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
A T & T INC COM 00206R102 961 30,647 SH   SOLE 0 30,647 0 0
ALASKA COMMUNICATIONS SYS GR COM 01167P101 787 410,000 SH   SOLE 0 410,000 0 0
ALLY FINANCIAL INC COM 02005N100 2,102 76,500 SH   SOLE 0 76,500 0 0
AMERICAN INTL GROUP COM NEW 026874784 1,861 43,240 SH   SOLE 0 43,240 0 0
APPLE INC COM 037833100 3,787 19,940 SH   SOLE 0 19,940 0 0
ATENTO SA F SHS L0427L105 612 169,543 SH   SOLE 0 169,543 0 0
BANCORP INC DEL COM 05969A105 641 79,348 SH   SOLE 0 79,348 0 0
BARNES & NOBLE COM 067770101 1,979 364,600 SH   SOLE 0 364,600 0 0
BLUEROCK RESIDENTIAL REIT COM CL A 09627J102 613 56,890 SH   SOLE 0 56,890 0 0
BRIDGEWATER BANCSHARES I COM ACCD INV 108621103 593 57,550 SH   SOLE 0 57,550 0 0
CHURCHILL DOWNS INC COM 171484108 8,092 89,660 SH   SOLE 0 89,660 0 0
CITIGROUP INC COM NEW 172967424 1,256 20,188 SH   SOLE 0 20,188 0 0
CITY OFFICE R E I T INCO REIT COM 178587101 497 43,950 SH   SOLE 0 43,950 0 0
CODORUS VY BANCORP INC COM 192025104 1,203 56,385 SH   SOLE 0 56,385 0 0
COMMUNITY BANKERS TR COM 203612106 224 30,728 SH   SOLE 0 30,728 0 0
CONIFER HLDGS INC COM 20731J102 1,287 284,856 SH   SOLE 0 284,856 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 783 39,750 SH   SOLE 0 39,750 0 0
COUNTY BANCORP INC COM 221907108 783 44,528 SH   SOLE 0 44,528 0 0
CVS HEALTH CORP COM 126650100 1,794 33,277 SH   SOLE 0 33,277 0 0
DEL FRISCOS RESTAURANT GROUP COM 245077102 224 35,000 SH   SOLE 0 35,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 767 14,850 SH   SOLE 0 14,850 0 0
DISH NETWORK CORP CLASS A CL A 25470M109 4,137 130,555 SH   SOLE 0 130,555 0 0
DOVER MOTORSPORTS INC COM 260174107 1,714 848,876 SH   SOLE 0 848,876 0 0
FACEBOOK INC CLASS A CALL 30303M902 2,095 12,571 SH   SOLE 0 12,571 0 0
FAUQUIER BANKSHARES COM 312059108 1,554 79,608 SH   SOLE 0 79,608 0 0
FEDERAL AGRIC MTG CORP CL C 313148306 1,234 17,046 SH   SOLE 0 17,046 0 0
FEDERAL SIGNAL CORP COM 313855108 519 20,000 SH   SOLE 0 20,000 0 0
FIRST BUS FINL SVCS INC WIS COM 319390100 654 32,698 SH   SOLE 0 32,698 0 0
FIRST FINL NORTHWEST COM 32022K102 445 28,276 SH   SOLE 0 28,276 0 0
FIRST TRUST MLP AND ENER COM 33739B104 1,126 97,960 SH   SOLE 0 97,960 0 0
FRESH DEL MONTE PRODUCE INC ORD G36738105 405 15,000 SH   SOLE 0 15,000 0 0
FS BANCORP INC. COM 30263Y104 1,072 21,245 SH   SOLE 0 21,245 0 0
GRAFTECH INTERNATION COM 384313508 1,931 151,000 SH   SOLE 0 151,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 1,821 81,165 SH   SOLE 0 81,165 0 0
HAIN CELESTIAL GROUP INC. COM 405217100 1,373 59,400 SH   SOLE 0 59,400 0 0
HARTE-HANKS INCORPOR COM 416196103 765 214,300 SH   SOLE 0 214,300 0 0
HOMETOWN BANKSHARES COM 43787N108 543 37,946 SH   SOLE 0 37,946 0 0
ID SYSTEMS INC COM 449489103 992 167,305 SH   SOLE 0 167,305 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 755 70,000 SH   SOLE 0 70,000 0 0
INTERNAP CORP COM PAR 45885A409 2,070 417,500 SH   SOLE 0 417,500 0 0
IRIDEX CORP COM 462684101 639 140,193 SH   SOLE 0 140,193 0 0
JAMES FINANCIAL GRP COM 470299108 3,495 254,787 SH   SOLE 0 254,787 0 0
KINGSTONE COS INC COM 496719105 789 53,588 SH   SOLE 0 53,588 0 0
L S B INDUSTRIES INC COM 502160104 2,774 444,666 SH   SOLE 0 444,666 0 0
LENNAR CORP CLASS B CL B 526057302 1,533 39,197 SH   SOLE 0 39,197 0 0
LIMESTONE BANCORP INC COM 53262L105 1,981 132,629 SH   SOLE 0 132,629 0 0
LIONS GATE ENTMT F CLASS A CL B NON VTG 535919401 1,736 111,000 SH   SOLE 0 111,000 0 0
LIONS GATE ENTMT F CLASS B CL B NON VTG 535919500 641 42,500 SH   SOLE 0 42,500 0 0
LOVESAC CO COM 54738L109 798 28,700 SH   SOLE 0 28,700 0 0
LYON WILLIAM HOMES CLASS A CL A NEW 552074700 764 49,750 SH   SOLE 0 49,750 0 0
MADISON SQUARE GARDE CLASS A CL A 55825T103 6,118 20,873 SH   SOLE 0 20,873 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 1,929 97,000 SH   SOLE 0 97,000 0 0
MERCANTIL BANK HOLDING C CLASS A CAL A NEW 58734F305 849 61,000 SH   SOLE 0 61,000 0 0
MICRON TECHNOLOGY INC COM 595112103 2,692 65,141 SH   SOLE 0 65,141 0 0
MID PENN BANCORP INC COM 59540G107 526 21,502 SH   SOLE 0 21,502 0 0
MITCHAM INDUSTRIES COM 606510104 328 83,625 SH   SOLE 0 83,625 0 0
NAVIENT CORP COM 63938C108 404 35,000 SH   SOLE 0 35,000 0 0
NETFLIX INC COM 64110L106 3,616 10,143 SH   SOLE 0 10,143 0 0
NEW RESIDENTIAL INVE REIT COM NEW 64828T201 549 32,500 SH   SOLE 0 32,500 0 0
NEWELL BRANDS INC COM 651229106 1,270 82,800 SH   SOLE 0 82,800 0 0
NOODLES & COMPANY CLASS A COM CL A 65540B105 6,978 1,026,291 SH   SOLE 0 1,026,291 0 0
NORTHEAST BANCORP COM NEW 663904209 346 16,775 SH   SOLE 0 16,775 0 0
O P BANCORP COM 67109R109 246 28,181 SH   SOLE 0 28,181 0 0
O2MICRO INTERNATIONAL LTD SPONS ADR 67107W100 699 409,157 SH   SOLE 0 409,157 0 0
OLIN CORP CALL 680665905 809 35,000 SH   SOLE 0 35,000 0 0
PACIFIC PREMIER BANC COM 69478X105 378 14,266 SH   SOLE 0 14,266 0 0
PAPA JOHNS INTL INC COM 698813102 2,753 52,000 SH   SOLE 0 52,000 0 0
PFIZER INC COM 717081103 874 20,600 SH   SOLE 0 20,600 0 0
PSB HOLDINGS INC COM 69360W108 1,204 52,956 SH   SOLE 0 52,956 0 0
PURECYCLE CORP COM NEW 746228303 764 77,549 SH   SOLE 0 77,549 0 0
QUANTUM CP DLT & STO COM NEW 747906501 309 130,000 SH   SOLE 0 130,000 0 0
READING INTERNATIONAL INC CL A 755408101 7,330 459,300 SH   SOLE 0 459,300 0 0
RED LION HOTELS CORP COM 756764106 6,181 765,000 SH   SOLE 0 765,000 0 0
ROYCE VALUE CF COM 780910105 1,297 94,330 SH   SOLE 0 94,330 0 0
SALISBURY BANCORP INC COM 795226109 1,287 31,254 SH   SOLE 0 31,254 0 0
SCHWAB EMERGING MARKETS EQUITY ETF EMRG MKTEQ ETF 808524706 313 12,037 SH   SOLE 0 12,037 0 0
SCHWAB FUNDAMENTAL INL LARGE COM ETF SCHWB FDT INT LG 808524755 486 15,527 SH   SOLE 0 15,527 0 0
SCHWAB US DIVIDEND EQUITY ETF US DIVIDEND EQ 808524797 1,469 28,100 SH   SOLE 0 28,100 0 0
SCHWAB US LARGE CAP ETF US LRG CAP ETF 808524201 1,433 21,200 SH   SOLE 0 21,200 0 0
SCOTTS MIRACLE GROUP CALL 810186906 2,243 28,550 SH   SOLE 0 28,550 0 0
SEACHANGE INTL INC COM 811699107 841 633,000 SH   SOLE 0 633,000 0 0
SELECT BANCORP INC NEW COM 81617L108 1,037 91,248 SH   SOLE 0 91,248 0 0
SPROTT PHYSICAL GOLD & S UNIT 85207H104 791 63,791 SH   SOLE 0 63,791 0 0
STEWARDSHIP FINL CO COM 860326107 876 94,707 SH   SOLE 0 94,707 0 0
T P I COMPOSITES INC COM 87266J104 1,133 39,600 SH   SOLE 0 39,600 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 3,242 105,500 SH   SOLE 0 105,500 0 0
TOWER SEMICONDUCTOR F SHS NEW M87915274 1,013 61,200 SH   SOLE 0 61,200 0 0
TRAVELCENTERS AMERIC COM 89417E109 4,457 1,084,600 SH   SOLE 0 1,084,600 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 1,201 72,490 SH   SOLE 0 72,490 0 0
WHEELER REIT REIT CV PFD SER B 963025309 701 470,898 SH   SOLE 0 470,898 0 0