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
Estimated average burden
hours per response: 23.8
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
Aerojet Rocketdyne Holdings, I COM 007800105 11,629 661,485 SH   DFND   101,350 560,135 661,485
Air Transport Services Group, COM 00922R105 17,301 1,205,675 SH   DFND   312,838 892,837 1,205,675
Alere, Inc. COM 01449J105 35,929 830,928 SH   DFND   190,125 640,803 830,928
Allergan PLC COM G0177J108 31,015 134,667 SH   DFND   29,086 105,581 134,667
American Public Education, Inc COM 02913V103 10,981 554,324 SH   DFND   130,795 423,529 554,324
Ascena Retail Group, Inc. COM 04351G101 14,418 2,579,302 SH   DFND   781,630 1,797,672 2,579,302
Avid Technology, Inc. COM 05367P100 6,429 809,753 SH   DFND   138,040 671,713 809,753
Brookline Bancorp, Inc. COM 11373M107 438 35,900 SH   DFND   0 35,900 35,900
CA Technologies COM 12673P105 14,024 423,936 SH   DFND   73,984 349,952 423,936
CBIZ, Inc. COM 124805102 6,829 610,260 SH   DFND   184,630 425,630 610,260
Cabela's, Inc. COM 126804301 20,298 369,520 SH   DFND   92,655 276,865 369,520
Carrols Restaurant Group, Inc. COM 14574X104 17,363 1,314,394 SH   DFND   425,102 889,292 1,314,394
Celanese Corp. COM 150870103 13,962 209,772 SH   DFND   26,600 183,172 209,772
Charter Financial Corp. COM 16122W108 13,569 1,053,480 SH   DFND   269,435 784,045 1,053,480
Everi Holdings, Inc. COM 30034T103 9,175 3,714,381 SH   DFND   864,571 2,849,810 3,714,381
Fiesta Restaurant Group, Inc. COM 31660B101 8,523 355,135 SH   DFND   92,519 262,616 355,135
First Defiance Financial Corp. COM 32006W106 625 14,012 SH   DFND   0 14,012 14,012
Fogo de Chao, Inc. COM 344177100 10,256 970,279 SH   DFND   183,149 787,130 970,279
Gildan Activewear, Inc. COM 375916103 18,098 647,496 SH   DFND   164,990 482,506 647,496
Golar LNG Limited COM G9456A100 4,682 220,828 SH   DFND   25,200 195,628 220,828
INTL FCStone, Inc. COM 46116V105 43,313 1,114,866 SH   DFND   267,947 846,919 1,114,866
Imation Corp. COM 45245A107 1,800 2,845,674 SH   DFND   596,024 2,249,650 2,845,674
Jamba, Inc. COM 47023A309 8,345 764,178 SH   DFND   342,637 421,541 764,178
KKR & Co. L.P. COM 48248M102 30,334 2,127,196 SH   DFND   550,805 1,576,391 2,127,196
Mentor Graphics Corp. COM 587200106 29,266 1,106,882 SH   DFND   273,562 833,320 1,106,882
National Fuel Gas Co. COM 636180101 19,537 361,329 SH   DFND   70,895 290,434 361,329
Northrim BanCorp, Inc. COM 666762109 3,492 135,606 SH   DFND   29,700 105,906 135,606
OceanFirst Financial Corp. COM 675234108 6,709 348,327 SH   DFND   65,260 283,067 348,327
Old National Bancorp COM 680033107 7,654 544,374 SH   DFND   74,560 469,814 544,374
Oppenheimer Holdings, Inc. COM 683797104 6,051 423,469 SH   DFND   140,334 283,135 423,469
Pope Resources Limited COM 732857107 3,993 60,506 SH   DFND   19,900 40,606 60,506
Quantum Corp. COM 747906204 10,590 14,384,843 SH   DFND   3,845,325 10,539,518 14,384,843
QuinStreet, Inc. COM 74874Q100 16,647 5,512,162 SH   DFND   1,503,153 4,009,009 5,512,162
Raymond James Financial, Inc. COM 754730109 15,937 273,780 SH   DFND   55,525 218,255 273,780
Real Industry, Inc. COM 75601W104 6,920 1,130,778 SH   DFND   491,185 639,593 1,130,778
Rent-A-Center, Inc. COM 76009N100 4,047 320,157 SH   DFND   95,000 225,157 320,157
Seacoast Banking Corporation o COM 811707801 8,760 544,428 SH   DFND   149,693 394,735 544,428
South State Corp. COM 840441109 2,567 34,214 SH   DFND   0 34,214 34,214
SpartanNash Co. COM 847215100 23,985 829,349 SH   DFND   187,523 641,826 829,349
State Bank Financial Corp. COM 856190103 16,643 729,338 SH   DFND   152,425 576,913 729,338
Stoneridge, Inc. COM 86183P102 9,749 529,823 SH   DFND   264,792 265,031 529,823
Suffolk Bancorp COM 864739107 1,947 56,009 SH   DFND   16,500 39,509 56,009
Synovus Financial Corp. COM 87161C501 11,165 343,214 SH   DFND   58,085 285,129 343,214
Triumph Group, Inc. COM 896818101 3,327 119,344 SH   DFND   28,635 90,709 119,344
Tronox Limited COM Q9235V101 23,064 2,461,444 SH   DFND   696,475 1,764,969 2,461,444
Universal Health Services, Inc COM 913903100 14,684 119,170 SH   DFND   28,732 90,438 119,170
Valeant Pharmaceuticals Intl., COM 91911K102 8,528 347,368 SH   DFND   123,975 223,393 347,368
Valley National Bancorp COM 919794107 5,113 525,512 SH   DFND   84,639 440,873 525,512
Vasco Data Security Intl. COM 92230Y104 17,547 996,444 SH   DFND   221,201 775,243 996,444
Visteon Corp. COM 92839U206 27,684 386,320 SH   DFND   95,300 291,020 386,320
Willis Towers Watson Pub LTD COM G96629103 9,515 71,667 SH   DFND   10,541 61,126 71,667
Xenith Bankshares Inc. New Com COM 984102103 53 23,089 SH   DFND   23,089 0 23,089
Zimmer Biomet Holdings, Inc. COM 98956P102 13,499 103,823 SH   DFND   21,775 82,048 103,823
Alere, Inc Perp Pfd Conv Ser B PFD 01449J204 1,593 4,743 SH   DFND   3,257 1,486 4,743