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
RED LION HOTELS CORP COM 756764106 11,856,420 1,394,873 SH   SOLE   1,394,873 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 7,705,347 258,050 SH   SOLE   258,050 0 0
ALPHABET INC. CLASS C CALL 02079K907 4,373,888 5,872 SH   SOLE   5,872 0 0
BLACKHAWK NETWORK COM 09238E104 4,158,770 121,000 SH   SOLE   121,000 0 0
L S B INDUSTRIES INC COM 502160104 3,987,360 319,500 SH   SOLE   319,500 0 0
BRINKS CO COM 109696104 3,916,983 116,890 SH   SOLE   116,890 0 0
HORIZON BANCORP IND COM 440407104 3,669,265 148,673 SH   SOLE   148,673 0 0
CALPINE CORP COM NEW 131347304 3,486,800 230,000 SH   SOLE   230,000 0 0
CST BRANDS INC COM 12646R105 3,414,040 89,000 SH   SOLE   89,000 0 0
A T & T INC COM 00206R102 3,377,461 86,646 SH   SOLE   86,646 0 0
EDGEWELL PERS CARE CO COM 28035Q102 3,353,806 41,270 SH   SOLE   41,270 0 0
BUNGE LIMITED F COM G1696105 3,246,260 58,000 SH   SOLE   58,000 0 0
QCR HOLDINGS INC COM 74727A104 3,145,701 132,730 SH   SOLE   132,730 0 0
TEMPUR SEALY INTL COM 88023U101 2,905,920 48,000 SH   SOLE   48,000 0 0
READING INTERNATIONAL INC CL A 755408101 2,838,075 237,000 SH   SOLE   237,000 0 0
KINGSTONE COS INC COM 496719105 2,709,520 322,562 SH   SOLE   322,562 0 0
CASELLA WASTE SYS INC CL A 147448104 2,401,700 365,000 SH   SOLE   365,000 0 0
CODORUS VY BANCORP INC COM 192025104 2,269,733 111,975 SH   SOLE   111,975 0 0
PACIFIC PREMIER BANCORP COM 69478X105 2,235,895 104,824 SH   SOLE   104,824 0 0
OMEGA PROTEIN CORP COM 68210P107 2,220,250 130,000 SH   SOLE   130,000 0 0
MICRON TECHNOLOGY INC COM 595112103 2,020,568 188,750 SH   SOLE   188,750 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 2,018,445 42,900 SH   SOLE   42,900 0 0
SCHWAB US DIVIDEND EQUITY ETF US DIVIDEND EQ 808524797 1,964,137 49,042 SH   SOLE   49,042 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 1,931,130 129,000 SH   SOLE   129,000 0 0
FEDERAL AGRIC MTG CORP CL C 313148306 1,711,583 45,364 SH   SOLE   45,364 0 0
PFIZER INC COM 717081103 1,643,529 55,152 SH   SOLE   55,152 0 0
MONDELEZ INTL INC CL A 609207105 1,587,851 39,100 SH   SOLE   39,100 0 0
CONIFER HLDGS INC COM 20731J102 1,546,814 231,213 SH   SOLE   231,213 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 1,493,522 155,900 SH   SOLE   155,900 0 0
SALISBURY BANCORP INC COM 795226109 1,482,719 46,524 SH   SOLE   46,524 0 0
SCHWAB US LARGE CAP ETF US LRG CAP ETF 808524201 1,467,141 30,015 SH   SOLE   30,015 0 0
YUM BRANDS INC COM 988498101 1,431,809 17,370 SH   SOLE   17,370 0 0
POST HOLDINGS INC COM 737446104 1,388,400 20,000 SH   SOLE   20,000 0 0
PARAGON OFFSHORE PLC SHS G6S01W108 1,340,550 49,650 SH   SOLE   49,650 0 0
1ST CONSTITUTION BANCORP COM 31986N102 1,250,402 98,768 SH   SOLE   98,768 0 0
JOHNSON & JOHNSON COM 478160104 1,227,845 11,380 SH   SOLE   11,380 0 0
MCCLATCHY CO CL A 579489105 1,203,790 1,186,000 SH   SOLE   1,186,000 0 0
CENTENE CORP DEL COM 15135B101 1,177,874 19,193 SH   SOLE   19,193 0 0
D N B FINANCIAL CORP COM 233237106 1,135,420 39,755 SH   SOLE   39,755 0 0
SEACHANGE INTL INC COM 811699107 1,111,772 199,600 SH   SOLE   199,600 0 0
O2MICRO INTERNATIONAL LTD SPONS ADR 67107W100 1,095,756 697,934 SH   SOLE   697,934 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 1,087,680 105,600 SH   SOLE   105,600 0 0
HEXCEL CORP NEW COM 428291108 1,057,123 24,550 SH   SOLE   24,550 0 0
CITIGROUP INC COM NEW 172967424 1,046,076 24,823 SH   SOLE   24,823 0 0
TORTOISE MLP CF COM 89148B101 1,029,307 63,109 SH   SOLE   63,109 0 0
WASTE MGMT INC DEL COM 94106L109 1,018,797 17,300 SH   SOLE   17,300 0 0
PROCTER & GAMBLE CO COM 742718109 1,011,960 12,207 SH   SOLE   12,207 0 0
NORTHWEST PIPE COMP COM 667746101 974,816 108,918 SH   SOLE   108,918 0 0
PSB HOLDINGS INC COM 69360W108 965,279 21,099 SH   SOLE   21,099 0 0
MORGANS HOTEL GROUP CO COM 61748W108 960,364 695,916 SH   SOLE   695,916 0 0
FRESH DEL MONTE PRODUCE INC ORD G36738105 933,732 22,200 SH   SOLE   22,200 0 0
LEAR CORP COM NEW 521865204 926,111 8,595 SH   SOLE   8,595 0 0
DOVER MOTORSPORTS INC COM 260174107 921,288 393,713 SH   SOLE   393,713 0 0
HARTE-HANKS INCORPOR COM 416196103 866,880 336,000 SH   SOLE   336,000 0 0
AMERICAS CAR-MART COM 03062T105 859,248 35,100 SH   SOLE   35,100 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 820,120 116,000 SH   SOLE   116,000 0 0
ORBOTECH LTD ORD M75253100 804,797 34,145 SH   SOLE   34,145 0 0
SCHWAB INTERNATIONAL EQUITY ETF INTL EQTY ETF 808524805 779,402 29,213 SH   SOLE   29,213 0 0
SELECT BANCORP INC NEW COM 81617L108 771,601 95,142 SH   SOLE   95,142 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 760,861 46,650 SH   SOLE   46,650 0 0
TOOTSIE ROLL INDS INC COM 890516107 737,719 20,952 SH   SOLE   20,952 0 0
BLUEROCK RESIDENTIAL REIT COM CL A 09627J102 723,699 66,639 SH   SOLE   66,639 0 0
FRANKLIN FINL NETWORK INC COM 35352P104 712,622 26,720 SH   SOLE   26,720 0 0
OSHKOSH CORP COM 688239201 710,567 17,840 SH   SOLE   17,840 0 0
OLD SECOND BANCORP INC ILL COM 680277100 648,940 91,400 SH   SOLE   91,400 0 0
FIRST FNDTN INC COM 32026V104 599,949 26,700 SH   SOLE   26,700 0 0
FIRST BUS FINL SVCS INC WIS COM 319390100 583,107 25,242 SH   SOLE   25,242 0 0
QUALCOMM INC COM 747525103 546,056 10,828 SH   SOLE   10,828 0 0
CATERPILLAR INC DEL COM 149123101 540,289 7,096 SH   SOLE   7,096 0 0
COCA COLA CO COM 191216100 539,654 11,598 SH   SOLE   11,598 0 0
APPLE INC COM 037833100 522,389 4,769 SH   SOLE   4,769 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 520,644 6,060 SH   SOLE   6,060 0 0
BAR HBR BANKSHARES COM 066849100 516,567 15,301 SH   SOLE   15,301 0 0
INTERNAP CORP COM 45885A300 498,580 194,000 SH   SOLE   194,000 0 0
CAROLINA FINL CORP COM 143873107 492,200 26,750 SH   SOLE   26,750 0 0
BIOSCRIP INC COM 09069N108 484,800 240,000 SH   SOLE   240,000 0 0
ROYAL GOLD INC COM 780287108 443,467 8,880 SH   SOLE   8,880 0 0
COLONY BANKCORP INC COM 19623P101 433,602 47,182 SH   SOLE   47,182 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 418,190 35,500 SH   SOLE   35,500 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 416,598 4,900 SH   SOLE   4,900 0 0
JAMES FINANCIAL GRP COM 470299108 409,533 34,973 SH   SOLE   34,973 0 0
NORTHWEST BANCORP COM 335834107 394,569 43,841 SH   SOLE   43,841 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 393,906 15,625 SH   SOLE   15,625 0 0
VEREIT INC COM 92339V100 355,677 40,700 SH   SOLE   40,700 0 0
ISHARES MSCI STH KOR ETF 464286772 348,262 3,400 SH   SOLE   3,400 0 0
APOGEE ENTERPRISES COM 037598109 346,800 8,000 SH   SOLE   8,000 0 0
BANCORP INC DEL COM 05969A105 331,360 60,800 SH   SOLE   60,800 0 0
SCHWAB EMERGING MARKETS EQUITY ETF EMRG MKTEQ ETF 808524706 320,641 15,550 SH   SOLE   15,550 0 0
BLUEROCK RESIDENT GR REIT IN COM CL A 09627J102 302,640 12,000 SH   SOLE   12,000 0 0
VEREIT INC REIT COM 92339V100 300,629 11,900 SH   SOLE   11,900 0 0
URANIUM ENERGY CORP COM 916896103 289,864 389,655 SH   SOLE   389,655 0 0
CITY OFFICE REIT INC COM 178587101 281,125 25,000 SH   SOLE   25,000 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 275,026 1,050 SH   SOLE   1,050 0 0
SCHWAB INTERNATNAL SMALL CAP EQY ETF INTL SCEQT ETF 808524888 272,459 9,524 SH   SOLE   9,524 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 270,334 31,804 SH   SOLE   31,804 0 0
CVS HEALTH CORP COM 126650100 262,549 2,525 SH   SOLE   2,525 0 0
MADISON SQUARE GARDE CLASS A CL A 55825T103 258,045 1,566 SH   SOLE   1,566 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 252,718 202,175 SH   SOLE   202,175 0 0
BRISTOW GROUP INC COM 110394103 244,606 3,800 SH   SOLE   3,800 0 0
EVANS BANCORP INC COM NEW 29911Q208 244,000 10,000 SH   SOLE   10,000 0 0
SUMMIT ST BK SANTA ROSA CALI COM 866264203 233,753 14,862 SH   SOLE   14,862 0 0
ISHARES TR DOW JONES US ETF 464287846 230,095 2,331 SH   SOLE   2,331 0 0
HOMETRUST BANCSHARES COM 437872104 220,440 12,000 SH   SOLE   12,000 0 0
PHYSICIANS RLTY TR COM 71943U104 218,536 11,800 SH   SOLE   11,800 0 0
HOMESTREET INC COM 43785V102 214,000 10,000 SH   SOLE   10,000 0 0
PURECYCLE CORP COM NEW 746228303 212,293 46,864 SH   SOLE   46,864 0 0
CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 205,560 1,000 SH   SOLE   1,000 0 0
AEROJET ROCKETDYNE H CALL 7800905 205,390 12,655 SH   SOLE   12,655 0 0
VERITEX HOLDINGS INC COM 923451108 193,830 13,000 SH   SOLE   13,000 0 0
TIDEWATER INC CITIZN COM 886423102 179,510 29,000 SH   SOLE   29,000 0 0
NUVEEN DIVID ADVANTAGE MUN I COM 67071L106 175,644 12,300 SH   SOLE   12,300 0 0
PARK STERLING CORP COM 70086Y105 162,299 24,260 SH   SOLE   24,260 0 0
IRIDIUM COMMUNICATIONS INC COM 46269C102 155,050 20,000 SH   SOLE   20,000 0 0
EVOGENE LTD F SHS M4119S104 138,205 21,100 SH   SOLE   21,100 0 0
LAKE SHORE GOLD CORP F COM 510728108 134,550 90,000 SH   SOLE   90,000 0 0
INVESTORS BANCORP INC NEW COM 46146L101 127,930 11,000 SH   SOLE   11,000 0 0
ARLINGTON ASSET INVT CLASS A CL A NEW 41356205 127,765 10,100 SH   SOLE   10,100 0 0
CAMECO CORP F COM 13321L108 125,499 10,000 SH   SOLE   10,000 0 0
TWO HBRS INVT CORP COM 90187B101 109,130 14,000 SH   SOLE   14,000 0 0
CLAYTON WILLIAMS EGY COM 969490101 106,000 12,500 SH   SOLE   12,500 0 0
ALASKA COMMUNICATIONS SYS GR COM 01167P101 105,606 60,000 SH   SOLE   60,000 0 0
BEBE STORES INC COM 75571109 105,428 40,980 SH   SOLE   40,980 0 0
VOYA PRIME RATE TR SH BEN INT 92913A100 100,200 20,000 SH   SOLE   20,000 0 0
URBAN OUTFITTERS INC COM 917047102 90,110 26,000 SH   SOLE   26,000 0 0
KRONOS WORLDWIDE INC COM 50105F105 84,600 15,000 SH   SOLE   15,000 0 0
AVID TECHNOLOGY INC COM 05367P100 65,631 10,000 SH   SOLE   10,000 0 0
CHANTICLEER HLDGS INC COM PAR $.0001 N 15930P404 62,370 77,000 SH   SOLE   77,000 0 0
KINROSS GOLD CORP COM NO PAR 496902404 58,410 18,000 SH   SOLE   18,000 0 0
GOLD RESOURCE CORP COM 38068T105 45,600 20,000 SH   SOLE   20,000 0 0
MFC INDUSTRIAL LTD F COM 55278T105 31,525 16,250 SH   SOLE   16,250 0 0
ENERGY FUELS INC F COM 184499101 22,600 10,000 SH   SOLE   10,000 0 0
MODUSLINK GLOBAL SOL COM NEW 60786L206 16,601 11,449 SH   SOLE   11,449 0 0
UQM TECHNOLOGIES INC COM 903213106 11,812 20,000 SH   SOLE   20,000 0 0
BANRO CORPORATION F COM 066800103 11,693 47,000 SH   SOLE   47,000 0 0
OCEAN RIG UDW INC F CALL Y64354905 10,323 12,904 SH   SOLE   12,904 0 0