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
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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
Wells Fargo & Co New FPP 7.5% PFD 949746804 1,910 1,470 SH   SOLE   1,470 0 0
A-Mark Precious Metals Inc COM 00181T107 680 42,000 SH   SOLE   42,000 0 0
AgroFresh Solutions Inc COM 00856g109 531 100,000 SH   SOLE   100,000 0 0
Albany Molecular Research COM 12423109 1,613 120,000 SH   SOLE   120,000 0 0
Alleghany Corp COM 17175100 7,392 13,451 SH   SOLE   13,451 0 0
American Business Bank COM 02475l105 978 35,750 SH   SOLE   35,750 0 0
American Vanguard Corp COM 30371108 15,447 1,022,285 SH   SOLE   1,022,285 0 0
American Vanguard Corp COM 30371108 2,201 145,695 SH   OTR   0 0 145,695
Approach Resources Inc COM 03834A103 3,375 1,607,277 SH   SOLE   1,607,277 0 0
Approach Resources Inc COM 03834A103 854 406,500 SH   OTR   0 0 406,500
Avid Technology Inc COM 05367P100 17,494 3,010,994 SH   SOLE   3,010,994 0 0
Avid Technology Inc COM 05367P100 3,155 542,991 SH   OTR   0 0 542,991
Baldwin & Lyons Inc Cl - B COM 57755209 12,812 519,554 SH   SOLE   519,554 0 0
Baldwin & Lyons Inc Cl - B COM 57755209 2,412 97,800 SH   OTR   0 0 97,800
Belmond LTD COM G1154H107 18,043 1,822,541 SH   SOLE   1,822,541 0 0
Belmond LTD COM G1154H107 2,531 255,694 SH   OTR   0 0 255,694
Blackstone Mortgage Trust Inc COM 09257W100 244 8,820 SH   SOLE   8,820 0 0
Capital One Financial Corp COM 14040H105 7,843 123,495 SH   SOLE   123,495 0 0
Capital Senior Living COM 140475104 2,248 127,200 SH   SOLE   127,200 0 0
Carbon Natural Gas Company COM 14115T109 496 1,985,000 SH   SOLE   1,985,000 0 0
Carrols Restaurant Group Inc COM 14574X104 25,629 2,153,735 SH   SOLE   2,153,735 0 0
Carrols Restaurant Group Inc COM 14574X104 4,456 374,494 SH   OTR   0 0 374,494
Catchmark Timber Trust Inc COM 14912y202 966 79,036 SH   SOLE   79,036 0 0
Cherokee Inc COM 16444H102 15,815 1,423,498 SH   SOLE   1,423,498 0 0
Cherokee Inc COM 16444H102 2,334 210,119 SH   OTR   0 0 210,119
Chimera Investment Corp COM 16934Q208 1,487 94,695 SH   SOLE   94,695 0 0
Cisco Systems Inc COM 17275R102 1,957 68,200 SH   SOLE   68,200 0 0
Coach Inc COM 189754104 1,428 35,050 SH   SOLE   35,050 0 0
Colfax Corp COM 194014106 16,899 638,653 SH   SOLE   638,653 0 0
Colfax Corp COM 194014106 2,024 76,500 SH   OTR   0 0 76,500
Consolidated Tomoka Land Co-Fl COM 210226106 1,092 23,000 SH   SOLE   23,000 0 0
Continental Building Products COM 211171103 2,441 109,800 SH   SOLE   109,800 0 0
CSW Industrials Inc COM 126402106 5,633 172,748 SH   SOLE   172,748 0 0
Dundee Corp - CL A COM 264901109 13,859 2,356,930 SH   SOLE   2,356,930 0 0
Dundee Corp - CL A COM 264901109 2,657 451,800 SH   OTR   0 0 451,800
E.W. Scripps Company COM 811054402 8,303 524,160 SH   SOLE   524,160 0 0
E.W. Scripps Company COM 811054402 2,495 157,500 SH   OTR   0 0 157,500
Eastern Virginia Bankshares COM 277196101 604 80,000 SH   SOLE   80,000 0 0
Entravision Communications Cor COM 29382R107 213 31,761 SH   SOLE   31,761 0 0
Equifax Inc COM 294429105 4,372 34,053 SH   SOLE   34,053 0 0
Equity Commonwealth COM 294628102 14,179 486,742 SH   SOLE   486,742 0 0
Equity Commonwealth COM 294628102 2,636 90,479 SH   OTR   0 0 90,479
EVINE Live Inc COM 300487105 9,208 5,580,304 SH   SOLE   5,580,304 0 0
EVINE Live Inc COM 300487105 1,658 1,004,956 SH   OTR   0 0 1,004,956
FMC Corp COM 302491303 43,272 934,395 SH   SOLE   934,395 0 0
FMC Corp COM 302491303 5,724 123,600 SH   OTR   0 0 123,600
Forestar Group Inc COM 346233109 36,579 3,076,435 SH   SOLE   3,076,435 0 0
Forestar Group Inc COM 346233109 5,474 460,387 SH   OTR   0 0 460,387
Francesca's Holdings Corp COM 351793104 1,105 100,000 SH   SOLE   100,000 0 0
Franklin Electric Co Inc COM 353514102 14,468 437,763 SH   SOLE   437,763 0 0
Franklin Electric Co Inc COM 353514102 2,660 80,481 SH   OTR   0 0 80,481
FRMO Corp COM 30262f205 457 100,500 SH   SOLE   100,500 0 0
FRP Holdings Inc COM 30292l107 2,395 69,426 SH   SOLE   69,426 0 0
Gain Capital Holdings Inc COM 36268w100 948 150,000 SH   SOLE   150,000 0 0
Global Power Equipment Group O COM 37941p306 958 450,000 SH   SOLE   450,000 0 0
Golden Entertainment Inc COM 381013101 7,261 621,153 SH   SOLE   621,153 0 0
Golden Entertainment Inc COM 381013101 1,399 119,659 SH   OTR   0 0 119,659
GP Strategies Corp COM 36225V104 20,585 949,046 SH   SOLE   949,046 0 0
GP Strategies Corp COM 36225V104 3,460 159,500 SH   OTR   0 0 159,500
Graham Corp Com COM 384556106 814 44,200 SH   SOLE   44,200 0 0
Great Elm Capital Group Inc COM 39036P100 2,811 426,500 SH   SOLE   426,500 0 0
Great Elm Capital Group Inc COM 39036P100 1,227 186,208 SH   OTR   0 0 186,208
Hallador Energy Company COM 40609P105 1,495 323,582 SH   SOLE   323,582 0 0
Hallmark Financial Services In COM 40624Q203 19,375 1,671,696 SH   SOLE   1,671,696 0 0
Hallmark Financial Services In COM 40624Q203 3,709 320,000 SH   OTR   0 0 320,000
Halyard Health Inc COM 40650v100 22,033 677,518 SH   SOLE   677,518 0 0
Halyard Health Inc COM 40650v100 4,530 139,290 SH   OTR   0 0 139,290
Heritage-Crystal Clean Inc COM 42726M106 27,996 2,292,845 SH   SOLE   2,292,845 0 0
Heritage-Crystal Clean Inc COM 42726M106 4,518 370,000 SH   OTR   0 0 370,000
Hertz Global Holdings Inc COM 42805T105 4,986 450,410 SH   SOLE   450,410 0 0
International Business Machine COM 459200101 8,758 57,700 SH   SOLE   57,700 0 0
Ituran Location and Control COM m6158m104 461 20,326 SH   SOLE   20,326 0 0
JG Boswell Co COM 101205102 640 1,000 SH   SOLE   1,000 0 0
Johnson Controls Inc COM 478366107 5,035 113,750 SH   SOLE   113,750 0 0
JPMorgan Chase & Co COM 46625H100 8,838 142,228 SH   SOLE   142,228 0 0
KEYW Holding Corp COM 493723100 1,292 130,000 SH   SOLE   130,000 0 0
KLX Inc COM 482539103 270 8,699 SH   SOLE   8,699 0 0
KLX Inc COM 482539103 130 4,200 SH   OTR   0 0 4,200
Layne Christensen Co COM 521050104 2,187 270,000 SH   SOLE   270,000 0 0
Leucadia National Corp COM 527288104 11,966 690,459 SH   SOLE   690,459 0 0
Level 3 Communications Inc COM 52729N308 9,069 176,140 SH   SOLE   176,140 0 0
Liberty Global PLC - A COM g5480u104 9,911 341,050 SH   SOLE   341,050 0 0
Liberty Global PLC LiLac - A COM G5480u138 13,669 423,722 SH   SOLE   423,722 0 0
Liberty Global PLC LiLac - A COM G5480u138 2,545 78,900 SH   OTR   0 0 78,900
Liberty Interactive Corp - A COM 53071m104 5,215 205,560 SH   SOLE   205,560 0 0
Liberty Media Corp CL-A COM 531229870 22,918 1,197,377 SH   SOLE   1,197,377 0 0
Liberty Media Corp CL-A COM 531229870 3,776 197,300 SH   OTR   0 0 197,300
Liberty Media Corp CL-C COM 531229854 276 14,573 SH   SOLE   14,573 0 0
MAM Software Group Inc COM 55277Q201 3,108 518,800 SH   SOLE   518,800 0 0
Manitex International Inc COM 563420108 1,050 151,500 SH   SOLE   151,500 0 0
Millicom International Cellula COM l6388f110 21,175 346,612 SH   SOLE   346,612 0 0
Millicom International Cellula COM l6388f110 2,395 39,200 SH   OTR   0 0 39,200
Monmouth Real Estate Investmen COM 609720107 1,424 107,410 SH   SOLE   107,410 0 0
Northern Technologies Intl COM 665809109 502 45,479 SH   SOLE   45,479 0 0
Novanta Inc COM 67000b104 16,480 1,087,809 SH   SOLE   1,087,809 0 0
Novanta Inc COM 67000b104 2,558 168,861 SH   OTR   0 0 168,861
Oppenheimer Holdings Cl A COM 683797104 1,207 78,100 SH   SOLE   78,100 0 0
Overseas Shipholdng Group Inc COM 69036R863 399 36,316 SH   SOLE   36,316 0 0
Patriot Transportation Holding COM 70338w105 659 33,882 SH   SOLE   33,882 0 0
Pico Holdings Inc COM 693366205 426 45,043 SH   SOLE   45,043 0 0
Raven Industries Inc COM 754212108 17,448 921,229 SH   SOLE   921,229 0 0
Raven Industries Inc COM 754212108 3,045 160,796 SH   OTR   0 0 160,796
S&W Seed Company COM 785135104 457 104,844 SH   SOLE   104,844 0 0
Seacor Holdings Inc COM 811904101 1,159 20,000 SH   SOLE   20,000 0 0
SeaWorld Entertainment Inc COM 81282v100 11,908 830,982 SH   SOLE   830,982 0 0
SeaWorld Entertainment Inc COM 81282v100 2,296 160,204 SH   OTR   0 0 160,204
SIFCO Industries Inc COM 826546103 1,100 110,000 SH   SOLE   110,000 0 0
Simulations Plus Inc COM 829214105 1,134 150,000 SH   SOLE   150,000 0 0
Southern Natl Bancorp Of VA In COM 843395104 608 50,001 SH   SOLE   50,001 0 0
Spark Networks Inc COM 84651P100 474 300,000 SH   SOLE   300,000 0 0
Star Gas Partners L.P COM 85512C105 517 58,250 SH   SOLE   58,250 0 0
State Street Corp COM 857477103 313 5,800 SH   SOLE   5,800 0 0
TE Connectivity LTD COM H84989104 4,232 74,109 SH   SOLE   74,109 0 0
The Bank of New York Mellon Co COM 64058100 4,407 113,425 SH   SOLE   113,425 0 0
The Boeing Company COM 97023105 2,429 18,700 SH   SOLE   18,700 0 0
Trinity Place Holdings Inc COM 89656d101 423 55,000 SH   SOLE   55,000 0 0
Tropicana Entertainment Inc COM 89708x105 977 50,100 SH   SOLE   50,100 0 0
Tupperware Brands Corp COM 899896104 13,946 247,805 SH   SOLE   247,805 0 0
Tupperware Brands Corp COM 899896104 2,420 43,000 SH   OTR   0 0 43,000
UFP Technologies Inc COM 902673102 7,731 342,973 SH   SOLE   342,973 0 0
UFP Technologies Inc COM 902673102 1,041 46,200 SH   OTR   0 0 46,200
USG Corp COM 903293405 29,773 1,104,355 SH   SOLE   1,104,355 0 0
USG Corp COM 903293405 2,688 99,700 SH   OTR   0 0 99,700
VeriFone Systems Inc COM 92342Y109 28,556 1,540,215 SH   SOLE   1,540,215 0 0
VeriFone Systems Inc COM 92342Y109 3,586 193,400 SH   OTR   0 0 193,400
Verizon Communications Inc COM 92343V104 1,452 26,000 SH   SOLE   26,000 0 0
ViaSat Inc COM 92552V100 41,185 576,823 SH   SOLE   576,823 0 0
ViaSat Inc COM 92552V100 5,396 75,580 SH   OTR   0 0 75,580
Wesco Aircraft Holdings COM 950814103 14,850 1,106,546 SH   SOLE   1,106,546 0 0
Wesco Aircraft Holdings COM 950814103 2,585 192,658 SH   OTR   0 0 192,658
Westell Technologies Inc-A COM 957541105 4,628 6,611,264 SH   SOLE   6,611,264 0 0
Westell Technologies Inc-A COM 957541105 786 1,122,953 SH   OTR   0 0 1,122,953
White Mountains Insurance Grou COM G9618E107 2,549 3,027 SH   SOLE   3,027 0 0
Williams-Sonoma Inc COM 969904101 5,046 96,790 SH   SOLE   96,790 0 0
WPX Energy Inc COM 98212b103 5,352 574,822 SH   SOLE   574,822 0 0
WPX Energy Inc COM 98212b103 1,017 109,200 SH   OTR   0 0 109,200
Xura Inc COM 98420v107 843 34,500 SH   SOLE   34,500 0 0
Zebra Technologies Corp Cl A COM 989207105 20,843 416,025 SH   SOLE   416,025 0 0
Zebra Technologies Corp Cl A COM 989207105 2,921 58,300 SH   OTR   0 0 58,300
Tesco Plc ADR 881575302 9,873 1,407,645 SH   SOLE   1,407,645 0 0