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
Wells Fargo & Co New Preferred PFD 949746804 1,771 1,470 SH   SOLE   1,470 0 0
A-Mark Precious Metals Inc COM 00181T107 836 42,000 SH   SOLE   42,000 0 0
AgroFresh Solutions Inc COM 00856g109 640 100,000 SH   SOLE   100,000 0 0
Albany Molecular Research COM 012423109 1,835 120,000 SH   SOLE   120,000 0 0
Alleghany Corp COM 017175100 6,699 13,501 SH   SOLE   13,501 0 0
American Business Bank COM 02475l105 965 32,500 SH   SOLE   32,500 0 0
American International Group I COM 026874784 8,717 161,275 SH   SOLE   161,275 0 0
American Vanguard Corp COM 030371108 15,146 959,842 SH   SOLE   959,842 0 0
Anika Therapeutics Inc COM 035255108 729 16,305 SH   SOLE   16,305 0 0
Approach Resources Inc COM 03834A103 2,059 1,774,801 SH   SOLE   1,774,801 0 0
Armstrong World Industries COM 04247X102 2,250 46,510 SH   SOLE   46,510 0 0
Avid Technology Inc COM 05367P100 15,613 2,309,589 SH   SOLE   2,309,589 0 0
Baldwin & Lyons Inc Cl - B COM 057755209 11,382 462,499 SH   SOLE   462,499 0 0
Belmond LTD COM G1154H107 18,424 1,941,458 SH   SOLE   1,941,458 0 0
Blackstone Mortgage Trust Inc COM 09257W100 264 9,820 SH   SOLE   9,820 0 0
Capital One Financial Corp COM 14040H105 8,733 125,995 SH   SOLE   125,995 0 0
Capital Senior Living COM 140475104 2,037 110,000 SH   SOLE   110,000 0 0
Carbon Natural Gas Company COM 14115T109 488 1,990,000 SH   SOLE   1,990,000 0 0
Carrols Restaurant Group Inc COM 14574X104 29,619 2,051,192 SH   SOLE   2,051,192 0 0
Catchmark Timber Trust Inc COM 14912y202 856 79,036 SH   SOLE   79,036 0 0
Chase Corp COM 16150r104 2,151 40,909 SH   SOLE   40,909 0 0
Cherokee Inc COM 16444H102 22,767 1,279,742 SH   SOLE   1,279,742 0 0
Chimera Investment Corp COM 16934Q208 1,945 143,135 SH   SOLE   143,135 0 0
Cisco Systems Inc COM 17275R102 1,942 68,200 SH   SOLE   68,200 0 0
Coach Inc COM 189754104 1,475 36,800 SH   SOLE   36,800 0 0
Colfax Corp COM 194014106 18,584 650,018 SH   SOLE   650,018 0 0
Continental Building Products COM 211171103 2,574 138,700 SH   SOLE   138,700 0 0
CSW Industrials Inc COM 126402106 2,189 69,500 SH   SOLE   69,500 0 0
DreamWorks Animation SKG COM 26153C103 9,000 360,707 SH   SOLE   360,707 0 0
Dundee Corp - CL A COM 264901109 10,075 2,174,925 SH   SOLE   2,174,925 0 0
Eastern Virginia Bankshares COM 277196101 535 80,000 SH   SOLE   80,000 0 0
Equifax Inc COM 294429105 4,695 41,084 SH   SOLE   41,084 0 0
Equity Commonwealth COM 294628102 11,663 413,286 SH   SOLE   413,286 0 0
EVINE Live Inc COM 300487105 6,219 5,315,004 SH   SOLE   5,315,004 0 0
FMC Corp COM 302491303 36,009 891,970 SH   SOLE   891,970 0 0
Forestar Group Inc COM 346233109 41,860 3,210,085 SH   SOLE   3,210,085 0 0
Franklin Electric Co Inc COM 353514102 14,624 454,597 SH   SOLE   454,597 0 0
FRMO Corp COM 30262f205 513 100,500 SH   SOLE   100,500 0 0
FRP Holdings Inc COM 30292l107 2,472 69,426 SH   SOLE   69,426 0 0
Gain Capital Holdings Inc COM 36268w100 984 150,000 SH   SOLE   150,000 0 0
Global Power Equipment Group O COM 37941p306 300 150,000 SH   SOLE   150,000 0 0
Golden Entertainment Inc COM 381013101 8,165 753,233 SH   SOLE   753,233 0 0
GP Strategies Corp COM 36225V104 20,866 761,543 SH   SOLE   761,543 0 0
Graham Corp Com COM 384556106 880 44,200 SH   SOLE   44,200 0 0
GSI Group Inc COM 36191C205 15,141 1,069,285 SH   SOLE   1,069,285 0 0
Hallador Energy Company COM 40609P105 1,479 323,582 SH   SOLE   323,582 0 0
Hallmark Financial Services In COM 40624Q203 18,200 1,582,649 SH   SOLE   1,582,649 0 0
Halyard Health Inc COM 40650v100 14,601 508,208 SH   SOLE   508,208 0 0
Heritage-Crystal Clean Inc COM 42726M106 22,082 2,221,491 SH   SOLE   2,221,491 0 0
Hertz Global Holdings Inc COM 42805T105 4,745 450,610 SH   SOLE   450,610 0 0
HRG Group Inc COM 40434j100 11,709 840,550 SH   SOLE   840,550 0 0
International Business Machine COM 459200101 8,216 54,250 SH   SOLE   54,250 0 0
Ituran Location and Control COM m6158m104 399 20,326 SH   SOLE   20,326 0 0
JG Boswell Co COM 101205102 640 1,000 SH   SOLE   1,000 0 0
Johnson Controls Inc COM 478366107 8,335 213,880 SH   SOLE   213,880 0 0
JPMorgan Chase & Co COM 46625H100 8,517 143,828 SH   SOLE   143,828 0 0
KEYW Holding Corp COM 493723100 863 130,000 SH   SOLE   130,000 0 0
Layne Christensen Co COM 521050104 1,275 177,300 SH   SOLE   177,300 0 0
Leucadia National Corp COM 527288104 10,992 679,759 SH   SOLE   679,759 0 0
Level 3 Communications Inc COM 52729N308 9,714 183,800 SH   SOLE   183,800 0 0
Liberty Global PLC - A COM g5480u104 8,717 226,410 SH   SOLE   226,410 0 0
Liberty Global PLC LiLac - A COM G5480u138 11,641 332,017 SH   SOLE   332,017 0 0
Liberty Interactive Corp - A COM 53071m104 5,016 198,660 SH   SOLE   198,660 0 0
Liberty Media Corp CL-A COM 531229870 1,044 27,020 SH   SOLE   27,020 0 0
Liberty Media Corp CL-C COM 531229854 2,220 58,295 SH   SOLE   58,295 0 0
MAM Software Group Inc COM 55277Q201 2,724 518,800 SH   SOLE   518,800 0 0
Manitex International Inc COM 563420108 792 151,500 SH   SOLE   151,500 0 0
Millicom International Cellula COM l6388f110 14,831 269,017 SH   SOLE   269,017 0 0
Monmouth Real Estate Investmen COM 609720107 1,423 119,660 SH   SOLE   119,660 0 0
NeuStar Inc - Class A COM 64126X201 16,398 666,578 SH   SOLE   666,578 0 0
Northern Technologies Intl COM 665809109 574 45,479 SH   SOLE   45,479 0 0
Overseas Shipholding Grou-B COM 69036r400 468 217,900 SH   SOLE   217,900 0 0
Patriot Transportation Holding COM 70338w105 685 33,882 SH   SOLE   33,882 0 0
Pico Holdings Inc COM 693366205 921 90,043 SH   SOLE   90,043 0 0
Raven Industries Inc COM 754212108 14,873 928,414 SH   SOLE   928,414 0 0
Seacor Holdings Inc COM 811904101 1,552 28,500 SH   SOLE   28,500 0 0
SeaWorld Entertainment Inc COM 81282v100 11,992 569,442 SH   SOLE   569,442 0 0
SIFCO Industries Inc COM 826546103 1,022 110,000 SH   SOLE   110,000 0 0
Simulations Plus Inc COM 829214105 1,324 150,000 SH   SOLE   150,000 0 0
Southern Natl Bancorp Of VA In COM 843395104 596 50,001 SH   SOLE   50,001 0 0
Spark Networks Inc COM 84651P100 666 300,000 SH   SOLE   300,000 0 0
SPX Corporation COM 784635104 1,044 69,500 SH   SOLE   69,500 0 0
Star Gas Partners L.P COM 85512C105 489 58,250 SH   SOLE   58,250 0 0
State Street Corp COM 857477103 410 7,000 SH   SOLE   7,000 0 0
TE Connectivity LTD COM H84989104 4,657 75,209 SH   SOLE   75,209 0 0
The Bank of New York Mellon Co COM 064058100 4,179 113,465 SH   SOLE   113,465 0 0
The Boeing Company COM 097023105 2,374 18,700 SH   SOLE   18,700 0 0
Trinity Place Holdings Inc COM 89656d101 241 34,954 SH   SOLE   34,954 0 0
Tupperware Brands Corp COM 899896104 12,534 216,170 SH   SOLE   216,170 0 0
UCP Inc - CL A COM 90265y106 804 100,000 SH   SOLE   100,000 0 0
UFP Technologies Inc COM 902673102 1,990 89,380 SH   SOLE   89,380 0 0
Universal Stainless & Alloy Pr COM 913837100 298 29,263 SH   SOLE   29,263 0 0
USG Corp COM 903293405 38,314 1,544,310 SH   SOLE   1,544,310 0 0
Verizon Communications Inc COM 92343V104 1,552 28,700 SH   SOLE   28,700 0 0
Viacom Inc New Cl B COM 92553P201 8,225 199,260 SH   SOLE   199,260 0 0
ViaSat Inc COM 92552V100 37,906 515,873 SH   SOLE   515,873 0 0
Wesco Aircraft Holdings COM 950814103 12,784 888,386 SH   SOLE   888,386 0 0
Westell Technologies Inc-A COM 957541105 7,786 6,654,614 SH   SOLE   6,654,614 0 0
White Mountains Insurance Grou COM G9618E107 2,454 3,057 SH   SOLE   3,057 0 0
WPX Energy Inc COM 98212b103 7,004 1,002,002 SH   SOLE   1,002,002 0 0
Xura Inc COM 98420v107 10,432 530,366 SH   SOLE   530,366 0 0
Zebra Technologies Corp Cl A COM 989207105 12,617 182,860 SH   SOLE   182,860 0 0
Tesco Plc ADR 881575302 9,857 1,191,845 SH   SOLE   1,191,845 0 0