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
AMERICAN AIRLINES GROUP INC COM 02376r102 2,400 94,627 SH   SOLE   94,627 0 0
AMERISAFE INC COM 03071h100 3,069 74,532 SH   SOLE   74,532 0 0
BALTIC TRADING LTD COM Y0553W103 2,506 389,175 SH   SOLE   389,175 0 0
DIXIE GROUP INC CL A 255519100 2,126 163,395 SH   SOLE   163,395 0 0
EMMIS COMMUNICATIONS CORP CL A 291525103 1,969 718,739 SH   SOLE   718,739 0 0
ESSEX RENTAL CORP COM 297187106 5,650 1,816,833 SH   SOLE   1,816,833 0 0
FEDERATED NATIONAL HLDG CO COM 31422t101 6,922 498,332 SH   SOLE   498,332 0 0
FELCOR LODGING TRUST INC PFD CV A $ 1.95 31430F200 11,917 489,615 SH   SOLE   489,615 0 0
FLY LEASING LTD COM 34407d109 21,515 1,346,387 SH   SOLE   1,346,387 0 0
GRAY TELEVISION INC COM 389375106 3,766 256,560 SH   SOLE   256,560 0 0
LIVEPERSON INC COM 538146101 776 52,800 SH   SOLE   52,800 0 0
MANULIFE FINANCIAL CORP COM 56501r106 3,371 173,760 SH   SOLE   173,760 0 0
MATTSON TECH INC COM 577223100 1,645 602,538 SH   SOLE   602,538 0 0
MBT FINANCIAL CORP COM 578877102 5,370 1,212,275 SH   SOLE   1,212,275 0 0
NEW RESIDENTIAL INVT CORP COM 64828t102 6,360 954,951 SH   SOLE   954,951 0 0
PERFICIENT INC COM 71375u101 5,575 250,786 SH   SOLE   250,786 0 0
PIKE CORPORATION COM 721283109 646 61,410 SH   SOLE   61,410 0 0
RAND LOGISTICS INC COM 752182105 6,276 1,078,298 SH   SOLE   1,078,298 0 0
RIVERVIEW BANCORP COM 769397100 1,622 573,314 SH   SOLE   573,314 0 0
ROCKWOOD HOLDINGS INC COM 774415103 4,354 61,260 SH   SOLE   61,260 0 0
SB FINANCIAL GROUP INC COM 78408d105 1,762 222,713 SH   SOLE   222,713 0 0
SOTHERLY HOTELS INC COM 83600c103 5,560 948,844 SH   SOLE   948,844 0 0
SUMMIT HOTEL PPTYS INC COM 866082100 5,901 667,557 SH   SOLE   667,557 0 0
TIMBERLAND BANCORP INC COM 887098101 1,180 122,801 SH   SOLE   122,801 0 0
U S CONCRETE INC COM NEW 90333l201 7,436 330,949 SH   SOLE   330,949 0 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 3,198 92,330 SH   SOLE   92,330 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 2,805 59,476 SH   SOLE   59,476 0 0