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 12,726 1,383,291 SH   SOLE   1,049,767 0 333,524
ALLERGAN PLC SHS G0177J108 4,001 24,000 SH   SOLE   17,400 0 6,600
ARRIS INTL INC SHS G0551A103 15,245 623,636 SH   SOLE   355,801 0 267,835
BRIGHTSPHERE INVESTMNT GRP P SHS G1644T109 10,527 738,240 SH   SOLE   350,555 0 387,685
ENSCO PLC SHS CLASS A G3157S106 21,292 2,932,744 SH   SOLE   2,007,403 0 925,341
GOLAR LNG LTD BERMUDA SHS G9456A100 25,577 868,195 SH   SOLE   460,846 0 407,349
XL GROUP LTD COM G98294104 8,197 146,506 SH   SOLE   90,906 0 55,600
TE CONNECTIVITY LTD REG SHS H84989104 4,521 50,195 SH   SOLE   38,695 0 11,500
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 29,738 1,923,569 SH   SOLE   1,580,471 0 343,098
HOEGH LNG PARTNERS LP COM UNIT LTD Y3262R100 16,724 931,715 SH   SOLE   508,093 0 423,622
TEEKAY TANKERS LTD CL A Y8565N102 17,580 15,025,394 SH   SOLE   9,468,618 0 5,556,776
AT&T INC COM 00206R102 4,254 132,488 SH   SOLE   92,541 0 39,947
ABBVIE INC COM 00287Y109 1,319 14,237 SH   SOLE   6,700 0 7,537
ALLY FINL INC COM 02005N100 6,787 258,338 SH   SOLE   190,273 0 68,065
AMERICAN ELEC PWR INC COM 025537101 582 8,400 SH   SOLE   400 0 8,000
AMERICAN INTL GROUP INC COM NEW 026874784 6,110 115,231 SH   SOLE   81,400 0 33,831
ARCONIC INC COM 03965L100 11,822 694,984 SH   SOLE   521,484 0 173,500
ASTRAZENECA PLC SPONSORED ADR 046353108 966 27,500 SH   SOLE   13,500 0 14,000
ATLANTIC CAP BANCSHARES INC COM 048269203 10,357 527,096 SH   SOLE   255,501 0 271,595
BP PLC SPONSORED ADR 055622104 22,068 483,307 SH   SOLE   382,407 0 100,900
BANK AMER CORP COM 060505104 29,485 1,045,953 SH   SOLE   760,200 0 285,753
BRIGHTHOUSE FINL INC COM 10922N103 12,247 305,644 SH   SOLE   193,239 0 112,405
C & F FINL CORP COM 12466Q104 1,341 21,438 SH   SOLE   12,459 0 8,979
CNO FINL GROUP INC COM 12621E103 42,457 2,229,866 SH   SOLE   1,365,886 0 863,980
CA INC COM 12673P105 23,802 667,662 SH   SOLE   493,807 0 173,855
CAPSTAR FINL HLDGS INC COM 14070T102 2,645 142,716 SH   SOLE   72,104 0 70,612
CARPENTER TECHNOLOGY CORP COM 144285103 15,692 298,495 SH   SOLE   161,202 0 137,293
CATCHMARK TIMBER TR INC CL A 14912Y202 8,028 630,623 SH   SOLE   335,779 0 294,844
CHESAPEAKE ENERGY CORP COM 165167107 26,272 5,013,813 SH   SOLE   3,893,063 0 1,120,750
CISCO SYS INC COM 17275R102 460 10,700 SH   SOLE   9,700 0 1,000
CITIGROUP INC COM NEW 172967424 33,255 496,935 SH   SOLE   361,180 0 135,755
COCA COLA CO COM 191216100 368 8,400 SH   SOLE   4,700 0 3,700
COMTECH TELECOMMUNICATIONS C COM NEW 205826209 67,178 2,107,216 SH   SOLE   1,029,262 0 1,077,954
CONAGRA BRANDS INC COM 205887102 8,886 248,700 SH   SOLE   174,000 0 74,700
CONMED CORP COM 207410101 10,380 141,804 SH   SOLE   66,618 0 75,186
CONOCOPHILLIPS COM 20825C104 3,126 44,900 SH   SOLE   33,100 0 11,800
DXC TECHNOLOGY CO COM 23355L106 234 2,898 SH   SOLE   171 0 2,727
DEVON ENERGY CORP NEW COM 25179M103 1,187 27,000 SH   SOLE   27,000 0 0
ENOVA INTL INC COM 29357K103 23,456 641,751 SH   SOLE   315,005 0 326,746
ENTERGY CORP NEW COM 29364G103 16,928 209,528 SH   SOLE   167,028 0 42,500
EVERGY INC COM 30034W106 16,055 285,923 SH   SOLE   157,810 0 128,113
EXELON CORP COM 30161N101 29,156 684,412 SH   SOLE   527,312 0 157,100
EZCORP INC CL A NON VTG 302301106 14,241 1,181,804 SH   SOLE   578,602 0 603,202
FEDEX CORP COM 31428X106 18,710 82,400 SH   SOLE   62,300 0 20,100
FIRST BANCORP N C COM 318910106 8,253 201,736 SH   SOLE   83,587 0 118,149
FIRST CTZNS BANCSHARES INC N CL A 31946M103 32,544 80,694 SH   SOLE   38,913 0 41,781
FIRST HORIZON NATL CORP COM 320517105 38,133 2,137,528 SH   SOLE   1,036,060 0 1,101,468
FIRSTENERGY CORP COM 337932107 1,135 31,618 SH   SOLE   31,618 0 0
FLUOR CORP NEW COM 343412102 3,943 80,825 SH   SOLE   58,033 0 22,792
FLOWSERVE CORP COM 34354P105 525 13,000 SH   SOLE   600 0 12,400
GOLDMAN SACHS GROUP INC COM 38141G104 4,456 20,200 SH   SOLE   13,800 0 6,400
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 20,625 1,301,248 SH   SOLE   682,046 0 619,202
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 24,836 609,176 SH   SOLE   288,370 0 320,806
HP INC COM 40434L105 4,277 188,500 SH   SOLE   140,300 0 48,200
HARSCO CORP COM 415864107 6,410 290,038 SH   SOLE   129,547 0 160,491
HEWLETT PACKARD ENTERPRISE C COM 42824C109 6,136 420,000 SH   SOLE   305,400 0 114,600
HIGHPOINT RES CORP COM 43114K108 21,738 3,575,389 SH   SOLE   2,147,442 0 1,427,947
HOME DEPOT INC COM 437076102 15,023 77,000 SH   SOLE   57,700 0 19,300
INNOSPEC INC COM 45768S105 46,452 606,820 SH   SOLE   330,020 0 276,800
JPMORGAN CHASE & CO COM 46625H100 28,748 275,890 SH   SOLE   202,100 0 73,790
KBR INC COM 48242W106 101,232 5,649,083 SH   SOLE   3,733,271 0 1,915,812
KAISER ALUMINUM CORP COM PAR $0.01 483007704 18,270 175,484 SH   SOLE   91,455 0 84,029
KAPSTONE PAPER & PACKAGING C COM 48562P103 15,089 437,365 SH   SOLE   262,782 0 174,583
LAMB WESTON HLDGS INC COM 513272104 1,219 17,795 SH   SOLE   7,566 0 10,229
LENNAR CORP CL B 526057302 10,652 249,529 SH   SOLE   194,209 0 55,320
LILLY ELI & CO COM 532457108 28,485 333,822 SH   SOLE   241,400 0 92,422
LYON WILLIAM HOMES CL A NEW 552074700 15,954 687,668 SH   SOLE   319,593 0 368,075
MASTERCARD INCORPORATED CL A 57636Q104 11,015 56,050 SH   SOLE   37,350 0 18,700
MERCK & CO INC COM 58933Y105 22,919 377,583 SH   SOLE   273,700 0 103,883
MICROSOFT CORP COM 594918104 39,254 398,073 SH   SOLE   289,100 0 108,973
MILLER INDS INC TENN COM NEW 600551204 6,608 258,611 SH   SOLE   121,361 0 137,250
NATIONAL FUEL GAS CO N J COM 636180101 985 18,600 SH   SOLE   18,600 0 0
NELNET INC CL A 64031N108 7,027 120,310 SH   SOLE   54,564 0 65,746
NEXTERA ENERGY INC COM 65339F101 1,637 9,800 SH   SOLE   6,500 0 3,300
NORTHROP GRUMMAN CORP COM 666807102 35,062 113,948 SH   SOLE   84,400 0 29,548
OCEANEERING INTL INC COM 675232102 496 19,500 SH   SOLE   19,500 0 0
ORACLE CORP COM 68389X105 17,232 391,100 SH   SOLE   263,500 0 127,600
PPL CORP COM 69351T106 1,442 50,500 SH   SOLE   50,500 0 0
PERSPECTA INC COM 715347100 30 1,448 SH   SOLE   85 0 1,363
PFIZER INC COM 717081103 21,260 586,000 SH   SOLE   429,400 0 156,600
PHILIP MORRIS INTL INC COM 718172109 15,268 189,100 SH   SOLE   106,200 0 82,900
PORTLAND GEN ELEC CO COM NEW 736508847 13,534 316,514 SH   SOLE   158,414 0 158,100
PUBLIC SVC ENTERPRISE GROUP COM 744573106 1,240 22,900 SH   SOLE   22,900 0 0
REGIONS FINL CORP NEW COM 7591EP100 8,597 483,500 SH   SOLE   360,600 0 122,900
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 23,442 338,608 SH   SOLE   302,762 0 35,846
SCIENCE APPLICATNS INTL CP N COM 808625107 20,164 249,149 SH   SOLE   113,212 0 135,937
SEACOR HOLDINGS INC COM 811904101 545 9,517 SH   SOLE   9,517 0 0
SEMPRA ENERGY COM 816851109 1,242 10,700 SH   SOLE   10,700 0 0
SOUTH ST CORP COM 840441109 11,604 134,534 SH   SOLE   42,234 0 92,300
SUNTRUST BKS INC COM 867914103 19,859 300,800 SH   SOLE   228,100 0 72,700
SUPERIOR ENERGY SVCS INC COM 868157108 9,777 1,003,822 SH   SOLE   622,320 0 381,502
TENET HEALTHCARE CORP COM NEW 88033G407 10,206 304,025 SH   SOLE   149,478 0 154,547
TETRA TECHNOLOGIES INC DEL COM 88162F105 8,965 2,014,531 SH   SOLE   1,168,064 0 846,467
TUPPERWARE BRANDS CORP COM 899896104 40,750 988,124 SH   SOLE   612,533 0 375,591
TYSON FOODS INC CL A 902494103 11,672 169,535 SH   SOLE   132,335 0 37,200
UFP TECHNOLOGIES INC COM 902673102 3,335 108,117 SH   SOLE   50,024 0 58,093
VERIZON COMMUNICATIONS INC COM 92343V104 584 11,600 SH   SOLE   400 0 11,200
VIRTUS INVT PARTNERS INC COM 92828Q109 38,935 304,295 SH   SOLE   144,912 0 159,383
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 1,265 52,025 SH   SOLE   39,926 0 12,099
VOYA FINL INC COM 929089100 7,543 160,499 SH   SOLE   129,499 0 31,000
WALMART INC COM 931142103 18,303 213,700 SH   SOLE   153,900 0 59,800
WELLS FARGO CO NEW COM 949746101 9,641 173,900 SH   SOLE   124,700 0 49,200
WESCO AIRCRAFT HLDGS INC COM 950814103 6,738 598,960 SH   SOLE   322,828 0 276,132