Birch Run Capital Advisors, LP Activity Q4 2011-Q3 2022

Q3 2022

			Value		Shares		↓ Weighting
	New	Nonenone	$0	–	0	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
DIS	Exit	DISNEY WALT CO	$0	–	-3,400	–	-0.66%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-8,600	–	-0.72%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-32,000	–	-1.57%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-22,055	–	-2.40%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-31,000	–	-2.94%	–
KMX	Exit	CARMAX INC	$0	–	-20,000	–	-2.94%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-1,100	–	-3.00%	–
ALCO	Exit	ALICO INC	$0	–	-95,281	–	-3.75%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-16,811	–	-3.87%	–
NPO	Exit	ENPRO INDS INC	$0	–	-39,839	–	-3.99%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-51,000	–	-5.23%	–
SSNC	Exit	SS&C TECHNOLOGIES HLDGS INC	$0	–	-71,400	–	-5.70%	–
GRBK	Exit	GREEN BRICK PARTNERS INC	$0	–	-245,161	–	-5.79%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-19,465	–	-5.85%	–
AON	Exit	AON PLC	$0	–	-17,800	–	-5.85%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-223,000	–	-6.26%	–
RGS	Exit	REGIS CORP MINN	$0	–	-1,658,941	–	-6.64%	–
EXP	Exit	EAGLE MATLS INC	$0	–	-45,000	–	-6.79%	–
NMRK	Exit	NEWMARK GROUP INCcl a	$0	–	-452,286	–	-7.45%	–
CIT	Exit	CIT GROUP INC	$0	–	-148,302	–	-8.86%	–
PARR	Exit	PAR PAC HOLDINGS INC	$0	–	-536,402	–	-9.70%	–

Q3 2021

			Value		Shares		↓ Weighting
NMRK	Sell	NEWMARK GROUP INCcl a	$6,472,000	-37.9%	452,286	-47.9%	7.45%	-14.2%
NPO	Sell	ENPRO INDS INC	$3,471,000	-67.5%	39,839	-63.7%	3.99%	-55.1%
GRA	Exit	GRACE W R & CO DEL NEW	$0	–	-158,954	–	-9.15%	–

Q2 2021

			Value		Shares		↓ Weighting
RGS	New	REGIS CORP MINN	$15,528,000	–	1,658,941	–	12.94%	–
GRA	New	GRACE W R & CO DEL NEW	$10,987,000	–	158,954	–	9.15%	–
NPO	New	ENPRO INDS INC	$10,671,000	–	109,839	–	8.89%	–
NMRK	New	NEWMARK GROUP INCcl a	$10,420,000	–	867,578	–	8.68%	–
PARR	New	PAR PAC HOLDINGS INC	$9,022,000	–	536,402	–	7.52%	–
CIT	New	CIT GROUP INC	$7,651,000	–	148,302	–	6.37%	–
EXP	New	EAGLE MATLS INC	$6,395,000	–	45,000	–	5.33%	–
STWD	New	STARWOOD PPTY TR INC	$5,836,000	–	223,000	–	4.86%	–
GRBK	New	GREEN BRICK PARTNERS INC	$5,575,000	–	245,161	–	4.64%	–
SSNC	New	SS&C TECHNOLOGIES HLDGS INC	$5,145,000	–	71,400	–	4.29%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$4,984,000	–	19,465	–	4.15%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$4,463,000	–	51,000	–	3.72%	–
AON	New	AON PLC	$4,250,000	–	17,800	–	3.54%	–
ALCO	New	ALICO INC	$3,392,000	–	95,281	–	2.83%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$3,339,000	–	16,811	–	2.78%	–
KMX	New	CARMAX INC	$2,583,000	–	20,000	–	2.15%	–
OTIS	New	OTIS WORLDWIDE CORP	$2,535,000	–	31,000	–	2.11%	–
BKNG	New	BOOKING HOLDINGS INC	$2,407,000	–	1,100	–	2.00%	–
FANG	New	DIAMONDBACK ENERGY INC	$2,071,000	–	22,055	–	1.72%	–
CDK	New	CDK GLOBAL INC	$1,590,000	–	32,000	–	1.32%	–
DIS	New	DISNEY WALT CO	$598,000	–	3,400	–	0.50%	–
APH	New	AMPHENOL CORP NEWcl a	$588,000	–	8,600	–	0.49%	–

Q4 2020

			Value		Shares		↓ Weighting
DIS	Exit	DISNEY WALT CO	$0	–	-3,400	–	-0.29%	–
SANW	Exit	S&W SEED CO	$0	–	-177,374	–	-0.31%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-4,300	–	-0.32%	–
ETRN	Exit	EQUITRANS MIDSTREAM CORP	$0	–	-98,400	–	-0.58%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-32,000	–	-0.97%	–
EQT	Exit	EQT CORP	$0	–	-123,000	–	-1.11%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-1,100	–	-1.31%	–
GLW	Exit	CORNING INC	$0	–	-59,000	–	-1.33%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-31,000	–	-1.35%	–
SSNC	Exit	SS&C TECHNOLOGIES HLDGS INC	$0	–	-39,900	–	-1.68%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-22,511	–	-2.19%	–
ALCO	Exit	ALICO INC	$0	–	-129,573	–	-2.58%	–
EXP	Exit	EAGLE MATLS INC	$0	–	-45,000	–	-2.70%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-585,402	–	-2.76%	–
CIT	Exit	CIT GROUP INC	$0	–	-240,002	–	-2.96%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-300,000	–	-3.15%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-19,465	–	-3.23%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-158,755	–	-3.33%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-68,000	–	-3.36%	–
GRBK	Exit	GREEN BRICK PARTNERS INC	$0	–	-314,161	–	-3.52%	–
GRA	Exit	GRACE W R & CO DEL NEW	$0	–	-158,954	–	-4.46%	–
NMRK	Exit	NEWMARK GROUP INCcl a	$0	–	-1,801,453	–	-5.42%	–
NPO	Exit	ENPRO INDS INC	$0	–	-140,839	–	-5.53%	–
RGS	Exit	REGIS CORP MINN	$0	–	-10,655,170	–	-45.56%	–

Q3 2020

			Value		Shares		↓ Weighting
NPO	Buy	ENPRO INDS INC	$7,945,000	+66.6%	140,839	+45.6%	5.53%	+80.0%
NMRK	New	NEWMARK GROUP INCcl a	$7,782,000	–	1,801,453	–	5.42%	–
GRBK	Sell	GREEN BRICK PARTNERS INC	$5,058,000	-45.2%	314,161	-59.6%	3.52%	-40.8%
FLT	Buy	FLEETCOR TECHNOLOGIES INC	$4,635,000	+155.4%	19,465	+169.8%	3.23%	+175.8%
PARR	Buy	PAR PACIFIC HOLDINGS INC	$3,963,000	-19.3%	585,402	+7.2%	2.76%	-12.8%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$3,140,000	+63.4%	22,511	+74.4%	2.19%	+76.4%
SSNC	Buy	SS&C TECHNOLOGIES HLDGS INC	$2,415,000	+216.9%	39,900	+195.6%	1.68%	+242.6%
CDK	New	CDK GLOBAL INC	$1,395,000	–	32,000	–	0.97%	–

Q2 2020

			Value		Shares		↓ Weighting
RGS	New	REGIS CORP MINN	$87,159,000	–	10,655,170	–	56.18%	–
GRBK	New	GREEN BRICK PARTNERS INC	$9,224,000	–	778,383	–	5.94%	–
GRA	New	GRACE W R & CO DEL NEW	$8,076,000	–	158,954	–	5.20%	–
FANG	New	DIAMONDBACK ENERGY INC	$6,639,000	–	158,755	–	4.28%	–
CIT	New	CIT GROUP INC	$4,975,000	–	240,002	–	3.21%	–
PARR	New	PAR PACIFIC HOLDINGS INC	$4,908,000	–	545,918	–	3.16%	–
NPO	New	ENPRO INDS INC	$4,768,000	–	96,734	–	3.07%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$4,699,000	–	68,000	–	3.03%	–
STWD	New	STARWOOD PPTY TR INC	$4,488,000	–	300,000	–	2.89%	–
ALCO	New	ALICO INC	$4,037,000	–	129,573	–	2.60%	–
EXP	New	EAGLE MATERIALS INC	$3,160,000	–	45,000	–	2.04%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$1,922,000	–	12,911	–	1.24%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$1,815,000	–	7,215	–	1.17%	–
OTIS	New	OTIS WORLDWIDE CORP	$1,763,000	–	31,000	–	1.14%	–
BKNG	New	BOOKING HOLDINGS INC	$1,752,000	–	1,100	–	1.13%	–
GLW	New	CORNING INC	$1,528,000	–	59,000	–	0.98%	–
EQT	New	EQT CORP	$1,464,000	–	123,000	–	0.94%	–
ETRN	New	EQUITRANS MIDSTREAM CORP	$818,000	–	98,400	–	0.53%	–
SSNC	New	SS&C TECHNOLOGIES HLDGS INC	$762,000	–	13,500	–	0.49%	–
APH	New	AMPHENOL CORP NEWcl a	$412,000	–	4,300	–	0.27%	–
SANW	New	S&W SEED CO	$404,000	–	177,374	–	0.26%	–
DIS	New	DISNEY WALT CO	$379,000	–	3,400	–	0.24%	–

Q4 2019

			Value		Shares		↓ Weighting
SANW	Exit	S&W SEED CO	$0	–	-177,374	–	-0.13%	–
EQT	Exit	EQT CORP	$0	–	-123,000	–	-0.40%	–
ETRN	Exit	EQUITRANS MIDSTREAM CORPORAT	$0	–	-98,400	–	-0.43%	–
GLW	Exit	CORNING INC	$0	–	-59,000	–	-0.51%	–
GRA	Exit	GRACE W R & CO DEL NEW	$0	–	-30,000	–	-0.60%	–
NVRO	Exit	NEVRO CORP	$0	–	-25,425	–	-0.66%	–
COOP	Exit	MR COOPER GROUP INC	$0	–	-325,169	–	-1.04%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-45,000	–	-1.22%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-220,000	–	-1.22%	–
FRGI	Exit	FIESTA RESTAURANT GROUP INC	$0	–	-435,527	–	-1.37%	–
ALCO	Exit	ALICO INC	$0	–	-160,810	–	-1.65%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-300,000	–	-2.20%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-99,000	–	-2.30%	–
DRQ	Exit	DRIL QUIP INC	$0	–	-158,600	–	-2.40%	–
TECD	Exit	TECH DATA CORP	$0	–	-87,867	–	-2.77%	–
CIT	Exit	CIT GROUP INC	$0	–	-240,002	–	-3.28%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-122,755	–	-3.33%	–
GRBK	Exit	GREEN BRICK PARTNERS INC	$0	–	-1,242,974	–	-4.02%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-779,478	–	-5.38%	–
RGS	Exit	REGIS CORP MINN	$0	–	-10,655,170	–	-65.07%	–

Q3 2019

			Value		Shares		↓ Weighting
FANG	Buy	DIAMONDBACK ENERGY INC	$11,037,000	+20.1%	122,755	+45.6%	3.33%	+6.0%
ASH	Buy	ASHLAND GLOBAL HLDGS INC	$7,628,000	+32.5%	99,000	+37.5%	2.30%	+16.9%
NVRO	Sell	NEVRO CORP	$2,186,000	-60.1%	25,425	-69.9%	0.66%	-64.8%
GRA	New	GRACE W R & CO DEL NEW	$2,003,000	–	30,000	–	0.60%	–
GLW	New	CORNING INC	$1,683,000	–	59,000	–	0.51%	–
PETX	Exit	ARATANA THERAPEUTICS INC	$0	–	-288,200	–	-0.51%	–
PDCE	Exit	PDC ENERGY INC	$0	–	-135,000	–	-1.67%	–

Q2 2019

			Value		Shares		↓ Weighting
RGS	New	REGIS CORP MINN	$176,876,000	–	10,655,170	–	60.54%	–
PARR	New	PAR PACIFIC HOLDINGS INC	$15,995,000	–	779,478	–	5.48%	–
CIT	New	CIT GROUP INC	$12,610,000	–	240,002	–	4.32%	–
GRBK	New	GREEN BRICK PARTNERS INC	$10,329,000	–	1,242,974	–	3.54%	–
TECD	New	TECH DATA CORP	$9,191,000	–	87,867	–	3.15%	–
FANG	New	DIAMONDBACK ENERGY INC	$9,188,000	–	84,317	–	3.14%	–
DRQ	New	DRIL QUIP INC	$7,613,000	–	158,600	–	2.61%	–
STWD	New	STARWOOD PPTY TR INC	$6,816,000	–	300,000	–	2.33%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$5,758,000	–	72,000	–	1.97%	–
FRGI	New	FIESTA RESTAURANT GROUP INC	$5,723,000	–	435,527	–	1.96%	–
NVRO	New	NEVRO CORP	$5,473,000	–	84,425	–	1.87%	–
ALCO	New	ALICO INC	$4,879,000	–	160,810	–	1.67%	–
PDCE	New	PDC ENERGY INC	$4,868,000	–	135,000	–	1.67%	–
JEF	New	JEFFERIES FINL GROUP INC	$4,231,000	–	220,000	–	1.45%	–
EXP	New	EAGLE MATERIALS INC	$4,172,000	–	45,000	–	1.43%	–
COOP	New	MR COOPER GROUP INC	$2,605,000	–	325,169	–	0.89%	–
EQT	New	EQT CORP	$1,945,000	–	123,000	–	0.67%	–
ETRN	New	EQUITRANS MIDSTREAM CORPORAT	$1,939,000	–	98,400	–	0.66%	–
PETX	New	ARATANA THERAPEUTICS INC	$1,487,000	–	288,200	–	0.51%	–
SANW	New	S&W SEED CO	$468,000	–	177,374	–	0.16%	–

Q4 2018

			Value		Shares		↓ Weighting
	Exit	DITECH HLDG CORP	$0	–	-55,446	–	-0.07%	–
	Exit	DITECH HLDG CORPcall	$0	–	-169,418	–	-0.21%	–
SNBR	Exit	SLEEP NUMBER CORP	$0	–	-53,321	–	-0.57%	–
WMIH	Exit	WMIH CORP	$0	–	-3,902,031	–	-1.58%	–
EQT	Exit	EQT CORP	$0	–	-123,000	–	-1.58%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-263,000	–	-1.60%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-84,000	–	-1.61%	–
TECD	Exit	TECH DATA CORP	$0	–	-80,367	–	-1.67%	–
ALCO	Exit	ALICO INC	$0	–	-174,979	–	-1.72%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-195,400	–	-1.82%	–
ESL	Exit	ESTERLINE TECHNOLOGIES CORP	$0	–	-70,000	–	-1.85%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-300,000	–	-1.88%	–
DRQ	Exit	DRIL-QUIP INC	$0	–	-158,600	–	-2.41%	–
FRGI	Exit	FIESTA RESTAURANT GROUP INC	$0	–	-367,727	–	-2.86%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-540,478	–	-3.20%	–
GRBK	Exit	GREEN BRICK PARTNERS INC	$0	–	-1,192,974	–	-3.50%	–
ZOES	Exit	ZOES KITCHEN INC	$0	–	-1,123,202	–	-4.15%	–
CIT	Exit	CIT GROUP INC	$0	–	-293,000	–	-4.39%	–
RGS	Exit	REGIS CORP MINN	$0	–	-10,655,170	–	-9.84%	–
SANW	Exit	S&W SEED CO	$0	–	-177,374	–	-53.51%	–

Q3 2018

			Value		Shares		↓ Weighting
ZOES	Buy	ZOES KITCHEN INC	$14,287,000	+437.7%	1,123,202	+312.6%	4.15%	+347.7%
PARR	Buy	PAR PACIFIC HOLDINGS INC	$11,026,000	+53.4%	540,478	+30.7%	3.20%	+27.7%
FRGI	Sell	FIESTA RESTAURANT GROUP INC	$9,837,000	-47.1%	367,727	-43.3%	2.86%	-56.0%
TECD	New	TECH DATA CORP	$5,752,000	–	80,367	–	1.67%	–
SIG	Sell	SIGNET JEWELERS LIMITED	$5,538,000	-0.7%	84,000	-16.0%	1.61%	-17.3%
WMIH	New	WMIH CORP	$5,424,000	–	3,902,031	–	1.58%	–
	New	DITECH HLDG CORPcall	$725,000	–	169,418	–	0.21%	–
CAKE	Exit	CHEESECAKE FACTORY INC	$0	–	-66,000	–	-1.27%	–

Q2 2018

			Value		Shares		↓ Weighting
RGS	New	REGIS CORP MINN	$176,237,000	–	10,655,170	–	61.48%	–
FRGI	New	FIESTA RESTAURANT GROUP INC	$18,598,000	–	648,000	–	6.49%	–
CIT	New	CIT GROUP INC	$14,770,000	–	293,000	–	5.15%	–
GRBK	New	GREEN BRICK PARTNERS INC	$11,691,000	–	1,192,974	–	4.08%	–
DRQ	New	DRIL-QUIP INC	$8,152,000	–	158,600	–	2.84%	–
PARR	New	PAR PACIFIC HOLDINGS INC	$7,186,000	–	413,478	–	2.51%	–
EQT	New	EQT CORP	$6,787,000	–	123,000	–	2.37%	–
STWD	New	STARWOOD PPTY TR INC	$6,513,000	–	300,000	–	2.27%	–
EQC	New	EQUITY COMWLTH	$6,155,000	–	195,400	–	2.15%	–
CLDT	New	CHATHAM LODGING TR	$5,581,000	–	263,000	–	1.95%	–
SIG	New	SIGNET JEWELERS LIMITED	$5,575,000	–	100,000	–	1.94%	–
ALCO	New	ALICO INC	$5,547,000	–	174,979	–	1.94%	–
ESL	New	ESTERLINE TECHNOLOGIES CORP	$5,166,000	–	70,000	–	1.80%	–
CAKE	New	CHEESECAKE FACTORY INC	$3,634,000	–	66,000	–	1.27%	–
ZOES	New	ZOES KITCHEN INC	$2,657,000	–	272,225	–	0.93%	–
SNBR	New	SLEEP NUMBER CORP	$1,547,000	–	53,321	–	0.54%	–
SANW	New	S&W SEED CO	$576,000	–	177,374	–	0.20%	–
	New	DITECH HLDG CORP	$289,000	–	55,446	–	0.10%	–

Q4 2017

			Value		Shares		↓ Weighting
GRBK	Exit	GREEN BRICK PARTNERS INC	$0	–	-287,974	–	-1.00%	–
WAC	Exit	WALTER INVT MGMT CORP	$0	–	-7,474,587	–	-1.56%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-185,600	–	-1.98%	–
ALCO	Exit	ALICO INC	$0	–	-174,979	–	-2.10%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-60,000	–	-2.25%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-300,000	–	-2.29%	–
DRQ	Exit	DRIL-QUIP INC	$0	–	-158,600	–	-2.46%	–
EQT	Exit	EQT CORP	$0	–	-123,000	–	-2.82%	–
SCSS	Exit	SELECT COMFORT CORP	$0	–	-272,221	–	-2.97%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-413,478	–	-3.02%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-140,000	–	-3.28%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-473,974	–	-3.55%	–
FRGI	Exit	FIESTA RESTAURANT GROUP INC	$0	–	-648,000	–	-4.33%	–
CIT	Exit	CIT GROUP INC	$0	–	-293,000	–	-5.05%	–
BLK	Exit	BLACKROCK INC	$0	–	-50,000	–	-7.86%	–
RGS	Exit	REGIS CORP MINN	$0	–	-10,655,170	–	-53.46%	–

Q3 2017

			Value		Shares		↓ Weighting
FRGI	Buy	FIESTA RESTAURANT GROUP INC	$12,312,000	+14.9%	648,000	+24.9%	4.33%	-6.1%
EQT	New	EQT CORP	$8,025,000	–	123,000	–	2.82%	–
EQC	Buy	EQUITY COMWLTH	$5,642,000	+64.4%	185,600	+70.9%	1.98%	+34.4%
BDVB	Exit	BAGGER DAVES BURGER TAVERN INC	$0	–	-457,889	–	-0.05%	–
CFX	Exit	COLFAX CORP	$0	–	-53,500	–	-0.91%	–

Q2 2017

			Value		Shares		↓ Weighting
RGS	New	REGIS CORP MINN	$109,429,000	–	10,655,170	–	47.06%	–
BLK	New	BLACKROCK INC	$21,121,000	–	50,000	–	9.08%	–
CIT	New	CIT GROUP INC	$14,269,000	–	293,000	–	6.14%	–
FRGI	New	FIESTA RESTAURANT GROUP INC	$10,717,000	–	519,000	–	4.61%	–
SCSS	New	SELECT COMFORT CORP	$9,661,000	–	272,221	–	4.16%	–
CLDT	New	CHATHAM LODGING TR	$9,522,000	–	473,974	–	4.10%	–
SIG	New	SIGNET JEWELERS LIMITED	$8,854,000	–	140,000	–	3.81%	–
DRQ	New	DRIL-QUIP INC	$7,740,000	–	158,600	–	3.33%	–
PARR	New	PAR PACIFIC HOLDINGS INC	$7,459,000	–	413,478	–	3.21%	–
WAC	New	WALTER INVT MGMT CORP	$7,079,000	–	7,474,587	–	3.04%	–
STWD	New	STARWOOD PPTY TR INC	$6,717,000	–	300,000	–	2.89%	–
EXP	New	EAGLE MATERIALS INC	$5,545,000	–	60,000	–	2.38%	–
ALCO	New	ALICO INC	$5,477,000	–	174,979	–	2.36%	–
EQC	New	EQUITY COMWLTH	$3,432,000	–	108,600	–	1.48%	–
GRBK	New	GREEN BRICK PARTNERS INC	$3,297,000	–	287,974	–	1.42%	–
CFX	New	COLFAX CORP	$2,106,000	–	53,500	–	0.91%	–
BDVB	New	BAGGER DAVES BURGER TAVERN INC	$110,000	–	457,889	–	0.05%	–

Q4 2016

			Value		Shares		↓ Weighting
GLW	Exit	CORNING INC	$0	–	-26,000	–	-0.23%	–
CFX	Exit	COLFAX CORP	$0	–	-53,500	–	-0.64%	–
GRBK	Exit	GREEN BRICK PARTNERS INC	$0	–	-210,488	–	-0.66%	–
FOR	Exit	FORESTAR GROUP INC	$0	–	-211,323	–	-0.94%	–
BAC	Exit	BANK AMER CORPcall	$0	–	-170,000	–	-1.00%	–
PNC	Exit	PNC FINL SVCS GROUP INCcall	$0	–	-35,000	–	-1.19%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-60,000	–	-1.75%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-85,000	–	-2.39%	–
ALCO	Exit	ALICO INC	$0	–	-250,754	–	-2.54%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-300,000	–	-2.55%	–
DRQ	Exit	DRIL-QUIP INC	$0	–	-124,600	–	-2.62%	–
PHM	Exit	PULTE GROUP INC	$0	–	-371,338	–	-2.81%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-473,974	–	-3.45%	–
CIT	Exit	CIT GROUP INC	$0	–	-293,000	–	-4.02%	–
SCSS	Exit	SELECT COMFORT CORP	$0	–	-537,221	–	-4.38%	–
BLK	Exit	BLACKROCK INC	$0	–	-50,000	–	-6.85%	–
WAC	Exit	WALTER INVT MGMT CORP	$0	–	-7,474,587	–	-11.46%	–
RGS	Exit	REGIS CORP MINN	$0	–	-10,655,170	–	-50.51%	–

Q3 2016

			Value		Shares		↓ Weighting
SCSS	Sell	SELECT COMFORT CORP	$11,604,000	-28.8%	537,221	-29.5%	4.38%	-32.3%
ALCO	Sell	ALICO INC	$6,735,000	-19.3%	250,754	-9.1%	2.54%	-23.2%
SIG	Buy	SIGNET JEWELERS LIMITED	$6,335,000	+28.1%	85,000	+41.7%	2.39%	+21.8%
FOR	New	FORESTAR GROUP INC	$2,475,000	–	211,323	–	0.94%	–
GRBK	Buy	GREEN BRICK PARTNERS INC	$1,739,000	+84.0%	210,488	+61.9%	0.66%	+75.2%
CFX	New	COLFAX CORP	$1,682,000	–	53,500	–	0.64%	–

Q2 2016

			Value		Shares		↓ Weighting
RGS	New	REGIS CORP MINN	$132,657,000	–	10,655,170	–	52.70%	–
WAC	New	WALTER INVT MGMT CORP	$20,630,000	–	7,474,587	–	8.20%	–
BLK	New	BLACKROCK INC	$17,127,000	–	50,000	–	6.80%	–
SCSS	New	SELECT COMFORT CORP	$16,296,000	–	762,221	–	6.47%	–
CLDT	New	CHATHAM LODGING TR	$10,418,000	–	473,974	–	4.14%	–
CIT	New	CIT GROUP INC	$9,350,000	–	293,000	–	3.72%	–
ALCO	New	ALICO INC	$8,341,000	–	275,721	–	3.31%	–
DRQ	New	DRIL-QUIP INC	$7,280,000	–	124,600	–	2.89%	–
PHM	New	PULTE GROUP INC	$7,237,000	–	371,338	–	2.88%	–
STWD	New	STARWOOD PPTY TR INC	$6,216,000	–	300,000	–	2.47%	–
SIG	New	SIGNET JEWELERS LIMITED	$4,945,000	–	60,000	–	1.96%	–
EXP	New	EAGLE MATERIALS INC	$4,629,000	–	60,000	–	1.84%	–
PNC	New	PNC FINL SVCS GROUP INCcall	$2,849,000	–	35,000	–	1.13%	–
BAC	New	BANK AMER CORPcall	$2,256,000	–	170,000	–	0.90%	–
GRBK	New	GREEN BRICK PARTNERS INC	$945,000	–	130,000	–	0.38%	–
GLW	New	CORNING INC	$532,000	–	26,000	–	0.21%	–

Q4 2015

			Value		Shares		↓ Weighting
ZQKSQ	Exit	QUIKSILVER INC	$0	–	-500,000	–	-0.06%	–
NBN	Exit	NORTHEAST BANCORP	$0	–	-109,980	–	-0.32%	–
SPLS	Exit	STAPLES INC	$0	–	-148,000	–	-0.47%	–
ROIC	Exit	RETAIL OPPORTUNITY INVTS COR	$0	–	-135,000	–	-0.61%	–
BAC	Exit	BANK AMER CORPcall	$0	–	-170,000	–	-0.72%	–
CIT	Exit	CIT GROUP INC	$0	–	-75,000	–	-0.82%	–
PNC	Exit	PNC FINL SVCS GROUP INCcall	$0	–	-35,000	–	-0.85%	–
PHM	Exit	PULTE GROUP INC	$0	–	-210,000	–	-1.08%	–
ENTG	Exit	ENTEGRIS INC	$0	–	-302,935	–	-1.09%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-60,000	–	-1.12%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-38,000	–	-1.41%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-300,000	–	-1.68%	–
DRQ	Exit	DRIL-QUIP INC	$0	–	-124,600	–	-1.98%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-456,902	–	-2.68%	–
ALCO	Exit	ALICO INC	$0	–	-252,405	–	-2.79%	–
BLK	Exit	BLACKROCK INC	$0	–	-50,000	–	-4.05%	–
SCSS	Exit	SELECT COMFORT CORP	$0	–	-1,192,965	–	-7.12%	–
WAC	Exit	WALTER INVT MGMT CORP	$0	–	-7,474,587	–	-33.11%	–
RGS	Exit	REGIS CORP MINN	$0	–	-10,655,170	–	-38.05%	–

Q3 2015

			Value		Shares		↓ Weighting
ALCO	Buy	ALICO INC	$10,245,000	-6.5%	252,405	+4.5%	2.79%	+17.7%
DRQ	New	DRIL-QUIP INC	$7,254,000	–	124,600	–	1.98%	–
PHM	New	PULTE GROUP INC	$3,963,000	–	210,000	–	1.08%	–
SWAY	Exit	STARWOOD WAYPOINT RESIDENTL	$0	–	-60,000	–	-0.31%	–
EME	Exit	EMCOR GROUP INC	$0	–	-198,550	–	-2.05%	–

Q2 2015

			Value		Shares		↓ Weighting
WAC	New	WALTER INVT MGMT CORP	$170,944,000	–	7,474,587	–	37.01%	–
RGS	New	REGIS CORP MINN	$167,925,000	–	10,655,170	–	36.36%	–
SCSS	New	SELECT COMFORT CORP	$35,872,000	–	1,192,965	–	7.77%	–
BLK	New	BLACKROCK INC	$17,299,000	–	50,000	–	3.74%	–
CLDT	New	CHATHAM LODGING TR	$12,094,000	–	456,902	–	2.62%	–
ALCO	New	ALICO INC	$10,959,000	–	241,605	–	2.37%	–
EME	New	EMCOR GROUP INC	$9,485,000	–	198,550	–	2.05%	–
STWD	New	STARWOOD PPTY TR INC	$6,471,000	–	300,000	–	1.40%	–
SIG	New	SIGNET JEWELERS LIMITED	$4,873,000	–	38,000	–	1.06%	–
EXP	New	EAGLE MATERIALS INC	$4,580,000	–	60,000	–	0.99%	–
ENTG	New	ENTEGRIS INC	$4,414,000	–	302,935	–	0.96%	–
CIT	New	CIT GROUP INC	$3,487,000	–	75,000	–	0.76%	–
PNC	New	PNC FINL SVCS GROUP INCcall	$3,348,000	–	35,000	–	0.72%	–
BAC	New	BANK AMER CORPcall	$2,893,000	–	170,000	–	0.63%	–
SPLS	New	STAPLES INC	$2,266,000	–	148,000	–	0.49%	–
ROIC	New	RETAIL OPPORTUNITY INVTS COR	$2,109,000	–	135,000	–	0.46%	–
SWAY	New	STARWOOD WAYPOINT RESIDENTL	$1,426,000	–	60,000	–	0.31%	–
NBN	New	NORTHEAST BANCORP	$1,094,000	–	109,980	–	0.24%	–
ZQKSQ	New	QUIKSILVER INC	$331,000	–	500,000	–	0.07%	–

Q4 2014

			Value		Shares		↓ Weighting
ZQKSQ	Exit	QUIKSILVER INC	$0	–	-500,000	–	-0.22%	–
ROIC	Exit	RETAIL OPPORTUNITY INVTS COR	$0	–	-68,935	–	-0.26%	–
NBN	Exit	NORTHEAST BANCORP	$0	–	-109,980	–	-0.26%	–
SWAY	Exit	STARWOOD WAYPOINT RESIDENTL	$0	–	-60,000	–	-0.40%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STOR	$0	–	-106,898	–	-0.42%	–
EXXIQ	Exit	ENERGY XXI BERMUDA LTD	$0	–	-156,686	–	-0.45%	–
SPLS	Exit	STAPLES INC	$0	–	-148,000	–	-0.46%	–
WPP	Exit	WAUSAU PAPER CORP	$0	–	-309,900	–	-0.62%	–
BAC	Exit	BANK AMER CORPcall	$0	–	-170,000	–	-0.74%	–
PNC	Exit	PNC FINL SVCS GROUP INCcall	$0	–	-35,000	–	-0.76%	–
CIT	Exit	CIT GROUP INC	$0	–	-75,000	–	-0.88%	–
ENTG	Exit	ENTEGRIS INC	$0	–	-302,935	–	-0.88%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-38,000	–	-1.10%	–
ROIC	Exit	RETAIL OPPORTUNITY INVTS CORcall	$0	–	-371,600	–	-1.39%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-60,000	–	-1.55%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-300,000	–	-1.67%	–
EME	Exit	EMCOR GROUP INC	$0	–	-198,550	–	-2.01%	–
ALCO	Exit	ALICO INC	$0	–	-219,483	–	-2.12%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-456,902	–	-2.68%	–
BLK	Exit	BLACKROCK INC	$0	–	-50,000	–	-4.17%	–
SCSS	Exit	SELECT COMFORT CORP	$0	–	-1,192,965	–	-6.34%	–
WAC	Exit	WALTER INVT MGMT CORP	$0	–	-5,014,295	–	-27.94%	–
RGS	Exit	REGIS CORP MINN	$0	–	-10,535,170	–	-42.69%	–

Q3 2014

			Value		Shares		↓ Weighting
RGS	Buy	REGIS CORP MINN	$168,141,000	+15.7%	10,535,170	+2.1%	42.69%	+9.2%
WAC	Buy	WALTER INVT MGMT CORP	$110,064,000	-0.2%	5,014,295	+35.4%	27.94%	-5.8%
SCSS	Buy	SELECT COMFORT CORP	$24,957,000	+28.1%	1,192,965	+26.5%	6.34%	+20.8%
ALCO	Buy	ALICO INC	$8,362,000	+243.0%	219,483	+237.5%	2.12%	+223.6%
SHOS	Buy	SEARS HOMETOWN & OUTLET STOR	$1,657,000	-23.5%	106,898	+5.9%	0.42%	-27.8%
ZQKSQ	Sell	QUIKSILVER INC	$860,000	-84.1%	500,000	-66.8%	0.22%	-85.0%
ZIPR	Exit	ZIPREALTY INC	$0	–	-338,661	–	-0.28%	–
MTSC	Exit	MTS SYS CORP	$0	–	-33,863	–	-0.62%	–

Q2 2014

			Value		Shares		↓ Weighting
RGS	New	REGIS CORP MINN	$145,299,000	–	10,319,560	–	39.09%	–
WAC	New	WALTER INVT MGMT CORP	$110,246,000	–	3,702,004	–	29.66%	–
SCSS	New	SELECT COMFORT CORP	$19,487,000	–	943,227	–	5.24%	–
BLK	New	BLACKROCK INC	$15,980,000	–	50,000	–	4.30%	–
CLDT	New	CHATHAM LODGING TR	$10,006,000	–	456,902	–	2.69%	–
EME	New	EMCOR GROUP INC	$8,841,000	–	198,550	–	2.38%	–
STWD	New	STARWOOD PPTY TR INC	$7,131,000	–	300,000	–	1.92%	–
ROIC	New	RETAIL OPPORTUNITY INVTS CORcall	$5,845,000	–	371,600	–	1.57%	–
EXP	New	EAGLE MATERIALS INC	$5,657,000	–	60,000	–	1.52%	–
ZQKSQ	New	QUIKSILVER INC	$5,393,000	–	1,506,395	–	1.45%	–
SIG	New	SIGNET JEWELERS LIMITED	$4,202,000	–	38,000	–	1.13%	–
ENTG	New	ENTEGRIS INC	$4,164,000	–	302,935	–	1.12%	–
EXXIQ	New	ENERGY XXI BERMUDA LTD	$3,702,000	–	156,686	–	1.00%	–
CIT	New	CIT GROUP INC	$3,432,000	–	75,000	–	0.92%	–
WPP	New	WAUSAU PAPER CORP	$3,353,000	–	309,900	–	0.90%	–
PNC	New	PNC FINL SVCS GROUP INCcall	$3,117,000	–	35,000	–	0.84%	–
BAC	New	BANK OF AMERICA CORPORATIONcall	$2,613,000	–	170,000	–	0.70%	–
ALCO	New	ALICO INC	$2,438,000	–	65,029	–	0.66%	–
MTSC	New	MTS SYS CORP	$2,295,000	–	33,863	–	0.62%	–
SHOS	New	SEARS HOMETOWN & OUTLET STOR	$2,166,000	–	100,898	–	0.58%	–
SPLS	New	STAPLES INC	$1,604,000	–	148,000	–	0.43%	–
SWAY	New	STARWOOD WAYPOINT RESIDENTL	$1,573,000	–	60,000	–	0.42%	–
ROIC	New	RETAIL OPPORTUNITY INVTS COR	$1,084,000	–	68,935	–	0.29%	–
NBN	New	NORTHEAST BANCORP	$1,053,000	–	109,980	–	0.28%	–
ZIPR	New	ZIPREALTY INC	$1,026,000	–	338,661	–	0.28%	–

Q4 2013

			Value		Shares		↓ Weighting
NBN	Exit	NORTHEAST BANCORP	$0	–	-49,980	–	-0.12%	–
ROIC	Exit	RETAIL OPPORTUNITY INVESTMENTS CORP	$0	–	-68,935	–	-0.24%	–
SHOS	Exit	SEARS HOMETOWN AND OUTLET ST	$0	–	-36,398	–	-0.29%	–
ZIPR	Exit	ZIPREALTY INC	$0	–	-338,661	–	-0.46%	–
SPLS	Exit	STAPLES INC	$0	–	-148,000	–	-0.54%	–
BAC	Exit	BANK OF AMERICA CORPcall	$0	–	-170,000	–	-0.58%	–
MTSC	Exit	MTS SYSTEMS CORP	$0	–	-37,000	–	-0.59%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUPcall	$0	–	-35,000	–	-0.63%	–
CIT	Exit	CIT GROUP INC	$0	–	-53,000	–	-0.64%	–
WPP	Exit	WAUSAU PAPER CORP	$0	–	-309,900	–	-1.00%	–
ROIC	Exit	RETAIL OPPORTUNITY INVESTMENTS CORPcall	$0	–	-371,600	–	-1.28%	–
RCII	Exit	RENT A CTR INC	$0	–	-148,000	–	-1.41%	–
STWD	Exit	STARWOOD PROPERTY TRUST INC	$0	–	-300,000	–	-1.79%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-100,000	–	-1.81%	–
CLDT	Exit	CHATHAM LODGING TRUST	$0	–	-456,902	–	-2.03%	–
EME	Exit	EMCOR GROUP INC	$0	–	-257,550	–	-2.51%	–
ZQKSQ	Exit	QUIKSILVER INC	$0	–	-1,506,395	–	-2.64%	–
BLK	Exit	BLACKROCK INC	$0	–	-50,000	–	-3.37%	–
ENTG	Exit	ENTEGRIS, INC.	$0	–	-2,784,627	–	-8.82%	–
EPL	Exit	EPL OIL & GAS INC	$0	–	-1,466,228	–	-13.56%	–
WAC	Exit	WALTER INVESTMENT MANAGEMENT	$0	–	-2,492,639	–	-24.57%	–
RGS	Exit	REGIS CORP	$0	–	-8,494,082	–	-31.08%	–

Q3 2013

			Value		Shares		↓ Weighting
WAC	Buy	WALTER INVESTMENT MANAGEMENT	$98,559,000	+17.0%	2,492,639	+0.0%	24.57%	+7.5%
ENTG	Buy	ENTEGRIS, INC.	$35,397,000	+438.8%	2,784,627	+297.8%	8.82%	+394.9%
ZQKSQ	Sell	QUIKSILVER INC	$10,590,000	-47.1%	1,506,395	-51.5%	2.64%	-51.4%

Q2 2013

			Value		Shares		↓ Weighting
RGS	New	REGIS CORP	$139,473,000	–	8,494,082	–	37.84%	–
WAC	New	WALTER INVESTMENT MANAGEMENT	$84,267,000	–	2,492,383	–	22.86%	–
EPL	New	EPL OIL & GAS INC	$43,048,000	–	1,466,228	–	11.68%	–
ZQKSQ	New	QUIKSILVER INC	$20,005,000	–	3,106,395	–	5.43%	–
BLK	New	BLACKROCK INC	$12,842,000	–	50,000	–	3.48%	–
EME	New	EMCOR GROUP INC	$10,469,000	–	257,550	–	2.84%	–
CLDT	New	CHATHAM LODGING TRUST	$7,850,000	–	456,902	–	2.13%	–
STWD	New	STARWOOD PROPERTY TRUST INC	$7,425,000	–	300,000	–	2.02%	–
EXP	New	EAGLE MATERIALS INC	$6,627,000	–	100,000	–	1.80%	–
ENTG	New	ENTEGRIS INC	$6,570,000	–	700,000	–	1.78%	–
RCII	New	RENT A CTR INC	$5,557,000	–	148,000	–	1.51%	–
ROIC	New	RETAIL OPPORTUNITY INVESTMENTS CORPcall	$5,165,000	–	371,600	–	1.40%	–
WPP	New	WAUSAU PAPER CORP	$3,533,000	–	309,900	–	0.96%	–
PNC	New	PNC FINANCIAL SERVICES GROUPcall	$2,552,000	–	35,000	–	0.69%	–
CIT	New	CIT GROUP INC	$2,471,000	–	53,000	–	0.67%	–
SPLS	New	STAPLES INC	$2,349,000	–	148,000	–	0.64%	–
BAC	New	BANK OF AMERICA CORPcall	$2,186,000	–	170,000	–	0.59%	–
MTSC	New	MTS SYSTEMS CORP	$2,094,000	–	37,000	–	0.57%	–
SHOS	New	SEARS HOMETOWN AND OUTLET ST	$1,591,000	–	36,398	–	0.43%	–
ZIPR	New	ZIPREALTY INC	$1,060,000	–	338,661	–	0.29%	–
ROIC	New	RETAIL OPPORTUNITY INVESTMENTS CORP	$958,000	–	68,935	–	0.26%	–
NBN	New	NORTHEAST BANCORP	$483,000	–	49,980	–	0.13%	–

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