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
1ST CONSTITUTION BANCORP COM 31986N102 808 71,219 SH   SOLE   0 0 71,219
AEROJET ROCKETDYNE HLDGS INC COM 7800105 314 15,255 SH   SOLE   0 0 15,255
ALEXANDER & BALDWIN INC NEW COM 14491104 867 22,000 SH   SOLE   0 0 22,000
AMERICAN INTL GROUP INC COM NEW 26874784 408 6,600 SH   SOLE   0 0 6,600
API TECHNOLOGIES CORP COM NEW 00187E104 1,664 663,000 SH   SOLE   0 0 663,000
APPLE INC COM 37833100 913 7,280 SH   SOLE   0 0 7,280
ARCH COAL INC COM 39380100 30 87,166 SH   SOLE   0 0 87,166
ARLINGTON ASSET INVT CORP CL A NEW 41356205 234 11,965 SH   SOLE   0 0 11,965
ASANKO GOLD INC COM 04341Y105 34 20,000 SH   SOLE   0 0 20,000
AT&T INC COM 00206R102 5,750 161,867 SH   SOLE   0 0 161,867
BANC CALIF INC COM 05990K106 261 19,000 SH   SOLE   0 0 19,000
BANCORP INC DEL COM 05969A105 456 49,100 SH   SOLE   0 0 49,100
BANK OF THE ST JAMES FINL GP COM 470299108 929 81,800 SH   SOLE   0 0 81,800
BANRO CORP COM 66800103 27 85,000 SH   SOLE   0 0 85,000
BAR HBR BANKSHARES COM 66849100 542 15,300 SH   SOLE   0 0 15,300
BAYLAKE CORP COM 72788102 1,246 98,500 SH   SOLE   0 0 98,500
BLACKHAWK NETWORK HLDGS INC COM 09238E104 3,584 87,000 SH   SOLE   0 0 87,000
BLUEROCK RESIDENT GR REIT IN COM CL A 09627J102 884 69,800 SH   SOLE   0 0 69,800
BOB EVANS FARMS INC COM 96761101 2,629 51,500 SH   SOLE   0 0 51,500
BP PLC SPONSORED ADR 55622104 522 13,059 SH   SOLE   0 0 13,059
BRINKS CO COM 109696104 1,318 44,780 SH   SOLE   0 0 44,780
CALPINE CORP COM NEW 131347304 4,533 252,000 SH   SOLE   0 0 252,000
CANADIAN PAC RY LTD COM 13645T100 1,041 6,500 SH   SOLE   0 0 6,500
CASELLA WASTE SYS INC CL A 147448104 1,010 180,000 SH   SOLE   0 0 180,000
CATERPILLAR INC DEL COM 149123101 619 7,299 SH   SOLE   0 0 7,299
CENTENE CORP DEL COM 15135B101 1,589 19,765 SH   SOLE   0 0 19,765
CHANTICLEER HLDGS INC COM PAR $.0001 N 15930P404 74 30,000 SH   SOLE   0 0 30,000
CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 1,490 8,700 SH   SOLE   0 0 8,700
CHEMTURA CORP COM NEW 163893209 3,029 107,000 SH   SOLE   0 0 107,000
CHERRY HILL MTG INVT CORP COM 164651101 162 10,000 SH   SOLE   0 0 10,000
CITIGROUP INC COM NEW 172967424 2,161 39,116 SH   SOLE   0 0 39,116
CITIZENS FINL GROUP INC COM 174610105 355 13,000 SH   SOLE   0 0 13,000
CITY OFFICE REIT INC COM 178587101 124 10,000 SH   SOLE   0 0 10,000
CLAYMORE EXCHANGE TRD FD TR GUGG INSDR SENT 18383M209 281 5,596 SH   SOLE   0 0 5,596
COCA COLA CO COM 191216100 504 12,838 SH   SOLE   0 0 12,838
CODORUS VY BANCORP INC COM 192025104 346 17,122 SH   SOLE   0 0 17,122
COLONY BANKCORP INC COM 19623P101 196 25,000 SH   SOLE   0 0 25,000
CONNECTONE BANCORP INC NEW COM 20786W107 1,004 46,650 SH   SOLE   0 0 46,650
CONTRAVIR PHARMACEUTICALS IN COM 21234W103 76 15,000 SH   SOLE   0 0 15,000
CORNING INC COM 219350105 3,836 194,400 SH   SOLE   0 0 194,400
CST BRANDS INC COM 12646R105 2,812 72,000 SH   SOLE   0 0 72,000
CSX CORP COM 126408103 478 14,640 SH   SOLE   0 0 14,640
CVS HEALTH CORP COM 126650100 262 2,500 SH   SOLE   0 0 2,500
DAKOTA PLAINS HLDGS INC COM 234255107 71 60,000 SH   SOLE   0 0 60,000
DELTA AIR LINES INC DEL COM NEW 247361702 4,305 104,794 SH   SOLE   0 0 104,794
DELTIC TIMBER CORP COM 247850100 1,921 28,400 SH   SOLE   0 0 28,400
DIREXION SHS ETF TR DLY SC BEAR3XNEW 25459Y488 120 12,385 SH   SOLE   0 0 12,385
DNB FINL CORP COM 233237106 1,060 41,023 SH   SOLE   0 0 41,023
DOVER MOTORSPORTS INC COM 260174107 663 300,000 SH   SOLE   0 0 300,000
EDGEWELL PERS CARE CO COM 28035Q102 3,535 26,870 SH   SOLE   0 0 26,870
ELDORADO GOLD CORP NEW COM 284902103 321 77,650 SH   SOLE   0 0 77,650
ENERGIZER HLDGS INC NEW COM 29272W109 294 8,660 SH   SOLE   0 0 8,660
ENERPLUS CORP COM 292766102 102 11,600 SH   SOLE   0 0 11,600
EVANS BANCORP INC COM NEW 29911Q208 243 10,000 SH   SOLE   0 0 10,000
EXXON MOBIL CORP COM 30231G102 464 5,578 SH   SOLE   0 0 5,578
FEDERAL AGRIC MTG CORP CL C 313148306 1,342 46,164 SH   SOLE   0 0 46,164
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 389 15,755 SH   SOLE   0 0 15,755
FIRST BUS FINL SVCS INC WIS COM 319390100 962 20,514 SH   SOLE   0 0 20,514
FIRST CAPITAL BANCORP VA COM 319438107 520 121,567 SH   SOLE   0 0 121,567
FIRST SEC GROUP INC COM NEW 336312202 1,069 436,500 SH   SOLE   0 0 436,500
FORTRESS TRANS INFRST INVS L COM REP LTD LIAB 34960P101 363 20,000 SH   SOLE   0 0 20,000
FRESH DEL MONTE PRODUCE INC ORD G36738105 5,654 146,250 SH   SOLE   0 0 146,250
FX ENERGY INC COM 302695101 23 25,810 SH   SOLE   0 0 25,810
GENERAL MTRS CO COM 37045V100 1,020 30,600 SH   SOLE   0 0 30,600
GILEAD SCIENCES INC COM 375558103 211 1,800 SH   SOLE   0 0 1,800
GLOBAL X FDS GBLX URANIUM NEW 37950E754 101 10,936 SH   SOLE   0 0 10,936
GOLD RESOURCE CORP COM 38068T105 112 40,700 SH   SOLE   0 0 40,700
GUARANTY FED BANCSHARES INC COM 40108P101 1,713 116,400 SH   SOLE   0 0 116,400
HARTE-HANKS INC COM 416196103 853 143,076 SH   SOLE   0 0 143,076
HEXCEL CORP NEW COM 428291108 2,564 51,550 SH   SOLE   0 0 51,550
HOMETRUST BANCSHARES INC COM 437872104 251 15,000 SH   SOLE   0 0 15,000
HORIZON BANCORP IND COM 440407104 3,863 154,774 SH   SOLE   0 0 154,774
HRG GROUP INC COM 40434J100 520 40,000 SH   SOLE   0 0 40,000
I D SYSTEMS INC COM 449489103 322 52,723 SH   SOLE   0 0 52,723
ICONIX BRAND GROUP INC COM 451055107 793 31,740 SH   SOLE   0 0 31,740
INDEPENDENCE RLTY TR INC COM 45378A106 1,267 168,200 SH   SOLE   0 0 168,200
INVESCO SR INCOME TR COM 46131H107 133 29,850 SH   SOLE   0 0 29,850
INVESTORS BANCORP INC NEW COM 46146L101 141 11,500 SH   SOLE   0 0 11,500
IRIDIUM COMMUNICATIONS INC COM 46269C102 273 30,000 SH   SOLE   0 0 30,000
ISHARES MSCI STH KOR ETF 464286772 305 5,535 SH   SOLE   0 0 5,535
ISHARES TR DOW JONES US ETF 464287846 354 3,400 SH   SOLE   0 0 3,400
ISHARES TR RUS 1000 VAL ETF 464287598 234 2,273 SH   SOLE   0 0 2,273
ITURAN LOCATION AND CONTROL SHS M6158M104 247 9,900 SH   SOLE   0 0 9,900
JOHNSON & JOHNSON COM 478160104 3,456 35,458 SH   SOLE   0 0 35,458
KANSAS CITY SOUTHERN COM NEW 485170302 1,983 21,740 SH   SOLE   0 0 21,740
KEARNY FINL CORP MD COM 48716P108 702 62,872 SH   SOLE   0 0 62,872
KINGSTONE COS INC COM 496719105 3,485 458,527 SH   SOLE   0 0 458,527
KINROSS GOLD CORP COM NO PAR 496902404 205 88,315 SH   SOLE   0 0 88,315
LAKE SHORE GOLD CORP COM 510728108 208 200,000 SH   SOLE   0 0 200,000
LEAR CORP COM NEW 521865204 1,919 17,095 SH   SOLE   0 0 17,095
LSB INDS INC COM 502160104 5,616 137,500 SH   SOLE   0 0 137,500
MADISON SQUARE GARDEN CO CL A 55826P100 2,020 24,200 SH   SOLE   0 0 24,200
MAJESCO ENTERTAINMENT CO COM PAR $.001 560690307 22 15,194 SH   SOLE   0 0 15,194
MARTHA STEWART LIVING OMNIME CL A 573083102 5,574 893,200 SH   SOLE   0 0 893,200
MBT FINL CORP COM 578877102 115 20,000 SH   SOLE   0 0 20,000
MCCLATCHY CO CL A 579489105 609 564,000 SH   SOLE   0 0 564,000
MCDONALDS CORP COM 580135101 2,903 30,540 SH   SOLE   0 0 30,540
MICRON TECHNOLOGY INC COM 595112103 3,474 184,400 SH   SOLE   0 0 184,400
MITCHAM INDS INC COM 606501104 250 59,776 SH   SOLE   0 0 59,776
MODUSLINK GLOBAL SOLUTIONS I COM NEW 60786L206 34 10,000 SH   SOLE   0 0 10,000
MONDELEZ INTL INC CL A 609207105 3,501 85,100 SH   SOLE   0 0 85,100
MORGANS HOTEL GROUP CO COM 61748W108 3,629 538,416 SH   SOLE   0 0 538,416
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 581 38,150 SH   SOLE   0 0 38,150
NEWS CORP NEW CL A 65249B109 1,506 103,200 SH   SOLE   0 0 103,200
NORANDA ALUM HLDG CORP COM 65542W107 374 440,000 SH   SOLE   0 0 440,000
NUVEEN DIVID ADVANTAGE MUN I COM 67071L106 243 17,954 SH   SOLE   0 0 17,954
NUVEEN QUALITY MUN FD INC COM 67062N103 191 15,100 SH   SOLE   0 0 15,100
O2MICRO INTERNATIONAL LTD SPONS ADR 67107W100 1,983 762,785 SH   SOLE   0 0 762,785
OLD SECOND BANCORP INC ILL COM 680277100 1,181 179,000 SH   SOLE   0 0 179,000
OLIN CORP COM PAR $1 680665205 3,052 113,250 SH   SOLE   0 0 113,250
OMNOVA SOLUTIONS INC COM 682129101 824 110,000 SH   SOLE   0 0 110,000
ORBOTECH LTD ORD M75253100 714 34,345 SH   SOLE   0 0 34,345
ORCHID IS CAP INC COM 68571X103 112 10,000 SH   SOLE   0 0 10,000
OSHKOSH CORP COM 688239201 771 18,190 SH   SOLE   0 0 18,190
PACIFIC PREMIER BANCORP COM 69478X105 2,153 126,968 SH   SOLE   0 0 126,968
PARAGON OFFSHORE PLC SHS G6S01W108 71 65,200 SH   SOLE   0 0 65,200
PEABODY ENERGY CORP COM 704549104 159 72,500 SH   SOLE   0 0 72,500
PEP BOYS MANNY MOE & JACK COM 713278109 491 40,000 SH   SOLE   0 0 40,000
PFIZER INC COM 717081103 2,674 79,755 SH   SOLE   0 0 79,755
PHYSICIANS RLTY TR COM 71943U104 181 11,800 SH   SOLE   0 0 11,800
PLUM CREEK TIMBER CO INC COM 729251108 325 8,000 SH   SOLE   0 0 8,000
PMFG INC COM 69345P103 633 98,500 SH   SOLE   0 0 98,500
POST HLDGS INC COM 737446104 1,995 37,000 SH   SOLE   0 0 37,000
PREFERRED APT CMNTYS INC COM 74039L103 100 10,000 SH   SOLE   0 0 10,000
PRIMO WTR CORP COM 74165N105 601 105,000 SH   SOLE   0 0 105,000
PROCTER & GAMBLE CO COM 742718109 7,335 93,747 SH   SOLE   0 0 93,747
PURECYCLE CORP COM NEW 746228303 407 78,303 SH   SOLE   0 0 78,303
QCR HOLDINGS INC COM 74727A104 5,495 252,530 SH   SOLE   0 0 252,530
QUALCOMM INC COM 747525103 1,382 22,066 SH   SOLE   0 0 22,066
READING INTERNATIONAL INC CL A 755408101 2,244 162,000 SH   SOLE   0 0 162,000
RED LION HOTELS CORP COM 756764106 11,343 1,480,823 SH   SOLE   0 0 1,480,823
REMY INTL INC NEW COM 75971M108 2,200 99,500 SH   SOLE   0 0 99,500
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 1,882 162,839 SH   SOLE   0 0 162,839
ROYAL GOLD INC COM 780287108 717 11,645 SH   SOLE   0 0 11,645
RUBICON MINERALS CORP COM 780911103 67 64,156 SH   SOLE   0 0 64,156
SALISBURY BANCORP INC COM 795226109 1,396 46,524 SH   SOLE   0 0 46,524
SCHWAB STRATEGIC TR US DIVIDEND EQ 808524797 1,985 51,846 SH   SOLE   0 0 51,846
SCHWAB STRATEGIC TR US LRG CAP ETF 808524201 1,472 29,848 SH   SOLE   0 0 29,848
SCHWAB STRATEGIC TR INTL EQTY ETF 808524805 1,002 32,896 SH   SOLE   0 0 32,896
SCHWAB STRATEGIC TR EMRG MKTEQ ETF 808524706 429 17,445 SH   SOLE   0 0 17,445
SCHWAB STRATEGIC TR INTL SCEQT ETF 808524888 326 10,430 SH   SOLE   0 0 10,430
SCHWAB STRATEGIC TR SCHWB FDT INT LG 808524755 241 9,008 SH   SOLE   0 0 9,008
SEACHANGE INTL INC COM 811699107 859 122,500 SH   SOLE   0 0 122,500
SELECT BANCORP INC NEW COM 81617L108 618 87,000 SH   SOLE   0 0 87,000
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 218 8,940 SH   SOLE   0 0 8,940
SOUTHERN FIRST BANCSHARES IN COM 842873101 362 20,240 SH   SOLE   0 0 20,240
SPAR GROUP INC COM 784933103 59 45,000 SH   SOLE   0 0 45,000
SPDR S&P 500 ETF TR TR UNIT 78462F103 4,250 20,646 SH   SOLE   0 0 20,646
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 287 1,050 SH   SOLE   0 0 1,050
SPDR SERIES TRUST BRCLY EM LOCL 78464A391 266 9,836 SH   SOLE   0 0 9,836
STATE BK FINL CORP COM 856190103 493 22,708 SH   SOLE   0 0 22,708
STERLING CONSTRUCTION CO INC COM 859241101 133 33,222 SH   SOLE   0 0 33,222
SUMMIT ST BK SANTA ROSA CALI COM 866264203 454 34,614 SH   SOLE   0 0 34,614
TARGET CORP COM 87612E106 1,681 20,597 SH   SOLE   0 0 20,597
TELEPHONE & DATA SYS INC COM NEW 879433829 10,071 342,550 SH   SOLE   0 0 342,550
THERAPEUTICSMD INC COM 88338N107 558 71,000 SH   SOLE   0 0 71,000
TOBIRA THERAPEUTICS INC COM 88883P101 173 10,000 SH   SOLE   0 0 10,000
TOOTSIE ROLL INDS INC COM 890516107 1,824 56,462 SH   SOLE   0 0 56,462
TRIBUNE MEDIA CO CL A 896047503 3,491 65,390 SH   SOLE   0 0 65,390
TRIBUNE PUBG CO COM 896082104 305 19,619 SH   SOLE   0 0 19,619
TWO HBRS INVT CORP COM 90187B101 146 15,000 SH   SOLE   0 0 15,000
UQM TECHNOLOGIES INC COM 903213106 17 20,000 SH   SOLE   0 0 20,000
URANIUM ENERGY CORP COM 916896103 64 40,000 SH   SOLE   0 0 40,000
USA TECHNOLOGIES INC CONV PFD SER A 90328S203 289 15,235 SH   SOLE   0 0 15,235
VERITEX HLDGS INC COM 923451108 194 13,000 SH   SOLE   0 0 13,000
VOYA PRIME RATE TR SH BEN INT 92913A100 105 20,000 SH   SOLE   0 0 20,000
WALGREENS BOOTS ALLIANCE INC COM 931427108 1,504 17,812 SH   SOLE   0 0 17,812
WASTE MGMT INC DEL COM 94106L109 2,016 43,500 SH   SOLE   0 0 43,500
WAUSAU PAPER CORP COM 943315101 2,607 284,000 SH   SOLE   0 0 284,000
WAVE SYSTEMS CORP CL A PAR $0.01 943526400 41 70,000 SH   SOLE   0 0 70,000
WESTFIELD FINANCIAL INC NEW COM 96008P104 232 31,804 SH   SOLE   0 0 31,804
WHEELER REAL ESTATE INVT TR COM 963025101 203 100,000 SH   SOLE   0 0 100,000
WILLIAMS CLAYTON ENERGY INC COM 969490101 878 13,350 SH   SOLE   0 0 13,350
XENITH BANKSHARES INC COM 98410X105 240 40,000 SH   SOLE   0 0 40,000