| 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 | 1,091 | 30,000 | SH | | DFND | 1 | 0 | 30,000 | 0 |
| Alphabet Inc. | CAP STK CL A | 02079K305 | 9,560 | 3,300 | SH | | DFND | 1 | 0 | 3,300 | 0 |
| Alphabet Inc. | CAP STK CL A | 02079K305 | 8,691 | 3,000 | SH | | SOLE | 0 | 3,000 | 0 | 0 |
| Amarin Corporation PLC | SPONS ADR NEW | 023111206 | 2,393 | 710,000 | SH | | DFND | 1 | 0 | 710,000 | 0 |
| Amazon.Com Inc. | COM | 023135106 | 11,670 | 3,500 | SH | | SOLE | 0 | 3,500 | 0 | 0 |
| Amerant Bancorp Inc. | COM | 023576101 | 15,227 | 440,724 | SH | | DFND | 1 | 0 | 440,724 | 0 |
| Anterix Inc | COM | 03676C100 | 32,964 | 561,000 | SH | | DFND | 1 | 0 | 561,000 | 0 |
| Athira Pharma, Inc. | COM | 04746L104 | 2,058 | 157,938 | SH | | DFND | 1 | 0 | 157,938 | 0 |
| Atlantic Capital Bancshares | COM | 048269203 | 25,893 | 900,000 | SH | | DFND | 1 | 0 | 900,000 | 0 |
| BCB Bancorp, Inc. | COM | 055298103 | 15,751 | 1,020,808 | SH | | DFND | 1 | 0 | 1,020,808 | 0 |
| BKF Capital Group, Inc. | COM | 05548G201 | 353 | 29,380 | SH | | DFND | 1 | 0 | 29,380 | 0 |
| Baker Hughes Company | COM | 05722G100 | 120 | 5,000 | SH | | SOLE | 0 | 5,000 | 0 | 0 |
| The Bancorp Bank | COM | 05969A105 | 8,055 | 318,266 | SH | | DFND | 1 | 0 | 318,266 | 0 |
| Banc of California, Inc. | COM | 05990K106 | 22,299 | 1,136,532 | SH | | DFND | 1 | 0 | 1,136,532 | 0 |
| Bank of San Francisco | COM | 064774102 | 2,470 | 102,687 | SH | | DFND | 1 | 0 | 102,687 | 0 |
| Bausch Health Companies Inc. | COM | 071734107 | 3,382 | 122,500 | SH | | DFND | 1 | 0 | 122,500 | 0 |
| Blackberry Limited | COM | 09228F103 | 7,480 | 800,000 | SH | | DFND | 1 | 0 | 800,000 | 0 |
| Blackberry Limited | COM | 09228F103 | 468 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
| Blue Foundry Bancorp | COM | 09549B104 | 4,935 | 337,289 | SH | | DFND | 1 | 0 | 337,289 | 0 |
| Brinker International, Inc. | COM | 109641100 | 4,482 | 122,500 | SH | | DFND | 1 | 0 | 122,500 | 0 |
| British American Tobacco - ADR | SPONSORED ADR | 110448107 | 561 | 15,000 | SH | | SOLE | 0 | 15,000 | 0 | 0 |
| CIBL, Inc. | COM | 12543Y104 | 398 | 215 | SH | | DFND | 1 | 0 | 215 | 0 |
| CIT Group Inc. | COM NEW | 125581801 | 32,632 | 635,600 | SH | | DFND | 1 | 0 | 635,600 | 0 |
| CIT Group Inc. | COM NEW | 125581801 | 513 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
| Carbon Energy Corp | COM | 14115T208 | 1 | 52,778 | SH | | DFND | 1 | 0 | 52,778 | 0 |
| Carter Bankshares | COM | 146103106 | 2,438 | 158,400 | SH | | DFND | 1 | 0 | 158,400 | 0 |
| Catalyst Bancorp Inc | COM | 14888L101 | 77 | 5,623 | SH | | DFND | 1 | 0 | 5,623 | 0 |
| Constellation Brands | COM | 21036P108 | 878 | 3,500 | SH | | DFND | 1 | 0 | 3,500 | 0 |
| Continental Resources Inc. | COM | 212015101 | 895 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
| Crimson Wine Group Ltd. | COM | 22662X100 | 9,426 | 1,142,600 | SH | | DFND | 1 | 0 | 1,142,600 | 0 |
| Crown Holdings, Inc. | COM | 228368106 | 1,106 | 10,000 | SH | | DFND | 1 | 0 | 10,000 | 0 |
| Cyxtera Tech Equity Warrants 7/29/26 | *W EXP 09/10/202 | 23284C110 | 172 | 51,416 | SH | | DFND | 1 | 0 | 51,416 | 0 |
| Devon Energy Corp. New | COM | 25179M103 | 617 | 14,000 | SH | | SOLE | 0 | 14,000 | 0 | 0 |
| Discovery INC - A | COM SER A | 25470F104 | 2,118 | 90,000 | SH | | DFND | 1 | 0 | 90,000 | 0 |
| Discovery INC - C | COM SER C | 25470F302 | 2,977 | 130,000 | SH | | DFND | 1 | 0 | 130,000 | 0 |
| Dolby Laboratories Inc. | COM CL A | 25659T107 | 19,758 | 207,500 | SH | | DFND | 1 | 0 | 207,500 | 0 |
| Dolby Laboratories Inc. | COM CL A | 25659T107 | 310 | 3,255 | SH | | SOLE | 0 | 3,255 | 0 | 0 |
| Dow Inc. | COM | 260557103 | 485 | 8,546 | SH | | SOLE | 0 | 8,546 | 0 | 0 |
| Du Pont E I De Nemours & Co | COM | 26614N102 | 690 | 8,546 | SH | | SOLE | 0 | 8,546 | 0 | 0 |
| EQRx, Inc. | COM | 26886C107 | 3,820 | 560,100 | SH | | DFND | 1 | 0 | 560,100 | 0 |
| EQRx, Inc. Warrant | *W EXP 12/17/202 | 26886C115 | 107 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Edgewell Personal Care Company | COM | 28035Q102 | 1,600 | 35,000 | SH | | DFND | 1 | 0 | 35,000 | 0 |
| ES Bancshares, Inc | COM | 296049109 | 3,423 | 658,183 | SH | | DFND | 1 | 0 | 658,183 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 | 673 | 11,000 | SH | | SOLE | 0 | 11,000 | 0 | 0 |
| FFBW Inc. | COM | 30260M103 | 3,458 | 293,022 | SH | | DFND | 1 | 0 | 293,022 | 0 |
| Facebook Inc. | COM | 30303M102 | 3,496 | 10,395 | SH | | SOLE | 0 | 10,395 | 0 | 0 |
| Farmers & Merchants Bank | COM | 308243104 | 1,630 | 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 |
| Ferrellgas Partners, LP | LTD PARTNR INT | 315293209 | 498 | 33,896 | SH | | DFND | 1 | 0 | 33,896 | 0 |
| First Bank | COM | 31931U102 | 2,903 | 200,100 | SH | | DFND | 1 | 0 | 200,100 | 0 |
| First Citizens BancShares | COM | 31946M202 | 572 | 777 | SH | | DFND | 1 | 0 | 777 | 0 |
| First of Long Island Corp | COM | 320734106 | 1,835 | 85,000 | SH | | DFND | 1 | 0 | 85,000 | 0 |
| Franklin Resources Inc. | COM | 354613101 | 13,396 | 400,000 | SH | | DFND | 1 | 0 | 400,000 | 0 |
| Franklin Resources Inc. | COM | 354613101 | 1,257 | 37,530 | SH | | SOLE | 0 | 37,530 | 0 | 0 |
| GAMCO Investors, Inc. | COM | 361438104 | 1,577 | 63,124 | SH | | DFND | 1 | 0 | 63,124 | 0 |
| Garrett Motion Inc. | COM | 366505105 | 462 | 57,500 | SH | | DFND | 1 | 0 | 57,500 | 0 |
| Great Lakes Dredge & Dock | COM | 390607109 | 786 | 50,000 | SH | | DFND | 1 | 0 | 50,000 | 0 |
| Groupon, Inc. | COM | 399473107 | 232 | 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 | 930 | 80,850 | SH | | DFND | 1 | 0 | 80,850 | 0 |
| Gyrodyne, LLC | COM | 403829104 | 54 | 4,658 | SH | | SOLE | 0 | 4,658 | 0 | 0 |
| Helmerich & Payne Inc. | COM | 423452101 | 2,370 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Hess Corporation | COM | 42809H107 | 983 | 13,282 | SH | | SOLE | 0 | 13,282 | 0 | 0 |
| Hexcel Corp | COM | 428291108 | 10,256 | 198,000 | SH | | DFND | 1 | 0 | 198,000 | 0 |
| Highwoods Properties | COM | 431284108 | 329 | 7,383 | SH | | DFND | 1 | 0 | 7,383 | 0 |
| Hugoton Realty Trust TEX Unit Ben Int | UNIT BEN INT | 444717102 | 2 | 8,719 | SH | | DFND | 1 | 0 | 8,719 | 0 |
| Hugoton Realty Trust TEX Unit Ben Int | Common Stock | 444717102 | 37 | 190,440 | SH | | SOLE | 0 | 190,440 | 0 | 0 |
| ICC Holdings, Inc. | COM | 44931Q104 | 943 | 56,281 | SH | | DFND | 1 | 0 | 56,281 | 0 |
| Intel Corp. | COM | 458140100 | 46,093 | 895,000 | SH | | DFND | 1 | 0 | 895,000 | 0 |
| Intel Corp. | COM | 458140100 | 60,359 | 1,172,025 | SH | | SOLE | 0 | 1,172,025 | 0 | 0 |
| Ironwood Pharmaceuticals | COM CL A | 46333X108 | 6,063 | 520,000 | SH | | DFND | 1 | 0 | 520,000 | 0 |
| JBG SMITH Properties | COM | 46590V100 | 502 | 17,500 | SH | | DFND | 1 | 0 | 17,500 | 0 |
| Kearny Financial Corp. | COM NEW | 48716P108 | 2,486 | 187,646 | SH | | DFND | 1 | 0 | 187,646 | 0 |
| Kohl's Corp. | COM | 500255104 | 6,174 | 125,000 | SH | | DFND | 1 | 0 | 125,000 | 0 |
| LICT Corp. | COM | 50187G104 | 7,150 | 275 | SH | | DFND | 1 | 0 | 275 | 0 |
| Laboratory Corporation of America | COM | 50540R409 | 25,137 | 80,000 | SH | | DFND | 1 | 0 | 80,000 | 0 |
| Las Vegas Sands Corp. | COM | 517834107 | 158 | 4,195 | SH | | SOLE | 0 | 4,195 | 0 | 0 |
| Madison Square Garden Sports | CL A | 55825T103 | 2,415 | 13,900 | SH | | DFND | 1 | 0 | 13,900 | 0 |
| Madison Square Garden Sports | CL A | 55825T103 | 106 | 612 | SH | | SOLE | 0 | 612 | 0 | 0 |
| Madison Square Garden Entertainment | CL A | 55826T102 | 5,606 | 79,700 | SH | | DFND | 1 | 0 | 79,700 | 0 |
| Madison Square Garden Entertainment | CL A | 55826T102 | 43 | 612 | SH | | SOLE | 0 | 612 | 0 | 0 |
| Meridian Corp. | COM | 58958P104 | 9,928 | 270,000 | SH | | DFND | 1 | 0 | 270,000 | 0 |
| Mid-Southern Bancorp | COM | 59548Q107 | 2,542 | 169,485 | SH | | DFND | 1 | 0 | 169,485 | 0 |
| Mistras Group | COM | 60649T107 | 3,715 | 500,000 | SH | | DFND | 1 | 0 | 500,000 | 0 |
| Bunge Limited | COM | 616962105 | 36,877 | 395,000 | SH | | DFND | 1 | 0 | 395,000 | 0 |
| Bunge Limited | COM | 616962105 | 3,734 | 40,000 | SH | | SOLE | 0 | 40,000 | 0 | 0 |
| N-able Inc | COM | 62878D100 | 1,027 | 92,500 | SH | | DFND | 1 | 0 | 92,500 | 0 |
| Nathans Famous Inc. | COM | 632347100 | 623 | 10,675 | SH | | DFND | 1 | 0 | 10,675 | 0 |
| News Corp | COM | 65249B109 | 10,374 | 465,000 | SH | | DFND | 1 | 0 | 465,000 | 0 |
| NI Holdings Inc. | COM | 65342T106 | 9,999 | 528,791 | SH | | DFND | 1 | 0 | 528,791 | 0 |
| Northeast Bancorp | COM | 663904209 | 8,276 | 231,637 | SH | | DFND | 1 | 0 | 231,637 | 0 |
| Oasis Petroleum Inc | COM NEW | 674215108 | 4,095 | 32,500 | SH | | DFND | 1 | 0 | 32,500 | 0 |
| One Liberty Properties, Inc. | COM | 682406103 | 9,271 | 262,770 | SH | | DFND | 1 | 0 | 262,770 | 0 |
| PDL Community Bancorp | COM | 69290X101 | 1,230 | 84,804 | SH | | DFND | 1 | 0 | 84,804 | 0 |
| Palantir Tech | CL A | 69608A108 | 506 | 27,769 | SH | | SOLE | 0 | 27,769 | 0 | 0 |
| Park Aerospace Corp | COM | 70014A104 | 4,505 | 341,300 | SH | | DFND | 1 | 0 | 341,300 | 0 |
| Party City Holdco | COM | 702149105 | 7,854 | 1,410,000 | SH | | DFND | 1 | 0 | 1,410,000 | 0 |
| Peapack-Gladstone Financial Corp. | COM | 704699107 | 5,156 | 145,650 | SH | | DFND | 1 | 0 | 145,650 | 0 |
| Permian Basin Rlty Trust | UNIT BEN INT | 714236106 | 140 | 13,841 | SH | | SOLE | 0 | 13,841 | 0 | 0 |
| Plains All American Pipeline | UNIT LTD PARTN | 726503105 | 3,806 | 407,500 | SH | | DFND | 1 | 0 | 407,500 | 0 |
| Plains All American Pipeline | UNIT LTD PARTN | 726503105 | 103 | 11,081 | SH | | SOLE | 0 | 11,081 | 0 | 0 |
| Plains GP Holdings LP | LTD PARTNR INT A | 72651A207 | 1,685 | 166,130 | SH | | DFND | 1 | 0 | 166,130 | 0 |
| Plains GP Holdings LP | LTD PARTNR INT A | 72651A207 | 957 | 94,388 | SH | | SOLE | 0 | 94,388 | 0 | 0 |
| Popular, Inc. | COM UNIT RP IN | 733174700 | 25,703 | 313,296 | SH | | DFND | 1 | 0 | 313,296 | 0 |
| Positive Phyisicians Holdings Inc | COM | 73740G106 | 6 | 450 | SH | | DFND | 1 | 0 | 450 | 0 |
| Positive Phyisicians Holdings Inc | COM | 73740G106 | 6 | 450 | SH | | SOLE | 0 | 450 | 0 | 0 |
| Provident Bancorp Inc | COM NEW | 74383L105 | 531 | 28,550 | SH | | DFND | 1 | 0 | 28,550 | 0 |
| QualComm Inc. | COM | 747525103 | 134 | 732 | SH | | SOLE | 0 | 732 | 0 | 0 |
| Redwire Corp | COM | 75776W103 | 1,114 | 165,000 | SH | | DFND | 1 | 0 | 165,000 | 0 |
| Resources Connection Inc | COM | 76122q105 | 446 | 25,000 | SH | | DFND | 1 | 0 | 25,000 | 0 |
| Ruth's Hospitality Group, Inc. | COM | 783332109 | 1,972 | 99,100 | SH | | DFND | 1 | 0 | 99,100 | 0 |
| S&W Seed Company | COM | 785135104 | 47,619 | 17,442,726 | SH | | DFND | 1 | 0 | 17,442,726 | 0 |
| William H. Sadlier, Inc. | COM | 786327106 | 458 | 21,217 | SH | | DFND | 1 | 0 | 21,217 | 0 |
| San Juan Basin Realty Trust Unit | UNIT BEN INT | 798241105 | 610 | 100,240 | SH | | SOLE | 0 | 100,240 | 0 | 0 |
| Sarcos Technology and Robotics | COM | 80359A106 | 10,629 | 1,065,000 | SH | | DFND | 1 | 0 | 1,065,000 | 0 |
| Scholastic Corporation | COM | 807066105 | 20,983 | 525,103 | SH | | DFND | 1 | 0 | 525,103 | 0 |
| Scotts Miracle-Gro | CL A | 810186106 | 1,288 | 8,000 | SH | | DFND | 1 | 0 | 8,000 | 0 |
| Sharecare Inc Warrants | *W EXP 07/01/202 | 81948W112 | 17 | 26,666 | SH | | DFND | 1 | 0 | 26,666 | 0 |
| SIGA Technologies | COM | 826917106 | 8,637 | 1,148,577 | SH | | DFND | 1 | 0 | 1,148,577 | 0 |
| Skyworks Solutions Inc. | COM | 83088M102 | 300 | 1,936 | SH | | SOLE | 0 | 1,936 | 0 | 0 |
| SolarWinds | COM | 83417Q204 | 1,880 | 132,500 | SH | | DFND | 1 | 0 | 132,500 | 0 |
| SomaLogic, Inc. | CLASS A COM | 83444K105 | 3,492 | 300,000 | SH | | DFND | 1 | 0 | 300,000 | 0 |
| SomaLogic, Inc. Warrant | *W EXP 03/01/202 | 83444K113 | 200 | 60,000 | SH | | DFND | 1 | 0 | 60,000 | 0 |
| Southwest Gas Corp. | COM | 844895102 | 3,958 | 56,500 | SH | | DFND | 1 | 0 | 56,500 | 0 |
| Steel Holdings LP Ltd Prshp Unit | LTD PRTRSHIP U | 85814R107 | 242 | 5,773 | SH | | SOLE | 0 | 5,773 | 0 | 0 |
| Tastemaker Acquisition Corp | COM CL A | 876545104 | 602 | 60,875 | SH | | DFND | 1 | 0 | 60,875 | 0 |
| Tastemaker ACQ WNT | *W EXP 01/07/202 | 876545112 | 15 | 30,437 | SH | | DFND | 1 | 0 | 30,437 | 0 |
| Tejon Ranch Co. | COM | 879080109 | 8,775 | 459,925 | SH | | DFND | 1 | 0 | 459,925 | 0 |
| Telestat Corp | CL A & CL B SHS | 879512309 | 7,973 | 278,100 | SH | | DFND | 1 | 0 | 278,100 | 0 |
| Texas Capital Bancshares, Inc. | COM | 88224Q107 | 17,244 | 286,200 | SH | | DFND | 1 | 0 | 286,200 | 0 |
| Textron, Inc. | COM | 883203101 | 4,246 | 55,000 | SH | | DFND | 1 | 0 | 55,000 | 0 |
| Tidewater Warrant Exp 11/24/24 | *W EXP 11/24/202 | 88642R174 | 2 | 7,444 | SH | | DFND | 1 | 0 | 7,444 | 0 |
| Traditions Bancorp Inc | COM | 89269L102 | 3,149 | 144,100 | SH | | DFND | 1 | 0 | 144,100 | 0 |
| Trinity Place Holdings Inc. | COM | 89656D101 | 16,217 | 8,813,801 | SH | | DFND | 1 | 0 | 8,813,801 | 0 |
| Turning Point Brands, Inc. | COM | 90041L105 | 5,573 | 147,500 | SH | | DFND | 1 | 0 | 147,500 | 0 |
| Turtle Beach Corp | COM NEW | 900450206 | 2,827 | 127,000 | SH | | DFND | 1 | 0 | 127,000 | 0 |
| Twitter | COM | 90184L102 | 21,934 | 507,500 | SH | | DFND | 1 | 0 | 507,500 | 0 |
| ViasSat, Inc. | COM | 92552v100 | 1,648 | 37,000 | SH | | DFND | 1 | 0 | 37,000 | 0 |
| Viemed Healthcare | COM | 92663R105 | 5,377 | 1,030,000 | SH | | DFND | 1 | 0 | 1,030,000 | 0 |
| Vornado Realty Trust | SH BEN INT | 929042109 | 4,597 | 109,814 | SH | | DFND | 1 | 0 | 109,814 | 0 |
| Waterstone Financial Inc. | COM | 94188P101 | 12,554 | 574,300 | SH | | DFND | 1 | 0 | 574,300 | 0 |
| Wells Fargo & Co. | COM | 949746101 | 9,596 | 200,000 | SH | | DFND | 1 | 0 | 200,000 | 0 |
| Westlake Chemical Corp. | COM | 960413102 | 7,479 | 77,000 | SH | | DFND | 1 | 0 | 77,000 | 0 |
| William Penn Bancorp | COM | 96927A105 | 5,496 | 455,000 | SH | | DFND | 1 | 0 | 455,000 | 0 |
| Wright Investors Service Holdings | COM | 982345100 | 172 | 594,097 | SH | | DFND | 1 | 0 | 594,097 | 0 |
| Constellium SE | CL A SHS | F21107101 | 358 | 20,000 | SH | | DFND | 1 | 0 | 20,000 | 0 |
| Alkermes PLC | SHS | G01767105 | 8,388 | 360,600 | SH | | DFND | 1 | 0 | 360,600 | 0 |
| Invesco Ltd. | SHS | G491BT108 | 2,539 | 110,300 | SH | | DFND | 1 | 0 | 110,300 | 0 |
| Nielsen Holdings PLC | SHS EUR | G6518L108 | 4,613 | 224,900 | SH | | DFND | 1 | 0 | 224,900 | 0 |
| RenaissanceRe Holdings | COM | G7496G103 | 15,917 | 94,000 | SH | | DFND | 1 | 0 | 94,000 | 0 |
| Sarissa Capital Acquisition Corp | CL A | G7823W102 | 636 | 65,000 | SH | | DFND | 1 | 0 | 65,000 | 0 |
| Sarissa Capital Acq Warrants 10/23/27 | *W EXP 10/23/202 | G7823W110 | 21 | 21,666 | SH | | DFND | 1 | 0 | 21,666 | 0 |
| Pioneer Merger Corp. | CL A SHS | G7S24C103 | 987 | 100,000 | SH | | DFND | 1 | 0 | 100,000 | 0 |
| Pioneer Merger Corp Warrant 1/7/26 | *W EXP 01/07/202 | G7S24C111 | 22 | 33,332 | SH | | DFND | 1 | 0 | 33,332 | 0 |
| TechnipFMC plc | COM | G87110105 | 1,477 | 249,500 | SH | | DFND | 1 | 0 | 249,500 | 0 |
| Cellebrite DI Warrant | *W EXP 08/30/202 | M2197Q115 | 35 | 20,000 | SH | | DFND | 1 | 0 | 20,000 | 0 |
| Atlas Corp. | SHARES | Y0436Q109 | 993 | 70,000 | SH | | DFND | 1 | 0 | 70,000 | 0 |
