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
ALLY FINL INC COM 02005N100 5,995 180,792 SH   SOLE   180,792 0 0
ALPHABET INC CAP STK CL A 02079K305 3,092 2,532 SH   SOLE   2,532 0 0
ATLANTIC PWR CORP COM NEW 04878Q863 1,115 476,565 SH   SOLE   476,565 0 0
CAI INTERNATIONAL INC COM 12477X106 1,180 54,201 SH   SOLE   54,201 0 0
CELGENE CORP COM 151020104 6,879 69,271 SH   SOLE   69,271 0 0
CINER RES LP COM UNIT LTD 172464109 2,730 147,891 SH   SOLE   147,891 0 0
CITIGROUP INC COM NEW 172967424 1,020 14,763 SH   SOLE   14,763 0 0
COMMUNITY WEST BANCSHARES COM 204157101 918 92,792 SH   SOLE   92,792 0 0
CORNERSTONE BLDG BRANDS INC COM 21925D109 1,621 268,000 SH   SOLE   268,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,398 24,278 SH   SOLE   24,278 0 0
DELTA APPAREL INC COM 247368103 5,296 222,981 SH   SOLE   222,981 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 7,237 494,310 SH   SOLE   494,310 0 0
EZCORP INC CL A NON VTG 302301106 870 134,711 SH   SOLE   134,711 0 0
EZCORP INC NOTE 2.875% 7/0 302301AF3 1,886 2,000,000 SH   SOLE   2,000,000 0 0
GREEN PLAINS INC COM 393222104 1,175 110,856 SH   SOLE   110,856 0 0
GREEN PLAINS INC NOTE 4.125% 9/0 393222AF1 3,672 4,500,000 SH   SOLE   4,500,000 0 0
HOEGH LNG PARTNERS LP COM UNIT LTD Y3262R100 1,062 68,696 SH   SOLE   68,696 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106 4,727 222,451 SH   SOLE   222,451 0 0
INVESCO DB US DLR INDEX TR BULLISH FD 46141D203 9,394 346,650 SH   SOLE   346,650 0 0
LAUREATE EDUCATION INC CL A 518613203 2,145 129,428 SH   SOLE   129,428 0 0
LINCOLN NATL CORP IND COM 534187109 378 2,000 SH Put SOLE   2,000 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 3,158 76,280 SH   SOLE   76,280 0 0
MARLIN BUSINESS SVCS CORP COM 571157106 11,671 463,324 SH   SOLE   463,324 0 0
MERRIMACK PHARMACEUTICALS IN COM NEW 590328209 3,793 842,913 SH   SOLE   842,913 0 0
META FINL GROUP INC COM 59100U108 5,558 170,427 SH   SOLE   170,427 0 0
MIDDLEFIELD BANC CORP COM NEW 596304204 903 19,300 SH   SOLE   19,300 0 0
NATIONAL ENERGY SERVICES REU SHS G6375R107 2,618 391,946 SH   SOLE   391,946 0 0
NELNET INC CL A 64031N108 4,338 68,202 SH   SOLE   68,202 0 0
NI HLDGS INC COM 65342T106 1,916 111,777 SH   SOLE   111,777 0 0
NORTHEAST BK LEWISTON ME COM 66405S100 856 38,624 SH   SOLE   38,624 0 0
OFS CAP CORP COM 67103B100 292 25,130 SH   SOLE   25,130 0 0
PENN NATL GAMING INC COM 707569109 7,553 405,515 SH   SOLE   405,515 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 12,226 452,984 SH   SOLE   452,984 0 0
RMR GROUP INC CL A 74967R106 2,063 45,359 SH   SOLE   45,359 0 0
SOUND FINL BANCORP INC COM 83607A100 740 20,490 SH   SOLE   20,490 0 0
SOUTHWEST AIRLS CO COM 844741108 1,782 33,000 SH   SOLE   33,000 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 543 42,420 SH   SOLE   42,420 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 962 37,730 SH   SOLE   37,730 0 0
XPEL INC COM 98379L100 1,476 125,067 SH   SOLE   125,067 0 0