aluminum Corp. | COM PAR $0.01 | 483007704 | 22,153 | 304,002 | SH | | DFND | 1 | 0 | 304,002 | 0 |
| Kemper Corp. Del | COM | 488401100 | 369 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
| Liberty Interactive Corp | INT COM SER A | 53071M104 | 2,422 | 82,500 | SH | | DFND | 1 | 0 | 82,500 | 0 |
| National Presto Industries, Inc. | COM | 637215104 | 7,138 | 98,000 | SH | | DFND | 1 | 0 | 98,000 | 0 |
| News Corp | CL A | 65248E104 | 7,176 | 400,000 | SH | | DFND | 1 | 0 | 400,000 | 0 |
| Northeast Bancorp | COM NEW | 663904209 | 3,224 | 336,861 | SH | | DFND | 1 | 0 | 336,861 | 0 |
| Northfield Bancorp Inc | COM | 66611T105 | 9,177 | 700,000 | SH | | DFND | 1 | 0 | 700,000 | 0 |
| Old Republic Intl Corp. | COM | 680223104 | 349 | 21,093 | SH | | SOLE | | 21,093 | 0 | 0 |
| OmniAmerican Bancorp Inc | COM | 68216R107 | 3,088 | 123,500 | SH | | DFND | 1 | 0 | 123,500 | 0 |
| Oneok Inc. | COM | 682680103 | 20,424 | 300,000 | SH | | DFND | 1 | 0 | 300,000 | 0 |
| Pfizer Inc. | COM | 717081103 | 3,179 | 107,100 | SH | | SOLE | | 107,100 | 0 | 0 |
| Polypore International, Inc. | COM | 73179V103 | 1,193 | 25,000 | SH | | DFND | 1 | 0 | 25,000 | 0 |
| Plains All American Pipeline | UNIT LTD PARTN | 726503105 | 855 | 14,363 | SH | | SOLE | | 14,363 | 0 | 0 |
| Popular, Inc. | COM NEW | 733174700 | 8,630 | 252,500 | SH | | DFND | 1 | 0 | 252,500 | 0 |
| Prudential Bancorp Inc. PA | COM | 744319104 | 1,396 | 121,287 | SH | | DFND | 1 | 0 | 121,287 | 0 |
| QEP resources Inc. | COM | 74733V100 | 13,800 | 400,000 | SH | | DFND | 1 | 0 | 400,000 | 0 |
| Quanex Building Products | COM | 747619104 | 1,072 | 60,000 | SH | | DFND | 1 | 0 | 60,000 | 0 |
| Realogy Holdings Corp. | COM | 75605Y106 | 3,771 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Resolute Forest Products Inc. | COM | 76117W109 | 8,110 | 483,306 | SH | | DFND | 1 | 0 | 483,306 | 0 |
| Royal Dutch Shell PLC | Spon ADR A | 780259206 | 1,234 | 14,979 | SH | | SOLE | | 14,979 | 0 | 0 |
| Ruths Hospitality Group Inc. | COM | 783332109 | 17,167 | 1,390,000 | SH | | DFND | 1 | 0 | 1,390,000 | 0 |
| SI Financial Group Inc MD | COM | 78425V104 | 2,142 | 186,100 | SH | | DFND | 1 | 0 | 186,100 | 0 |
| SandRidge Energy, Inc. | COM | 80007P307 | 1,788 | 250,000 | SH | | DFND | 1 | 0 | 250,000 | 0 |
| Sanofi | RIGHT 12/31/2020 | 80105N113 | 2,488 | 4,975,000 | SH | | DFND | 1 | 0 | 4,975,000 | 0 |
| Sanofi | RIGHT 12/31/2020 | 80105N113 | 150 | 300,000 | SH | | SOLE | | 300,000 | 0 | 0 |
| Seacoast Banking Corp of Florida | COM NEW | 811707801 | 1,936 | 178,100 | SH | | DFND | 1 | 0 | 178,100 | 0 |
| Symetra Financial Corp. | COM | 87151Q106 | 10,233 | 450,000 | SH | | DFND | 1 | 0 | 450,000 | 0 |
| Symetra Financial Corp. | COM | 87151Q106 | 11,029 | 485,000 | SH | | SOLE | | 485,000 | 0 | 0 |
| Tejon Ranch Co. | COM | 879080109 | 16,739 | 520,000 | SH | | DFND | 1 | 0 | 520,000 | 0 |
| Tejon Ranch Co. | W EXP 8/31/2016 | 879080133 | 214 | 76,809 | SH | | DFND | 1 | 0 | 76,809 | 0 |
| Teva Pharmaceutical Inds Ltd. | ADR | 881624209 | 26,210 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| Time Warner Cable Inc. | COM | 88732J207 | 5,156 | 35,000 | SH | | DFND | 1 | 0 | 35,000 | 0 |
| Titan International, Inc ILL. | COM | 88830M102 | 5,046 | 300,000 | SH | | DFND | 1 | 0 | 300,000 | 0 |
| Waterstone Financial Inc. MD | COM | 94188P101 | 14,255 | 1,249,300 | SH | | DFND | 1 | 0 | 1,249,300 | 0 |
| Wright Medical Group Inc. | COM | 98235T107 | 1,478 | 825,691 | SH | | DFND | 1 | 0 | 825,691 | 0 |
| Yadkin Valley Financial Corp | COM | 984314104 | 3,525 | 187,100 | SH | | DFND | 1 | 0 | 187,100 | 0 |
