| 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 |
| Allison Transmission Holdings, Inc. | COM | 01973R101 | 970 | 22,500 | SH | | DFND | 1 | 0 | 22,500 | 0 |
| Alphabet Inc. | CAP STK CL A | 02079K305 | 5,784 | 3,300 | SH | | DFND | 1 | 0 | 3,300 | 0 |
| Alphabet Inc. | CAP STK CL A | 02079K305 | 5,258 | 3,000 | SH | | SOLE | 0 | 3,000 | 0 | 0 |
| Amazon.Com Inc. | COM | 023135106 | 11,399 | 3,500 | SH | | SOLE | 0 | 3,500 | 0 | 0 |
| Amerant Bancorp Inc. | CL A | 023576101 | 4,256 | 280,012 | SH | | DFND | 1 | 0 | 280,012 | 0 |
| Amerant Bancorp Inc. B Shares | CL B | 023576200 | 100 | 8,586 | SH | | DFND | 1 | 0 | 8,586 | 0 |
| Anterix Inc | COM | 03676C100 | 19,597 | 521,200 | SH | | DFND | 1 | 0 | 521,200 | 0 |
| Atlantic Capital Bancshares | COM | 048269203 | 15,125 | 950,093 | SH | | DFND | 1 | 0 | 950,093 | 0 |
| BCB Bancorp, Inc. | COM | 055298103 | 11,296 | 1,020,408 | SH | | DFND | 1 | 0 | 1,020,408 | 0 |
| BKF Capital Group, Inc. | COM | 05548G201 | 353 | 29,380 | SH | | DFND | 1 | 0 | 29,380 | 0 |
| BRT Realty Trust | COM | 055645303 | 674 | 44,317 | SH | | DFND | 1 | 0 | 44,317 | 0 |
| Baker Hughes Company | COM | 05722G100 | 104 | 5,000 | SH | | SOLE | 0 | 5,000 | 0 | 0 |
| The Bancorp Bank | COM | 05969A105 | 5,562 | 407,500 | SH | | DFND | 1 | 0 | 407,500 | 0 |
| Banc of California, Inc. | COM | 05990K106 | 19,675 | 1,337,500 | SH | | DFND | 1 | 0 | 1,337,500 | 0 |
| Bank of America Corporation | COM | 060505104 | 121 | 4,000 | SH | | SOLE | 0 | 4,000 | 0 | 0 |
| Bank of San Francisco | COM | 064774102 | 2,258 | 102,687 | SH | | DFND | 1 | 0 | 102,687 | 0 |
| Bausch Health Companies Inc. | COM | 071734107 | 2,548 | 122,500 | SH | | DFND | 1 | 0 | 122,500 | 0 |
| Blackberry Limited | COM | 09228F103 | 9,667 | 1,458,000 | SH | | DFND | 1 | 0 | 1,458,000 | 0 |
| Blackberry Limited | COM | 09228F103 | 418 | 63,000 | SH | | SOLE | 0 | 63,000 | 0 | 0 |
| CIBL, Inc. | COM | 12543Y104 | 382 | 215 | SH | | DFND | 1 | 0 | 215 | 0 |
| CIT Group Inc. | COM NEW | 125581801 | 22,818 | 635,600 | SH | | DFND | 1 | 0 | 635,600 | 0 |
| CIT Group Inc. | COM NEW | 125581801 | 359 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| Camden Property Trust | SH BEN INT | 133131102 | 1,998 | 20,000 | SH | | DFND | 1 | 0 | 20,000 | 0 |
| Carbon Energy Corp | COM | 14115T208 | 113 | 211,112 | SH | | DFND | 1 | 0 | 211,112 | 0 |
| Carter Bankshares | COM | 146103106 | 1,698 | 158,400 | SH | | DFND | 1 | 0 | 158,400 | 0 |
| Constellation Brands | CL A | 21036P108 | 767 | 3,500 | SH | | DFND | 1 | 0 | 3,500 | 0 |
| Continental Resources Inc. | COM | 212015101 | 489 | 30,000 | SH | | SOLE | 0 | 30,000 | 0 | 0 |
| Crimson Wine Group Ltd. | COM | 22662X100 | 6,113 | 1,142,600 | SH | | DFND | 1 | 0 | 1,142,600 | 0 |
| Devon Energy Corp. New | COM | 25179M103 | 538 | 34,000 | SH | | SOLE | 0 | 34,000 | 0 | 0 |
| Dolby Laboratories Inc. | COM CL A | 25659T107 | 26,256 | 270,320 | SH | | DFND | 1 | 0 | 270,320 | 0 |
| Dolby Laboratories Inc. | COM CL A | 25659T107 | 316 | 3,255 | SH | | SOLE | 0 | 3,255 | 0 | 0 |
| Dow Inc. | COM | 260557103 | 1,122 | 20,212 | SH | | SOLE | 0 | 20,212 | 0 | 0 |
| Du Pont E I De Nemours & Co | COM | 26614N102 | 1,437 | 20,212 | SH | | SOLE | 0 | 20,212 | 0 | 0 |
| Edgewell Personal Care Company | COM | 28035Q102 | 1,705 | 49,307 | SH | | DFND | 1 | 0 | 49,307 | 0 |
| Equity Residential | SH BEN INT | 29476L107 | 1,778 | 30,000 | SH | | DFND | 1 | 0 | 30,000 | 0 |
| ES Bancshares, Inc | COM | 296049109 | 2,863 | 658,183 | SH | | DFND | 1 | 0 | 658,183 | 0 |
| Evans Bancorp | COM NEW | 29911Q208 | 443 | 16,074 | SH | | DFND | 1 | 0 | 16,074 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 | 453 | 11,000 | SH | | SOLE | 0 | 11,000 | 0 | 0 |
| FFBW Inc. | COM | 30260M103 | 2,936 | 293,022 | SH | | DFND | 1 | 0 | 293,022 | 0 |
| Facebook Inc. | COM | 30303M102 | 2,839 | 10,395 | SH | | SOLE | 0 | 10,395 | 0 | 0 |
| Farmers & Merchants Bank | COM | 308243104 | 1,345 | 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 | 1,877 | 200,100 | SH | | DFND | 1 | 0 | 200,100 | 0 |
| First Citizens BancShares | COM | 31946M202 | 404 | 776 | SH | | DFND | 1 | 0 | 776 | 0 |
| First of Long Island Corp | COM | 320734106 | 1,517 | 85,000 | SH | | DFND | 1 | 0 | 85,000 | 0 |
| Franklin Resources Inc. | COM | 354613101 | 9,996 | 400,000 | SH | | DFND | 1 | 0 | 400,000 | 0 |
| Franklin Resources Inc. | COM | 354613101 | 938 | 37,530 | SH | | SOLE | 0 | 37,530 | 0 | 0 |
| GAMCO Investors, Inc. | COM | 361438104 | 1,120 | 63,124 | SH | | DFND | 1 | 0 | 63,124 | 0 |
| Goldman Sachs Group Inc. | COM | 38141G104 | 1,319 | 5,000 | SH | | SOLE | 0 | 5,000 | 0 | 0 |
| W.R. Grace & Co. | COM | 38388F108 | 10,964 | 200,000 | SH | | DFND | 1 | 0 | 200,000 | 0 |
| Groupon, Inc. | COM | 399473107 | 380 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| Gulf Coast Ultra Deep Rty Trust Unit | UNIT BEN INT | 40222T104 | 80 | 5,000,000 | SH | | DFND | 1 | 0 | 5,000,000 | 0 |
| Gulf Coast Ultra Deep Rty Trust Unit | UNIT BEN INT | 40222T104 | 12 | 721,942 | SH | | SOLE | 0 | 721,942 | 0 | 0 |
| Gyrodyne, LLC | COM | 403829104 | 1,314 | 80,850 | SH | | DFND | 1 | 0 | 80,850 | 0 |
| Gyrodyne, LLC | COM | 403829104 | 76 | 4,658 | SH | | SOLE | 0 | 4,658 | 0 | 0 |
| HarborOne Bancorp | COM NEW | 41165F101 | 303 | 27,882 | SH | | DFND | 1 | 0 | 27,882 | 0 |
| Helmerich & Payne Inc. | COM | 423452101 | 2,316 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Hess Corporation | COM | 42809H107 | 1,493 | 28,282 | SH | | SOLE | 0 | 28,282 | 0 | 0 |
| Hexcel Corp | COM | 428291108 | 9,601 | 198,000 | SH | | DFND | 1 | 0 | 198,000 | 0 |
| Highwoods Properties | COM | 431284108 | 415 | 10,483 | SH | | DFND | 1 | 0 | 10,483 | 0 |
| Hugoton Realty Trust TEX Unit Ben Int | UNIT BEN INT | 444717102 | 17 | 190,440 | SH | | SOLE | 0 | 190,440 | 0 | 0 |
| ICC Holdings, Inc. | COM | 44931Q104 | 710 | 49,630 | SH | | DFND | 1 | 0 | 49,630 | 0 |
| Intel Corp. | COM | 458140100 | 37,783 | 758,400 | SH | | DFND | 1 | 0 | 758,400 | 0 |
| Intel Corp. | COM | 458140100 | 60,134 | 1,207,025 | SH | | SOLE | 0 | 1,207,025 | 0 | 0 |
| Investors Bancorp, Inc. | COM | 46146L101 | 13,781 | 1,305,000 | SH | | DFND | 1 | 0 | 1,305,000 | 0 |
| Ironwood Pharmaceuticals | COM CL A | 46333X108 | 5,716 | 501,874 | SH | | DFND | 1 | 0 | 501,874 | 0 |
| Jefferies Financial Group | COM | 47233W109 | 9,041 | 367,500 | SH | | DFND | 1 | 0 | 367,500 | 0 |
| Kaiser Aluminum Corp. | COM PAR $0.01 | 483007704 | 2,670 | 27,000 | SH | | DFND | 1 | 0 | 27,000 | 0 |
| Kansas City Southern | COM NEW | 485170302 | 6,348 | 31,100 | SH | | DFND | 1 | 0 | 31,100 | 0 |
| Kearny Financial Corp. | COM | 48716P108 | 1,982 | 187,646 | SH | | DFND | 1 | 0 | 187,646 | 0 |
| LICT Corp. | COM | 50187G104 | 4,895 | 275 | SH | | DFND | 1 | 0 | 275 | 0 |
| Las Vegas Sands Corp. | COM | 517834107 | 250 | 4,195 | SH | | SOLE | 0 | 4,195 | 0 | 0 |
| Loral Space & Communications Inc. | COM | 543881106 | 5,319 | 253,412 | SH | | DFND | 1 | 0 | 253,412 | 0 |
| Madison Square Garden Sports | COM | 55825T103 | 1,749 | 9,500 | SH | | DFND | 1 | 0 | 9,500 | 0 |
| Madison Square Garden Sports | CL A | 55825T103 | 113 | 612 | SH | | SOLE | 0 | 612 | 0 | 0 |
| Madison Square Garden Entertainment | COM | 55826T102 | 2,101 | 20,000 | SH | | DFND | 1 | 0 | 20,000 | 0 |
| Madison Square Garden Entertainment | CL A | 55826T102 | 64 | 612 | SH | | SOLE | 0 | 612 | 0 | 0 |
| Meridian Corp. | COM | 58958P104 | 5,616 | 270,000 | SH | | DFND | 1 | 0 | 270,000 | 0 |
| Meridian Bancorp, Inc. | COM | 58958U103 | 1,491 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Mid-Southern Bancorp | COM | 59548Q107 | 2,442 | 169,485 | SH | | DFND | 1 | 0 | 169,485 | 0 |
| Bunge Limited | COM | 616962105 | 25,904 | 395,000 | SH | | DFND | 1 | 0 | 395,000 | 0 |
| Bunge Limited | COM | 616962105 | 2,623 | 40,000 | SH | | SOLE | 0 | 40,000 | 0 | 0 |
| Nathans Famous Inc. | COM | 632347100 | 589 | 10,675 | SH | | DFND | 1 | 0 | 10,675 | 0 |
| News Corp | COM | 65249B109 | 8,356 | 465,000 | SH | | DFND | 1 | 0 | 465,000 | 0 |
| NI Holdings Inc. | COM | 65342T106 | 8,683 | 528,791 | SH | | DFND | 1 | 0 | 528,791 | 0 |
| Northeast Bancorp | COM | 663904209 | 5,216 | 231,637 | SH | | DFND | 1 | 0 | 231,637 | 0 |
| One Liberty Properties, Inc. | COM | 682406103 | 5,539 | 275,963 | SH | | DFND | 1 | 0 | 275,963 | 0 |
| Open Lending Corporation | COM CL A | 68373J104 | 3,433 | 98,200 | SH | | DFND | 1 | 0 | 98,200 | 0 |
| PDL Community Bancorp | COM | 69290X101 | 891 | 84,804 | SH | | DFND | 1 | 0 | 84,804 | 0 |
| Palantir Tech | CL A | 69608A108 | 813 | 34,508 | SH | | SOLE | 0 | 34,508 | 0 | 0 |
| Park Aerospace Corp | COM | 70014A104 | 201 | 15,000 | SH | | DFND | 1 | 0 | 15,000 | 0 |
| Peapack-Gladstone Financial Corp. | COM | 704699107 | 3,315 | 145,650 | SH | | DFND | 1 | 0 | 145,650 | 0 |
| Permian Basin Rlty Trust | UNIT BEN INT | 714236106 | 46 | 13,841 | SH | | SOLE | 0 | 13,841 | 0 | 0 |
| Plains All American Pipeline | UNIT LTD PARTN | 726503105 | 3,358 | 407,500 | SH | | DFND | 1 | 0 | 407,500 | 0 |
| Plains All American Pipeline | UNIT LTD PARTN | 726503105 | 91 | 11,081 | SH | | SOLE | 0 | 11,081 | 0 | 0 |
| Plains GP Holdings LP | LTD PARTNR INT A | 72651A207 | 1,407 | 166,130 | SH | | DFND | 1 | 0 | 166,130 | 0 |
| Plains GP Holdings LP | LTD PARTNR INT A | 72651A207 | 799 | 94,388 | SH | | SOLE | 0 | 94,388 | 0 | 0 |
| Popular, Inc. | COM UNIT RP IN | 733174700 | 17,645 | 313,296 | SH | | DFND | 1 | 0 | 313,296 | 0 |
| Positive Phyisicians Holdings Inc | COM | 73740G106 | 4 | 450 | SH | | DFND | 1 | 0 | 450 | 0 |
| Positive Phyisicians Holdings Inc | COM | 73740G106 | 4 | 450 | SH | | SOLE | 0 | 450 | 0 | 0 |
| Provident Bancorp Inc | COM NEW | 74383L105 | 690 | 57,500 | SH | | DFND | 1 | 0 | 57,500 | 0 |
| QualComm Inc. | COM | 747525103 | 112 | 732 | SH | | SOLE | 0 | 732 | 0 | 0 |
| Red Lion Hotels | COM | 756764106 | 4,325 | 1,250,000 | SH | | DFND | 1 | 0 | 1,250,000 | 0 |
| Resources Connection Inc | COM | 76122q105 | 691 | 55,000 | SH | | DFND | 1 | 0 | 55,000 | 0 |
| Ruth's Hospitality Group, Inc. | COM | 783332109 | 8,333 | 470,000 | SH | | DFND | 1 | 0 | 470,000 | 0 |
| S&W Seed Company | COM | 785135104 | 47,029 | 16,050,785 | SH | | DFND | 1 | 0 | 16,050,785 | 0 |
| William H. Sadlier, Inc. | COM | 786327106 | 615 | 21,217 | SH | | DFND | 1 | 0 | 21,217 | 0 |
| San Juan Basin Realty Trust Unit | UNIT BEN INT | 798241105 | 268 | 100,240 | SH | | SOLE | 0 | 100,240 | 0 | 0 |
| SIGA Technologies | COM | 826917106 | 8,767 | 1,205,900 | SH | | DFND | 1 | 0 | 1,205,900 | 0 |
| Skyworks Solutions Inc. | COM | 83088M102 | 296 | 1,936 | SH | | SOLE | 0 | 1,936 | 0 | 0 |
| Steel Holdings LP Ltd Prshp Unit | LTD PRTRSHIP U | 85814R107 | 62 | 5,773 | SH | | SOLE | 0 | 5,773 | 0 | 0 |
| Tejon Ranch Co. | COM | 879080109 | 6,626 | 458,523 | SH | | DFND | 1 | 0 | 458,523 | 0 |
| Textron, Inc. | COM | 883203101 | 7,008 | 145,000 | SH | | DFND | 1 | 0 | 145,000 | 0 |
| Tidewater Warrant Exp 11/24/24 | *W EXP 11/24/202 | 88642R174 | 2 | 7,444 | SH | | DFND | 1 | 0 | 7,444 | 0 |
| Trinity Place Holdings Inc. | COM | 89656D101 | 8,386 | 6,708,538 | SH | | DFND | 1 | 0 | 6,708,538 | 0 |
| Twitter | COM | 90184L102 | 16,245 | 300,000 | SH | | DFND | 1 | 0 | 300,000 | 0 |
| Univar Solutions Inc. | COM | 91336L107 | 3,184 | 167,500 | SH | | DFND | 1 | 0 | 167,500 | 0 |
| Vericity, Inc. | COM | 92347D100 | 581 | 58,091 | SH | | DFND | 1 | 0 | 58,091 | 0 |
| ViasSat, Inc. | COM | 92552v100 | 914 | 28,000 | SH | | DFND | 1 | 0 | 28,000 | 0 |
| Vornado Realty Trust | SH BEN INT | 929042109 | 4,100 | 109,814 | SH | | DFND | 1 | 0 | 109,814 | 0 |
| Waterstone Financial Inc. | COM | 94188P101 | 10,808 | 574,300 | SH | | DFND | 1 | 0 | 574,300 | 0 |
| Wells Fargo & Co. | COM | 949746101 | 604 | 20,000 | SH | | DFND | 1 | 0 | 20,000 | 0 |
| Westlake Chemical Corp. | COM | 960413102 | 6,528 | 80,000 | SH | | DFND | 1 | 0 | 80,000 | 0 |
| Wright Investors Service Holdings | COM | 982345100 | 202 | 766,262 | SH | | DFND | 1 | 0 | 766,262 | 0 |
| York Traditions Bank | COM | 987159100 | 2,558 | 144,100 | SH | | DFND | 1 | 0 | 144,100 | 0 |
| Alkermes PLC | SHS | G01767105 | 5,586 | 280,000 | SH | | DFND | 1 | 0 | 280,000 | 0 |
| Invesco Ltd. | SHS | G491BT108 | 1,923 | 110,300 | SH | | DFND | 1 | 0 | 110,300 | 0 |
| Nielsen Holdings PLC | SHS EUR | G6518L108 | 4,432 | 212,368 | SH | | DFND | 1 | 0 | 212,368 | 0 |
| Sirius International Insurance Group | COM | G8196D101 | 2,260 | 180,795 | SH | | DFND | 1 | 0 | 180,795 | 0 |
| TechnipFMC plc | COM | G87110105 | 2,345 | 249,500 | SH | | DFND | 1 | 0 | 249,500 | 0 |
| Chubb Limited | COM | h1467j104 | 3,925 | 25,500 | SH | | DFND | 1 | 0 | 25,500 | 0 |
