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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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
Wells Fargo & Co New FPP 7.5 PFD 949746804 1,696 1,425 SH   SOLE   1,425 0 0
A-Mark Precious Metals Inc COM 00181T107 1,209 62,000 SH   SOLE   62,000 0 0
Adient Plc COM G0084W101 273 4,656 SH   SOLE   4,656 0 0
Albany Molecular Research COM 012423109 2,251 120,000 SH   SOLE   120,000 0 0
Alleghany Corp COM 017175100 6,924 11,386 SH   SOLE   11,386 0 0
American Business Bank COM 02475l105 1,249 35,750 SH   SOLE   35,750 0 0
American Vanguard Corp COM 030371108 20,870 1,089,840 SH   SOLE   1,089,840 0 0
American Vanguard Corp COM 030371108 2,790 145,695 SH   OTR   0 0 145,695
Avid Technology Inc COM 05367P100 16,672 3,789,010 SH   SOLE   3,789,010 0 0
Avid Technology Inc COM 05367P100 2,195 498,915 SH   OTR   0 0 498,915
Baldwin & Lyons Inc CL B COM 057755209 11,663 462,836 SH   SOLE   462,836 0 0
Baldwin & Lyons Inc CL B COM 057755209 2,213 87,800 SH   OTR   0 0 87,800
Belmond LTD COM G1154H107 21,450 1,606,771 SH   SOLE   1,606,771 0 0
Belmond LTD COM G1154H107 2,809 210,394 SH   OTR   0 0 210,394
Bravo Brio Restaurant Group COM 10567B109 760 200,000 SH   SOLE   200,000 0 0
Capital One Financial Corp COM 14040H105 9,304 106,645 SH   SOLE   106,645 0 0
Capital Senior Living COM 140475104 2,407 150,000 SH   SOLE   150,000 0 0
Capital Southwest Corp COM 140501107 1,390 86,057 SH   SOLE   86,057 0 0
Carbon Natural Gas Company COM 14115T109 2,362 5,248,093 SH   SOLE   5,248,093 0 0
Carrols Restaurant Group Inc COM 14574X104 31,094 2,038,945 SH   SOLE   2,038,945 0 0
Carrols Restaurant Group Inc COM 14574X104 4,130 270,794 SH   OTR   0 0 270,794
Catchmark Timber Trust Inc COM 14912y202 875 77,726 SH   SOLE   77,726 0 0
Cherokee Inc COM 16444H102 23,146 2,204,401 SH   SOLE   2,204,401 0 0
Cherokee Inc COM 16444H102 2,304 219,419 SH   OTR   0 0 219,419
Cisco Systems Inc COM 17275R102 1,293 42,800 SH   SOLE   42,800 0 0
Colfax Corp COM 194014106 2,538 70,637 SH   SOLE   70,637 0 0
Compass Minerals International COM 20451n101 21,082 269,075 SH   SOLE   269,075 0 0
Compass Minerals International COM 20451n101 2,327 29,700 SH   OTR   0 0 29,700
Continental Building Products COM 211171103 2,536 109,800 SH   SOLE   109,800 0 0
CSW Industrials Inc COM 126402106 19,219 521,550 SH   SOLE   521,550 0 0
CSW Industrials Inc COM 126402106 2,579 70,000 SH   OTR   0 0 70,000
Dundee Corp - CL A COM 264901109 11,324 2,556,250 SH   SOLE   2,556,250 0 0
Dundee Corp - CL A COM 264901109 1,729 390,300 SH   OTR   0 0 390,300
E.W. Scripps Company COM 811054402 19,455 1,006,450 SH   SOLE   1,006,450 0 0
E.W. Scripps Company COM 811054402 2,886 149,300 SH   OTR   0 0 149,300
Entravision Communications Cor COM 29382R107 2,984 426,238 SH   SOLE   426,238 0 0
Entravision Communications Cor COM 29382R107 773 110,372 SH   OTR   0 0 110,372
Equifax Inc COM 294429105 1,493 12,625 SH   SOLE   12,625 0 0
Equity Commonwealth COM 294628102 14,643 484,236 SH   SOLE   484,236 0 0
Equity Commonwealth COM 294628102 2,477 81,900 SH   OTR   0 0 81,900
EVINE Live Inc COM 300487105 8,864 5,909,536 SH   SOLE   5,909,536 0 0
EVINE Live Inc COM 300487105 1,385 923,456 SH   OTR   0 0 923,456
Extreme Networks Inc COM 30226D106 1,132 225,000 SH   SOLE   225,000 0 0
FMC Corp COM 302491303 40,084 708,699 SH   SOLE   708,699 0 0
FMC Corp COM 302491303 2,115 37,400 SH   OTR   0 0 37,400
Forestar Group Inc COM 346233109 22,081 1,660,218 SH   SOLE   1,660,218 0 0
Forestar Group Inc COM 346233109 2,283 171,649 SH   OTR   0 0 171,649
Franklin Electric Co Inc COM 353514102 6,419 165,020 SH   SOLE   165,020 0 0
Franklin Electric Co Inc COM 353514102 208 5,352 SH   OTR   0 0 5,352
FRMO Corp COM 30262f205 502 100,500 SH   SOLE   100,500 0 0
FRP Holdings Inc COM 30292l107 2,451 65,026 SH   SOLE   65,026 0 0
Gain Capital Holdings Inc COM 36268w100 1,597 242,781 SH   SOLE   242,781 0 0
Golden Entertainment Inc COM 381013101 2,239 184,896 SH   SOLE   184,896 0 0
Golden Entertainment Inc COM 381013101 910 75,180 SH   OTR   0 0 75,180
GP Strategies Corp COM 36225V104 28,230 987,050 SH   SOLE   987,050 0 0
GP Strategies Corp COM 36225V104 4,136 144,600 SH   OTR   0 0 144,600
Graham Corp Com COM 384556106 979 44,200 SH   SOLE   44,200 0 0
Great Elm Capital Group Inc COM 39036P209 3,393 904,686 SH   SOLE   904,686 0 0
Great Elm Capital Group Inc COM 39036P209 1,613 430,159 SH   OTR   0 0 430,159
Hallador Energy Company COM 40609P105 1,818 200,000 SH   SOLE   200,000 0 0
Hallmark Financial Services In COM 40624Q203 20,629 1,773,802 SH   SOLE   1,773,802 0 0
Hallmark Financial Services In COM 40624Q203 3,521 302,710 SH   OTR   0 0 302,710
Halyard Health Inc COM 40650v100 22,349 604,350 SH   SOLE   604,350 0 0
Halyard Health Inc COM 40650v100 2,316 62,620 SH   OTR   0 0 62,620
Heritage-Crystal Clean Inc COM 42726M106 35,612 2,268,270 SH   SOLE   2,268,270 0 0
Heritage-Crystal Clean Inc COM 42726M106 3,847 245,030 SH   OTR   0 0 245,030
International Business Machine COM 459200101 4,598 27,700 SH   SOLE   27,700 0 0
Ituran Location and Control COM m6158m104 539 20,326 SH   SOLE   20,326 0 0
JG Boswell Co COM 101205102 635 1,000 SH   SOLE   1,000 0 0
Johnson Controls International COM G51502105 5,429 131,811 SH   SOLE   131,811 0 0
JPMorgan Chase & Co COM 46625H100 9,710 112,531 SH   SOLE   112,531 0 0
Layne Christensen Co COM 521050104 1,087 100,000 SH   SOLE   100,000 0 0
Leucadia National Corp COM 527288104 14,279 614,158 SH   SOLE   614,158 0 0
Level 3 Communications Inc COM 52729N308 7,711 136,819 SH   SOLE   136,819 0 0
Liberty Global Plc A COM g5480u104 8,767 286,600 SH   SOLE   286,600 0 0
Liberty Global Plc LiLac A COM G5480u138 36,997 1,684,733 SH   SOLE   1,684,733 0 0
Liberty Global Plc LiLac A COM G5480u138 4,847 220,700 SH   OTR   0 0 220,700
Liberty Interactive Corp A COM 53071m104 9,202 460,555 SH   SOLE   460,555 0 0
Liberty Media Corp CL A COM 531229870 21,016 670,368 SH   SOLE   670,368 0 0
Liberty Media Corp CL A COM 531229870 2,461 78,500 SH   OTR   0 0 78,500
LSI Industries Inc COM 50216C108 1,023 105,000 SH   SOLE   105,000 0 0
MAM Software Group Inc COM 55277Q201 3,351 518,800 SH   SOLE   518,800 0 0
Manitex International Inc COM 563420108 1,039 151,500 SH   SOLE   151,500 0 0
Millicom International Cellula COM l6388f110 26,079 615,794 SH   SOLE   615,794 0 0
Millicom International Cellula COM l6388f110 2,770 65,400 SH   OTR   0 0 65,400
Northern Technologies Internat COM 665809109 625 45,479 SH   SOLE   45,479 0 0
Novanta Inc COM 67000b104 18,588 885,129 SH   SOLE   885,129 0 0
Novanta Inc COM 67000b104 2,426 115,526 SH   OTR   0 0 115,526
Oppenheimer Holdings Cl A COM 683797104 1,453 78,100 SH   SOLE   78,100 0 0
Outfront Media Inc COM 69007J106 428 17,200 SH   SOLE   17,200 0 0
Par Pacific Holdings Inc COM 69888T207 1,090 75,000 SH   SOLE   75,000 0 0
Parkway Properties Inc COM 70156Q107 659 29,600 SH   SOLE   29,600 0 0
Patriot Transportation Holding COM 70338w105 743 33,882 SH   SOLE   33,882 0 0
Raven Industries Inc COM 754212108 231 9,155 SH   SOLE   9,155 0 0
Seacor Holdings Inc COM 811904101 1,732 24,300 SH   SOLE   24,300 0 0
Select Comfort Corp COM 81616X103 23,011 1,017,300 SH   SOLE   1,017,300 0 0
Select Comfort Corp COM 81616X103 2,859 126,400 SH   OTR   0 0 126,400
SIFCO Industries Inc COM 826546103 841 110,000 SH   SOLE   110,000 0 0
Simulations Plus Inc COM 829214105 1,447 150,000 SH   SOLE   150,000 0 0
Southern Natl Bancorp Of VA In COM 843395104 817 50,001 SH   SOLE   50,001 0 0
Star Gas Partners L.P. COM 85512C105 575 53,450 SH   SOLE   53,450 0 0
TE Connectivity LTD COM H84989104 4,471 64,529 SH   SOLE   64,529 0 0
TEGNA Inc COM 87901j105 32,401 1,514,785 SH   SOLE   1,514,785 0 0
TEGNA Inc COM 87901j105 4,406 206,000 SH   OTR   0 0 206,000
The Bank of New York Mellon Co COM 064058100 4,606 97,215 SH   SOLE   97,215 0 0
Tropicana Entertainment Inc COM 89708x105 1,292 42,565 SH   SOLE   42,565 0 0
Tupperware Brands Corp COM 899896104 12,592 239,294 SH   SOLE   239,294 0 0
Tupperware Brands Corp COM 899896104 2,215 42,100 SH   OTR   0 0 42,100
UFP Technologies Inc COM 902673102 9,848 386,938 SH   SOLE   386,938 0 0
UFP Technologies Inc COM 902673102 1,397 54,900 SH   OTR   0 0 54,900
USG Corp COM 903293405 20,884 723,127 SH   SOLE   723,127 0 0
USG Corp COM 903293405 2,220 76,875 SH   OTR   0 0 76,875
VeriFone Systems Inc COM 92342Y109 18,361 1,035,582 SH   SOLE   1,035,582 0 0
VeriFone Systems Inc COM 92342Y109 2,060 116,200 SH   OTR   0 0 116,200
ViaSat Inc COM 92552V100 39,588 597,820 SH   SOLE   597,820 0 0
ViaSat Inc COM 92552V100 4,635 70,000 SH   OTR   0 0 70,000
Wesco Aircraft Holdings COM 950814103 15,875 1,061,891 SH   SOLE   1,061,891 0 0
Wesco Aircraft Holdings COM 950814103 2,331 155,936 SH   OTR   0 0 155,936
Westell Technologies Inc A COM 957541105 3,953 6,081,747 SH   SOLE   6,081,747 0 0
Westell Technologies Inc A COM 957541105 730 1,122,953 SH   OTR   0 0 1,122,953
White Mountains Insurance Grou COM G9618E107 1,849 2,211 SH   SOLE   2,211 0 0
Williams - Sonoma Inc COM 969904101 4,138 85,517 SH   SOLE   85,517 0 0
WPX Energy Inc COM 98212b103 8,978 616,202 SH   SOLE   616,202 0 0
WPX Energy Inc COM 98212b103 1,457 100,000 SH   OTR   0 0 100,000
Zebra Technologies Corp CL A COM 989207105 17,335 202,131 SH   SOLE   202,131 0 0
Zebra Technologies Corp CL A COM 989207105 2,581 30,100 SH   OTR   0 0 30,100
Swatch Group AG COM 870123106 5,263 337,790 SH   SOLE   337,790 0 0
Tesco Plc COM 881575302 9,261 1,207,745 SH   SOLE   1,207,745 0 0
Trinity Biotech Plc COM 896438306 1,384 200,000 SH   SOLE   200,000 0 0