The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 |
| Air Transport Services Group, | COM | 00922R105 | 22,719 | 981,819 | SH | DFND | 297,838 | 683,981 | 0 | ||
| Allergan PLC | COM | G0177J108 | 28,740 | 175,694 | SH | DFND | 45,676 | 130,018 | 0 | ||
| Avid Technology, Inc. | COM | 05367P100 | 3,543 | 657,325 | SH | DFND | 126,540 | 530,785 | 0 | ||
| CBIZ, Inc. | COM | 124805102 | 8,339 | 539,746 | SH | DFND | 184,630 | 355,116 | 0 | ||
| CSW Industrials Inc. | COM | 126402106 | 734 | 15,970 | SH | DFND | 0 | 15,970 | 0 | ||
| Caesarstone Ltd. | COM | M20598104 | 9,302 | 422,830 | SH | DFND | 120,625 | 302,205 | 0 | ||
| Carolina Financial Corporation | COM | 143873107 | 409 | 10,996 | SH | DFND | 0 | 10,996 | 0 | ||
| Carrols Restaurant Group, Inc. | COM | 14574X104 | 23,674 | 1,948,500 | SH | DFND | 536,710 | 1,411,790 | 0 | ||
| Celanese Corp. | COM | 150870103 | 15,787 | 147,430 | SH | DFND | 23,330 | 124,100 | 0 | ||
| Charter Financial Corp. | COM | 16122W108 | 14,360 | 818,721 | SH | DFND | 200,876 | 617,845 | 0 | ||
| Community Financial Corporatio | COM | 20368X101 | 1,419 | 37,038 | SH | DFND | 0 | 37,038 | 0 | ||
| Dirtt Environmental Solutions | COM | 25490H106 | 20,972 | 3,898,585 | SH | DFND | 1,106,200 | 2,792,385 | 0 | ||
| Everi Holdings, Inc. | COM | 30034T103 | 23,309 | 3,091,338 | SH | DFND | 830,571 | 2,260,767 | 0 | ||
| Fiesta Restaurant Group, Inc. | COM | 31660B101 | 21,501 | 1,131,651 | SH | DFND | 304,279 | 827,372 | 0 | ||
| First Defiance Financial Corp. | COM | 32006W106 | 462 | 8,887 | SH | DFND | 0 | 8,887 | 0 | ||
| First Northwest Bancorp | COM | 335834107 | 4,694 | 287,958 | SH | DFND | 42,169 | 245,789 | 0 | ||
| Fogo de Chao, Inc. | COM | 344177100 | 10,225 | 881,433 | SH | DFND | 183,149 | 698,284 | 0 | ||
| Gildan Activewear, Inc. | COM | 375916103 | 24,682 | 764,144 | SH | DFND | 184,040 | 580,104 | 0 | ||
| Golar LNG Limited | COM | G9456A100 | 5,379 | 180,443 | SH | DFND | 21,315 | 159,128 | 0 | ||
| INTL FCStone, Inc. | COM | 46116V105 | 29,173 | 685,940 | SH | DFND | 183,936 | 502,004 | 0 | ||
| Information Services Group | COM | 45675Y104 | 6,542 | 1,568,773 | SH | DFND | 550,665 | 1,018,108 | 0 | ||
| Jamba, Inc. | COM | 47023A309 | 4,773 | 592,138 | SH | DFND | 226,424 | 365,714 | 0 | ||
| KKR & Co. L.P. | COM | 48248M102 | 36,942 | 1,754,140 | SH | DFND | 525,805 | 1,228,335 | 0 | ||
| National Fuel Gas Co. | COM | 636180101 | 22,107 | 402,605 | SH | DFND | 101,965 | 300,640 | 0 | ||
| Northrim BanCorp, Inc. | COM | 666762109 | 3,951 | 116,709 | SH | DFND | 26,200 | 90,509 | 0 | ||
| OceanFirst Financial Corp. | COM | 675234108 | 9,619 | 366,456 | SH | DFND | 98,399 | 268,057 | 0 | ||
| Old National Bancorp | COM | 680033107 | 4,066 | 232,982 | SH | DFND | 42,560 | 190,422 | 0 | ||
| Oppenheimer Holdings, Inc. | COM | 683797104 | 9,130 | 340,679 | SH | DFND | 128,334 | 212,345 | 0 | ||
| Peoples United Financial Inc. | COM | 712704105 | 1,615 | 86,340 | SH | DFND | 30,972 | 55,368 | 0 | ||
| Pope Resources Limited | COM | 732857107 | 3,427 | 49,145 | SH | DFND | 18,400 | 30,745 | 0 | ||
| Quantum Corp. | COM | 747906501 | 2,301 | 408,709 | SH | DFND | 50,775 | 357,934 | 0 | ||
| QuinStreet, Inc. | COM | 74874Q100 | 41,667 | 4,972,201 | SH | DFND | 1,592,378 | 3,379,823 | 0 | ||
| Raymond James Financial, Inc. | COM | 754730109 | 19,193 | 214,922 | SH | DFND | 47,025 | 167,897 | 0 | ||
| SpartanNash Co. | COM | 847215100 | 28,443 | 1,066,077 | SH | DFND | 281,882 | 784,195 | 0 | ||
| State Bank Financial Corp. | COM | 856190103 | 18,078 | 605,817 | SH | DFND | 145,525 | 460,292 | 0 | ||
| Stoneridge, Inc. | COM | 86183P102 | 10,602 | 463,783 | SH | DFND | 249,392 | 214,391 | 0 | ||
| Synovus Financial Corp. | COM | 87161C501 | 11,479 | 239,447 | SH | DFND | 51,765 | 187,682 | 0 | ||
| Tronox Limited | COM | Q9235V101 | 28,352 | 1,382,364 | SH | DFND | 341,785 | 1,040,579 | 0 | ||
| Universal Health Services, Inc | COM | 913903100 | 17,665 | 155,843 | SH | DFND | 38,672 | 117,171 | 0 | ||
| Valley National Bancorp | COM | 919794107 | 5,051 | 450,180 | SH | DFND | 76,639 | 373,541 | 0 | ||
| Vasco Data Security Intl. | COM | 92230Y104 | 12,199 | 877,603 | SH | DFND | 223,936 | 653,667 | 0 | ||
| Vista Outdoor Inc. | COM | 928377100 | 4,939 | 338,960 | SH | DFND | 86,090 | 252,870 | 0 | ||
| Visteon Corp. | COM | 92839U206 | 39,944 | 319,197 | SH | DFND | 91,000 | 228,197 | 0 | ||
| Zimmer Biomet Holdings, Inc. | COM | 98956P102 | 10,522 | 87,194 | SH | DFND | 17,620 | 69,574 | 0 | ||
| iShares Russell 2000 Index | COM | 464287655 | 427 | 2,935 | SH | DFND | 2,800 | 0 | 0 | ||