| 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 |
| Actuant Corporation | CL A NEW | 00508X203 | 4,618 | 200,000 | SH | | DFND | 1 | 0 | 200,000 | 0 |
| Advanced Emissions Solutions Inc. | COM | 00770C101 | 10,400 | 800,000 | SH | | DFND | 1 | 0 | 800,000 | 0 |
| Aerojet Rocketdyne Holdings Inc | COM | 007800105 | 5,153 | 250,000 | SH | | DFND | 1 | 0 | 250,000 | 0 |
| Aerojet Rocketdyne Holdings Inc | COM | 007800105 | 511 | 24,794 | SH | | SOLE | 0 | 24,794 | 0 | 0 |
| Allscripts Healtcare Solutions, Inc. | COM | 01988PAD0 | 6,532 | 477,500 | SH | | DFND | 1 | 0 | 477,500 | 0 |
| Ally Financial Inc. | COM | 02005N100 | 15,869 | 707,500 | SH | | DFND | 1 | 0 | 707,500 | 0 |
| American Midstream Partners LP | COM UNITS | 02752P100 | 910 | 56,600 | SH | | DFND | 1 | 0 | 56,600 | 0 |
| American Realty Cap. | COM | 02917T104 | 5,691 | 700,000 | SH | | DFND | 1 | 0 | 700,000 | 0 |
| American River Bankshares | COM | 029326105 | 2,377 | 255,000 | SH | | DFND | 1 | 0 | 255,000 | 0 |
| Anchor BanCorp | COM | 03283P106 | 16,142 | 425,000 | SH | | DFND | 1 | 0 | 425,000 | 0 |
| Apache Corporation | COM | 037411105 | 576 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| Ariad Pharmaceuticals, Inc. | COM | 04033A100 | 4,549 | 550,000 | SH | | DFND | 1 | 0 | 550,000 | 0 |
| Avon Products Inc. | COM | 054303102 | 2,911 | 465,000 | SH | | DFND | 1 | 0 | 465,000 | 0 |
| BRT Realty Trust | SH BEN INT NEW | 055645303 | 1,184 | 168,369 | SH | | DFND | 1 | 0 | 168,369 | 0 |
| Baker Hughes Inc. | COM | 057224107 | 5,089 | 82,500 | SH | | DFND | 1 | 0 | 82,500 | 0 |
| Baker Hughes Inc. | COM | 057224107 | 1,234 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
| The Bancorp Bank | COM | 05969A105 | 3,782 | 407,500 | SH | | DFND | 1 | 0 | 407,500 | 0 |
| Bank of America Corporation | COM | 060505104 | 851 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
| Barnes & Noble, Inc. | COM | 067774109 | 4,008 | 154,389 | SH | | DFND | 1 | 0 | 154,389 | 0 |
| Beneficial Bancorp, Inc. | COM | 08173R104 | 2,186 | 175,000 | SH | | DFND | 1 | 0 | 175,000 | 0 |
| Big 5 Sporting Goods Corp. | COM | 08915P101 | 426 | 30,000 | SH | | DFND | 1 | 0 | 30,000 | 0 |
| Blount International, Inc. | COM | 095180105 | 10,333 | 946,200 | SH | | DFND | 1 | 0 | 946,200 | 0 |
| Boeing Co. | COM | 097023105 | 2,774 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
| Boston Scientific Corp. | COM | 101137107 | 35,046 | 1,980,000 | SH | | DFND | 1 | 0 | 1,980,000 | 0 |
| CIT Group Inc. | COM NEW | 125581801 | 21,153 | 455,000 | SH | | DFND | 1 | 0 | 455,000 | 0 |
| Cape Bancorp, Inc. | COM | 139209100 | 2,452 | 259,200 | SH | | DFND | 1 | 0 | 259,200 | 0 |
| Clifton Bancorp, Inc. | COM | 186373105 | 4,107 | 293,568 | SH | | DFND | 1 | 0 | 293,568 | 0 |
| Columbia Banking System, Inc. | COM | 197236102 | 21,135 | 649,509 | SH | | DFND | 1 | 0 | 649,509 | 0 |
| Columbus McKinnon Corp. | COM | 199333105 | 1,898 | 75,900 | SH | | DFND | 1 | 0 | 75,900 | 0 |
| ConocoPhillips | COM | 20825C104 | 614 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| Continental Resources Inc. | COM | 212015101 | 8,478 | 200,000 | SH | | SOLE | 0 | 200,000 | 0 | 0 |
| Demand Media, Inc. | COM | 24802N208 | 1,924 | 302,500 | SH | | DFND | 1 | 0 | 302,500 | 0 |
| Devon Energy Corp. New | COM | 25179M103 | 1,785 | 30,000 | SH | | SOLE | 0 | 30,000 | 0 | 0 |
| Dolby Laboratories Inc. | COM | 25659T107 | 27,875 | 702,500 | SH | | DFND | 1 | 0 | 702,500 | 0 |
| Donegal Group Inc., Cl. A | COM CL A | 257701201 | 2,285 | 150,000 | SH | | DFND | 1 | 0 | 150,000 | 0 |
| Du Pont E I De Nemours & Co | COM | 263534109 | 15,988 | 250,000 | SH | | DFND | 1 | 0 | 250,000 | 0 |
| Du Pont E I De Nemours & Co | COM | 263534109 | 1,919 | 30,000 | SH | | SOLE | 0 | 30,000 | 0 | 0 |
| EMC Corporation | COM | 268648102 | 13,327 | 505,000 | SH | | DFND | 1 | 0 | 505,000 | 0 |
| EMC Corporation | COM | 268648102 | 5,278 | 200,000 | SH | | SOLE | 0 | 200,000 | 0 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 | 998 | 12,000 | SH | | SOLE | 0 | 12,000 | 0 | 0 |
| FMC Corp. | COM | 302491303 | 26,932 | 512,500 | SH | | DFND | 1 | 0 | 512,500 | 0 |
| FMC Corp. | COM | 302491303 | 2,628 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
| FMC Technologies, Inc. | COM | 30249U101 | 1,348 | 32,500 | SH | | DFND | 1 | 0 | 32,500 | 0 |
| Farmer Brothers Co. | COM | 307675108 | 7,877 | 335,206 | SH | | DFND | 1 | 0 | 335,206 | 0 |
| Farmer Brothers Co. | COM | 307675108 | 66 | 2,800 | SH | | SOLE | 0 | 2,800 | 0 | 0 |
| First Northwest Bancorp | COM | 335834107 | 3,741 | 300,000 | SH | | DFND | 1 | 0 | 300,000 | 0 |
| First Security Group Inc. | COM NEW | 336312202 | 14,896 | 6,080,000 | SH | | DFND | 1 | 0 | 6,080,000 | 0 |
| Forest City Enterprises, Inc. | COM | 345550107 | 6,133 | 277,500 | SH | | DFND | 1 | 0 | 277,500 | 0 |
| GAMCO Investors, Inc. | COM | 361438104 | 1,134 | 16,500 | SH | | DFND | 1 | 0 | 16,500 | 0 |
| General Electric Co. | COM | 369604103 | 531 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
| General Motors Corp. | COM | 37045V100 | 6,221 | 186,657 | SH | | DFND | 1 | 0 | 186,657 | 0 |
| GM '16 WRNT | W EXP 7/10/2016 | 37045V118 | 252 | 10,597 | SH | | DFND | 1 | 0 | 10,597 | 0 |
| GM '19 WRNT | W EXP 7/10/2019 | 37045V126 | 169 | 10,597 | SH | | DFND | 1 | 0 | 10,597 | 0 |
| Getty Realty Corp. | COM | 374297109 | 4,908 | 300,000 | SH | | DFND | 1 | 0 | 300,000 | 0 |
| Getty Realty Corp. | COM | 374297109 | 588 | 35,969 | SH | | SOLE | 0 | 35,969 | 0 | 0 |
| Gulf Coast Ultra Deep Rty Trust Unit | ROYALTY TR UNT | 40222T104 | 428 | 611,942 | SH | | SOLE | 0 | 611,942 | 0 | 0 |
| GulfMark Offshore, Inc. | CL A NEW | 402629208 | 5,800 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| GulfMark Offshore, Inc. | CL A NEW | 402629208 | 580 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
| Halliburton Co. | COM | 406216101 | 861 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
| Hardinge, Inc. | COM | 412324303 | 2,906 | 295,000 | SH | | DFND | 1 | 0 | 295,000 | 0 |
| Helmerich & Payne Inc. | COM | 423452101 | 9,331 | 132,500 | SH | | DFND | 1 | 0 | 132,500 | 0 |
| Heritage Commerce Corp. | COM | 426927109 | 3,467 | 360,786 | SH | | DFND | 1 | 0 | 360,786 | 0 |
| Heritage Oaks Bancorp | COM | 42724R107 | 9,181 | 1,166,575 | SH | | DFND | 1 | 0 | 1,166,575 | 0 |
| Hess Corporation | COM | 42809H107 | 30,932 | 462,500 | SH | | DFND | 1 | 0 | 462,500 | 0 |
| Hess Corporation | COM | 42809H107 | 12,038 | 180,000 | SH | | SOLE | 0 | 180,000 | 0 | 0 |
| Highland Bankshares Inc. | COM | 430893107 | 1,535 | 383,714 | SH | | DFND | 1 | 0 | 383,714 | 0 |
| HomeTrust Bancshares, Inc. | COM | 437872104 | 4,351 | 259,622 | SH | | DFND | 1 | 0 | 259,622 | 0 |
| Hospira, Inc. | COM | 441060100 | 35,484 | 400,000 | SH | | DFND | 1 | 0 | 400,000 | 0 |
| Hugoton Realty Trust TEX Unit Ben Int | UNIT BEN INT | 444717102 | 441 | 125,940 | SH | | SOLE | 0 | 125,940 | 0 | 0 |
| Intel Corp. | COM | 458140100 | 15,208 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| Intel Corp. | COM | 458140100 | 41,060 | 1,350,000 | SH | | SOLE | 0 | 1,350,000 | 0 | 0 |
| Investar Holding Corporation | COM | 46134L105 | 2,660 | 175,000 | SH | | DFND | 1 | 0 | 175,000 | 0 |
| Investors Bancorp, Inc. | COM | 46146L101 | 6,150 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| Johnson & Johnson | COM | 478160104 | 2,437 | 25,000 | SH | | SOLE | 0 | 25,000 | 0 | 0 |
| Kaiser Aluminum Corp. | COM PAR $0.01 | 483007704 | 19,108 | 230,000 | SH | | DFND | 1 | 0 | 230,000 | 0 |
| Kearny Financial Corp. | COM | 48716P108 | 18,135 | 1,625,000 | SH | | DFND | 1 | 0 | 1,625,000 | 0 |
| Kemper Corp. | COM | 488401100 | 386 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| Kraft Foods Group Inc | COM | 50076Q106 | 426 | 5,000 | SH | | SOLE | 0 | 5,000 | 0 | 0 |
| MB Bancorp Inc. | COM | 55280E104 | 1,183 | 91,559 | SH | | DFND | 1 | 0 | 91,559 | 0 |
| Meridian Bancorp, Inc. | COM | 58958U103 | 1,341 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Motors Liquidation Company | COM | 62010U101 | 1,925 | 100,009 | SH | | DFND | 1 | 0 | 100,009 | 0 |
| National Presto Industries, Inc. | COM | 637215104 | 10,843 | 135,000 | SH | | DFND | 1 | 0 | 135,000 | 0 |
| News Corp | COM | 65249B109 | 5,945 | 407,500 | SH | | DFND | 1 | 0 | 407,500 | 0 |
| Northeast Bancorp | COM NEW | 663904209 | 3,600 | 361,800 | SH | | DFND | 1 | 0 | 361,800 | 0 |
| Northfield Bancorp Inc | COM | 66611T108 | 3,760 | 249,855 | SH | | DFND | 1 | 0 | 249,855 | 0 |
| Old Republic Interrnational Corp. | COM | 680223104 | 330 | 21,093 | SH | | SOLE | 0 | 21,093 | 0 | 0 |
| PTC Therapeutics, Inc. | COM | 69366J200 | 1,588 | 33,000 | SH | | DFND | 1 | 0 | 33,000 | 0 |
| Peapack-Gladstone Financial Corp. | COM | 704699107 | 2,222 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Popular, Inc. | COM NEW | 733174700 | 7,937 | 275,000 | SH | | DFND | 1 | 0 | 275,000 | 0 |
| Precision Castparts Corp. | COM | 740189105 | 4,597 | 23,000 | SH | | DFND | 1 | 0 | 23,000 | 0 |
| Prudential Bancorp Inc. | COM | 74431A101 | 1,759 | 121,287 | SH | | DFND | 1 | 0 | 121,287 | 0 |
| Realogy Holdings Corp. | COM | 75605Y106 | 4,672 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Resolute Forest Products | COM | 76117w109 | 7,594 | 675,000 | SH | | DFND | 1 | 0 | 675,000 | 0 |
| Rightside Group, Ltd. | COM | 76658B100 | 435 | 64,271 | SH | | DFND | 1 | 0 | 64,271 | 0 |
| Royal Dutch Shell PLC | Spon ADR A | 780259206 | 854 | 14,979 | SH | | SOLE | 0 | 14,979 | 0 | 0 |
| Ruth's Hospitality Group, Inc. | COM | 783332109 | 10,902 | 676,295 | SH | | DFND | 1 | 0 | 676,295 | 0 |
| SI Financial Group | COM | 78425V104 | 2,624 | 225,419 | SH | | DFND | 1 | 0 | 225,419 | 0 |
| S&W Seed Company | COM | 785135104 | 6,315 | 1,294,000 | SH | | DFND | 1 | 0 | 1,294,000 | 0 |
| San Juan Basin Realty Trust Unit | UNIT BEN INT | 798241105 | 148 | 13,800 | SH | | DFND | 1 | 0 | 13,800 | 0 |
| San Juan Basin Realty Trust Unit | UNIT BEN INT | 798241105 | 434 | 40,439 | SH | | SOLE | 0 | 40,439 | 0 | 0 |
| Sanofi-Aventis SA, CVR | RIGHT 12/31/2020 | 80105N113 | 683 | 975,000 | SH | | DFND | 1 | 0 | 975,000 | 0 |
| Sanofi-Aventis SA, CVR | RIGHT 12/31/2020 | 80105N113 | 210 | 300,000 | SH | | SOLE | 0 | 300,000 | 0 | 0 |
| Symetra Financial Corp. | COM | 87151Q106 | 4,776 | 197,500 | SH | | DFND | 1 | 0 | 197,500 | 0 |
| Symetra Financial Corp. | COM | 87151Q106 | 6,045 | 250,000 | SH | | SOLE | 0 | 250,000 | 0 | 0 |
| Tejon Ranch Co. | COM | 879080109 | 13,369 | 520,000 | SH | | DFND | 1 | 0 | 520,000 | 0 |
| Tejon Ranch Warrant | W EXP 8/31/2016 | 879080133 | 38 | 76,809 | SH | | DFND | 1 | 0 | 76,809 | 0 |
| Teva Pharmaceutical Industries Ltd. | ADR | 881624209 | 26,026 | 440,300 | SH | | DFND | 1 | 0 | 440,300 | 0 |
| TowneBank Portsmouth VA | COM | 89214P109 | 18,601 | 1,141,875 | SH | | DFND | 1 | 0 | 1,141,875 | 0 |
| United States Steel Corp. | COM | 912909108 | 9,846 | 477,500 | SH | | DFND | 1 | 0 | 477,500 | 0 |
| Universal Stainless & Alloy Products, Inc. | COM | 913837100 | 1,362 | 69,314 | SH | | DFND | 1 | 0 | 69,314 | 0 |
| Waterstone Financial Inc. | COM | 94188P101 | 16,491 | 1,249,300 | SH | | DFND | 1 | 0 | 1,249,300 | 0 |
| Wheeler Real Estate Investment Trust | COM | 963025101 | 5,075 | 2,500,000 | SH | | DFND | 1 | 0 | 2,500,000 | 0 |
| Wheeler Reit Preferred B | CV PFD SER B | 963025309 | 359 | 15,000 | SH | | DFND | 1 | 0 | 15,000 | 0 |
| Wright Investors Service Holdings | COM | 982345100 | 1,255 | 825,691 | SH | | DFND | 1 | 0 | 825,691 | 0 |
| Belmond Ltd. Class A | COM CL A | G1154H107 | 1,124 | 90,000 | SH | | DFND | 1 | 0 | 90,000 | 0 |
