| 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 |
| Adelphia Recovery Trust | COM | 00685R102 | 0 | 1,478,658 | SH | | DFND | 1 | 0 | 1,478,658 | 0 |
| Advanced Emissions Solutions Inc. | COM | 00770C101 | 7,632 | 800,000 | SH | | DFND | 1 | 0 | 800,000 | 0 |
| Allscripts Healtcare Solutions, Inc. | COM | 01988PAD0 | 6,055 | 477,500 | SH | | DFND | 1 | 0 | 477,500 | 0 |
| Ally Financial Inc. | COM | 02005N100 | 11,486 | 565,000 | SH | | DFND | 1 | 0 | 565,000 | 0 |
| Ally Financial Inc. | COM | 02005N100 | 2,480 | 122,000 | SH | | SOLE | 0 | 122,000 | 0 | 0 |
| American Midstream Partners LP | COM UNIT RP IN | 02752P100 | 9,626 | 648,212 | SH | | DFND | 1 | 0 | 648,212 | 0 |
| American Midstream Partners LP | COM UNIT RP IN | 02752P100 | 234 | 15,775 | SH | | SOLE | 0 | 15,775 | 0 | 0 |
| American River Bankshares | COM | 029326105 | 1,386 | 93,506 | SH | | DFND | 1 | 0 | 93,506 | 0 |
| Anadarko Petroleum Corp. | COM | 032511107 | 3,844 | 62,000 | SH | | DFND | 1 | 0 | 62,000 | 0 |
| Apache Corporation | COM | 037411105 | 514 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| Arconic Inc. | COM | 03965L100 | 4,610 | 175,000 | SH | | DFND | 1 | 0 | 175,000 | 0 |
| Atlantic Capital Bancshares | COM | 048269203 | 18,038 | 951,893 | SH | | DFND | 1 | 0 | 951,893 | 0 |
| BKF Capital Group, Inc. | COM | 05548G201 | 215 | 29,380 | SH | | DFND | 1 | 0 | 29,380 | 0 |
| BRT Realty Trust | COM | 055645303 | 1,399 | 168,369 | SH | | DFND | 1 | 0 | 168,369 | 0 |
| BMC Stock Holdings Inc. | COM | 05591B109 | 58,534 | 2,590,000 | SH | | DFND | 1 | 0 | 2,590,000 | 0 |
| Baker Hughes Inc. | COM | 057224107 | 1,196 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
| The Bancorp Bank | COM | 05969A105 | 2,078 | 407,500 | SH | | DFND | 1 | 0 | 407,500 | 0 |
| Banc of California, Inc. | COM | 05990K106 | 25,995 | 1,255,810 | SH | | DFND | 1 | 0 | 1,255,810 | 0 |
| Bank of America Corporation | COM | 060505104 | 590 | 25,000 | SH | | SOLE | 0 | 25,000 | 0 | 0 |
| Barnes & Noble Edu. Inc | COM | 06777U101 | 3,043 | 317,315 | SH | | DFND | 1 | 0 | 317,315 | 0 |
| Barnes & Noble Edu. Inc | COM | 06777U101 | 101 | 10,554 | SH | | SOLE | 0 | 10,554 | 0 | 0 |
| Boeing Co. | COM | 097023105 | 2,653 | 15,000 | SH | | SOLE | 0 | 15,000 | 0 | 0 |
| Boston Scientific Corp. | COM | 101137107 | 12,435 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| CIBL, Inc. | COM | 12543Y104 | 296 | 215 | SH | | DFND | 1 | 0 | 215 | 0 |
| CIT Group Inc. | COM NEW | 125581801 | 21,465 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| CIT Group Inc. | COM NEW | 125581801 | 987 | 23,000 | SH | | SOLE | 0 | 23,000 | 0 | 0 |
| Cabela's Inc. | COM | 126804301 | 17,813 | 335,400 | SH | | DFND | 1 | 0 | 335,400 | 0 |
| Cabela's Inc. | COM | 126804301 | 1,062 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
| Carbon Natural Gas Co. | COM | 14115T208 | 1,267 | 211,112 | SH | | DFND | 1 | 0 | 211,112 | 0 |
| Carrizo Oil & Gas, Inc. | COM | 144577103 | 3,038 | 106,000 | SH | | DFND | 1 | 0 | 106,000 | 0 |
| Carter Bank & Trust | COM | 146102108 | 845 | 50,000 | SH | | DFND | 1 | 0 | 50,000 | 0 |
| Central Steel & Wire Company | COM | 155411101 | 48 | 108 | SH | | DFND | 1 | 0 | 108 | 0 |
| Citizens Financial Group | COM | 174610105 | 7,947 | 230,000 | SH | | DFND | 1 | 0 | 230,000 | 0 |
| Clifton Bancorp, Inc. | COM | 186873105 | 4,753 | 293,568 | SH | | DFND | 1 | 0 | 293,568 | 0 |
| Columbus McKinnon Corp. | COM | 199333105 | 3,847 | 155,000 | SH | | DFND | 1 | 0 | 155,000 | 0 |
| Continental Resources Inc. | COM | 212015101 | 2,725 | 60,000 | SH | | DFND | 1 | 0 | 60,000 | 0 |
| Continental Resources Inc. | COM | 212015101 | 13,626 | 300,000 | SH | | SOLE | 0 | 300,000 | 0 | 0 |
| Crimson Wine Group Ltd. | COM | 22662X100 | 9,692 | 969,200 | SH | | DFND | 1 | 0 | 969,200 | 0 |
| Dell Technologies Inc. | COM CL V | 24703L103 | 1,317 | 20,560 | SH | | DFND | 1 | 0 | 20,560 | 0 |
| Devon Energy Corp. New | COM | 25179M103 | 3,338 | 80,000 | SH | | SOLE | 0 | 80,000 | 0 | 0 |
| Dolby Laboratories Inc. | COM | 25659T107 | 49,302 | 940,700 | SH | | DFND | 1 | 0 | 940,700 | 0 |
| Dolby Laboratories Inc. | COM | 25659T107 | 433 | 8,255 | SH | | SOLE | 0 | 8,255 | 0 | 0 |
| Donnelley Financial Solutions, Inc. | COM | 25787G100 | 3,472 | 180,000 | SH | | DFND | 1 | 0 | 180,000 | 0 |
| Du Pont E I De Nemours & Co | COM | 263534109 | 9,238 | 115,000 | SH | | DFND | 1 | 0 | 115,000 | 0 |
| Du Pont E I De Nemours & Co | COM | 263534109 | 2,008 | 25,000 | SH | | SOLE | 0 | 25,000 | 0 | 0 |
| EchoSTar Corp. | CL A | 278768106 | 2,278 | 40,000 | SH | | DFND | 1 | 0 | 40,000 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 | 1,640 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
| FMC Corp. | COM | 30249U101 | 13,918 | 200,000 | SH | | DFND | 1 | 0 | 200,000 | 0 |
| FMC Corp. | COM NEW | 30249U101 | 3,480 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
| FSB Bancorp | COM | 30289C102 | 779 | 53,382 | SH | | DFND | 1 | 0 | 53,382 | 0 |
| Farmer Brothers Co. | COM | 307675108 | 2,418 | 68,390 | SH | | DFND | 1 | 0 | 68,390 | 0 |
| Farmer Brothers Co. | COM | 307675108 | 99 | 2,800 | SH | | SOLE | 0 | 2,800 | 0 | 0 |
| Farmers & Merchants Bank | COM | 308243104 | 1,517 | 203 | SH | | SOLE | 0 | 203 | 0 | 0 |
| First Guaranty Bancshares, Inc. | COM | 32043P106 | 1,123 | 46,410 | SH | | DFND | 1 | 0 | 46,410 | 0 |
| Forest City Realty Trust A Shares | COM CL A | 345605109 | 4,356 | 200,000 | SH | | DFND | 1 | 0 | 200,000 | 0 |
| Franklin Resources Inc. | COM | 354613101 | 13,485 | 320,000 | SH | | DFND | 1 | 0 | 320,000 | 0 |
| Franklin Resources Inc. | COM | 354613101 | 1,160 | 27,530 | SH | | SOLE | 0 | 27,530 | 0 | 0 |
| GAMCO Investors, Inc. | COM | 361438104 | 488 | 16,500 | SH | | DFND | 1 | 0 | 16,500 | 0 |
| General Electric Co. | COM | 369604103 | 298 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| General Motors Corp. | COM | 37045V100 | 6,844 | 193,560 | SH | | DFND | 1 | 0 | 193,560 | 0 |
| GM '19 WRNT | W EXP 07/10/201 | 37045V126 | 189 | 10,597 | SH | | DFND | 1 | 0 | 10,597 | 0 |
| Getty Realty Corp. | COM | 374297109 | 921 | 36,427 | SH | | SOLE | 0 | 36,427 | 0 | 0 |
| Global Eagle Entertainment | COM | 37951D102 | 319 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Gulf Coast Ultra Deep Rty Trust Unit | COM | 40222T104 | 501 | 5,000,000 | SH | | DFND | 1 | 0 | 5,000,000 | 0 |
| Gulf Coast Ultra Deep Rty Trust Unit | COM | 40222T104 | 72 | 721,942 | SH | | SOLE | 0 | 721,942 | 0 | 0 |
| GulfMark Offshore, Inc. | CL A NEW | 402629208 | 92 | 277,793 | SH | | DFND | 1 | 0 | 277,793 | 0 |
| Gyrodyne, LLC | COM | 403829104 | 1,678 | 81,000 | SH | | DFND | 1 | 0 | 81,000 | 0 |
| Gyrodyne, LLC | COM | 403829104 | 97 | 4,658 | SH | | SOLE | 0 | 4,658 | 0 | 0 |
| Halliburton Co. | COM | 406216101 | 984 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
| Helmerich & Payne Inc. | COM | 423452101 | 5,492 | 82,500 | SH | | DFND | 1 | 0 | 82,500 | 0 |
| Heritage Oaks Bancorp | COM | 42724R107 | 3,057 | 228,971 | SH | | DFND | 1 | 0 | 228,971 | 0 |
| Hertz Global Holdings, Inc. | COM | 42806J106 | 3,508 | 200,000 | SH | | DFND | 1 | 0 | 200,000 | 0 |
| Hess Corporation | COM | 42809H107 | 15,668 | 325,000 | SH | | DFND | 1 | 0 | 325,000 | 0 |
| Hess Corporation | COM | 42809H107 | 8,678 | 180,000 | SH | | SOLE | 0 | 180,000 | 0 | 0 |
| Highland Bankshares Inc. | COM | 430893107 | 2,755 | 396,458 | SH | | DFND | 1 | 0 | 396,458 | 0 |
| Howard Bancorp Inc. | COM | 442496105 | 935 | 50,000 | SH | | DFND | 1 | 0 | 50,000 | 0 |
| Hugoton Realty Trust TEX Unit Ben Int | UNIT BEN INT | 444717102 | 362 | 190,440 | SH | | SOLE | 0 | 190,440 | 0 | 0 |
| ICTC Group | COM | 44931F108 | 147 | 3,687 | SH | | DFND | 1 | 0 | 3,687 | 0 |
| ICC Holdings, Inc. | COM | 44931Q104 | 493 | 30,000 | SH | | DFND | 1 | 0 | 30,000 | 0 |
| Intel Corp. | COM | 458140100 | 18,035 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| Intel Corp. | COM | 458140100 | 45,989 | 1,275,000 | SH | | SOLE | 0 | 1,275,000 | 0 | 0 |
| Investar Holding Corporation | COM | 46134L105 | 3,833 | 175,000 | SH | | DFND | 1 | 0 | 175,000 | 0 |
| Investors Bancorp, Inc. | COM | 46146L101 | 7,190 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| Johnson & Johnson | COM | 478160104 | 623 | 5,000 | SH | | SOLE | 0 | 5,000 | 0 | 0 |
| KLX Inc. | COM | 482539103 | 4,470 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Kaiser Aluminum Corp. | COM PAR $0.01 | 483007704 | 14,909 | 186,600 | SH | | DFND | 1 | 0 | 186,600 | 0 |
| Kearny Financial Corp. | COM | 48716P108 | 15,050 | 1,000,000 | SH | | DFND | 1 | 0 | 1,000,000 | 0 |
| Kemper Corp. | COM | 488401100 | 399 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| Keweenaw Land Association LTD. | COM | 493026108 | 102 | 1,000 | SH | | SOLE | 0 | 1,000 | 0 | 0 |
| Keysight Technologies, Inc. | COM | 49338L103 | 6,867 | 190,000 | SH | | DFND | 1 | 0 | 190,000 | 0 |
| LICT Corp. | COM | 50187G104 | 1,925 | 275 | SH | | DFND | 1 | 0 | 275 | 0 |
| MB Bancorp Inc. | COM | 55280E104 | 2,524 | 170,559 | SH | | DFND | 1 | 0 | 170,559 | 0 |
| MSB Financial | COM | 55352L101 | 2,886 | 174,897 | SH | | DFND | 1 | 0 | 174,897 | 0 |
| The Macerich Company | COM | 554382101 | 2,454 | 38,100 | SH | | DFND | 1 | 0 | 38,100 | 0 |
| Meridian Bancorp, Inc. | COM | 58958U103 | 1,830 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| National Presto Industries, Inc. | COM | 637215104 | 5,008 | 49,000 | SH | | DFND | 1 | 0 | 49,000 | 0 |
| News Corp | COM | 65249B109 | 5,980 | 460,000 | SH | | DFND | 1 | 0 | 460,000 | 0 |
| NI Holdings Inc. | COM | 65342T106 | 3,863 | 258,750 | SH | | DFND | 1 | 0 | 258,750 | 0 |
| Northeast Bancorp | COM | 663904209 | 5,536 | 361,800 | SH | | DFND | 1 | 0 | 361,800 | 0 |
| Peapack-Gladstone Financial Corp. | COM | 704699107 | 2,983 | 100,800 | SH | | DFND | 1 | 0 | 100,800 | 0 |
| Pennsylvania Real Estate Investment Trust | SH BEN INT | 709102107 | 3,331 | 220,000 | SH | | DFND | 1 | 0 | 220,000 | 0 |
| Permian Basin Rlty Trust | UNIT BEN INT | 714236106 | 223 | 23,841 | SH | | SOLE | 0 | 23,841 | 0 | 0 |
| Plains All American Pipeline | UNIT LTD PARTN | 726503105 | 12,881 | 407,500 | SH | | DFND | 1 | 0 | 407,500 | 0 |
| Plains All American Pipeline | UNIT LTD PARTN | 726503105 | 350 | 11,081 | SH | | SOLE | 0 | 11,081 | 0 | 0 |
| Plains GP Holdings LP | LTD PARTNR INT A | 72651A207 | 5,193 | 166,130 | SH | | DFND | 1 | 0 | 166,130 | 0 |
| Plains GP Holdings LP | LTD PARTNR INT A | 72651A207 | 293 | 9,388 | SH | | SOLE | 0 | 9,388 | 0 | 0 |
| Popular, Inc. | COM NEW | 733174700 | 12,219 | 300,000 | SH | | DFND | 1 | 0 | 300,000 | 0 |
| Popular, Inc. | COM NEW | 733174700 | 407 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| Prudential Bancorp Inc. | COM | 74431A101 | 2,165 | 121,287 | SH | | DFND | 1 | 0 | 121,287 | 0 |
| Quality Care Properties, Inc. | COM | 747545101 | 1,886 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Randolph Bancorp, Inc. | COM | 752378109 | 887 | 57,200 | SH | | DFND | 1 | 0 | 57,200 | 0 |
| Regions Financial Corp. | COM | 7591EP100 | 7,577 | 521,500 | SH | | DFND | 1 | 0 | 521,500 | 0 |
| Resolute Forest Products | COM | 76117w109 | 712 | 130,621 | SH | | DFND | 1 | 0 | 130,621 | 0 |
| SI Financial Group | COM | 78425V104 | 1,535 | 109,241 | SH | | DFND | 1 | 0 | 109,241 | 0 |
| S&W Seed Company | COM | 785135104 | 15,829 | 3,197,838 | SH | | DFND | 1 | 0 | 3,197,838 | 0 |
| William H. Sadlier, Inc. | COM | 786327106 | 1,061 | 21,217 | SH | | DFND | 1 | 0 | 21,217 | 0 |
| San Juan Basin Realty Trust Unit | UNIT BEN INT | 798241105 | 726 | 100,240 | SH | | SOLE | 0 | 100,240 | 0 | 0 |
| Sanofi-Aventis SA, CVR | SPONSORED ADR | 80105N113 | 1,456 | 3,235,625 | SH | | DFND | 1 | 0 | 3,235,625 | 0 |
| Sanofi-Aventis SA, CVR | SPONSORED ADR | 80105N113 | 157 | 348,043 | SH | | SOLE | 0 | 348,043 | 0 | 0 |
| Steel Holdings LP Ltd Prshp Unit | LTD PRTRSHIP U | 85814R107 | 111 | 5,773 | SH | | SOLE | 0 | 5,773 | 0 | 0 |
| Taubman Centers, Inc. | COM | 876664103 | 11,554 | 175,000 | SH | | DFND | 1 | 0 | 175,000 | 0 |
| Tejon Ranch Co. | COM | 879080109 | 11,383 | 520,000 | SH | | DFND | 1 | 0 | 520,000 | 0 |
| Tenet Healthcare Corporation | COM NEW | 88033G407 | 974 | 55,000 | SH | | DFND | 1 | 0 | 55,000 | 0 |
| Teva Pharmaceutical Industries Ltd. | ADR | 881624209 | 21,420 | 667,500 | SH | | DFND | 1 | 0 | 667,500 | 0 |
| Teva Pharmaceutical Industries Ltd. | COM | 881624209 | 1,685 | 52,500 | SH | | SOLE | 0 | 52,500 | 0 | 0 |
| Time Warner Inc. | COM | 887317303 | 3,908 | 40,000 | SH | | DFND | 1 | 0 | 40,000 | 0 |
| TowneBank Portsmouth VA | COM | 89214P109 | 1,815 | 56,022 | SH | | DFND | 1 | 0 | 56,022 | 0 |
| Trinity Place Holdings Inc. | COM | 89656D101 | 30,215 | 4,133,410 | SH | | DFND | 1 | 0 | 4,133,410 | 0 |
| Universal Stainless & Alloy Products, Inc. | COM | 913837100 | 3,131 | 184,200 | SH | | DFND | 1 | 0 | 184,200 | 0 |
| Vornado Realty Trust | SH BEN INT | 929042109 | 602 | 6,000 | SH | | DFND | 1 | 0 | 6,000 | 0 |
| Waterstone Financial Inc. | COM | 94188P101 | 21,711 | 1,189,617 | SH | | DFND | 1 | 0 | 1,189,617 | 0 |
| Westlake Chemical Corp. | COM | 960413102 | 14,861 | 225,000 | SH | | DFND | 1 | 0 | 225,000 | 0 |
| Whitewave Foods Co. | COM | 966244105 | 5,615 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Wright Investors Service Holdings | COM | 982345100 | 538 | 825,691 | SH | | DFND | 1 | 0 | 825,691 | 0 |
| Belmond Ltd. Class A | COM | G1154H107 | 3,930 | 324,800 | SH | | DFND | 1 | 0 | 324,800 | 0 |
| TechnipFMC plc | COM | G87110105 | 14,138 | 435,000 | SH | | DFND | 1 | 0 | 435,000 | 0 |
| Chubb Limited | COM | h1467j104 | 4,592 | 33,706 | SH | | DFND | 1 | 0 | 33,706 | 0 |
| Constellium N.V. | CL A | N22035104 | 1,188 | 182,800 | SH | | DFND | 1 | 0 | 182,800 | 0 |
