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
ALICO INC COM 016230104 12,385 241,605 SH   OTR   0 137,755 103,850
BANK AMER CORP COM 060505104 2,616 170,000 SH Call OTR   0 0 0
BLACKROCK INC COM 09247X101 18,292 50,000 SH   OTR   0 0 50,000
CHATHAM LODGING TR COM 16208T102 13,437 456,902 SH   OTR   0 456,902 0
CIT GROUP INC COM NEW 125581801 3,384 75,000 SH   OTR   0 75,000 0
EAGLE MATERIALS INC COM 26969P108 5,014 60,000 SH   OTR   0 0 60,000
EMCOR GROUP INC COM 29084Q100 9,227 198,550 SH   OTR   0 198,550 0
ENTEGRIS INC COM 29362U104 4,147 302,935 SH   OTR   0 302,935 0
NORTHEAST BANCORP COM NEW 663904209 1,015 109,980 SH   OTR   0 109,980 0
PNC FINL SVCS GROUP INC COM 693475105 3,263 35,000 SH Call OTR   0 0 0
QUIKSILVER INC COM 74838C106 925 500,000 SH   OTR   0 500,000 0
REGIS CORP MINN COM 758932107 174,319 10,655,170 SH   OTR   0 10,655,170 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 2,471 135,000 SH   OTR   0 135,000 0
SELECT COMFORT CORP COM 81616X103 41,122 1,192,965 SH   OTR   0 1,192,965 0
SIGNET JEWELERS LIMITED SHS G81276100 5,274 38,000 SH   OTR   0 38,000 0
STAPLES INC COM 855030102 2,410 148,000 SH   OTR   0 148,000 0
STARWOOD PPTY TR INC COM 85571B105 7,290 300,000 SH   OTR   0 300,000 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 1,551 60,000 SH   OTR   0 60,000 0
WALTER INVT MGMT CORP COM 93317W102 114,649 7,098,987 SH   OTR   0 7,098,987 0