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
ADIENT PLC ORD SHS G0084W101 1,419 28,855 SH   SOLE   28,855 0 0
AERCAP HOLDINGS NV SHS N00985106 1,516 28,000 SH   SOLE   28,000 0 0
ASPEN GROUP INC COM NEW 04530L203 134 17,900 SH   SOLE   17,900 0 0
ATLANTIC PWR CORP COM NEW 04878Q863 545 247,826 SH   SOLE   247,826 0 0
CAREER EDUCATION CORP COM 141665109 2,034 125,817 SH   SOLE   125,817 0 0
CINER RES LP COM UNIT LTD 172464109 1,531 58,244 SH   SOLE   58,244 0 0
CITIGROUP INC COM NEW 172967424 1,094 16,350 SH   SOLE   16,350 0 0
COMMUNITY WEST BANCSHARES COM 204157101 162 13,712 SH   SOLE   13,712 0 0
CONSTELLIUM NV CL A N22035104 2,997 290,981 SH   SOLE   290,981 0 0
CROSSAMERICA PARTNERS LP UT LTD PTN INT 22758A105 2,078 123,117 SH   SOLE   123,117 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 2,905 92,228 SH   SOLE   92,228 0 0
EQUITY COMWLTH CUM PFD S D 6.5% 294628201 159 6,094 SH   SOLE   6,094 0 0
ERA GROUP INC COM 26885G109 839 64,799 SH   SOLE   64,799 0 0
FEDERAL STR ACQUISITION CORP CL A 31421V107 2,961 301,500 SH   SOLE   301,500 0 0
FIRST NORTHWEST BANCORP COM 335834107 1,111 69,599 SH   SOLE   69,599 0 0
FIRST UTD CORP COM 33741H107 381 18,617 SH   SOLE   18,617 0 0
GREEN PLAINS PARTNERS LP COM REP PTR IN 393221106 366 21,351 SH   SOLE   21,351 0 0
HOPFED BANCORP INC COM 439734104 1,521 91,723 SH   SOLE   91,723 0 0
IF BANCORP INC COM 44951J105 238 9,977 SH   SOLE   9,977 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106 8,119 363,268 SH   SOLE   363,268 0 0
INTERNAP CORP COM PAR 45885A409 2,482 238,234 SH   SOLE   238,234 0 0
INVESCO DB US DLR INDEX TR BULLISH FD 46141D203 9,273 371,800 SH   SOLE   371,800 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 807 185,000 SH Put SOLE   185,000 0 0
JAMBA INC COM NEW 47023A309 5,438 510,640 SH   SOLE   510,640 0 0
JPMORGAN CHASE & CO COM 46625H100 703 6,750 SH   SOLE   6,750 0 0
LIVE OAK BANCSHARES INC COM 53803X105 45 63,600 SH Put SOLE   63,600 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 4,875 129,645 SH   SOLE   129,645 0 0
LPL FINL HLDGS INC COM 50212V100 708 10,800 SH   SOLE   10,800 0 0
MARCUS CORP COM 566330106 950 29,220 SH   SOLE   29,220 0 0
MARLIN BUSINESS SVCS CORP COM 571157106 5,714 191,437 SH   SOLE   191,437 0 0
MICROSTRATEGY INC CL A NEW 594972408 3,275 25,635 SH   SOLE   25,635 0 0
NATIONAL CINEMEDIA INC COM 635309107 1,153 137,315 SH   SOLE   137,315 0 0
NI HLDGS INC COM 65342T106 1,419 83,740 SH   SOLE   83,740 0 0
NICHOLAS FINANCIAL INC COM NEW 65373J209 1,285 139,693 SH   SOLE   139,693 0 0
NORTHEAST BANCORP COM NEW 663904209 292 13,415 SH   SOLE   13,415 0 0
OFS CAP CORP COM 67103B100 5,394 470,645 SH   SOLE   470,645 0 0
PG&E CORP COM 69331C108 300 100,000 SH Call SOLE   100,000 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 4,403 407,705 SH   SOLE   407,705 0 0
POAGE BANKSHARES INC COM 730206109 2,486 126,474 SH   SOLE   126,474 0 0
QUANTUM CORP COM NEW 747906501 316 143,460 SH   SOLE   143,460 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 3,685 140,445 SH   SOLE   140,445 0 0
SOUND FINL BANCORP INC COM 83607A100 485 12,560 SH   SOLE   12,560 0 0
SOUTHWEST AIRLS CO COM 844741108 1,287 25,300 SH   SOLE   25,300 0 0
STEADYMED LTD SHS M84920103 385 85,523 SH   SOLE   85,523 0 0
SUNOCO LP COM U REP LP 86765K109 749 30,000 SH   SOLE   30,000 0 0
UNIQUE FABRICATING INC COM 90915J103 154 17,589 SH   SOLE   17,589 0 0
VEREIT INC COM 92339V100 4,682 629,283 SH   SOLE   629,283 0 0
WCF BANCORP INC COM 92940L103 766 85,101 SH   SOLE   85,101 0 0
WELLESLEY BANCORP INC COM 949485106 153 4,520 SH   SOLE   4,520 0 0
WELLS FARGO CO NEW COM 949746101 2,994 54,000 SH   SOLE   54,000 0 0