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
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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
AES Tr III Pfd CV 6.75% PFD 00808N202 254 5,000 SH   SOLE   5,000 0 0
Wells Fargo & Co New Perp Pfd PFD 949746804 322 265 SH   SOLE   265 0 0
A-Mark Precious Metals Inc COM 00181T107 820 82,200 SH   SOLE   82,200 0 0
Accenture PLC Class A COM G1151C101 1,563 17,500 SH   SOLE   17,500 0 0
Albany Molecular Resrch COM 012423109 1,628 100,000 SH   SOLE   100,000 0 0
Alleghany Corporation COM 017175100 7,448 16,068 SH   SOLE   16,068 0 0
American Business Bank COM 02475l105 538 19,385 SH   SOLE   19,385 0 0
American Electric Technologies COM 025576109 583 105,423 SH   SOLE   105,423 0 0
American International Group I COM 026874784 11,872 211,960 SH   SOLE   211,960 0 0
American Vanguard Corp COM 030371108 15,449 1,329,545 SH   SOLE   1,329,545 0 0
Anika Therapeutics Inc COM 035255108 449 11,016 SH   SOLE   11,016 0 0
Annaly Capital Management Inc COM 035710409 1,102 101,985 SH   SOLE   101,985 0 0
Apco Oil & Gas International I COM G0471F109 5,865 418,031 SH   SOLE   418,031 0 0
Approach Resources Inc COM 03834A103 19,738 3,088,838 SH   SOLE   3,088,838 0 0
Avid Technology Inc COM 05367P100 12,847 904,084 SH   SOLE   904,084 0 0
AZZ Inc COM 002474104 10,109 215,461 SH   SOLE   215,461 0 0
Baldwin & Lyons Inc COM 057755209 9,042 350,729 SH   SOLE   350,729 0 0
Barnes & Noble Inc COM 067774109 1,263 54,414 SH   SOLE   54,414 0 0
Bed Bath & Beyond Inc COM 075896100 1,662 21,825 SH   SOLE   21,825 0 0
Belmond LTD COM G1154H107 13,931 1,126,157 SH   SOLE   1,126,157 0 0
Blackstone Mortgage Trust Inc COM 09257W100 694 23,825 SH   SOLE   23,825 0 0
Capital One Financial Corporat COM 14040H105 11,529 139,665 SH   SOLE   139,665 0 0
Carbon Natural Gas Company COM 14115T109 1,274 1,990,000 SH   SOLE   1,990,000 0 0
Carrols Restaurant Group Inc COM 14574X104 21,320 2,794,275 SH   SOLE   2,794,275 0 0
Charter Financial Corp COM 16122w108 556 48,591 SH   SOLE   48,591 0 0
Cherokee Inc COM 16444H102 14,250 736,068 SH   SOLE   736,068 0 0
Chesapeake Energy Corporation COM 165167107 956 48,828 SH   SOLE   48,828 0 0
Chevron Corporation COM 166764100 280 2,500 SH   SOLE   2,500 0 0
Chimera Investment Corporation COM 16934Q109 30,550 9,606,970 SH   SOLE   9,606,970 0 0
Cisco Systems Inc COM 17275R102 2,129 76,550 SH   SOLE   76,550 0 0
Coach Inc COM 189754104 1,613 42,950 SH   SOLE   42,950 0 0
Comverse Inc COM 20585p105 10,831 576,750 SH   SOLE   576,750 0 0
Conrad Industries Inc COM 208305102 807 23,070 SH   SOLE   23,070 0 0
Continental Building Products COM 211171103 1,241 70,000 SH   SOLE   70,000 0 0
E.W. Scripps Company COM 811054402 4,350 194,639 SH   SOLE   194,639 0 0
Eastern Virginia Bankshares COM 277196101 518 80,000 SH   SOLE   80,000 0 0
Emerald Oil Inc COM 29101U209 3,912 3,259,747 SH   SOLE   3,259,747 0 0
Enzon Pharmaceuticals COM 293904108 777 712,415 SH   SOLE   712,415 0 0
Equifax Inc COM 294429105 6,070 75,055 SH   SOLE   75,055 0 0
Evine Live Inc COM 300487105 1,978 300,100 SH   SOLE   300,100 0 0
Fair Isaac Corporation COM 303250104 6,793 93,955 SH   SOLE   93,955 0 0
Forestar Group Inc COM 346233109 32,353 2,100,844 SH   SOLE   2,100,844 0 0
Francesca's Holdings Corporati COM 351793104 7,739 463,420 SH   SOLE   463,420 0 0
FRP Holdings Inc COM 30292l107 1,801 45,929 SH   SOLE   45,929 0 0
Gain Capital Holdings, Inc. COM 36268w100 1,353 150,000 SH   SOLE   150,000 0 0
General Motors Company COM 37045V100 6,430 184,194 SH   SOLE   184,194 0 0
GP Strategies Corp COM 36225V104 12,045 355,005 SH   SOLE   355,005 0 0
GrafTech International Ltd COM 384313102 304 60,000 SH   SOLE   60,000 0 0
Graham Holdings COM 384637104 8,283 9,590 SH   SOLE   9,590 0 0
GSI Group Inc COM 36191C205 15,886 1,079,241 SH   SOLE   1,079,241 0 0
Hallador Energy Company COM 40609P105 991 90,000 SH   SOLE   90,000 0 0
Hallmark Financial Services In COM 40624Q203 14,568 1,204,983 SH   SOLE   1,204,983 0 0
Halyard Health Inc COM 40650v100 11,652 256,255 SH   SOLE   256,255 0 0
Heritage-Crystal Clean Inc COM 42726M106 19,546 1,585,206 SH   SOLE   1,585,206 0 0
Hertz Global Holdings Inc COM 42805T105 7,741 310,375 SH   SOLE   310,375 0 0
HSN Inc COM 404303109 1,087 14,307 SH   SOLE   14,307 0 0
INTL FCStone Inc COM 46116V105 12,237 594,906 SH   SOLE   594,906 0 0
Jamba Inc COM 47023A309 905 60,000 SH   SOLE   60,000 0 0
Johnson Controls Inc COM 478366107 12,024 248,745 SH   SOLE   248,745 0 0
Journal Communications COM 481130102 3,221 281,768 SH   SOLE   281,768 0 0
JPMorgan Chase & Co COM 46625H100 11,977 191,383 SH   SOLE   191,383 0 0
KEYW Holding Corp COM 493723100 1,038 100,000 SH   SOLE   100,000 0 0
Lakes Entertainment Inc COM 51206p208 4,769 709,468 SH   SOLE   709,468 0 0
Leucadia National Corporation COM 527288104 10,463 466,682 SH   SOLE   466,682 0 0
Level 3 Communications Inc COM 52729N308 13,997 283,455 SH   SOLE   283,455 0 0
Liberty Broadband Series A COM 530307107 3,395 67,772 SH   SOLE   67,772 0 0
Liberty Broadband Series C COM 530307305 1,139 22,872 SH   SOLE   22,872 0 0
Liberty Interactive Corp - A COM 53071m104 10,716 364,255 SH   SOLE   364,255 0 0
Liberty Media Corporation CL-A COM 531229102 1,556 44,120 SH   SOLE   44,120 0 0
Liberty Media Corporation CL-C COM 531229300 2,686 76,690 SH   SOLE   76,690 0 0
Liberty Ventures Srs A COM 53071m880 19,759 523,843 SH   SOLE   523,843 0 0
LSB Industries COM 502160104 943 30,000 SH   SOLE   30,000 0 0
MAM Software Group Inc COM 55277Q201 2,161 387,230 SH   SOLE   387,230 0 0
Manitex International Inc COM 563420108 1,144 90,000 SH   SOLE   90,000 0 0
NeuStar Inc COM 64126X201 10,542 379,216 SH   SOLE   379,216 0 0
Nicholas Financial Inc COM 65373J209 521 35,000 SH   SOLE   35,000 0 0
NN Inc COM 629337106 1,542 75,000 SH   SOLE   75,000 0 0
Occidental Petroleum Corporat COM 674599105 4,748 58,900 SH   SOLE   58,900 0 0
OM Group Inc COM 670872100 11,992 402,430 SH   SOLE   402,430 0 0
Oritani Finl Corp COM 68633d103 539 35,000 SH   SOLE   35,000 0 0
PMC-Sierra Inc COM 69344F106 13,280 1,449,766 SH   SOLE   1,449,766 0 0
Remy International Inc COM 759663107 15,137 723,569 SH   SOLE   723,569 0 0
Richardson Electronics Ltd. COM 763165107 600 60,000 SH   SOLE   60,000 0 0
SeaWorld Entertainment Inc COM 81282v100 10,822 604,600 SH   SOLE   604,600 0 0
SIFCO Industries Inc COM 826546103 874 30,000 SH   SOLE   30,000 0 0
Signature Group Holdings Inc COM 82670K102 4,673 653,598 SH   SOLE   653,598 0 0
Silver Spring Networks COM 82817q103 927 110,000 SH   SOLE   110,000 0 0
Simulations Plus Inc COM 829214105 1,002 150,000 SH   SOLE   150,000 0 0
Southern Natl Bancorp Of VA In COM 843395104 373 32,898 SH   SOLE   32,898 0 0
Spark Networks Inc COM 84651P100 1,077 300,000 SH   SOLE   300,000 0 0
Star Gas Partners L.P COM 85512C105 368 60,250 SH   SOLE   60,250 0 0
State Auto Financial Corp COM 855707105 1,333 60,000 SH   SOLE   60,000 0 0
State Street Corporation COM 857477103 1,193 15,200 SH   SOLE   15,200 0 0
Symetra Financial Corporation COM 87151Q106 10,281 446,047 SH   SOLE   446,047 0 0
TE Connectivity LTD COM H84989104 5,804 91,759 SH   SOLE   91,759 0 0
Telenav, Inc. COM 879455103 333 50,000 SH   SOLE   50,000 0 0
The Bank of New York Mellon Co COM 064058100 6,941 171,090 SH   SOLE   171,090 0 0
The Boeing Company COM 097023105 2,902 22,325 SH   SOLE   22,325 0 0
The Eastern Company COM 276317104 512 30,000 SH   SOLE   30,000 0 0
UFP Technologies Inc COM 902673102 1,844 75,000 SH   SOLE   75,000 0 0
Verizon Communications Inc COM 92343V104 1,748 37,375 SH   SOLE   37,375 0 0
ViaSat Inc COM 92552V100 16,333 259,135 SH   SOLE   259,135 0 0
Wesco Air Craft Holdings Ord COM 950814103 16,941 1,211,815 SH   SOLE   1,211,815 0 0
Westell Technologies Inc-A COM 957541105 10,215 6,810,306 SH   SOLE   6,810,306 0 0
White Mountains Insurance Grou COM G9618E107 13,328 21,152 SH   SOLE   21,152 0 0
Winthrop Realty Trust COM 976391300 207 13,302 SH   SOLE   13,302 0 0
World Energy Solutions Inc COM 98145w208 1,765 321,450 SH   SOLE   321,450 0 0
Tesco Plc ADR 881575302 5,030 568,900 SH   SOLE   568,900 0 0
Capital One Financial Corp War WTS 14040H139 366 8,900 SH   SOLE   8,900 0 0
Liberty Broadband - RIS RTS 530307115 130 13,692 SH   SOLE   13,692 0 0