TOWERVIEW LLC Activity Q2 2005-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
TRC	Buy	TEJON RANCH CO	$62,374,010	-5.4%	3,845,500	+0.3%	41.49%	-3.6%
GASS	Buy	STEALTHGAS INC	$12,688,200	+18.9%	2,520,000	+0.6%	8.44%	+21.2%
SRG	Buy	SERITAGE GROWTH PPTYS CL A	$5,263,200	-11.9%	680,000	+1.5%	3.50%	-10.3%
ALCO	Buy	ALICO INC	$4,975,077	+8.9%	199,322	+11.0%	3.31%	+11.0%
PLCE	Buy	CHILDRENS PL INC NEW COM	$2,054,280	+19.6%	76,000	+2.7%	1.37%	+21.9%
CTLP	Buy	CANTALOUPE INC COM	$1,406,250	-11.7%	225,000	+12.5%	0.94%	-10.0%
GTX	Buy	GARRETT MOTION INC COM	$1,103,200	+88.6%	140,000	+81.2%	0.73%	+92.1%
	New	IMPERIAL PETE INC COM NEW	$632,000	–	400,000	–	0.42%	–
	Buy	OMNIAB INC COM	$570,900	+33.5%	110,000	+29.4%	0.38%	+36.2%
CRVS	Buy	CORVUS PHARMACEUTICALS INC COM	$500,018	+6.5%	342,478	+67.1%	0.33%	+8.8%
ATVI	New	ACTIVISION BLIZZARD INC COM	$468,150	–	5,000	–	0.31%	–
NM	New	NAVIOS MARITIME HOLDINGS INC	$400,000	–	200,000	–	0.27%	–
INTC	Sell	INTEL CORP COM	$355,500	-46.8%	10,000	-50.0%	0.24%	-46.0%
	Sell	REDWIRE CORPORATION COM	$57,800	-89.2%	20,000	-90.5%	0.04%	-89.1%
	New	ELECTRIQ POWER HLDGS INC WTS EXP 7/31/28	$6,192	–	217,641	–	0.00%	–
GIII	Exit	GIII APPAREL GROUP LTD COM	$0	–	-2,500	–	-0.03%	–
NGS	Exit	NATURAL GAS SVCS GROUP INC COM	$0	–	-22,537	–	-0.15%	–
CLI	Exit	VERIS RESIDENTIAL INC COM	$0	–	-54,962	–	-0.58%	–

Q2 2023

			Value		Shares		↓ Weighting
TRC	New	TEJON RANCH CO	$65,962,953	–	3,832,827	–	43.06%	–
SGA	New	SAGA COMMUNICATIONS INC	$24,802,036	–	1,161,144	–	16.19%	–
ACI	New	ALBERTSONS COS INC COM	$13,092,000	–	600,000	–	8.55%	–
GASS	New	STEALTHGAS INC	$10,671,300	–	2,505,000	–	6.97%	–
GLW	New	CORNING INC	$10,161,600	–	290,000	–	6.63%	–
SRG	New	SERITAGE GROWTH PPTYS CL A	$5,976,400	–	670,000	–	3.90%	–
LE	New	LANDS END INC NEW	$5,158,320	–	664,732	–	3.37%	–
ALCO	New	ALICO INC	$4,570,070	–	179,500	–	2.98%	–
BNED	New	BARNES & NOBLE ED INC	$1,898,811	–	1,506,993	–	1.24%	–
PLCE	New	CHILDRENS PL INC NEW COM	$1,717,540	–	74,000	–	1.12%	–
CTLP	New	CANTALOUPE INC COM	$1,592,000	–	200,000	–	1.04%	–
GYRO	New	GYRODYNE LLC	$1,475,496	–	155,152	–	0.96%	–
	New	WARNER BROS DISCOVERY INC	$1,254,000	–	100,000	–	0.82%	–
CLI	New	VERIS RESIDENTIAL INC COM	$882,140	–	54,962	–	0.58%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC COM	$854,700	–	30,000	–	0.56%	–
INTC	New	INTEL CORP COM	$668,800	–	20,000	–	0.44%	–
GTX	New	GARRETT MOTION INC COM	$584,972	–	77,275	–	0.38%	–
	New	REDWIRE CORPORATION COM	$535,500	–	210,000	–	0.35%	–
CRVS	New	CORVUS PHARMACEUTICALS INC COM	$469,450	–	205,000	–	0.31%	–
	New	OMNIAB INC COM	$427,550	–	85,000	–	0.28%	–
NGS	New	NATURAL GAS SVCS GROUP INC COM	$223,116	–	22,537	–	0.15%	–
JBGS	New	JBG SMITH PPTYS COM	$150,400	–	10,000	–	0.10%	–
GIII	New	GIII APPAREL GROUP LTD COM	$48,175	–	2,500	–	0.03%	–
	New	CHAIN BRIDGE I WTS EXP 11/10/2026	$18,150	–	330,000	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
MONCW	Exit	MONUMENT CIRCLE ACQUISITN WTS EX 011426	$0	–	-30,000	–	-0.00%	–
HCIIW	Exit	HUDSON EXECUTIVE INVS II WTS EX 013127	$0	–	-32,366	–	-0.00%	–
HIIIW	Exit	HUDSON EXECUTIVE INVES III WTS EX 02/22/2026	$0	–	-60,000	–	-0.00%	–
TLGAWS	Exit	TLG ACQUISITION ONE CORP WTS EXP 01/25/2028	$0	–	-154,342	–	-0.01%	–
	Exit	CHAIN BRIDGE I WTS EXP 11/10/2026	$0	–	-345,900	–	-0.02%	–
IMBI	Exit	IMEDIA BRANDS INC COM CL A	$0	–	-64,200	–	-0.02%	–
JBGS	Exit	JBG SMITH PPTYS COM	$0	–	-10,000	–	-0.11%	–
GTXAP	Exit	GARRETT MOTION INC PFD CONV SER A	$0	–	-66,200	–	-0.27%	–
INTC	Exit	INTEL CORP COM	$0	–	-20,000	–	-0.30%	–
CTLP	Exit	CANTALOUPE INC COM	$0	–	-200,000	–	-0.40%	–
GYRO	Exit	GYRODYNE LLC	$0	–	-103,500	–	-0.57%	–
	Exit	REDWIRE CORPORATION COM	$0	–	-475,345	–	-0.65%	–
	Exit	WARNER BROS DISCOVERY INC	$0	–	-100,000	–	-0.66%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC COM	$0	–	-50,000	–	-0.90%	–
ALCO	Exit	ALICO INC	$0	–	-65,000	–	-1.06%	–
PLCE	Exit	CHILDRENS PL INC NEW COM	$0	–	-78,000	–	-1.38%	–
HCII	Exit	HUDSON EXECUTIVE INVS II COM CL A	$0	–	-323,591	–	-1.83%	–
HIII	Exit	HUDSON EXECUTIVE INVES III COM CL A	$0	–	-340,908	–	-1.93%	–
BNED	Exit	BARNES & NOBLE ED INC	$0	–	-1,505,000	–	-2.08%	–
MON	Exit	MONUMENT CIRCLE ACQUISITN CORP COM CL A	$0	–	-380,000	–	-2.16%	–
CRU	Exit	CRUCIBLE ACQUISITION CORP COM CL A	$0	–	-415,059	–	-2.38%	–
GASS	Exit	STEALTHGAS INC	$0	–	-1,775,000	–	-2.61%	–
SRG	Exit	SERITAGE GROWTH PPTYS CL A	$0	–	-580,000	–	-3.01%	–
LE	Exit	LANDS END INC NEW	$0	–	-686,584	–	-3.05%	–
TSPQ	Exit	TCW SPECIAL PURPOSE ACQU CORP COM CL A	$0	–	-585,235	–	-3.30%	–
	Exit	CHAIN BRIDGE I CLASS A ORD	$0	–	-648,728	–	-3.76%	–
TLGA	Exit	TLG ACQUISITION ONE CORP COM CL A	$0	–	-791,501	–	-4.49%	–
GLW	Exit	CORNING INC	$0	–	-400,000	–	-6.68%	–
TMKR	Exit	TASTEMAKER ACQUISITION CORP COM CL A	$0	–	-1,275,047	–	-7.31%	–
SGA	Exit	SAGA COMMUNICATIONS INC	$0	–	-1,161,144	–	-17.46%	–
TRC	Exit	TEJON RANCH CO	$0	–	-3,815,000	–	-31.59%	–

Q3 2022

			Value		Shares		↓ Weighting
GLW	Buy	CORNING INC	$11,608,000	-3.1%	400,000	+5.3%	6.68%	+4.1%
TSPQ	Buy	TCW SPECIAL PURPOSE ACQU CORP COM CL A	$5,741,000	+15.3%	585,235	+14.6%	3.30%	+23.9%
LE	Buy	LANDS END INC NEW	$5,300,000	+10.9%	686,584	+52.6%	3.05%	+19.1%
SRG	Buy	SERITAGE GROWTH PPTYS CL A	$5,232,000	+199.8%	580,000	+73.1%	3.01%	+222.2%
GASS	Buy	STEALTHGAS INC	$4,544,000	-11.5%	1,775,000	+10.9%	2.61%	-5.0%
PLCE	Buy	CHILDRENS PL INC NEW COM	$2,409,000	+3.2%	78,000	+30.0%	1.38%	+10.8%
ALCO	Buy	ALICO INC	$1,836,000	+87.9%	65,000	+137.0%	1.06%	+101.9%
GYRO	Buy	GYRODYNE LLC	$994,000	-18.5%	103,500	+2.0%	0.57%	-12.4%
GTXAP	New	GARRETT MOTION INC PFD CONV SER A	$471,000	–	66,200	–	0.27%	–
RNWK	Exit	REALNETWORKS INC	$0	–	-100,000	–	-0.03%	–
EIGR	Exit	EIGER BIOPHARMACEUTICALS INC	$0	–	-25,000	–	-0.08%	–
SLCR	Exit	SILVER CREST ACQUISITION CORP CL A	$0	–	-375,000	–	-1.98%	–
MUDS	Exit	MUDRICK CAPITAL ACQU CORP II COM CL A	$0	–	-900,634	–	-4.86%	–

Q2 2022

			Value		Shares		↓ Weighting
TRC	New	TEJON RANCH CO	$59,209,000	–	3,815,000	–	31.70%	–
SGA	New	SAGA COMMUNICATIONS INC	$28,854,000	–	1,161,144	–	15.45%	–
TMKR	New	TASTEMAKER ACQUISITION CORP COM CL A	$12,648,000	–	1,275,047	–	6.77%	–
GLW	New	CORNING INC	$11,974,000	–	380,000	–	6.41%	–
MUDS	New	MUDRICK CAPITAL ACQU CORP II COM CL A	$9,078,000	–	900,634	–	4.86%	–
TLGA	New	TLG ACQUISITION ONE CORP COM CL A	$7,757,000	–	791,501	–	4.15%	–
	New	CHAIN BRIDGE I CLASS A ORD	$6,442,000	–	648,728	–	3.45%	–
GASS	New	STEALTHGAS INC	$5,136,000	–	1,600,000	–	2.75%	–
TSPQ	New	TCW SPECIAL PURPOSE ACQU CORP COM CL A	$4,979,000	–	510,710	–	2.67%	–
LE	New	LANDS END INC NEW	$4,779,000	–	450,000	–	2.56%	–
BNED	New	BARNES & NOBLE ED INC	$4,410,000	–	1,505,000	–	2.36%	–
CRU	New	CRUCIBLE ACQUISITION CORP COM CL A	$4,084,000	–	415,059	–	2.19%	–
MON	New	MONUMENT CIRCLE ACQUISITN CORP COM CL A	$3,732,000	–	380,000	–	2.00%	–
SLCR	New	SILVER CREST ACQUISITION CORP CL A	$3,694,000	–	375,000	–	1.98%	–
HIII	New	HUDSON EXECUTIVE INVES III COM CL A	$3,343,000	–	340,908	–	1.79%	–
HCII	New	HUDSON EXECUTIVE INVS II COM CL A	$3,174,000	–	323,591	–	1.70%	–
PLCE	New	CHILDRENS PL INC NEW COM	$2,335,000	–	60,000	–	1.25%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC COM	$1,895,000	–	50,000	–	1.02%	–
SRG	New	SERITAGE GROWTH PPTYS CL A	$1,745,000	–	335,000	–	0.93%	–
	New	REDWIRE CORPORATION COM	$1,445,000	–	475,345	–	0.77%	–
	New	WARNER BROS DISCOVERY INC	$1,342,000	–	100,000	–	0.72%	–
GYRO	New	GYRODYNE LLC	$1,219,000	–	101,500	–	0.65%	–
CTLP	New	CANTALOUPE INC COM	$1,120,000	–	200,000	–	0.60%	–
ALCO	New	ALICO INC	$977,000	–	27,425	–	0.52%	–
INTC	New	INTEL CORP COM	$748,000	–	20,000	–	0.40%	–
JBGS	New	JBG SMITH PPTYS COM	$236,000	–	10,000	–	0.13%	–
EIGR	New	EIGER BIOPHARMACEUTICALS INC	$158,000	–	25,000	–	0.08%	–
IMBI	New	IMEDIA BRANDS INC COM CL A	$78,000	–	64,200	–	0.04%	–
	New	CHAIN BRIDGE I WTS EXP 11/10/2026	$77,000	–	345,900	–	0.04%	–
RNWK	New	REALNETWORKS INC	$63,000	–	100,000	–	0.03%	–
TLGAWS	New	TLG ACQUISITION ONE CORP WTS EXP 01/25/2028	$12,000	–	154,342	–	0.01%	–
MONCW	New	MONUMENT CIRCLE ACQUISITN WTS EX 011426	$3,000	–	30,000	–	0.00%	–
HIIIW	New	HUDSON EXECUTIVE INVES III WTS EX 02/22/2026	$4,000	–	60,000	–	0.00%	–
HCIIW	New	HUDSON EXECUTIVE INVS II WTS EX 013127	$4,000	–	32,366	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
MONCW	Exit	MONUMENT CIRCLE ACQUISITN WTS EX 011426	$0	–	-30,000	–	-0.01%	–
HIIIW	Exit	HUDSON EXECUTIVE INVS III WTS EX 02/22/2026	$0	–	-60,000	–	-0.03%	–
HCIIW	Exit	HUDSON EXECUTIVE INVS II WTS EX 013127	$0	–	-60,000	–	-0.03%	–
RNWK	Exit	REALNETWORKS INC	$0	–	-52,500	–	-0.04%	–
TLGAWS	Exit	TLG ACQUISITION ONE CORP WTS EXP 01/25/2028	$0	–	-154,342	–	-0.05%	–
T	Exit	AT&T INC COM	$0	–	-10,000	–	-0.14%	–
IMBI	Exit	IMEDIA BRANDS INC COM CL A	$0	–	-64,200	–	-0.19%	–
CLI	Exit	MACK CALI REALTY CORP	$0	–	-32,500	–	-0.29%	–
TSPQ	Exit	TCW SPECIAL PURPOSE ACQU CORP COM CL A	$0	–	-60,000	–	-0.31%	–
EIGR	Exit	EIGER BIOPHARMACEUTICALS INC	$0	–	-135,000	–	-0.48%	–
CTLP	Exit	CANTALOUPE INC COM	$0	–	-90,000	–	-0.51%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC COM	$0	–	-25,000	–	-0.62%	–
GYRO	Exit	GYRODYNE LLC	$0	–	-101,500	–	-0.69%	–
DISCK	Exit	DISCOVERY INC COM SER C	$0	–	-70,000	–	-0.89%	–
SLCR	Exit	SILVER CREST ACQUISITION CORP CL A	$0	–	-255,000	–	-1.32%	–
ALCO	Exit	ALICO INC	$0	–	-78,000	–	-1.40%	–
GLW	Exit	CORNING INC	$0	–	-80,000	–	-1.54%	–
HCII	Exit	HUDSON EXECUTIVE INVS II COM CL A	$0	–	-323,244	–	-1.66%	–
HIII	Exit	HUDSON EXECUTIVE INVS III COM CL A	$0	–	-340,908	–	-1.74%	–
GASS	Exit	STEALTHGAS INC	$0	–	-1,250,102	–	-1.76%	–
MON	Exit	MONUMENT CIRCLE ACQUISITN CORP COM CL A	$0	–	-380,000	–	-1.95%	–
CRU	Exit	CRUCIBLE ACQUISITION CORP COM CL A	$0	–	-415,059	–	-2.14%	–
	Exit	REDWIRE CORPORATION COM	$0	–	-495,000	–	-2.51%	–
ALTU	Exit	ALTITUDE ACQUISITION CORP COM CL A	$0	–	-500,000	–	-2.59%	–
LE	Exit	LANDS END INC NEW	$0	–	-213,000	–	-2.64%	–
TLGA	Exit	TLG ACQUISITION ONE CORP COM CL A	$0	–	-791,501	–	-4.10%	–
FLOW	Exit	SPX FLOW INC COM	$0	–	-120,000	–	-4.62%	–
MUDS	Exit	MUDRICK CAPITAL ACQU CORP II COM CL A	$0	–	-900,634	–	-4.72%	–
BNED	Exit	BARNES & NOBLE ED INC	$0	–	-1,046,554	–	-5.50%	–
TMKR	Exit	TASTEMAKER ACQUISITION CORP COM CL A	$0	–	-1,183,299	–	-6.14%	–
SGA	Exit	SAGA COMMUNICATIONS INC	$0	–	-1,161,144	–	-13.75%	–
TRC	Exit	TEJON RANCH CO	$0	–	-3,815,000	–	-35.65%	–

Q3 2021

			Value		Shares		↓ Weighting
TMKR	Buy	TASTEMAKER ACQUISITION CORP COM CL A	$11,667,000	+20.5%	1,183,299	+18.8%	6.14%	+5.3%
BNED	Sell	BARNES & NOBLE ED INC	$10,455,000	+31.6%	1,046,554	-5.0%	5.50%	+15.0%
MUDS	New	MUDRICK CAPITAL ACQU CORP II COM CL A	$8,961,000	–	900,634	–	4.72%	–
FLOW	New	SPX FLOW INC COM	$8,772,000	–	120,000	–	4.62%	–
TLGA	Buy	TLG ACQUISITION ONE CORP COM CL A	$7,796,000	+15.2%	791,501	+13.1%	4.10%	+0.6%
LE	Buy	LANDS END INC NEW	$5,014,000	-38.9%	213,000	+6.5%	2.64%	-46.6%
	New	REDWIRE CORPORATION COM	$4,767,000	–	495,000	–	2.51%	–
CRU	Buy	CRUCIBLE ACQUISITION CORP COM CL A	$4,059,000	+25.3%	415,059	+24.3%	2.14%	+9.5%
GASS	Buy	STEALTHGAS INC	$3,350,000	+3.2%	1,250,102	+8.2%	1.76%	-9.8%
HIII	Buy	HUDSON EXECUTIVE INVS III COM CL A	$3,317,000	+13.3%	340,908	+13.6%	1.74%	-1.0%
HCII	Buy	HUDSON EXECUTIVE INVS II COM CL A	$3,152,000	+5.7%	323,244	+5.3%	1.66%	-7.6%
GLW	Buy	CORNING INC	$2,919,000	+18.9%	80,000	+33.3%	1.54%	+3.9%
SLCR	New	SILVER CREST ACQUISITION CORP CL A	$2,507,000	–	255,000	–	1.32%	–
DISCK	Buy	DISCOVERY INC COM SER C	$1,699,000	+17.3%	70,000	+40.0%	0.89%	+2.4%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC COM	$1,176,000	+49.0%	25,000	+66.7%	0.62%	+30.3%
CTLP	Buy	CANTALOUPE INC COM	$970,000	+9.0%	90,000	+20.0%	0.51%	-4.9%
TSPQ	New	TCW SPECIAL PURPOSE ACQU CORP COM CL A	$587,000	–	60,000	–	0.31%	–
CLI	Sell	MACK CALI REALTY CORP	$556,000	-41.0%	32,500	-40.9%	0.29%	-48.4%
GRA	Exit	GRACE W.R & CO. DEL NEW	$0	–	-100,000	–	-4.16%	–
GNPK	Exit	GENESIS PARK ACQUISITION CORP COM	$0	–	-910,000	–	-5.65%	–

Q2 2021

			Value		Shares		↓ Weighting
TRC	New	TEJON RANCH CO	$58,026,000	–	3,815,000	–	34.95%	–
SGA	New	SAGA COMMUNICATIONS INC	$25,139,000	–	1,161,144	–	15.14%	–
TMKR	New	TASTEMAKER ACQUISITION CORP COM CL A	$9,680,000	–	995,895	–	5.83%	–
GNPK	New	GENESIS PARK ACQUISITION CORP COM	$9,382,000	–	910,000	–	5.65%	–
LE	New	LANDS END INC NEW	$8,210,000	–	200,000	–	4.94%	–
BNED	New	BARNES & NOBLE ED INC	$7,946,000	–	1,102,103	–	4.78%	–
GRA	New	GRACE W.R & CO. DEL NEW	$6,912,000	–	100,000	–	4.16%	–
TLGA	New	TLG ACQUISITION ONE CORP COM CL A	$6,769,000	–	700,000	–	4.08%	–
ALTU	New	ALTITUDE ACQUISITION CORP COM CL A	$4,895,000	–	500,000	–	2.95%	–
MON	New	MONUMENT CIRCLE ACQUISITN CORP COM CL A	$3,680,000	–	380,000	–	2.22%	–
GASS	New	STEALTHGAS INC	$3,247,000	–	1,155,600	–	1.96%	–
CRU	New	CRUCIBLE ACQUISITION CORP COM CL A	$3,239,000	–	333,892	–	1.95%	–
HCII	New	HUDSON EXECUTIVE INVS II COM CL A	$2,981,000	–	307,013	–	1.80%	–
HIII	New	HUDSON EXECUTIVE INVS III COM CL A	$2,927,000	–	300,000	–	1.76%	–
ALCO	New	ALICO INC	$2,777,000	–	78,000	–	1.67%	–
GLW	New	CORNING INC	$2,454,000	–	60,000	–	1.48%	–
DISCK	New	DISCOVERY INC COM SER C	$1,449,000	–	50,000	–	0.87%	–
GYRO	New	GYRODYNE LLC	$1,352,000	–	101,500	–	0.81%	–
EIGR	New	EIGER BIOPHARMACEUTICALS INC	$1,150,000	–	135,000	–	0.69%	–
CLI	New	MACK CALI REALTY CORP	$943,000	–	55,000	–	0.57%	–
CTLP	New	CANTALOUPE INC COM	$890,000	–	75,000	–	0.54%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC COM	$789,000	–	15,000	–	0.48%	–
IMBI	New	IMEDIA BRANDS INC COM CL A	$517,000	–	64,200	–	0.31%	–
T	New	AT&T INC COM	$288,000	–	10,000	–	0.17%	–
TLGAWS	New	TLG ACQUISITION ONE CORP WTS EXP 01/25/2028	$122,000	–	154,342	–	0.07%	–
RNWK	New	REALNETWORKS INC	$122,000	–	52,500	–	0.07%	–
HCIIW	New	HUDSON EXECUTIVE INVS II WTS EX 013127	$71,000	–	60,000	–	0.04%	–
HIIIW	New	HUDSON EXECUTIVE INVS III WTS EX 02/22/2026	$67,000	–	60,000	–	0.04%	–
MONCW	New	MONUMENT CIRCLE ACQUISITN WTS EX 011426	$22,000	–	30,000	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
MDIA	Exit	MEDIACO HLDG INC	$0	–	-5,000	–	-0.01%	–
MAC	Exit	MACERICH CO COM	$0	–	-5,000	–	-0.03%	–
FPH	Exit	FIVE POINT HOLDINGS LLC COM	$0	–	-20,000	–	-0.06%	–
RNWK	Exit	REALNETWORKS INC	$0	–	-75,000	–	-0.07%	–
CTVA	Exit	CORTEVA INC	$0	–	-5,000	–	-0.11%	–
ESI	Exit	ELEMENT SOLUTIONS INC	$0	–	-25,000	–	-0.20%	–
TCO	Exit	TAUBMAN CENTERS INC	$0	–	-13,400	–	-0.34%	–
IMBI	Exit	IMEDIA BRANDS INC COM	$0	–	-84,171	–	-0.37%	–
EIGR	Exit	EIGER BIOPHARMACEUTICALS INC	$0	–	-120,000	–	-0.75%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-20,000	–	-0.85%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC COM	$0	–	-35,000	–	-0.96%	–
GYRO	Exit	GYRODYNE LLC	$0	–	-101,500	–	-1.29%	–
CLI	Exit	MACK CALI REALTY CORP	$0	–	-140,200	–	-1.36%	–
ALCO	Exit	ALICO INC	$0	–	-78,000	–	-1.71%	–
GASS	Exit	STEALTHGAS INC	$0	–	-977,844	–	-2.23%	–
BNED	Exit	BARNES & NOBLE ED INC	$0	–	-1,450,000	–	-2.87%	–
LE	Exit	LANDS END INC NEW	$0	–	-547,500	–	-5.47%	–
SGA	Exit	SAGA COMMUNICATIONS INC	$0	–	-1,170,000	–	-17.85%	–
GLW	Exit	CORNING INC	$0	–	-900,000	–	-22.38%	–
TRC	Exit	TEJON RANCH CO	$0	–	-3,782,503	–	-41.07%	–

Q3 2020

			Value		Shares		↓ Weighting
TRC	Buy	TEJON RANCH CO	$53,522,000	-0.5%	3,782,503	+1.3%	41.07%	-1.0%
LE	Sell	LANDS END INC NEW	$7,134,000	+53.7%	547,500	-5.2%	5.47%	+52.8%
GASS	Buy	STEALTHGAS INC	$2,904,000	+9.7%	977,844	+1.6%	2.23%	+9.1%
CLI	Buy	MACK CALI REALTY CORP	$1,769,000	+10.2%	140,200	+33.5%	1.36%	+9.6%
EIGR	Buy	EIGER BIOPHARMACEUTICALS INC	$977,000	+31.3%	120,000	+54.8%	0.75%	+30.7%
FPH	New	FIVE POINT HOLDINGS LLC COM	$83,000	–	20,000	–	0.06%	–
MAC	Sell	MACERICH CO COM	$34,000	-74.8%	5,000	-66.7%	0.03%	-75.0%
MDIA	Sell	MEDIACO HLDG INC	$13,000	-73.5%	5,000	-47.4%	0.01%	-73.7%
	Exit	PUT CHGG 1/15/21 $30put	$0	–	-100	–	-0.01%	–
DOW	Exit	DOW INC	$0	–	-5,000	–	-0.16%	–
DELL	Exit	DELL TECHNOLOGIES INC CL C	$0	–	-5,000	–	-0.21%	–
FPAC	Exit	FAR PT ACQUISITION CORP COM	$0	–	-200,000	–	-1.58%	–

Q2 2020

			Value		Shares		↓ Weighting
TRC	New	TEJON RANCH CO	$53,775,000	–	3,734,351	–	41.48%	–
SGA	New	SAGA COMMUNICATIONS INC	$29,952,000	–	1,170,000	–	23.11%	–
GLW	New	CORNING INC	$23,310,000	–	900,000	–	17.98%	–
LE	New	LANDS END INC NEW	$4,643,000	–	577,500	–	3.58%	–
GASS	New	STEALTHGAS INC	$2,647,000	–	962,500	–	2.04%	–
ALCO	New	ALICO INC	$2,431,000	–	78,000	–	1.88%	–
BNED	New	BARNES & NOBLE ED INC	$2,320,000	–	1,450,000	–	1.79%	–
FPAC	New	FAR PT ACQUISITION CORP COM	$2,048,000	–	200,000	–	1.58%	–
GYRO	New	GYRODYNE LLC	$1,629,000	–	101,500	–	1.26%	–
CLI	New	MACK CALI REALTY CORP	$1,605,000	–	105,000	–	1.24%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC COM	$1,484,000	–	35,000	–	1.14%	–
DD	New	DUPONT DE NEMOURS INC	$1,063,000	–	20,000	–	0.82%	–
EIGR	New	EIGER BIOPHARMACEUTICALS INC	$744,000	–	77,500	–	0.57%	–
TCO	New	TAUBMAN CENTERS INC	$506,000	–	13,400	–	0.39%	–
IMBI	New	IMEDIA BRANDS INC COM	$295,000	–	84,171	–	0.23%	–
DELL	New	DELL TECHNOLOGIES INC CL C	$275,000	–	5,000	–	0.21%	–
ESI	New	ELEMENT SOLUTIONS INC	$271,000	–	25,000	–	0.21%	–
DOW	New	DOW INC	$204,000	–	5,000	–	0.16%	–
MAC	New	MACERICH CO COM	$135,000	–	15,000	–	0.10%	–
CTVA	New	CORTEVA INC	$134,000	–	5,000	–	0.10%	–
RNWK	New	REALNETWORKS INC	$98,000	–	75,000	–	0.08%	–
MDIA	New	MEDIACO HLDG INC	$49,000	–	9,500	–	0.04%	–
	New	PUT CHGG 1/15/21 $30put	$6,000	–	100	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
RNWK	Exit	REALNETWORKS INC	$0	–	-75,000	–	-0.08%	–
CIR	Exit	CIRCOR INTL INC	$0	–	-3,318	–	-0.08%	–
GCVRZ	Exit	SANOFI RIGHT 12/31/2020rts	$0	–	-375,000	–	-0.14%	–
DOW	Exit	DOW INC	$0	–	-5,000	–	-0.15%	–
ESI	Exit	ELEMENT SOLUTIONS INC	$0	–	-25,000	–	-0.16%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-5,000	–	-0.16%	–
CTVA	Exit	CORTEVA INC	$0	–	-10,000	–	-0.18%	–
IMBI	Exit	IMEDIA BRANDS INC COM	$0	–	-841,712	–	-0.30%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-10,000	–	-0.46%	–
BRT	Exit	BRT APARTMENTS CORP	$0	–	-53,159	–	-0.50%	–
EMMS	Exit	EMMIS COMMUNICATIONS CORP	$0	–	-160,000	–	-0.51%	–
AGN	Exit	ALLERGAN PLC	$0	–	-5,000	–	-0.54%	–
GASS	Exit	STEALTHGAS INC	$0	–	-604,149	–	-1.17%	–
GYRO	Exit	GYRODYNE LLC	$0	–	-101,500	–	-1.28%	–
TGE	Exit	TALLGRASS ENERGY LP CLASS A SHS	$0	–	-150,000	–	-1.94%	–
ALCO	Exit	ALICO INC	$0	–	-93,000	–	-2.03%	–
BNED	Exit	BARNES & NOBLE ED INC	$0	–	-1,450,000	–	-2.90%	–
LE	Exit	LANDS END INC NEW	$0	–	-550,000	–	-4.00%	–
AABA	Exit	ALTABA INC	$0	–	-360,000	–	-4.50%	–
GLW	Exit	CORNING INC	$0	–	-900,000	–	-16.45%	–
SGA	Exit	SAGA COMMUNICATIONS INC	$0	–	-1,170,000	–	-22.31%	–
TRC	Exit	TEJON RANCH CO	$0	–	-3,692,426	–	-40.16%	–

Q3 2019

			Value		Shares		↓ Weighting
GLW	Buy	CORNING INC	$25,668,000	-3.4%	900,000	+12.5%	16.45%	+8.5%
AABA	Buy	ALTABA INC	$7,013,000	-32.6%	360,000	+140.0%	4.50%	-24.3%
LE	Buy	LANDS END INC NEW	$6,240,000	+11.0%	550,000	+19.6%	4.00%	+24.8%
BNED	Buy	BARNES & NOBLE ED INC	$4,524,000	-2.4%	1,450,000	+5.1%	2.90%	+9.7%
ALCO	Sell	ALICO INC	$3,164,000	+9.8%	93,000	-2.1%	2.03%	+23.4%
TGE	New	TALLGRASS ENERGY LP CLASS A SHS	$3,021,000	–	150,000	–	1.94%	–
GASS	Buy	STEALTHGAS INC	$1,831,000	-8.2%	604,149	+4.2%	1.17%	+3.2%
BRT	Sell	BRT APARTMENTS CORP	$775,000	-69.6%	53,159	-70.5%	0.50%	-65.8%
IMBI	New	IMEDIA BRANDS INC COM	$471,000	–	841,712	–	0.30%	–
BMY	Sell	BRISTOL MYERS SQUIBB CO	$254,000	-77.6%	5,000	-80.0%	0.16%	-74.8%
GCVRZ	Sell	SANOFI RIGHT 12/31/2020rts	$210,000	-15.7%	375,000	-21.8%	0.14%	-4.9%
CIR	New	CIRCOR INTL INC	$125,000	–	3,318	–	0.08%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STORES INC	$0	–	-25,000	–	-0.03%	–
EVLV	Exit	EVINE LIVE INC	$0	–	-841,712	–	-0.21%	–
BKS	Exit	BARNES & NOBLE INC	$0	–	-2,375,000	–	-9.06%	–

Q2 2019

			Value		Shares		↓ Weighting
TRC	New	TEJON RANCH CO	$61,257,000	–	3,692,426	–	34.94%	–
SGA	New	SAGA COMMUNICATIONS INC	$36,551,000	–	1,170,000	–	20.85%	–
GLW	New	CORNING INC	$26,584,000	–	800,000	–	15.16%	–
BKS	New	BARNES & NOBLE INC	$15,889,000	–	2,375,000	–	9.06%	–
AABA	New	ALTABA INC	$10,405,000	–	150,000	–	5.93%	–
LE	New	LANDS END INC NEW	$5,621,000	–	460,000	–	3.21%	–
BNED	New	BARNES & NOBLE ED INC	$4,636,000	–	1,380,000	–	2.64%	–
ALCO	New	ALICO INC	$2,882,000	–	95,000	–	1.64%	–
BRT	New	BRT APARTMENTS CORP	$2,548,000	–	180,292	–	1.45%	–
GASS	New	STEALTHGAS INC	$1,995,000	–	580,000	–	1.14%	–
GYRO	New	GYRODYNE LLC	$1,873,000	–	101,500	–	1.07%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$1,134,000	–	25,000	–	0.65%	–
AGN	New	ALLERGAN PLC	$837,000	–	5,000	–	0.48%	–
EMMS	New	EMMIS COMMUNICATIONS CORP	$760,000	–	160,000	–	0.43%	–
DD	New	DUPONT DE NEMOURS INC	$751,000	–	10,000	–	0.43%	–
EVLV	New	EVINE LIVE INC	$364,000	–	841,712	–	0.21%	–
CTVA	New	CORTEVA INC	$296,000	–	10,000	–	0.17%	–
ESI	New	ELEMENT SOLUTIONS INC	$259,000	–	25,000	–	0.15%	–
GCVRZ	New	SANOFI RIGHT 12/31/2020rts	$249,000	–	479,698	–	0.14%	–
DOW	New	DOW INC	$247,000	–	5,000	–	0.14%	–
RNWK	New	REALNETWORKS INC	$143,000	–	75,000	–	0.08%	–
SHOS	New	SEARS HOMETOWN & OUTLET STORES INC	$59,000	–	25,000	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
VXRT	Exit	VAXART INC	$0	–	-1,818	–	-0.00%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STORES INC	$0	–	-25,000	–	-0.04%	–
RNWK	Exit	REALNETWORKS INC	$0	–	-75,000	–	-0.11%	–
GCVRZ	Exit	SANOFI RIGHT 12/31/2020rts	$0	–	-479,698	–	-0.12%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-25,000	–	-0.15%	–
EMMS	Exit	EMMIS COMMUNICATIONS CORP	$0	–	-160,000	–	-0.41%	–
EVLV	Exit	EVINE LIVE INC	$0	–	-841,712	–	-0.47%	–
GASS	Exit	STEALTHGAS INC	$0	–	-360,000	–	-0.63%	–
DWDP	Exit	DOWDUPONT INC COM	$0	–	-20,000	–	-0.63%	–
GYRO	Exit	GYRODYNE LLC	$0	–	-101,500	–	-1.02%	–
ALCO	Exit	ALICO INC	$0	–	-82,541	–	-1.36%	–
BRT	Exit	BRT APARTMENTS CORP COM	$0	–	-248,900	–	-1.46%	–
NYRT	Exit	NEW YORK REIT INC	$0	–	-180,000	–	-1.60%	–
LE	Exit	LANDS END INC NEW	$0	–	-280,000	–	-2.40%	–
BNED	Exit	BARNES & NOBLE ED INC	$0	–	-1,340,000	–	-3.77%	–
AABA	Exit	ALTABA INC COM	$0	–	-175,000	–	-5.82%	–
BKS	Exit	BARNES & NOBLE INC	$0	–	-2,375,000	–	-6.73%	–
GLW	Exit	CORNING INC	$0	–	-800,000	–	-13.80%	–
SGA	Exit	SAGA COMMUNICATIONS INC	$0	–	-1,161,936	–	-20.52%	–
TRC	Exit	TEJON RANCH CO	$0	–	-3,672,659	–	-38.96%	–

Q3 2018

			Value		Shares		↓ Weighting
LE	Buy	LANDS END INC NEW	$4,914,000	-23.4%	280,000	+21.7%	2.40%	-19.3%
NYRT	Buy	NEW YORK REIT INC	$3,265,000	+147.0%	180,000	+148.3%	1.60%	+160.2%
BRT	Sell	BRT APARTMENTS CORP COM	$2,997,000	-42.7%	248,900	-39.3%	1.46%	-39.6%
ALCO	Buy	ALICO INC	$2,790,000	+33.6%	82,541	+25.2%	1.36%	+40.7%
DWDP	New	DOWDUPONT INC COM	$1,286,000	–	20,000	–	0.63%	–
GASS	Buy	STEALTHGAS INC	$1,282,000	-0.6%	360,000	+10.8%	0.63%	+4.7%
GCVRZ	Sell	SANOFI RIGHT 12/31/2020rts	$254,000	+1.6%	479,698	-4.1%	0.12%	+6.9%
HRG	Exit	HRG GROUP INC	$0	–	-10,000	–	-0.06%	–
BEL	Exit	BELMOND LTD	$0	–	-12,513	–	-0.06%	–
S	Exit	SPRINT CORP	$0	–	-50,000	–	-0.13%	–
T	Exit	AT&T INC	$0	–	-14,370	–	-0.21%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC NEW	$0	–	-2,000	–	-0.27%	–
CI	Exit	CIGNA CORPORATION	$0	–	-8,000	–	-0.63%	–

Q2 2018

			Value		Shares		↓ Weighting
TRC	New	TEJON RANCH CO	$89,246,000	–	3,672,659	–	41.40%	–
SGA	New	SAGA COMMUNICATIONS INC	$44,735,000	–	1,161,936	–	20.75%	–
GLW	New	CORNING INC	$22,008,000	–	800,000	–	10.21%	–
BKS	New	BARNES & NOBLE INC	$15,081,000	–	2,375,000	–	7.00%	–
AABA	New	ALTABA INC COM	$12,812,000	–	175,000	–	5.94%	–
BNED	New	BARNES & NOBLE ED INC	$7,558,000	–	1,340,000	–	3.51%	–
LE	New	LANDS END INC NEW	$6,417,000	–	230,000	–	2.98%	–
BRT	New	BRT APARTMENTS CORP COM	$5,228,000	–	410,000	–	2.42%	–
GYRO	New	GYRODYNE LLC	$2,101,000	–	101,500	–	0.98%	–
ALCO	New	ALICO INC	$2,089,000	–	65,913	–	0.97%	–
CI	New	CIGNA CORPORATION	$1,360,000	–	8,000	–	0.63%	–
NYRT	New	NEW YORK REIT INC	$1,322,000	–	72,500	–	0.61%	–
GASS	New	STEALTHGAS INC	$1,290,000	–	325,000	–	0.60%	–
EVLV	New	EVINE LIVE INC	$1,035,000	–	841,712	–	0.48%	–
EMMS	New	EMMIS COMMUNICATIONS CORP	$846,000	–	160,000	–	0.39%	–
CHTR	New	CHARTER COMMUNICATIONS INC NEW	$586,000	–	2,000	–	0.27%	–
T	New	AT&T INC	$461,000	–	14,370	–	0.21%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$290,000	–	25,000	–	0.14%	–
RNWK	New	REALNETWORKS INC	$278,000	–	75,000	–	0.13%	–
S	New	SPRINT CORP	$272,000	–	50,000	–	0.13%	–
GCVRZ	New	SANOFI RIGHT 12/31/2020rts	$250,000	–	500,000	–	0.12%	–
BEL	New	BELMOND LTD	$140,000	–	12,513	–	0.06%	–
HRG	New	HRG GROUP INC	$131,000	–	10,000	–	0.06%	–
SHOS	New	SEARS HOMETOWN & OUTLET STORES INC	$53,000	–	25,000	–	0.02%	–
VXRT	New	VAXART INC	$6,000	–	1,818	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
XCOOQ	Exit	EXCO RESOURCES INC COM NEW	$0	–	-19,300	–	-0.01%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STORES INC	$0	–	-25,000	–	-0.03%	–
AVIR	Exit	AVIRAGEN THERAPEUTICS INC	$0	–	-175,000	–	-0.06%	–
BEL	Exit	BELMOND LTD	$0	–	-15,000	–	-0.11%	–
GCVRZ	Exit	SANOFI RIGHT 12/31/2020rts	$0	–	-600,000	–	-0.11%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-25,000	–	-0.14%	–
RNWK	Exit	REALNETWORKS INC	$0	–	-110,000	–	-0.27%	–
GASS	Exit	STEALTHGAS INC	$0	–	-205,400	–	-0.35%	–
DLB	Exit	DOLBY LABORATORIES INC	$0	–	-13,000	–	-0.39%	–
EMMS	Exit	EMMIS COMMUNICATIONS CORP	$0	–	-235,000	–	-0.40%	–
EVLV	Exit	EVINE LIVE INC	$0	–	-870,000	–	-0.47%	–
ALCO	Exit	ALICO INC	$0	–	-54,990	–	-0.98%	–
GYRO	Exit	GYRODYNE LLC	$0	–	-101,500	–	-1.13%	–
GRIF	Exit	GRIFFIN INL RLTY INC	$0	–	-62,958	–	-1.19%	–
LE	Exit	LANDS END INC NEW	$0	–	-200,021	–	-1.37%	–
BNED	Exit	BARNES & NOBLE ED INC	$0	–	-1,340,000	–	-4.53%	–
BRT	Exit	BRT APARTMENTS CORP COM	$0	–	-845,641	–	-4.70%	–
AABA	Exit	ALTABA INC COM	$0	–	-175,000	–	-6.02%	–
BKS	Exit	BARNES & NOBLE INC	$0	–	-2,375,000	–	-9.37%	–
GLW	Exit	CORNING INC	$0	–	-660,000	–	-10.25%	–
SGA	Exit	SAGA COMMUNICATIONS INC	$0	–	-1,161,936	–	-27.50%	–
TRC	Exit	TEJON RANCH CO	$0	–	-2,795,000	–	-30.61%	–

Q3 2017

			Value		Shares		↓ Weighting
GLW	Buy	CORNING INC	$19,747,000	+9.5%	660,000	+10.0%	10.25%	+12.5%
BRT	Buy	BRT APARTMENTS CORP COM	$9,065,000	+37.3%	845,641	+0.7%	4.70%	+41.1%
LE	Buy	LANDS END INC NEW	$2,640,000	+148.1%	200,021	+180.1%	1.37%	+154.6%
GRIF	Sell	GRIFFIN INL RLTY INC	$2,289,000	-30.2%	62,958	-39.8%	1.19%	-28.3%
ALCO	Sell	ALICO INC	$1,878,000	+9.1%	54,990	-0.0%	0.98%	+12.2%
DLB	Sell	DOLBY LABORATORIES INC	$748,000	+1.9%	13,000	-13.3%	0.39%	+4.6%
GASS	Buy	STEALTHGAS INC	$680,000	+4.6%	205,400	+2.7%	0.35%	+7.6%
RNWK	Sell	REALNETWORKS INC	$528,000	+2.9%	110,000	-7.1%	0.27%	+5.8%
PAH	Sell	PLATFORM SPECIALTY PRODS COR	$279,000	-26.6%	25,000	-16.7%	0.14%	-24.5%
AN	Exit	AUTONATION INC COM	$0	–	-15,000	–	-0.32%	–
MON	Exit	MONSANTO CO NEW	$0	–	-10,000	–	-0.60%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-30,000	–	-0.91%	–
TWX	Exit	TIME WARNER INC	$0	–	-20,000	–	-1.01%	–
SRSCQ	Exit	SEARS CDA INC	$0	–	-2,975,000	–	-1.20%	–

Q2 2017

			Value		Shares		↓ Weighting
TRC	New	TEJON RANCH CO	$57,689,000	–	2,795,000	–	29.14%	–
SGA	New	SAGA COMMUNICATIONS INC	$53,159,000	–	1,161,936	–	26.86%	–
BKS	New	BARNES & NOBLE INC	$18,050,000	–	2,375,000	–	9.12%	–
GLW	New	CORNING INC	$18,030,000	–	600,000	–	9.11%	–
BNED	New	BARNES & NOBLE ED INC	$14,244,000	–	1,340,000	–	7.20%	–
AABA	New	ALTABA INC COM	$9,534,000	–	175,000	–	4.82%	–
BRT	New	BRT APARTMENTS CORP COM	$6,602,000	–	840,000	–	3.34%	–
GRIF	New	GRIFFIN INL RLTY INC	$3,278,000	–	104,500	–	1.66%	–
SRSCQ	New	SEARS CDA INC	$2,386,000	–	2,975,000	–	1.20%	–
GYRO	New	GYRODYNE LLC	$2,081,000	–	101,500	–	1.05%	–
TWX	New	TIME WARNER INC	$2,008,000	–	20,000	–	1.01%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$1,796,000	–	30,000	–	0.91%	–
ALCO	New	ALICO INC	$1,721,000	–	55,000	–	0.87%	–
MON	New	MONSANTO CO NEW	$1,184,000	–	10,000	–	0.60%	–
LE	New	LANDS END INC NEW	$1,064,000	–	71,419	–	0.54%	–
EVLV	New	EVINE LIVE INC	$870,000	–	870,000	–	0.44%	–
DLB	New	DOLBY LABORATORIES INC	$734,000	–	15,000	–	0.37%	–
EMMS	New	EMMIS COMMUNICATIONS CORP	$677,000	–	235,000	–	0.34%	–
GASS	New	STEALTHGAS INC	$650,000	–	200,000	–	0.33%	–
AN	New	AUTONATION INC COM	$632,000	–	15,000	–	0.32%	–
RNWK	New	REALNETWORKS INC	$513,000	–	118,365	–	0.26%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$380,000	–	30,000	–	0.19%	–
GCVRZ	New	SANOFI RIGHT 12/31/2020rts	$228,000	–	600,000	–	0.12%	–
BEL	New	BELMOND LTD	$200,000	–	15,000	–	0.10%	–
AVIR	New	AVIRAGEN THERAPEUTICS INC	$117,000	–	175,000	–	0.06%	–
SHOS	New	SEARS HOMETOWN & OUTLET STORES INC	$68,000	–	25,000	–	0.03%	–
XCOOQ	New	EXCO RESOURCES INC COM NEW	$51,000	–	19,300	–	0.03%	–

Q4 2016

			Value		Shares		↓ Weighting
PRZM	Exit	PRISM TECHNOLOGIES GROUP INC	$0	–	-125,274	–	-0.01%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STORES INC	$0	–	-25,000	–	-0.06%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-35,000	–	-0.13%	–
GCVRZ	Exit	SANOFI RIGHT 12/31/2020rts	$0	–	-1,150,000	–	-0.14%	–
AVIR	Exit	AVIRAGEN THERAPEUTICS INC	$0	–	-160,000	–	-0.14%	–
XCO	Exit	EXCO RESOURCES INC	$0	–	-289,500	–	-0.14%	–
GASS	Exit	STEALTHGAS INC	$0	–	-136,329	–	-0.22%	–
ALCO	Exit	ALICO INC	$0	–	-25,219	–	-0.31%	–
RNWK	Exit	REALNETWORKS INC	$0	–	-175,000	–	-0.36%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-5,000	–	-0.36%	–
DLB	Exit	DOLBY LABORATORIES INC	$0	–	-17,500	–	-0.44%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-50,000	–	-0.46%	–
MON	Exit	MONSANTO CO NEW	$0	–	-10,000	–	-0.47%	–
BEL	Exit	BELMOND LTD	$0	–	-85,000	–	-0.50%	–
LE	Exit	LANDS END INC NEW	$0	–	-85,000	–	-0.57%	–
GYRO	Exit	GYRODYNE LLC	$0	–	-101,500	–	-0.88%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-40,000	–	-1.34%	–
GRIF	Exit	GRIFFIN INL RLTY INC	$0	–	-109,331	–	-1.59%	–
BRT	Exit	BRT RLTY TR	$0	–	-635,000	–	-2.34%	–
YHOO	Exit	YAHOO INC	$0	–	-150,000	–	-2.97%	–
SRSCQ	Exit	SEARS CDA INC	$0	–	-2,938,800	–	-3.32%	–
BNED	Exit	BARNES & NOBLE ED INC	$0	–	-1,340,000	–	-5.89%	–
GLW	Exit	CORNING INC	$0	–	-600,000	–	-6.52%	–
BKS	Exit	BARNES & NOBLE INC	$0	–	-2,375,000	–	-12.33%	–
SGA	Exit	SAGA COMMUNICATIONS INC	$0	–	-1,308,499	–	-27.26%	–
TRC	Exit	TEJON RANCH CO	$0	–	-2,795,000	–	-31.24%	–

Q3 2016

			Value		Shares		↓ Weighting
SGA	Sell	SAGA COMMUNICATIONS INC	$59,327,000	+14.7%	1,308,499	-0.0%	27.26%	+13.7%
BKS	Sell	BARNES & NOBLE INC	$26,838,000	-0.6%	2,375,000	-0.2%	12.33%	-1.4%
BRT	Buy	BRT RLTY TR	$5,093,000	+12.9%	635,000	+0.6%	2.34%	+12.0%
GRIF	Sell	GRIFFIN INL RLTY INC	$3,465,000	-0.6%	109,331	-3.9%	1.59%	-1.4%
BEL	Sell	BELMOND LTD	$1,080,000	-27.3%	85,000	-43.3%	0.50%	-27.9%
MON	New	MONSANTO CO NEW	$1,022,000	–	10,000	–	0.47%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$1,001,000	–	50,000	–	0.46%	–
DLB	Sell	DOLBY LABORATORIES INC	$950,000	-50.4%	17,500	-56.2%	0.44%	-50.7%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$794,000	-65.1%	5,000	-66.7%	0.36%	-65.4%
RNWK	Sell	REALNETWORKS INC	$781,000	-9.4%	175,000	-12.5%	0.36%	-10.0%
GASS	Buy	STEALTHGAS INC	$472,000	+4.0%	136,329	+13.6%	0.22%	+3.3%
GCVRZ	Sell	SANOFI RIGHT 12/31/2020rts	$307,000	+6.6%	1,150,000	-4.2%	0.14%	+6.0%
TEX	Exit	TEREX CORP NEW	$0	–	-25,000	–	-0.24%	–
EMMS	Exit	EMMIS COMMUNICATIONS CORP	$0	–	-992,280	–	-0.33%	–
FUR	Exit	WINTHROP RLTY TR	$0	–	-130,000	–	-0.53%	–
EMC	Exit	EMC CORP MASS	$0	–	-50,000	–	-0.63%	–
PHM	Exit	PULTE GROUP INC	$0	–	-175,000	–	-1.58%	–

Q2 2016

			Value		Shares		↓ Weighting
TRC	New	TEJON RANCH CO	$66,074,000	–	2,795,000	–	30.61%	–
SGA	New	SAGA COMMUNICATIONS INC	$51,738,000	–	1,308,500	–	23.97%	–
BKS	New	BARNES & NOBLE INC	$27,013,000	–	2,380,000	–	12.51%	–
BNED	New	BARNES & NOBLE ED INC	$13,601,000	–	1,340,000	–	6.30%	–
GLW	New	CORNING INC	$12,288,000	–	600,000	–	5.69%	–
SRSCQ	New	SEARS CDA INC	$8,758,000	–	2,938,800	–	4.06%	–
YHOO	New	YAHOO INC	$5,634,000	–	150,000	–	2.61%	–
BRT	New	BRT RLTY TR	$4,512,000	–	631,100	–	2.09%	–
GRIF	New	GRIFFIN INL RLTY INC	$3,487,000	–	113,778	–	1.62%	–
PHM	New	PULTE GROUP INC	$3,411,000	–	175,000	–	1.58%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$3,022,000	–	40,000	–	1.40%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,277,000	–	15,000	–	1.06%	–
GYRO	New	GYRODYNE LLC	$2,032,000	–	101,500	–	0.94%	–
DLB	New	DOLBY LABORATORIES INC	$1,914,000	–	40,000	–	0.89%	–
BEL	New	BELMOND LTD	$1,485,000	–	150,000	–	0.69%	–
LE	New	LANDS END INC NEW	$1,396,000	–	85,000	–	0.65%	–
EMC	New	EMC CORP MASS	$1,359,000	–	50,000	–	0.63%	–
FUR	New	WINTHROP RLTY TR	$1,143,000	–	130,000	–	0.53%	–
RNWK	New	REALNETWORKS INC	$862,000	–	200,000	–	0.40%	–
ALCO	New	ALICO INC	$763,000	–	25,219	–	0.35%	–
EMMS	New	EMMIS COMMUNICATIONS CORP	$722,000	–	992,280	–	0.33%	–
TEX	New	TEREX CORP NEW	$508,000	–	25,000	–	0.24%	–
GASS	New	STEALTHGAS INC	$454,000	–	120,000	–	0.21%	–
XCO	New	EXCO RESOURCES INC	$376,000	–	289,500	–	0.17%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$311,000	–	35,000	–	0.14%	–
GCVRZ	New	SANOFI RIGHT 12/31/2020rts	$288,000	–	1,200,000	–	0.13%	–
AVIR	New	AVIRAGEN THERAPEUTICS INC	$224,000	–	160,000	–	0.10%	–
SHOS	New	SEARS HOMETOWN & OUTLET STORES INC	$169,000	–	25,000	–	0.08%	–
PRZM	New	PRISM TECHNOLOGIES GROUP INC	$34,000	–	125,274	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
GCVRZ	Exit	RTS/SANOFI-AVENTIS EXP12/31/2020rts	$0	–	-300,000	–	-0.03%	–
TRCHW	Exit	WTS/TEJON RANCH CO. 40.0000 EXP08/31/2016wts	$0	–	-384,046	–	-0.03%	–
EMMSP	Exit	EMMIS COMMUNICATIONS CORP 6.25% SERIES A CVT PREFERRED PFDcnv	$0	–	-23,400	–	-0.04%	–
KHC	Exit	PUT/KHC @ 80 EXP 12/18/2015put	$0	–	-150	–	-0.08%	–
GASS	Exit	STEALTHGAS INC. CMN	$0	–	-40,000	–	-0.09%	–
SHOS	Exit	SEARS HOMETOWN AND OUTLET STORES, INC. CMN	$0	–	-25,000	–	-0.10%	–
CRC	Exit	CALIFORNIA RESOURCES CORP CMN	$0	–	-80,000	–	-0.11%	–
XCO	Exit	EXCO RESOURCES INC CMN	$0	–	-289,500	–	-0.11%	–
BOTA	Exit	BIOTA PHARMACEUTICALS INC CMN	$0	–	-160,000	–	-0.16%	–
PRZM	Exit	PRISM TECHNOLOGIES GROUP INC CMN	$0	–	-125,000	–	-0.18%	–
ALCO	Exit	ALICO INC CMN	$0	–	-10,000	–	-0.21%	–
PAH	Exit	PLATFORM SPECIALTY PRODS CORP CMN	$0	–	-35,000	–	-0.23%	–
RNWK	Exit	REALNETWORKS INC CMN	$0	–	-207,239	–	-0.44%	–
EMMS	Exit	EMMIS COMMUNICATIONS CORP CL-A CLASS A	$0	–	-934,600	–	-0.60%	–
BAX	Exit	BAXTER INTERNATIONAL INC CMN	$0	–	-40,000	–	-0.68%	–
IBM	Exit	INTL BUSINESS MACHINES CORP CMN	$0	–	-10,000	–	-0.76%	–
BEL	Exit	BELMOND LTD CMN	$0	–	-145,882	–	-0.77%	–
LE	Exit	LANDS' END, INC. CMN	$0	–	-57,719	–	-0.81%	–
BRT	Exit	BRT REALTY TRUST (SBI)$3.00PAR CMN	$0	–	-235,000	–	-0.87%	–
YHOO	Exit	YAHOO INC CMN	$0	–	-60,000	–	-0.90%	–
OXY	Exit	OCCIDENTAL PETROLEUM CORP CMN	$0	–	-40,000	–	-1.38%	–
GYRO	Exit	GYRODYNE LLC CMN	$0	–	-97,500	–	-1.43%	–
GRIF	Exit	GRIFFIN INDUSTRIAL REALTY INC CMN	$0	–	-129,538	–	-1.67%	–
DLB	Exit	DOLBY LABORATORIES, INC. CMN CLASS A	$0	–	-100,000	–	-1.70%	–
GLW	Exit	CORNING INCORPORATED CMN	$0	–	-275,000	–	-2.46%	–
BNED	Exit	BARNES & NOBLE EDUCATION, INC. CMN	$0	–	-1,170,000	–	-7.76%	–
SRSCQ	Exit	SEARS CANADA INC. CMN	$0	–	-2,993,274	–	-10.20%	–
BKS	Exit	BARNES & NOBLE, INC CMN	$0	–	-2,000,000	–	-12.63%	–
SGA	Exit	SAGA COMMUNICATION, INC. CMN CLASS A	$0	–	-1,310,000	–	-22.97%	–
TRC	Exit	TEJON RANCH CO CMN	$0	–	-2,687,253	–	-30.57%	–

Q3 2015

			Value		Shares		↓ Weighting
TRC	Buy	TEJON RANCH CO CMN	$58,609,000	-13.1%	2,687,253	+2.4%	30.57%	-6.1%
SGA	Buy	SAGA COMMUNICATION, INC. CMN CLASS A	$44,029,000	-7.5%	1,310,000	+4.1%	22.97%	-0.1%
BKS	Buy	BARNES & NOBLE, INC CMN	$24,220,000	-49.2%	2,000,000	+9.0%	12.63%	-45.1%
SRSCQ	Buy	SEARS CANADA INC. CMN	$19,546,000	+8.4%	2,993,274	+1.1%	10.20%	+17.1%
BNED	New	BARNES & NOBLE EDUCATION, INC. CMN	$14,871,000	–	1,170,000	–	7.76%	–
GLW	Buy	CORNING INCORPORATED CMN	$4,708,000	+377.0%	275,000	+450.0%	2.46%	+414.9%
DLB	Buy	DOLBY LABORATORIES, INC. CMN CLASS A	$3,260,000	+93.4%	100,000	+135.3%	1.70%	+109.0%
GRIF	Buy	GRIFFIN INDUSTRIAL REALTY INC CMN	$3,203,000	-13.0%	129,538	+12.7%	1.67%	-6.1%
GYRO	New	GYRODYNE LLC CMN	$2,735,000	–	97,500	–	1.43%	–
YHOO	New	YAHOO INC CMN	$1,735,000	–	60,000	–	0.90%	–
BRT	Buy	BRT REALTY TRUST (SBI)$3.00PAR CMN	$1,666,000	+24.7%	235,000	+23.7%	0.87%	+34.7%
LE	Sell	LANDS' END, INC. CMN	$1,559,000	-58.1%	57,719	-61.5%	0.81%	-54.8%
BAX	New	BAXTER INTERNATIONAL INC CMN	$1,314,000	–	40,000	–	0.68%	–
EMMS	Sell	EMMIS COMMUNICATIONS CORP CL-A CLASS A	$1,159,000	+23.3%	934,600	-0.6%	0.60%	+33.3%
ALCO	Buy	ALICO INC CMN	$406,000	+63.1%	10,000	+81.8%	0.21%	+76.7%
PRZM	New	PRISM TECHNOLOGIES GROUP INC CMN	$350,000	–	125,000	–	0.18%	–
GASS	New	STEALTHGAS INC. CMN	$180,000	–	40,000	–	0.09%	–
KHC	New	PUT/KHC @ 80 EXP 12/18/2015put	$158,000	–	150	–	0.08%	–
EMMSP	Buy	EMMIS COMMUNICATIONS CORP 6.25% SERIES A CVT PREFERRED PFDcnv	$75,000	-64.3%	23,400	+17.0%	0.04%	-61.4%
GCVRZ	Sell	RTS/SANOFI-AVENTIS EXP12/31/2020rts	$57,000	-78.9%	300,000	-22.1%	0.03%	-76.9%
KRFT	Exit	PUT/KRFT @ 80 EXP 09/18/2015put	$0	–	-150	–	-0.01%	–
DAKPQ	Exit	DAKOTA PLAINS HOLDINGS, INC. CMN	$0	–	-47,779	–	-0.03%	–
BAMM	Exit	BOOKS A MILLION INC CMN	$0	–	-30,000	–	-0.04%	–
PTNT	Exit	INTERNET PATENTS CORP CMN	$0	–	-125,000	–	-0.18%	–
GYRO	Exit	GYRODYNE CO AMER CMN	$0	–	-149,175	–	-0.22%	–
PRGO	Exit	PERRIGO CO PLC CMN	$0	–	-2,500	–	-0.22%	–
MSO	Exit	MARTHA STEWART LIVING OMNIMEDIA INC CL-A CLASS A	$0	–	-90,000	–	-0.27%	–
MAC	Exit	MACERICH COMPANY CMN	$0	–	-15,000	–	-0.54%	–

Q2 2015

			Value		Shares		↓ Weighting
TRC	New	TEJON RANCH CO CMN	$67,444,000	–	2,623,251	–	32.57%	–
BKS	New	BARNES & NOBLE, INC CMN	$47,635,000	–	1,834,936	–	23.00%	–
SGA	New	SAGA COMMUNICATION, INC. CMN CLASS A	$47,612,000	–	1,257,926	–	22.99%	–
SRSCQ	New	SEARS CANADA INC. CMN	$18,026,000	–	2,960,000	–	8.70%	–
LE	New	LANDS' END, INC. CMN	$3,724,000	–	150,000	–	1.80%	–
GRIF	New	GRIFFIN INDUSTRIAL REALTY INC CMN	$3,683,000	–	114,962	–	1.78%	–
OXY	New	OCCIDENTAL PETROLEUM CORP CMN	$3,111,000	–	40,000	–	1.50%	–
BEL	New	BELMOND LTD CMN	$1,822,000	–	145,882	–	0.88%	–
DLB	New	DOLBY LABORATORIES, INC. CMN CLASS A	$1,686,000	–	42,500	–	0.81%	–
IBM	New	INTL BUSINESS MACHINES CORP CMN	$1,627,000	–	10,000	–	0.79%	–
BRT	New	BRT REALTY TRUST (SBI)$3.00PAR CMN	$1,336,000	–	189,981	–	0.64%	–
RNWK	New	REALNETWORKS INC CMN	$1,121,000	–	207,239	–	0.54%	–
MAC	New	MACERICH COMPANY CMN	$1,119,000	–	15,000	–	0.54%	–
GLW	New	CORNING INCORPORATED CMN	$987,000	–	50,000	–	0.48%	–
EMMS	New	EMMIS COMMUNICATIONS CORP CL-A CLASS A	$940,000	–	940,000	–	0.45%	–
PAH	New	PLATFORM SPECIALTY PRODS CORP CMN	$895,000	–	35,000	–	0.43%	–
MSO	New	MARTHA STEWART LIVING OMNIMEDIA INC CL-A CLASS A	$562,000	–	90,000	–	0.27%	–
CRC	New	CALIFORNIA RESOURCES CORP CMN	$483,000	–	80,000	–	0.23%	–
PRGO	New	PERRIGO CO PLC CMN	$462,000	–	2,500	–	0.22%	–
GYRO	New	GYRODYNE CO AMER CMN	$446,000	–	149,175	–	0.22%	–
PTNT	New	INTERNET PATENTS CORP CMN	$378,000	–	125,000	–	0.18%	–
XCO	New	EXCO RESOURCES INC CMN	$342,000	–	289,500	–	0.16%	–
BOTA	New	BIOTA PHARMACEUTICALS INC CMN	$331,000	–	160,000	–	0.16%	–
GCVRZ	New	RTS/SANOFI-AVENTIS EXP12/31/2020rts	$270,000	–	385,000	–	0.13%	–
ALCO	New	ALICO INC CMN	$249,000	–	5,500	–	0.12%	–
SHOS	New	SEARS HOMETOWN AND OUTLET STORES, INC. CMN	$238,000	–	25,000	–	0.12%	–
EMMSP	New	EMMIS COMMUNICATIONS CORP 6.25% SERIES A CVT PREFERRED PFDcnv	$210,000	–	20,000	–	0.10%	–
TRCHW	New	WTS/TEJON RANCH CO. 40.0000 EXP08/31/2016wts	$173,000	–	384,046	–	0.08%	–
BAMM	New	BOOKS A MILLION INC CMN	$86,000	–	30,000	–	0.04%	–
DAKPQ	New	DAKOTA PLAINS HOLDINGS, INC. CMN	$57,000	–	47,779	–	0.03%	–
KRFT	New	PUT/KRFT @ 80 EXP 09/18/2015put	$14,000	–	150	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
GCVRZ	Exit	RTS/SANOFI-AVENTIS EXP12/31/2020rts	$0	–	-400,000	–	-0.11%	–
EMMSP	Exit	EMMIS COMMUNICATIONS CORP 6.25% SERIES A CVT PREFERRED PFDcnv	$0	–	-19,491	–	-0.16%	–
MSO	Exit	MARTHA STEWART LIVING OMNIMEDIA INC CL-A CLASS A	$0	–	-82,778	–	-0.17%	–
PTNT	Exit	INTERNET PATENTS CORP CMN	$0	–	-105,000	–	-0.18%	–
BOTA	Exit	BIOTA PHARMACEUTICALS INC CMN	$0	–	-160,000	–	-0.22%	–
DLB	Exit	DOLBY LABORATORIES, INC. CMN CLASS A	$0	–	-12,500	–	-0.30%	–
TRCHW	Exit	WTS/TEJON RANCH CO. 40.0000 EXP08/31/2016wts	$0	–	-384,046	–	-0.44%	–
XCO	Exit	EXCO RESOURCES INC CMN	$0	–	-289,500	–	-0.55%	–
BRT	Exit	BRT REALTY TRUST (SBI)$3.00PAR CMN	$0	–	-166,842	–	-0.71%	–
AMBI	Exit	AMBIT BIOSCIENCES CORP CMN	$0	–	-83,762	–	-0.74%	–
RNWK	Exit	REALNETWORKS INC CMN	$0	–	-207,239	–	-0.82%	–
BEL	Exit	BELMOND LTD CMN	$0	–	-130,000	–	-0.86%	–
EMMS	Exit	EMMIS COMMUNICATIONS CORP CL-A CLASS A	$0	–	-940,000	–	-1.13%	–
OXY	Exit	OCCIDENTAL PETROLEUM CORP CMN	$0	–	-25,000	–	-1.37%	–
JOUT	Exit	JOHNSON OUTDOORS INC CMN CLASS A	$0	–	-96,571	–	-1.43%	–
GLW	Exit	CORNING INCORPORATED CMN	$0	–	-140,000	–	-1.54%	–
GRIF	Exit	GRIFFIN LAND & NURSERIES CMN	$0	–	-109,000	–	-1.78%	–
BKS	Exit	BARNES & NOBLE, INC CMN	$0	–	-1,955,000	–	-22.00%	–
SGA	Exit	SAGA COMMUNICATION, INC. CMN CLASS A	$0	–	-1,247,838	–	-23.89%	–
TRC	Exit	TEJON RANCH CO CMN	$0	–	-2,600,000	–	-41.57%	–

Q3 2014

			Value		Shares		↓ Weighting
BKS	Sell	BARNES & NOBLE, INC CMN	$38,592,000	-99.9%	1,955,000	-3.5%	22.00%	-0.0%
GRIF	Sell	GRIFFIN LAND & NURSERIES CMN	$3,128,000	-99.9%	109,000	-1.5%	1.78%	+14.6%
GLW	Sell	CORNING INCORPORATED CMN	$2,708,000	-99.9%	140,000	-6.7%	1.54%	-1.7%
JOUT	Sell	JOHNSON OUTDOORS INC CMN CLASS A	$2,501,000	-99.9%	96,571	-25.1%	1.43%	-10.1%
BEL	New	BELMOND LTD CMN	$1,516,000	–	130,000	–	0.86%	–
RNWK	Sell	REALNETWORKS INC CMN	$1,440,000	-99.9%	207,239	-7.9%	0.82%	+0.2%
AMBI	New	AMBIT BIOSCIENCES CORP CMN	$1,290,000	–	83,762	–	0.74%	–
DLB	Sell	DOLBY LABORATORIES, INC. CMN CLASS A	$522,000	-99.9%	12,500	-37.5%	0.30%	-27.7%
BOTA	Sell	BIOTA PHARMACEUTICALS INC CMN	$395,000	-99.9%	160,000	-28.9%	0.22%	-26.5%
MSO	Buy	MARTHA STEWART LIVING OMNIMEDIA INC CL-A CLASS A	$298,000	-99.9%	82,778	+10.4%	0.17%	+1.2%
EMMSP	Buy	EMMIS COMMUNICATIONS CORP 6.25% SERIES A CVT PREFERRED PFDcnv	$287,000	-99.9%	19,491	+1.6%	0.16%	+26.2%
GYRO	Exit	GYRODYNE CO AMER CMN	$0	–	-1,000	–	-0.00%	–
LE	Exit	LANDS' END, INC. CMN	$0	–	-30,000	–	-0.48%	–
OEH	Exit	ORIENT-EXPRESS HOTELS LTD CMN CLASS A	$0	–	-130,000	–	-0.90%	–

Q2 2014

			Value		Shares		↓ Weighting
TRC	New	TEJON RANCH CO CMN	$83,694,000,000	–	2,600,000	–	39.91%	–
SGA	New	SAGA COMMUNICATION, INC. CMN CLASS A	$53,308,000,000	–	1,247,838	–	25.42%	–
BKS	New	BARNES & NOBLE, INC CMN	$46,150,000,000	–	2,025,000	–	22.01%	–
JOUT	New	JOHNSON OUTDOORS INC CMN CLASS A	$3,327,000,000	–	128,943	–	1.59%	–
GLW	New	CORNING INCORPORATED CMN	$3,293,000,000	–	150,000	–	1.57%	–
GRIF	New	GRIFFIN LAND & NURSERIES CMN	$3,266,000,000	–	110,714	–	1.56%	–
EMMS	New	EMMIS COMMUNICATIONS CORP CL-A CLASS A	$2,811,000,000	–	940,000	–	1.34%	–
OXY	New	OCCIDENTAL PETROLEUM CORP CMN	$2,566,000,000	–	25,000	–	1.22%	–
OEH	New	ORIENT-EXPRESS HOTELS LTD CMN CLASS A	$1,890,000,000	–	130,000	–	0.90%	–
RNWK	New	REALNETWORKS INC CMN	$1,717,000,000	–	225,000	–	0.82%	–
XCO	New	EXCO RESOURCES INC CMN	$1,705,000,000	–	289,500	–	0.81%	–
BRT	New	BRT REALTY TRUST (SBI)$3.00PAR CMN	$1,231,000,000	–	166,842	–	0.59%	–
TRCHW	New	WTS/TEJON RANCH CO. 40.0000 EXP08/31/2016wts	$1,072,000,000	–	384,046	–	0.51%	–
LE	New	LANDS' END, INC. CMN	$1,007,000,000	–	30,000	–	0.48%	–
DLB	New	DOLBY LABORATORIES, INC. CMN CLASS A	$864,000,000	–	20,000	–	0.41%	–
BOTA	New	BIOTA PHARMACEUTICALS INC CMN	$641,000,000	–	225,000	–	0.31%	–
MSO	New	MARTHA STEWART LIVING OMNIMEDIA INC CL-A CLASS A	$353,000,000	–	75,000	–	0.17%	–
PTNT	New	INTERNET PATENTS CORP CMN	$326,000,000	–	105,000	–	0.16%	–
EMMSP	New	EMMIS COMMUNICATIONS CORP 6.25% SERIES A CVT PREFERRED PFDcnv	$273,000,000	–	19,191	–	0.13%	–
GCVRZ	New	RTS/SANOFI-AVENTIS EXP12/31/2020rts	$200,000,000	–	400,000	–	0.10%	–
GYRO	New	GYRODYNE CO AMER CMN	$5,000,000	–	1,000	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
WSTL	Exit	WESTELL TECHNOLOGIES INC CMN CLASS A	$0	–	-12,000	–	-0.02%	–
LACO	Exit	LAKES ENTERTAINMENT INC CMN	$0	–	-10,000	–	-0.02%	–
HPQ	Exit	CALL/HPQ @ 20 EXP 01/18/2014call	$0	–	-1,000	–	-0.10%	–
EMMSP	Exit	EMMIS COMMUNICATIONS CORP 6.25% SERIES A CVT PREFERRED PFDcnv	$0	–	-14,411	–	-0.10%	–
PTNT	Exit	INTERNET PATENTS CORP CMN	$0	–	-105,000	–	-0.16%	–
GCVRZ	Exit	RTS/SANOFI-AVENTIS EXP12/31/2020rts	$0	–	-220,000	–	-0.22%	–
TRCHW	Exit	WTS/TEJON RANCH CO. 40.0000 EXP08/31/2016wts	$0	–	-384,046	–	-0.51%	–
BOTA	Exit	BIOTA PHARMACEUTICALS INC CMN	$0	–	-285,000	–	-0.58%	–
BRT	Exit	BRT REALTY TRUST (SBI)$3.00PAR CMN	$0	–	-166,842	–	-0.58%	–
CSC	Exit	COMPUTER SCIENCES CORP CMN	$0	–	-36,900	–	-0.92%	–
RNWK	Exit	REALNETWORKS INC CMN	$0	–	-237,941	–	-0.98%	–
EMMS	Exit	EMMIS COMMUNICATIONS CORP CL-A CLASS A	$0	–	-945,000	–	-1.23%	–
OEH	Exit	ORIENT-EXPRESS HOTELS LTD CMN CLASS A	$0	–	-250,000	–	-1.57%	–
GRIF	Exit	GRIFFIN LAND & NURSERIES CMN	$0	–	-107,486	–	-1.67%	–
XCO	Exit	EXCO RESOURCES INC CMN	$0	–	-534,800	–	-1.75%	–
GYRO	Exit	GYRODYNE CO AMER CMN	$0	–	-63,835	–	-2.32%	–
GLW	Exit	CORNING INCORPORATED CMN	$0	–	-460,000	–	-3.25%	–
JOUT	Exit	JOHNSON OUTDOORS INC CMN CLASS A	$0	–	-433,056	–	-5.63%	–
BKS	Exit	BARNES & NOBLE, INC CMN	$0	–	-2,000,000	–	-12.54%	–
SGA	Exit	SAGA COMMUNICATION, INC. CMN CLASS A	$0	–	-1,256,000	–	-27.00%	–
TRC	Exit	TEJON RANCH CO CMN	$0	–	-2,600,000	–	-38.84%	–

Q3 2013

			Value		Shares		↓ Weighting
SGA	Sell	SAGA COMMUNICATION, INC. CMN CLASS A	$55,741,000,000	-5.2%	1,256,000	-1.9%	27.00%	+16.8%
JOUT	Sell	JOHNSON OUTDOORS INC CMN CLASS A	$11,615,000,000	-19.3%	433,056	-25.1%	5.63%	-0.6%
GRIF	Sell	GRIFFIN LAND & NURSERIES CMN	$3,450,000,000	+2.9%	107,486	-8.6%	1.67%	+26.8%
EMMS	Sell	EMMIS COMMUNICATIONS CORP CL-A CLASS A	$2,542,000,000	-7.5%	945,000	-26.4%	1.23%	+14.0%
RNWK	Sell	REALNETWORKS INC CMN	$2,034,000,000	-11.8%	237,941	-22.0%	0.98%	+8.6%
CSC	Sell	COMPUTER SCIENCES CORP CMN	$1,909,000,000	-59.4%	36,900	-65.7%	0.92%	-50.0%
BRT	Buy	BRT REALTY TRUST (SBI)$3.00PAR CMN	$1,196,000,000	+2.6%	166,842	+0.2%	0.58%	+26.4%
TRCHW	New	WTS/TEJON RANCH CO. 40.0000 EXP08/31/2016wts	$1,060,000,000	–	384,046	–	0.51%	–
GCVRZ	Sell	RTS/SANOFI-AVENTIS EXP12/31/2020rts	$444,000,000	-24.1%	220,000	-28.6%	0.22%	-6.5%
HPQ	Sell	CALL/HPQ @ 20 EXP 01/18/2014call	$211,000,000	-81.7%	1,000	-33.3%	0.10%	-77.5%
EMMSP	Buy	EMMIS COMMUNICATIONS CORP 6.25% SERIES A CVT PREFERRED PFDcnv	$210,000,000	+110.0%	14,411	+51.4%	0.10%	+161.5%
LACO	New	LAKES ENTERTAINMENT INC CMN	$41,000,000	–	10,000	–	0.02%	–
WSTL	Sell	WESTELL TECHNOLOGIES INC CMN CLASS A	$40,000,000	-83.3%	12,000	-88.0%	0.02%	-79.8%
GCOM	Exit	GLOBECOMM SYSTEMS INC CMN	$0	–	-10,000	–	-0.05%	–
GKNT	Exit	GEEKNET INC CMN	$0	–	-20,000	–	-0.11%	–
CACH	Exit	CACHE INC NEW CMN	$0	–	-81,601	–	-0.14%	–
DVN	Exit	DEVON ENERGY CORPORATION (NEW) CMN	$0	–	-100,000	–	-2.04%	–
AM	Exit	AMERICAN GREETINGS CORPORATION CMN CLASS A	$0	–	-1,825,000	–	-13.07%	–

Q2 2013

			Value		Shares		↓ Weighting
TRC	New	TEJON RANCH CO CMN	$74,074,000,000	–	2,600,000	–	29.12%	–
SGA	New	SAGA COMMUNICATION, INC. CMN CLASS A	$58,806,000,000	–	1,280,906	–	23.12%	–
AM	New	AMERICAN GREETINGS CORPORATION CMN CLASS A	$33,252,000,000	–	1,825,000	–	13.07%	–
BKS	New	BARNES & NOBLE, INC CMN	$31,920,000,000	–	2,000,000	–	12.55%	–
JOUT	New	JOHNSON OUTDOORS INC CMN CLASS A	$14,398,000,000	–	578,216	–	5.66%	–
GLW	New	CORNING INCORPORATED CMN	$6,546,000,000	–	460,000	–	2.57%	–
DVN	New	DEVON ENERGY CORPORATION (NEW) CMN	$5,188,000,000	–	100,000	–	2.04%	–
CSC	New	COMPUTER SCIENCES CORP CMN	$4,705,000,000	–	107,500	–	1.85%	–
GYRO	New	GYRODYNE CO AMER CMN	$4,564,000,000	–	63,835	–	1.79%	–
XCO	New	EXCO RESOURCES INC CMN	$4,086,000,000	–	534,800	–	1.61%	–
GRIF	New	GRIFFIN LAND & NURSERIES CMN	$3,353,000,000	–	117,583	–	1.32%	–
OEH	New	ORIENT-EXPRESS HOTELS LTD CMN CLASS A	$3,040,000,000	–	250,000	–	1.20%	–
EMMS	New	EMMIS COMMUNICATIONS CORP CL-A CLASS A	$2,747,000,000	–	1,283,600	–	1.08%	–
RNWK	New	REALNETWORKS INC CMN	$2,306,000,000	–	305,000	–	0.91%	–
BRT	New	BRT REALTY TRUST (SBI)$3.00PAR CMN	$1,166,000,000	–	166,558	–	0.46%	–
HPQ	New	CALL/HPQ @ 20 EXP 01/18/2014call	$1,153,000,000	–	1,500	–	0.45%	–
BOTA	New	BIOTA PHARMACEUTICALS INC CMN	$983,000,000	–	285,000	–	0.39%	–
GCVRZ	New	RTS/SANOFI-AVENTIS EXP12/31/2020rts	$585,000,000	–	307,914	–	0.23%	–
PTNT	New	INTERNET PATENTS CORP CMN	$379,000,000	–	105,000	–	0.15%	–
CACH	New	CACHE INC NEW CMN	$363,000,000	–	81,601	–	0.14%	–
GKNT	New	GEEKNET INC CMN	$277,000,000	–	20,000	–	0.11%	–
WSTL	New	WESTELL TECHNOLOGIES INC CMN CLASS A	$239,000,000	–	100,000	–	0.09%	–
GCOM	New	GLOBECOMM SYSTEMS INC CMN	$126,000,000	–	10,000	–	0.05%	–
EMMSP	New	EMMIS COMMUNICATIONS CORP 6.25% SERIES A CVT PREFERRED PFDcnv	$100,000,000	–	9,516	–	0.04%	–

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