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 22,448 375,636 SH   SOLE   57,642 0 317,994
Aegean Marine Petrol Network I COM y0017s102 4,437 1,972,028 SH   SOLE   395,884 0 1,576,144
Alexander & Baldwin Inc COM 014491104 12,971 560,769 SH   SOLE   51,261 0 509,508
American Equity Inv Holding Co COM 025676206 17,812 606,677 SH   SOLE   76,299 0 530,378
Ardmore Shipping Corp COM y0207T100 6,278 826,013 SH   SOLE   204,373 0 621,640
Assured Guaranty Limited COM G0585R106 29,414 812,541 SH   SOLE   97,196 0 715,345
Aviat Networks Inc COM 05366y201 4,528 270,190 SH   SOLE   212,438 0 57,752
Builders FirstSource, Inc. COM 12008r107 4,715 237,661 SH   SOLE   17,000 0 220,661
Chesapeake Energy Corporation COM 165167107 32,409 10,731,525 SH   SOLE   2,124,097 0 8,607,428
Citigroup, Inc. COM 172967424 31,466 466,158 SH   SOLE   34,475 0 431,683
Colony Northstar Inc. Class A COM 19625w104 56 10,000 SH   SOLE   10,000 0 0
Enstar Group Ltd. COM g3075p101 6,606 31,420 SH   SOLE   4,514 0 26,906
Everest Re Group Ltd COM g3223r108 2,143 8,344 SH   SOLE   303 0 8,041
Forest City Realty Trust Class COM 345605109 5,002 246,874 SH   SOLE   31,005 0 215,869
Genworth Financial, Inc. COM 37247d106 3,039 1,073,732 SH   SOLE   7,581 0 1,066,151
Halcon Resources Corporation COM 40537q605 4,152 852,643 SH   SOLE   127,396 0 725,247
Herc Holdings Inc. COM 42704L104 33,899 521,922 SH   SOLE   55,513 0 466,409
HomeStreet, Inc. COM 43785v102 13,176 459,879 SH   SOLE   72,350 0 387,529
Hudson Global Inc COM 443787106 1,287 663,639 SH   SOLE   147,186 0 516,453
Intevac Inc COM 461148108 2,500 362,326 SH   SOLE   362,326 0 0
KeyCorp COM 493267108 18,103 925,992 SH   SOLE   78,888 0 847,104
MRC Global Inc. COM 55345k103 5,678 345,394 SH   SOLE   33,109 0 312,285
Mallinckrodt Plc COM g5785g107 18,147 1,253,263 SH   SOLE   176,726 0 1,076,537
NorthStar Realty Europe Corp. COM 66706l101 8,112 623,040 SH   SOLE   6,399 0 616,641
Now Inc. COM 67011p100 16,995 1,662,880 SH   SOLE   207,893 0 1,454,987
Oasis Petroleum Inc COM 674215108 1,935 238,838 SH   SOLE   38,452 0 200,386
Oriental Financial Grp Inc COM 67103x102 483 46,227 SH   SOLE   46,227 0 0
QEP Resources Inc. COM 74733v100 36,204 3,698,027 SH   SOLE   487,121 0 3,210,906
Range Resources Corp COM 75281a109 1,508 103,730 SH   SOLE   12,719 0 91,011
Scorpio Tankers Inc COM y7542c106 4,993 2,547,441 SH   SOLE   280,110 0 2,267,331
Steel Connect Inc. COM 858098106 1,753 826,818 SH   SOLE   6,865 0 819,953
Taylor Morrison Home Corp. Cla COM 87724p106 1,507 64,751 SH   SOLE   10,933 0 53,818
Tuesday Morning Corp COM 899035505 1,504 380,727 SH   SOLE   380,727 0 0
UTStarcom Holdings Corporation COM g9310a114 537 109,175 SH   SOLE   109,175 0 0
Veeco Instruments Inc COM 922417100 9,917 583,359 SH   SOLE   88,866 0 494,493
Venator Materials, Plc COM g9329z100 6,515 360,125 SH   SOLE   36,191 0 323,934
Weatherford International Limi COM G48833100 14,472 6,319,611 SH   SOLE   1,591,454 0 4,728,157
Wells Fargo & Co COM 949746101 9,242 176,338 SH   SOLE   5,500 0 170,838
Whiting Petroleum Corp. COM 966387409 40,040 1,183,210 SH   SOLE   211,314 0 971,896
Willbros Group, Inc. COM 969203108 485 877,752 SH   SOLE   124,732 0 753,020
Halcon Resources Warrants $14. *W EXP 09/09/202 40537q118 19 35,053 SH   SOLE   388 0 34,665