Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PROV	PROVIDENT FINL HLDGS INC	483,500	$7.456M	7.4%	$15.82	-4.2%	COM	743868101
SMBC	SOUTHERN MO BANCORP INC	162,979	$5.759M	5.7%	$10.18	+35.3%	COM	843380106
—	RED LION HOTELS CORP	874,487	$5.098M	5.1%	$6.11	—	COM	756764106
AER	AERCAP HOLDINGS NV	117,723	$4.967M	5.0%	$16.06	+139.1%	SHS	N00985106
—	ELDORADO GOLD CORP NEW	813,385	$4.528M	4.5%	$6.17	—	COM	284902103
—	GASTAR EXPL INC NEW	777,582	$4.253M	4.2%	$5.47	—	COM	36729W202
—	SANTANDER CONSUMER USA HDG I	145,000	$3.492M	3.5%	$24.08	—	COM	80283M101
—	REIS INC	185,209	$3.343M	3.3%	$18.49	—	COM	75936P105
—	EMERALD OIL INC	496,843	$3.339M	3.3%	$6.86	—	COM NEW	29101U209
—	MAG SILVER CORP	463,100	$3.215M	3.2%	$5.86	—	COM	55903Q104
—	CHARTER FINL CORP MD	272,800	$2.949M	2.9%	$10.08	—	COM	16122W108
—	GOODRICH PETE CORP	175,000	$2.769M	2.8%	$16.85	—	COM NEW	382410405
MAYS	MAYS J W INC	50,218	$2.608M	2.6%	$22.25	+91.1%	COM	578473100
—	MALVERN BANCORP INC	240,900	$2.467M	2.5%	$11.97	—	COM	561409103
—	AMERICAN INTL GROUP INC	115,000	$2.351M	2.3%	$18.24	—	*W EXP 01/19/202	026874156
—	LIBERTY MEDIA CORP DELAWARE	17,878	$2.337M	2.3%	$126.75	—	CL A	531229102
—	PNC FINL SVCS GROUP INC	97,300	$2.296M	2.3%	$15.10	—	*W EXP 12/31/201	693475121
—	CIFC CORP	279,516	$2.275M	2.3%	$7.56	—	COM	12547R105
—	NAUGATUCK VY FINL CORP MD	290,321	$2.186M	2.2%	$7.35	—	COM	63906P107
—	ARMOUR RESIDENTIAL REIT INC	525,000	$2.163M	2.2%	$4.44	—	COM	042315101
—	TURQUOISE HILL RES LTD	600,000	$2.01M	2.0%	$3.86	—	COM	900435108
—	WELLS FARGO & CO NEW	105,900	$1.974M	2.0%	$13.67	—	*W EXP 10/28/201	949746119
—	COASTWAY BANCORP INC	177,000	$1.82M	1.8%	$10.28	—	COM	190632109
—	HALCON RES CORP	400,000	$1.732M	1.7%	$3.86	—	COM NEW	40537Q209
—	FLY LEASING LTD	104,063	$1.561M	1.6%	$14.34	—	SPONSORED ADR	34407D109
VPG	VISHAY PRECISION GROUP INC	87,582	$1.522M	1.5%	$14.49	+10.3%	COM	92835K103
FMNB	FARMERS NATL BANC CORP	197,827	$1.519M	1.5%	$4.28	+14.9%	COM	309627107
—	WOLVERINE BANCORP INC	65,700	$1.419M	1.4%	$18.85	—	COM	977880103
—	PLATINUM GROUP METALS LTD	1,266,450	$1.272M	1.3%	$0.89	—	COM NEW	72765Q205
NSSC	NAPCO SEC TECHNOLOGIES INC	187,186	$1.241M	1.2%	$2.09	+57.9%	COM	630402105
AWX	AVALON HLDGS CORP	229,969	$1.2M	1.2%	$3.66	+50.2%	CL A	05343P109
—	U S ENERGY CORP WYO	232,670	$1.108M	1.1%	$2.07	—	COM	911805109
—	WAYNE SVGS BANCSHARES INC NE	94,005	$1.095M	1.1%	$9.85	—	COM	94624Q101
—	MAGNUM HUNTER RES CORP DEL	125,000	$1.063M	1.1%	$3.65	—	COM	55973B102
—	COWEN GROUP INC NEW	225,000	$992K	1.0%	$3.32	—	CL A	223622101
—	ADVANTAGE OIL & GAS LTD	200,000	$988K	1.0%	$3.95	—	COM	00765F101
SOQDQ	SONDE RES CORP	1,804,597	$812K	0.8%	$0.50	0.0%	COM NEW	835426206
WLFC	WILLIS LEASE FINANCE CORP	39,169	$802K	0.8%	$13.54	+34.7%	COM	970646105
—	CHEVIOT FINL CORP NEW	70,000	$723K	0.7%	$11.33	—	COM	16677X105
—	JPMORGAN CHASE & CO	30,000	$606K	0.6%	$20.20	—	*W EXP 10/28/201	46634E114
—	CONSOL ENERGY INC	15,000	$599K	0.6%	$39.93	—	COM	20854P109
—	AIRCASTLE LTD	30,254	$586K	0.6%	$15.99	—	COM	G0129K104
—	TWO HBRS INVT CORP	50,000	$513K	0.5%	$10.26	—	COM	90187B101
—	ALBANY MOLECULAR RESH INC	25,000	$465K	0.5%	$10.08	—	COM	012423109
—	APOLLO RESIDENTIAL MTG INC	25,000	$406K	0.4%	$16.24	—	COM	03763V102
—	ALEXCO RESOURCE CORP	251,914	$379K	0.4%	$1.11	—	COM	01535P106
—	MACKINAC FINL CORP	30,000	$376K	0.4%	$12.53	—	COM	554571109
—	NEVSUN RES LTD	100,000	$374K	0.4%	$3.11	—	COM	64156L101
—	CYS INVTS INC	45,000	$372K	0.4%	$9.21	—	COM	12673A108
—	FIFTH STREET FINANCE CORP	25,000	$237K	0.2%	$9.24	—	COM	31678A103
—	VICON INDS INC	63,196	$223K	0.2%	$2.60	—	COM	925811101
MPVDF	MOUNTAIN PROV DIAMONDS INC	25,000	$131K	0.1%	$4.72	-0.1%	COM NEW	62426E402
—	FULL CIRCLE CAP CORP	15,000	$117K	0.1%	$7.07	—	COM	359671104
GROW	U S GLOBAL INVS INC	28,119	$90,000	0.1%	$2.69	+22.6%	CL A	902952100