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
AIR TRANSPORT SERVICES GRP I COM 00922R105 9,988 1,083,303 SH   SOLE   1,083,303 0 0
ALLY FINL INC COM 02005N100 2,205 105,108 SH   SOLE   105,108 0 0
ARES COML REAL ESTATE CORP COM 04013V108 8,351 755,746 SH   SOLE   755,746 0 0
BELLATRIX EXPLORATION LTD COM 078314101 61 25,000 SH Call SOLE   25,000 0 0
BENEFICIAL BANCORP INC COM 08171T102 1,619 143,417 SH   SOLE   143,417 0 0
BLUE HILLS BANCORP INC COM 095573101 3,673 277,843 SH   SOLE   277,843 0 0
CAPITAL SOUTHWEST CORP COM 140501107 64,865 1,397,354 SH   SOLE   1,397,354 0 0
CHURCHILL DOWNS INC COM 171484108 5,085 44,230 SH   SOLE   44,230 0 0
CIT GROUP INC COM NEW 125581801 10,673 236,544 SH   SOLE   236,544 0 0
CLIFTON BANCORP INC COM 186873105 10,214 723,859 SH   SOLE   723,859 0 0
CROWN CRAFTS INC COM 228309100 979 126,467 SH   SOLE   126,467 0 0
EBIX INC COM NEW 278715206 431 14,171 SH   SOLE   14,171 0 0
GAIN CAP HLDGS INC COM 36268W100 7,798 798,186 SH   SOLE   798,186 0 0
GAIN CAP HLDGS INC NOTE 4.125%12/0 36268WAB6 8,048 7,500,000 PRN   SOLE   7,500,000 0 0
INDEPENDENT BANK CORP MASS COM 453836108 3,202 72,984 SH   SOLE   72,984 0 0
ISHARES TRUST 20+ YR TR BD ETF 464287432 261 2,000 SH   SOLE   2,000 0 0
ISHARES TRUST RUSSELL 2000 ETF 464287655 14,303 115,000 SH Put SOLE   115,000 0 0
KEARNY FINL CORP COM 487169104 682 50,186 SH   SOLE   50,186 0 0
KRATON PERFORMANCE POLYMERS COM 50077C106 3,892 192,569 SH   SOLE   192,569 0 0
MACQUARIE INFRASTR CO LLC MEMBERSHIP INT 55608B105 33,765 410,314 SH   SOLE   410,314 0 0
MEDIA GEN INC NEW COM 58441K100 922 55,900 SH   SOLE   55,900 0 0
NELNET INC CL A 64031N108 6,466 136,636 SH   SOLE   136,636 0 0
OHA INVT CORP COM 67091U102 412 78,138 SH   SOLE   78,138 0 0
OSI SYSTEMS INC COM 671044105 3,444 46,380 SH   SOLE   46,380 0 0
PERCEPTRON INC COM 71361F100 1,385 102,494 SH   SOLE   102,494 0 0
QUALITY DISTR INC FLA COM 74756M102 16,972 1,642,969 SH   SOLE   1,642,969 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 4,916 156,522 SH   SOLE   156,522 0 0
STAR GAS PARTNERS L P UNIT LTD PARTNR 85512C105 1,231 166,346 SH   SOLE   166,346 0 0
SUMMER INFANT INC COM 865646103 366 135,721 SH   SOLE   135,721 0 0
SUNCOKE ENERGY INC COM 86722A103 9,342 625,281 SH   SOLE   625,281 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 11,458 538,194 SH   SOLE   538,194 0 0
SYMMETRY SURGICAL INC COM 87159G100 5,973 814,914 SH   SOLE   814,914 0 0
TARO PHARMACEUTICAL INDS LTD SHS M8737E108 10,853 76,957 SH   SOLE   76,957 0 0
TOWER SEMICONDUCTOR LTD SHS NEW M87915274 1,518 89,404 SH   SOLE   89,404 0 0
TRADE STR RESIDENTIAL INC COM NEW 89255N203 3,410 476,322 SH   SOLE   476,322 0 0
ULTRAPETROL BAHAMAS LTD COM P94398107 4,372 3,015,279 SH   SOLE   3,015,279 0 0
VAIL RESORTS INC COM 91879Q109 10,743 103,881 SH   SOLE   103,881 0 0
VERASTEM INC COM 92337C104 168 16,500 SH   SOLE   16,500 0 0
VIAD CORP COM NEW 92552R406 2,064 74,207 SH   SOLE   74,207 0 0
WATERSTONE FINL INC MD COM 94188P101 4,217 328,402 SH   SOLE   328,402 0 0
WORLD PT TERMS LP UNIT REP LTD PT 98159G107 2,735 165,959 SH   SOLE   165,959 0 0
XENIA HOTELS & RESORTS INC COM 984017103 14,425 634,084 SH   SOLE   634,084 0 0