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
RED LION HOTELS CORP COM 756764106 10,039 1,432,187 SH   SOLE   1,432,187 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 9,174 354,350 SH   SOLE   354,350 0 0
PFIZER INC COM 717081103 4,752 147,235 SH   SOLE   147,235 0 0
QCR HOLDINGS INC COM 74727A104 4,343 178,830 SH   SOLE   178,830 0 0
HORIZON BANCORP IND COM 440407104 4,289 153,423 SH   SOLE   153,423 0 0
AT&T INC COM 00206R102 4,141 120,346 SH   SOLE   120,346 0 0
CST BRANDS INC COM 12646R105 3,581 91,500 SH   SOLE   91,500 0 0
CODORUS VY BANCORP INC COM 192025104 3,487 171,475 SH   SOLE   171,475 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 3,284 64,800 SH   SOLE   64,800 0 0
MONDELEZ INTL INC CL A 609207105 3,210 71,600 SH   SOLE   71,600 0 0
MICRON TECHNOLOGY INC COM 595112103 3,120 220,400 SH   SOLE   220,400 0 0
TRIBUNE MEDIA CO CLASS A CL A 896047503 3,081 91,140 SH   SOLE   91,140 0 0
KINGSTONE COS INC COM 496719105 3,028 336,462 SH   SOLE   336,462 0 0
CONIFER HLDGS INC COM 20731J102 2,837 306,100 SH   SOLE   306,100 0 0
INTERNAP CORP COM 45885A300 2,790 436,000 SH   SOLE   436,000 0 0
PROCTER & GAMBLE CO COM 742718109 2,668 33,607 SH   SOLE   33,607 0 0
PACIFIC PREMIER BANCORP COM 69478X105 2,577 121,274 SH   SOLE   121,274 0 0
MORGANS HOTEL GROUP CO COM 61748W108 2,493 739,916 SH   SOLE   739,916 0 0
SEACHANGE INTL INC COM 811699107 2,430 360,600 SH   SOLE   360,600 0 0
BRINKS CO COM 109696104 2,348 81,390 SH   SOLE   81,390 0 0
READING INTERNATIONAL INC CL A 755408101 2,123 162,000 SH   SOLE   162,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,110 138,400 SH   SOLE   138,400 0 0
CALPINE CORP COM NEW 131347304 1,996 138,000 SH   SOLE   138,000 0 0
POST HOLDINGS INC COM 737446104 1,943 31,500 SH   SOLE   31,500 0 0
SCHWAB US DIVIDEND EQUITY ETF US DIVIDEND EQ 808524797 1,874 48,603 SH   SOLE   48,603 0 0
LEAR CORP COM NEW 521865204 1,835 14,945 SH   SOLE   14,945 0 0
YUM BRANDS INC COM 988498101 1,816 24,870 SH   SOLE   24,870 0 0
PBF ENERGY INC CLASS A CL A 69318G106 1,766 48,000 SH   SOLE   48,000 0 0
FRESH DEL MONTE PRODUCE INC ORD G36738105 1,621 41,700 SH   SOLE   41,700 0 0
HEXCEL CORP NEW COM 428291108 1,558 33,550 SH   SOLE   33,550 0 0
SALISBURY BANCORP INC COM 795226109 1,557 46,524 SH   SOLE   46,524 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 1,486 160,039 SH   SOLE   160,039 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 1,469 17,260 SH   SOLE   17,260 0 0
CITIGROUP INC COM NEW 172967424 1,465 28,327 SH   SOLE   28,327 0 0
CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 1,464 8,000 SH   SOLE   8,000 0 0
MCCLATCHY CO CL A 579489105 1,449 1,198,000 SH   SOLE   1,198,000 0 0
SCHWAB US LARGE CAP ETF US LRG CAP ETF 808524201 1,447 29,798 SH   SOLE   29,798 0 0
FEDERAL AGRIC MTG CORP CL C 313148306 1,438 45,564 SH   SOLE   45,564 0 0
CLAYTON WILLIAMS EGY COM 969490101 1,401 47,400 SH   SOLE   47,400 0 0
APPLE INC COM 037833100 1,389 13,198 SH   SOLE   13,198 0 0
BAYLAKE CORP COM 072788102 1,366 93,500 SH   SOLE   93,500 0 0
WASTE MGMT INC DEL COM 94106L109 1,350 25,300 SH   SOLE   25,300 0 0
CENTENE CORP DEL COM 15135B101 1,346 20,463 SH   SOLE   20,463 0 0
JAMES FINANCIAL GRP COM 470299108 1,283 99,300 SH   SOLE   99,300 0 0
JOHNSON & JOHNSON COM 478160104 1,193 11,623 SH   SOLE   11,623 0 0
FRANKLIN FINL NETWORK INC COM 35352P104 1,177 37,520 SH   SOLE   37,520 0 0
DNB FINL CORP COM 233237106 1,172 39,755 SH   SOLE   39,755 0 0
EDGEWELL PERS CARE CO COM 28035Q102 1,157 14,770 SH   SOLE   14,770 0 0
TORTOISE MLP CF COM 89148B101 1,101 63,459 SH   SOLE   63,459 0 0
1ST CONSTITUTION BANCORP COM 31986N102 1,089 84,618 SH   SOLE   84,618 0 0
CASELLA WASTE SYS INC CL A 147448104 1,076 180,000 SH   SOLE   180,000 0 0
CAROLINA FINL CORP COM 143873107 1,065 59,170 SH   SOLE   59,170 0 0
HOMESTREET INC COM 43785V102 1,042 48,000 SH   SOLE   48,000 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 1,033 111,200 SH   SOLE   111,200 0 0
O2MICRO INTERNATIONAL LTD SPONS ADR 67107W100 1,024 726,679 SH   SOLE   726,679 0 0
PSB HOLDINGS INC COM 69360W108 977 22,099 SH   SOLE   22,099 0 0
API TECHNOLOGIES CORP COM NEW 00187E203 977 708,400 SH   SOLE   708,400 0 0
L S B INDUSTRIES INC COM 502160104 943 130,203 SH   SOLE   130,203 0 0
AMERICAS CAR-MART COM 03062T105 942 35,300 SH   SOLE   35,300 0 0
TOOTSIE ROLL INDS INC COM 890516107 917 29,042 SH   SOLE   29,042 0 0
DOVER MOTORSPORTS INC COM 260174107 917 393,713 SH   SOLE   393,713 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 871 46,650 SH   SOLE   46,650 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 871 116,000 SH   SOLE   116,000 0 0
CAPE BANCORP INC COM 139209100 848 68,302 SH   SOLE   68,302 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 836 11,200 SH   SOLE   11,200 0 0
FIRST BUS FINL SVCS INC WIS COM 319390100 828 33,142 SH   SOLE   33,142 0 0
BLUEROCK RESIDENT GR REIT IN COM CL A 09627J102 815 68,800 SH   SOLE   68,800 0 0
HARTE-HANKS INCORPOR COM 416196103 803 248,000 SH   SOLE   248,000 0 0
SCHWAB INTERNATIONAL EQUITY ETF INTL EQTY ETF 808524805 797 28,948 SH   SOLE   28,948 0 0
MARATHON PETE CORP COM 56585A102 777 15,000 SH   SOLE   15,000 0 0
SELECT BANCORP INC NEW COM 81617L108 769 95,142 SH   SOLE   95,142 0 0
OLD SECOND BANCORP INC ILL COM 680277100 763 97,400 SH   SOLE   97,400 0 0
ORBOTECH LTD ORD M75253100 760 34,345 SH   SOLE   34,345 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 741 21,000 SH   SOLE   21,000 0 0
VEREIT INC REIT COM 92339V100 718 90,700 SH   SOLE   90,700 0 0
OSHKOSH CORP COM 688239201 710 18,190 SH   SOLE   18,190 0 0
MADISON SQUARE GARDE CLASS A CL A 55825T103 657 4,066 SH   SOLE   4,066 0 0
FIRST FNDTN INC COM 32026V104 636 27,000 SH   SOLE   27,000 0 0
IRIDIUM COMMUNICATIONS INC COM 46269C102 588 70,000 SH   SOLE   70,000 0 0
ISHARES TR DOW JONES US ETF 464287846 563 5,000 SH   SOLE   5,000 0 0
UNIT CORPORATION COM 909218109 549 45,000 SH   SOLE   45,000 0 0
QUALCOMM INC COM 747525103 547 10,948 SH   SOLE   10,948 0 0
DELTIC TIMBER CORP COM 247850100 544 9,250 SH   SOLE   9,250 0 0
BAR HBR BANKSHARES COM 066849100 526 15,300 SH   SOLE   15,300 0 0
FIRST CAPITAL BANCORP VA COM 319438107 519 93,467 SH   SOLE   93,467 0 0
EXXON MOBIL CORP COM 30231G102 503 6,460 SH   SOLE   6,460 0 0
COCA COLA CO COM 191216100 498 11,598 SH   SOLE   11,598 0 0
CATERPILLAR INC DEL COM 149123101 482 7,096 SH   SOLE   7,096 0 0
SUMMIT ST BK SANTA ROSA CALI COM 866264203 476 34,617 SH   SOLE   34,617 0 0
BRISTOW GROUP INC COM 110394103 466 18,000 SH   SOLE   18,000 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 431 35,500 SH   SOLE   35,500 0 0
NORTHWEST BANCORP COM 335834107 427 43,841 SH   SOLE   43,841 0 0
ENERGIZER HLDGS INC NEW COM 29272W109 424 12,470 SH   SOLE   12,470 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 392 15,625 SH   SOLE   15,625 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 390 202,175 SH   SOLE   202,175 0 0
PURECYCLE CORP COM NEW 746228303 375 78,303 SH   SOLE   78,303 0 0
BANCORP INC DEL COM 05969A105 374 58,800 SH   SOLE   58,800 0 0
URANIUM ENERGY CORP COM 916896103 360 340,000 SH   SOLE   340,000 0 0
ROYAL GOLD INC COM 780287108 360 9,880 SH   SOLE   9,880 0 0
SCHWAB FUNDAMENTAL INL LARGE COM ETF SCHWB FDT INT LG 808524755 347 14,599 SH   SOLE   14,599 0 0
ISHARES MSCI STH KOR ETF 464286772 346 3,400 SH   SOLE   3,400 0 0
TASER INTERNATIONAL COM 87651B104 345 20,000 SH   SOLE   20,000 0 0
CITIZENS FINL GROUP COM 174610105 340 13,000 SH   SOLE   13,000 0 0
SCHWAB EMERGING MARKETS EQUITY ETF EMRG MKTEQ ETF 808524706 300 15,405 SH   SOLE   15,405 0 0
SKULLCANDY INC COM 83083J104 293 62,073 SH   SOLE   62,073 0 0
VEREIT INC COM 92339V100 292 11,900 SH   SOLE   11,900 0 0
WAUSAU PAPER CORP COM 943315101 286 28,000 SH   SOLE   28,000 0 0
COLONY BANKCORP INC COM 19623P101 278 29,225 SH   SOLE   29,225 0 0
SCHWAB INTERNATNAL SMALL CAP EQY ETF INTL SCEQT ETF 808524888 272 9,464 SH   SOLE   9,464 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 267 31,804 SH   SOLE   31,804 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 266 1,050 SH   SOLE   1,050 0 0
NAVISTAR INTL CORP PFD SR D CONV 638901306 265 30,000 SH   SOLE   30,000 0 0
BIOSCRIP INC COM 09069N108 262 150,000 SH   SOLE   150,000 0 0
EVANS BANCORP INC COM NEW 29911Q208 257 10,000 SH   SOLE   10,000 0 0
CVS HEALTH CORP COM 126650100 246 2,525 SH   SOLE   2,525 0 0
AEROJET ROCKETDYNE H CALL 7800905 229 14,655 SH   SOLE   14,655 0 0
URBAN OUTFITTERS INC COM 917047102 227 10,000 SH   SOLE   10,000 0 0
BONANZA CREEK ENERGY COM 97793103 210 40,000 SH   SOLE   40,000 0 0
VERITEX HOLDINGS INC COM 923451108 210 13,000 SH   SOLE   13,000 0 0
GENERAL ELECTRIC CO COM 369604103 206 6,620 SH   SOLE   6,620 0 0
TIDEWATER INC CITIZN COM 886423102 201 29,000 SH   SOLE   29,000 0 0
PHYSICIANS RLTY TR COM 71943U104 198 11,800 SH   SOLE   11,800 0 0
PRIMO WTR CORP COM 74165N105 192 24,000 SH   SOLE   24,000 0 0
CECO ENVIRONMENTAL CORP COM 125141101 184 24,072 SH   SOLE   24,072 0 0
INDEPENDENCE HLDG CO COM NEW 453440307 176 12,766 SH   SOLE   12,766 0 0
NUVEEN DIVID ADVANTAGE MUN I COM 67071L106 167 12,300 SH   SOLE   12,300 0 0
H R G GROUP INC COM 40434J100 162 12,000 SH   SOLE   12,000 0 0
LAKE SHORE GOLD CORP F COM 510728108 162 200,000 SH   SOLE   200,000 0 0
INTRICON CORPORATION COM 46121H109 151 20,000 SH   SOLE   20,000 0 0
ARLINGTON ASSET INVT CLASS A CL A NEW 41356205 144 10,900 SH   SOLE   10,900 0 0
INVESTORS BANCORP INC NEW COM 46146L101 143 11,500 SH   SOLE   11,500 0 0
EVOGENE LTD F SHS M4119S104 139 17,300 SH   SOLE   17,300 0 0
CAMECO CORP F COM 13321L108 126 10,300 SH   SOLE   10,300 0 0
CITY OFFICE REIT INC COM 178587101 121 10,000 SH   SOLE   10,000 0 0
TWO HBRS INVT CORP COM 90187B101 113 14,000 SH   SOLE   14,000 0 0
KRONOS WORLDWIDE INC COM 50105F105 112 20,000 SH   SOLE   20,000 0 0
ALASKA COMMUNICATIONS SYS GR COM 01167P101 105 60,000 SH   SOLE   60,000 0 0
VOYA PRIME RATE TR SH BEN INT 92913A100 101 20,000 SH   SOLE   20,000 0 0
ORCHID ISLAND CAP COM 68571X103 99 10,000 SH   SOLE   10,000 0 0
NAKED BRAND GROUP COM NEW 629839200 87 22,500 SH   SOLE   22,500 0 0
CHANTICLEER HLDGS INC COM PAR $.0001 N 15930P404 84 85,000 SH   SOLE   85,000 0 0
XPLORE TECHNOLOGIES COM PAR $.0001 983950700 84 16,420 SH   SOLE   16,420 0 0
TIMKENSTEEL CORP COM 887389104 83 10,000 SH   SOLE   10,000 0 0
SIZMEK INC COM 83013P105 74 20,461 SH   SOLE   20,461 0 0
GOLD RESOURCE CORP COM 38068T105 73 44,000 SH   SOLE   44,000 0 0
TALEN ENERGY CORPORA COM 87422J105 71 11,500 SH   SOLE   11,500 0 0
MFC INDUSTRIAL LTD F COM 55278T105 70 36,250 SH   SOLE   36,250 0 0
KINROSS GOLD CORP COM NO PAR 496902404 61 34,000 SH   SOLE   34,000 0 0
J P ENERGY PARTNERS LP UNT REPST LTD 46643C109 49 10,000 SH   SOLE   10,000 0 0
MITCHAM INDS INC COM 606501104 46 15,550 SH   SOLE   15,550 0 0
SPAR GROUP INC COM 784933103 45 45,000 SH   SOLE   45,000 0 0
ENERGY FUELS INC F COM 184499101 29 10,000 SH   SOLE   10,000 0 0
ASANKO GOLD INC F COM 04341Y105 27 18,861 SH   SOLE   18,861 0 0
MODUSLINK GLOBAL SOL COM NEW 60786L206 24 10,000 SH   SOLE   10,000 0 0
BEBE STORES INC COM 75571109 18 33,480 SH   SOLE   33,480 0 0
UQM TECHNOLOGIES INC COM 903213106 13 20,000 SH   SOLE   20,000 0 0
BANRO CORP COM 066800103 11 57,000 SH   SOLE   57,000 0 0
PARAGON OFFSHORE PLC SHS G6S01W108 1 11,000 SH   SOLE   11,000 0 0