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 5,134 187,903 SH   SOLE   113,818 0 74,085
Aegean Marine Petrol Network I COM y0017s102 22,675 1,881,728 SH   SOLE   353,284 0 1,528,444
Alexander & Baldwin Inc COM 014491104 6,946 156,022 SH   SOLE   18,675 0 137,347
American Equity Inv Holding Co COM 025676206 12,743 539,288 SH   SOLE   226,138 0 313,150
Approach Resources Inc. COM 03834a103 1,534 611,245 SH   SOLE   611,245 0 0
Ardmore Shipping Corp COM y0207T100 4,313 535,745 SH   SOLE   276,975 0 258,770
Assured Guaranty Limited COM G0585R106 19,852 534,953 SH   SOLE   149,984 0 384,969
Athene Holding LTD COM g0684d107 794 15,875 SH   SOLE   10,699 0 5,176
Aviat Networks Inc COM 05366y201 7,008 465,310 SH   SOLE   460,920 0 4,390
Axcelis Technologies Inc COM 054540208 7,414 394,346 SH   SOLE   257,018 0 137,327
Builders FirstSource, Inc. COM 12008r107 4,033 270,661 SH   SOLE   30,000 0 240,661
CIT Group Inc COM 125581801 8,672 202,004 SH   SOLE   125,100 0 76,904
Chemours Co COM 163851108 4,362 113,310 SH   SOLE   60,324 0 52,986
Chesapeake Energy Corporation COM 165167107 44,757 7,534,855 SH   SOLE   2,834,465 0 4,700,390
Citigroup, Inc. COM 172967424 33,640 562,347 SH   SOLE   9,015 0 553,332
Colony Bankcorp Inc COM 19623p101 142 10,272 SH   SOLE   10,272 0 0
Commercial Vehicle Grp Inc COM 202608105 2,249 332,157 SH   SOLE   332,157 0 0
Consol Energy Inc COM 20854p109 22,324 1,330,412 SH   SOLE   462,446 0 867,966
Cousins Properties Inc COM 222795106 8,345 1,009,040 SH   SOLE   192,129 0 816,911
Endo International Plc COM g30401106 7,168 642,311 SH   SOLE   245,205 0 397,106
Enstar Group Ltd. COM g3075p101 6,704 35,042 SH   SOLE   8,210 0 26,832
Five Star Senior Living, Inc. COM 33832d106 94 43,734 SH   SOLE   43,734 0 0
Flagstar Bancorp, Inc. COM 337930705 2,912 103,296 SH   SOLE   103,296 0 0
Forest City Enterprises, Inc. COM 345605109 15,248 700,092 SH   SOLE   136,934 0 563,158
Forestar Group Inc COM 346233109 5,339 391,100 SH   SOLE   166,118 0 224,982
Genworth Financial, Inc. COM 37247d106 6,500 1,577,784 SH   SOLE   501,633 0 1,076,151
Halcon Resources Corporation COM 40537q605 27,458 3,566,032 SH   SOLE   1,279,375 0 2,286,657
Hartford Financial Svcs Grp COM 416515104 517 10,745 SH   SOLE   10,745 0 0
Herc Holdings Inc. COM 42704L104 19,571 400,307 SH   SOLE   137,668 0 262,639
Hudson Global Inc COM 443787106 1,482 1,176,412 SH   SOLE   659,959 0 516,453
INSYS Therapeutics Inc COM 45824v209 630 59,973 SH   SOLE   59,973 0 0
Intevac Inc COM 461148108 7,861 628,866 SH   SOLE   628,866 0 0
Invacare Corp COM 461203101 1,518 127,525 SH   SOLE   73,097 0 54,428
Kemet Corp COM 488360207 20,246 1,687,142 SH   SOLE   1,112,990 0 574,152
KeyCorp COM 493267108 43,306 2,435,661 SH   SOLE   616,829 0 1,818,832
MRC Global Inc. COM 55345k103 5,313 289,851 SH   SOLE   165,692 0 124,159
Marathon Oil Corporation COM 565849106 6,918 437,859 SH   SOLE   118,690 0 319,169
ModusLink Global Solutions Inc COM 60786L206 2,915 1,619,319 SH   SOLE   694,453 0 924,866
NorthStar Realty Europe Corp. COM 66706l101 14,578 1,257,832 SH   SOLE   407,397 0 850,435
Now, Inc. COM 67011p100 2,951 174,000 SH   SOLE   174,000 0 0
Oasis Petroleum Inc COM 674215108 14,927 1,046,784 SH   SOLE   160,558 0 886,226
Oriental Financial Grp Inc COM 67103x102 3,266 276,748 SH   SOLE   238,683 0 38,065
Pulte Group, Inc. COM 745867101 2,348 99,710 SH   SOLE   10,000 0 89,710
QEP Resources Inc. COM 74733v100 1,564 123,078 SH   SOLE   123,078 0 0
Rait Financial Trust REIT COM 749227609 394 122,986 SH   SOLE   122,986 0 0
Regions Financial Corporation COM 7591ep100 13,779 948,298 SH   SOLE   128,258 0 820,040
SandRidge Energy Inc COM 80007p869 1,527 82,608 SH   SOLE   48,054 0 34,554
Scorpio Tankers Inc COM y7542c106 1,821 410,168 SH   SOLE   209,461 0 200,707
SunTrust Banks, Inc. COM 867914103 19,144 346,188 SH   SOLE   30,250 0 315,938
Tailored Brands Inc COM 87403a107 3,137 210,000 SH   SOLE   20,000 0 190,000
Taylor Morrison Home Corp. Cla COM 87724p106 10,023 470,127 SH   SOLE   244,727 0 225,400
Terex Corporation COM 880779103 22,630 720,711 SH   SOLE   252,574 0 468,137
The Bancorp Inc COM 05969a105 3,882 761,137 SH   SOLE   761,137 0 0
Tuesday Morning Corp COM 899035505 295 78,648 SH   SOLE   78,648 0 0
UR-Energy Inc COM 91688r108 7 10,000 SH   SOLE   10,000 0 0
UTStarcom Holdings Corporation COM g9310a114 1,012 516,490 SH   SOLE   516,490 0 0
Veeco Instruments Inc COM 922417100 5,272 176,625 SH   SOLE   22,781 0 153,844
Weatherford International Limi COM G48833100 38,457 5,783,016 SH   SOLE   1,968,251 0 3,814,765
Whiting Petroleum Corp. COM 966387102 33,104 3,499,332 SH   SOLE   1,254,792 0 2,244,540
Willbros Group, Inc. COM 969203108 6,396 2,334,477 SH   SOLE   1,481,395 0 853,082
iShares Russell Midcap Value I COM 464287473 232 2,800 SH   SOLE   2,800 0 0
Halcon Resources Warrants $14. WARRANT 40537q118 89 50,838 SH   SOLE   16,173 0 34,665