| 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 |
| AT&T Inc. | COM | 00206R102 | 19,866 | 525,000 | SH | | DFND | 1 | 0 | 525,000 | 0 |
| AT&T Inc. | COM | 00206R102 | 1,802 | 47,623 | SH | | SOLE | 0 | 47,623 | 0 | 0 |
| Advanced Emissions Solutions Inc. | COM | 00770C101 | 11,872 | 800,000 | SH | | DFND | 1 | 0 | 800,000 | 0 |
| Alcentra Capital Corp | COM | 01374T102 | 1,459 | 164,090 | SH | | DFND | 1 | 0 | 164,090 | 0 |
| Alliance Data Systems Corp | COM | 018581108 | 7,662 | 59,800 | SH | | DFND | 1 | 0 | 59,800 | 0 |
| Alphabet Inc. | CAP STK CL A | 02079K305 | 3,663 | 3,000 | SH | | SOLE | 0 | 3,000 | 0 | 0 |
| Altaba Inc. | COM | 021346101 | 925 | 47,500 | SH | | DFND | 1 | 0 | 47,500 | 0 |
| Altaba Inc. | COM | 021346101 | 198 | 10,141 | SH | | SOLE | 0 | 10,141 | 0 | 0 |
| Altria Group Inc. | COM | 02209S103 | 4,295 | 105,000 | SH | | DFND | 1 | 0 | 105,000 | 0 |
| Amazon.Com Inc. | COM | 023135106 | 1,736 | 1,000 | SH | | SOLE | 0 | 1,000 | 0 | 0 |
| Amerant Bancorp Inc. | CL A | 023576101 | 6,081 | 290,000 | SH | | DFND | 1 | 0 | 290,000 | 0 |
| Anterix Inc | COM | 03676C100 | 1,627 | 44,931 | SH | | DFND | 1 | 0 | 44,931 | 0 |
| Atlantic Capital Bancshares | COM | 048269203 | 16,475 | 950,093 | SH | | DFND | 1 | 0 | 950,093 | 0 |
| BKF Capital Group, Inc. | COM | 05548G201 | 367 | 29,380 | SH | | DFND | 1 | 0 | 29,380 | 0 |
| BRT Realty Trust | COM | 055645303 | 948 | 65,000 | SH | | DFND | 1 | 0 | 65,000 | 0 |
| Baker Hughes Company | COM | 05722G100 | 232 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| The Bancorp Bank | COM | 05969A105 | 4,034 | 407,500 | SH | | DFND | 1 | 0 | 407,500 | 0 |
| Banc of California, Inc. | COM | 05990K106 | 18,912 | 1,337,500 | SH | | DFND | 1 | 0 | 1,337,500 | 0 |
| Bank of America Corporation | COM | 060505104 | 204 | 7,000 | SH | | SOLE | 0 | 7,000 | 0 | 0 |
| Blackberry Limited | COM | 09228F103 | 6,405 | 1,220,000 | SH | | DFND | 1 | 0 | 1,220,000 | 0 |
| Blackberry Limited | COM | 09228F103 | 331 | 63,000 | SH | | SOLE | 0 | 63,000 | 0 | 0 |
| Boeing Co. | COM | 097023105 | 551 | 1,447 | SH | | SOLE | 0 | 1,447 | 0 | 0 |
| CBM Bancorp, Inc. | COM | 1248XT104 | 350 | 25,000 | SH | | DFND | 1 | 0 | 25,000 | 0 |
| CIBL, Inc. | COM | 12543Y104 | 398 | 215 | SH | | DFND | 1 | 0 | 215 | 0 |
| CIT Group Inc. | COM NEW | 125581801 | 27,639 | 610,000 | SH | | DFND | 1 | 0 | 610,000 | 0 |
| CIT Group Inc. | COM NEW | 125581801 | 453 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| Campbell Soup Company | COM | 134429109 | 13,607 | 290,000 | SH | | DFND | 1 | 0 | 290,000 | 0 |
| Carbon Natural Gas Co. | COM | 14115T208 | 844 | 211,112 | SH | | DFND | 1 | 0 | 211,112 | 0 |
| Carter Bank & Trust | COM | 146102108 | 15,758 | 834,175 | SH | | DFND | 1 | 0 | 834,175 | 0 |
| Celgene Corp. | COM | 151020104 | 13,902 | 140,000 | SH | | DFND | 1 | 0 | 140,000 | 0 |
| Columbia Financial Inc. | COM | 197641103 | 7,895 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| Continental Resources Inc. | COM | 212015101 | 3,079 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Continental Resources Inc. | COM | 212015101 | 5,234 | 170,000 | SH | | SOLE | 0 | 170,000 | 0 | 0 |
| Crimson Wine Group Ltd. | COM | 22662X100 | 8,305 | 1,100,000 | SH | | DFND | 1 | 0 | 1,100,000 | 0 |
| Devon Energy Corp. New | COM | 25179M103 | 818 | 34,000 | SH | | SOLE | 0 | 34,000 | 0 | 0 |
| The Walt Disney Company | COM DISNEY | 254687106 | 269 | 2,065 | SH | | SOLE | 0 | 2,065 | 0 | 0 |
| Dolby Laboratories Inc. | COM CL A | 25659T107 | 44,875 | 694,231 | SH | | DFND | 1 | 0 | 694,231 | 0 |
| Dolby Laboratories Inc. | COM CL A | 25659T107 | 210 | 3,255 | SH | | SOLE | 0 | 3,255 | 0 | 0 |
| Dow Inc. | COM | 260557103 | 963 | 20,212 | SH | | SOLE | 0 | 20,212 | 0 | 0 |
| Du Pont E I De Nemours & Co | COM | 26614N102 | 6,275 | 88,000 | SH | | DFND | 1 | 0 | 88,000 | 0 |
| Du Pont E I De Nemours & Co | COM | 26614N102 | 1,441 | 20,212 | SH | | SOLE | 0 | 20,212 | 0 | 0 |
| Energy Transfer LP | COM UT LTD PTN | 29273V100 | 460 | 35,168 | SH | | SOLE | 0 | 35,168 | 0 | 0 |
| Extraction Oil & Gas, Inc. | COM | 30227M105 | 974 | 331,200 | SH | | DFND | 1 | 0 | 331,200 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 | 777 | 11,000 | SH | | SOLE | 0 | 11,000 | 0 | 0 |
| FLIR Systems Inc. | COM | 302445101 | 201 | 3,822 | SH | | SOLE | 0 | 3,822 | 0 | 0 |
| FMC Corp. | COM NEW | 302491303 | 17,536 | 200,000 | SH | | DFND | 1 | 0 | 200,000 | 0 |
| FSB Bancorp | COM | 30289C102 | 3,205 | 187,130 | SH | | DFND | 1 | 0 | 187,130 | 0 |
| Facebook Inc. | CL A | 30303M102 | 961 | 5,395 | SH | | SOLE | 0 | 5,395 | 0 | 0 |
| Farmers & Merchants Bank | COM | 308243104 | 1,614 | 203 | SH | | SOLE | 0 | 203 | 0 | 0 |
| Federal Life Group, Inc. | COM | 313533101 | 1 | 100 | SH | | DFND | 1 | 0 | 100 | 0 |
| Federal Life Group, Inc. | COM | 313533101 | 1 | 100 | SH | | SOLE | 0 | 100 | 0 | 0 |
| First Bank | COM | 31931U102 | 2,167 | 200,100 | SH | | DFND | 1 | 0 | 200,100 | 0 |
| First of Long Island Corp | COM | 320734106 | 1,934 | 85,000 | SH | | DFND | 1 | 0 | 85,000 | 0 |
| First Midwest Bancorp. | COM | 320867104 | 5,584 | 286,677 | SH | | DFND | 1 | 0 | 286,677 | 0 |
| Fox Corporation Class A | CL A COM | 35137L105 | 263 | 8,333 | SH | | DFND | 1 | 0 | 8,333 | 0 |
| Fox Corporation Class B | CL B COM | 35137L204 | 1,156 | 36,666 | SH | | DFND | 1 | 0 | 36,666 | 0 |
| Franklin Resources Inc. | COM | 354613101 | 7,469 | 258,800 | SH | | DFND | 1 | 0 | 258,800 | 0 |
| Franklin Resources Inc. | COM | 354613101 | 1,083 | 37,530 | SH | | SOLE | 0 | 37,530 | 0 | 0 |
| GAMCO Investors, Inc. | COM | 361438104 | 1,056 | 54,000 | SH | | DFND | 1 | 0 | 54,000 | 0 |
| Groupon, Inc. | COM | 399473107 | 6,118 | 2,300,000 | SH | | DFND | 1 | 0 | 2,300,000 | 0 |
| Groupon, Inc. | COM | 399473107 | 532 | 200,000 | SH | | SOLE | 0 | 200,000 | 0 | 0 |
| Gulf Coast Ultra Deep Rty Trust Unit | UNIT BEN INT | 40222T104 | 154 | 5,000,000 | SH | | DFND | 1 | 0 | 5,000,000 | 0 |
| Gulf Coast Ultra Deep Rty Trust Unit | UNIT BEN INT | 40222T104 | 22 | 721,942 | SH | | SOLE | 0 | 721,942 | 0 | 0 |
| Gyrodyne, LLC | COM | 403829104 | 1,581 | 80,850 | SH | | DFND | 1 | 0 | 80,850 | 0 |
| Gyrodyne, LLC | COM | 403829104 | 91 | 4,658 | SH | | SOLE | 0 | 4,658 | 0 | 0 |
| Halliburton Co. | COM | 406216101 | 283 | 15,000 | SH | | SOLE | 0 | 15,000 | 0 | 0 |
| HarborOne Bancorp Inc. NEW | COM NEW | 41165Y100 | 281 | 27,882 | SH | | DFND | 1 | 0 | 27,882 | 0 |
| Helmerich & Payne Inc. | COM | 423452101 | 4,008 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Hess Corporation | COM | 42809H107 | 2,013 | 33,282 | SH | | SOLE | 0 | 33,282 | 0 | 0 |
| Highland Bankshares Inc. | COM | 430893107 | 2,282 | 270,000 | SH | | DFND | 1 | 0 | 270,000 | 0 |
| Hugoton Realty Trust TEX Unit Ben Int | UNIT BEN INT | 444717102 | 55 | 190,440 | SH | | SOLE | 0 | 190,440 | 0 | 0 |
| Huntsman Corp. | COM | 447011107 | 51 | 2,198 | SH | | SOLE | 0 | 2,198 | 0 | 0 |
| ICC Holdings, Inc. | COM | 44931Q104 | 682 | 49,630 | SH | | DFND | 1 | 0 | 49,630 | 0 |
| Innoviva, Inc. | COM | 45781M101 | 553 | 52,500 | SH | | DFND | 1 | 0 | 52,500 | 0 |
| Intel Corp. | COM | 458140100 | 41,657 | 808,400 | SH | | DFND | 1 | 0 | 808,400 | 0 |
| Intel Corp. | COM | 458140100 | 63,439 | 1,231,100 | SH | | SOLE | 0 | 1,231,100 | 0 | 0 |
| Investors Bancorp, Inc. | COM | 46146L101 | 14,683 | 1,292,500 | SH | | DFND | 1 | 0 | 1,292,500 | 0 |
| Jefferies Financial Group | COM | 47233W109 | 8,920 | 484,500 | SH | | DFND | 1 | 0 | 484,500 | 0 |
| Kaiser Aluminum Corp. | COM PAR $0.01 | 483007704 | 1,979 | 20,000 | SH | | DFND | 1 | 0 | 20,000 | 0 |
| Kearny Financial Corp. | COM | 48716P108 | 6,128 | 469,953 | SH | | DFND | 1 | 0 | 469,953 | 0 |
| LICT Corp. | COM | 50187G104 | 5,390 | 275 | SH | | DFND | 1 | 0 | 275 | 0 |
| Las Vegas Sands Corp. | COM | 517834107 | 242 | 4,195 | SH | | SOLE | 0 | 4,195 | 0 | 0 |
| Livent Corp. | COM | 53814L108 | 3,518 | 525,000 | SH | | DFND | 1 | 0 | 525,000 | 0 |
| Livent Corp. | COM | 53814L108 | 282 | 42,088 | SH | | SOLE | 0 | 42,088 | 0 | 0 |
| Luther Bank Corp | COM | 550550107 | 3,456 | 305,000 | SH | | DFND | 1 | 0 | 305,000 | 0 |
| MB Bancorp Inc. | COM | 55280E104 | 2,690 | 171,459 | SH | | DFND | 1 | 0 | 171,459 | 0 |
| MSB Financial | COM | 55352L101 | 2,816 | 174,897 | SH | | DFND | 1 | 0 | 174,897 | 0 |
| Madison Square Garden Co New | CL A | 55825T103 | 161 | 612 | SH | | SOLE | 0 | 612 | 0 | 0 |
| Masco Corp. | COM | 574599106 | 202 | 4,840 | SH | | SOLE | 0 | 4,840 | 0 | 0 |
| Meredith Corp. | COM | 589433101 | 7,882 | 215,000 | SH | | DFND | 1 | 0 | 215,000 | 0 |
| Meridian Corp. | COM | 58958P104 | 5,328 | 300,190 | SH | | DFND | 1 | 0 | 300,190 | 0 |
| Meridian Bancorp, Inc. | COM | 58958U103 | 1,875 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Mid-Southern Bancorp | COM | 59548Q107 | 2,263 | 169,485 | SH | | DFND | 1 | 0 | 169,485 | 0 |
| Bunge Limited | COM | 616962105 | 5,662 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Bunge Limited | COM | 616962105 | 2,265 | 40,000 | SH | | SOLE | 0 | 40,000 | 0 | 0 |
| News Corp | COM | 65249B109 | 6,473 | 465,000 | SH | | DFND | 1 | 0 | 465,000 | 0 |
| NI Holdings Inc. | COM | 65342T106 | 8,016 | 467,662 | SH | | DFND | 1 | 0 | 467,662 | 0 |
| Northeast Bancorp | COM | 663904209 | 5,135 | 231,637 | SH | | DFND | 1 | 0 | 231,637 | 0 |
| Oaktree Specialty Lending Corp. | COM | 67401P108 | 778 | 150,100 | SH | | DFND | 1 | 0 | 150,100 | 0 |
| Occidental Petroleum | COM | 674599105 | 3,558 | 80,000 | SH | | DFND | 1 | 0 | 80,000 | 0 |
| PDL Community Bancorp | COM | 69290X101 | 1,006 | 71,565 | SH | | DFND | 1 | 0 | 71,565 | 0 |
| PG&E Corporation | COM | 69331C108 | 541 | 54,068 | SH | | SOLE | 0 | 54,068 | 0 | 0 |
| Peapack-Gladstone Financial Corp. | COM | 704699107 | 2,825 | 100,800 | SH | | DFND | 1 | 0 | 100,800 | 0 |
| Permian Basin Rlty Trust | UNIT BEN INT | 714236106 | 72 | 13,841 | SH | | SOLE | 0 | 13,841 | 0 | 0 |
| Plains All American Pipeline | UNIT LTD PARTN | 726503105 | 8,456 | 407,500 | SH | | DFND | 1 | 0 | 407,500 | 0 |
| Plains All American Pipeline | UNIT LTD PARTN | 726503105 | 230 | 11,081 | SH | | SOLE | 0 | 11,081 | 0 | 0 |
| Plains GP Holdings LP | LTD PARTNR INT A | 72651A207 | 3,527 | 166,130 | SH | | DFND | 1 | 0 | 166,130 | 0 |
| Plains GP Holdings LP | LTD PARTNR INT A | 72651A207 | 2,004 | 94,388 | SH | | SOLE | 0 | 94,388 | 0 | 0 |
| Popular, Inc. | COM UNIT RP IN | 733174700 | 13,114 | 242,500 | SH | | DFND | 1 | 0 | 242,500 | 0 |
| Positive Phyisicians Holdings Inc | COM | 73740G106 | 5 | 450 | SH | | DFND | 1 | 0 | 450 | 0 |
| Positive Phyisicians Holdings Inc | COM | 73740G106 | 5 | 450 | SH | | SOLE | 0 | 450 | 0 | 0 |
| Prudential Bancorp Inc. | COM | 74431A101 | 2,210 | 129,896 | SH | | DFND | 1 | 0 | 129,896 | 0 |
| QualComm Inc. | COM | 747525103 | 56 | 732 | SH | | SOLE | 0 | 732 | 0 | 0 |
| Red Lion Hotels | COM | 756764106 | 3,953 | 610,100 | SH | | DFND | 1 | 0 | 610,100 | 0 |
| Regions Financial Corp. | COM | 7591EP100 | 5,013 | 316,878 | SH | | DFND | 1 | 0 | 316,878 | 0 |
| S&W Seed Company | COM | 785135104 | 37,949 | 15,945,017 | SH | | DFND | 1 | 0 | 15,945,017 | 0 |
| William H. Sadlier, Inc. | COM | 786327106 | 1,008 | 21,217 | SH | | DFND | 1 | 0 | 21,217 | 0 |
| San Juan Basin Realty Trust Unit | UNIT BEN INT | 798241105 | 303 | 100,240 | SH | | SOLE | 0 | 100,240 | 0 | 0 |
| Sanofi-Aventis SA, CVR | SPONSORED ADR | 80105N113 | 1,814 | 3,235,625 | SH | | DFND | 1 | 0 | 3,235,625 | 0 |
| Sanofi-Aventis SA, CVR | SPONSORED ADR | 80105N113 | 195 | 348,043 | SH | | SOLE | 0 | 348,043 | 0 | 0 |
| SIGA Technologies | COM | 826917106 | 660 | 128,974 | SH | | DFND | 1 | 0 | 128,974 | 0 |
| Skyworks Solutions Inc. | COM | 83088M102 | 153 | 1,936 | SH | | SOLE | 0 | 1,936 | 0 | 0 |
| South Plains Financial, Inc. | COM | 83946P107 | 658 | 40,356 | SH | | DFND | 1 | 0 | 40,356 | 0 |
| Spectrum Brands Holdings Inc. | COM | 84790A105 | 641 | 12,141 | SH | | DFND | 1 | 0 | 12,141 | 0 |
| Steel Holdings LP Ltd Prshp Unit | LTD PRTRSHIP U | 85814R107 | 74 | 5,773 | SH | | SOLE | 0 | 5,773 | 0 | 0 |
| Tallgrass Energy, LP | CLASS A SHS | 874696107 | 101 | 5,000 | SH | | DFND | 1 | 0 | 5,000 | 0 |
| Tejon Ranch Co. | COM | 879080109 | 7,721 | 455,000 | SH | | DFND | 1 | 0 | 455,000 | 0 |
| Teva Pharmaceutical Industries Ltd. | SPONSORED ADR | 881624209 | 715 | 103,910 | SH | | SOLE | 0 | 103,910 | 0 | 0 |
| Tidewater Warrant Exp 11/24/24 | *W EXP 11/24/202 | 88642R174 | 6 | 7,444 | SH | | DFND | 1 | 0 | 7,444 | 0 |
| Trinity Place Holdings Inc. | COM | 89656D101 | 26,834 | 6,708,538 | SH | | DFND | 1 | 0 | 6,708,538 | 0 |
| US Foods Holding Co | COM | 912008109 | 905 | 22,026 | SH | | SOLE | 0 | 22,026 | 0 | 0 |
| Univar Solutions Inc | COM | 91336L107 | 2,325 | 112,000 | SH | | DFND | 1 | 0 | 112,000 | 0 |
| Vericity, Inc. | COM | 92347D100 | 1,267 | 90,507 | SH | | DFND | 1 | 0 | 90,507 | 0 |
| Vornado Realty Trust | SH BEN INT | 929042109 | 7,444 | 117,000 | SH | | DFND | 1 | 0 | 117,000 | 0 |
| Vornado Realty Trust | SH BEN INT | 929042109 | 244 | 3,838 | SH | | SOLE | 0 | 3,838 | 0 | 0 |
| WABCO Holdings Inc. | COM | 92927K102 | 16,384 | 122,500 | SH | | DFND | 1 | 0 | 122,500 | 0 |
| Waterstone Financial Inc. | COM | 94188P101 | 16,665 | 970,000 | SH | | DFND | 1 | 0 | 970,000 | 0 |
| Westlake Chemical Corp. | COM | 960413102 | 6,015 | 91,800 | SH | | DFND | 1 | 0 | 91,800 | 0 |
| Wright Investors Service Holdings | COM | 982345100 | 363 | 825,691 | SH | | DFND | 1 | 0 | 825,691 | 0 |
| York Traditions Bank | COM | 987159100 | 2,515 | 144,100 | SH | | DFND | 1 | 0 | 144,100 | 0 |
| TechnipFMC plc | COM | G87110105 | 7,778 | 322,200 | SH | | DFND | 1 | 0 | 322,200 | 0 |
| Chubb Limited | COM | h1467j104 | 4,440 | 27,500 | SH | | DFND | 1 | 0 | 27,500 | 0 |
| Constellium N.V. | COM | N22035104 | 3,311 | 260,509 | SH | | DFND | 1 | 0 | 260,509 | 0 |
