PARAGON ASSOCIATES & PARAGON ASSOCIATES II JOINT VENTURE Activity Q4 2013-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
NVGS	Buy	NAVIGATOR HLDGS LTD	$11,661,624	+19.5%	789,548	+5.3%	38.21%	+91.4%
AEM	Sell	AGNICO EAGLE MINES LTD	$5,681,250	-41.7%	125,000	-35.9%	18.62%	-6.7%
EPSN	Sell	EPSILON ENERGY LTD	$4,356,000	-9.4%	825,000	-8.3%	14.27%	+45.1%
AR	New	ANTERO RESOURCES CORP	$1,903,500	–	75,000	–	6.24%	–
UBS	Buy	UBS GROUP AG	$1,848,750	+82.4%	75,000	+50.0%	6.06%	+192.1%
DMAC	Buy	DIAMEDICA THERAPEUTICS INC	$1,212,600	-13.6%	470,000	+44.6%	3.97%	+38.3%
	Sell	ECOVYST INC	$984,000	-57.1%	100,000	-50.0%	3.22%	-31.3%
PCRX	New	PACIRA BIOSCIENCES INC	$153,400	–	5,000	–	0.50%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-500	–	-0.25%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-15,000	–	-2.57%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS I	$0	–	-75,000	–	-8.66%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-75,000	–	-10.65%	–
URI	Exit	UNITED RENTALS INC	$0	–	-15,000	–	-13.67%	–

Q2 2023

			Value		Shares		↓ Weighting
NVGS	New	NAVIGATOR HLDGS LTD	$9,757,500	–	750,000	–	19.97%	–
AEM	New	AGNICO EAGLE MINES LTD	$9,746,100	–	195,000	–	19.94%	–
URI	New	UNITED RENTALS INC	$6,680,550	–	15,000	–	13.67%	–
CF	New	CF INDS HLDGS INC	$5,206,500	–	75,000	–	10.65%	–
EPSN	New	EPSILON ENERGY LTD	$4,806,000	–	900,000	–	9.83%	–
ALSN	New	ALLISON TRANSMISSION HLDGS I	$4,234,500	–	75,000	–	8.66%	–
	New	ECOVYST INC	$2,292,000	–	200,000	–	4.69%	–
IRIX	New	IRIDEX CORP	$2,170,000	–	1,000,000	–	4.44%	–
DMAC	New	DIAMEDICA THERAPEUTICS INC	$1,404,000	–	325,000	–	2.87%	–
CHK	New	CHESAPEAKE ENERGY CORP	$1,255,200	–	15,000	–	2.57%	–
UBS	New	UBS GROUP AG	$1,013,500	–	50,000	–	2.07%	–
BFS	New	SAUL CTRS INC	$184,150	–	5,000	–	0.38%	–
LH	New	LABORATORY CORP AMER HLDGS	$120,665	–	500	–	0.25%	–

Q4 2022

			Value		Shares		↓ Weighting
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-2,500	–	-1.03%	–
DISH	Exit	DISH NETWORK CORPORATIONcl a	$0	–	-50,000	–	-1.40%	–
BFS	Exit	SAUL CTRS INC	$0	–	-25,000	–	-1.89%	–
IRIX	Exit	IRIDEX CORP	$0	–	-799,385	–	-3.89%	–
NEM	Exit	NEWMONT CORP	$0	–	-50,000	–	-4.24%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-50,000	–	-4.26%	–
URI	Exit	UNITED RENTALS INC	$0	–	-14,000	–	-7.64%	–
AR	Exit	ANTERO RESOURCES CORP	$0	–	-200,000	–	-12.32%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-20,000	–	-14.42%	–
EPSN	Exit	EPSILON ENERGY LTD	$0	–	-1,266,709	–	-16.16%	–
NVGS	Exit	NAVIGATOR HLDGS LTD	$0	–	-700,000	–	-16.18%	–
APA	Exit	APA CORPORATION	$0	–	-240,000	–	-16.56%	–

Q3 2022

			Value		Shares		↓ Weighting
APA	Buy	APA CORPORATION	$8,206,000	+17.6%	240,000	+20.0%	16.56%	+21.5%
NVGS	Sell	NAVIGATOR HLDGS LTD	$8,015,000	-26.5%	700,000	-27.5%	16.18%	-24.0%
EPSN	Sell	EPSILON ENERGY LTD	$8,006,000	+6.4%	1,266,709	-0.9%	16.16%	+10.0%
SPY	New	SPDR S&P 500 ETF TRtr unit	$7,143,000	–	20,000	–	14.42%	–
AR	Sell	ANTERO RESOURCES CORP	$6,102,000	-33.6%	200,000	-33.3%	12.32%	-31.4%
URI	New	UNITED RENTALS INC	$3,782,000	–	14,000	–	7.64%	–
AEM	Sell	AGNICO EAGLE MINES LTD	$2,112,000	-75.1%	50,000	-73.0%	4.26%	-74.2%
NEM	New	NEWMONT CORP	$2,102,000	–	50,000	–	4.24%	–
IRIX	Buy	IRIDEX CORP	$1,927,000	+33.3%	799,385	+42.1%	3.89%	+37.7%
DISH	Sell	DISH NETWORK CORPORATIONcl a	$692,000	-44.9%	50,000	-28.6%	1.40%	-43.0%
LH	New	LABORATORY CORP AMER HLDGS	$512,000	–	2,500	–	1.03%	–
OAS	Exit	OASIS PETROLEUM INC	$0	–	-2,500	–	-0.59%	–
HES	Exit	HESS CORP	$0	–	-15,000	–	-3.10%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-100,000	–	-4.62%	–

Q2 2022

			Value		Shares		↓ Weighting
NVGS	New	NAVIGATOR HLDGS LTD	$10,904,000	–	965,848	–	21.29%	–
AR	New	ANTERO RESOURCES CORP	$9,195,000	–	300,000	–	17.96%	–
AEM	New	AGNICO EAGLE MINES LTD	$8,466,000	–	185,000	–	16.53%	–
EPSN	New	EPSILON ENERGY LTD	$7,525,000	–	1,277,609	–	14.70%	–
APA	New	APA CORPORATION	$6,980,000	–	200,000	–	13.63%	–
JBGS	New	JBG SMITH PPTYS	$2,364,000	–	100,000	–	4.62%	–
HES	New	HESS CORP	$1,589,000	–	15,000	–	3.10%	–
IRIX	New	IRIDEX CORP	$1,446,000	–	562,670	–	2.82%	–
DISH	New	DISH NETWORK CORPORATIONcl a	$1,255,000	–	70,000	–	2.45%	–
BFS	New	SAUL CTRS INC	$1,178,000	–	25,000	–	2.30%	–
OAS	New	OASIS PETROLEUM INC	$304,000	–	2,500	–	0.59%	–

Q4 2021

			Value		Shares		↓ Weighting
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-20,000	–	-0.16%	–
MLHR	Exit	MILLER HERMAN INC	$0	–	-10,000	–	-0.43%	–
ATNI	Exit	ATN INTL INC	$0	–	-8,400	–	-0.44%	–
BFS	Exit	SAUL CTRS INC	$0	–	-25,000	–	-1.25%	–
EEFT	Exit	EURONET WORLDWIDE INC	$0	–	-10,000	–	-1.44%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-30,000	–	-1.52%	–
CS	Exit	CREDIT SUISSE GROUPsponsored adr	$0	–	-200,000	–	-2.23%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-75,000	–	-5.22%	–
RETA	Exit	REATA PHARMACEUTICALS INCcl a	$0	–	-46,646	–	-5.31%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-90,000	–	-5.68%	–
NEM	Exit	NEWMONT CORP	$0	–	-100,000	–	-6.14%	–
IRIX	Exit	IRIDEX CORP	$0	–	-783,625	–	-6.79%	–
AR	Exit	ANTERO RESOURCES CORP	$0	–	-325,000	–	-6.91%	–
VRS	Exit	VERSO CORPcl a	$0	–	-300,000	–	-7.04%	–
EPSN	Exit	EPSILON ENERGY LTD	$0	–	-1,384,461	–	-10.08%	–
NVGS	Exit	NAVIGATOR HLDGS LTD	$0	–	-1,260,000	–	-12.68%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-55,000	–	-26.69%	–

Q3 2021

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$23,604,000	+451.4%	55,000	+450.0%	26.69%	+368.5%
VRS	Buy	VERSO CORPcl a	$6,225,000	+87.0%	300,000	+59.5%	7.04%	+58.9%
AR	New	ANTERO RESOURCES CORP	$6,113,000	–	325,000	–	6.91%	–
IRIX	Sell	IRIDEX CORP	$6,003,000	-13.3%	783,625	-20.1%	6.79%	-26.3%
NEM	Buy	NEWMONT CORP	$5,430,000	+31.8%	100,000	+53.8%	6.14%	+12.0%
CF	New	CF INDS HLDGS INC	$5,024,000	–	90,000	–	5.68%	–
RETA	Sell	REATA PHARMACEUTICALS INCcl a	$4,693,000	-51.3%	46,646	-31.5%	5.31%	-58.6%
CHK	Buy	CHESAPEAKE ENERGY CORP	$4,619,000	+67.8%	75,000	+41.5%	5.22%	+42.6%
CS	Sell	CREDIT SUISSE GROUPsponsored adr	$1,972,000	-37.3%	200,000	-33.3%	2.23%	-46.7%
UBER	New	UBER TECHNOLOGIES INC	$1,345,000	–	30,000	–	1.52%	–
EEFT	New	EURONET WORLDWIDE INC	$1,273,000	–	10,000	–	1.44%	–
ATNI	Sell	ATN INTL INC	$394,000	-3.7%	8,400	-6.7%	0.44%	-18.2%
MLHR	Sell	MILLER HERMAN INC	$377,000	-95.2%	10,000	-93.9%	0.43%	-95.9%
AGI	New	ALAMOS GOLD INC NEW	$144,000	–	20,000	–	0.16%	–
LUMO	Exit	LUMOS PHARMA INC	$0	–	-50,000	–	-0.66%	–
KNL	Exit	KNOLL INC	$0	–	-50,000	–	-1.73%	–
CI	Exit	CIGNA CORP NEW	$0	–	-11,500	–	-3.63%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-125,000	–	-8.52%	–

Q2 2021

			Value		Shares		↓ Weighting
NVGS	New	NAVIGATOR HLDGS LTD	$13,797,000	–	1,260,000	–	18.36%	–
RETA	New	REATA PHARMACEUTICALS INCcl a	$9,638,000	–	68,100	–	12.82%	–
MLHR	New	MILLER HERMAN INC	$7,778,000	–	165,000	–	10.35%	–
IRIX	New	IRIDEX CORP	$6,924,000	–	980,674	–	9.21%	–
EPSN	New	EPSILON ENERGY LTD	$6,922,000	–	1,384,461	–	9.21%	–
BK	New	BANK NEW YORK MELLON CORP	$6,404,000	–	125,000	–	8.52%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$4,281,000	–	10,000	–	5.70%	–
NEM	New	NEWMONT CORP	$4,120,000	–	65,000	–	5.48%	–
VRS	New	VERSO CORPcl a	$3,328,000	–	188,029	–	4.43%	–
CS	New	CREDIT SUISSE GROUPsponsored adr	$3,147,000	–	300,000	–	4.19%	–
CHK	New	CHESAPEAKE ENERGY CORP	$2,753,000	–	53,017	–	3.66%	–
CI	New	CIGNA CORP NEW	$2,726,000	–	11,500	–	3.63%	–
KNL	New	KNOLL INC	$1,300,000	–	50,000	–	1.73%	–
BFS	New	SAUL CTRS INC	$1,136,000	–	25,000	–	1.51%	–
LUMO	New	LUMOS PHARMA INC	$500,000	–	50,000	–	0.66%	–
ATNI	New	ATN INTL INC	$409,000	–	9,000	–	0.54%	–

Q4 2020

			Value		Shares		↓ Weighting
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-193,587	–	-1.32%	–
IRIX	Exit	IRIDEX CORP	$0	–	-1,320,000	–	-3.47%	–
EPSN	Exit	EPSILON ENERGY LTD	$0	–	-1,283,245	–	-5.22%	–
GOLD	Exit	BARRICK GOLD CORPORATION	$0	–	-300,000	–	-11.32%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-1,365,000	–	-15.32%	–
RETA	Exit	REATA PHARMACEUTICALS INCcl a	$0	–	-150,000	–	-19.62%	–
NEM	Exit	NEWMONT GOLDCORP CORPORATION	$0	–	-250,000	–	-21.29%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-50,000	–	-22.44%	–

Q3 2020

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRtr unit	$16,716,000	–	50,000	–	22.44%	–
NEM	Sell	NEWMONT GOLDCORP CORPORATION	$15,863,000	-26.6%	250,000	-28.6%	21.29%	-10.3%
RETA	Sell	REATA PHARMACEUTICALS INCcl a	$14,613,000	-53.4%	150,000	-25.4%	19.62%	-43.1%
NVGS	Buy	NAVIGATOR HOLDINGS LTD	$11,411,000	+34.7%	1,365,000	+3.6%	15.32%	+64.6%
GOLD	Sell	BARRICK GOLD CORPORATION	$8,433,000	-37.4%	300,000	-40.0%	11.32%	-23.5%
EPSN	Buy	EPSILON ENERGY LTD	$3,888,000	+21.5%	1,283,245	+18.3%	5.22%	+48.4%
ESXB	Sell	COMMUNITY BANKERS TR CORP	$983,000	-28.5%	193,587	-22.6%	1.32%	-12.6%
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-110,000	–	-1.09%	–
CI	Exit	CIGNA CORP NEW	$0	–	-10,000	–	-2.06%	–
ABBV	Exit	ABBVIE INC	$0	–	-60,000	–	-6.47%	–

Q2 2020

			Value		Shares		↓ Weighting
RETA	New	REATA PHARMACEUTICALS INCcl a	$31,360,000	–	201,000	–	34.45%	–
NEM	New	NEWMONT GOLDCORP CORPORATION	$21,609,000	–	350,000	–	23.74%	–
GOLD	New	BARRICK GOLD CORPORATION	$13,470,000	–	500,000	–	14.80%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$8,474,000	–	1,317,901	–	9.31%	–
ABBV	New	ABBVIE INC	$5,888,000	–	60,000	–	6.47%	–
EPSN	New	EPSILON ENERGY LTD	$3,201,000	–	1,085,000	–	3.52%	–
IRIX	New	IRIDEX CORP	$2,798,000	–	1,320,000	–	3.07%	–
CI	New	CIGNA CORP NEW	$1,877,000	–	10,000	–	2.06%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$1,375,000	–	250,000	–	1.51%	–
PARR	New	PAR PACIFIC HOLDINGS INC	$989,000	–	110,000	–	1.09%	–

Q4 2019

			Value		Shares		↓ Weighting
TUESQ	Exit	TUESDAY MORNING CORP	$0	–	-163,709	–	-0.20%	–
NVTRQ	Exit	NUVECTRA CORP	$0	–	-200,000	–	-0.21%	–
PBPB	Exit	POTBELLY CORP	$0	–	-153,200	–	-0.52%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-200,000	–	-0.90%	–
	Exit	FORESTAR GROUP INCnote 3.750% 3/0	$0	–	-2,000,000	–	-1.54%	–
WPX	Exit	WPX ENERGY INC	$0	–	-200,000	–	-1.64%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-250,000	–	-1.66%	–
IRIX	Exit	IRIDEX CORP	$0	–	-1,320,000	–	-1.88%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-75,000	–	-3.10%	–
EPSN	Exit	EPSILON ENERGY LTD	$0	–	-1,085,000	–	-3.25%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-200,000	–	-3.53%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-175,000	–	-3.54%	–
DHX	Exit	DHI GROUP INC	$0	–	-1,298,634	–	-3.85%	–
CI	Exit	CIGNA CORP NEW	$0	–	-55,000	–	-6.44%	–
GOLD	Exit	BARRICK GOLD CORPORATION	$0	–	-500,000	–	-6.68%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-1,023,300	–	-8.43%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-250,000	–	-8.58%	–
ABBV	Exit	ABBVIE INC	$0	–	-150,000	–	-8.76%	–
HUM	Exit	HUMANA INC	$0	–	-50,000	–	-9.86%	–
NEM	Exit	NEWMONT GOLDCORP CORPORATION	$0	–	-350,000	–	-10.24%	–
RETA	Exit	REATA PHARMACEUTICALS INCcl a	$0	–	-245,000	–	-15.18%	–

Q3 2019

			Value		Shares		↓ Weighting
NEM	Buy	NEWMONT GOLDCORP CORPORATION	$13,276,000	+38.0%	350,000	+40.0%	10.24%	+38.3%
HUM	Buy	HUMANA INC	$12,784,000	+7.1%	50,000	+11.1%	9.86%	+7.3%
ABBV	Buy	ABBVIE INC	$11,360,000	+1462.6%	150,000	+1400.0%	8.76%	+1465.2%
OXY	Buy	OCCIDENTAL PETE CORP	$11,120,000	+10.6%	250,000	+25.0%	8.58%	+10.8%
NVGS	Buy	NAVIGATOR HOLDINGS LTD	$10,929,000	+18.8%	1,023,300	+4.1%	8.43%	+19.0%
GOLD	Buy	BARRICK GOLD CORPORATION	$8,663,000	+37.3%	500,000	+25.0%	6.68%	+37.6%
CI	Buy	CIGNA CORP NEW	$8,348,000	+51.4%	55,000	+57.1%	6.44%	+51.7%
DHX	Sell	DHI GROUP INC	$4,987,000	-3.6%	1,298,634	-10.4%	3.85%	-3.5%
PARR	Sell	PAR PACIFIC HOLDINGS INC	$4,572,000	-25.7%	200,000	-33.3%	3.53%	-25.6%
WPX	Buy	WPX ENERGY INC	$2,120,000	+47.3%	200,000	+60.0%	1.64%	+47.7%
AGI	Sell	ALAMOS GOLD INC NEW	$1,160,000	-61.7%	200,000	-60.0%	0.90%	-61.6%
PBPB	New	POTBELLY CORP	$668,000	–	153,200	–	0.52%	–
NVTRQ	New	NUVECTRA CORP	$272,000	–	200,000	–	0.21%	–
CDNA	Exit	CAREDX INC	$0	–	-25,000	–	-0.69%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-45,000	–	-0.99%	–
HRI	Exit	HERC HLDGS INC	$0	–	-30,000	–	-1.06%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-75,000	–	-2.70%	–
ANTM	Exit	ANTHEM INC	$0	–	-12,500	–	-2.72%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-30,000	–	-3.41%	–

Q2 2019

			Value		Shares		↓ Weighting
RETA	New	REATA PHARMACEUTICALS INCcl a	$23,116,000	–	245,000	–	17.80%	–
HUM	New	HUMANA INC	$11,939,000	–	45,000	–	9.20%	–
OXY	New	OCCIDENTAL PETE CORP	$10,056,000	–	200,000	–	7.74%	–
NEM	New	NEWMONT GOLDCORP CORPORATION	$9,618,000	–	250,000	–	7.41%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$9,200,000	–	982,900	–	7.09%	–
GOLD	New	BARRICK GOLD CORPORATION	$6,308,000	–	400,000	–	4.86%	–
PARR	New	PAR PACIFIC HOLDINGS INC	$6,156,000	–	300,000	–	4.74%	–
IRIX	New	IRIDEX CORP	$6,006,000	–	1,320,000	–	4.63%	–
CI	New	CIGNA CORP NEW	$5,514,000	–	35,000	–	4.25%	–
DHX	New	DHI GROUP INC	$5,175,000	–	1,449,700	–	3.99%	–
MHK	New	MOHAWK INDS INC	$4,424,000	–	30,000	–	3.41%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$4,232,000	–	175,000	–	3.26%	–
EPSN	New	EPSILON ENERGY LTD	$4,069,000	–	1,085,000	–	3.13%	–
AEM	New	AGNICO EAGLE MINES LTD	$3,843,000	–	75,000	–	2.96%	–
ANTM	New	ANTHEM INC	$3,528,000	–	12,500	–	2.72%	–
CF	New	CF INDS HLDGS INC	$3,503,000	–	75,000	–	2.70%	–
AGI	New	ALAMOS GOLD INC NEW	$3,025,000	–	500,000	–	2.33%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$2,118,000	–	250,000	–	1.63%	–
	New	FORESTAR GROUP INCnote 3.750% 3/0	$2,000,000	–	2,000,000	–	1.54%	–
WPX	New	WPX ENERGY INC	$1,439,000	–	125,000	–	1.11%	–
HRI	New	HERC HLDGS INC	$1,375,000	–	30,000	–	1.06%	–
DVN	New	DEVON ENERGY CORP NEW	$1,283,000	–	45,000	–	0.99%	–
CDNA	New	CAREDX INC	$900,000	–	25,000	–	0.69%	–
ABBV	New	ABBVIE INC	$727,000	–	10,000	–	0.56%	–
TUESQ	New	TUESDAY MORNING CORP	$277,000	–	163,709	–	0.21%	–

Q4 2018

			Value		Shares		↓ Weighting
NVTRQ	Exit	NUVECTRA CORP	$0	–	-15,000	–	-0.38%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-15,000	–	-0.47%	–
TUESQ	Exit	TUESDAY MORNING CORP	$0	–	-163,709	–	-0.60%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-5,000	–	-0.71%	–
TNAV	Exit	TELENAV INC	$0	–	-150,000	–	-0.86%	–
AMC	Exit	AMC ENTMT HLDGS INC	$0	–	-95,000	–	-2.22%	–
	Exit	FORESTAR GROUP INCnote 3.750% 3/0	$0	–	-2,000,000	–	-2.26%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-250,000	–	-2.51%	–
DHX	Exit	DHI GROUP INC	$0	–	-1,375,000	–	-3.29%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-90,000	–	-4.10%	–
CDNA	Exit	CAREDX INC	$0	–	-150,000	–	-4.94%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-15,000	–	-5.57%	–
QADA	Exit	QAD INCcl a	$0	–	-90,000	–	-5.81%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-60,000	–	-5.82%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-270,000	–	-6.28%	–
AGN	Exit	ALLERGAN PLC	$0	–	-40,000	–	-8.69%	–
IRIX	Exit	IRIDEX CORP	$0	–	-1,320,000	–	-9.56%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-982,900	–	-13.56%	–
RETA	Exit	REATA PHARMACEUTICALS INCcl a	$0	–	-240,000	–	-22.37%	–

Q3 2018

			Value		Shares		↓ Weighting
RETA	Sell	REATA PHARMACEUTICALS INCcl a	$19,622,000	+124.4%	240,000	-4.0%	22.37%	+96.9%
IRIX	Buy	IRIDEX CORP	$8,382,000	-3.7%	1,320,000	+5.6%	9.56%	-15.5%
PARR	Buy	PAR PACIFIC HOLDINGS INC	$5,508,000	+26.8%	270,000	+8.0%	6.28%	+11.2%
XOM	Buy	EXXON MOBIL CORP	$5,101,000	+23.3%	60,000	+20.0%	5.82%	+8.2%
QADA	Sell	QAD INCcl a	$5,099,000	+1.7%	90,000	-10.0%	5.81%	-10.8%
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$4,888,000	–	15,000	–	5.57%	–
CDNA	Sell	CAREDX INC	$4,328,000	+5.6%	150,000	-55.2%	4.94%	-7.4%
DVN	Buy	DEVON ENERGY CORP NEW	$3,595,000	+63.6%	90,000	+80.0%	4.10%	+43.5%
DHX	Buy	DHI GROUP INC	$2,888,000	+6.8%	1,375,000	+19.6%	3.29%	-6.3%
AMC	Sell	AMC ENTMT HLDGS INC	$1,948,000	-2.0%	95,000	-24.0%	2.22%	-14.0%
TNAV	Buy	TELENAV INC	$758,000	+8.3%	150,000	+20.0%	0.86%	-5.1%
NLSN	New	NIELSEN HLDGS PLC	$415,000	–	15,000	–	0.47%	–
NVTRQ	Sell	NUVECTRA CORP	$330,000	-35.7%	15,000	-40.0%	0.38%	-43.6%
UAN	Exit	CVR PARTNERS LP	$0	–	-65,604	–	-0.28%	–
HAIN	Exit	HAIN CELESTIAL GROUP INC	$0	–	-30,000	–	-1.16%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-15,000	–	-2.03%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-50,000	–	-2.12%	–
BAC	Exit	BANK AMER CORP	$0	–	-80,000	–	-2.93%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-12,500	–	-3.58%	–

Q2 2018

			Value		Shares		↓ Weighting
NVGS	New	NAVIGATOR HOLDINGS LTD	$12,434,000	–	982,900	–	16.16%	–
RETA	New	REATA PHARMACEUTICALS INCcl a	$8,743,000	–	250,000	–	11.36%	–
IRIX	New	IRIDEX CORP	$8,700,000	–	1,250,000	–	11.31%	–
AGN	New	ALLERGAN PLC	$6,669,000	–	40,000	–	8.67%	–
QADA	New	QAD INCcl a	$5,015,000	–	100,000	–	6.52%	–
PARR	New	PAR PACIFIC HOLDINGS INC	$4,345,000	–	250,000	–	5.65%	–
XOM	New	EXXON MOBIL CORP	$4,137,000	–	50,000	–	5.38%	–
CDNA	New	CAREDX INC	$4,100,000	–	335,000	–	5.33%	–
GS	New	GOLDMAN SACHS GROUP INC	$2,757,000	–	12,500	–	3.58%	–
DHX	New	DHI GROUP INC	$2,703,000	–	1,150,000	–	3.51%	–
BAC	New	BANK AMER CORP	$2,255,000	–	80,000	–	2.93%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$2,238,000	–	250,000	–	2.91%	–
DVN	New	DEVON ENERGY CORP NEW	$2,198,000	–	50,000	–	2.86%	–
AMC	New	AMC ENTMT HLDGS INC	$1,988,000	–	125,000	–	2.58%	–
	New	FORESTAR GROUP INCnote 3.750% 3/0	$1,985,000	–	2,000,000	–	2.58%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$1,635,000	–	50,000	–	2.12%	–
JPM	New	JPMORGAN CHASE & CO	$1,563,000	–	15,000	–	2.03%	–
HAIN	New	HAIN CELESTIAL GROUP INC	$894,000	–	30,000	–	1.16%	–
TNAV	New	TELENAV INC	$700,000	–	125,000	–	0.91%	–
HHC	New	HOWARD HUGHES CORP	$663,000	–	5,000	–	0.86%	–
NVTRQ	New	NUVECTRA CORP	$513,000	–	25,000	–	0.67%	–
TUESQ	New	TUESDAY MORNING CORP	$499,000	–	163,709	–	0.65%	–
UAN	New	CVR PARTNERS LP	$216,000	–	65,604	–	0.28%	–

Q4 2017

			Value		Shares		↓ Weighting
AAT	Exit	AMERICAN ASSETS TR INC	$0	–	-5,000	–	-0.17%	–
HAIN	Exit	HAIN CELESTIAL GROUP INC	$0	–	-10,000	–	-0.35%	–
TUESQ	Exit	TUESDAY MORNING CORP	$0	–	-163,709	–	-0.45%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-10,000	–	-0.48%	–
BSFT	Exit	BROADSOFT INC	$0	–	-25,000	–	-1.07%	–
ZBH	Exit	ZIMMER BIOMET HLDGS INC	$0	–	-15,000	–	-1.50%	–
	Exit	FORESTAR GROUP INCnote 3.750% 3/0	$0	–	-2,000,000	–	-1.73%	–
QADA	Exit	QAD INCcl a	$0	–	-65,000	–	-1.91%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-20,000	–	-2.01%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-75,000	–	-3.09%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-498,335	–	-3.92%	–
CDNA	Exit	CAREDX INC	$0	–	-1,273,800	–	-4.02%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-20,000	–	-4.05%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-75,000	–	-4.11%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-275,795	–	-4.24%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-35,000	–	-4.43%	–
RETA	Exit	REATA PHARMACEUTICALS INCcl a	$0	–	-250,000	–	-6.64%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-169,681	–	-7.32%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-496,960	–	-8.83%	–
C	Exit	CITIGROUP INC	$0	–	-145,000	–	-9.01%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-45,000	–	-9.65%	–
IRIX	Exit	IRIDEX CORP	$0	–	-1,250,000	–	-10.00%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-1,163,028	–	-11.02%	–

Q3 2017

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$11,305,000	-48.0%	45,000	-50.0%	9.65%	-60.9%
C	Buy	CITIGROUP INC	$10,547,000	+16.8%	145,000	+7.4%	9.01%	-12.1%
PARR	Sell	PAR PACIFIC HOLDINGS INC	$10,337,000	-7.5%	496,960	-19.8%	8.83%	-30.4%
PACW	New	PACWEST BANCORP DEL	$8,571,000	–	169,681	–	7.32%	–
IWM	New	ISHARES TRrussell 2000 etf	$5,186,000	–	35,000	–	4.43%	–
BLDR	Buy	BUILDERS FIRSTSOURCE INC	$4,962,000	+17.8%	275,795	+0.3%	4.24%	-11.4%
OXY	New	OCCIDENTAL PETE CORP DEL	$4,816,000	–	75,000	–	4.11%	–
GS	New	GOLDMAN SACHS GROUP INC	$4,744,000	–	20,000	–	4.05%	–
ESXB	Sell	COMMUNITY BANKERS TR CORP	$4,585,000	+11.2%	498,335	-0.3%	3.92%	-16.4%
DAL	New	DELTA AIR LINES INC DEL	$3,617,000	–	75,000	–	3.09%	–
QADA	New	QAD INCcl a	$2,233,000	–	65,000	–	1.91%	–
ZBH	New	ZIMMER BIOMET HLDGS INC	$1,756,000	–	15,000	–	1.50%	–
BSFT	New	BROADSOFT INC	$1,258,000	–	25,000	–	1.07%	–
LUV	New	SOUTHWEST AIRLS CO	$560,000	–	10,000	–	0.48%	–
HAIN	New	HAIN CELESTIAL GROUP INC	$412,000	–	10,000	–	0.35%	–
AAT	Sell	AMERICAN ASSETS TR INC	$199,000	-74.7%	5,000	-75.0%	0.17%	-81.0%
CF	Exit	CF INDS HLDGS INC	$0	–	-10,000	–	-0.32%	–
ENTL	Exit	ENTELLUS MED INC	$0	–	-35,000	–	-0.66%	–

Q2 2017

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRtr unit	$21,761,000	–	90,000	–	24.70%	–
IRIX	New	IRIDEX CORP	$12,363,000	–	1,250,000	–	14.04%	–
PARR	New	PAR PACIFIC HOLDINGS INC	$11,174,000	–	619,396	–	12.68%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$9,653,000	–	1,163,028	–	10.96%	–
C	New	CITIGROUP INC	$9,029,000	–	135,000	–	10.25%	–
RETA	New	REATA PHARMACEUTICALS INCcl a	$7,910,000	–	250,000	–	8.98%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$4,213,000	–	275,000	–	4.78%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$4,125,000	–	500,000	–	4.68%	–
HHC	New	HOWARD HUGHES CORP	$2,457,000	–	20,000	–	2.79%	–
	New	FORESTAR GROUP INCnote 3.750% 3/0	$2,030,000	–	2,000,000	–	2.30%	–
CDNA	New	CAREDX INC	$1,414,000	–	1,273,800	–	1.60%	–
AAT	New	AMERICAN ASSETS TR INC	$788,000	–	20,000	–	0.90%	–
ENTL	New	ENTELLUS MED INC	$580,000	–	35,000	–	0.66%	–
TUESQ	New	TUESDAY MORNING CORP	$311,000	–	163,709	–	0.35%	–
CF	New	CF INDS HLDGS INC	$280,000	–	10,000	–	0.32%	–

Q4 2016

			Value		Shares		↓ Weighting
ESIO	Exit	ELECTRO SCIENTIFIC INDS	$0	–	-150,000	–	-0.98%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-60,000	–	-1.69%	–
	Exit	FORESTAR GROUP INCnote 3.750% 3/0	$0	–	-2,000,000	–	-2.19%	–
ESL	Exit	ESTERLINE TECHNOLOGIES CORP	$0	–	-40,000	–	-3.52%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-30,000	–	-3.97%	–
RETA	Exit	REATA PHARMACEUTICALS INCcl a	$0	–	-150,000	–	-4.57%	–
AAT	Exit	AMERICAN ASSETS TR INC	$0	–	-109,084	–	-5.47%	–
FORM	Exit	FORMFACTOR INC	$0	–	-480,000	–	-6.02%	–
CDNA	Exit	CAREDX INC	$0	–	-1,473,800	–	-6.05%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-220,000	–	-6.72%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-1,088,600	–	-6.82%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-1,050,000	–	-8.73%	–
BSFT	Exit	BROADSOFT INC	$0	–	-190,000	–	-10.22%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-802,343	–	-12.13%	–
IRIX	Exit	IRIDEX CORP	$0	–	-1,250,000	–	-20.93%	–

Q3 2016

			Value		Shares		↓ Weighting
PARR	Buy	PAR PACIFIC HOLDINGS INC	$10,495,000	-6.3%	802,343	+9.9%	12.13%	+10.7%
BSFT	Sell	BROADSOFT INC	$8,845,000	-20.1%	190,000	-29.6%	10.22%	-5.7%
NVGS	Buy	NAVIGATOR HOLDINGS LTD	$7,550,000	-31.9%	1,050,000	+9.0%	8.73%	-19.5%
GDX	Buy	VANECK VECTORS ETF TRgold miners etf	$5,815,000	+19.9%	220,000	+25.7%	6.72%	+41.6%
CDNA	Buy	CAREDX INC	$5,232,000	+3.4%	1,473,800	+25.6%	6.05%	+22.1%
FORM	Sell	FORMFACTOR INC	$5,208,000	+9.0%	480,000	-9.7%	6.02%	+28.7%
AAT	Buy	AMERICAN ASSETS TR INC	$4,732,000	+11.5%	109,084	+9.1%	5.47%	+31.7%
HHC	Buy	HOWARD HUGHES CORP	$3,435,000	+114.7%	30,000	+114.3%	3.97%	+153.5%
ESL	Sell	ESTERLINE TECHNOLOGIES CORP	$3,042,000	+4.3%	40,000	-14.9%	3.52%	+23.2%
CF	New	CF INDS HLDGS INC	$1,461,000	–	60,000	–	1.69%	–
ESIO	New	ELECTRO SCIENTIFIC INDS	$846,000	–	150,000	–	0.98%	–
DCOM	Exit	DIME CMNTY BANCSHARES	$0	–	-50,000	–	-0.83%	–
HTBK	Exit	HERITAGE COMMERCE CORP	$0	–	-100,000	–	-1.03%	–
RPXC	Exit	RPX CORP	$0	–	-134,700	–	-1.21%	–
ONE	Exit	HIGHER ONE HLDGS INC	$0	–	-400,000	–	-2.00%	–
YHOO	Exit	YAHOO INC	$0	–	-300,000	–	-11.02%	–

Q2 2016

			Value		Shares		↓ Weighting
IRIX	New	IRIDEX CORP	$18,488,000	–	1,250,000	–	18.10%	–
YHOO	New	YAHOO INC	$11,259,000	–	300,000	–	11.02%	–
PARR	New	PAR PACIFIC HOLDINGS INC	$11,199,000	–	730,067	–	10.96%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$11,080,000	–	963,484	–	10.85%	–
BSFT	New	BROADSOFT INC	$11,073,000	–	270,000	–	10.84%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$5,639,000	–	1,088,600	–	5.52%	–
CDNA	New	CAREDX INC	$5,059,000	–	1,173,800	–	4.95%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$4,849,000	–	175,000	–	4.75%	–
FORM	New	FORMFACTOR INC	$4,779,000	–	531,641	–	4.68%	–
AAT	New	AMERICAN ASSETS TR INC	$4,244,000	–	100,000	–	4.15%	–
RETA	New	REATA PHARMACEUTICALS INCcl a	$2,963,000	–	150,000	–	2.90%	–
ESL	New	ESTERLINE TECHNOLOGIES CORP	$2,916,000	–	47,000	–	2.85%	–
ONE	New	HIGHER ONE HLDGS INC	$2,044,000	–	400,000	–	2.00%	–
	New	FORESTAR GROUP INCnote 3.750% 3/0	$1,830,000	–	2,000,000	–	1.79%	–
HHC	New	HOWARD HUGHES CORP	$1,600,000	–	14,000	–	1.57%	–
RPXC	New	RPX CORP	$1,235,000	–	134,700	–	1.21%	–
HTBK	New	HERITAGE COMMERCE CORP	$1,053,000	–	100,000	–	1.03%	–
DCOM	New	DIME CMNTY BANCSHARES	$851,000	–	50,000	–	0.83%	–

Q4 2015

			Value		Shares		↓ Weighting
UAMY	Exit	UNITED STATES ANTIMONY CORP	$0	–	-40,986	–	-0.02%	–
MET	Exit	METLIFE INC	$0	–	-3,500	–	-0.18%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-2,500	–	-0.25%	–
HTBK	Exit	HERITAGE COMMERCE CORP	$0	–	-60,000	–	-0.73%	–
DCOM	Exit	DIME CMNTY BANCSHARES	$0	–	-50,000	–	-0.90%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-50,000	–	-1.13%	–
GNE	Exit	GENIE ENERGY LTDcl b	$0	–	-179,734	–	-1.58%	–
CDNA	Exit	CAREDX INC	$0	–	-395,316	–	-1.76%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-50,000	–	-2.08%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-30,000	–	-3.42%	–
ISCA	Exit	INTERNATIONAL SPEEDWAY CORPcl a	$0	–	-150,000	–	-5.09%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-1,085,000	–	-5.81%	–
RNF	Exit	RENTECH NITROGEN PARTNERS L	$0	–	-475,000	–	-5.99%	–
BSFT	Exit	BROADSOFT INC	$0	–	-250,000	–	-8.00%	–
IRIX	Exit	IRIDEX CORP	$0	–	-1,250,000	–	-10.16%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-771,420	–	-11.00%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-250,000	–	-11.99%	–
CSCD	Exit	CASCADE MICROTECH INC	$0	–	-967,500	–	-14.62%	–
PARR	Exit	PAR PETE CORP	$0	–	-687,367	–	-15.30%	–

Q3 2015

			Value		Shares		↓ Weighting
PARR	Buy	PAR PETE CORP	$14,318,000	+45.7%	687,367	+30.9%	15.30%	+80.0%
NVGS	Buy	NAVIGATOR HOLDINGS LTD	$10,298,000	-22.3%	771,420	+10.2%	11.00%	-4.0%
IRIX	Buy	IRIDEX CORP	$9,513,000	+17.1%	1,250,000	+26.9%	10.16%	+44.6%
BSFT	Buy	BROADSOFT INC	$7,490,000	+66.7%	250,000	+92.3%	8.00%	+105.9%
RNF	Buy	RENTECH NITROGEN PARTNERS L	$5,605,000	-2.0%	475,000	+18.8%	5.99%	+21.1%
ISCA	Sell	INTERNATIONAL SPEEDWAY CORPcl a	$4,761,000	-56.7%	150,000	-50.0%	5.09%	-46.5%
GLD	Buy	SPDR GOLD TRUST	$3,206,000	+42.7%	30,000	+50.0%	3.42%	+76.3%
CDNA	New	CAREDX INC	$1,648,000	–	395,316	–	1.76%	–
PGC	Buy	PEAPACK-GLADSTONE FINL CORP	$1,059,000	+19.1%	50,000	+25.0%	1.13%	+47.1%
DCOM	Buy	DIME CMNTY BANCSHARES	$845,000	+99.3%	50,000	+100.0%	0.90%	+146.0%
HTBK	Buy	HERITAGE COMMERCE CORP	$680,000	+41.4%	60,000	+20.0%	0.73%	+74.8%
HON	New	HONEYWELL INTL INC	$237,000	–	2,500	–	0.25%	–
MET	Sell	METLIFE INC	$165,000	-99.0%	3,500	-98.8%	0.18%	-98.8%
UAMY	Sell	UNITED STATES ANTIMONY CORP	$14,000	-83.5%	40,986	-67.3%	0.02%	-79.7%
BRKL	Exit	BROOKLINE BANCORP INC DEL	$0	–	-10,000	–	-0.10%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-10,000	–	-0.29%	–
BREW	Exit	CRAFT BREW ALLIANCE INC	$0	–	-41,768	–	-0.40%	–
AGN	Exit	ALLERGAN PLC	$0	–	-3,500	–	-0.92%	–
C	Exit	CITIGROUP INC	$0	–	-50,000	–	-2.39%	–
XHR	Exit	XENIA HOTELS & RESORTS INC	$0	–	-150,000	–	-2.82%	–

Q2 2015

			Value		Shares		↓ Weighting
MET	New	METLIFE INC	$16,797,000	–	300,000	–	14.53%	–
CSCD	New	CASCADE MICROTECH INC	$14,735,000	–	967,500	–	12.74%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$13,258,000	–	700,000	–	11.47%	–
ISCA	New	INTERNATIONAL SPEEDWAY CORPcl a	$11,001,000	–	300,000	–	9.51%	–
DAL	New	DELTA AIR LINES INC DEL	$10,270,000	–	250,000	–	8.88%	–
PARR	New	PAR PETE CORP	$9,828,000	–	525,000	–	8.50%	–
IRIX	New	IRIDEX CORP	$8,126,000	–	985,000	–	7.03%	–
RNF	New	RENTECH NITROGEN PARTNERS L	$5,720,000	–	400,000	–	4.95%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$5,392,000	–	1,085,000	–	4.66%	–
BSFT	New	BROADSOFT INC	$4,494,000	–	130,000	–	3.89%	–
XHR	New	XENIA HOTELS & RESORTS INC	$3,261,000	–	150,000	–	2.82%	–
C	New	CITIGROUP INC	$2,762,000	–	50,000	–	2.39%	–
GLD	New	SPDR GOLD TRUST	$2,247,000	–	20,000	–	1.94%	–
AAL	New	AMERICAN AIRLS GROUP INC	$1,997,000	–	50,000	–	1.73%	–
GNE	New	GENIE ENERGY LTDcl b	$1,882,000	–	179,734	–	1.63%	–
AGN	New	ALLERGAN PLC	$1,063,000	–	3,500	–	0.92%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$889,000	–	40,000	–	0.77%	–
HTBK	New	HERITAGE COMMERCE CORP	$481,000	–	50,000	–	0.42%	–
BREW	New	CRAFT BREW ALLIANCE INC	$462,000	–	41,768	–	0.40%	–
DCOM	New	DIME CMNTY BANCSHARES	$424,000	–	25,000	–	0.37%	–
AL	New	AIR LEASE CORPcl a	$339,000	–	10,000	–	0.29%	–
BRKL	New	BROOKLINE BANCORP INC DEL	$113,000	–	10,000	–	0.10%	–
UAMY	New	UNITED STATES ANTIMONY CORP	$85,000	–	125,300	–	0.07%	–

Q4 2014

			Value		Shares		↓ Weighting
SPNC	Exit	SPECTRANETICS CORP	$0	–	-10,000	–	-0.20%	–
ORKLY	Exit	ORKLA ASA-SPON ADRcl b	$0	–	-150,000	–	-1.01%	–
GNE	Exit	GENIE ENERGY LTDcl b	$0	–	-340,000	–	-1.77%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-100,000	–	-2.07%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-872,117	–	-2.83%	–
PARR	Exit	PAR PETE CORP	$0	–	-304,618	–	-3.77%	–
RBS	Exit	ROYAL BK SCOTLAND GROUP PLCspons adr 20 ord	$0	–	-450,000	–	-3.98%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-175,000	–	-4.70%	–
IRIX	Exit	IRIDEX CORP	$0	–	-925,000	–	-4.81%	–
CSCD	Exit	CASCADE MICROTECH INC	$0	–	-750,000	–	-5.64%	–
LM	Exit	LEGG MASON INC	$0	–	-150,000	–	-5.70%	–
MET	Exit	METLIFE INC	$0	–	-175,000	–	-6.98%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-100,000	–	-8.63%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-125,000	–	-8.64%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,000,000	–	-12.66%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-500,000	–	-13.17%	–
C	Exit	CITIGROUP INC	$0	–	-350,000	–	-13.46%	–

Q3 2014

			Value		Shares		↓ Weighting
C	Buy	CITIGROUP INC	$18,137,000	+285.1%	350,000	+250.0%	13.46%	+258.2%
AAL	Buy	AMERICAN AIRLS GROUP INC	$17,740,000	-8.2%	500,000	+11.1%	13.17%	-14.6%
BAC	Buy	BANK AMER CORP	$17,050,000	+84.9%	1,000,000	+66.7%	12.66%	+72.0%
LM	Buy	LEGG MASON INC	$7,674,000	+38.7%	150,000	+39.1%	5.70%	+29.1%
CSCD	Buy	CASCADE MICROTECH INC	$7,598,000	-0.4%	750,000	+34.2%	5.64%	-7.3%
DAL	Sell	DELTA AIR LINES INC DEL	$6,326,000	-18.3%	175,000	-12.5%	4.70%	-24.0%
RBS	Buy	ROYAL BK SCOTLAND GROUP PLCspons adr 20 ord	$5,369,000	+90.2%	450,000	+80.0%	3.98%	+76.9%
PARR	Buy	PAR PETE CORP	$5,075,000	+56.6%	304,618	+90.4%	3.77%	+45.7%
WWE	Exit	WORLD WRESTLING ENTMT INCcl a	$0	–	-10,000	–	-0.10%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-20,000	–	-3.12%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-200,000	–	-6.55%	–

Q2 2014

			Value		Shares		↓ Weighting
AAL	New	AMERICAN AIRLS GROUP INC	$19,332,000	–	450,000	–	15.43%	–
GLD	New	SPDR GOLD TRUST	$12,804,000	–	100,000	–	10.22%	–
HON	New	HONEYWELL INTL INC	$11,619,000	–	125,000	–	9.27%	–
MET	New	METLIFE INC	$9,723,000	–	175,000	–	7.76%	–
BAC	New	BANK OF AMERICA CORPORATION	$9,222,000	–	600,000	–	7.36%	–
UAL	New	UNITED CONTL HLDGS INC	$8,214,000	–	200,000	–	6.55%	–
DAL	New	DELTA AIR LINES INC DEL	$7,744,000	–	200,000	–	6.18%	–
IRIX	New	IRIDEX CORP	$7,687,000	–	925,000	–	6.13%	–
CSCD	New	CASCADE MICROTECH INC	$7,627,000	–	558,789	–	6.09%	–
LM	New	LEGG MASON INC	$5,531,000	–	107,800	–	4.41%	–
C	New	CITIGROUP INC	$4,710,000	–	100,000	–	3.76%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$3,914,000	–	20,000	–	3.12%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$3,820,000	–	872,117	–	3.05%	–
PARR	New	PAR PETROLEUM CORP	$3,240,000	–	160,000	–	2.58%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$2,938,000	–	100,000	–	2.34%	–
RBS	New	ROYAL BK SCOTLAND GROUP PLCspons adr 20 ord	$2,823,000	–	250,000	–	2.25%	–
GNE	New	GENIE ENERGY LTDcl b	$2,676,000	–	340,000	–	2.14%	–
ORKLY	New	ORKLA ASAadr	$1,349,000	–	150,000	–	1.08%	–
SPNC	New	SPECTRANETICS CORP	$229,000	–	10,000	–	0.18%	–
WWE	New	WORLD WRESTLING ENTMT INCcl a	$119,000	–	10,000	–	0.10%	–

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