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
ADVANTAGE ENERGY INCOME FUND UNIT 00765F101 1,230 175,000 SH   SOLE 175,000 0 0 175,000
AERCAP HOLDINGS NV COMM N00985106 5,301 137,723 SH   SOLE 137,723 0 0 137,723
AIRCASTLE LTD COMM G0129K104 276 13,900 SH   SOLE 13,900 0 0 13,900
ALAMOS GOLD INC CL A COMM 011532108 4,100 500,000 SH   SOLE 500,000 0 0 500,000
ALLERGAN PLC COMM G0177J108 3,455 15,000 SH   SOLE 15,000 0 0 15,000
AMB FINANCIAL CORP COMM 001984103 308 23,275 SH   SOLE 23,275 0 0 23,275
AMERICAN INTERNATIONAL GROUP WRNT 026874784 5,341 90,000 SH   SOLE 90,000 0 0 90,000
AVALON HOLDINGS CORP-A COMM 05343P109 488 165,548 SH   SOLE 165,548 0 0 165,548
BANK OF AMERICA CORP COMM 060505104 939 60,000 SH   SOLE 60,000 0 0 60,000
BANK OF NT BUTTERFIELD & SON COMM G0772R208 248 10,000 SH   SOLE 10,000 0 0 10,000
CCSB FINANCIAL CORP COMM 14985B105 780 77,961 SH   SOLE 77,961 0 0 77,961
CIFC CORP REIT 12547R105 5,130 459,246 SH   SOLE 459,246 0 0 459,246
CNX COAL RESOURCES LP LTDP 12592V100 1,131 72,941 SH   SOLE 72,941 0 0 72,941
COASTWAY BANCORP INC COMM 190632109 2,425 177,000 SH   SOLE 177,000 0 0 177,000
CONSOL ENERGY INC COMM 20854P109 3,648 190,000 SH   SOLE 190,000 0 0 190,000
COSTAR TECHNOLOGIES INC COMM 22161J206 440 49,382 SH   SOLE 49,382 0 0 49,382
DOMINION DIAMOND CORP COMM 257287102 1,120 115,000 SH   SOLE 115,000 0 0 115,000
DYNEGY INC COMM 26817R108 1,425 115,000 SH   SOLE 115,000 0 0 115,000
EARTHSTONE ENERGY INC COMM 27032D205 594 69,069 SH   SOLE 69,069 0 0 69,069
EVOLUTION PETROLEUM CORP COMM 30049A107 840 133,700 SH   SOLE 133,700 0 0 133,700
FARMERS NATL BANC CORP COMM 309627107 191 17,727 SH   SOLE 17,727 0 0 17,727
FLY LEASING LTD-ADR ADRS 34407D109 2,009 173,350 SH   SOLE 173,350 0 0 173,350
GASTAR EXPLORATION LTD COMM 36729W202 540 638,764 SH   SOLE 638,764 0 0 638,764
GST PREFERRED 8.625% PREF 36729P207 198 17,080 SH   SOLE 17,080 0 0 17,080
IPATH DJ-UBS COFFEE SUBINDEX ETF 06739H297 1,113 50,000 SH   SOLE 50,000 0 0 50,000
JONES ENERGY INC COMM 48019R108 178 50,000 SH   SOLE 50,000 0 0 50,000
LIBERTY BROADBAND-C COMM 530307305 639 8,939 SH   SOLE 8,939 0 0 8,939
LIBERTY MEDIA CORP - C COMM 531229854 252 8,939 SH   SOLE 8,939 0 0 8,939
LIBERTY SIRIUS GROUP-C COMM 531229607 1,195 35,756 SH   SOLE 35,756 0 0 35,756
LIBERTY SIRIUSXM GROUP COMM 531229409 607 17,878 SH   SOLE 17,878 0 0 17,878
LICT CORP COMM 50187G104 5,492 994 SH   SOLE 994 0 0 994
MACKINAC FINANCIAL CORP COMM 554571109 1,087 94,600 SH   SOLE 94,600 0 0 94,600
MAG SILVER CORP COMM 55903Q104 5,397 357,900 SH   SOLE 357,900 0 0 357,900
MAYS (J.W.) INC COMM 578473100 2,067 44,939 SH   SOLE 44,939 0 0 44,939
MOUNTAIN PROVINCE DIAMONDS COMM 62426E402 6,204 1,184,019 SH   SOLE 1,184,019 0 0 1,184,019
NAPCO SECURITY SYSTEMS INC COMM 630402105 1,274 177,186 SH   SOLE 177,186 0 0 177,186
NEVSUN RESOURCES LTD COMM 64156L101 2,281 752,800 SH   SOLE 752,800 0 0 752,800
NRG ENERGY INC COMM 629377508 280 25,000 SH   SOLE 25,000 0 0 25,000
NUVECTRA CORP COMM 67075N108 1,486 214,675 SH   SOLE 214,675 0 0 214,675
ORCA EXPLORATION GROUP-B COMM 0000ORXGF 2,928 1,060,000 SH   SOLE 1,060,000 0 0 1,060,000
PAR PETROLEUM CORP COMM 69888T207 392 30,000 SH   SOLE 30,000 0 0 30,000
PLATINUM GROUP METALS LTD COMM 72765Q601 1,512 551,745 SH   SOLE 551,745 0 0 551,745
PNC FINANCIAL SERVICES GROUP WRNT 693475105 9,667 107,300 SH   SOLE 107,300 0 0 107,300
POLONIA BANCORP PA COMM 73158Q109 760 70,000 SH   SOLE 70,000 0 0 70,000
POPULAR INC COMM 733174700 9,746 255,000 SH   SOLE 255,000 0 0 255,000
PROSHARES ULTRASHORT GOLD ETF 74347W395 702 10,000 SH   SOLE 10,000 0 0 10,000
PROVIDENT FINANCIAL HLDGS COMM 743868101 7,709 394,100 SH   SOLE 394,100 0 0 394,100
RED LION HOTELS CORP COMM 756764106 5,911 708,711 SH   SOLE 708,711 0 0 708,711
REGENCY AFFILIATES INC COMM 758847404 2,908 302,967 SH   SOLE 302,967 0 0 302,967
REIS INC COMM 75936P105 3,687 180,209 SH   SOLE 180,209 0 0 180,209
ROYAL FINANCIAL INC COMM 78027P109 1,086 87,129 SH   SOLE 87,129 0 0 87,129
SANTA CRUZ COUNTY BANK COMM 801827106 396 12,667 SH   SOLE 12,667 0 0 12,667
SANTANDER CONSUMER USA HOLDI COMM 80283M101 790 65,000 SH   SOLE 65,000 0 0 65,000
SELF STORAGE GROUP INC FUND 37955N106 236 44,800 SH   SOLE 44,800 0 0 44,800
SOUTHERN MISSOURI BANCORP COMM 843380106 6,996 280,958 SH   SOLE 280,958 0 0 280,958
STANDARD FINANCIAL CORP COMM 853393106 5,005 219,508 SH   SOLE 219,508 0 0 219,508
TERRAFORM POWER INC - A COMM 88104R100 139 10,000 SH   SOLE 10,000 0 0 10,000
ULTRASHORT LEHMAN 20+ YEAR ETF 74347B201 1,580 50,000 SH   SOLE 50,000 0 0 50,000
UNITED BANCORP INC/OHIO COMM 909911109 163 15,000 SH   SOLE 15,000 0 0 15,000
VELOCITYSHARES 2X VIX SH-TRM ETF 22539T274 544 30,000 SH   SOLE 30,000 0 0 30,000
WALKER INNOVATION INC COMM 931661102 95 187,067 SH   SOLE 187,067 0 0 187,067
WAYNE SAVINGS BANCSHARES INC COMM 94624Q101 1,274 94,005 SH   SOLE 94,005 0 0 94,005
WCF BANCORP INC COMM 92940L103 676 80,600 SH   SOLE 80,600 0 0 80,600
WELLS FARGO & COMPANY WRNT 949746101 6,903 155,900 SH   SOLE 155,900 0 0 155,900
WOLVERINE BANCORP INC COMM 977880103 1,762 65,700 SH   SOLE 65,700 0 0 65,700