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
AdvanSix Inc. COM 00773t101 4,049 182,903 SH   SOLE   113,818 0 69,085
Aegean Marine Petrol Network I COM y0017s102 18,795 1,851,728 SH   SOLE   323,284 0 1,528,444
Alexander & Baldwin Inc COM 014491104 7,001 156,022 SH   SOLE   18,675 0 137,347
American Equity Inv Holding Co COM 025676206 10,146 450,150 SH   SOLE   154,723 0 295,427
Approach Resources Inc. COM 03834a103 4,978 1,486,024 SH   SOLE   1,312,240 0 173,784
Ardmore Shipping Corp COM y0207T100 3,390 458,154 SH   SOLE   199,384 0 258,770
Assured Guaranty Limited COM G0585R106 20,130 532,953 SH   SOLE   147,984 0 384,969
Athene Holding LTD COM g0684d107 1,284 26,750 SH   SOLE   8,199 0 18,551
Aviat Networks Inc COM 05366y201 6,374 460,910 SH   SOLE   460,910 0 0
Axcelis Technologies Inc COM 054540208 5,697 391,563 SH   SOLE   254,235 0 137,327
Bank of Commerce Holdings COM 06424j103 152 15,969 SH   SOLE   15,969 0 0
Builders FirstSource, Inc. COM 12008r107 2,750 250,661 SH   SOLE   30,000 0 220,661
C&J Energy Services Ltd COM g3164q101 575 2,534,222 SH   SOLE   2,349,067 0 185,155
CIT Group Inc COM 125581801 2,047 47,968 SH   SOLE   47,968 0 0
Chemours Co COM 163851108 7,128 322,666 SH   SOLE   205,340 0 117,326
Chesapeake Energy Corporation COM 165167107 39,430 5,616,855 SH   SOLE   1,815,206 0 3,801,649
Citigroup, Inc. COM 172967424 34,615 582,447 SH   SOLE   7,915 0 574,532
Citizens Bancshares Corp COM 173168105 287 31,870 SH   SOLE   31,870 0 0
Colony Bankcorp Inc COM 19623p101 175 13,272 SH   SOLE   13,272 0 0
Commercial Vehicle Grp Inc COM 202608105 1,670 302,057 SH   SOLE   302,057 0 0
Comstock Resources Inc COM 205768302 442 44,848 SH   SOLE   44,848 0 0
Consol Energy Inc COM 20854p109 25,466 1,396,912 SH   SOLE   528,946 0 867,966
Cousins Properties Inc COM 222795106 8,715 1,024,040 SH   SOLE   173,787 0 850,253
DXP Enterprises Inc COM 233377407 2,337 67,281 SH   SOLE   67,281 0 0
Dundee Corp COM 264901109 915 213,785 SH   SOLE   20,885 0 192,900
Endo International Plc COM g30401106 9,210 559,211 SH   SOLE   160,605 0 398,606
Five Star Quality Care, Inc. COM 33832d106 118 43,734 SH   SOLE   43,734 0 0
Flagstar Bancorp, Inc. COM 337930705 3,220 119,527 SH   SOLE   119,527 0 0
Forest City Enterprises, Inc. COM 345605109 14,557 698,492 SH   SOLE   135,334 0 563,158
Forestar Group Inc COM 346233109 4,803 361,100 SH   SOLE   136,118 0 224,982
Genworth Financial, Inc. COM 37247d106 6,069 1,592,784 SH   SOLE   516,633 0 1,076,151
Goodrich Petroleum Corporation COM 382410843 2,109 168,708 SH   SOLE   35,825 0 132,883
Halcon Resources Corporation COM 40537q605 32,675 3,498,432 SH   SOLE   1,269,375 0 2,229,057
Hartford Financial Svcs Grp COM 416515104 274 5,745 SH   SOLE   5,745 0 0
Herc Holdings Inc. COM 42704L104 16,076 400,307 SH   SOLE   137,668 0 262,639
Hudson Global Inc COM 443787106 1,600 1,176,412 SH   SOLE   659,959 0 516,453
INSYS Therapeutics Inc COM 45824v209 414 44,973 SH   SOLE   44,973 0 0
Intevac Inc COM 461148108 5,377 628,866 SH   SOLE   628,866 0 0
Invacare Corp COM 461203101 1,664 127,525 SH   SOLE   73,097 0 54,428
Kemet Corp COM 488360207 11,558 1,743,242 SH   SOLE   1,177,990 0 565,252
KeyCorp COM 493267108 44,852 2,454,961 SH   SOLE   605,829 0 1,849,132
MRC Global Inc. COM 55345k103 7,510 370,697 SH   SOLE   246,538 0 124,159
Marathon Oil Corporation COM 565849106 4,879 281,859 SH   SOLE   12,690 0 269,169
ModusLink Global Solutions Inc COM 60786L206 2,379 1,629,319 SH   SOLE   694,453 0 934,866
NorthStar Realty Europe Corp. COM 66706l101 16,030 1,275,232 SH   SOLE   424,797 0 850,435
Oriental Financial Grp Inc COM 67103x102 9,590 732,024 SH   SOLE   473,070 0 258,954
Pulte Group, Inc. COM 745867101 1,741 94,710 SH   SOLE   25,000 0 69,710
Rait Financial Trust REIT COM 749227609 172 51,086 SH   SOLE   51,086 0 0
Regions Financial Corporation COM 7591ep100 15,313 1,066,348 SH   SOLE   246,308 0 820,040
Scorpio Tankers Inc COM y7542c106 1,440 317,858 SH   SOLE   150,651 0 167,207
SunTrust Banks, Inc. COM 867914103 18,754 341,917 SH   SOLE   22,250 0 319,667
Swift Energy Co. COM 87073t105 1,290 38,285 SH   SOLE   38,285 0 0
Taylor Morrison Home Corp. Cla COM 87724p106 5,868 304,697 SH   SOLE   239,297 0 65,400
Terex Corporation COM 880779103 22,566 715,711 SH   SOLE   252,574 0 463,137
The Bancorp Inc COM 05969a105 3,785 481,551 SH   SOLE   481,551 0 0
UR-Energy Inc COM 91688r108 154 290,415 SH   SOLE   290,415 0 0
UTStarcom Holdings Corporation COM g9310a114 974 486,828 SH   SOLE   486,828 0 0
Veeco Instruments Inc COM 922417100 5,207 178,625 SH   SOLE   24,781 0 153,844
Weatherford International Limi COM G48833100 48,570 9,733,437 SH   SOLE   3,520,153 0 6,213,284
Whiting Petroleum Corp. COM 966387102 48,334 4,021,132 SH   SOLE   1,301,592 0 2,719,540
Willbros Group, Inc. COM 969203108 7,652 2,361,830 SH   SOLE   1,481,395 0 880,435
iShares Russell 2000 Value Ind COM 464287630 238 2,000 SH   SOLE   2,000 0 0
Halcon Resources Warrants $14. WTS 40537q118 117 50,838 SH   SOLE   16,173 0 34,665