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
ADVANTAGE OIL & GAS LTD COM 00765F101 1,516 350,000 SH   SOLE   0 0 0
AERCAP HOLDINGS NV SHS N00985106 4,515 117,723 SH   SOLE   0 0 0
AIRCASTLE LTD COM G0129K104 580 30,254 SH   SOLE   0 0 0
ALBANY MOLECULAR RESH INC COM 012423109 252 25,000 SH   SOLE   0 0 0
ALEXCO RESOURCE CORP COM 01535P106 462 366,914 SH   SOLE   0 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 675 35,000 SH   SOLE   0 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 2,329 115,000 SH   SOLE   0 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 2,105 525,000 SH   SOLE   0 0 0
AVALON HLDGS CORP CL A 05343P109 1,196 229,969 SH   SOLE   0 0 0
CHARTER FINL CORP MD COM 16122W108 2,938 272,800 SH   SOLE   0 0 0
CHEVIOT FINL CORP NEW COM 16677X105 721 70,000 SH   SOLE   0 0 0
CIFC CORP COM 12547R105 2,175 279,516 SH   SOLE   0 0 0
COWEN GROUP INC NEW CL A 223622101 880 225,000 SH   SOLE   0 0 0
CYAN INC COM 23247W104 1,178 222,600 SH   SOLE   0 0 0
CYS INVTS INC COM 12673A108 741 100,000 SH   SOLE   0 0 0
ELDORADO GOLD CORP NEW COM 284902103 5,741 1,013,385 SH   SOLE   0 0 0
EMERALD OIL INC COM NEW 29101U209 3,806 496,843 SH   SOLE   0 0 0
FARMERS NATL BANC CORP COM 309627107 1,361 207,827 SH   SOLE   0 0 0
FIFTH STREET FINANCE CORP COM 31678A103 231 25,000 SH   SOLE   0 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 1,552 96,563 SH   SOLE   0 0 0
FULL CIRCLE CAP CORP COM 359671104 106 15,000 SH   SOLE   0 0 0
GASTAR EXPL INC COM NEW 367299203 5,381 777,582 SH   SOLE   0 0 0
GOODRICH PETE CORP COM NEW 382410405 2,553 150,000 SH   SOLE   0 0 0
HALCON RES CORP COM NEW 40537Q209 1,544 400,000 SH   SOLE   0 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 2,615 17,878 SH   SOLE   0 0 0
MAG SILVER CORP COM 55903Q104 2,393 463,100 SH   SOLE   0 0 0
MAGNUM HUNTER RES CORP DEL COM 55973B102 1,097 150,000 SH   SOLE   0 0 0
MALVERN BANCORP INC COM 561409103 2,650 240,900 SH   SOLE   0 0 0
MAYS J W INC COM 578473100 1,796 53,620 SH   SOLE   0 0 0
MOUNTAIN PROV DIAMONDS INC COM NEW 62426E402 132 25,000 SH   SOLE   0 0 0
NAPCO SEC TECHNOLOGIES INC COM 630402105 1,176 187,186 SH   SOLE   0 0 0
NAUGATUCK VY FINL CORP MD COM 63906P107 2,102 290,321 SH   SOLE   0 0 0
NEVSUN RES LTD COM 64156L101 353 100,000 SH   SOLE   0 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 1,511 1,266,450 SH   SOLE   0 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 1,727 97,300 SH   SOLE   0 0 0
PROVIDENT FINL HLDGS INC COM 743868101 7,253 483,500 SH   SOLE   0 0 0
RED LION HOTELS CORP COM 756764106 5,291 874,487 SH   SOLE   0 0 0
REIS INC COM 75936P105 3,562 185,209 SH   SOLE   0 0 0
SILVER WHEATON CORP COM 828336107 1,511 75,000 SH   SOLE   0 0 0
SONDE RES CORP COM 835426107 800 1,166,886 SH   SOLE   0 0 0
SOUTHERN MO BANCORP INC COM 843380106 5,422 162,979 SH   SOLE   0 0 0
TURQUOISE HILL RES LTD COM 900435108 1,979 600,000 SH   SOLE   0 0 0
U S ENERGY CORP WYO COM 911805109 1,063 282,670 SH   SOLE   0 0 0
U S GLOBAL INVS INC CL A 902952100 64 25,000 SH   SOLE   0 0 0
VICON INDS INC COM 925811101 195 63,196 SH   SOLE   0 0 0
VISHAY PRECISION GROUP INC COM 92835K103 1,787 120,000 SH   SOLE   0 0 0
WAYNE SVGS BANCSHARES INC NE COM 94624Q101 1,024 94,005 SH   SOLE   0 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 1,684 105,900 SH   SOLE   0 0 0
WILLIS LEASE FINANCE CORP COM 970646105 680 39,169 SH   SOLE   0 0 0
WOLVERINE BANCORP INC COM 977880103 1,399 65,700 SH   SOLE   0 0 0