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
EURONAV NV ANTWERPEN SHS B38564108 12,035 1,383,291 SH   SOLE   971,767 0 411,524
ALLERGAN PLC SHS G0177J108 4,572 24,000 SH   SOLE   16,200 0 7,800
ARRIS INTL INC SHS G0551A103 19,891 765,336 SH   SOLE   419,163 0 346,173
BRIGHTSPHERE INVESTMNT GRP P SHS G1644T109 8,308 670,040 SH   SOLE   282,355 0 387,685
ENSCO PLC SHS CLASS A G3157S106 20,369 2,413,344 SH   SOLE   1,542,603 0 870,741
GOLAR LNG LTD BERMUDA SHS G9456A100 21,686 780,086 SH   SOLE   372,737 0 407,349
TE CONNECTIVITY LTD REG SHS H84989104 4,414 50,195 SH   SOLE   36,395 0 13,800
NXP SEMICONDUCTORS N V COM N6596X109 25,409 297,181 SH   SOLE   200,481 0 96,700
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 28,662 2,000,105 SH   SOLE   1,551,303 0 448,802
HOEGH LNG PARTNERS LP COM UNIT LTD Y3262R100 14,288 778,657 SH   SOLE   354,868 0 423,789
TEEKAY TANKERS LTD CL A Y8565N102 13,999 14,172,350 SH   SOLE   8,615,574 0 5,556,776
AT&T INC COM 00206R102 4,230 125,979 SH   SOLE   72,135 0 53,844
ABBVIE INC COM 00287Y109 2,860 30,237 SH   SOLE   6,700 0 23,537
ALLY FINL INC COM 02005N100 6,754 255,338 SH   SOLE   171,173 0 84,165
AMERICAN ELEC PWR INC COM 025537101 588 8,300 SH   SOLE   300 0 8,000
AMERICAN INTL GROUP INC COM NEW 026874784 4,005 75,231 SH   SOLE   43,100 0 32,131
ARCONIC INC COM 03965L100 14,700 667,884 SH   SOLE   460,232 0 207,652
ASTRAZENECA PLC SPONSORED ADR 046353108 2,133 53,900 SH   SOLE   12,300 0 41,600
ATLANTIC CAP BANCSHARES INC COM 048269203 8,119 484,719 SH   SOLE   213,124 0 271,595
BP PLC SPONSORED ADR 055622104 20,851 452,307 SH   SOLE   391,707 0 60,600
BANK AMER CORP COM 060505104 30,814 1,045,953 SH   SOLE   702,800 0 343,153
BRIGHTHOUSE FINL INC COM 10922N103 17,894 404,479 SH   SOLE   256,041 0 148,438
C & F FINL CORP COM 12466Q104 1,279 21,777 SH   SOLE   10,698 0 11,079
CNO FINL GROUP INC COM 12621E103 43,979 2,072,513 SH   SOLE   1,159,633 0 912,880
CSI COMPRESSCO LP COM UNIT 12637A103 364 70,600 SH   SOLE   70,600 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 2,371 142,005 SH   SOLE   63,799 0 78,206
CARPENTER TECHNOLOGY CORP COM 144285103 16,665 282,695 SH   SOLE   139,260 0 143,435
CATCHMARK TIMBER TR INC CL A 14912Y202 6,739 589,548 SH   SOLE   294,704 0 294,844
CHESAPEAKE ENERGY CORP COM 165167107 38,189 8,505,309 SH   SOLE   5,722,715 0 2,782,594
CITIGROUP INC COM NEW 172967424 38,218 532,735 SH   SOLE   356,680 0 176,055
COCA COLA CO COM 191216100 388 8,400 SH   SOLE   4,700 0 3,700
COMTECH TELECOMMUNICATIONS C COM NEW 205826209 70,696 1,949,170 SH   SOLE   891,416 0 1,057,754
CONAGRA BRANDS INC COM 205887102 8,448 248,700 SH   SOLE   161,900 0 86,800
CONMED CORP COM 207410101 10,415 131,466 SH   SOLE   56,280 0 75,186
CONOCOPHILLIPS COM 20825C104 3,351 43,300 SH   SOLE   31,500 0 11,800
DXC TECHNOLOGY CO COM 23355L106 271 2,898 SH   SOLE   171 0 2,727
DEVON ENERGY CORP NEW COM 25179M103 1,018 25,500 SH   SOLE   25,500 0 0
ENGILITY HLDGS INC NEW COM 29286C107 5,263 146,230 SH   SOLE   96,430 0 49,800
ENOVA INTL INC COM 29357K103 16,375 568,580 SH   SOLE   255,609 0 312,971
ENTERGY CORP NEW COM 29364G103 16,861 207,828 SH   SOLE   157,628 0 50,200
EVERGY INC COM 30034W106 14,099 256,726 SH   SOLE   128,614 0 128,112
EXELON CORP COM 30161N101 29,379 672,912 SH   SOLE   488,212 0 184,700
EZCORP INC CL A NON VTG 302301106 14,142 1,321,676 SH   SOLE   585,074 0 736,602
FEDEX CORP COM 31428X106 22,490 93,399 SH   SOLE   63,299 0 30,100
FIRST BANCORP N C COM 318910106 7,413 182,984 SH   SOLE   64,835 0 118,149
FIRST CTZNS BANCSHARES INC N CL A 31946M103 33,246 73,508 SH   SOLE   30,227 0 43,281
FIRST HORIZON NATL CORP COM 320517105 35,518 2,057,807 SH   SOLE   869,513 0 1,188,294
FIRSTENERGY CORP COM 337932107 1,127 30,318 SH   SOLE   30,318 0 0
FLUOR CORP NEW COM 343412102 3,761 64,725 SH   SOLE   39,333 0 25,392
FLOWSERVE CORP COM 34354P105 711 13,000 SH   SOLE   600 0 12,400
FVCBANKCORP INC COM 36120Q101 198 10,000 SH   SOLE   4,100 0 5,900
GOLDMAN SACHS GROUP INC COM 38141G104 5,202 23,200 SH   SOLE   14,600 0 8,600
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 13,383 1,185,397 SH   SOLE   566,195 0 619,202
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 23,066 541,464 SH   SOLE   220,658 0 320,806
HP INC COM 40434L105 4,858 188,500 SH   SOLE   127,700 0 60,800
HANGER INC COM NEW 41043F208 10,915 524,021 SH   SOLE   240,710 0 283,311
HARSCO CORP COM 415864107 1,723 60,358 SH   SOLE   45,447 0 14,911
HEWLETT PACKARD ENTERPRISE C COM 42824C109 6,601 404,700 SH   SOLE   270,100 0 134,600
HIGHPOINT RES CORP COM 43114K108 24,289 4,977,205 SH   SOLE   2,562,898 0 2,414,307
HOME DEPOT INC COM 437076102 15,951 77,000 SH   SOLE   53,800 0 23,200
INNOSPEC INC COM 45768S105 34,977 455,731 SH   SOLE   233,575 0 222,156
JPMORGAN CHASE & CO COM 46625H100 31,131 275,890 SH   SOLE   187,700 0 88,190
KBR INC COM 48242W106 113,966 5,393,583 SH   SOLE   3,341,371 0 2,052,212
KAISER ALUMINUM CORP COM PAR $0.01 483007704 17,709 162,377 SH   SOLE   78,348 0 84,029
KAPSTONE PAPER & PACKAGING C COM 48562P103 13,312 392,565 SH   SOLE   217,982 0 174,583
LAMB WESTON HLDGS INC COM 513272104 1,185 17,795 SH   SOLE   7,566 0 10,229
LENNAR CORP CL B 526057302 10,430 270,897 SH   SOLE   192,099 0 78,798
LILLY ELI & CO COM 532457108 35,822 333,822 SH   SOLE   221,900 0 111,922
LYON WILLIAM HOMES CL A NEW 552074700 10,153 638,968 SH   SOLE   270,893 0 368,075
MASTERCARD INCORPORATED CL A 57636Q104 12,477 56,050 SH   SOLE   34,550 0 21,500
MERCK & CO INC COM 58933Y105 25,133 354,283 SH   SOLE   250,400 0 103,883
MICROSOFT CORP COM 594918104 45,528 398,073 SH   SOLE   267,700 0 130,373
MILLER INDS INC TENN COM NEW 600551204 6,539 243,097 SH   SOLE   96,424 0 146,673
NATIONAL FUEL GAS CO N J COM 636180101 1,043 18,600 SH   SOLE   18,600 0 0
NELNET INC CL A 64031N108 6,375 111,510 SH   SOLE   45,764 0 65,746
NEXTERA ENERGY INC COM 65339F101 1,642 9,800 SH   SOLE   6,500 0 3,300
NORTHROP GRUMMAN CORP COM 666807102 26,611 83,848 SH   SOLE   60,500 0 23,348
OCEANEERING INTL INC COM 675232102 538 19,500 SH   SOLE   19,500 0 0
ORACLE CORP COM 68389X105 17,793 345,100 SH   SOLE   217,100 0 128,000
PPL CORP COM 69351T106 1,478 50,500 SH   SOLE   50,500 0 0
PERSPECTA INC COM 715347100 2 85 SH   SOLE   85 0 0
PFIZER INC COM 717081103 21,444 486,600 SH   SOLE   351,000 0 135,600
PHILIP MORRIS INTL INC COM 718172109 12,533 153,700 SH   SOLE   68,800 0 84,900
PORTLAND GEN ELEC CO COM NEW 736508847 13,469 295,314 SH   SOLE   137,214 0 158,100
PUBLIC SVC ENTERPRISE GROUP COM 744573106 1,119 21,200 SH   SOLE   21,200 0 0
QURATE RETAIL INC COM SER A 74915M100 20,034 902,032 SH   SOLE   641,232 0 260,800
REGIONS FINL CORP NEW COM 7591EP100 8,854 482,500 SH   SOLE   329,700 0 152,800
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 24,694 362,408 SH   SOLE   309,862 0 52,546
SCIENCE APPLICATNS INTL CP N COM 808625107 18,993 235,651 SH   SOLE   106,214 0 129,437
SEACOR HOLDINGS INC COM 811904101 470 9,517 SH   SOLE   9,517 0 0
SEMPRA ENERGY COM 816851109 1,046 9,200 SH   SOLE   9,200 0 0
SOUTH ST CORP COM 840441109 11,032 134,534 SH   SOLE   42,234 0 92,300
SUNTRUST BKS INC COM 867914103 19,990 299,300 SH   SOLE   211,000 0 88,300
SUPERIOR ENERGY SVCS INC COM 868157108 10,621 1,090,422 SH   SOLE   658,520 0 431,902
TENET HEALTHCARE CORP COM NEW 88033G407 9,626 338,225 SH   SOLE   149,678 0 188,547
TETRA TECHNOLOGIES INC DEL COM 88162F105 7,085 1,570,950 SH   SOLE   813,357 0 757,593
TUPPERWARE BRANDS CORP COM 899896104 34,937 1,044,447 SH   SOLE   603,356 0 441,091
TYSON FOODS INC CL A 902494103 10,092 169,535 SH   SOLE   125,135 0 44,400
UFP TECHNOLOGIES INC COM 902673102 3,612 98,296 SH   SOLE   40,203 0 58,093
VERIZON COMMUNICATIONS INC COM 92343V104 598 11,200 SH   SOLE   0 0 11,200
VIRTUS INVT PARTNERS INC COM 92828Q109 30,084 264,471 SH   SOLE   113,998 0 150,473
VOYA FINL INC COM 929089100 7,947 159,999 SH   SOLE   120,899 0 39,100
WALMART INC COM 931142103 20,360 216,800 SH   SOLE   144,400 0 72,400
WESCO AIRCRAFT HLDGS INC COM 950814103 6,212 552,160 SH   SOLE   273,528 0 278,632