Raffles Associates Activity Q4 2006-Q2 2023

Q2 2023

			Value		Shares		↓ Weighting
SMBC	New	SOUTHERN MO BANCORP INC	$8,931,627	–	232,292	–	12.00%	–
BPOP	New	POPULAR INC	$6,134,186	–	101,358	–	8.24%	–
EBC	New	EASTERN BANKSHARES INC	$5,255,609	–	428,330	–	7.06%	–
PROV	New	PROVIDENT FINL HLDGS INC	$4,989,700	–	391,349	–	6.71%	–
JOB	New	GEE GROUP INC	$4,704,177	–	9,182,465	–	6.32%	–
BAC	New	BANK AMERICA CORP	$4,303,500	–	150,000	–	5.78%	–
VMD	New	VIEMED HEALTHCARE INC	$3,064,837	–	313,378	–	4.12%	–
FBP	New	FIRST BANCORP P R	$2,967,920	–	242,874	–	3.99%	–
AFBI	New	AFFINITY BANCSHARES INC	$2,923,201	–	250,060	–	3.93%	–
LCTX	New	LINEAGE CELL THERAPEUTICS IN	$2,252,812	–	1,597,739	–	3.03%	–
MAYS	New	MAYS J W INC	$1,944,206	–	44,439	–	2.61%	–
WMPN	New	WILLIAM PENN BANCORPORATION	$1,918,350	–	189,000	–	2.58%	–
OFG	New	OFG BANCORP	$1,877,760	–	72,000	–	2.52%	–
	New	BARCLAYS BANK PLCipth sr b s&p	$1,775,000	–	71,000	–	2.39%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$1,690,700	–	110,000	–	2.27%	–
VOXX	New	VOXX INTL CORPcl a	$1,336,046	–	107,055	–	1.80%	–
TURN	New	180 DEGREE CAP CORP	$1,324,947	–	297,741	–	1.78%	–
ESOA	New	ENERGY SVCS ACQUISITION CORP	$1,225,902	–	422,725	–	1.65%	–
VIAC	New	PARAMOUNT GLOBAL	$1,193,250	–	75,000	–	1.60%	–
OXY	New	OCCIDENTAL PETE CORP	$1,176,000	–	20,000	–	1.58%	–
NSSC	New	NAPCO SEC TECHNOLOGIES INC	$1,158,142	–	33,424	–	1.56%	–
NXE	New	NEXGEN ENERGY LTD	$1,059,750	–	225,000	–	1.42%	–
NECB	New	NORTHEAST CMNTY BANCORP INC	$1,011,840	–	68,000	–	1.36%	–
	New	NSTS BANCORP INC	$857,451	–	93,813	–	1.15%	–
VABK	New	VIRGINIA NATL BANKSHARES COR	$830,885	–	25,844	–	1.12%	–
MSOS	New	ADVISORSHARES TRpure us cannabis	$831,000	–	150,000	–	1.12%	–
PBPB	New	POTBELLY CORP	$816,189	–	92,960	–	1.10%	–
REPX	New	RILEY EXPLORATION PERMIAN IN	$736,046	–	20,606	–	0.99%	–
FNWD	New	FINWARD BANCORP	$613,184	–	27,872	–	0.82%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$586,577	–	17,878	–	0.79%	–
GPOR	New	GULFPORT ENERGY CORP	$577,885	–	5,500	–	0.78%	–
	New	VIZSLA SILVER CORP	$549,000	–	450,000	–	0.74%	–
KWEB	New	KRANESHARES TRcsi chi internet	$538,600	–	20,000	–	0.72%	–
SAND	New	SANDSTORM GOLD LTD	$512,000	–	100,000	–	0.69%	–
	New	PROFRAC HLDG CORP	$446,400	–	40,000	–	0.60%	–
BHB	New	BAR HBR BANKSHARES	$423,364	–	17,182	–	0.57%	–
	New	FIRST SEACOAST BANCORP INC	$389,732	–	48,595	–	0.52%	–
WNEB	New	WESTERN NEW ENG BANCORP INC	$349,950	–	59,923	–	0.47%	–
AG	New	FIRST MAJESTIC SILVER CORP	$282,500	–	50,000	–	0.38%	–
	New	ECB BANCORP INC	$196,200	–	15,000	–	0.26%	–
UBCP	New	UNITED BANCORP INC OHIO	$179,550	–	15,000	–	0.24%	–
SCOR	New	COMSCORE INC	$162,000	–	200,000	–	0.22%	–
PAK	New	GLOBAL X FDSmsci pakistan	$129,800	–	10,000	–	0.17%	–
	New	CATALYST BANCORP INC	$116,422	–	10,555	–	0.16%	–
AWX	New	AVALON HLDGS CORPcl a	$58,500	–	22,941	–	0.08%	–

Q4 2022

			Value		Shares		↓ Weighting
AWX	Exit	AVALON HLDGS CORPcl a	$0	–	-22,941	–	-0.06%	–
	Exit	IVANHOE ELECTRIC INC	$0	–	-15,000	–	-0.13%	–
BRBS	Exit	BLUE RIDGE BANKSHARES INC VA	$0	–	-10,000	–	-0.14%	–
	Exit	CATALYST BANCORP INC	$0	–	-10,555	–	-0.14%	–
KELYA	Exit	KELLY SVCS INCcl a	$0	–	-10,000	–	-0.14%	–
GFI	Exit	GOLD FIELDS LTDsponsored adr	$0	–	-20,000	–	-0.17%	–
UBCP	Exit	UNITED BANCORP INC OHIO	$0	–	-15,000	–	-0.26%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-5,000	–	-0.26%	–
BOTJ	Exit	BANK OF THE JAMES FINL GP IN	$0	–	-20,000	–	-0.27%	–
BHB	Exit	BAR HBR BANKSHARES	$0	–	-10,100	–	-0.29%	–
KCCB	Exit	KRANESHARES TRasia pacific hi	$0	–	-13,190	–	-0.36%	–
	Exit	OSISKO DEVELOPMENT CORP	$0	–	-75,634	–	-0.37%	–
	Exit	PROFRAC HLDG CORP	$0	–	-25,000	–	-0.40%	–
WNEB	Exit	WESTERN NEW ENG BANCORP INC	$0	–	-60,372	–	-0.52%	–
KWEB	Exit	KRANESHARES TRcsi chi internet	$0	–	-22,000	–	-0.58%	–
FSEA	Exit	FIRST SEACOAST BANCORP	$0	–	-58,142	–	-0.64%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-100,000	–	-0.66%	–
ESOA	Exit	ENERGY SVCS ACQUISITION CORP	$0	–	-215,000	–	-0.66%	–
NUGT	Exit	DIREXION SHS ETF TRdly gold indx 2x	$0	–	-25,000	–	-0.68%	–
NWFL	Exit	NORWOOD FINL CORP	$0	–	-24,964	–	-0.71%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-17,878	–	-0.73%	–
MAG	Exit	MAG SILVER CORP	$0	–	-55,000	–	-0.73%	–
GPOR	Exit	GULFPORT ENERGY CORP	$0	–	-8,000	–	-0.75%	–
NECB	Exit	NORTHEAST CMNTY BANCORP INC	$0	–	-65,000	–	-0.86%	–
FNWD	Exit	FINWARD BANCORP	$0	–	-27,872	–	-1.01%	–
NSSC	Exit	NAPCO SEC TECHNOLOGIES INC	$0	–	-33,424	–	-1.04%	–
REPX	Exit	RILEY EXPLORATION PERMIAN IN	$0	–	-52,400	–	-1.06%	–
	Exit	NSTS BANCORP INC	$0	–	-93,813	–	-1.08%	–
VOXX	Exit	VOXX INTL CORPcl a	$0	–	-135,500	–	-1.10%	–
	Exit	WARNER BROS DISCOVERY INC	$0	–	-100,000	–	-1.23%	–
IIIN	Exit	INSTEEL INDS INC	$0	–	-45,000	–	-1.27%	–
VABK	Exit	VIRGINIA NATL BANKSHARES COR	$0	–	-40,344	–	-1.40%	–
MSOS	Exit	ADVISORSHARES TRpure us cannabis	$0	–	-148,000	–	-1.41%	–
TURN	Exit	180 DEGREE CAP CORP	$0	–	-243,731	–	-1.43%	–
UVXY	Exit	PROSHARES TR IIultra vix short	$0	–	-120,000	–	-1.64%	–
JNUG	Exit	DIREXION SHS ETF TRdaily jr gld min	$0	–	-60,000	–	-1.69%	–
MAYS	Exit	MAYS J W INC	$0	–	-44,439	–	-1.82%	–
VMD	Exit	VIEMED HEALTHCARE INC	$0	–	-317,418	–	-2.03%	–
VIAC	Exit	PARAMOUNT GLOBAL	$0	–	-114,469	–	-2.32%	–
LCTX	Exit	LINEAGE CELL THERAPEUTICS IN	$0	–	-2,080,536	–	-2.51%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-520,000	–	-2.51%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-240,000	–	-2.61%	–
WMPN	Exit	WILLIAM PENN BANCORPORATION	$0	–	-270,000	–	-3.27%	–
AFBI	Exit	AFFINITY BANCSHARES INC	$0	–	-248,607	–	-3.87%	–
FBP	Exit	FIRST BANCORP P R	$0	–	-322,874	–	-4.71%	–
PROV	Exit	PROVIDENT FINL HLDGS INC	$0	–	-381,349	–	-5.78%	–
JOB	Exit	GEE GROUP INC	$0	–	-8,913,857	–	-6.00%	–
BPOP	Exit	POPULAR INC	$0	–	-150,000	–	-11.53%	–
EBC	Exit	EASTERN BANKSHARES INC	$0	–	-598,330	–	-12.53%	–
SMBC	Exit	SOUTHERN MO BANCORP INC	$0	–	-232,292	–	-12.64%	–

Q3 2022

			Value		Shares		↓ Weighting
EBC	Sell	EASTERN BANKSHARES INC	$11,751,000	-3.2%	598,330	-9.0%	12.53%	-5.2%
BPOP	Sell	POPULAR INC	$10,809,000	-12.2%	150,000	-6.2%	11.53%	-14.0%
PROV	Buy	PROVIDENT FINL HLDGS INC	$5,415,000	-0.3%	381,349	+4.1%	5.78%	-2.4%
FBP	Buy	FIRST BANCORP P R	$4,417,000	+40.8%	322,874	+32.9%	4.71%	+38.0%
AUY	New	YAMANA GOLD INC	$2,356,000	–	520,000	–	2.51%	–
LCTX	Buy	LINEAGE CELL THERAPEUTICS IN	$2,351,000	-22.9%	2,080,536	+7.8%	2.51%	-24.5%
VIAC	Sell	PARAMOUNT GLOBAL	$2,179,000	-45.3%	114,469	-29.1%	2.32%	-46.4%
VMD	Buy	VIEMED HEALTHCARE INC	$1,905,000	+15.2%	317,418	+3.3%	2.03%	+12.8%
JNUG	New	DIREXION SHS ETF TRdaily jr gld min	$1,585,000	–	60,000	–	1.69%	–
UVXY	New	PROSHARES TR IIultra vix short	$1,542,000	–	120,000	–	1.64%	–
TURN	Buy	180 DEGREE CAP CORP	$1,338,000	-6.6%	243,731	+4.3%	1.43%	-8.5%
MSOS	Sell	ADVISORSHARES TRpure us cannabis	$1,319,000	-27.2%	148,000	-15.4%	1.41%	-28.7%
IIIN	New	INSTEEL INDS INC	$1,194,000	–	45,000	–	1.27%	–
	New	WARNER BROS DISCOVERY INC	$1,150,000	–	100,000	–	1.23%	–
VOXX	Buy	VOXX INTL CORPcl a	$1,031,000	+5.0%	135,500	+28.4%	1.10%	+2.9%
NSSC	Sell	NAPCO SEC TECHNOLOGIES INC	$972,000	-23.2%	33,424	-45.6%	1.04%	-24.7%
NUGT	New	DIREXION SHS ETF TRdly gold indx 2x	$633,000	–	25,000	–	0.68%	–
ESOA	Buy	ENERGY SVCS ACQUISITION CORP	$615,000	+80.9%	215,000	+30.3%	0.66%	+77.3%
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$615,000	+57.7%	100,000	+100.0%	0.66%	+54.4%
KWEB	New	KRANESHARES TRcsi chi internet	$542,000	–	22,000	–	0.58%	–
	New	PROFRAC HLDG CORP	$380,000	–	25,000	–	0.40%	–
	Sell	OSISKO DEVELOPMENT CORP	$344,000	-30.9%	75,634	-27.2%	0.37%	-32.3%
KCCB	Sell	KRANESHARES TRasia pacific hi	$336,000	-17.8%	13,190	-12.1%	0.36%	-19.6%
BHB	Sell	BAR HBR BANKSHARES	$268,000	-31.3%	10,100	-33.1%	0.29%	-32.7%
VAL	New	VALARIS LIMITEDcl a	$245,000	–	5,000	–	0.26%	–
GFI	Sell	GOLD FIELDS LTDsponsored adr	$162,000	-93.8%	20,000	-93.0%	0.17%	-93.9%
	New	IVANHOE ELECTRIC INC	$124,000	–	15,000	–	0.13%	–
TMQ	Exit	TRILOGY METALS INC NEW	$0	–	-42,351	–	-0.04%	–
ITRG	Exit	INTEGRA RES CORP	$0	–	-257,007	–	-0.29%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT IN	$0	–	-50,000	–	-0.32%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-50,000	–	-0.42%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-15,000	–	-0.43%	–
BOIL	Exit	PROSHARES TR IIultra bloomberg	$0	–	-10,000	–	-0.46%	–
UAN	Exit	CVR PARTNERS LP	$0	–	-5,000	–	-0.54%	–
DIDI	Exit	DIDI GLOBAL INCsponsored ads	$0	–	-450,000	–	-1.45%	–

Q2 2022

			Value		Shares		↓ Weighting
BPOP	New	POPULAR INC	$12,309,000	–	160,000	–	13.40%	–
EBC	New	EASTERN BANKSHARES INC	$12,142,000	–	657,760	–	13.22%	–
SMBC	New	SOUTHERN MO BANCORP INC	$10,514,000	–	232,292	–	11.45%	–
PROV	New	PROVIDENT FINL HLDGS INC	$5,433,000	–	366,349	–	5.92%	–
JOB	New	GEE GROUP INC	$4,653,000	–	8,913,857	–	5.07%	–
VIAC	New	PARAMOUNT GLOBAL	$3,985,000	–	161,469	–	4.34%	–
AFBI	New	AFFINITY BANCSHARES INC	$3,692,000	–	248,607	–	4.02%	–
WMPN	New	WILLIAM PENN BANCORPORATION	$3,159,000	–	270,000	–	3.44%	–
FBP	New	FIRST BANCORP P R	$3,136,000	–	242,874	–	3.42%	–
LCTX	New	LINEAGE CELL THERAPEUTICS IN	$3,050,000	–	1,930,536	–	3.32%	–
GFI	New	GOLD FIELDS LTDsponsored adr	$2,617,000	–	287,000	–	2.85%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$2,424,000	–	240,000	–	2.64%	–
MAYS	New	MAYS J W INC	$1,849,000	–	44,439	–	2.01%	–
MSOS	New	ADVISORSHARES TRpure us cannabis	$1,811,000	–	175,000	–	1.97%	–
VMD	New	VIEMED HEALTHCARE INC	$1,654,000	–	307,418	–	1.80%	–
TURN	New	180 DEGREE CAP CORP	$1,433,000	–	233,731	–	1.56%	–
DIDI	New	DIDI GLOBAL INCsponsored ads	$1,328,000	–	450,000	–	1.45%	–
VABK	New	VIRGINIA NATL BANKSHARES COR	$1,270,000	–	40,344	–	1.38%	–
REPX	New	RILEY EXPLORATION PERMIAN IN	$1,267,000	–	52,400	–	1.38%	–
NSSC	New	NAPCO SEC TECHNOLOGIES INC	$1,265,000	–	61,424	–	1.38%	–
	New	NSTS BANCORP INC	$1,049,000	–	93,813	–	1.14%	–
FNWD	New	FINWARD BANCORP	$1,045,000	–	27,872	–	1.14%	–
VOXX	New	VOXX INTL CORPcl a	$982,000	–	105,500	–	1.07%	–
NECB	New	NORTHEAST CMNTY BANCORP INC	$765,000	–	65,000	–	0.83%	–
MAG	New	MAG SILVER CORP	$669,000	–	55,000	–	0.73%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$644,000	–	17,878	–	0.70%	–
GPOR	New	GULFPORT ENERGY CORP	$636,000	–	8,000	–	0.69%	–
FSEA	New	FIRST SEACOAST BANCORP	$622,000	–	58,142	–	0.68%	–
NWFL	New	NORWOOD FINL CORP	$606,000	–	24,964	–	0.66%	–
UAN	New	CVR PARTNERS LP	$499,000	–	5,000	–	0.54%	–
	New	OSISKO DEVELOPMENT CORP	$498,000	–	103,834	–	0.54%	–
WNEB	New	WESTERN NEW ENG BANCORP INC	$450,000	–	60,372	–	0.49%	–
BOIL	New	PROSHARES TR IIultra bloomberg	$421,000	–	10,000	–	0.46%	–
KCCB	New	KRANESHARES TRasia pacific hi	$409,000	–	15,000	–	0.44%	–
EQH	New	EQUITABLE HLDGS INC	$391,000	–	15,000	–	0.43%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$390,000	–	50,000	–	0.42%	–
BHB	New	BAR HBR BANKSHARES	$390,000	–	15,100	–	0.42%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$390,000	–	50,000	–	0.42%	–
ESOA	New	ENERGY SVCS ACQUISITION CORP	$340,000	–	165,000	–	0.37%	–
NLY	New	ANNALY CAPITAL MANAGEMENT IN	$296,000	–	50,000	–	0.32%	–
ITRG	New	INTEGRA RES CORP	$267,000	–	257,007	–	0.29%	–
BOTJ	New	BANK OF THE JAMES FINL GP IN	$260,000	–	20,000	–	0.28%	–
UBCP	New	UNITED BANCORP INC OHIO	$246,000	–	15,000	–	0.27%	–
KELYA	New	KELLY SVCS INCcl a	$198,000	–	10,000	–	0.22%	–
BRBS	New	BLUE RIDGE BANKSHARES INC VA	$153,000	–	10,000	–	0.17%	–
	New	CATALYST BANCORP INC	$143,000	–	10,555	–	0.16%	–
AWX	New	AVALON HLDGS CORPcl a	$60,000	–	22,941	–	0.06%	–
TMQ	New	TRILOGY METALS INC NEW	$32,000	–	42,351	–	0.04%	–

Q4 2021

			Value		Shares		↓ Weighting
AWX	Exit	AVALON HLDGS CORPcl a	$0	–	-22,941	–	-0.08%	–
HYMC	Exit	HYCROFT MINING HOLDING CORP	$0	–	-131,114	–	-0.18%	–
UBCP	Exit	UNITED BANCORP INC OHIO	$0	–	-15,000	–	-0.20%	–
LCTX	Exit	LINEAGE CELL THERAPEUTICS IN	$0	–	-93,590	–	-0.22%	–
LSXMK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-5,042	–	-0.22%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-50,000	–	-0.27%	–
ITRG	Exit	INTEGRA RES CORP	$0	–	-157,007	–	-0.33%	–
TMQ	Exit	TRILOGY METALS INC NEW	$0	–	-200,000	–	-0.34%	–
SVM	Exit	SILVERCORP METALS INC	$0	–	-100,000	–	-0.35%	–
	Exit	AMALGAMATED FINANCIAL CORP	$0	–	-25,000	–	-0.37%	–
EVTC	Exit	EVERTEC INC	$0	–	-10,000	–	-0.42%	–
WNEB	Exit	WESTERN NEW ENG BANCORP INC	$0	–	-60,372	–	-0.48%	–
FSEA	Exit	FIRST SEACOAST BANCORP	$0	–	-58,142	–	-0.52%	–
NCBS	Exit	NICOLET BANKSHARES INC	$0	–	-8,462	–	-0.58%	–
NWFL	Exit	NORWOOD FINL CORP	$0	–	-24,964	–	-0.59%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-50,000	–	-0.61%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-50,000	–	-0.61%	–
NECB	Exit	NORTHEAST CMNTY BANCORP INC	$0	–	-65,000	–	-0.66%	–
MJ	Exit	ETF MANAGERS TRetfmg altr hrvst	$0	–	-50,000	–	-0.67%	–
JNUG	Exit	DIREXION SHS ETF TRdaily jr gld min	$0	–	-15,000	–	-0.73%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-17,878	–	-0.78%	–
VOXX	Exit	VOXX INTL CORPcl a	$0	–	-95,500	–	-1.01%	–
IVAN	Exit	IVANHOE CAPITAL ACQUISTIN CO	$0	–	-136,846	–	-1.26%	–
VABK	Exit	VIRGINIA NATL BANKSHARES COR	$0	–	-40,344	–	-1.35%	–
MSOS	Exit	ADVISORSHARES TRpure us cannabis	$0	–	-50,000	–	-1.46%	–
NSSC	Exit	NAPCO SEC TECHNOLOGIES INC	$0	–	-36,959	–	-1.47%	–
JOB	Exit	GEE GROUP INC	$0	–	-3,500,000	–	-1.50%	–
MAYS	Exit	MAYS J W INC	$0	–	-44,439	–	-1.51%	–
TURN	Exit	180 DEGREE CAP CORP	$0	–	-226,864	–	-1.52%	–
VIACA	Exit	VIACOMCBS INCcl a	$0	–	-45,000	–	-1.75%	–
VMD	Exit	VIEMED HEALTHCARE INC	$0	–	-401,518	–	-2.06%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-38,000	–	-2.17%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-215,000	–	-2.24%	–
WMPN	Exit	WILLIAM PENN BANCORPORATION	$0	–	-270,000	–	-3.05%	–
AFBI	Exit	AFFINITY BANCSHARES INC	$0	–	-249,069	–	-3.24%	–
DISCK	Exit	DISCOVERY INC	$0	–	-155,000	–	-3.48%	–
VIAC	Exit	VIACOMCBS INCcl b	$0	–	-105,000	–	-3.84%	–
PROV	Exit	PROVIDENT FINL HLDGS INC	$0	–	-356,349	–	-5.56%	–
SMBC	Exit	SOUTHERN MO BANCORP INC	$0	–	-232,292	–	-9.66%	–
EBC	Exit	EASTERN BANKSHARES INC	$0	–	-687,760	–	-12.93%	–
BPOP	Exit	POPULAR INC	$0	–	-205,000	–	-14.74%	–
GDP	Exit	GOODRICH PETE CORP	$0	–	-683,634	–	-14.98%	–

Q3 2021

			Value		Shares		↓ Weighting
GDP	Sell	GOODRICH PETE CORP	$16,175,000	+57.3%	683,634	-0.7%	14.98%	+71.3%
VIAC	Sell	VIACOMCBS INCcl b	$4,149,000	-47.5%	105,000	-40.0%	3.84%	-42.9%
DISCK	Buy	DISCOVERY INC	$3,762,000	+12.9%	155,000	+34.8%	3.48%	+22.9%
AFBI	Sell	AFFINITY BANCSHARES INC	$3,499,000	+7.3%	249,069	-1.0%	3.24%	+16.8%
CHK	Sell	CHESAPEAKE ENERGY CORP	$2,340,000	-59.6%	38,000	-65.9%	2.17%	-56.0%
VMD	Sell	VIEMED HEALTHCARE INC	$2,228,000	-27.0%	401,518	-5.9%	2.06%	-20.5%
VIACA	New	VIACOMCBS INCcl a	$1,893,000	–	45,000	–	1.75%	–
JOB	Buy	GEE GROUP INC	$1,625,000	+26.1%	3,500,000	+55.6%	1.50%	+37.3%
MSOS	New	ADVISORSHARES TRpure us cannabis	$1,578,000	–	50,000	–	1.46%	–
IVAN	New	IVANHOE CAPITAL ACQUISTIN CO	$1,355,000	–	136,846	–	1.26%	–
JNUG	New	DIREXION SHS ETF TRdaily jr gld min	$793,000	–	15,000	–	0.73%	–
MJ	New	ETF MANAGERS TRetfmg altr hrvst	$720,000	–	50,000	–	0.67%	–
NECB	New	NORTHEAST CMNTY BANCORP INC	$708,000	–	65,000	–	0.66%	–
NWFL	Buy	NORWOOD FINL CORP	$637,000	+12.1%	24,964	+14.3%	0.59%	+22.2%
NCBS	New	NICOLET BANKSHARES INC	$628,000	–	8,462	–	0.58%	–
WNEB	Buy	WESTERN NEW ENG BANCORP INC	$515,000	+26.2%	60,372	+20.7%	0.48%	+37.5%
TMQ	Buy	TRILOGY METALS INC NEW	$370,000	+47.4%	200,000	+100.0%	0.34%	+61.0%
ITRG	New	INTEGRA RES CORP	$358,000	–	157,007	–	0.33%	–
LCTX	Buy	LINEAGE CELL THERAPEUTICS IN	$236,000	+90.3%	93,590	+114.7%	0.22%	+108.6%
HYMC	Sell	HYCROFT MINING HOLDING CORP	$195,000	-57.5%	131,114	-12.6%	0.18%	-53.6%
CWH	Exit	CAMPING WORLD HLDGS INCcl a	$0	–	-5,000	–	-0.17%	–
GPOR	Exit	GULFPORT ENERGY CORP	$0	–	-5,000	–	-0.28%	–
ASMB	Exit	ASSEMBLY BIOSCIENCES INC	$0	–	-100,000	–	-0.33%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-34,993	–	-0.47%	–
MFNC	Exit	MACKINAC FINL CORP	$0	–	-38,465	–	-0.65%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-50,000	–	-0.72%	–
NUGT	Exit	DIREXION SHS ETF TRdly gold indx 2x	$0	–	-40,000	–	-1.98%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-100,000	–	-2.07%	–
FBP	Exit	FIRST BANCORP P R	$0	–	-332,874	–	-3.37%	–
UVXY	Exit	PROSHARES TR IIultra vix short	$0	–	-150,000	–	-3.57%	–

Q2 2021

			Value		Shares		↓ Weighting
BPOP	New	POPULAR INC	$15,385,000	–	205,000	–	13.08%	–
EBC	New	EASTERN BANKSHARES INC	$14,147,000	–	687,760	–	12.03%	–
SMBC	New	SOUTHERN MO BANCORP INC	$10,444,000	–	232,292	–	8.88%	–
GDP	New	GOODRICH PETE CORP	$10,281,000	–	688,634	–	8.74%	–
VIAC	New	VIACOMCBS INCcl b	$7,910,000	–	175,000	–	6.73%	–
PROV	New	PROVIDENT FINL HLDGS INC	$6,154,000	–	356,349	–	5.23%	–
CHK	New	CHESAPEAKE ENERGY CORP	$5,789,000	–	111,500	–	4.92%	–
UVXY	New	PROSHARES TR IIultra vix short	$4,197,000	–	150,000	–	3.57%	–
FBP	New	FIRST BANCORP P R	$3,968,000	–	332,874	–	3.37%	–
DISCK	New	DISCOVERY INC	$3,333,000	–	115,000	–	2.83%	–
AFBI	New	AFFINITY BANCSHARES INC	$3,262,000	–	251,535	–	2.77%	–
WMPN	New	WILLIAM PENN BANCORPORATION	$3,213,000	–	270,000	–	2.73%	–
VMD	New	VIEMED HEALTHCARE INC	$3,050,000	–	426,518	–	2.59%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$2,946,000	–	215,000	–	2.50%	–
SATS	New	ECHOSTAR CORPcl a	$2,429,000	–	100,000	–	2.07%	–
NUGT	New	DIREXION SHS ETF TRdly gold indx 2x	$2,324,000	–	40,000	–	1.98%	–
TURN	New	180 DEGREE CAP CORP	$1,829,000	–	226,864	–	1.56%	–
VABK	New	VIRGINIA NATL BANKSHARES COR	$1,569,000	–	40,344	–	1.33%	–
MAYS	New	MAYS J W INC	$1,381,000	–	44,439	–	1.17%	–
NSSC	New	NAPCO SEC TECHNOLOGIES INC	$1,344,000	–	36,959	–	1.14%	–
VOXX	New	VOXX INTL CORPcl a	$1,338,000	–	95,500	–	1.14%	–
JOB	New	GEE GROUP INC	$1,289,000	–	2,250,000	–	1.10%	–
TRQ	New	TURQUOISE HILL RES LTD	$844,000	–	50,000	–	0.72%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$833,000	–	17,878	–	0.71%	–
MFNC	New	MACKINAC FINL CORP	$760,000	–	38,465	–	0.65%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$705,000	–	50,000	–	0.60%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$693,000	–	50,000	–	0.59%	–
FSEA	New	FIRST SEACOAST BANCORP	$570,000	–	58,142	–	0.48%	–
NWFL	New	NORWOOD FINL CORP	$568,000	–	21,844	–	0.48%	–
SVM	New	SILVERCORP METALS INC	$549,000	–	100,000	–	0.47%	–
AMBC	New	AMBAC FINL GROUP INC	$548,000	–	34,993	–	0.47%	–
HYMC	New	HYCROFT MINING HOLDING CORP	$459,000	–	150,000	–	0.39%	–
EVTC	New	EVERTEC INC	$436,000	–	10,000	–	0.37%	–
WNEB	New	WESTERN NEW ENG BANCORP INC	$408,000	–	50,000	–	0.35%	–
SAND	New	SANDSTORM GOLD LTD	$394,000	–	50,000	–	0.34%	–
	New	AMALGAMATED FINANCIAL CORP	$391,000	–	25,000	–	0.33%	–
ASMB	New	ASSEMBLY BIOSCIENCES INC	$388,000	–	100,000	–	0.33%	–
GPOR	New	GULFPORT ENERGY CORP	$324,000	–	5,000	–	0.28%	–
TMQ	New	TRILOGY METALS INC NEW	$251,000	–	100,000	–	0.21%	–
LSXMK	New	LIBERTY MEDIA CORP DEL	$234,000	–	5,042	–	0.20%	–
UBCP	New	UNITED BANCORP INC OHIO	$214,000	–	15,000	–	0.18%	–
CWH	New	CAMPING WORLD HLDGS INCcl a	$205,000	–	5,000	–	0.17%	–
LCTX	New	LINEAGE CELL THERAPEUTICS IN	$124,000	–	43,590	–	0.10%	–
AWX	New	AVALON HLDGS CORPcl a	$108,000	–	22,941	–	0.09%	–

Q4 2020

			Value		Shares		↓ Weighting
AWX	Exit	AVALON HLDGS CORPcl a	$0	–	-22,941	–	-0.07%	–
UBCP	Exit	UNITED BANCORP INC OHIO	$0	–	-15,000	–	-0.32%	–
PBIP	Exit	PRUDENTIAL BANCORP INC NEW	$0	–	-23,296	–	-0.42%	–
HONE	Exit	HARBORONE BANCORP INC NEW	$0	–	-41,641	–	-0.57%	–
EVTC	Exit	EVERTEC INC	$0	–	-10,000	–	-0.59%	–
SONM	Exit	SONIM TECHNOLOGIES INC	$0	–	-450,633	–	-0.59%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-50,000	–	-0.69%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-50,000	–	-0.70%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-34,993	–	-0.76%	–
FSEA	Exit	FIRST SEACOAST BANCORP	$0	–	-58,142	–	-0.76%	–
MFNC	Exit	MACKINAC FINL CORP	$0	–	-48,474	–	-0.80%	–
MIND	Exit	MIND TECHNOLOGY INC	$0	–	-262,312	–	-0.93%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-17,878	–	-1.01%	–
VOXX	Exit	VOXX INTL CORPcl a	$0	–	-95,500	–	-1.25%	–
TURN	Exit	180 DEGREE CAP CORP	$0	–	-395,492	–	-1.27%	–
NSSC	Exit	NAPCO SEC TECHNOLOGIES INC	$0	–	-36,959	–	-1.48%	–
MAYS	Exit	MAYS J W INC	$0	–	-44,939	–	-1.53%	–
CRK	Exit	COMSTOCK RES INC	$0	–	-263,712	–	-1.96%	–
FBP	Exit	FIRST BANCORP P R	$0	–	-282,874	–	-2.51%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-125,000	–	-2.51%	–
SYNC	Exit	SYNACOR INC	$0	–	-1,307,261	–	-3.35%	–
C	Exit	CITIGROUP INC	$0	–	-50,000	–	-3.66%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-100,000	–	-3.99%	–
VMD	Exit	VIEMED HEALTHCARE INC	$0	–	-321,518	–	-4.72%	–
PROV	Exit	PROVIDENT FINL HLDGS INC	$0	–	-356,349	–	-7.20%	–
KBE	Exit	SPDR SER TRs&p bk etf	$0	–	-150,000	–	-7.50%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-200,000	–	-8.18%	–
GDP	Exit	GOODRICH PETE CORP	$0	–	-688,634	–	-8.99%	–
SMBC	Exit	SOUTHERN MO BANCORP INC	$0	–	-232,292	–	-9.30%	–
BPOP	Exit	POPULAR INC	$0	–	-180,000	–	-11.09%	–
STND	Exit	STANDARD AVB FINL CORP	$0	–	-204,108	–	-11.32%	–

Q3 2020

			Value		Shares		↓ Weighting
BPOP	Sell	POPULAR INC	$6,529,000	-14.6%	180,000	-12.5%	11.09%	-11.0%
SMBC	Sell	SOUTHERN MO BANCORP INC	$5,477,000	-5.0%	232,292	-2.1%	9.30%	-1.0%
GDP	Buy	GOODRICH PETE CORP	$5,296,000	+23.8%	688,634	+15.9%	8.99%	+29.0%
BAC	New	BK OF AMERICA CORP	$4,818,000	–	200,000	–	8.18%	–
KBE	New	SPDR SER TRs&p bk etf	$4,418,000	–	150,000	–	7.50%	–
VMD	Sell	VIEMED HEALTHCARE INC	$2,778,000	-44.5%	321,518	-38.3%	4.72%	-42.2%
WFC	New	WELLS FARGO CO NEW	$2,351,000	–	100,000	–	3.99%	–
C	New	CITIGROUP INC	$2,156,000	–	50,000	–	3.66%	–
SYNC	Sell	SYNACOR INC	$1,974,000	+32.2%	1,307,261	-1.0%	3.35%	+37.8%
OR	Sell	OSISKO GOLD ROYALTIES LTD	$1,479,000	-15.5%	125,000	-28.6%	2.51%	-12.0%
FBP	Buy	FIRST BANCORP P R	$1,477,000	+22.9%	282,874	+31.6%	2.51%	+28.0%
CRK	Buy	COMSTOCK RES INC	$1,155,000	+252.1%	263,712	+251.6%	1.96%	+267.2%
NSSC	Sell	NAPCO SEC TECHNOLOGIES INC	$869,000	-59.9%	36,959	-60.1%	1.48%	-58.2%
TURN	Buy	180 DEGREE CAP CORP	$747,000	+662.2%	395,492	+603.7%	1.27%	+692.5%
VOXX	Sell	VOXX INTL CORPcl a	$734,000	+27.0%	95,500	-4.5%	1.25%	+32.3%
MIND	New	MIND TECHNOLOGY INC	$546,000	–	262,312	–	0.93%	–
AMBC	Sell	AMBAC FINL GROUP INC	$447,000	-37.6%	34,993	-30.0%	0.76%	-35.0%
LILA	New	LIBERTY LATIN AMERICA LTD	$412,000	–	50,000	–	0.70%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$407,000	–	50,000	–	0.69%	–
SONM	New	SONIM TECHNOLOGIES INC	$350,000	–	450,633	–	0.59%	–
EVTC	New	EVERTEC INC	$347,000	–	10,000	–	0.59%	–
HONE	Sell	HARBORONE BANCORP INC NEW	$336,000	-82.6%	41,641	-81.6%	0.57%	-81.9%
AWX	Sell	AVALON HLDGS CORPcl a	$40,000	-76.7%	22,941	-78.5%	0.07%	-75.7%
CEIX	Exit	CONSOL ENERGY INC NEW	$0	–	-16,050	–	-0.13%	–
PVBC	Exit	PROVIDENT BANCORP INC	$0	–	-25,000	–	-0.32%	–
SELF	Exit	GLOBAL SELF STORAGE INC	$0	–	-62,656	–	-0.39%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-8,939	–	-0.46%	–
OTEL	Exit	OTELCO INCcl a new	$0	–	-31,300	–	-0.58%	–
QUMU	Exit	QUMU CORP	$0	–	-99,200	–	-0.58%	–
FLY	Exit	FLY LEASING LTDsponsored adr	$0	–	-52,139	–	-0.70%	–
AUG	Exit	AURYN RES INC	$0	–	-250,000	–	-0.75%	–
CFG	Exit	CITIZENS FINANCIAL GROUP INC	$0	–	-25,000	–	-1.03%	–
TWTR	Exit	TWITTER INC	$0	–	-25,000	–	-1.21%	–
ACA	Exit	ARCOSA INC	$0	–	-20,000	–	-1.38%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-400,000	–	-1.47%	–
GOLD	Exit	BARRICK GOLD CORPORATION	$0	–	-50,000	–	-2.20%	–
LSXMK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-41,031	–	-2.30%	–
HYMC	Exit	HYCROFT MINING HOLDING CORP	$0	–	-154,595	–	-2.38%	–
MAG	Exit	MAG SILVER CORP	$0	–	-137,900	–	-3.17%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-132,723	–	-6.66%	–

Q2 2020

			Value		Shares		↓ Weighting
BPOP	New	POPULAR INC	$7,648,000	–	205,763	–	12.46%	–
SMBC	New	SOUTHERN MO BANCORP INC	$5,766,000	–	237,294	–	9.40%	–
VMD	New	VIEMED HEALTHCARE INC	$5,007,000	–	521,518	–	8.16%	–
PROV	New	PROVIDENT FINL HLDGS INC	$4,779,000	–	356,349	–	7.79%	–
STND	New	STANDARD AVB FINL CORP	$4,735,000	–	204,108	–	7.72%	–
GDP	New	GOODRICH PETE CORP	$4,278,000	–	594,134	–	6.97%	–
AER	New	AERCAP HOLDINGS NV	$4,088,000	–	132,723	–	6.66%	–
NSSC	New	NAPCO SEC TECHNOLOGIES INC	$2,168,000	–	92,674	–	3.53%	–
MAG	New	MAG SILVER CORP	$1,944,000	–	137,900	–	3.17%	–
HONE	New	HARBORONE BANCORP INC NEW	$1,936,000	–	226,641	–	3.16%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$1,750,000	–	175,000	–	2.85%	–
SYNC	New	SYNACOR INC	$1,493,000	–	1,321,122	–	2.43%	–
HYMC	New	HYCROFT MINING HOLDING CORP	$1,461,000	–	154,595	–	2.38%	–
LSXMK	New	LIBERTY MEDIA CORP DEL	$1,414,000	–	41,031	–	2.30%	–
GOLD	New	BARRICK GOLD CORPORATION	$1,347,000	–	50,000	–	2.20%	–
FBP	New	FIRST BANCORP P R	$1,202,000	–	215,000	–	1.96%	–
MAYS	New	MAYS J W INC	$1,011,000	–	44,939	–	1.65%	–
AXU	New	ALEXCO RESOURCE CORP	$900,000	–	400,000	–	1.47%	–
ACA	New	ARCOSA INC	$844,000	–	20,000	–	1.38%	–
TWTR	New	TWITTER INC	$745,000	–	25,000	–	1.21%	–
AMBC	New	AMBAC FINL GROUP INC	$716,000	–	50,000	–	1.17%	–
CFG	New	CITIZENS FINANCIAL GROUP INC	$631,000	–	25,000	–	1.03%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$617,000	–	17,878	–	1.00%	–
VOXX	New	VOXX INTL CORPcl a	$578,000	–	100,000	–	0.94%	–
MFNC	New	MACKINAC FINL CORP	$503,000	–	48,474	–	0.82%	–
AUG	New	AURYN RES INC	$462,000	–	250,000	–	0.75%	–
FLY	New	FLY LEASING LTDsponsored adr	$428,000	–	52,139	–	0.70%	–
FSEA	New	FIRST SEACOAST BANCORP	$358,000	–	58,142	–	0.58%	–
QUMU	New	QUMU CORP	$356,000	–	99,200	–	0.58%	–
OTEL	New	OTELCO INCcl a new	$353,000	–	31,300	–	0.58%	–
CRK	New	COMSTOCK RES INC	$328,000	–	75,000	–	0.53%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$283,000	–	8,939	–	0.46%	–
PBIP	New	PRUDENTIAL BANCORP INC NEW	$280,000	–	23,296	–	0.46%	–
SELF	New	GLOBAL SELF STORAGE INC	$241,000	–	62,656	–	0.39%	–
PVBC	New	PROVIDENT BANCORP INC	$196,000	–	25,000	–	0.32%	–
UBCP	New	UNITED BANCORP INC OHIO	$173,000	–	15,000	–	0.28%	–
AWX	New	AVALON HLDGS CORPcl a	$172,000	–	106,919	–	0.28%	–
TURN	New	180 DEGREE CAP CORP	$98,000	–	56,198	–	0.16%	–
CEIX	New	CONSOL ENERGY INC NEW	$81,000	–	16,050	–	0.13%	–

Q4 2019

			Value		Shares		↓ Weighting
CHAPQ	Exit	CHAPARRAL ENERGY INC	$0	–	-39,178	–	-0.05%	–
RAND	Exit	RAND CAP CORP	$0	–	-40,000	–	-0.10%	–
UBCP	Exit	UNITED BANCORP INC OHIO	$0	–	-15,000	–	-0.16%	–
TURN	Exit	180 DEGREE CAP CORP	$0	–	-97,000	–	-0.20%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-45,000	–	-0.24%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-2,669	–	-0.27%	–
GCBC	Exit	GREENE COUNTY BANCORP INC	$0	–	-10,450	–	-0.27%	–
NTB	Exit	BANK OF NT BUTTERFIELD&SON L	$0	–	-10,000	–	-0.28%	–
AUG	Exit	AURYN RES INC	$0	–	-250,000	–	-0.30%	–
LONEQ	Exit	LONESTAR RES US INCcl a vtg	$0	–	-114,476	–	-0.30%	–
OTEL	Exit	OTELCO INCcl a new	$0	–	-30,000	–	-0.33%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-350,000	–	-0.34%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-8,939	–	-0.36%	–
AMAL	Exit	AMALGAMATED BK NEW YORK N Yclass a	$0	–	-26,000	–	-0.40%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-140,000	–	-0.41%	–
NVTRQ	Exit	NUVECTRA CORP	$0	–	-328,675	–	-0.43%	–
VOXX	Exit	VOXX INTL CORPcl a	$0	–	-100,000	–	-0.45%	–
SVM	Exit	SILVERCORP METALS INC	$0	–	-125,000	–	-0.46%	–
CCR	Exit	CONSOL COAL RES LP	$0	–	-40,746	–	-0.52%	–
PBIP	Exit	PRUDENTIAL BANCORP INC NEW	$0	–	-33,040	–	-0.54%	–
WCFB	Exit	WCF BANCORP INC	$0	–	-71,698	–	-0.57%	–
FSEA	Exit	FIRST SEACOAST BANCORP	$0	–	-63,648	–	-0.57%	–
HPR	Exit	HIGHPOINT RES CORP	$0	–	-380,100	–	-0.58%	–
FBP	Exit	FIRST BANCORP P R	$0	–	-65,000	–	-0.62%	–
BHLB	Exit	BERKSHIRE HILLS BANCORP INC	$0	–	-25,000	–	-0.70%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-17,878	–	-0.71%	–
SYNC	Exit	SYNACOR INC	$0	–	-551,839	–	-0.74%	–
MFNC	Exit	MACKINAC FINL CORP	$0	–	-53,474	–	-0.79%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-523,400	–	-0.86%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-8,939	–	-0.89%	–
CEIX	Exit	CONSOL ENERGY INC NEW	$0	–	-59,875	–	-0.89%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-50,000	–	-0.93%	–
ACA	Exit	ARCOSA INC	$0	–	-30,000	–	-0.98%	–
MIND	Exit	MITCHAM INDS INC	$0	–	-332,700	–	-1.03%	–
FLY	Exit	FLY LEASING LTDsponsored adr	$0	–	-62,139	–	-1.21%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-35,756	–	-1.43%	–
CNX	Exit	CNX RESOURCES CORPORATION	$0	–	-215,000	–	-1.49%	–
CLBK	Exit	COLUMBIA FINL INC	$0	–	-108,900	–	-1.64%	–
MAYS	Exit	MAYS J W INC	$0	–	-44,939	–	-1.67%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-50,000	–	-1.92%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-115,000	–	-1.93%	–
ROAN	Exit	ROAN RES INC	$0	–	-2,046,870	–	-2.40%	–
HONE	Exit	HARBORONE BANCORP INC NEW	$0	–	-308,753	–	-2.96%	–
NSSC	Exit	NAPCO SEC TECHNOLOGIES INC	$0	–	-127,674	–	-3.10%	–
MAG	Exit	MAG SILVER CORP	$0	–	-322,900	–	-3.27%	–
STND	Exit	STANDARD AVB FINL CORP	$0	–	-204,108	–	-5.25%	–
VMD	Exit	VIEMED HEALTHCARE INC	$0	–	-906,100	–	-5.96%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-117,723	–	-6.14%	–
GDP	Exit	GOODRICH PETE CORP	$0	–	-608,034	–	-6.16%	–
PROV	Exit	PROVIDENT FINL HLDGS INC	$0	–	-357,949	–	-7.08%	–
TBT	Exit	PROSHARES TR	$0	–	-315,000	–	-7.31%	–
SMBC	Exit	SOUTHERN MO BANCORP INC	$0	–	-253,958	–	-8.82%	–
BPOP	Exit	POPULAR INC	$0	–	-252,400	–	-13.01%	–

Q3 2019

			Value		Shares		↓ Weighting
TBT	Buy	PROSHARES TR	$7,673,000	+96.4%	315,000	+133.3%	7.31%	+82.3%
VMD	New	VIEMED HEALTHCARE INC	$6,255,000	–	906,100	–	5.96%	–
MAG	Sell	MAG SILVER CORP	$3,426,000	-2.4%	322,900	-3.0%	3.27%	-9.4%
HONE	New	HARBORONE BANCORP INC NEW	$3,108,000	–	308,753	–	2.96%	–
ROAN	Buy	ROAN RES INC	$2,518,000	-23.3%	2,046,870	+8.5%	2.40%	-28.8%
COG	New	CABOT OIL & GAS CORP	$2,021,000	–	115,000	–	1.93%	–
CBS	Sell	CBS CORP NEWcl b	$2,018,000	-27.3%	50,000	-10.1%	1.92%	-32.5%
CNX	Sell	CNX RESOURCES CORPORATION	$1,561,000	-9.1%	215,000	-8.5%	1.49%	-15.6%
FLY	Sell	FLY LEASING LTDsponsored adr	$1,274,000	-51.0%	62,139	-58.4%	1.21%	-54.5%
ACA	Buy	ARCOSA INC	$1,026,000	+9.0%	30,000	+20.0%	0.98%	+1.2%
CEIX	Buy	CONSOL ENERGY INC NEW	$936,000	-21.6%	59,875	+33.4%	0.89%	-27.2%
AXU	Sell	ALEXCO RESOURCE CORP	$905,000	+38.4%	523,400	-8.7%	0.86%	+28.4%
SYNC	Buy	SYNACOR INC	$773,000	+59.7%	551,839	+77.7%	0.74%	+48.3%
BHLB	New	BERKSHIRE HILLS BANCORP INC	$732,000	–	25,000	–	0.70%	–
FBP	Sell	FIRST BANCORP P R	$649,000	-34.7%	65,000	-27.8%	0.62%	-39.4%
HPR	Buy	HIGHPOINT RES CORP	$604,000	+23.8%	380,100	+41.8%	0.58%	+15.0%
FSEA	New	FIRST SEACOAST BANCORP	$596,000	–	63,648	–	0.57%	–
WCFB	Sell	WCF BANCORP INC	$594,000	-7.6%	71,698	-8.9%	0.57%	-14.2%
CCR	Buy	CONSOL COAL RES LP	$550,000	-6.1%	40,746	+15.9%	0.52%	-13.0%
SVM	Sell	SILVERCORP METALS INC	$486,000	+31.7%	125,000	-16.7%	0.46%	+22.2%
NGD	New	NEW GOLD INC CDA	$354,000	–	350,000	–	0.34%	–
NTB	New	BANK OF NT BUTTERFIELD&SON L	$296,000	–	10,000	–	0.28%	–
GCBC	New	GREENE COUNTY BANCORP INC	$286,000	–	10,450	–	0.27%	–
SAND	Sell	SANDSTORM GOLD LTD	$254,000	-61.8%	45,000	-62.5%	0.24%	-64.6%
TURN	Buy	180 DEGREE CAP CORP	$207,000	+111.2%	97,000	+94.0%	0.20%	+95.0%
RAND	Sell	RAND CAP CORP	$100,000	-30.6%	40,000	-27.3%	0.10%	-35.8%
CHAPQ	Sell	CHAPARRAL ENERGY INC	$52,000	-77.6%	39,178	-20.3%	0.05%	-79.0%
SELF	Exit	GLOBAL SELF STORAGE INC	$0	–	-67,294	–	-0.26%	–
RIVE	Exit	RIVERVIEW FINL CORP NEW	$0	–	-47,204	–	-0.51%	–
SRCI	Exit	SRC ENERGY INC	$0	–	-100,000	–	-0.51%	–
ECA	Exit	ENCANA CORP	$0	–	-100,000	–	-0.53%	–
AR	Exit	ANTERO RES CORP	$0	–	-150,000	–	-0.85%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-150,000	–	-0.93%	–
DELL	Exit	DELL TECHNOLOGIES INCcl c	$0	–	-20,983	–	-1.10%	–

Q2 2019

			Value		Shares		↓ Weighting
BPOP	New	POPULAR INC	$13,690,000	–	252,400	–	14.06%	–
SMBC	New	SOUTHERN MO BANCORP INC	$8,845,000	–	253,958	–	9.08%	–
GDP	New	GOODRICH PETE CORP	$7,898,000	–	608,034	–	8.11%	–
PROV	New	PROVIDENT FINL HLDGS INC	$7,513,000	–	357,949	–	7.72%	–
AER	New	AERCAP HOLDINGS NV	$6,123,000	–	117,723	–	6.29%	–
STND	New	STANDARD AVB FINL CORP	$5,601,000	–	204,108	–	5.75%	–
TBT	New	PROSHARES TR	$3,907,000	–	135,000	–	4.01%	–
NSSC	New	NAPCO SEC TECHNOLOGIES INC	$3,789,000	–	127,674	–	3.89%	–
MAG	New	MAG SILVER CORP	$3,509,000	–	332,900	–	3.60%	–
ROAN	New	ROAN RES INC	$3,283,000	–	1,886,664	–	3.37%	–
CBS	New	CBS CORP NEWcl b	$2,775,000	–	55,613	–	2.85%	–
FLY	New	FLY LEASING LTDsponsored adr	$2,600,000	–	149,350	–	2.67%	–
CNX	New	CNX RESOURCES CORPORATION	$1,718,000	–	235,000	–	1.76%	–
CLBK	New	COLUMBIA FINL INC	$1,644,000	–	108,900	–	1.69%	–
MAYS	New	MAYS J W INC	$1,528,000	–	44,939	–	1.57%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$1,358,000	–	35,756	–	1.39%	–
MIND	New	MITCHAM INDS INC	$1,314,000	–	332,700	–	1.35%	–
CEIX	New	CONSOL ENERGY INC NEW	$1,194,000	–	44,875	–	1.23%	–
NVTRQ	New	NUVECTRA CORP	$1,101,000	–	328,675	–	1.13%	–
DELL	New	DELL TECHNOLOGIES INCcl c	$1,066,000	–	20,983	–	1.10%	–
FBP	New	FIRST BANCORP P R	$994,000	–	90,000	–	1.02%	–
ACA	New	ARCOSA INC	$941,000	–	25,000	–	0.97%	–
LBRDK	New	LIBERTY BROADBAND CORP	$932,000	–	8,939	–	0.96%	–
AGI	New	ALAMOS GOLD INC NEW	$908,000	–	150,000	–	0.93%	–
MFNC	New	MACKINAC FINL CORP	$845,000	–	53,474	–	0.87%	–
AMBC	New	AMBAC FINL GROUP INC	$842,000	–	50,000	–	0.86%	–
AR	New	ANTERO RES CORP	$830,000	–	150,000	–	0.85%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$676,000	–	17,878	–	0.69%	–
SAND	New	SANDSTORM GOLD LTD	$665,000	–	120,000	–	0.68%	–
AXU	New	ALEXCO RESOURCE CORP	$654,000	–	573,400	–	0.67%	–
WCFB	New	WCF BANCORP INC	$643,000	–	78,708	–	0.66%	–
PBIP	New	PRUDENTIAL BANCORP INC NEW	$625,000	–	33,040	–	0.64%	–
CCR	New	CONSOL COAL RES LP	$586,000	–	35,146	–	0.60%	–
ECA	New	ENCANA CORP	$513,000	–	100,000	–	0.53%	–
RIVE	New	RIVERVIEW FINL CORP NEW	$496,000	–	47,204	–	0.51%	–
SRCI	New	SRC ENERGY INC	$496,000	–	100,000	–	0.51%	–
HPR	New	HIGHPOINT RES CORP	$488,000	–	268,000	–	0.50%	–
SYNC	New	SYNACOR INC	$484,000	–	310,539	–	0.50%	–
OTEL	New	OTELCO INCcl a new	$482,000	–	30,000	–	0.50%	–
AMAL	New	AMALGAMATED BK NEW YORK N Yclass a	$454,000	–	26,000	–	0.47%	–
AUG	New	AURYN RES INC	$428,000	–	250,000	–	0.44%	–
VOXX	New	VOXX INTL CORPcl a	$416,000	–	100,000	–	0.43%	–
FSM	New	FORTUNA SILVER MINES INC	$399,000	–	140,000	–	0.41%	–
SVM	New	SILVERCORP METALS INC	$369,000	–	150,000	–	0.38%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$334,000	–	8,939	–	0.34%	–
LBRDA	New	LIBERTY BROADBAND CORP	$274,000	–	2,669	–	0.28%	–
LONEQ	New	LONESTAR RES US INCcl a vtg	$262,000	–	114,476	–	0.27%	–
SELF	New	GLOBAL SELF STORAGE INC	$253,000	–	67,294	–	0.26%	–
CHAPQ	New	CHAPARRAL ENERGY INC	$232,000	–	49,178	–	0.24%	–
UBCP	New	UNITED BANCORP INC OHIO	$169,000	–	15,000	–	0.17%	–
RAND	New	RAND CAP CORP	$144,000	–	55,000	–	0.15%	–
TURN	New	180 DEGREE CAP CORP	$98,000	–	50,000	–	0.10%	–

Q4 2018

			Value		Shares		↓ Weighting
SVM	Exit	SILVERCORP METALS INC	$0	–	-75,000	–	-0.17%	–
UBCP	Exit	UNITED BANCORP INC OHIO	$0	–	-15,000	–	-0.18%	–
RAND	Exit	RAND CAP CORP	$0	–	-85,000	–	-0.19%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-2,669	–	-0.21%	–
SELF	Exit	GLOBAL SELF STORAGE INC	$0	–	-77,294	–	-0.30%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-8,939	–	-0.30%	–
VOXX	Exit	VOXX INTL CORPcl a	$0	–	-75,000	–	-0.36%	–
SRCI	Exit	SRC ENERGY INC	$0	–	-50,000	–	-0.41%	–
OTEL	Exit	OTELCO INCcl a new	$0	–	-30,000	–	-0.48%	–
PBIP	Exit	PRUDENTIAL BANCORP INC NEW	$0	–	-33,040	–	-0.52%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-573,400	–	-0.54%	–
TUR	Exit	ISHARES INCmsci turkey etf	$0	–	-25,000	–	-0.54%	–
RIVE	Exit	RIVERVIEW FINL CORP NEW	$0	–	-47,204	–	-0.59%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-175,000	–	-0.60%	–
WCFB	Exit	WCF BANCORP INC	$0	–	-78,708	–	-0.68%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-8,939	–	-0.69%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-17,878	–	-0.71%	–
CEIX	Exit	CONSOL ENERGY INC NEW	$0	–	-19,875	–	-0.74%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-190,000	–	-0.76%	–
CLBK	Exit	COLUMBIA FINL INC	$0	–	-50,000	–	-0.76%	–
MFNC	Exit	MACKINAC FINL CORP	$0	–	-53,474	–	-0.79%	–
CCR	Exit	CONSOL COAL RES LP	$0	–	-50,146	–	-0.82%	–
HPR	Exit	HIGHPOINT RES CORP	$0	–	-190,000	–	-0.85%	–
AMAL	Exit	AMALGAMATED BK NEW YORK N Yclass a	$0	–	-51,000	–	-0.90%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-50,000	–	-0.94%	–
TWTR	Exit	TWITTER INC	$0	–	-45,000	–	-1.17%	–
VXX	Exit	BARCLAYS BK PLCipath s&p500 vix	$0	–	-50,000	–	-1.22%	–
MIND	Exit	MITCHAM INDS INC	$0	–	-332,700	–	-1.27%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-35,756	–	-1.42%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-30,000	–	-1.58%	–
JO	Exit	BARCLAYS BK PLCipath b coffee	$0	–	-45,000	–	-1.60%	–
MAYS	Exit	MAYS J W INC	$0	–	-44,939	–	-1.63%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-100,000	–	-1.74%	–
FLY	Exit	FLY LEASING LTDsponsored adr	$0	–	-159,350	–	-2.06%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-500,000	–	-2.11%	–
NSSC	Exit	NAPCO SEC TECHNOLOGIES INC	$0	–	-166,186	–	-2.28%	–
MAG	Exit	MAG SILVER CORP	$0	–	-362,900	–	-2.70%	–
CNX	Exit	CNX RESOURCES CORPORATION	$0	–	-215,000	–	-2.82%	–
NVTRQ	Exit	NUVECTRA CORP	$0	–	-213,675	–	-4.31%	–
STND	Exit	STANDARD AVB FINL CORP	$0	–	-204,108	–	-5.82%	–
PROV	Exit	PROVIDENT FINL HLDGS INC	$0	–	-359,394	–	-6.03%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-117,723	–	-6.21%	–
GDP	Exit	GOODRICH PETE CORP	$0	–	-608,034	–	-7.83%	–
SMBC	Exit	SOUTHERN MO BANCORP INC	$0	–	-254,958	–	-8.71%	–
DVMT	Exit	DELL TECHNOLOGIES INC	$0	–	-125,000	–	-11.13%	–
BPOP	Exit	POPULAR INC	$0	–	-262,400	–	-12.33%	–

Q3 2018

			Value		Shares		↓ Weighting
DVMT	Buy	DELL TECHNOLOGIES INC	$12,140,000	+19.6%	125,000	+4.2%	11.13%	+26.3%
STND	New	STANDARD AVB FINL CORP	$6,348,000	–	204,108	–	5.82%	–
NVTRQ	Sell	NUVECTRA CORP	$4,697,000	+4.6%	213,675	-2.3%	4.31%	+10.5%
MAG	Buy	MAG SILVER CORP	$2,943,000	-18.2%	362,900	+9.0%	2.70%	-13.6%
AGI	Sell	ALAMOS GOLD INC NEW	$2,305,000	-33.4%	500,000	-17.8%	2.11%	-29.7%
KL	New	KIRKLAND LAKE GOLD LTD	$1,899,000	–	100,000	–	1.74%	–
JO	Buy	BARCLAYS BK PLCipath b coffee	$1,741,000	+95.8%	45,000	+125.0%	1.60%	+106.7%
CBS	New	CBS CORP NEWcl b	$1,724,000	–	30,000	–	1.58%	–
MIND	Buy	MITCHAM INDS INC	$1,381,000	+8.8%	332,700	+5.4%	1.27%	+14.9%
VXX	New	BARCLAYS BK PLCipath s&p500 vix	$1,334,000	–	50,000	–	1.22%	–
TWTR	New	TWITTER INC	$1,281,000	–	45,000	–	1.17%	–
AMAL	New	AMALGAMATED BK NEW YORK N Yclass a	$984,000	–	51,000	–	0.90%	–
HPR	New	HIGHPOINT RES CORP	$927,000	–	190,000	–	0.85%	–
CCR	Sell	CONSOL COAL RES LP	$900,000	-6.9%	50,146	-21.9%	0.82%	-1.7%
MFNC	Sell	MACKINAC FINL CORP	$866,000	-22.4%	53,474	-20.5%	0.79%	-18.1%
SAND	New	SANDSTORM GOLD LTD	$653,000	–	175,000	–	0.60%	–
RIVE	New	RIVERVIEW FINL CORP NEW	$642,000	–	47,204	–	0.59%	–
TUR	New	ISHARES INCmsci turkey etf	$595,000	–	25,000	–	0.54%	–
AXU	Buy	ALEXCO RESOURCE CORP	$591,000	-11.1%	573,400	+15.0%	0.54%	-6.1%
OTEL	Buy	OTELCO INCcl a new	$522,000	+74.0%	30,000	+50.0%	0.48%	+84.2%
SRCI	New	SRC ENERGY INC	$444,000	–	50,000	–	0.41%	–
VOXX	Buy	VOXX INTL CORPcl a	$390,000	+44.4%	75,000	+50.0%	0.36%	+53.0%
BTX	Exit	BIOTIME INC	$0	–	-45,000	–	-0.08%	–
SYNC	Exit	SYNACOR INC	$0	–	-80,139	–	-0.14%	–
FBP	Exit	FIRST BANCORP P R	$0	–	-30,000	–	-0.20%	–
AWX	Exit	AVALON HLDGS CORPcl a	$0	–	-155,448	–	-0.29%	–
UPLCQ	Exit	ULTRA PETROLEUM CORP	$0	–	-150,000	–	-0.30%	–
SCO	Exit	PROSHARES TR IIulsht bloomb oil	$0	–	-25,000	–	-0.32%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-15,000	–	-0.36%	–
AAVVF	Exit	ADVANTAGE OIL & GAS LTD	$0	–	-259,636	–	-0.70%	–
NUGT	Exit	DIREXION SHS ETF TRdly gold indx 3x	$0	–	-50,000	–	-1.06%	–
JNUG	Exit	DIREXION SHS ETF TRdaily jr bull 3x	$0	–	-100,000	–	-1.18%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-50,000	–	-1.88%	–
NSU	Exit	NEVSUN RES LTD	$0	–	-775,000	–	-2.33%	–
REIS	Exit	REIS INC	$0	–	-145,248	–	-2.75%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-106,300	–	-5.12%	–
TBT	Exit	PROSHARES TR	$0	–	-175,000	–	-5.46%	–

Q2 2018

			Value		Shares		↓ Weighting
BPOP	New	POPULAR INC	$11,863,000	–	262,400	–	10.30%	–
DVMT	New	DELL TECHNOLOGIES INC	$10,150,000	–	120,000	–	8.81%	–
SMBC	New	SOUTHERN MO BANCORP INC	$9,948,000	–	254,958	–	8.64%	–
GDP	New	GOODRICH PETE CORP	$7,521,000	–	608,034	–	6.53%	–
PROV	New	PROVIDENT FINL HLDGS INC	$6,857,000	–	359,394	–	5.95%	–
AER	New	AERCAP HOLDINGS NV	$6,375,000	–	117,723	–	5.53%	–
TBT	New	PROSHARES TR	$6,291,000	–	175,000	–	5.46%	–
WFC	New	WELLS FARGO CO NEW	$5,893,000	–	106,300	–	5.12%	–
NVTRQ	New	NUVECTRA CORP	$4,489,000	–	218,675	–	3.90%	–
CNX	New	CNX RESOURCES CORPORATION	$3,823,000	–	215,000	–	3.32%	–
MAG	New	MAG SILVER CORP	$3,599,000	–	332,900	–	3.12%	–
AGI	New	ALAMOS GOLD INC NEW	$3,461,000	–	608,200	–	3.00%	–
REIS	New	REIS INC	$3,166,000	–	145,248	–	2.75%	–
NSU	New	NEVSUN RES LTD	$2,689,000	–	775,000	–	2.33%	–
NSSC	New	NAPCO SEC TECHNOLOGIES INC	$2,435,000	–	166,186	–	2.11%	–
FLY	New	FLY LEASING LTDsponsored adr	$2,245,000	–	159,350	–	1.95%	–
EEM	New	ISHARES TRmsci emg mkt etf	$2,166,000	–	50,000	–	1.88%	–
MAYS	New	MAYS J W INC	$1,807,000	–	44,939	–	1.57%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$1,622,000	–	35,756	–	1.41%	–
JNUG	New	DIREXION SHS ETF TRdaily jr bull 3x	$1,365,000	–	100,000	–	1.18%	–
MIND	New	MITCHAM INDS INC	$1,269,000	–	315,700	–	1.10%	–
NUGT	New	DIREXION SHS ETF TRdly gold indx 3x	$1,216,000	–	50,000	–	1.06%	–
MFNC	New	MACKINAC FINL CORP	$1,116,000	–	67,287	–	0.97%	–
FSM	New	FORTUNA SILVER MINES INC	$1,079,000	–	190,000	–	0.94%	–
AMBC	New	AMBAC FINL GROUP INC	$992,000	–	50,000	–	0.86%	–
CCR	New	CONSOL COAL RES LP	$967,000	–	64,246	–	0.84%	–
JO	New	BARCLAYS BK PLCipath b coffee	$889,000	–	20,000	–	0.77%	–
CLBK	New	COLUMBIA FINL INC	$828,000	–	50,000	–	0.72%	–
AAVVF	New	ADVANTAGE OIL & GAS LTD	$805,000	–	259,636	–	0.70%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$805,000	–	17,878	–	0.70%	–
CEIX	New	CONSOL ENERGY INC NEW	$762,000	–	19,875	–	0.66%	–
WCFB	New	WCF BANCORP INC	$708,000	–	78,708	–	0.62%	–
LBRDK	New	LIBERTY BROADBAND CORP	$677,000	–	8,939	–	0.59%	–
AXU	New	ALEXCO RESOURCE CORP	$665,000	–	498,400	–	0.58%	–
PBIP	New	PRUDENTIAL BANCORP INC NEW	$638,000	–	33,040	–	0.55%	–
LBTYA	New	LIBERTY GLOBAL PLC	$413,000	–	15,000	–	0.36%	–
SCO	New	PROSHARES TR IIulsht bloomb oil	$373,000	–	25,000	–	0.32%	–
UPLCQ	New	ULTRA PETROLEUM CORP	$346,000	–	150,000	–	0.30%	–
AWX	New	AVALON HLDGS CORPcl a	$336,000	–	155,448	–	0.29%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$332,000	–	8,939	–	0.29%	–
SELF	New	GLOBAL SELF STORAGE INC	$321,000	–	77,294	–	0.28%	–
OTEL	New	OTELCO INCcl a new	$300,000	–	20,000	–	0.26%	–
VOXX	New	VOXX INTL CORPcl a	$270,000	–	50,000	–	0.23%	–
FBP	New	FIRST BANCORP P R	$230,000	–	30,000	–	0.20%	–
RAND	New	RAND CAP CORP	$229,000	–	85,000	–	0.20%	–
UBCP	New	UNITED BANCORP INC OHIO	$202,000	–	15,000	–	0.18%	–
LBRDA	New	LIBERTY BROADBAND CORP	$202,000	–	2,669	–	0.18%	–
SVM	New	SILVERCORP METALS INC	$200,000	–	75,000	–	0.17%	–
SYNC	New	SYNACOR INC	$160,000	–	80,139	–	0.14%	–
BTX	New	BIOTIME INC	$93,000	–	45,000	–	0.08%	–

Q4 2017

			Value		Shares		↓ Weighting
TERP	Exit	TERRAFORM PWR INC	$0	–	-10,000	–	-0.12%	–
UBCP	Exit	UNITED BANCORP INC OHIO	$0	–	-15,000	–	-0.16%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-50,000	–	-0.20%	–
GSTCQ	Exit	GASTAR EXPL INC NEW	$0	–	-284,582	–	-0.23%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-2,669	–	-0.23%	–
RAND	Exit	RAND CAP CORP	$0	–	-85,000	–	-0.23%	–
AWX	Exit	AVALON HLDGS CORPcl a	$0	–	-165,548	–	-0.30%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-8,939	–	-0.31%	–
SELF	Exit	GLOBAL SELF STORAGE INC	$0	–	-77,294	–	-0.34%	–
AAVVF	Exit	ADVANTAGE OIL & GAS LTD	$0	–	-59,636	–	-0.34%	–
RRC	Exit	RANGE RES CORP	$0	–	-25,000	–	-0.45%	–
PBIP	Exit	PRUDENTIAL BANCORP INC NEW	$0	–	-33,040	–	-0.56%	–
RIC	Exit	RICHMONT MINES INC	$0	–	-75,000	–	-0.64%	–
CNXC	Exit	CNX COAL RES LP	$0	–	-50,146	–	-0.68%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-17,878	–	-0.69%	–
LONEQ	Exit	LONESTAR RES US INCcl a vtg	$0	–	-229,000	–	-0.74%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-8,939	–	-0.78%	–
EPM	Exit	EVOLUTION PETROLEUM CORP	$0	–	-123,700	–	-0.82%	–
TZA	Exit	DIREXION SHS ETF TRdaily sm cap bea	$0	–	-85,000	–	-1.06%	–
MFNC	Exit	MACKINAC FINL CORP	$0	–	-86,583	–	-1.23%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-35,756	–	-1.37%	–
WCFB	Exit	WCF BANCORP INC	$0	–	-157,416	–	-1.38%	–
WAYN	Exit	WAYNE SVGS BANCSHARES INC NE	$0	–	-84,305	–	-1.39%	–
NSSC	Exit	NAPCO SEC TECHNOLOGIES INC	$0	–	-166,186	–	-1.48%	–
VXX	Exit	BARCLAYS BK PLCipath s&p500 vix	$0	–	-43,750	–	-1.57%	–
SDS	Exit	PROSHARES TRultrashrt s&p500	$0	–	-37,500	–	-1.60%	–
MAYS	Exit	MAYS J W INC	$0	–	-44,939	–	-1.93%	–
NSU	Exit	NEVSUN RES LTD	$0	–	-977,800	–	-1.95%	–
FLY	Exit	FLY LEASING LTDsponsored adr	$0	–	-164,350	–	-2.11%	–
DYN	Exit	DYNEGY INC NEW DEL	$0	–	-240,000	–	-2.15%	–
IIIN	Exit	INSTEEL INDUSTRIES INC	$0	–	-100,000	–	-2.39%	–
REIS	Exit	REIS INC	$0	–	-164,482	–	-2.71%	–
NVTRQ	Exit	NUVECTRA CORP	$0	–	-229,675	–	-2.79%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-500,000	–	-3.09%	–
MAG	Exit	MAG SILVER CORP	$0	–	-347,900	–	-3.58%	–
CNX	Exit	CONSOL ENERGY INC	$0	–	-315,000	–	-4.88%	–
RLH	Exit	RED LION HOTELS CORP	$0	–	-644,555	–	-5.10%	–
GDP	Exit	GOODRICH PETE CORP	$0	–	-599,903	–	-5.33%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-117,723	–	-5.51%	–
PROV	Exit	PROVIDENT FINL HLDGS INC	$0	–	-393,096	–	-7.05%	–
BPOP	Exit	POPULAR INC	$0	–	-240,000	–	-7.90%	–
SMBC	Exit	SOUTHERN MO BANCORP INC	$0	–	-270,958	–	-9.05%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-269,246	–	-13.59%	–

Q3 2017

			Value		Shares		↓ Weighting
WFC	Buy	WELLS FARGO CO NEW	$14,848,000	+99.1%	269,246	+100.0%	13.59%	+94.3%
BPOP	Sell	POPULAR INC	$8,626,000	-22.0%	240,000	-9.4%	7.90%	-23.8%
PROV	Buy	PROVIDENT FINL HLDGS INC	$7,705,000	+3.1%	393,096	+1.3%	7.05%	+0.7%
AER	Sell	AERCAP HOLDINGS NV	$6,017,000	+1.5%	117,723	-7.8%	5.51%	-1.0%
GDP	Buy	GOODRICH PETE CORP	$5,825,000	+151.5%	599,903	+214.9%	5.33%	+145.4%
CNX	Buy	CONSOL ENERGY INC	$5,336,000	+32.3%	315,000	+16.7%	4.88%	+29.1%
AGI	Sell	ALAMOS GOLD INC NEW	$3,380,000	-14.4%	500,000	-9.1%	3.09%	-16.4%
NVTRQ	Sell	NUVECTRA CORP	$3,045,000	-4.3%	229,675	-4.2%	2.79%	-6.6%
IIIN	New	INSTEEL INDUSTRIES INC	$2,611,000	–	100,000	–	2.39%	–
FLY	Sell	FLY LEASING LTDsponsored adr	$2,304,000	-1.7%	164,350	-5.7%	2.11%	-4.1%
SDS	New	PROSHARES TRultrashrt s&p500	$1,749,000	–	37,500	–	1.60%	–
VXX	New	BARCLAYS BK PLCipath s&p500 vix	$1,715,000	–	43,750	–	1.57%	–
WCFB	Buy	WCF BANCORP INC	$1,504,000	+86.4%	157,416	+100.0%	1.38%	+81.9%
TZA	Buy	DIREXION SHS ETF TRdaily sm cap bea	$1,160,000	-5.5%	85,000	+13.3%	1.06%	-7.7%
LONEQ	Buy	LONESTAR RES US INCcl a vtg	$804,000	+62.8%	229,000	+99.1%	0.74%	+59.0%
CNXC	Sell	CNX COAL RES LP	$742,000	-12.6%	50,146	-11.7%	0.68%	-14.7%
RIC	New	RICHMONT MINES INC	$701,000	–	75,000	–	0.64%	–
RRC	New	RANGE RES CORP	$489,000	–	25,000	–	0.45%	–
AAVVF	Sell	ADVANTAGE OIL & GAS LTD	$376,000	-44.3%	59,636	-40.4%	0.34%	-45.7%
RAND	Buy	RAND CAP CORP	$252,000	+29.2%	85,000	+21.4%	0.23%	+26.2%
GSTCQ	Sell	GASTAR EXPL INC NEW	$250,000	-65.6%	284,582	-63.7%	0.23%	-66.4%
WRD	Exit	WILDHORSE RESOURCE DEV CORP	$0	–	-10,000	–	-0.12%	–
NTB	Exit	BANK OF NT BUTTERFIELD&SON L	$0	–	-7,000	–	-0.22%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-200,000	–	-0.50%	–
DDC	Exit	DOMINION DIAMOND CORP	$0	–	-50,000	–	-0.59%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-40,000	–	-0.68%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-71,507	–	-1.06%	–
WBKC	Exit	WOLVERINE BANCORP INC	$0	–	-39,886	–	-1.50%	–
SDS	Exit	PROSHARES TR	$0	–	-150,000	–	-1.78%	–
VXX	Exit	BARCLAYS BK PLCipath s&p500 vix	$0	–	-150,000	–	-1.80%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-33,332	–	-1.95%	–
TMV	Exit	DIREXION SHS ETF TR20yr tres bear	$0	–	-250,000	–	-4.58%	–

Q2 2017

			Value		Shares		↓ Weighting
BPOP	New	POPULAR INC	$11,053,000	–	265,000	–	10.36%	–
SMBC	New	SOUTHERN MO BANCORP INC	$8,741,000	–	270,958	–	8.20%	–
PROV	New	PROVIDENT FINL HLDGS INC	$7,471,000	–	388,096	–	7.01%	–
WFC	New	WELLS FARGO CO NEW	$7,459,000	–	134,623	–	6.99%	–
AER	New	AERCAP HOLDINGS NV	$5,930,000	–	127,723	–	5.56%	–
TMV	New	DIREXION SHS ETF TR20yr tres bear	$4,880,000	–	250,000	–	4.58%	–
RLH	New	RED LION HOTELS CORP	$4,737,000	–	644,555	–	4.44%	–
MAG	New	MAG SILVER CORP	$4,537,000	–	347,900	–	4.25%	–
CNX	New	CONSOL ENERGY INC	$4,034,000	–	270,000	–	3.78%	–
AGI	New	ALAMOS GOLD INC NEW	$3,949,000	–	550,000	–	3.70%	–
REIS	New	REIS INC	$3,495,000	–	164,482	–	3.28%	–
NVTRQ	New	NUVECTRA CORP	$3,183,000	–	239,675	–	2.98%	–
NSU	New	NEVSUN RES LTD	$2,356,000	–	977,800	–	2.21%	–
FLY	New	FLY LEASING LTDsponsored adr	$2,345,000	–	174,350	–	2.20%	–
GDP	New	GOODRICH PETE CORP	$2,316,000	–	190,503	–	2.17%	–
AIG	New	AMERICAN INTL GROUP INC	$2,084,000	–	33,332	–	1.95%	–
DYN	New	DYNEGY INC NEW DEL	$1,985,000	–	240,000	–	1.86%	–
VXX	New	BARCLAYS BK PLCipath s&p500 vix	$1,914,000	–	150,000	–	1.80%	–
SDS	New	PROSHARES TR	$1,902,000	–	150,000	–	1.78%	–
WBKC	New	WOLVERINE BANCORP INC	$1,600,000	–	39,886	–	1.50%	–
MAYS	New	MAYS J W INC	$1,575,000	–	44,939	–	1.48%	–
NSSC	New	NAPCO SEC TECHNOLOGIES INC	$1,562,000	–	166,186	–	1.46%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$1,491,000	–	35,756	–	1.40%	–
WAYN	New	WAYNE SVGS BANCSHARES INC NE	$1,476,000	–	84,305	–	1.38%	–
TZA	New	DIREXION SHS ETF TRdaily sm cap bea	$1,227,000	–	75,000	–	1.15%	–
MFNC	New	MACKINAC FINL CORP	$1,211,000	–	86,583	–	1.14%	–
DAR	New	DARLING INGREDIENTS INC	$1,126,000	–	71,507	–	1.06%	–
EPM	New	EVOLUTION PETROLEUM CORP	$1,002,000	–	123,700	–	0.94%	–
CNXC	New	CNX COAL RES LP	$849,000	–	56,761	–	0.80%	–
WCFB	New	WCF BANCORP INC	$807,000	–	78,708	–	0.76%	–
LBRDK	New	LIBERTY BROADBAND CORP	$775,000	–	8,939	–	0.73%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$751,000	–	17,878	–	0.70%	–
GSTCQ	New	GASTAR EXPL INC NEW	$727,000	–	784,582	–	0.68%	–
PARR	New	PAR PACIFIC HOLDINGS INC	$722,000	–	40,000	–	0.68%	–
AAVVF	New	ADVANTAGE OIL & GAS LTD	$675,000	–	100,000	–	0.63%	–
DDC	New	DOMINION DIAMOND CORP	$628,000	–	50,000	–	0.59%	–
PBIP	New	PRUDENTIAL BANCORP INC NEW	$600,000	–	33,040	–	0.56%	–
TRQ	New	TURQUOISE HILL RES LTD	$530,000	–	200,000	–	0.50%	–
LONEQ	New	LONESTAR RES US INCcl a vtg	$494,000	–	115,000	–	0.46%	–
AWX	New	AVALON HLDGS CORPcl a	$402,000	–	165,548	–	0.38%	–
SELF	New	GLOBAL SELF STORAGE INC	$379,000	–	77,294	–	0.36%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$327,000	–	8,939	–	0.31%	–
FSM	New	FORTUNA SILVER MINES INC	$244,000	–	50,000	–	0.23%	–
NTB	New	BANK OF NT BUTTERFIELD&SON L	$239,000	–	7,000	–	0.22%	–
LBRDA	New	LIBERTY BROADBAND CORP	$229,000	–	2,669	–	0.22%	–
RAND	New	RAND CAP CORP	$195,000	–	70,000	–	0.18%	–
UBCP	New	UNITED BANCORP INC OHIO	$183,000	–	15,000	–	0.17%	–
WRD	New	WILDHORSE RESOURCE DEV CORP	$124,000	–	10,000	–	0.12%	–
TERP	New	TERRAFORM PWR INC	$120,000	–	10,000	–	0.11%	–

Q4 2016

			Value		Shares		↓ Weighting
WLKR	Exit	WALKER INNOVATION INC	$0	–	-187,067	–	-0.06%	–
TERP	Exit	TERRAFORM POWER INC - A	$0	–	-10,000	–	-0.10%	–
UBCP	Exit	UNITED BANCORP INC/OHIO	$0	–	-15,000	–	-0.11%	–
JONE	Exit	JONES ENERGY INC	$0	–	-50,000	–	-0.12%	–
FMNB	Exit	FARMERS NATL BANC CORP	$0	–	-17,727	–	-0.13%	–
GSTPRA	Exit	GST PREFERRED 8.625%pref	$0	–	-17,080	–	-0.14%	–
SELF	Exit	SELF STORAGE GROUP INCfund	$0	–	-44,800	–	-0.16%	–
NTB	Exit	BANK OF NT BUTTERFIELD & SON	$0	–	-10,000	–	-0.17%	–
FWONK	Exit	LIBERTY MEDIA CORP - C	$0	–	-8,939	–	-0.17%	–
AYR	Exit	AIRCASTLE LTD	$0	–	-13,900	–	-0.19%	–
NRG	Exit	NRG ENERGY INC	$0	–	-25,000	–	-0.19%	–
AMFC	Exit	AMB FINANCIAL CORP	$0	–	-23,275	–	-0.21%	–
PARR	Exit	PAR PETROLEUM CORP	$0	–	-30,000	–	-0.27%	–
SCZC	Exit	SANTA CRUZ COUNTY BANK	$0	–	-12,667	–	-0.27%	–
CSTID	Exit	COSTAR TECHNOLOGIES INC	$0	–	-49,382	–	-0.30%	–
AWX	Exit	AVALON HOLDINGS CORP-A	$0	–	-165,548	–	-0.34%	–
GSTCQ	Exit	GASTAR EXPLORATION LTD	$0	–	-638,764	–	-0.37%	–
TVIX	Exit	VELOCITYSHARES 2X VIX SH-TRMetf	$0	–	-30,000	–	-0.37%	–
ESTE	Exit	EARTHSTONE ENERGY INC	$0	–	-69,069	–	-0.41%	–
LSXMA	Exit	LIBERTY SIRIUSXM GROUP	$0	–	-17,878	–	-0.42%	–
LBRDK	Exit	LIBERTY BROADBAND-C	$0	–	-8,939	–	-0.44%	–
WCFB	Exit	WCF BANCORP INC	$0	–	-80,600	–	-0.46%	–
GLL	Exit	PROSHARES ULTRASHORT GOLDetf	$0	–	-10,000	–	-0.48%	–
PBCP	Exit	POLONIA BANCORP PA	$0	–	-70,000	–	-0.52%	–
CCFC	Exit	CCSB FINANCIAL CORP	$0	–	-77,961	–	-0.54%	–
SC	Exit	SANTANDER CONSUMER USA HOLDI	$0	–	-65,000	–	-0.54%	–
EPM	Exit	EVOLUTION PETROLEUM CORP	$0	–	-133,700	–	-0.58%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-60,000	–	-0.65%	–
MFNC	Exit	MACKINAC FINANCIAL CORP	$0	–	-94,600	–	-0.75%	–
RYFL	Exit	ROYAL FINANCIAL INC	$0	–	-87,129	–	-0.75%	–
JJOFF	Exit	IPATH DJ-UBS COFFEE SUBINDEXetf	$0	–	-50,000	–	-0.77%	–
DDC	Exit	DOMINION DIAMOND CORP	$0	–	-115,000	–	-0.77%	–
CNXC	Exit	CNX COAL RESOURCES LPltdp	$0	–	-72,941	–	-0.78%	–
LSXMK	Exit	LIBERTY SIRIUS GROUP-C	$0	–	-35,756	–	-0.82%	–
AAVVF	Exit	ADVANTAGE ENERGY INCOME FUNDunit	$0	–	-175,000	–	-0.85%	–
WAYN	Exit	WAYNE SAVINGS BANCSHARES INC	$0	–	-94,005	–	-0.88%	–
NSSC	Exit	NAPCO SECURITY SYSTEMS INC	$0	–	-177,186	–	-0.88%	–
DYN	Exit	DYNEGY INC	$0	–	-115,000	–	-0.98%	–
NVTRQ	Exit	NUVECTRA CORP	$0	–	-214,675	–	-1.02%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-551,745	–	-1.04%	–
TBT	Exit	ULTRASHORT LEHMAN 20+ YEARetf	$0	–	-50,000	–	-1.09%	–
WBKC	Exit	WOLVERINE BANCORP INC	$0	–	-65,700	–	-1.21%	–
FLY	Exit	FLY LEASING LTD-ADRadrs	$0	–	-173,350	–	-1.38%	–
MAYS	Exit	MAYS (J.W.) INC	$0	–	-44,939	–	-1.42%	–
NSU	Exit	NEVSUN RESOURCES LTD	$0	–	-752,800	–	-1.57%	–
CWAY	Exit	COASTWAY BANCORP INC	$0	–	-177,000	–	-1.67%	–
RAFI	Exit	REGENCY AFFILIATES INC	$0	–	-302,967	–	-2.00%	–
	Exit	ORCA EXPLORATION GROUP-B	$0	–	-1,060,000	–	-2.02%	–
AGN	Exit	ALLERGAN PLC	$0	–	-15,000	–	-2.38%	–
CNX	Exit	CONSOL ENERGY INC	$0	–	-190,000	–	-2.51%	–
REIS	Exit	REIS INC	$0	–	-180,209	–	-2.54%	–
AGI	Exit	ALAMOS GOLD INC CL A	$0	–	-500,000	–	-2.82%	–
STND	Exit	STANDARD FINANCIAL CORP	$0	–	-219,508	–	-3.44%	–
CIFC	Exit	CIFC CORPreit	$0	–	-459,246	–	-3.53%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-137,723	–	-3.65%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUPwrnt	$0	–	-90,000	–	-3.68%	–
MAG	Exit	MAG SILVER CORP	$0	–	-357,900	–	-3.72%	–
LICT	Exit	LICT CORP	$0	–	-994	–	-3.78%	–
RLH	Exit	RED LION HOTELS CORP	$0	–	-708,711	–	-4.07%	–
MDM	Exit	MOUNTAIN PROVINCE DIAMONDS	$0	–	-1,184,019	–	-4.27%	–
WFC	Exit	WELLS FARGO & COMPANYwrnt	$0	–	-155,900	–	-4.75%	–
SMBC	Exit	SOUTHERN MISSOURI BANCORP	$0	–	-280,958	–	-4.82%	–
PROV	Exit	PROVIDENT FINANCIAL HLDGS	$0	–	-394,100	–	-5.31%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUPwrnt	$0	–	-107,300	–	-6.65%	–
BPOP	Exit	POPULAR INC	$0	–	-255,000	–	-6.71%	–

Q3 2016

			Value		Shares		↓ Weighting
PNC	New	PNC FINANCIAL SERVICES GROUPwrnt	$9,667,000	–	107,300	–	6.65%	–
WFC	New	WELLS FARGO & COMPANYwrnt	$6,903,000	–	155,900	–	4.75%	–
MDM	Buy	MOUNTAIN PROVINCE DIAMONDS	$6,204,000	+14.3%	1,184,019	+0.4%	4.27%	-22.6%
RLH	Sell	RED LION HOTELS CORP	$5,911,000	+10.2%	708,711	-4.1%	4.07%	-25.4%
LICT	New	LICT CORP	$5,492,000	–	994	–	3.78%	–
MAG	Sell	MAG SILVER CORP	$5,397,000	+14.8%	357,900	-4.0%	3.72%	-22.3%
AIG	New	AMERICAN INTERNATIONAL GROUPwrnt	$5,341,000	–	90,000	–	3.68%	–
CIFC	Sell	CIFC CORPreit	$5,130,000	+23.9%	459,246	-21.6%	3.53%	-16.1%
STND	New	STANDARD FINANCIAL CORP	$5,005,000	–	219,508	–	3.44%	–
AGN	Buy	ALLERGAN PLC	$3,455,000	+15.0%	15,000	+15.4%	2.38%	-22.1%
	New	ORCA EXPLORATION GROUP-B	$2,928,000	–	1,060,000	–	2.02%	–
RAFI	New	REGENCY AFFILIATES INC	$2,908,000	–	302,967	–	2.00%	–
TBT	New	ULTRASHORT LEHMAN 20+ YEARetf	$1,580,000	–	50,000	–	1.09%	–
NVTRQ	Buy	NUVECTRA CORP	$1,486,000	+12.5%	214,675	+20.3%	1.02%	-23.8%
DYN	Buy	DYNEGY INC	$1,425,000	-17.3%	115,000	+15.0%	0.98%	-44.0%
NSSC	Sell	NAPCO SECURITY SYSTEMS INC	$1,274,000	+7.0%	177,186	-5.3%	0.88%	-27.5%
LSXMK	New	LIBERTY SIRIUS GROUP-C	$1,195,000	–	35,756	–	0.82%	–
JJOFF	Sell	IPATH DJ-UBS COFFEE SUBINDEXetf	$1,113,000	-8.6%	50,000	-9.1%	0.77%	-38.1%
RYFL	New	ROYAL FINANCIAL INC	$1,086,000	–	87,129	–	0.75%	–
EPM	Buy	EVOLUTION PETROLEUM CORP	$840,000	+356.5%	133,700	+296.7%	0.58%	+209.1%
CCFC	New	CCSB FINANCIAL CORP	$780,000	–	77,961	–	0.54%	–
PBCP	New	POLONIA BANCORP PA	$760,000	–	70,000	–	0.52%	–
WCFB	New	WCF BANCORP INC	$676,000	–	80,600	–	0.46%	–
LSXMA	New	LIBERTY SIRIUSXM GROUP	$607,000	–	17,878	–	0.42%	–
ESTE	Sell	EARTHSTONE ENERGY INC	$594,000	-51.3%	69,069	-38.9%	0.41%	-67.0%
TVIX	New	VELOCITYSHARES 2X VIX SH-TRMetf	$544,000	–	30,000	–	0.37%	–
GSTCQ	Buy	GASTAR EXPLORATION LTD	$540,000	-18.3%	638,764	+6.4%	0.37%	-44.6%
AWX	Sell	AVALON HOLDINGS CORP-A	$488,000	+24.8%	165,548	-1.3%	0.34%	-15.4%
CSTID	New	COSTAR TECHNOLOGIES INC	$440,000	–	49,382	–	0.30%	–
SCZC	New	SANTA CRUZ COUNTY BANK	$396,000	–	12,667	–	0.27%	–
PARR	New	PAR PETROLEUM CORP	$392,000	–	30,000	–	0.27%	–
AMFC	New	AMB FINANCIAL CORP	$308,000	–	23,275	–	0.21%	–
FWONK	New	LIBERTY MEDIA CORP - C	$252,000	–	8,939	–	0.17%	–
NTB	New	BANK OF NT BUTTERFIELD & SON	$248,000	–	10,000	–	0.17%	–
SELF	New	SELF STORAGE GROUP INCfund	$236,000	–	44,800	–	0.16%	–
GSTPRA	New	GST PREFERRED 8.625%pref	$198,000	–	17,080	–	0.14%	–
FMNB	Sell	FARMERS NATL BANC CORP	$191,000	-49.2%	17,727	-58.5%	0.13%	-65.7%
JONE	New	JONES ENERGY INC	$178,000	–	50,000	–	0.12%	–
WLKR	New	WALKER INNOVATION INC	$95,000	–	187,067	–	0.06%	–
GROW	Exit	U S GLOBAL INVS INCcl a	$0	–	-25,001	–	-0.04%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-4,469	–	-0.27%	–
HK	Exit	HALCON RES CORP	$0	–	-600,000	–	-0.28%	–
OSHC	Exit	OCEAN SHORE HLDG CO NEW	$0	–	-71,900	–	-1.24%	–
WFCWS	Exit	WELLS FARGO & CO NEW*w exp 10/28/201	$0	–	-115,900	–	-1.60%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/202	$0	–	-90,000	–	-1.71%	–
PNCWS	Exit	PNC FINL SVCS GROUP INC*w exp 12/31/201	$0	–	-107,300	–	-1.90%	–
CPHRF	Exit	CIPHER PHARMACEUTICALS INC	$0	–	-447,800	–	-2.38%	–

Q2 2016

			Value		Shares		↓ Weighting
BPOP	New	POPULAR INC	$7,472,000	–	255,000	–	7.59%	–
PROV	New	PROVIDENT FINL HLDGS INC	$7,212,000	–	394,100	–	7.33%	–
SMBC	New	SOUTHERN MO BANCORP INC	$6,611,000	–	280,958	–	6.72%	–
MDM	New	MOUNTAIN PROV DIAMONDS INC	$5,427,000	–	1,179,825	–	5.52%	–
RLH	New	RED LION HOTELS CORP	$5,365,000	–	738,926	–	5.45%	–
MAG	New	MAG SILVER CORP	$4,702,000	–	372,900	–	4.78%	–
AER	New	AERCAP HOLDINGS NV	$4,626,000	–	137,723	–	4.70%	–
REIS	New	REIS INC	$4,487,000	–	180,209	–	4.56%	–
AGI	New	ALAMOS GOLD INC NEW	$4,300,000	–	500,000	–	4.37%	–
CIFC	New	CIFC LLC	$4,140,000	–	585,587	–	4.21%	–
CNX	New	CONSOL ENERGY INC	$3,057,000	–	190,000	–	3.11%	–
AGN	New	ALLERGAN PLC	$3,004,000	–	13,000	–	3.05%	–
CPHRF	New	CIPHER PHARMACEUTICALS INC	$2,338,000	–	447,800	–	2.38%	–
MAYS	New	MAYS J W INC	$2,236,000	–	44,939	–	2.27%	–
NSU	New	NEVSUN RES LTD	$2,213,000	–	752,800	–	2.25%	–
CWAY	New	COASTWAY BANCORP INC	$2,204,000	–	177,000	–	2.24%	–
PLG	New	PLATINUM GROUP METALS LTD	$1,870,000	–	551,745	–	1.90%	–
PNCWS	New	PNC FINL SVCS GROUP INC*w exp 12/31/201	$1,869,000	–	107,300	–	1.90%	–
DYN	New	DYNEGY INC NEW DEL	$1,724,000	–	100,000	–	1.75%	–
FLY	New	FLY LEASING LTDsponsored adr	$1,721,000	–	173,350	–	1.75%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/202	$1,682,000	–	90,000	–	1.71%	–
WBKC	New	WOLVERINE BANCORP INC	$1,677,000	–	65,700	–	1.70%	–
WFCWS	New	WELLS FARGO & CO NEW*w exp 10/28/201	$1,579,000	–	115,900	–	1.60%	–
NVTRQ	New	NUVECTRA CORP	$1,321,000	–	178,485	–	1.34%	–
ESTE	New	EARTHSTONE ENERGY INC	$1,219,000	–	113,069	–	1.24%	–
OSHC	New	OCEAN SHORE HLDG CO NEW	$1,219,000	–	71,900	–	1.24%	–
JJOFF	New	BARCLAYS BANK PLCetn djubscoffe38	$1,218,000	–	55,000	–	1.24%	–
WAYN	New	WAYNE SVGS BANCSHARES INC NE	$1,196,000	–	94,005	–	1.22%	–
NSSC	New	NAPCO SEC TECHNOLOGIES INC	$1,191,000	–	187,186	–	1.21%	–
MFNC	New	MACKINAC FINL CORP	$1,042,000	–	94,600	–	1.06%	–
DDC	New	DOMINION DIAMOND CORP	$1,017,000	–	115,000	–	1.03%	–
AAVVF	New	ADVANTAGE OIL & GAS LTD	$978,000	–	175,000	–	0.99%	–
BAC	New	BANK AMER CORP	$796,000	–	60,000	–	0.81%	–
GLL	New	PROSHARES TR IIultrashrt new	$700,000	–	10,000	–	0.71%	–
CNXC	New	CNX COAL RES LP	$675,000	–	72,941	–	0.69%	–
SC	New	SANTANDER CONSUMER USA HDG I	$671,000	–	65,000	–	0.68%	–
GSTCQ	New	GASTAR EXPL INC NEW	$661,000	–	600,564	–	0.67%	–
LBRDK	New	LIBERTY BROADBAND CORP	$536,000	–	8,939	–	0.54%	–
AWX	New	AVALON HLDGS CORPcl a	$391,000	–	167,650	–	0.40%	–
FMNB	New	FARMERS NATL BANC CORP	$376,000	–	42,727	–	0.38%	–
NRG	New	NRG ENERGY INC	$375,000	–	25,000	–	0.38%	–
HK	New	HALCON RES CORP	$278,000	–	600,000	–	0.28%	–
AYR	New	AIRCASTLE LTD	$272,000	–	13,900	–	0.28%	–
LBRDA	New	LIBERTY BROADBAND CORP	$265,000	–	4,469	–	0.27%	–
EPM	New	EVOLUTION PETROLEUM CORP	$184,000	–	33,700	–	0.19%	–
UBCP	New	UNITED BANCORP INC OHIO	$147,000	–	15,000	–	0.15%	–
TERP	New	TERRAFORM PWR INC	$109,000	–	10,000	–	0.11%	–
GROW	New	U S GLOBAL INVS INCcl a	$43,000	–	25,001	–	0.04%	–

Q4 2015

			Value		Shares		↓ Weighting
USEG	Exit	U S ENERGY CORP WYO	$0	–	-80,415	–	-0.04%	–
GROW	Exit	U S GLOBAL INVS INCcl a	$0	–	-36,118	–	-0.06%	–
ECR	Exit	ECLIPSE RES CORP	$0	–	-40,000	–	-0.08%	–
EVEPQ	Exit	EV ENERGY PARTNERS LP	$0	–	-14,500	–	-0.09%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-251,914	–	-0.11%	–
UBCP	Exit	UNITED BANCORP INC OHIO	$0	–	-15,000	–	-0.14%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-4,469	–	-0.24%	–
VPG	Exit	VISHAY PRECISION GROUP INC	$0	–	-23,865	–	-0.29%	–
EPM	Exit	EVOLUTION PETROLEUM CORP	$0	–	-53,700	–	-0.31%	–
MFNC	Exit	MACKINAC FINL CORP	$0	–	-30,000	–	-0.32%	–
WIN	Exit	WINDSTREAM HLDGS INC	$0	–	-50,000	–	-0.32%	–
AYR	Exit	AIRCASTLE LTD	$0	–	-15,254	–	-0.33%	–
AWX	Exit	AVALON HLDGS CORPcl a	$0	–	-172,650	–	-0.35%	–
WSBF	Exit	WATERSTONE FINL INC MD	$0	–	-29,900	–	-0.42%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-8,939	–	-0.48%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-50,000	–	-0.63%	–
WLFC	Exit	WILLIS LEASE FINANCE CORP	$0	–	-39,169	–	-0.67%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-17,878	–	-0.67%	–
FMNB	Exit	FARMERS NATL BANC CORP	$0	–	-84,627	–	-0.73%	–
BIF	Exit	BOULDER GROWTH & INCOME FD I	$0	–	-102,834	–	-0.80%	–
FLY	Exit	FLY LEASING LTDsponsored adr	$0	–	-65,433	–	-0.91%	–
JJOFF	Exit	BARCLAYS BANK PLCetn djubscoffe38	$0	–	-45,000	–	-0.93%	–
PBCP	Exit	POLONIA BACORP INC MD	$0	–	-70,000	–	-0.96%	–
CHEV	Exit	CHEVIOT FINL CORP NEW	$0	–	-70,000	–	-1.02%	–
CNXC	Exit	CNX COAL RES LP	$0	–	-87,941	–	-1.04%	–
AAVVF	Exit	ADVANTAGE OIL & GAS LTD	$0	–	-200,000	–	-1.09%	–
GSTCQ	Exit	GASTAR EXPL INC NEW	$0	–	-927,582	–	-1.12%	–
NVSL	Exit	NAUGATUCK VY FINL CORP MD	$0	–	-103,671	–	-1.18%	–
NSSC	Exit	NAPCO SEC TECHNOLOGIES INC	$0	–	-187,186	–	-1.19%	–
WAYN	Exit	WAYNE SVGS BANCSHARES INC NE	$0	–	-94,005	–	-1.23%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-35,756	–	-1.29%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-6,239,200	–	-1.51%	–
RRC	Exit	RANGE RES CORP	$0	–	-45,000	–	-1.52%	–
YHOO	Exit	YAHOO INC	$0	–	-50,000	–	-1.52%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-500,000	–	-1.69%	–
CPHRF	Exit	CIPHER PHARMACEUTICALS INC	$0	–	-447,800	–	-1.74%	–
WBKC	Exit	WOLVERINE BANCORP INC	$0	–	-65,700	–	-1.76%	–
WFCWS	Exit	WELLS FARGO & CO NEW*w exp 10/28/201	$0	–	-105,900	–	-2.01%	–
CWAY	Exit	COASTWAY BANCORP INC	$0	–	-177,000	–	-2.05%	–
OSHC	Exit	OCEAN SHORE HLDG CO NEW	$0	–	-126,900	–	-2.14%	–
CIFC	Exit	CIFC CORP	$0	–	-289,516	–	-2.17%	–
NSU	Exit	NEVSUN RES LTD	$0	–	-727,800	–	-2.22%	–
PNCWS	Exit	PNC FINL SVCS GROUP INC*w exp 12/31/201	$0	–	-97,300	–	-2.49%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/202	$0	–	-115,000	–	-2.74%	–
MAYS	Exit	MAYS J W INC	$0	–	-46,920	–	-2.83%	–
CNX	Exit	CONSOL ENERGY INC	$0	–	-276,000	–	-2.84%	–
MAG	Exit	MAG SILVER CORP	$0	–	-433,100	–	-3.24%	–
MDM	Exit	MOUNTAIN PROV DIAMONDS INC	$0	–	-1,425,685	–	-3.89%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-530,000	–	-4.08%	–
REIS	Exit	REIS INC	$0	–	-180,209	–	-4.29%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-145,323	–	-5.84%	–
BPOP	Exit	POPULAR INC	$0	–	-195,000	–	-6.19%	–
SMBC	Exit	SOUTHERN MO BANCORP INC	$0	–	-315,958	–	-6.87%	–
PROV	Exit	PROVIDENT FINL HLDGS INC	$0	–	-396,000	–	-6.98%	–
RLH	Exit	RED LION HOTELS CORP	$0	–	-934,487	–	-8.34%	–

Q3 2015

			Value		Shares		↓ Weighting
SMBC	Sell	SOUTHERN MO BANCORP INC	$6,547,000	+9.1%	315,958	-0.8%	6.87%	+17.9%
BPOP	Buy	POPULAR INC	$5,895,000	+172.3%	195,000	+160.0%	6.19%	+194.3%
AER	Buy	AERCAP HOLDINGS NV	$5,558,000	-11.1%	145,323	+6.4%	5.84%	-3.9%
CHK	Buy	CHESAPEAKE ENERGY CORP	$3,885,000	+24.2%	530,000	+89.3%	4.08%	+34.3%
MDM	Sell	MOUNTAIN PROV DIAMONDS INC	$3,704,000	-38.4%	1,425,685	-1.6%	3.89%	-33.4%
CNX	Buy	CONSOL ENERGY INC	$2,705,000	+122.3%	276,000	+392.9%	2.84%	+140.3%
MAYS	Sell	MAYS J W INC	$2,698,000	+4.6%	46,920	-0.4%	2.83%	+13.0%
NSU	Buy	NEVSUN RES LTD	$2,111,000	-17.4%	727,800	+7.4%	2.22%	-10.7%
EGO	New	ELDORADO GOLD CORP NEW	$1,610,000	–	500,000	–	1.69%	–
YHOO	New	YAHOO INC	$1,446,000	–	50,000	–	1.52%	–
RRC	Buy	RANGE RES CORP	$1,445,000	-2.4%	45,000	+50.0%	1.52%	+5.5%
PLG	Sell	PLATINUM GROUP METALS LTD	$1,435,000	-43.8%	6,239,200	-2.2%	1.51%	-39.2%
NVSL	Sell	NAUGATUCK VY FINL CORP MD	$1,124,000	-53.9%	103,671	-54.8%	1.18%	-50.1%
GSTCQ	Sell	GASTAR EXPL INC NEW	$1,067,000	-70.2%	927,582	-19.9%	1.12%	-67.8%
CNXC	New	CNX COAL RES LP	$989,000	–	87,941	–	1.04%	–
JJOFF	Sell	BARCLAYS BANK PLCetn djubscoffe38	$886,000	-25.4%	45,000	-16.7%	0.93%	-19.4%
FLY	Sell	FLY LEASING LTDsponsored adr	$864,000	-34.5%	65,433	-22.1%	0.91%	-29.2%
FMNB	Sell	FARMERS NATL BANC CORP	$696,000	-17.9%	84,627	-17.7%	0.73%	-11.3%
SLW	New	SILVER WHEATON CORP	$601,000	–	50,000	–	0.63%	–
WSBF	Sell	WATERSTONE FINL INC MD	$403,000	-52.6%	29,900	-53.6%	0.42%	-48.9%
WIN	New	WINDSTREAM HLDGS INC	$307,000	–	50,000	–	0.32%	–
EVEPQ	New	EV ENERGY PARTNERS LP	$87,000	–	14,500	–	0.09%	–
ECR	Sell	ECLIPSE RES CORP	$78,000	-83.5%	40,000	-55.6%	0.08%	-82.1%
GROW	New	U S GLOBAL INVS INCcl a	$60,000	–	36,118	–	0.06%	–
USEG	Sell	U S ENERGY CORP WYO	$39,000	-65.8%	80,415	-62.5%	0.04%	-63.1%
AGNC	Exit	AMERICAN CAPITAL AGENCY CORP	$0	–	-25,000	–	-0.45%	–
RUSL	Exit	DIREXION SHS ETF TRdly russia bul14	$0	–	-25,000	–	-0.59%	–
HL	Exit	HECLA MNG CO	$0	–	-300,000	–	-0.77%	–
AGI	Exit	ALAMOS GOLD INC	$0	–	-600,000	–	-3.30%	–

Q2 2015

			Value		Shares		↓ Weighting
RLH	New	RED LION HOTELS CORP	$7,158,000	–	934,487	–	6.95%	–
PROV	New	PROVIDENT FINL HLDGS INC	$6,629,000	–	396,000	–	6.44%	–
AER	New	AERCAP HOLDINGS NV	$6,251,000	–	136,523	–	6.07%	–
MDM	New	MOUNTAIN PROV DIAMONDS INC	$6,010,000	–	1,448,185	–	5.84%	–
SMBC	New	SOUTHERN MO BANCORP INC	$6,002,000	–	318,420	–	5.83%	–
REIS	New	REIS INC	$3,997,000	–	180,209	–	3.88%	–
CPHRF	New	CIPHER PHARMACEUTICALS INC	$3,833,000	–	447,800	–	3.72%	–
GSTCQ	New	GASTAR EXPL INC NEW	$3,580,000	–	1,158,582	–	3.48%	–
MAG	New	MAG SILVER CORP	$3,396,000	–	433,100	–	3.30%	–
AGI	New	ALAMOS GOLD INC	$3,396,000	–	600,000	–	3.30%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/202	$3,187,000	–	115,000	–	3.10%	–
CHK	New	CHESAPEAKE ENERGY CORP	$3,128,000	–	280,000	–	3.04%	–
PNCWS	New	PNC FINL SVCS GROUP INC*w exp 12/31/201	$2,795,000	–	97,300	–	2.72%	–
MAYS	New	MAYS J W INC	$2,580,000	–	47,120	–	2.51%	–
NSU	New	NEVSUN RES LTD	$2,555,000	–	677,800	–	2.48%	–
PLG	New	PLATINUM GROUP METALS LTD	$2,553,000	–	6,381,450	–	2.48%	–
NVSL	New	NAUGATUCK VY FINL CORP MD	$2,437,000	–	229,428	–	2.37%	–
WFCWS	New	WELLS FARGO & CO NEW*w exp 10/28/201	$2,382,000	–	105,900	–	2.31%	–
CIFC	New	CIFC CORP	$2,296,000	–	289,516	–	2.23%	–
BPOP	New	POPULAR INC	$2,165,000	–	75,000	–	2.10%	–
CWAY	New	COASTWAY BANCORP INC	$1,995,000	–	177,000	–	1.94%	–
OSHC	New	OCEAN SHORE HLDG CO NEW	$1,883,000	–	126,900	–	1.83%	–
WBKC	New	WOLVERINE BANCORP INC	$1,659,000	–	65,700	–	1.61%	–
RRC	New	RANGE RES CORP	$1,481,000	–	30,000	–	1.44%	–
FLY	New	FLY LEASING LTDsponsored adr	$1,319,000	–	84,033	–	1.28%	–
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$1,284,000	–	35,756	–	1.25%	–
AAVVF	New	ADVANTAGE OIL & GAS LTD	$1,264,000	–	200,000	–	1.23%	–
WAYN	New	WAYNE SVGS BANCSHARES INC NE	$1,259,000	–	94,005	–	1.22%	–
CNX	New	CONSOL ENERGY INC	$1,217,000	–	56,000	–	1.18%	–
JJOFF	New	BARCLAYS BANK PLCetn djubscoffe38	$1,188,000	–	54,000	–	1.15%	–
NSSC	New	NAPCO SEC TECHNOLOGIES INC	$1,073,000	–	187,186	–	1.04%	–
CHEV	New	CHEVIOT FINL CORP NEW	$1,035,000	–	70,000	–	1.00%	–
PBCP	New	POLONIA BACORP INC MD	$903,000	–	70,000	–	0.88%	–
BIF	New	BOULDER GROWTH & INCOME FD I	$868,000	–	102,834	–	0.84%	–
WSBF	New	WATERSTONE FINL INC MD	$851,000	–	64,500	–	0.83%	–
FMNB	New	FARMERS NATL BANC CORP	$848,000	–	102,827	–	0.82%	–
HL	New	HECLA MNG CO	$789,000	–	300,000	–	0.77%	–
WLFC	New	WILLIS LEASE FINANCE CORP	$720,000	–	39,169	–	0.70%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$644,000	–	17,878	–	0.62%	–
RUSL	New	DIREXION SHS ETF TRdly russia bul14	$607,000	–	25,000	–	0.59%	–
ECR	New	ECLIPSE RES CORP	$473,000	–	90,000	–	0.46%	–
AGNC	New	AMERICAN CAPITAL AGENCY CORP	$459,000	–	25,000	–	0.45%	–
LBRDK	New	LIBERTY BROADBAND CORP	$457,000	–	8,939	–	0.44%	–
AWX	New	AVALON HLDGS CORPcl a	$414,000	–	172,650	–	0.40%	–
VPG	New	VISHAY PRECISION GROUP INC	$359,000	–	23,865	–	0.35%	–
EPM	New	EVOLUTION PETROLEUM CORP	$354,000	–	53,700	–	0.34%	–
AYR	New	AIRCASTLE LTD	$346,000	–	15,254	–	0.34%	–
MFNC	New	MACKINAC FINL CORP	$316,000	–	30,000	–	0.31%	–
LBRDA	New	LIBERTY BROADBAND CORP	$228,000	–	4,469	–	0.22%	–
UBCP	New	UNITED BANCORP INC OHIO	$135,000	–	15,000	–	0.13%	–
USEG	New	U S ENERGY CORP WYO	$114,000	–	214,570	–	0.11%	–
AXU	New	ALEXCO RESOURCE CORP	$86,000	–	251,914	–	0.08%	–

Q4 2014

			Value		Shares		↓ Weighting
UBCP	Exit	UNITED BANCORP INC OHIO	$0	–	-15,000	–	-0.11%	–
GROW	Exit	U S GLOBAL INVS INCcl a	$0	–	-36,118	–	-0.11%	–
MDM	Exit	MOUNTAIN PROV DIAMONDS INC	$0	–	-25,000	–	-0.12%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-251,914	–	-0.15%	–
STAA	Exit	STAAR SURGICAL CO	$0	–	-22,500	–	-0.21%	–
SOQDF	Exit	SONDE RES CORP	$0	–	-1,804,597	–	-0.22%	–
RIVR	Exit	RIVER VY BANCORP	$0	–	-12,500	–	-0.24%	–
TPUB	Exit	TRIBUNE PUBG CO	$0	–	-15,000	–	-0.27%	–
MFNC	Exit	MACKINAC FINL CORP	$0	–	-30,000	–	-0.30%	–
NSU	Exit	NEVSUN RES LTD	$0	–	-100,000	–	-0.36%	–
VOLT	Exit	VOLT INFORMATION SCIENCES IN	$0	–	-50,000	–	-0.41%	–
AYR	Exit	AIRCASTLE LTD	$0	–	-30,254	–	-0.44%	–
HL	Exit	HECLA MNG CO	$0	–	-200,000	–	-0.44%	–
GPORQ	Exit	GULFPORT ENERGY CORP	$0	–	-10,000	–	-0.47%	–
AMRI	Exit	ALBANY MOLECULAR RESH INC	$0	–	-25,000	–	-0.49%	–
USEG	Exit	U S ENERGY CORP WYO	$0	–	-206,470	–	-0.58%	–
MHRCQ	Exit	MAGNUM HUNTER RES CORP DEL	$0	–	-125,000	–	-0.62%	–
PBIP	Exit	PRUDENTIAL BANCORP INC NEW	$0	–	-62,303	–	-0.68%	–
AWX	Exit	AVALON HLDGS CORPcl a	$0	–	-214,969	–	-0.71%	–
WLFC	Exit	WILLIS LEASE FINANCE CORP	$0	–	-39,169	–	-0.71%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-17,878	–	-0.75%	–
COWN	Exit	COWEN GROUP INC NEWcl a	$0	–	-225,000	–	-0.75%	–
NSSC	Exit	NAPCO SEC TECHNOLOGIES INC	$0	–	-187,186	–	-0.78%	–
CHEV	Exit	CHEVIOT FINL CORP NEW	$0	–	-70,000	–	-0.79%	–
VPG	Exit	VISHAY PRECISION GROUP INC	$0	–	-61,865	–	-0.82%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-50,000	–	-0.88%	–
AAVVF	Exit	ADVANTAGE OIL & GAS LTD	$0	–	-200,000	–	-0.90%	–
RRC	Exit	RANGE RES CORP	$0	–	-15,000	–	-0.90%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-1,281,450	–	-1.00%	–
CNX	Exit	CONSOL ENERGY INC	$0	–	-30,000	–	-1.01%	–
WAYN	Exit	WAYNE SVGS BANCSHARES INC NE	$0	–	-94,005	–	-1.03%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-200,000	–	-1.06%	–
BTG	Exit	B2GOLD CORP	$0	–	-725,000	–	-1.31%	–
FMNB	Exit	FARMERS NATL BANC CORP	$0	–	-187,827	–	-1.33%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-400,000	–	-1.33%	–
CHFN	Exit	CHARTER FINL CORP MD	$0	–	-142,800	–	-1.35%	–
WBKC	Exit	WOLVERINE BANCORP INC	$0	–	-65,700	–	-1.36%	–
HK	Exit	HALCON RES CORP	$0	–	-400,000	–	-1.40%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-35,756	–	-1.49%	–
FLY	Exit	FLY LEASING LTDsponsored adr	$0	–	-134,063	–	-1.52%	–
ARR	Exit	ARMOUR RESIDENTIAL REIT INC	$0	–	-450,000	–	-1.53%	–
JJOFF	Exit	BARCLAYS BANK PLCetn djubscoffe38	$0	–	-49,000	–	-1.59%	–
CWAY	Exit	COASTWAY BANCORP INC	$0	–	-177,000	–	-1.68%	–
WFCWS	Exit	WELLS FARGO & CO NEW*w exp 10/28/201	$0	–	-105,900	–	-1.89%	–
GDPMQ	Exit	GOODRICH PETE CORP	$0	–	-150,000	–	-1.97%	–
PNCWS	Exit	PNC FINL SVCS GROUP INC*w exp 12/31/201	$0	–	-97,300	–	-1.97%	–
NVSL	Exit	NAUGATUCK VY FINL CORP MD	$0	–	-290,321	–	-2.01%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-190,382	–	-2.19%	–
CIFC	Exit	CIFC CORP	$0	–	-283,048	–	-2.27%	–
MAYS	Exit	MAYS J W INC	$0	–	-49,120	–	-2.41%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/202	$0	–	-115,000	–	-2.42%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-240,900	–	-2.43%	–
EOX	Exit	EMERALD OIL INC	$0	–	-496,843	–	-2.71%	–
VXX	Exit	BARCLAYS BK PLCipath s&p500 vix	$0	–	-100,000	–	-2.76%	–
MAG	Exit	MAG SILVER CORP	$0	–	-433,100	–	-2.85%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-613,385	–	-3.66%	–
REIS	Exit	REIS INC	$0	–	-185,209	–	-3.87%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-117,723	–	-4.26%	–
RLH	Exit	RED LION HOTELS CORP	$0	–	-934,487	–	-4.71%	–
ISBC	Exit	INVESTORS BANCORP INC NEW	$0	–	-550,000	–	-4.93%	–
GSTCQ	Exit	GASTAR EXPL INC NEW	$0	–	-977,582	–	-5.08%	–
SMBC	Exit	SOUTHERN MO BANCORP INC	$0	–	-162,979	–	-5.18%	–
PROV	Exit	PROVIDENT FINL HLDGS INC	$0	–	-483,500	–	-6.25%	–

Q3 2014

			Value		Shares		↓ Weighting
GSTCQ	Buy	GASTAR EXPL INC NEW	$5,738,000	-15.3%	977,582	+25.7%	5.08%	-6.8%
ISBC	Sell	INVESTORS BANCORP INC NEW	$5,572,000	-37.0%	550,000	-31.2%	4.93%	-30.6%
RLH	Buy	RED LION HOTELS CORP	$5,317,000	+11.0%	934,487	+6.9%	4.71%	+22.1%
VXX	New	BARCLAYS BK PLCipath s&p500 vix	$3,118,000	–	100,000	–	2.76%	–
MAYS	Sell	MAYS J W INC	$2,726,000	+7.9%	49,120	-2.2%	2.41%	+18.7%
ONB	New	OLD NATL BANCORP IND	$2,469,000	–	190,382	–	2.19%	–
GDPMQ	Buy	GOODRICH PETE CORP	$2,223,000	-40.3%	150,000	+11.1%	1.97%	-34.4%
JJOFF	Buy	BARCLAYS BANK PLCetn djubscoffe38	$1,800,000	+167.9%	49,000	+145.0%	1.59%	+194.6%
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$1,680,000	–	35,756	–	1.49%	–
CHFN	Sell	CHARTER FINL CORP MD	$1,528,000	-28.3%	142,800	-25.6%	1.35%	-21.1%
TRQ	Sell	TURQUOISE HILL RES LTD	$1,503,000	-10.2%	400,000	-20.0%	1.33%	-1.2%
BTG	New	B2GOLD CORP	$1,475,000	–	725,000	–	1.31%	–
AUY	Sell	YAMANA GOLD INC	$1,199,000	-41.7%	200,000	-20.0%	1.06%	-35.9%
CNX	Buy	CONSOL ENERGY INC	$1,136,000	+64.4%	30,000	+100.0%	1.01%	+80.9%
RRC	New	RANGE RES CORP	$1,017,000	–	15,000	–	0.90%	–
VPG	Sell	VISHAY PRECISION GROUP INC	$924,000	-27.0%	61,865	-19.5%	0.82%	-19.6%
AWX	Sell	AVALON HLDGS CORPcl a	$800,000	-19.3%	214,969	-6.5%	0.71%	-11.3%
PBIP	New	PRUDENTIAL BANCORP INC NEW	$762,000	–	62,303	–	0.68%	–
GPORQ	New	GULFPORT ENERGY CORP	$534,000	–	10,000	–	0.47%	–
HL	New	HECLA MNG CO	$496,000	–	200,000	–	0.44%	–
VOLT	New	VOLT INFORMATION SCIENCES IN	$458,000	–	50,000	–	0.41%	–
TPUB	New	TRIBUNE PUBG CO	$303,000	–	15,000	–	0.27%	–
RIVR	New	RIVER VY BANCORP	$268,000	–	12,500	–	0.24%	–
STAA	Sell	STAAR SURGICAL CO	$239,000	-71.5%	22,500	-55.0%	0.21%	-68.6%
MDM	Sell	MOUNTAIN PROV DIAMONDS INC	$140,000	-97.7%	25,000	-98.0%	0.12%	-97.4%
GROW	New	U S GLOBAL INVS INCcl a	$128,000	–	36,118	–	0.11%	–
UBCP	New	UNITED BANCORP INC OHIO	$121,000	–	15,000	–	0.11%	–
VCON	Exit	VICON INDS INC	$0	–	-63,196	–	-0.13%	–
ALLY	Exit	ALLY FINL INC	$0	–	-125,000	–	-2.40%	–

Q2 2014

			Value		Shares		↓ Weighting
ISBC	New	INVESTORS BANCORP INC NEW	$8,840,000	–	800,000	–	7.11%	–
PROV	New	PROVIDENT FINL HLDGS INC	$7,030,000	–	483,500	–	5.66%	–
GSTCQ	New	GASTAR EXPL INC NEW	$6,773,000	–	777,582	–	5.45%	–
MDM	New	MOUNTAIN PROV DIAMONDS INC	$5,996,000	–	1,251,612	–	4.82%	–
SMBC	New	SOUTHERN MO BANCORP INC	$5,817,000	–	162,979	–	4.68%	–
AER	New	AERCAP HOLDINGS NV	$5,392,000	–	117,723	–	4.34%	–
RLH	New	RED LION HOTELS CORP	$4,792,000	–	874,487	–	3.86%	–
EGO	New	ELDORADO GOLD CORP NEW	$4,693,000	–	613,385	–	3.78%	–
MAG	New	MAG SILVER CORP	$4,097,000	–	433,100	–	3.30%	–
REIS	New	REIS INC	$3,904,000	–	185,209	–	3.14%	–
EOX	New	EMERALD OIL INC	$3,801,000	–	496,843	–	3.06%	–
GDPMQ	New	GOODRICH PETE CORP	$3,726,000	–	135,000	–	3.00%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/202	$3,059,000	–	115,000	–	2.46%	–
ALLY	New	ALLY FINL INC	$2,989,000	–	125,000	–	2.40%	–
HK	New	HALCON RES CORP	$2,916,000	–	400,000	–	2.35%	–
CIFC	New	CIFC CORP	$2,550,000	–	283,048	–	2.05%	–
MLVF	New	MALVERN BANCORP INC	$2,537,000	–	240,900	–	2.04%	–
PNCWS	New	PNC FINL SVCS GROUP INC*w exp 12/31/201	$2,529,000	–	97,300	–	2.04%	–
MAYS	New	MAYS J W INC	$2,527,000	–	50,218	–	2.03%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$2,444,000	–	17,878	–	1.97%	–
NVSL	New	NAUGATUCK VY FINL CORP MD	$2,418,000	–	290,321	–	1.95%	–
WFCWS	New	WELLS FARGO & CO NEW*w exp 10/28/201	$2,285,000	–	105,900	–	1.84%	–
CHFN	New	CHARTER FINL CORP MD	$2,130,000	–	191,933	–	1.71%	–
AUY	New	YAMANA GOLD INC	$2,058,000	–	250,000	–	1.66%	–
ARR	New	ARMOUR RESIDENTIAL REIT INC	$1,949,000	–	450,000	–	1.57%	–
FLY	New	FLY LEASING LTDsponsored adr	$1,943,000	–	134,063	–	1.56%	–
CWAY	New	COASTWAY BANCORP INC	$1,936,000	–	177,000	–	1.56%	–
TRQ	New	TURQUOISE HILL RES LTD	$1,674,000	–	500,000	–	1.35%	–
PLG	New	PLATINUM GROUP METALS LTD	$1,526,000	–	1,281,450	–	1.23%	–
WBKC	New	WOLVERINE BANCORP INC	$1,491,000	–	65,700	–	1.20%	–
FMNB	New	FARMERS NATL BANC CORP	$1,463,000	–	187,827	–	1.18%	–
AAVVF	New	ADVANTAGE OIL & GAS LTD	$1,344,000	–	200,000	–	1.08%	–
SLW	New	SILVER WHEATON CORP	$1,316,000	–	50,000	–	1.06%	–
VPG	New	VISHAY PRECISION GROUP INC	$1,265,000	–	76,865	–	1.02%	–
WAYN	New	WAYNE SVGS BANCSHARES INC NE	$1,221,000	–	94,005	–	0.98%	–
MHRCQ	New	MAGNUM HUNTER RES CORP DEL	$1,025,000	–	125,000	–	0.82%	–
NSSC	New	NAPCO SEC TECHNOLOGIES INC	$1,016,000	–	187,186	–	0.82%	–
AWX	New	AVALON HLDGS CORPcl a	$991,000	–	229,969	–	0.80%	–
WLFC	New	WILLIS LEASE FINANCE CORP	$960,000	–	39,169	–	0.77%	–
COWN	New	COWEN GROUP INC NEWcl a	$950,000	–	225,000	–	0.76%	–
USEG	New	U S ENERGY CORP WYO	$894,000	–	206,470	–	0.72%	–
CHEV	New	CHEVIOT FINL CORP NEW	$872,000	–	70,000	–	0.70%	–
STAA	New	STAAR SURGICAL CO	$840,000	–	50,000	–	0.68%	–
CNX	New	CONSOL ENERGY INC	$691,000	–	15,000	–	0.56%	–
JJOFF	New	BARCLAYS BANK PLCetn djubscoffe38	$672,000	–	20,000	–	0.54%	–
SOQDF	New	SONDE RES CORP	$614,000	–	1,804,597	–	0.49%	–
AYR	New	AIRCASTLE LTD	$538,000	–	30,254	–	0.43%	–
AMRI	New	ALBANY MOLECULAR RESH INC	$503,000	–	25,000	–	0.40%	–
NSU	New	NEVSUN RES LTD	$400,000	–	100,000	–	0.32%	–
MFNC	New	MACKINAC FINL CORP	$387,000	–	30,000	–	0.31%	–
AXU	New	ALEXCO RESOURCE CORP	$314,000	–	251,914	–	0.25%	–
VCON	New	VICON INDS INC	$159,000	–	63,196	–	0.13%	–

Q4 2013

			Value		Shares		↓ Weighting
MDM	Exit	MOUNTAIN PROV DIAMONDS INC	$0	–	-25,000	–	-0.13%	–
VCON	Exit	VICON INDS INC	$0	–	-63,196	–	-0.15%	–
NSU	Exit	NEVSUN RES LTD	$0	–	-100,000	–	-0.30%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-366,914	–	-0.49%	–
USEG	Exit	U S ENERGY CORP WYO	$0	–	-292,970	–	-0.57%	–
AMTG	Exit	APOLLO RESIDENTIAL MTG INC	$0	–	-50,000	–	-0.68%	–
NUGT	Exit	DIREXION SHS DAILY GOLD MINERetf tr	$0	–	-15,000	–	-0.70%	–
CHEV	Exit	CHEVIOT FINL CORP NEW	$0	–	-70,000	–	-0.71%	–
WLFC	Exit	WILLIS LEASE FINANCE CORP	$0	–	-49,169	–	-0.72%	–
COWN	Exit	COWEN GROUP INC NEWcl a	$0	–	-225,000	–	-0.72%	–
AGNC	Exit	AMERICAN CAPITAL AGENCY CORP	$0	–	-35,000	–	-0.73%	–
CYS	Exit	CYS INVTS INC	$0	–	-100,000	–	-0.76%	–
PPBI	Exit	PACIFIC PREMIER BANCORP	$0	–	-70,173	–	-0.88%	–
WAYN	Exit	WAYNE SVGS BANCSHARES INC NE	$0	–	-94,005	–	-0.93%	–
NSSC	Exit	NAPCO SEC TECHNOLOGIES INC	$0	–	-197,186	–	-0.97%	–
SOQ	Exit	SONDE RES CORP	$0	–	-1,197,386	–	-1.08%	–
FMNB	Exit	FARMERS NATL BANC CORP	$0	–	-192,601	–	-1.13%	–
AWX	Exit	AVALON HLDGS CORPcl a	$0	–	-232,969	–	-1.16%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-300,000	–	-1.23%	–
ARR	Exit	ARMOUR RESIDENTIAL REIT INC	$0	–	-325,000	–	-1.27%	–
MAYS	Exit	MAYS J W INC	$0	–	-54,620	–	-1.29%	–
AMIC	Exit	AMERICAN INDEPENDENCE CORP	$0	–	-140,835	–	-1.30%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-1,416,450	–	-1.33%	–
VXX	Exit	IPATH S&P500 VIXtr unit	$0	–	-100,000	–	-1.37%	–
HTS	Exit	HATTERAS FINL CORP	$0	–	-80,000	–	-1.39%	–
PNCWS	Exit	PNC FINL SVCS GROUP INC*w exp 12/31/201	$0	–	-97,300	–	-1.39%	–
MHRCQ	Exit	MAGNUM HUNTER RES CORP DEL	$0	–	-245,000	–	-1.40%	–
AAVVF	Exit	ADVANTAGE OIL & GAS LTD	$0	–	-400,000	–	-1.43%	–
AYR	Exit	AIRCASTLE LTD	$0	–	-92,300	–	-1.49%	–
WFCWS	Exit	WELLS FARGO & CO NEW*w exp 10/28/201	$0	–	-118,800	–	-1.55%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-75,000	–	-1.73%	–
WBKC	Exit	WOLVERINE BANCORP INC	$0	–	-100,700	–	-1.85%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/202	$0	–	-115,000	–	-2.02%	–
VPG	Exit	VISHAY PRECISION GROUP INC	$0	–	-150,000	–	-2.03%	–
CIFC	Exit	CIFC CORP	$0	–	-288,716	–	-2.12%	–
CNX	Exit	CONSOL ENERGY INC	$0	–	-75,000	–	-2.34%	–
NVSL	Exit	NAUGATUCK VY FINL CORP MD	$0	–	-330,321	–	-2.35%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-17,878	–	-2.44%	–
MAG	Exit	MAG SILVER CORP	$0	–	-463,100	–	-2.54%	–
OBAF	Exit	OBA FINL SVCS INC	$0	–	-147,407	–	-2.60%	–
CHFN	Exit	CHARTER FINL CORP MD	$0	–	-272,800	–	-2.74%	–
REIS	Exit	REIS INC	$0	–	-185,209	–	-2.78%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-240,900	–	-2.85%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-167,723	–	-3.03%	–
GST	Exit	GASTAR EXPL LTD	$0	–	-857,604	–	-3.15%	–
EOX	Exit	EMERALD OIL INC	$0	–	-565,284	–	-3.78%	–
STND	Exit	STANDARD FINL CORP MD	$0	–	-239,508	–	-4.06%	–
RLH	Exit	RED LION HOTELS CORP	$0	–	-874,487	–	-4.28%	–
SMBC	Exit	SOUTHERN MO BANCORP INC	$0	–	-176,860	–	-4.37%	–
FLY	Exit	FLY LEASING LTDsponsored adr	$0	–	-348,506	–	-4.49%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-913,385	–	-5.72%	–
PROV	Exit	PROVIDENT FINL HLDGS INC	$0	–	-483,500	–	-7.46%	–

Q3 2013

			Value		Shares		↓ Weighting
EGO	Buy	ELDORADO GOLD CORP NEW	$6,161,000	+15.2%	913,385	+5.8%	5.72%	+3.0%
FLY	Buy	FLY LEASING LTDsponsored adr	$4,837,000	+492.0%	348,506	+618.5%	4.49%	+430.0%
SMBC	Sell	SOUTHERN MO BANCORP INC	$4,704,000	+0.1%	176,860	-3.3%	4.37%	-10.4%
GST	Sell	GASTAR EXPL LTD	$3,388,000	+36.1%	857,604	-8.0%	3.15%	+21.7%
MAG	Buy	MAG SILVER CORP	$2,733,000	+10.3%	463,100	+9.5%	2.54%	-1.3%
CIFC	Buy	CIFC CORP	$2,278,000	+5.7%	288,716	+1.1%	2.12%	-5.5%
SLW	Sell	SILVER WHEATON CORP	$1,858,000	-5.3%	75,000	-25.0%	1.73%	-15.3%
MHRCQ	Sell	MAGNUM HUNTER RES CORP DEL	$1,512,000	+47.9%	245,000	-12.5%	1.40%	+32.4%
HTS	New	HATTERAS FINL CORP	$1,497,000	–	80,000	–	1.39%	–
VXX	New	IPATH S&P500 VIXtr unit	$1,470,000	–	100,000	–	1.37%	–
PLG	Buy	PLATINUM GROUP METALS LTD	$1,430,000	+24.0%	1,416,450	+7.6%	1.33%	+10.9%
AMIC	Buy