The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Aegean Marine Petrol Network I COM y0017s102 16,252 1,625,153 SH   SOLE   303,854 0 1,321,299
Alexander & Baldwin Inc COM 014491104 3,095 80,547 SH   SOLE   500 0 80,047
American Equity Inv Holding Co COM 025676206 6,582 371,220 SH   SOLE   117,020 0 254,200
Approach Resources Inc. COM 03834a103 15,222 4,503,672 SH   SOLE   2,874,340 0 1,629,332
Ardmore Shipping Corp COM y0207T100 2,184 310,269 SH   SOLE   142,596 0 167,673
Artic Cat Inc COM 039670104 465 30,000 SH   SOLE   30,000 0 0
Assured Guaranty Limited COM G0585R106 15,605 562,329 SH   SOLE   149,424 0 412,905
Aviat Networks Inc COM 05366y201 4,044 435,288 SH   SOLE   435,288 0 0
Axcelis Technologies Inc COM 054540208 4,371 329,105 SH   SOLE   162,130 0 166,974
Bank of Commerce Holdings COM 06424j103 115 15,969 SH   SOLE   15,969 0 0
C&J Energy Services Ltd COM g3164q101 5,990 7,217,460 SH   SOLE   2,539,067 0 4,678,393
Chemours Co COM 163851108 18,442 1,152,599 SH   SOLE   281,071 0 871,528
Chesapeake Energy Corporation COM 165167107 32,324 5,155,330 SH   SOLE   1,404,160 0 3,751,170
Citigroup, Inc. COM 172967424 35,288 747,147 SH   SOLE   7,315 0 739,832
Cloud Peak Energy Inc COM 18911q102 3,315 609,456 SH   SOLE   310,038 0 299,418
Colony Bankcorp Inc COM 19623p101 205 20,772 SH   SOLE   20,772 0 0
Commercial Vehicle Grp Inc COM 202608105 1,586 274,442 SH   SOLE   274,442 0 0
Consol Energy Inc COM 20854p109 29,918 1,558,212 SH   SOLE   342,946 0 1,215,266
DXP Enterprises Inc COM 233377407 3,735 132,479 SH   SOLE   132,479 0 0
Endo International Plc COM g30401106 9,652 479,006 SH   SOLE   106,306 0 372,700
Five Star Quality Care, Inc. COM 33832d106 406 212,613 SH   SOLE   212,613 0 0
Flagstar Bancorp, Inc. COM 337930705 5,192 187,104 SH   SOLE   187,104 0 0
Forest City Enterprises, Inc. COM 345605109 3,821 165,218 SH   SOLE   1,460 0 163,758
Forestar Group Inc COM 346233109 3,978 339,710 SH   SOLE   114,728 0 224,982
Genworth Financial, Inc. COM 37247d106 9,050 1,824,594 SH   SOLE   531,255 0 1,293,339
Halcon Resources Corporation COM 40537q605 16,085 1,714,798 SH   SOLE   558,795 0 1,156,003
Hancock Holding Co. COM 410120109 1,338 41,247 SH   SOLE   41,247 0 0
Hartford Financial Svcs Grp COM 416515104 3,680 85,950 SH   SOLE   5,745 0 80,205
Herc Holdings Inc. COM 42704L104 9,484 281,422 SH   SOLE   97,420 0 184,002
Hudson Global Inc COM 443787106 1,830 1,188,266 SH   SOLE   659,959 0 528,307
Intevac Inc COM 461148108 3,662 620,676 SH   SOLE   620,676 0 0
Invacare Corp COM 461203101 1,525 136,505 SH   SOLE   72,077 0 64,428
Kemet Corp COM 488360207 6,260 1,753,420 SH   SOLE   1,188,168 0 565,252
KeyCorp COM 493267108 37,994 3,121,961 SH   SOLE   674,829 0 2,447,132
MRC Global Inc. COM 55345k103 15,912 968,454 SH   SOLE   334,195 0 634,259
Manitowoc Co COM 563571108 120 25,000 SH   SOLE   25,000 0 0
Marathon Oil Corporation COM 565849106 13,221 836,212 SH   SOLE   12,690 0 823,522
ModusLink Global Solutions Inc COM 60786L206 2,667 1,626,511 SH   SOLE   691,645 0 934,866
NorthStar Realty Europe Corp. COM 66706l101 17,621 1,609,255 SH   SOLE   467,526 0 1,141,729
Northstar Realty Finance Corp COM 66704R803 2,616 198,648 SH   SOLE   115,468 0 83,180
Oriental Financial Grp Inc COM 67103x102 8,718 862,362 SH   SOLE   550,908 0 311,454
Parkway Properties, Inc. COM 70156q104 10,799 634,874 SH   SOLE   113,246 0 521,628
Pulte Group, Inc. COM 745867101 5,003 249,630 SH   SOLE   2,542 0 247,088
Rait Financial Trust REIT COM 749227609 117 34,591 SH   SOLE   34,591 0 0
Regions Financial Corporation COM 7591ep100 27,915 2,828,233 SH   SOLE   299,193 0 2,529,040
SM Energy Company COM 78454l100 6,056 156,969 SH   SOLE   11,116 0 145,853
Scorpio Tankers Inc COM y7542c106 1,938 418,618 SH   SOLE   150,326 0 268,292
Severn Bancorp Inc COM 81811m100 289 44,408 SH   SOLE   44,408 0 0
State Street Corporation COM 857477103 706 10,140 SH   SOLE   265 0 9,875
SunEdison Semiconductor, Inc. COM y8213l102 21,334 1,873,049 SH   SOLE   610,677 0 1,262,372
SunTrust Banks, Inc. COM 867914103 23,337 532,817 SH   SOLE   26,750 0 506,067
Tailored Brands Inc COM 87403a107 2,884 183,700 SH   SOLE   7,680 0 176,020
Taylor Morrison Home Corp. Cla COM 87724p106 6,874 390,563 SH   SOLE   305,163 0 85,400
Terex Corporation COM 880779103 20,204 795,121 SH   SOLE   260,384 0 534,737
The Bancorp Inc COM 05969a105 2,286 356,011 SH   SOLE   356,011 0 0
UR-Energy Inc COM 91688r108 215 433,675 SH   SOLE   433,675 0 0
UTStarcom Holdings Corporation COM g9310a114 957 462,488 SH   SOLE   462,488 0 0
Veeco Instruments Inc COM 922417100 4,499 229,210 SH   SOLE   25,366 0 203,844
Viad Corp COM 92552R406 230 6,243 SH   SOLE   6,243 0 0
Weatherford International Limi COM G48833100 47,655 8,479,474 SH   SOLE   2,409,038 0 6,070,436
Whiting Petroleum Corp. COM 966387102 53,259 6,093,714 SH   SOLE   1,828,503 0 4,265,211
Willbros Group, Inc. COM 969203108 4,570 2,430,665 SH   SOLE   1,500,230 0 930,435
iShares Russell 2000 Value Ind COM 464287630 421 4,019 SH   SOLE   4,019 0 0
Halcon Resources Warrants $14. WTS 40537q118 75 35,163 SH   SOLE   498 0 34,665