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
ATLANTIC PWR CORP COM NEW 04878Q863 555 252,054 SH   SOLE   252,054 0 0
BANK OZK COM 06417N103 44 37,000 SH Put SOLE   37,000 0 0
CAREER EDUCATION CORP COM 141665109 3,167 212,119 SH   SOLE   212,119 0 0
CINER RES LP COM UNIT LTD 172464109 1,697 62,798 SH   SOLE   62,798 0 0
CITIGROUP INC COM NEW 172967424 1,280 17,849 SH   SOLE   17,849 0 0
COLUMBIA FINL INC COM 197641103 386 23,100 SH   SOLE   23,100 0 0
COMMUNITY WEST BANCSHARES COM 204157101 386 32,205 SH   SOLE   32,205 0 0
CONSTELLIUM NV CL A N22035104 4,102 332,183 SH   SOLE   332,183 0 0
CROSSAMERICA PARTNERS LP UT LTD PTN INT 22758A105 2,915 161,051 SH   SOLE   161,051 0 0
CROWN HOLDINGS INC COM 228368106 3,665 76,350 SH   SOLE   76,350 0 0
ECHOSTAR CORP CL A 278768106 1,887 40,700 SH   SOLE   40,700 0 0
ENVISION HEALTHCARE CORP COM 29414D100 9,391 205,360 SH   SOLE   205,360 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 849 26,443 SH   SOLE   26,443 0 0
EQUITY COMWLTH CUM PFD S D 6.5% 294628201 167 6,392 SH   SOLE   6,392 0 0
FIRST NORTHWEST BANCORP COM 335834107 1,119 72,682 SH   SOLE   72,682 0 0
FIRST UTD CORP COM 33741H107 386 20,525 SH   SOLE   20,525 0 0
GERON CORP COM 374163103 339 122,200 SH Put SOLE   122,200 0 0
GREEN PLAINS INC COM 393222104 775 45,034 SH   SOLE   45,034 0 0
GREEN PLAINS PARTNERS LP COM REP PTR IN 393221106 670 44,942 SH   SOLE   44,942 0 0
HCI GROUP INC COM 40416E103 18 99,400 SH Put SOLE   99,400 0 0
HOPFED BANCORP INC COM 439734104 1,698 97,047 SH   SOLE   97,047 0 0
IF BANCORP INC COM 44951J105 410 17,781 SH   SOLE   17,781 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106 8,561 372,038 SH   SOLE   372,038 0 0
INTERNAP CORP COM PAR 45885A409 4,589 363,334 SH   SOLE   363,334 0 0
INVESCO DB US DLR INDEX TR BULLISH FD 46141D203 11,117 440,100 SH   SOLE   440,100 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 267 318,100 SH Put SOLE   318,100 0 0
JPMORGAN CHASE & CO COM 46625H100 844 7,484 SH   SOLE   7,484 0 0
LIVE OAK BANCSHARES INC COM 53803X105 97 104,500 SH Put SOLE   104,500 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 6,256 137,789 SH   SOLE   137,789 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 1,164 117,534 SH   SOLE   117,534 0 0
MARLIN BUSINESS SVCS CORP COM 571157106 7,065 244,872 SH   SOLE   244,872 0 0
MICROSTRATEGY INC CL A NEW 594972408 2,121 15,083 SH   SOLE   15,083 0 0
NATIONAL CINEMEDIA INC COM 635309107 1,874 176,996 SH   SOLE   176,996 0 0
NI HLDGS INC COM 65342T106 1,549 91,823 SH   SOLE   91,823 0 0
NICHOLAS FINANCIAL INC COM NEW 65373J209 1,721 145,737 SH   SOLE   145,737 0 0
NORTHEAST BANCORP COM NEW 663904209 757 34,883 SH   SOLE   34,883 0 0
OFS CAP CORP COM 67103B100 5,043 423,747 SH   SOLE   423,747 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 5,660 587,737 SH   SOLE   587,737 0 0
POAGE BANKSHARES INC COM 730206109 3,180 125,460 SH   SOLE   125,460 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 4,682 180,207 SH   SOLE   180,207 0 0
SOUND FINL BANCORP INC COM 83607A100 516 13,042 SH   SOLE   13,042 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 185 150,000 SH Put SOLE   150,000 0 0
SUNOCO LP COM U REP LP 86765K109 1,728 58,487 SH   SOLE   58,487 0 0
UNIVERSAL INS HLDGS INC COM 91359V107 16 85,100 SH Put SOLE   85,100 0 0
VEREIT INC COM 92339V100 4,380 603,336 SH   SOLE   603,336 0 0
WCF BANCORP INC COM 92940L103 849 90,725 SH   SOLE   90,725 0 0
WELLESLEY BANCORP INC COM 949485106 362 10,565 SH   SOLE   10,565 0 0
WELLS FARGO CO NEW COM 949746101 2,675 50,900 SH   SOLE   50,900 0 0