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
Estimated average burden
hours per response: 23.8
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 27,456 1,215,399 SH   DFND   328,188 887,211 0
Allergan PLC COM G0177J108 33,433 200,537 SH   DFND   48,856 151,681 0
Aquaventure Holdings Limited COM G0443N107 1,268 81,395 SH   DFND   0 81,395 0
Avid Technology, Inc. COM 05367P100 6,557 1,261,014 SH   DFND   126,540 1,134,474 0
Carrols Restaurant Group, Inc. COM 14574X104 28,824 1,940,985 SH   DFND   534,610 1,406,375 0
CBIZ, Inc. COM 124805102 16,602 721,846 SH   DFND   157,590 564,256 0
Celanese Corp. COM 150870103 15,237 137,197 SH   DFND   22,090 115,107 0
Charter Financial Corp. COM 16122W108 18,418 762,646 SH   DFND   166,256 596,390 0
Community Financial Corporatio COM 20368X101 3,787 107,093 SH   DFND   0 107,093 0
Dirtt Environmental Solutions COM 25490H106 26,794 5,358,830 SH   DFND   1,446,200 3,912,630 0
Everi Holdings, Inc. COM 30034T103 25,829 3,587,388 SH   DFND   928,371 2,659,017 0
Fiesta Restaurant Group, Inc. COM 31660B101 20,972 730,744 SH   DFND   204,055 526,689 0
First Northwest Bancorp COM 335834107 4,859 304,239 SH   DFND   64,475 239,764 0
General Electric Company COM 369604103 136 10,000 SH   DFND   10,000 0 0
Gildan Activewear, Inc. COM 375916103 20,409 724,734 SH   DFND   175,140 549,594 0
Hometrust Bancshares Inc. COM 437872104 9,926 352,603 SH   DFND   52,594 300,009 0
Information Services Group COM 45675Y104 13,455 3,281,644 SH   DFND   1,103,950 2,177,694 0
INTL FCStone, Inc. COM 46116V105 32,266 623,989 SH   DFND   163,055 460,934 0
Jamba, Inc. COM 47023A309 7,738 726,543 SH   DFND   257,039 469,504 0
KKR & Co. Inc. Cl A COM 48251W104 42,540 1,711,855 SH   DFND   505,860 1,205,995 0
Motorcar Parts & Associates In COM 620071100 26,854 1,435,260 SH   DFND   330,902 1,104,358 0
National Fuel Gas Co. COM 636180101 20,261 382,569 SH   DFND   95,765 286,804 0
Northrim BanCorp, Inc. COM 666762109 4,374 110,594 SH   DFND   26,200 84,394 0
OceanFirst Financial Corp. COM 675234108 10,496 350,339 SH   DFND   98,399 251,940 0
Old National Bancorp COM 680033107 4,085 219,640 SH   DFND   42,560 177,080 0
OneSpan Inc. COM 68287N100 20,529 1,044,718 SH   DFND   237,941 806,777 0
Peoples United Financial Inc. COM 712704105 719 39,749 SH   DFND   0 39,749 0
Pope Resources Limited COM 732857107 3,540 48,169 SH   DFND   18,400 29,769 0
QuinStreet, Inc. COM 74874Q100 58,839 4,632,990 SH   DFND   1,553,878 3,079,112 0
Raymond James Financial, Inc. COM 754730109 15,657 175,227 SH   DFND   31,225 144,002 0
Schwab US Large Cap ETF COM 808524201 535 8,225 SH   DFND   0 8,225 0
SmartFinancial Inc. COM 83190L208 803 31,178 SH   DFND   0 31,178 0
SpartanNash Co. COM 847215100 34,315 1,344,615 SH   DFND   331,030 1,013,585 0
State Bank Financial Corp. COM 856190103 18,753 561,477 SH   DFND   134,525 426,952 0
Stoneridge, Inc. COM 86183P102 6,530 185,841 SH   DFND   94,825 91,016 0
Synovus Financial Corp. COM 87161C501 11,298 213,856 SH   DFND   38,775 175,081 0
Tronox Limited COM Q9235V101 26,732 1,358,319 SH   DFND   349,785 1,008,534 0
Universal Health Services, Inc COM 913903100 18,660 167,443 SH   DFND   41,202 126,241 0
Vista Outdoor Inc. COM 928377100 7,416 478,765 SH   DFND   93,870 384,895 0
Visteon Corp. COM 92839U206 38,737 299,725 SH   DFND   85,320 214,405 0
Zimmer Biomet Holdings, Inc. COM 98956P102 9,164 82,237 SH   DFND   17,620 64,617 0
iShares Russell 2000 Index COM 464287655 459 2,800 SH   DFND   2,800 0 0