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		<nameOfIssuer>ALLIANCEBERNSTEIN INCOME FUN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>01881E101</cusip>
		<value>306</value>
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			<Sole>38220</Sole>
			<Shared>0</Shared>
			<None>2850</None>
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		<nameOfIssuer>AMERICAN INTL GROUP INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>026874784</cusip>
		<value>16786</value>
		<shrsOrPrnAmt>
			<sshPrnamt>271532</sshPrnamt>
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		<votingAuthority>
			<Sole>256417</Sole>
			<Shared>0</Shared>
			<None>15115</None>
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		<nameOfIssuer>AMERICAN RLTY CAP PPTYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>02917T104</cusip>
		<value>12103</value>
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			<sshPrnamt>1488720</sshPrnamt>
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		<votingAuthority>
			<Sole>1404120</Sole>
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			<None>84600</None>
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		<nameOfIssuer>BAKER HUGHES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>057224107</cusip>
		<value>407</value>
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			<sshPrnamt>6600</sshPrnamt>
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			<Sole>6600</Sole>
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			<None>0</None>
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		<nameOfIssuer>BANK AMER CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>060505104</cusip>
		<value>14092</value>
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			<sshPrnamt>827958</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>781356</Sole>
			<Shared>0</Shared>
			<None>46602</None>
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	<infoTable>
		<nameOfIssuer>BANK AMER CORP</nameOfIssuer>
		<titleOfClass>*W EXP 01/16/201</titleOfClass>
		<cusip>060505146</cusip>
		<value>62</value>
		<shrsOrPrnAmt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
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			<None>0</None>
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		<nameOfIssuer>BANK AMER CORP</nameOfIssuer>
		<titleOfClass>*W EXP 10/28/201</titleOfClass>
		<cusip>060505153</cusip>
		<value>45</value>
		<shrsOrPrnAmt>
			<sshPrnamt>86500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>86500</Sole>
			<Shared>0</Shared>
			<None>0</None>
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		<nameOfIssuer>BLACKROCK RES AND COMM STRAT T</nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>09257A108</cusip>
		<value>3475</value>
		<shrsOrPrnAmt>
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			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>368753</Sole>
			<Shared>0</Shared>
			<None>12250</None>
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		<nameOfIssuer>BLOCK H AND R INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>093671105</cusip>
		<value>5983</value>
		<shrsOrPrnAmt>
			<sshPrnamt>201780</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>189900</Sole>
			<Shared>0</Shared>
			<None>11880</None>
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		<nameOfIssuer>BLUCORA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>095229100</cusip>
		<value>6234</value>
		<shrsOrPrnAmt>
			<sshPrnamt>385990</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>365940</Sole>
			<Shared>0</Shared>
			<None>20050</None>
		</votingAuthority>
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		<nameOfIssuer>BLYTH INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>09643P207</cusip>
		<value>963</value>
		<shrsOrPrnAmt>
			<sshPrnamt>126940</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>126940</Sole>
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			<None>0</None>
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		<nameOfIssuer>BP PLC</nameOfIssuer>
		<titleOfClass>SPONSORED ADR</titleOfClass>
		<cusip>055622104</cusip>
		<value>8471</value>
		<shrsOrPrnAmt>
			<sshPrnamt>211985</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>200215</Sole>
			<Shared>0</Shared>
			<None>11770</None>
		</votingAuthority>
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		<nameOfIssuer>BROOKFIELD MTG OPP INC FD IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>112792106</cusip>
		<value>175</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11050</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10450</Sole>
			<Shared>0</Shared>
			<None>600</None>
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		<nameOfIssuer>CHEMOURS CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>163851108</cusip>
		<value>3577</value>
		<shrsOrPrnAmt>
			<sshPrnamt>223590</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>216490</Sole>
			<Shared>0</Shared>
			<None>7100</None>
		</votingAuthority>
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		<nameOfIssuer>CIVEO CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>178787108</cusip>
		<value>905</value>
		<shrsOrPrnAmt>
			<sshPrnamt>294858</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>294858</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>20825C104</cusip>
		<value>216</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3510</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3510</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>CROCS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>227046109</cusip>
		<value>2237</value>
		<shrsOrPrnAmt>
			<sshPrnamt>152050</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>152050</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>DEERE AND CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>244199105</cusip>
		<value>4957</value>
		<shrsOrPrnAmt>
			<sshPrnamt>51080</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>48210</Sole>
			<Shared>0</Shared>
			<None>2870</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>EATON VANCE NATL MUN OPPORT</nameOfIssuer>
		<titleOfClass>COM SHS</titleOfClass>
		<cusip>27829L105</cusip>
		<value>455</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22550</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>22050</Sole>
			<Shared>0</Shared>
			<None>500</None>
		</votingAuthority>
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		<nameOfIssuer>ENOVA INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29357K103</cusip>
		<value>12210</value>
		<shrsOrPrnAmt>
			<sshPrnamt>653630</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>620750</Sole>
			<Shared>0</Shared>
			<None>32880</None>
		</votingAuthority>
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		<nameOfIssuer>FIRST AMERN FINL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>31847R102</cusip>
		<value>2710</value>
		<shrsOrPrnAmt>
			<sshPrnamt>72820</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>72820</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
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		<nameOfIssuer>GETTY RLTY CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>374297109</cusip>
		<value>6079</value>
		<shrsOrPrnAmt>
			<sshPrnamt>371590</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>349860</Sole>
			<Shared>0</Shared>
			<None>21730</None>
		</votingAuthority>
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		<nameOfIssuer>HARRIS CORP DEL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>413875105</cusip>
		<value>211</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2745</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2745</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
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		<nameOfIssuer>HARVARD BIOSCIENCE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>416906105</cusip>
		<value>1588</value>
		<shrsOrPrnAmt>
			<sshPrnamt>278550</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>278550</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HORNBECK OFFSHORE SVCS INC N</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>440543106</cusip>
		<value>1164</value>
		<shrsOrPrnAmt>
			<sshPrnamt>56690</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>56690</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>HOWARD HUGHES CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>44267D107</cusip>
		<value>3380</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23548</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>23548</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>IMPERIAL HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>452834104</cusip>
		<value>2990</value>
		<shrsOrPrnAmt>
			<sshPrnamt>516487</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>516487</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>KCG HLDGS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>48244B100</cusip>
		<value>428</value>
		<shrsOrPrnAmt>
			<sshPrnamt>34730</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>34730</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
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		<nameOfIssuer>LAYNE CHRISTENSEN CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>521050104</cusip>
		<value>446</value>
		<shrsOrPrnAmt>
			<sshPrnamt>49821</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>49821</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>LEIDOS HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>525327102</cusip>
		<value>7702</value>
		<shrsOrPrnAmt>
			<sshPrnamt>190781</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>180389</Sole>
			<Shared>0</Shared>
			<None>10392</None>
		</votingAuthority>
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		<nameOfIssuer>MBIA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>55262C100</cusip>
		<value>703</value>
		<shrsOrPrnAmt>
			<sshPrnamt>116899</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>116899</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>MIDWAY GOLD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>598153104</cusip>
		<value>0</value>
		<shrsOrPrnAmt>
			<sshPrnamt>60600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>60600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>MORGAN STANLEY EMER MKTS DEB</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>61744H105</cusip>
		<value>585</value>
		<shrsOrPrnAmt>
			<sshPrnamt>64950</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>63850</Sole>
			<Shared>0</Shared>
			<None>1100</None>
		</votingAuthority>
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		<nameOfIssuer>NAVIENT CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>63938C108</cusip>
		<value>10043</value>
		<shrsOrPrnAmt>
			<sshPrnamt>551490</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>520010</Sole>
			<Shared>0</Shared>
			<None>31480</None>
		</votingAuthority>
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		<nameOfIssuer>NEWMONT MINING CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>651639106</cusip>
		<value>7918</value>
		<shrsOrPrnAmt>
			<sshPrnamt>338946</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>321646</Sole>
			<Shared>0</Shared>
			<None>17300</None>
		</votingAuthority>
	</infoTable>
		<infoTable>
		<nameOfIssuer>OLD REP INTL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>680223104</cusip>
		<value>13719</value>
		<shrsOrPrnAmt>
			<sshPrnamt>877766</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>831840</Sole>
			<Shared>0</Shared>
			<None>45926</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>POST HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>737446104</cusip>
		<value>2214</value>
		<shrsOrPrnAmt>
			<sshPrnamt>41060</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>41060</Sole>
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			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>SANOFI</nameOfIssuer>
		<titleOfClass>RIGHT 12/31/2020</titleOfClass>
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		<nameOfIssuer>SCIENCE APPLICATNS INTL CP N</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
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		<nameOfIssuer>SEARS HLDGS CORP</nameOfIssuer>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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			<Sole>60260</Sole>
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			<None>2519</None>
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		<nameOfIssuer>SILVER BAY RLTY TR CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
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			<sshPrnamt>424811</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>411690</Sole>
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			<None>13121</None>
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		<nameOfIssuer>TEMPLETON RUS AND EAST EUR F</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88022F105</cusip>
		<value>585</value>
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			<sshPrnamt>58250</sshPrnamt>
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		<nameOfIssuer>TRI POINTE HOMES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87265H109</cusip>
		<value>1210</value>
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			<sshPrnamt>79070</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>79070</Sole>
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			<None>0</None>
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		<nameOfIssuer>TURKCELL ILETISIM HIZMETLERI</nameOfIssuer>
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		<value>10585</value>
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			<sshPrnamt>921250</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>871250</Sole>
			<Shared>0</Shared>
			<None>50000</None>
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		<nameOfIssuer>VECTRUS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>92242T101</cusip>
		<value>10902</value>
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			<sshPrnamt>438357</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>414487</Sole>
			<Shared>0</Shared>
			<None>23870</None>
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		<nameOfIssuer>WESTERN ASSET CLYM INFL OPP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>95766R104</cusip>
		<value>541</value>
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			<sshPrnamt>48360</sshPrnamt>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>47560</Sole>
			<Shared>0</Shared>
			<None>800</None>
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