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
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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
Acacia Resh Corp Com 003881307 3,471 195,553 SH   SOLE   0 0 195,553
Allison Transmission Com 01973R101 1,412 45,409 SH   SOLE   0 0 45,409
Bbcn Bancorp Inc Com 073295107 759 47,561 SH   SOLE   0 0 47,561
Berkshire Hathaway CL B New 084670702 32 250 SH   SOLE   0 0 250
Bluerock Residential Com Cl A 09627J102 545 41,378 SH   SOLE   0 0 41,378
Customers Bancorp Inc Com 23204G100 3,698 184,826 SH   SOLE   0 0 184,826
Datawatch Corp Com Com New 237917208 2,384 159,359 SH   SOLE   0 0 159,359
Dominion Resources Com 25746U109 72 1,000 SH   SOLE   0 0 1,000
Dynex Capital Inc Com New 26817Q506 3,239 366,017 SH   SOLE   0 0 366,017
Exxon Mobil Corp Com 30231G102 53 529 SH   SOLE   0 0 529
Felcor Lodging Tr PFD CV A $1.95 31430F200 1,149 44,000 SH   SOLE   0 0 44,000
Franklin Finl Corp Com 35353C102 1 65 SH   SOLE   0 0 65
Frontier Communications Corp Com 35906A108 0 40 SH   SOLE   0 0 40
Gigamon Inc Com Com 37518B102 714 37,295 SH   SOLE   0 0 37,295
Gray Television Inc Com 389375106 1,536 116,985 SH   SOLE   0 0 116,985
Greenhunter Res Com 39530A104 148 74,800 SH   SOLE   0 0 74,800
Home Loan Servicing Solutions Ord SHS G6648D109 3,240 142,538 SH   SOLE   0 0 142,538
Inogen Inc Com Com 45780L104 806 35,715 SH   SOLE   0 0 35,715
Intl Business Mach Com 459200101 21 115 SH   SOLE   0 0 115
Johnson & Johnson Com 478160104 28 263 SH   SOLE   0 0 263
M B T Financial Corp MBT Finl Corp 578877102 782 143,028 SH   SOLE   0 0 143,028
Maxlinear Inc Com Cl A 57776J100 991 98,453 SH   SOLE   0 0 98,453
Media Gen Inc Cl A 584404107 1,459 71,081 SH   SOLE   0 0 71,081
Myriad Genetics Inc Com 62855J104 693 17,795 SH   SOLE   0 0 17,795
New Media Investment Com 64704V106 5 360 SH   SOLE   0 0 360
New Residential Invt Corp Com 64828T102 3,704 587,999 SH   SOLE   0 0 587,999
Newcastle Invt Corp Com 65105M108 1,045 218,062 SH   SOLE   0 0 218,062
Northstar Rlty Fin Corp Com 66704R100 130 7,500 SH   SOLE   0 0 7,500
Nutri Sys Inc New Com 67069D108 1,078 63,019 SH   SOLE   0 0 63,019
Nxstage Medical Inc Com 67072V103 1,432 99,642 SH   SOLE   0 0 99,642
Pernix Therapeutics HLDGS Com 71426V108 1,121 124,779 SH   SOLE   0 0 124,779
Physicians Realty Com 71943U104 7,304 507,595 SH   SOLE   0 0 507,595
Pultegroup Inc Com 745867101 1,415 70,207 SH   SOLE   0 0 70,207
Quality Distr Inc Com 74756M102 3,071 206,665 SH   SOLE   0 0 206,665
Rand Logistics Inc Com 752182105 90 15,000 SH   SOLE   0 0 15,000
Riverview Bancorp Com 769397100 455 117,362 SH   SOLE   0 0 117,362
Royal Dutch Shell spons adr A 780259206 15 183 SH   SOLE   0 0 183
Silver Bay Realty Tr Com 82735Q102 4 219 SH   SOLE   0 0 219
Sotherly Hotels Inc Com 83600C103 3,431 438,157 SH   SOLE   0 0 438,157
Summit Hotel Com 866082100 3,261 307,652 SH   SOLE   0 0 307,652
Superior Drilling Prods Inc com 868153107 512 78,693 SH   SOLE   0 0 78,693
Travelcenters of America Com 894174101 0 25 SH   SOLE   0 0 25
Two Hbrs Invt Corp Com 90187B101 759 72,462 SH   SOLE   0 0 72,462
U S Concrete Inc Com Com New 90333L201 1,067 43,100 SH   SOLE   0 0 43,100
Unwired Planet Inc Com 91531F103 339 152,101 SH   SOLE   0 0 152,101
W & T Offshore Inc Com 92922P106 743 45,414 SH   SOLE   0 0 45,414
Western Refng logistics LP Com Unit Rep LTP 95931Q205 991 30,285 SH   SOLE   0 0 30,285