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
Adient Plc COM g0084w101 30,009 357,295 SH   SOLE   97,680 0 259,615
AdvanSix Inc. COM 00773t101 436 10,967 SH   SOLE   10,967 0 0
Aegean Marine Petrol Network I COM y0017s102 9,705 1,960,528 SH   SOLE   384,384 0 1,576,144
Alexander & Baldwin Inc COM 014491104 10,523 227,125 SH   SOLE   87,400 0 139,725
American Equity Inv Holding Co COM 025676206 23,926 822,748 SH   SOLE   332,370 0 490,378
Ardmore Shipping Corp COM y0207T100 4,837 586,345 SH   SOLE   327,575 0 258,770
Assured Guaranty Limited COM G0585R106 20,193 534,903 SH   SOLE   149,934 0 384,969
Aviat Networks Inc COM 05366y201 8,825 518,792 SH   SOLE   461,040 0 57,752
Builders FirstSource, Inc. COM 12008r107 5,049 280,661 SH   SOLE   40,000 0 240,661
Chesapeake Energy Corporation COM 165167107 24,333 5,658,855 SH   SOLE   2,108,465 0 3,550,390
Citigroup, Inc. COM 172967424 35,805 492,228 SH   SOLE   34,275 0 457,953
Colony Bankcorp Inc COM 19623p101 141 10,272 SH   SOLE   10,272 0 0
Commercial Vehicle Grp Inc COM 202608105 1,612 219,254 SH   SOLE   219,254 0 0
Consol Energy Inc COM 20854p109 4,572 269,898 SH   SOLE   85,932 0 183,966
Enstar Group Ltd. COM g3075p101 11,857 53,328 SH   SOLE   23,926 0 29,402
Five Star Senior Living, Inc. COM 33832d106 183 117,952 SH   SOLE   117,952 0 0
Flagstar Bancorp, Inc. COM 337930705 4,998 140,871 SH   SOLE   140,871 0 0
Forest City Enterprises, Inc. COM 345605109 18,826 737,992 SH   SOLE   174,934 0 563,058
Forestar Group Inc COM 346232101 711 45,113 SH   SOLE   17,514 0 27,599
Genworth Financial, Inc. COM 37247d106 5,566 1,445,819 SH   SOLE   379,668 0 1,066,151
Goodrich Petroleum Corporation COM 382410843 119 12,305 SH   SOLE   12,305 0 0
Halcon Resources Corporation COM 40537q605 12,098 1,779,171 SH   SOLE   740,786 0 1,038,385
Herc Holdings Inc. COM 42704L104 35,145 715,353 SH   SOLE   214,844 0 500,509
HomeStreet, Inc. COM 43785v102 5,135 190,199 SH   SOLE   190,199 0 0
Hudson Global Inc COM 443787106 1,702 1,166,012 SH   SOLE   649,559 0 516,453
Huntington Bancshares Inc COM 446150104 5,159 369,552 SH   SOLE   0 0 369,552
INSYS Therapeutics Inc COM 45824v209 1,615 181,900 SH   SOLE   181,900 0 0
Intevac Inc COM 461148108 3,056 361,686 SH   SOLE   361,686 0 0
Invacare Corp COM 461203101 4,391 278,770 SH   SOLE   113,991 0 164,779
KeyCorp COM 493267108 23,476 1,247,389 SH   SOLE   442,598 0 804,791
MRC Global Inc. COM 55345k103 5,967 341,148 SH   SOLE   166,989 0 174,159
Mallinckrodt Plc COM g5785g107 5,957 159,400 SH   SOLE   53,284 0 106,116
MidSouth Bancorp Inc COM 598039105 1,035 85,921 SH   SOLE   85,921 0 0
ModusLink Global Solutions Inc COM 60786L206 2,881 1,532,222 SH   SOLE   607,356 0 924,866
NorthStar Realty Europe Corp. COM 66706l101 11,171 872,063 SH   SOLE   157,102 0 714,961
Now Inc. COM 67011p100 11,417 826,718 SH   SOLE   297,589 0 529,129
Oasis Petroleum Inc COM 674215108 8,579 940,725 SH   SOLE   161,078 0 779,647
Oriental Financial Grp Inc COM 67103x102 4,491 490,806 SH   SOLE   452,741 0 38,065
QEP Resources Inc. COM 74733v100 35,565 4,149,934 SH   SOLE   1,603,071 0 2,546,863
Regions Financial Corporation COM 7591ep100 10,132 665,298 SH   SOLE   85,258 0 580,040
Renaissance Re Holdings Ltd COM G7496G103 4,920 36,410 SH   SOLE   13,366 0 23,044
SandRidge Energy Inc COM 80007p869 1,787 88,964 SH   SOLE   88,964 0 0
Scorpio Tankers Inc COM y7542c106 4,963 1,446,868 SH   SOLE   254,461 0 1,192,407
Silverbow Resources Inc. COM 82836g102 682 27,795 SH   SOLE   27,795 0 0
Tailored Brands Inc COM 87403a107 3,582 248,085 SH   SOLE   18,085 0 230,000
Taylor Morrison Home Corp. Cla COM 87724p106 10,189 462,076 SH   SOLE   236,676 0 225,400
Tronox Ltd. CL A COM q9235v101 1,538 72,904 SH   SOLE   72,904 0 0
Tuesday Morning Corp COM 899035505 3,761 1,175,436 SH   SOLE   1,175,436 0 0
UTStarcom Holdings Corporation COM g9310a114 1,240 516,490 SH   SOLE   516,490 0 0
Veeco Instruments Inc COM 922417100 10,446 488,137 SH   SOLE   174,427 0 313,710
Venator Materials, Plc COM g9329z100 7,719 341,554 SH   SOLE   9,160 0 332,394
Weatherford International Limi COM G48833100 26,670 5,823,216 SH   SOLE   2,008,451 0 3,814,765
Wells Fargo & Co COM 949746101 16,966 307,638 SH   SOLE   1,700 0 305,938
Whiting Petroleum Corp. COM 966387102 42,896 7,856,470 SH   SOLE   2,580,940 0 5,275,530
Willbros Group, Inc. COM 969203108 7,026 2,182,017 SH   SOLE   1,328,935 0 853,082
Halcon Resources Warrants $14. *W EXP 09/09/202 40537q118 28 50,838 SH   SOLE   16,173 0 34,665