Price Michael F 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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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
Alliance Data Systems Corp	COM	018581108	14,692	63,000	SH		DFND	1	0	63,000	0
American River Bankshares	COM	029326105	395	24,950	SH		DFND	1	0	24,950	0
Anadarko Petroleum Corp.	COM	032511107	4,542	62,000	SH		DFND	1	0	62,000	0
Atlantic Capital Bancshares	COM	048269203	18,669	950,093	SH		DFND	1	0	950,093	0
BRT Realty Trust	COM	055645303	2,147	168,369	SH		DFND	1	0	168,369	0
Bank of America Corporation	COM	060505104	282	10,000	SH		SOLE	0	10,000	0	0
Boardwalk Pipeline Partners, LP	UT LTD PARTNER	096627104	4,090	351,998	SH		DFND	1	0	351,998	0
Boston Scientific Corp.	COM	101137107	3,352	102,500	SH		DFND	1	0	102,500	0
CIT Group Inc.	COM NEW	125581801	29,364	582,500	SH		DFND	1	0	582,500	0
CIT Group Inc.	COM NEW	125581801	504	10,000	SH		SOLE	0	10,000	0	0
Carter Bank & Trust	COM	146102108	16,008	891,327	SH		DFND	1	0	891,327	0
Central Steel & Wire Company	COM	155411101	1,451	2,379	SH		DFND	1	0	2,379	0
Columbia Financial Inc.	COM	197641103	8,275	500,000	SH		DFND	1	0	500,000	0
Continental Resources Inc.	COM	212015101	6,476	100,000	SH		DFND	1	0	100,000	0
Continental Resources Inc.	COM	212015101	12,304	190,000	SH		SOLE	0	190,000	0	0
Coty Inc.	COM CL A	222070203	4,301	305,000	SH		DFND	1	0	305,000	0
Farmers & Merchants Bank	COM	308243104	1,656	203	SH		SOLE	0	203	0	0
Forest City Realty Trust A Shares	COM CL A	345605109	771	33,819	SH		DFND	1	0	33,819	0
Franklin Resources Inc.	COM	354613101	6,689	208,700	SH		DFND	1	0	208,700	0
Franklin Resources Inc.	COM	354613101	882	27,530	SH		SOLE	0	27,530	0	0
GAMCO Investors, Inc.	COM	361438104	1,445	54,000	SH		DFND	1	0	54,000	0
General Electric Co.	COM	369604103	547	40,200	SH		DFND	1	0	40,200	0
Groupon, Inc.	COM	399473107	2,387	555,000	SH		DFND	1	0	555,000	0
Gyrodyne, LLC	COM	403829104	1,658	80,100	SH		DFND	1	0	80,100	0
Gyrodyne, LLC	COM	403829104	96	4,658	SH		SOLE	0	4,658	0	0
Halliburton Co.	COM	406216101	676	15,000	SH		SOLE	0	15,000	0	0
Helmerich & Payne Inc.	COM	423452101	6,376	100,000	SH		DFND	1	0	100,000	0
Highland Bankshares Inc.	COM	430893107	2,894	396,458	SH		DFND	1	0	396,458	0
Howard Bancorp Inc.	COM	442496105	720	40,000	SH		DFND	1	0	40,000	0
Hugoton Realty Trust TEX Unit Ben Int	UNIT BEN INT	444717102	124	190,440	SH		SOLE	0	190,440	0	0
Intel Corp.	COM	458140100	39,768	800,000	SH		DFND	1	0	800,000	0
Intel Corp.	COM	458140100	62,138	1,250,000	SH		SOLE	0	1,250,000	0	0
KLX Inc.	COM	482539103	14,380	200,000	SH		DFND	1	0	200,000	0
Kaiser Aluminum Corp.	COM PAR $0.01	483007704	5,913	56,800	SH		DFND	1	0	56,800	0
Luther Bank Corp	COM	550550107	1,438	125,000	SH		DFND	1	0	125,000	0
The Macerich Company	COM	554382101	5,683	100,000	SH		DFND	1	0	100,000	0
Meredith Corp.	COM	589433101	18,268	358,200	SH		DFND	1	0	358,200	0
Bunge Limited	COM	616962105	17,776	255,000	SH		DFND	1	0	255,000	0
Bunge Limited	COM	616962105	2,788	40,000	SH		SOLE	0	40,000	0	0
National Presto Industries, Inc.	COM	637215104	310	2,500	SH		DFND	1	0	2,500	0
Northeast Bancorp	COM	663904209	4,415	202,500	SH		DFND	1	0	202,500	0
Papa Murphy's Holdings	COM	698814100	14,049	2,531,369	SH		DFND	1	0	2,531,369	0
Park Electrochemical Corp	COM	700416209	996	42,955	SH		DFND	1	0	42,955	0
Peapack-Gladstone Financial Corp.	COM	704699107	3,487	100,800	SH		DFND	1	0	100,800	0
Permian Basin Rlty Trust	UNIT BEN INT	714236106	129	13,841	SH		SOLE	0	13,841	0	0
Plains All American Pipeline	UNIT LTD PARTN	726503105	9,633	407,500	SH		DFND	1	0	407,500	0
Plains All American Pipeline	UNIT LTD PARTN	726503105	262	11,081	SH		SOLE	0	11,081	0	0
Popular, Inc.	COM UNIT RP IN	733174700	13,563	300,000	SH		DFND	1	0	300,000	0
Popular, Inc.	COM UNIT RP IN	733174700	226	5,000	SH		SOLE	0	5,000	0	0
S&W Seed Company	COM	785135104	23,082	7,102,300	SH		DFND	1	0	7,102,300	0
William H. Sadlier, Inc.	COM	786327106	1,167	21,217	SH		DFND	1	0	21,217	0
San Juan Basin Realty Trust Unit	UNIT BEN INT	798241105	580	100,240	SH		SOLE	0	100,240	0	0
Tejon Ranch Co.	COM	879080109	11,057	455,000	SH		DFND	1	0	455,000	0
Teva Pharmaceutical Industries Ltd.	SPONSORED ADR	881624209	2,551	104,875	SH		SOLE	0	104,875	0	0
Vornado Realty Trust	SH BEN INT	929042109	6,919	93,600	SH		DFND	1	0	93,600	0
Westlake Chemical Corp.	COM	960413102	9,880	91,800	SH		DFND	1	0	91,800	0
Williams-Sonoma, Inc.	COM	969904101	4,726	77,000	SH		DFND	1	0	77,000	0
Wright Investors Service Holdings	COM	982345100	339	825,691	SH		DFND	1	0	825,691	0
XPO Logistics, Inc.	COM	983793100	11,721	117,000	SH		DFND	1	0	117,000	0
XPO Logistics, Inc.	COM	983793100	801	8,000	SH		SOLE	0	8,000	0	0
York Traditions Bank	COM	987159100	2,640	131,000	SH		DFND	1	0	131,000	0
MB Bancorp Inc.	COM	55280E104	2,831	170,559	SH		DFND	1	0	170,559	0
AT&T Inc.	COM	00206R102	24,083	750,000	SH		DFND	1	0	750,000	0
AT&T Inc.	COM	00206R102	1,529	47,623	SH		SOLE	0	47,623	0	0
Advanced Emissions Solutions Inc.	COM	00770C101	9,088	800,000	SH		DFND	1	0	800,000	0
Alphabet Inc.	CAP STK CL A	02079K305	3,388	3,000	SH		SOLE	0	3,000	0	0
American Midstream Partners LP	COM UNIT RP IN	02752P100	6,831	669,724	SH		DFND	1	0	669,724	0
American Midstream Partners LP	COM UNIT RP IN	02752P100	59	5,775	SH		SOLE	0	5,775	0	0
BKF Capital Group, Inc.	COM	05548G201	332	29,380	SH		DFND	1	0	29,380	0
BMC Stock Holdings Inc.	COM	05591B109	37,530	1,800,000	SH		DFND	1	0	1,800,000	0
Babcock & Wilcox Enterprises	COM	05614L100	3,551	1,491,983	SH		DFND	1	0	1,491,983	0
The Bancorp Bank	COM	05969A105	4,262	407,500	SH		DFND	1	0	407,500	0
Banc of California, Inc.	COM	05990K106	25,268	1,292,500	SH		DFND	1	0	1,292,500	0
Barnes & Noble Edu. Inc	COM	06777U101	2,241	397,300	SH		DFND	1	0	397,300	0
Barnes & Noble Edu. Inc	COM	06777U101	60	10,554	SH		SOLE	0	10,554	0	0
Blackberry Limited	COM	09228F103	2,343	242,754	SH		DFND	1	0	242,754	0
Brighthouse Financial Inc.	COM	10922N103	8,014	200,000	SH		DFND	1	0	200,000	0
CIBL, Inc.	COM	12543Y104	323	215	SH		DFND	1	0	215	0
Carbon Natural Gas Co.	COM	14115T208	1,989	211,112	SH		DFND	1	0	211,112	0
Comcast Corp.	CL A	20030N101	3,282	100,000	SH		DFND	1	0	100,000	0
Crimson Wine Group Ltd.	COM	22662X100	8,965	969,200	SH		DFND	1	0	969,200	0
Devon Energy Corp. New	COM	25179M103	1,934	44,000	SH		SOLE	0	44,000	0	0
Dolby Laboratories Inc.	COM	25659T107	41,917	679,471	SH		DFND	1	0	679,471	0
Dolby Laboratories Inc.	COM	25659T107	509	8,255	SH		SOLE	0	8,255	0	0
DowDuPont Inc.	COM	26078J100	11,206	170,000	SH		DFND	1	0	170,000	0
DowDuPont Inc.	COM	26078J100	3,997	60,640	SH		SOLE	0	60,640	0	0
Energen Corporation	COM	29265N108	728	10,000	SH		DFND	1	0	10,000	0
Enduro Royalty Trust	TR UNIT	29269K100	292	78,860	SH		DFND	1	0	78,860	0
Exxon Mobil Corp.	COM	30231G102	1,075	13,000	SH		SOLE	0	13,000	0	0
FMC Corp.	COM	30249U101	22,305	250,000	SH		DFND	1	0	250,000	0
FMC Corp.	COM	30249U101	4,015	45,000	SH		SOLE	0	45,000	0	0
FSB Bancorp	COM	30289C102	2,952	166,286	SH		DFND	1	0	166,286	0
First Bank	COM	31931U102	2,781	200,100	SH		DFND	1	0	200,100	0
Gulf Coast Ultra Deep Rty Trust Unit	UNIT BEN INT	40222T104	428	5,000,000	SH		DFND	1	0	5,000,000	0
Gulf Coast Ultra Deep Rty Trust Unit	UNIT BEN INT	40222T104	62	721,942	SH		SOLE	0	721,942	0	0
Hess Corporation	COM	42809H107	2,742	41,000	SH		DFND	1	0	41,000	0
Hess Corporation	COM	42809H107	7,577	113,282	SH		SOLE	0	113,282	0	0
ICTC Group	COM	44931F108	258	3,687	SH		DFND	1	0	3,687	0
ICC Holdings, Inc.	COM	44931Q104	647	40,488	SH		DFND	1	0	40,488	0
Innoviva, Inc.	COM	45781M101	725	52,500	SH		DFND	1	0	52,500	0
Investors Bancorp, Inc.	COM	46146L101	7,098	555,000	SH		DFND	1	0	555,000	0
Kearny Financial Corp.	COM	48716P108	18,732	1,392,697	SH		DFND	1	0	1,392,697	0
LICT Corp.	COM	50187G104	3,836	275	SH		DFND	1	0	275	0
MSB Financial	COM	55352L101	3,760	174,897	SH		DFND	1	0	174,897	0
Baker Hughes a GE Company	CL A	05722G100	330	10,000	SH		SOLE	0	10,000	0	0
Meridian Bank of Malvern	COM	58958P104	3,576	196,600	SH		DFND	1	0	196,600	0
Meridian Bancorp, Inc.	COM	58958U103	1,915	100,000	SH		DFND	1	0	100,000	0
New York REIT	COM	64976L109	748	41,000	SH		DFND	1	0	41,000	0
News Corp	COM	65249B109	7,208	465,000	SH		DFND	1	0	465,000	0
NI Holdings Inc.	COM	65342T106	6,842	403,667	SH		DFND	1	0	403,667	0
Oaktree Specialty Lending Corp.	COM	67401P108	598	125,000	SH		DFND	1	0	125,000	0
pdvWireless	COM	69290R104	1,096	43,915	SH		DFND	1	0	43,915	0
PCSB Financial	COM	69324R104	397	20,000	SH		SOLE	0	20,000	0	0
PG&E Corporation	COM	69331C108	409	9,620	SH		DFND	1	0	9,620	0
Plains GP Holdings LP	LTD PARTNR INT A	72651A207	3,972	166,130	SH		DFND	1	0	166,130	0
Plains GP Holdings LP	LTD PARTNR INT A	72651A207	2,257	94,388	SH		SOLE	0	94,388	0	0
Prudential Bancorp Inc.	COM	74431A101	2,507	129,896	SH		DFND	1	0	129,896	0
Regions Financial Corp.	COM	7591EP100	8,801	495,000	SH		DFND	1	0	495,000	0
SI Financial Group	COM	78425V104	1,611	109,241	SH		DFND	1	0	109,241	0
Sanofi-Aventis SA, CVR	SPONSORED ADR	80105N113	1,618	3,235,625	SH		DFND	1	0	3,235,625	0
Sanofi-Aventis SA, CVR	SPONSORED ADR	80105N113	174	348,043	SH		SOLE	0	348,043	0	0
ShotSpotter, Inc.	COM	82536T107	2,082	54,900	SH		DFND	1	0	54,900	0
Steel Holdings LP Ltd Prshp Unit	LTD PRTRSHIP U	85814R107	97	5,773	SH		SOLE	0	5,773	0	0
Trinity Place Holdings Inc.	COM	89656D101	29,245	4,464,896	SH		DFND	1	0	4,464,896	0
Waterstone Financial Inc.	COM	94188P101	20,356	1,193,922	SH		DFND	1	0	1,193,922	0
Belmond Ltd. Class A	COM	G1154H107	3,791	340,000	SH		DFND	1	0	340,000	0
TechnipFMC plc	COM	G87110105	10,227	322,200	SH		DFND	1	0	322,200	0
Chubb Limited	COM	h1467j104	4,281	33,706	SH		DFND	1	0	33,706	0
Constellium N.V.	COM	N22035104	2,060	200,000	SH		DFND	1	0	200,000	0