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
ARCOS DORADOS HOLDINGS INC SHS CLASS A G0457F107 598 100,000 SH   OTR 1 100,000 0 0
VISTAPRINT N V SHS N93540107 3,145 57,395 SH   OTR 1 57,395 0 0
STARR BULK CARRIERS CORP SHS NEW Y8162K121 1,729 156,858 SH   OTR 1 156,858 0 0
STEALTHGAS INC SHS Y81669106 1,594 174,950 SH   OTR 1 174,950 0 0
ADVANCED ENERGY INDS COM 007973100 291 15,485 SH   SOLE N/A 15,485 0 0
ADVANCED ENERGY INDS COM 007973100 5,265 280,190 SH   OTR 1 280,190 0 0
AMERICAN EAGLE OUTFITTERS NE COM 02553E106 692 47,625 SH   OTR 1 47,625 0 0
AMREP CORP NEW COM 032159105 18 3,830 SH   SOLE N/A 3,830 0 0
AMREP CORP NEW COM 032159105 3,273 702,439 SH   OTR 1 702,439 0 0
APPLE INC COM 037833100 578 5,740 SH   SOLE N/A 5,740 0 0
ATWOOD OCEANICS INC COM 050095108 911 20,852 SH   SOLE N/A 20,852 0 0
ATWOOD OCEANICS INC COM 050095108 6,469 148,072 SH   OTR 1 148,072 0 0
BPZ RESOURCES INC COM 055639108 718 376,035 SH   OTR 1 376,035 0 0
BALDWIN & LYONS INC CL A 057755100 1 45 SH   SOLE N/A 45 0 0
BALDWIN & LYONS INC CL A 057755100 464 19,884 SH   OTR 1 19,884 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 69 500 SH   SOLE N/A 500 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 957 6,925 SH   OTR 1 6,925 0 0
BLUELINX HLDGS INC COM 09624H109 107 81,874 SH   SOLE N/A 81,874 0 0
BLUELINX HLDGS INC COM 09624H109 4 3,192 SH   OTR 1 3,192 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 757 138,894 SH   SOLE N/A 138,894 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 14,364 2,635,604 SH   OTR 1 2,635,604 0 0
CGG SPONS ADR 12531Q105 190 20,834 SH   SOLE N/A 20,834 0 0
CGG SPONS ADR 12531Q105 452 49,529 SH   OTR 1 49,529 0 0
CPI AEROSTRUCTURES INC COM NEW 125919308 2,188 222,172 SH   OTR 1 222,172 0 0
CAL MAINE FOODS INC COM NEW 128030202 248 2,775 SH   SOLE N/A 2,775 0 0
CAL MAINE FOODS INC COM NEW 128030202 4,174 46,729 SH   OTR 1 46,729 0 0
CANADIAN NAT RES LTD COM 136385101 243 6,250 SH   SOLE N/A 6,250 0 0
CANADIAN NAT RES LTD COM 136385101 9,519 245,089 SH   OTR 1 245,089 0 0
CAVCO INDS INC DEL COM 149568107 61 900 SH   SOLE N/A 900 0 0
CAVCO INDS INC DEL COM 149568107 12,749 187,486 SH   OTR 1 187,486 0 0
COAST DISTR SYS COM 190345108 109 33,150 SH   SOLE N/A 33,150 0 0
COAST DISTR SYS COM 190345108 1,088 329,654 SH   OTR 1 329,654 0 0
COTY INC COM CL A 222070203 1,159 70,000 SH   OTR 1 70,000 0 0
DEVON ENERGY CORP NEW COM 25179M103 303 4,450 SH   OTR 1 4,450 0 0
DREW INDS INC COM NEW 26168L205 113 2,690 SH   SOLE N/A 2,690 0 0
DREW INDS INC COM NEW 26168L205 1,966 46,607 SH   OTR 1 46,607 0 0
ERA GROUP INC COM 26885G109 20 940 SH   SOLE N/A 940 0 0
ERA GROUP INC COM 26885G109 1,116 51,331 SH   OTR 1 51,331 0 0
GAMESTOP CORP NEW CL A 36467W109 6,504 157,875 SH   OTR 1 157,875 0 0
GIBRALTAR INDS INC COM 374689107 3,191 233,066 SH   OTR 1 233,066 0 0
GLOBAL POWER EQUIPMENT GRP INC COM PAR $0.01 37941P306 7 500 SH   SOLE N/A 500 0 0
GLOBAL POWER EQUIPMENT GRP INC COM PAR $0.01 37941P306 695 46,646 SH   OTR 1 46,646 0 0
GRAFTECH INTL LTD COM 384313102 112 24,450 SH   SOLE N/A 24,450 0 0
GRAFTECH INTL LTD COM 384313102 2,549 556,575 SH   OTR 1 556,575 0 0
HALLADOR ENERGY COMPANY COM 40609P105 346 29,240 SH   SOLE N/A 29,240 0 0
HALLADOR ENERGY COMPANY COM 40609P105 370 31,256 SH   OTR 1 31,256 0 0
HELMERICH & PAYNE INC COM 423452101 88 900 SH   SOLE N/A 900 0 0
HELMERICH & PAYNE INC COM 423452101 7,701 78,682 SH   OTR 1 78,682 0 0
IFM INVTS LTD ADS CL A NEW 45172L209 479 373,908 SH   OTR 1 373,908 0 0
INTERGRATED ELECTRICAL SVC COM 45811E305 205 24,827 SH   SOLE N/A 24,827 0 0
JOY GLOBAL INC COM 481165108 3 53 SH   SOLE N/A 53 0 0
JOY GLOBAL INC COM 481165108 785 14,400 SH   OTR 1 14,400 0 0
LSB INDS INC COM 502160104 271 7,598 SH   SOLE N/A 7,598 0 0
LSB INDS INC COM 502160104 13,050 365,449 SH   OTR 1 365,449 0 0
LEUCADIA NATL CORP COM 527288104 492 20,652 SH   SOLE N/A 20,652 0 0
LEUCADIA NATL CORP COM 527288104 14,634 613,835 SH   OTR 1 613,835 0 0
LINCOLN ELEC HLDGS INC COM 533900106 12 175 SH   SOLE N/A 175 0 0
LINCOLN ELEC HLDGS INC COM 533900106 6,670 96,480 SH   OTR 1 96,480 0 0
LIQUIDITY SERVICES INC COM 53635B107 159 11,550 SH   SOLE N/A 11,550 0 0
LIQUIDITY SERVICES INC COM 53635B107 5,789 421,015 SH   OTR 1 421,015 0 0
MANHATTAN BRIDGE CAPITAL INC COM 562803106 28 10,000 SH   SOLE N/A 10,000 0 0
MERCK & CO INC NEW COM 58933Y105 237 4,000 SH   OTR 1 4,000 0 0
MOBILE MINI INC COM 60740F105 34 985 SH   SOLE N/A 985 0 0
MOBILE MINI INC COM 60740F105 961 27,472 SH   OTR 1 27,472 0 0
NATIONAL WESTN LIFE INS CO CL A 638522102 36 146 SH   SOLE N/A 146 0 0
NATIONAL WESTN LIFE INS CO CL A 638522102 486 1,967 SH   OTR 1 1,967 0 0
OMNOVA SOLUTIONS INC COM 682129101 49 9,050 SH   SOLE N/A 9,050 0 0
OMNOVA SOLUTIONS INC COM 682129101 6,793 1,265,000 SH   OTR 1 1,265,000 0 0
PHI INC COM VTG 69336T106 575 13,689 SH   OTR 1 13,689 0 0
PICO HLDGS INC COM NEW 693366205 162 8,140 SH   SOLE N/A 8,140 0 0
PICO HLDGS INC COM NEW 693366205 2,586 129,645 SH   OTR 1 129,645 0 0
PANHANDLE OIL AND GAS INC CL A 698477106 3,383 56,669 SH   SOLE N/A 56,669 0 0
PANHANDLE OIL AND GAS INC CL A 698477106 20,805 348,495 SH   OTR 1 348,495 0 0
PIONEER NAT RES CO COM 723787107 30 150 SH   SOLE N/A 150 0 0
PIONEER NAT RES CO COM 723787107 246 1,250 SH   OTR 1 1,250 0 0
PRICESMART INC COM 741511109 256 2,985 SH   SOLE N/A 2,985 0 0
PRICESMART INC COM 741511109 1,355 15,820 SH   OTR 1 15,820 0 0
RUBY TUESDAY INC COM 781182100 15 2,525 SH   SOLE N/A 2,525 0 0
RUBY TUESDAY INC COM 781182100 240 40,700 SH   OTR 1 40,700 0 0
SEACOR HOLDINGS INC COM 811904101 114 1,525 SH   SOLE N/A 1,525 0 0
SEACOR HOLDINGS INC COM 811904101 5,431 72,611 SH   OTR 1 72,611 0 0
SENECA FOODS CORP NEW CL A 817070501 147 5,150 SH   SOLE N/A 5,150 0 0
SENECA FOODS CORP NEW CL A 817070501 3,137 109,671 SH   OTR 1 109,671 0 0
SKECHERS U S A INC CL A 830566105 115 2,153 SH   SOLE N/A 2,153 0 0
SKECHERS U S A INC CL A 830566105 2,309 43,315 SH   OTR 1 43,315 0 0
SKYLINE CORP COM 830830105 1 250 SH   SOLE N/A 250 0 0
SKYLINE CORP COM 830830105 61 14,700 SH   OTR 1 14,700 0 0
SPARTAN MTRS INC COM 846819100 53 11,400 SH   OTR 1 11,400 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 332 20,000 SH   OTR 1 20,000 0 0
STOCK BLDG SUPPLY HLDGS INC COM 86101X104 851 54,171 SH   OTR 1 54,171 0 0
TGC INDS INC COM NEW 872417308 21 5,511 SH   SOLE N/A 5,511 0 0
TGC INDS INC COM NEW 872417308 93 24,040 SH   OTR 1 24,040 0 0
TAL INTL GROUP INC COM 874083108 22 525 SH   SOLE N/A 525 0 0
TAL INTL GROUP INC COM 874083108 332 8,050 SH   OTR 1 8,050 0 0
TALISMAN ENERGY INC COM 87425E103 0 27 SH   SOLE N/A 27 0 0
TALISMAN ENERGY INC COM 87425E103 328 37,965 SH   OTR 1 37,965 0 0
TIMKEN CO COM 887389104 325 7,660 SH   OTR 1 7,660 0 0
UCP INC CL A 90265Y106 312 26,150 SH   OTR 1 26,150 0 0
U M H PROPERTIES INC COM 903002103 16 1,700 SH   SOLE N/A 1,700 0 0
U M H PROPERTIES INC COM 903002103 6,498 683,959 SH   OTR 1 683,959 0 0
WPX ENERGY INC COM 98212B103 1,528 63,500 SH   OTR 1 63,500 0 0