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
AIRCASTLE LTD COM G0129K104 495 30,254 SH   SOLE   30,254 0 0
AERCAP HOLDINGS NV SHS N00985106 4,815 117,723 SH   SOLE   117,723 0 0
ADVANTAGE OIL & GAS LTD COM 00765F101 1,016 200,000 SH   SOLE   200,000 0 0
ALBANY MOLECULAR RESH INC COM 012423109 552 25,000 SH   SOLE   25,000 0 0
ALEXCO RESOURCE CORP COM 01535P106 166 251,914 SH   SOLE   251,914 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 2,737 115,000 SH   SOLE   115,000 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 1,733 450,000 SH   SOLE   450,000 0 0
AVALON HLDGS CORP CL A 05343P109 800 214,969 SH   SOLE   214,969 0 0
BARCLAYS BANK PLC ETN DJUBSCOFFE38 06739H297 1,800 49,000 SH   SOLE   49,000 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 3,118 100,000 SH   SOLE   100,000 0 0
B2GOLD CORP COM 11777Q209 1,475 725,000 SH   SOLE   725,000 0 0
CIFC CORP COM 12547R105 2,562 283,048 SH   SOLE   283,048 0 0
CHARTER FINL CORP MD COM 16122W108 1,528 142,800 SH   SOLE   142,800 0 0
CHEVIOT FINL CORP NEW COM 16677X105 892 70,000 SH   SOLE   70,000 0 0
COASTWAY BANCORP INC COM 190632109 1,899 177,000 SH   SOLE   177,000 0 0
CONSOL ENERGY INC COM 20854P109 1,136 30,000 SH   SOLE   30,000 0 0
COWEN GROUP INC NEW CL A 223622101 844 225,000 SH   SOLE   225,000 0 0
ELDORADO GOLD CORP NEW COM 284902103 4,133 613,385 SH   SOLE   613,385 0 0
EMERALD OIL INC COM NEW 29101U209 3,056 496,843 SH   SOLE   496,843 0 0
FARMERS NATL BANC CORP COM 309627107 1,501 187,827 SH   SOLE   187,827 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 1,717 134,063 SH   SOLE   134,063 0 0
GASTAR EXPL INC NEW COM 36729W202 5,738 977,582 SH   SOLE   977,582 0 0
GOODRICH PETE CORP COM NEW 382410405 2,223 150,000 SH   SOLE   150,000 0 0
GULFPORT ENERGY CORP COM NEW 402635304 534 10,000 SH   SOLE   10,000 0 0
HALCON RES CORP COM NEW 40537Q209 1,584 400,000 SH   SOLE   400,000 0 0
HECLA MNG CO COM 422704106 496 200,000 SH   SOLE   200,000 0 0
INVESTORS BANCORP INC NEW COM 46146L101 5,572 550,000 SH   SOLE   550,000 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 843 17,878 SH   SOLE   17,878 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 1,680 35,756 SH   SOLE   35,756 0 0
MACKINAC FINL CORP COM 554571109 339 30,000 SH   SOLE   30,000 0 0
MAG SILVER CORP COM 55903Q104 3,219 433,100 SH   SOLE   433,100 0 0
MAGNUM HUNTER RES CORP DEL COM 55973B102 696 125,000 SH   SOLE   125,000 0 0
MALVERN BANCORP INC COM 561409103 2,744 240,900 SH   SOLE   240,900 0 0
MAYS J W INC COM 578473100 2,726 49,120 SH   SOLE   49,120 0 0
MOUNTAIN PROV DIAMONDS INC COM NEW 62426E402 140 25,000 SH   SOLE   25,000 0 0
NAPCO SEC TECHNOLOGIES INC COM 630402105 880 187,186 SH   SOLE   187,186 0 0
NAUGATUCK VY FINL CORP MD COM 63906P107 2,270 290,321 SH   SOLE   290,321 0 0
NEVSUN RES LTD COM 64156L101 405 100,000 SH   SOLE   100,000 0 0
OLD NATL BANCORP IND COM 680033107 2,469 190,382 SH   SOLE   190,382 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 2,224 97,300 SH   SOLE   97,300 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 1,132 1,281,450 SH   SOLE   1,281,450 0 0
PROVIDENT FINL HLDGS INC COM 743868101 7,054 483,500 SH   SOLE   483,500 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 762 62,303 SH   SOLE   62,303 0 0
RANGE RES CORP COM 75281A109 1,017 15,000 SH   SOLE   15,000 0 0
RED LION HOTELS CORP COM 756764106 5,317 934,487 SH   SOLE   934,487 0 0
REIS INC COM 75936P105 4,369 185,209 SH   SOLE   185,209 0 0
RIVER VY BANCORP COM 768475105 268 12,500 SH   SOLE   12,500 0 0
SILVER WHEATON CORP COM 828336107 997 50,000 SH   SOLE   50,000 0 0
SONDE RES CORP COM NEW 835426206 252 1,804,597 SH   SOLE   1,804,597 0 0
SOUTHERN MO BANCORP INC COM 843380106 5,848 162,979 SH   SOLE   162,979 0 0
STAAR SURGICAL CO COM PAR $0.01 852312305 239 22,500 SH   SOLE   22,500 0 0
TRIBUNE PUBG CO COM 896082104 303 15,000 SH   SOLE   15,000 0 0
TURQUOISE HILL RES LTD COM 900435108 1,503 400,000 SH   SOLE   400,000 0 0
U S GLOBAL INVS INC CL A 902952100 128 36,118 SH   SOLE   36,118 0 0
UNITED BANCORP INC OHIO COM 909911109 121 15,000 SH   SOLE   15,000 0 0
U S ENERGY CORP WYO COM 911805109 659 206,470 SH   SOLE   206,470 0 0
VISHAY PRECISION GROUP INC COM 92835K103 924 61,865 SH   SOLE   61,865 0 0
VOLT INFORMATION SCIENCES IN COM 928703107 458 50,000 SH   SOLE   50,000 0 0
WAYNE SVGS BANCSHARES INC NE COM 94624Q101 1,161 94,005 SH   SOLE   94,005 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 2,134 105,900 SH   SOLE   105,900 0 0
WILLIS LEASE FINANCE CORP COM 970646105 804 39,169 SH   SOLE   39,169 0 0
WOLVERINE BANCORP INC COM 977880103 1,534 65,700 SH   SOLE   65,700 0 0
YAMANA GOLD INC COM 98462Y100 1,199 200,000 SH   SOLE   200,000 0 0