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
Abbott Labs COM 2824100 6 175 SH   SOLE 0 0 0 175
Abbvie Inc Shs COM 00287Y109 8 175 SH   SOLE 0 0 0 175
Ares Commercial Real Estate Corp. COM 04013V108 922 72,332 SH   SOLE 0 0 0 72,332
Associated Estates Rlty Reit COM 45604105 1,247 77,741 SH   SOLE 0 0 0 77,741
Berkshire Hathaway Inc Del CL B Newd CL B NEW 84670702 28 250 SH   SOLE 0 0 0 250
Builders Firstsource Inc COM 12008R107 1,690 279,342 SH   SOLE 0 0 0 279,342
Constellium Holdco B.V. Shs Cl A CL A N22035104 646 40,660 SH   SOLE 0 0 0 40,660
Datawatch Corp Com New COM 237917208 3,481 196,241 SH   SOLE 0 0 0 196,241
Dixie Group Inc CL A 255519100 454 56,025 SH   SOLE 0 0 0 56,025
Dominion Res Inc New Va COM 25746U109 56 1,000 SH   SOLE 0 0 0 1,000
Dynex Capital Inc New COM 26817Q506 1,507 147,784 SH   SOLE 0 0 0 147,784
Emcore Corp Com New COM 290846203 1,008 277,577 SH   SOLE 0 0 0 277,577
Essex Rental Corp COM 297187106 1,248 291,615 SH   SOLE 0 0 0 291,615
Exxon Mobil Corp Com COM 30231G102 23 260 SH   SOLE 0 0 0 260
Fedt National Hldg Co COM 31422T101 292 29,613 SH   SOLE 0 1 0 29,613
Felcor Lodging Trust Inc PFD CV A $1.95 31430F200 1,146 46,500 SH   SOLE 0 0 0 46,500
Fly Leasing Ltd SPONS ADR 34407D109 2,797 167,113 SH   SOLE 0 0 0 167,113
Formfactor Inc COM 346375108 606 90,037 SH   SOLE 0 0 0 90,037
Franklin Finl Corp/Va COM 35353C102 1 65 SH   SOLE 0 0 0 65
Frontier Communications Corp. COM 35906A108 0 40 SH   SOLE 0 0 0 40
Home Ln Servicing Soltns Ltd ORD SHS G6648D109 4,013 167,841 SH   SOLE 0 0 0 167,841
Ing Us Inc CL A COM 45685E106 1,656 61,424 SH   SOLE 0 0 0 61,424
Kkr Finl Hldgs LLC COM 48248A306 2,335 220,930 SH   SOLE 0 0 0 220,930
Manulife Financial Corp COM 56501R106 1,251 78,175 SH   SOLE 0 0 0 78,175
Mbt Finl Corp COM 578877102 1,219 332,271 SH   SOLE 0 0 0 332,271
Media Genral Inc Cl A CL A 584404107 2,738 255,843 SH   SOLE 0 0 0 255,843
Mgic Invt Corp Wis COM 552848103 1,373 218,255 SH   SOLE 0 0 0 218,255
Mueller Wtr Prods Inc Com Ser A COM SER A 624758108 3,250 471,747 SH   SOLE 0 0 0 471,747
Nanosphere Inc COM 63009F105 149 45,000 SH   SOLE 0 0 0 45,000
New Residential Invt Corp Shs COM 64828T102 4,887 746,120 SH   SOLE 0 0 0 746,120
Newbridge Bancorp CL A NO PAR 65080T102 324 52,300 SH   SOLE 0 0 0 52,300
Newcastle Investment Crp Reits -Diversified COM 65105M108 5,589 1,066,570 SH   SOLE 0 0 0 1,066,570
Pacific Sunwear Cal Inc COM 694873100 50 15,000 SH   SOLE 0 0 0 15,000
Peregrine Semiconductor Corp COM 71366R703 1,325 120,498 SH   SOLE 0 0 0 120,498
Polyone Corp Com COM 73179P106 1,255 49,628 SH   SOLE 0 0 0 49,628
Rait Financial Trust Shs COM 749227609 3,148 409,947 SH   SOLE 0 0 0 409,947
Regions Finl Corp COM 7591EP100 2,633 271,113 SH   SOLE 0 0 0 271,113
Riverview Bancorp Inc COM 769397100 178 70,247 SH   SOLE 0 0 0 70,247
Royal Dutch Shell Plc Spons Adr A SPONS ADR A 780259206 12 183 SH   SOLE 0 0 0 183
Rubicon Technology Inc COM 78112T107 1,179 142,107 SH   SOLE 0 0 0 142,107
Sb Finl Group Inc COM 78408D105 95 12,132 SH   SOLE 0 0 0 12,132
Silver Bay Rlty Corp COM 82735Q102 2 146 SH   SOLE 0 0 0 146
Sotherly Hotels Inc Shs COM 83600C103 2,077 466,633 SH   SOLE 0 0 0 466,633
Sterling Construction Co COM 859241101 230 25,381 SH   SOLE 0 0 0 25,381
Summit Hotel Pptys Inc COM 866082100 1,787 186,178 SH   SOLE 0 0 0 186,178
Support.Com, Inc COM 86858W101 92 20,000 SH   SOLE 0 0 0 20,000
Towerstream Corp COM 892000100 62 24,800 SH   SOLE 0 0 0 24,800
Travelcenters Amer LLC COM 894174101 0 25 SH   SOLE 0 0 0 25
Two Harbors Invt Corp COM 90187B101 611 58,159 SH   SOLE 0 0 0 58,159
U S Concrete Inc COM 90333L201 604 36,735 SH   SOLE 0 0 0 36,735
Vitesse Semiconductor Corp. New COM NEW 928497304 139 50,000 SH   SOLE 0 0 0 50,000
W & T Offshore Inc COM 92922P106 243 17,156 SH   SOLE 0 0 0 17,156
Walter Energy Inc COM 93317Q105 25 2,500 SH   SOLE 0 0 0 2,500