| 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 |
| Advanced Emissions Solutions Inc. | COM | 00770C101 | 13,680 | 800,000 | SH | | DFND | 1 | 0 | 800,000 | 0 |
| Aerojet Rocketdyne Holdings Inc | COM | 007800105 | 5,798 | 250,000 | SH | | DFND | 1 | 0 | 250,000 | 0 |
| Aerojet Rocketdyne Holdings Inc | COM | 007800105 | 575 | 24,794 | SH | | SOLE | 0 | 24,794 | 0 | 0 |
| Allscripts Healtcare Solutions, Inc. | COM | 01988PAD0 | 5,711 | 477,500 | SH | | DFND | 1 | 0 | 477,500 | 0 |
| Ally Financial Inc. | COM | 02005N100 | 14,843 | 707,500 | SH | | DFND | 1 | 0 | 707,500 | 0 |
| American Midstream Partners LP | COM UNITS | 02752P100 | 940 | 56,600 | SH | | DFND | 1 | 0 | 56,600 | 0 |
| American Realty Cap. | COM | 02917T104 | 3,625 | 368,050 | SH | | DFND | 1 | 0 | 368,050 | 0 |
| American River Bankshares | COM | 029326105 | 2,415 | 255,000 | SH | | DFND | 1 | 0 | 255,000 | 0 |
| Anchor BanCorp | COM | 03283P106 | 14,760 | 425,000 | SH | | DFND | 1 | 0 | 425,000 | 0 |
| Apache Corporation | COM | 037411105 | 603 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| Ariad Pharmaceuticals, Inc. | COM | 04033A100 | 4,532 | 550,000 | SH | | DFND | 1 | 0 | 550,000 | 0 |
| Avon Products Inc. | COM | 054303102 | 3,196 | 400,000 | SH | | DFND | 1 | 0 | 400,000 | 0 |
| BRT Realty Trust | SH BEN INT NEW | 055645303 | 1,202 | 168,369 | SH | | DFND | 1 | 0 | 168,369 | 0 |
| Baker Hughes Inc. | COM | 057224107 | 1,272 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
| The Bancorp Bank | COM | 05969A105 | 3,680 | 407,500 | SH | | DFND | 1 | 0 | 407,500 | 0 |
| Bank of America Corporation | COM | 060505104 | 770 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
| Barnes & Noble, Inc. | COM | 067774109 | 3,667 | 154,389 | SH | | DFND | 1 | 0 | 154,389 | 0 |
| Beneficial Bancorp Inc. | COM | 08171T102 | 1,976 | 175,000 | SH | | DFND | 1 | 0 | 175,000 | 0 |
| Big 5 Sporting Goods Corp. | COM | 08915P101 | 1,703 | 128,338 | SH | | DFND | 1 | 0 | 128,338 | 0 |
| Blount International, Inc. | COM | 095180105 | 9,692 | 752,500 | SH | | DFND | 1 | 0 | 752,500 | 0 |
| Boeing Co. | COM | 097023105 | 3,002 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
| Boston Scientific Corp. | COM | 101137107 | 35,145 | 1,980,000 | SH | | DFND | 1 | 0 | 1,980,000 | 0 |
| CIT Group Inc. | COM NEW | 125581801 | 20,530 | 455,000 | SH | | DFND | 1 | 0 | 455,000 | 0 |
| Cape Bancorp, Inc. | COM | 139209100 | 2,478 | 259,200 | SH | | DFND | 1 | 0 | 259,200 | 0 |
| Clifton Bancorp, Inc. | COM | 186373105 | 4,142 | 293,568 | SH | | DFND | 1 | 0 | 293,568 | 0 |
| Columbia Banking System, Inc. | COM | 197236102 | 30,372 | 1,048,400 | SH | | DFND | 1 | 0 | 1,048,400 | 0 |
| Columbus McKinnon Corp. | COM | 199333105 | 2,045 | 75,900 | SH | | DFND | 1 | 0 | 75,900 | 0 |
| ConocoPhillips | COM | 20825C104 | 623 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| Continental Resources Inc. | COM | 212015101 | 8,734 | 200,000 | SH | | SOLE | 0 | 200,000 | 0 | 0 |
| Demand Media, Inc. | COM | 24802N208 | 1,730 | 302,500 | SH | | DFND | 1 | 0 | 302,500 | 0 |
| Devon Energy Corp. New | COM | 25179M103 | 1,809 | 30,000 | SH | | SOLE | 0 | 30,000 | 0 | 0 |
| Dolby Laboratories Inc. | COM | 25659T107 | 26,807 | 702,500 | SH | | DFND | 1 | 0 | 702,500 | 0 |
| Donegal Group Inc., Cl. A | COM CL A | 257701201 | 2,358 | 150,000 | SH | | DFND | 1 | 0 | 150,000 | 0 |
| Du Pont E I De Nemours & Co | COM | 263534109 | 17,868 | 250,000 | SH | | DFND | 1 | 0 | 250,000 | 0 |
| Du Pont E I De Nemours & Co | COM | 263534109 | 2,144 | 30,000 | SH | | SOLE | 0 | 30,000 | 0 | 0 |
| EMC Corporation | COM | 268648102 | 12,908 | 505,000 | SH | | DFND | 1 | 0 | 505,000 | 0 |
| EMC Corporation | COM | 268648102 | 5,112 | 200,000 | SH | | SOLE | 0 | 200,000 | 0 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 | 1,020 | 12,000 | SH | | SOLE | 0 | 12,000 | 0 | 0 |
| FMC Corp. | COM | 302491303 | 28,625 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| FMC Corp. | COM | 302491303 | 2,863 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
| FMC Technologies, Inc. | COM | 30249U101 | 925 | 25,000 | SH | | DFND | 1 | 0 | 25,000 | 0 |
| Farmer Brothers Co. | COM | 307675108 | 8,296 | 335,206 | SH | | DFND | 1 | 0 | 335,206 | 0 |
| Farmer Brothers Co. | COM | 307675108 | 69 | 2,800 | SH | | SOLE | 0 | 2,800 | 0 | 0 |
| First Northwest Bancorp | COM | 335834107 | 3,744 | 300,000 | SH | | DFND | 1 | 0 | 300,000 | 0 |
| First Security Group Inc. | COM NEW | 336312202 | 14,592 | 6,080,000 | SH | | DFND | 1 | 0 | 6,080,000 | 0 |
| Forest City Enterprises, Inc. | COM | 345550107 | 7,082 | 277,500 | SH | | DFND | 1 | 0 | 277,500 | 0 |
| GAMCO Investors, Inc. | COM | 361438104 | 1,295 | 16,500 | SH | | DFND | 1 | 0 | 16,500 | 0 |
| General Electric Co. | COM | 369604103 | 496 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
| General Motors Corp. | COM | 37045V100 | 7,000 | 186,657 | SH | | DFND | 1 | 0 | 186,657 | 0 |
| GM '16 WRNT | W EXP 7/10/2016 | 37045V118 | 294 | 10,597 | SH | | DFND | 1 | 0 | 10,597 | 0 |
| GM '19 WRNT | W EXP 7/10/2019 | 37045V126 | 208 | 10,597 | SH | | DFND | 1 | 0 | 10,597 | 0 |
| Getty Realty Corp. | COM | 374297109 | 5,460 | 300,000 | SH | | DFND | 1 | 0 | 300,000 | 0 |
| Getty Realty Corp. | COM | 374297109 | 655 | 35,969 | SH | | SOLE | 0 | 35,969 | 0 | 0 |
| Gulf Coast Ultra Deep Rty Trust Unit | ROYALTY TR UNT | 40222T104 | 436 | 611,942 | SH | | SOLE | 0 | 611,942 | 0 | 0 |
| GulfMark Offshore, Inc. | CL A NEW | 402629208 | 6,520 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| GulfMark Offshore, Inc. | CL A NEW | 402629208 | 652 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
| Halliburton Co. | COM | 406216101 | 878 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
| Hardinge, Inc. | COM | 412324303 | 3,422 | 295,000 | SH | | DFND | 1 | 0 | 295,000 | 0 |
| Helmerich & Payne Inc. | COM | 423452101 | 9,019 | 132,500 | SH | | DFND | 1 | 0 | 132,500 | 0 |
| Heritage Commerce Corp. | COM | 426927109 | 3,930 | 430,500 | SH | | DFND | 1 | 0 | 430,500 | 0 |
| Heritage Oaks Bancorp | COM | 42724R107 | 9,694 | 1,166,575 | SH | | DFND | 1 | 0 | 1,166,575 | 0 |
| Hess Corporation | COM | 42809H107 | 31,390 | 462,500 | SH | | DFND | 1 | 0 | 462,500 | 0 |
| Hess Corporation | COM | 42809H107 | 12,217 | 180,000 | SH | | SOLE | 0 | 180,000 | 0 | 0 |
| Highland Bankshares Inc. | COM | 430893107 | 1,516 | 383,714 | SH | | DFND | 1 | 0 | 383,714 | 0 |
| HomeTrust Bancshares, Inc. | COM | 437872104 | 4,146 | 259,622 | SH | | DFND | 1 | 0 | 259,622 | 0 |
| Hospira, Inc. | COM | 441060100 | 35,136 | 400,000 | SH | | DFND | 1 | 0 | 400,000 | 0 |
| Hugoton Realty Trust TEX Unit Ben Int | UNIT BEN INT | 444717102 | 204 | 35,000 | SH | | SOLE | 0 | 35,000 | 0 | 0 |
| Installed Building Products, Inc. | COM | 45780R101 | 2,428 | 111,600 | SH | | DFND | 1 | 0 | 111,600 | 0 |
| Intel Corp. | COM | 458140100 | 15,635 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| Intel Corp. | COM | 458140100 | 42,215 | 1,350,000 | SH | | SOLE | 0 | 1,350,000 | 0 | 0 |
| International Game Technology | COM | 459902102 | 6,964 | 400,000 | SH | | DFND | 1 | 0 | 400,000 | 0 |
| Investar Holding Corporation | COM | 46134L105 | 2,993 | 175,000 | SH | | DFND | 1 | 0 | 175,000 | 0 |
| Investors Bancorp, Inc. | COM | 46146L101 | 5,860 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| Johnson & Johnson | COM | 478160104 | 2,515 | 25,000 | SH | | SOLE | 0 | 25,000 | 0 | 0 |
| Kaiser Aluminum Corp. | COM PAR $0.01 | 483007704 | 17,685 | 230,000 | SH | | DFND | 1 | 0 | 230,000 | 0 |
| Kemper Corp. | COM | 488401100 | 390 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| MB Bancorp Inc. | COM | 55280E104 | 1,025 | 91,559 | SH | | DFND | 1 | 0 | 91,559 | 0 |
| Meridian Bancorp, Inc. | COM | 58958U103 | 1,317 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Motors Liquidation Company | COM | 62010U101 | 1,708 | 100,009 | SH | | DFND | 1 | 0 | 100,009 | 0 |
| National Presto Industries, Inc. | COM | 637215104 | 8,558 | 135,000 | SH | | DFND | 1 | 0 | 135,000 | 0 |
| News Corp | COM | 65249B109 | 6,524 | 407,500 | SH | | DFND | 1 | 0 | 407,500 | 0 |
| Northeast Bancorp | COM NEW | 663904209 | 3,339 | 361,800 | SH | | DFND | 1 | 0 | 361,800 | 0 |
| Northfield Bancorp Inc | COM | 66611T108 | 5,140 | 346,800 | SH | | DFND | 1 | 0 | 346,800 | 0 |
| Old Republic Interrnational Corp. | COM | 680223104 | 315 | 21,093 | SH | | SOLE | 0 | 21,093 | 0 | 0 |
| Peapack-Gladstone Financial Corp. | COM | 704699107 | 2,160 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Plains All American Pipeline | UNIT LTD PARTN | 726503105 | 700 | 14,363 | SH | | SOLE | 0 | 14,363 | 0 | 0 |
| Popular, Inc. | COM NEW | 733174700 | 9,457 | 275,000 | SH | | DFND | 1 | 0 | 275,000 | 0 |
| Prudential Bancorp Inc. | COM | 74431A101 | 1,540 | 121,287 | SH | | DFND | 1 | 0 | 121,287 | 0 |
| Realogy Holdings Corp. | COM | 75605Y106 | 4,548 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Resolute Forest Products | COM | 76117w109 | 8,337 | 483,306 | SH | | DFND | 1 | 0 | 483,306 | 0 |
| Rightside Group, Ltd. | COM | 76658B100 | 868 | 85,500 | SH | | DFND | 1 | 0 | 85,500 | 0 |
| Royal Dutch Shell PLC | Spon ADR A | 780259206 | 893 | 14,979 | SH | | SOLE | 0 | 14,979 | 0 | 0 |
| Ruth's Hospitality Group, Inc. | COM | 783332109 | 12,307 | 775,000 | SH | | DFND | 1 | 0 | 775,000 | 0 |
| SI Financial Group | COM | 78425V104 | 2,699 | 222,125 | SH | | DFND | 1 | 0 | 222,125 | 0 |
| S&W Seed Company | COM | 785135104 | 5,978 | 1,294,000 | SH | | DFND | 1 | 0 | 1,294,000 | 0 |
| Sanofi-Aventis SA, CVR | RIGHT 12/31/2020 | 80105N113 | 661 | 975,000 | SH | | DFND | 1 | 0 | 975,000 | 0 |
| Sanofi-Aventis SA, CVR | RIGHT 12/31/2020 | 80105N113 | 203 | 300,000 | SH | | SOLE | 0 | 300,000 | 0 | 0 |
| Symetra Financial Corp. | COM | 87151Q106 | 4,692 | 200,000 | SH | | DFND | 1 | 0 | 200,000 | 0 |
| Symetra Financial Corp. | COM | 87151Q106 | 5,865 | 250,000 | SH | | SOLE | 0 | 250,000 | 0 | 0 |
| Tejon Ranch Co. | COM | 879080109 | 13,754 | 520,000 | SH | | DFND | 1 | 0 | 520,000 | 0 |
| Tejon Ranch Warrant | W EXP 8/31/2016 | 879080133 | 61 | 76,809 | SH | | DFND | 1 | 0 | 76,809 | 0 |
| Teva Pharmaceutical Industries Ltd. | COM | 881624209 | 27,431 | 440,300 | SH | | DFND | 1 | 0 | 440,300 | 0 |
| Time Warner Cable Inc. | COM | 88732J207 | 14,988 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| TowneBank Portsmouth VA | COM | 89214P109 | 18,361 | 1,141,875 | SH | | DFND | 1 | 0 | 1,141,875 | 0 |
| United States Steel Corp. | COM | 912909108 | 2,440 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Waterstone Financial Inc. | COM | 94188P101 | 16,041 | 1,249,300 | SH | | DFND | 1 | 0 | 1,249,300 | 0 |
| Wright Investors Service Holdings | COM | 982345100 | 1,528 | 825,691 | SH | | DFND | 1 | 0 | 825,691 | 0 |
| Belmond Ltd. Class A | COM CL A | G1154H107 | 1,105 | 90,000 | SH | | DFND | 1 | 0 | 90,000 | 0 |
