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 17,591 1,096,035 SH   DFND   297,838 798,197 0
Alere, Inc. COM 01449J105 29,913 752,917 SH   DFND   183,675 569,242 0
Allergan PLC COM G0177J108 35,978 150,587 SH   DFND   34,831 115,756 0
American Public Education, Inc COM 02913V103 5,576 243,495 SH   DFND   65,403 178,092 0
Avid Technology, Inc. COM 05367P100 3,418 733,450 SH   DFND   126,540 606,910 0
CA Technologies COM 12673P105 12,500 394,073 SH   DFND   68,484 325,589 0
Cabela's, Inc. COM 126804301 16,076 302,700 SH   DFND   56,535 246,165 0
Caesarstone Ltd. COM M20598104 4,934 136,105 SH   DFND   33,495 102,610 0
Carrols Restaurant Group, Inc. COM 14574X104 17,233 1,217,900 SH   DFND   399,102 818,798 0
CBIZ, Inc. COM 124805102 8,046 593,801 SH   DFND   184,630 409,171 0
Celanese Corp. COM 150870103 16,771 186,650 SH   DFND   24,045 162,605 0
Charter Financial Corp. COM 16122W108 19,353 983,889 SH   DFND   260,896 722,993 0
CSW Industrials Inc. COM 126402106 783 21,325 SH   DFND   1,680 19,645 0
Everi Holdings, Inc. COM 30034T103 16,413 3,426,440 SH   DFND   814,571 2,611,869 0
Fiesta Restaurant Group, Inc. COM 31660B101 11,877 490,771 SH   DFND   96,569 394,202 0
First Defiance Financial Corp. COM 32006W106 512 10,337 SH   DFND   0 10,337 0
First Northwest Bancorp COM 335834107 1,688 108,897 SH   DFND   0 108,897 0
Fogo de Chao, Inc. COM 344177100 16,016 985,588 SH   DFND   183,149 802,439 0
Gildan Activewear, Inc. COM 375916103 23,266 860,434 SH   DFND   184,040 676,394 0
Glassbridge Enterprises Inc. COM 377185103 939 194,710 SH   DFND   10,920 183,790 0
Golar LNG Limited COM G9456A100 5,734 205,303 SH   DFND   21,315 183,988 0
Information Services Group COM 45675Y104 2,943 934,167 SH   DFND   251,700 682,467 0
INTL FCStone, Inc. COM 46116V105 28,843 759,821 SH   DFND   180,970 578,851 0
Jamba, Inc. COM 47023A309 7,528 831,831 SH   DFND   331,937 499,894 0
KKR & Co. L.P. COM 48248M102 35,865 1,967,381 SH   DFND   525,805 1,441,576 0
National Fuel Gas Co. COM 636180101 21,168 355,045 SH   DFND   67,295 287,750 0
Northrim BanCorp, Inc. COM 666762109 3,890 129,438 SH   DFND   26,200 103,238 0
OceanFirst Financial Corp. COM 675234108 11,510 408,431 SH   DFND   98,399 310,032 0
Old National Bancorp COM 680033107 4,505 259,654 SH   DFND   42,560 217,094 0
Oppenheimer Holdings, Inc. COM 683797104 6,497 379,952 SH   DFND   128,334 251,618 0
Pope Resources Limited COM 732857107 4,066 57,461 SH   DFND   18,400 39,061 0
Quantum Corp. COM 747906501 11,506 13,224,747 SH   DFND   3,659,325 9,565,422 0
QuinStreet, Inc. COM 74874Q100 21,980 5,635,791 SH   DFND   1,600,223 4,035,568 0
Raymond James Financial, Inc. COM 754730109 18,209 238,773 SH   DFND   47,025 191,748 0
Real Industry, Inc. COM 75601W104 2,997 1,051,423 SH   DFND   474,674 576,749 0
SpartanNash Co. COM 847215100 26,757 764,708 SH   DFND   183,023 581,685 0
State Bank Financial Corp. COM 856190103 17,543 671,635 SH   DFND   145,525 526,110 0
Stoneridge, Inc. COM 86183P102 9,205 507,458 SH   DFND   249,392 258,066 0
Suffolk Bancorp COM 864739107 2,052 50,779 SH   DFND   13,920 36,859 0
Synovus Financial Corp. COM 87161C501 10,889 265,457 SH   DFND   51,765 213,692 0
Triumph Group, Inc. COM 896818101 2,997 116,384 SH   DFND   25,285 91,099 0
Tronox Limited COM Q9235V101 36,366 1,971,081 SH   DFND   508,985 1,462,096 0
Universal Health Services, Inc COM 913903100 13,424 107,870 SH   DFND   26,582 81,288 0
Valeant Pharmaceuticals Intl., COM 91911K102 5,310 481,390 SH   DFND   114,455 366,935 0
Valley National Bancorp COM 919794107 5,901 500,048 SH   DFND   76,639 423,409 0
Vasco Data Security Intl. COM 92230Y104 13,133 972,815 SH   DFND   223,936 748,879 0
Visteon Corp. COM 92839U206 35,036 357,692 SH   DFND   91,000 266,692 0
Willis Towers Watson Pub LTD COM G96629103 8,559 65,393 SH   DFND   9,816 55,577 0
Zimmer Biomet Holdings, Inc. COM 98956P102 11,764 96,339 SH   DFND   19,380 76,959 0
Alere, Inc Perp Pfd Conv Ser B PFD 01449J204 1,423 4,338 SH   DFND   3,257 1,081 0