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		<nameOfIssuer>ALICO INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>016230104</cusip>
		<value>9680</value>
		<shrsOrPrnAmt>
			<sshPrnamt>250206</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>148555</Shared>
			<None>101651</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BANK AMER CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>060505104</cusip>
		<value>2861</value>
		<shrsOrPrnAmt>
			<sshPrnamt>170000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<putCall>Call</putCall>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BLACKROCK INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>09247X101</cusip>
		<value>17026</value>
		<shrsOrPrnAmt>
			<sshPrnamt>50000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>50000</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CHATHAM LODGING TR</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>16208T102</cusip>
		<value>9357</value>
		<shrsOrPrnAmt>
			<sshPrnamt>456902</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>456902</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CIT GROUP INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>125581801</cusip>
		<value>2978</value>
		<shrsOrPrnAmt>
			<sshPrnamt>75000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>75000</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>DRIL-QUIP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>262037104</cusip>
		<value>7380</value>
		<shrsOrPrnAmt>
			<sshPrnamt>124600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>124600</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>EAGLE MATERIALS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26969P108</cusip>
		<value>3626</value>
		<shrsOrPrnAmt>
			<sshPrnamt>60000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>60000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ENTEGRIS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29362U104</cusip>
		<value>4020</value>
		<shrsOrPrnAmt>
			<sshPrnamt>302935</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>302935</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>KENNAMETAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>489170100</cusip>
		<value>2477</value>
		<shrsOrPrnAmt>
			<sshPrnamt>129000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>129000</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>NORTHEAST BANCORP</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>663904209</cusip>
		<value>1155</value>
		<shrsOrPrnAmt>
			<sshPrnamt>109980</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>109980</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PNC FINL SVCS GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>693475105</cusip>
		<value>3336</value>
		<shrsOrPrnAmt>
			<sshPrnamt>35000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<putCall>Call</putCall>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
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		<nameOfIssuer>PULTE GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>745867101</cusip>
		<value>5934</value>
		<shrsOrPrnAmt>
			<sshPrnamt>333000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>333000</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>REGIS CORP MINN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>758932107</cusip>
		<value>150771</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10655170</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>10655170</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SELECT COMFORT CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>81616X103</cusip>
		<value>25541</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1192965</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1192965</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SIGNET JEWELERS LIMITED</nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>G81276100</cusip>
		<value>4700</value>
		<shrsOrPrnAmt>
			<sshPrnamt>38000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>38000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STARWOOD PPTY TR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85571B105</cusip>
		<value>6168</value>
		<shrsOrPrnAmt>
			<sshPrnamt>300000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>300000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WALTER INVT MGMT CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>93317W102</cusip>
		<value>106289</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7474587</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>OTR</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>7474587</Shared>
			<None>0</None>
		</votingAuthority>
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