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

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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
AIR TRANSPORT SERVICES GRP I COM 00922R105 22,694 2,251,417 SH   SOLE   2,251,417 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 4,494 300,000 SH   SOLE   300,000 0 0
BIOMED REALTY TRUST INC COM 09063H107 5,371 226,716 SH   SOLE   226,716 0 0
CAPITAL SOUTHWEST CORP COM 140501107 21,630 1,558,332 SH   SOLE   1,558,332 0 0
CARETRUST REIT INC COM 14174T107 18,107 1,653,566 SH   SOLE   1,653,566 0 0
CROWN CRAFTS INC COM 228309100 4,793 564,561 SH   SOLE   564,561 0 0
CSW INDUSTRIALS INC COM 126402106 51,596 1,369,692 SH   SOLE   1,369,692 0 0
EBIX INC COM NEW 278715206 12,300 375,103 SH   SOLE   375,103 0 0
GAIN CAP HLDGS INC NOTE 4.125% 12/01/18 36268WAB6 7,505 7,500,000 PRN   SOLE   7,500,000 0 0
GREEN BRICK PARTNERS INC COM 392709101 636 88,331 SH   SOLE   88,331 0 0
HERBALIFE LTD COM USD SHS G4412G101 1,340 25,000 SH Put SOLE   25,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 41,135 566,594 SH   SOLE   566,594 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 682 129,000 SH Put SOLE   129,000 0 0
MODUSLINK GLOBAL SOLUTIONS INC NOTE 5.250% 3/01/19 60786LAB3 6,556 8,500,000 PRN   SOLE   8,500,000 0 0
NELNET INC CL A 64031N108 9,478 282,344 SH   SOLE   282,344 0 0
ORION MARINE GROUP INC COM 68628V308 1,295 310,584 SH   SOLE   310,584 0 0
PARTNERRE LTD COM G6852T105 2,792 19,980 SH   SOLE   19,980 0 0
PERCEPTRON INC COM 71361F100 1,642 210,804 SH   SOLE   210,804 0 0
REALD INC COM 75604L105 7,346 696,347 SH   SOLE   696,347 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 18,144 89,000 SH Put SOLE   89,000 0 0
STAR GAS PARTNERS L P UNIT LTD PARTNR 85512C105 4,878 655,644 SH   SOLE   655,644 0 0
TARO PHARMACEUTICAL INDS LTD SHS M8737E108 4,514 29,205 SH   SOLE   29,205 0 0
TOWER INTL INC COM 891826109 1,746 61,100 SH   SOLE   61,100 0 0
TOWER SEMICONDUCTOR LTD SHS NEW M87915274 4,486 319,051 SH   SOLE   319,051 0 0
VAIL RESORTS INC COM 91879Q109 12,526 97,870 SH   SOLE   97,870 0 0
VIAD CORP COM NEW 92552R406 11,004 389,781 SH   SOLE   389,781 0 0
WORLD PT TERMS LP UNIT REP LTD PT 98159G107 3,810 284,315 SH   SOLE   284,315 0 0