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
ALLY FINL INC COM 02005N100 6,179 202,192 SH   SOLE   202,192 0 0
ALPHABET INC CAP STK CL A 02079K305 2,702 2,017 SH   SOLE   2,017 0 0
AMBAC FINL GROUP INC COM NEW 023139884 1,105 51,211 SH   SOLE   51,211 0 0
ATLANTIC PWR CORP COM NEW 04878Q863 1,399 600,343 SH   SOLE   600,343 0 0
BRISTOL MYERS SQUIBB CO RIGHT 99/99/9999 110122157 558 185,371 SH   SOLE   185,371 0 0
CINER RES LP COM UNIT LTD 172464109 2,119 122,121 SH   SOLE   122,121 0 0
COMMUNITY WEST BANCSHARES COM 204157101 1,030 92,792 SH   SOLE   92,792 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 2,233 38,178 SH   SOLE   38,178 0 0
DELTA APPAREL INC COM 247368103 7,205 231,680 SH   SOLE   231,680 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 7,764 522,510 SH   SOLE   522,510 0 0
EZCORP INC CL A NON VTG 302301106 2,815 412,729 SH   SOLE   412,729 0 0
EZCORP INC NOTE 2.875% 7/0 302301AF3 2,807 3,000,000 SH   SOLE   3,000,000 0 0
FORRESTER RESH INC COM 346563109 1,347 32,300 SH   SOLE   32,300 0 0
FORUM ENERGY TECHNOLOGIES IN COM 34984V100 874 520,350 SH   SOLE   520,350 0 0
GREEN PLAINS INC COM 393222104 2,362 153,101 SH   SOLE   153,101 0 0
GREEN PLAINS INC NOTE 4.125% 9/0 393222AF1 7,172 7,692,000 SH   SOLE   7,692,000 0 0
HOEGH LNG PARTNERS LP COM UNIT LTD Y3262R100 2,188 139,979 SH   SOLE   139,979 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106 5,037 224,682 SH   SOLE   224,682 0 0
INVESCO DB US DLR INDEX TR BULLISH FD 46141D203 8,875 341,750 SH   SOLE   341,750 0 0
LAUREATE EDUCATION INC CL A 518613203 3,826 217,288 SH   SOLE   217,288 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 3,086 95,481 SH   SOLE   95,481 0 0
MARLIN BUSINESS SVCS CORP COM 571157106 9,970 453,589 SH   SOLE   453,589 0 0
MERRIMACK PHARMACEUTICALS IN COM NEW 590328209 2,655 842,913 SH   SOLE   842,913 0 0
META FINL GROUP INC COM 59100U108 6,957 190,553 SH   SOLE   190,553 0 0
MIDDLEFIELD BANC CORP COM NEW 596304204 1,093 41,880 SH   SOLE   41,880 0 0
NATIONAL ENERGY SERVICES REU SHS G6375R107 4,331 474,930 SH   SOLE   474,930 0 0
NELNET INC CL A 64031N108 4,188 71,902 SH   SOLE   71,902 0 0
NEW ENGLAND RLTY ASSOC LTD P DEPOSITRY RCPT 644206104 1,060 17,090 SH   SOLE   17,090 0 0
NEXTIER OILFIELD SOLUTIONS I COM 65290C105 834 124,500 SH   SOLE   124,500 0 0
NI HLDGS INC COM 65342T106 1,986 115,477 SH   SOLE   115,477 0 0
NORTHEAST BK LEWISTON ME COM 66405S100 839 38,154 SH   SOLE   38,154 0 0
PENN NATL GAMING INC COM 707569109 754 29,515 SH   SOLE   29,515 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 12,265 445,984 SH   SOLE   445,984 0 0
RMR GROUP INC CL A 74967R106 2,563 56,164 SH   SOLE   56,164 0 0
SOUND FINL BANCORP INC COM 83607A100 738 20,490 SH   SOLE   20,490 0 0
SOUTHWEST AIRLS CO COM 844741108 1,084 20,080 SH   SOLE   20,080 0 0
SPDR SERIES TRUST BLOOMBERG BRCLYS 78468R622 580 2,000 SH Put SOLE   2,000 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 853 70,502 SH   SOLE   70,502 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 1,173 43,800 SH   SOLE   43,800 0 0
XPEL INC COM 98379L100 1,803 123,067 SH   SOLE   123,067 0 0