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
AGNC Investment Corp 7 10/15/ PFD 00123q500 944 36,300 SH   SOLE   36,300 0 0
Wells Fargo & Company FPP 7.5 PFD 949746804 587 405 SH   SOLE   405 0 0
A-Mark Precious Metals Inc COM 00181T107 358 43,305 SH   SOLE   43,305 0 0
Abbott Laboratories COM 002824100 130 1,500 SH   SOLE   1,500 0 0
AbbVie Inc COM 00287y109 133 1,500 SH   SOLE   1,500 0 0
Actuant Corp Cl A COM 00508x203 8,325 319,842 SH   SOLE   319,842 0 0
Actuant Corp Cl A COM 00508x203 3,597 138,200 SH   DFND   0 0 138,200
Acuity Brands Inc COM 00508y102 8,458 61,293 SH   SOLE   61,293 0 0
ALJ Regional Holdings Inc COM 001627108 602 523,800 SH   SOLE   523,800 0 0
Alleghany Corp COM 017175100 8,802 11,008 SH   SOLE   11,008 0 0
American Vanguard Corp COM 030371108 9,157 470,313 SH   SOLE   470,313 0 0
American Vanguard Corp COM 030371108 3,769 193,562 SH   DFND   0 0 193,562
Apex Global Brands Inc COM 03755M201 880 1,141,964 SH   SOLE   1,141,964 0 0
Apex Global Brands Inc COM 03755M201 96 122,594 SH   DFND   0 0 122,594
Avanos Medical, Inc COM 05350v106 5,786 171,703 SH   SOLE   171,703 0 0
Avanos Medical, Inc COM 05350v106 2,824 83,800 SH   DFND   0 0 83,800
Avid Technology Inc COM 05367p100 13,080 1,524,423 SH   SOLE   1,524,423 0 0
Avid Technology Inc COM 05367p100 4,870 567,629 SH   DFND   0 0 567,629
Axalta Coating Systems Ltd COM g0750c108 10,068 331,173 SH   SOLE   331,173 0 0
Big 5 Sporting Goods Corp COM 08915P101 900 300,000 SH   SOLE   300,000 0 0
Capital Senior Living Corp COM 140475104 8,053 2,606,159 SH   SOLE   2,606,159 0 0
Capital Senior Living Corp COM 140475104 3,225 1,043,700 SH   DFND   0 0 1,043,700
Carbon Energy Corporation COM 14110q100 842 267,330 SH   SOLE   267,330 0 0
Carrols Restaurant Group Inc COM 14574x104 3,925 556,679 SH   SOLE   556,679 0 0
Carrols Restaurant Group Inc COM 14574x104 1,555 220,555 SH   DFND   0 0 220,555
Cars.com Inc COM 14575e105 611 50,000 SH   SOLE   50,000 0 0
CenturyLink Inc COM 156700106 8,285 627,176 SH   SOLE   627,176 0 0
CenturyLink Inc COM 156700106 1,849 140,000 SH   DFND   0 0 140,000
Chevron Corp COM 166764100 121 1,000 SH   SOLE   1,000 0 0
Clean Harbors Inc COM 184496107 1,140 13,298 SH   SOLE   13,298 0 0
Colfax Corp COM 194014106 29,318 805,870 SH   SOLE   805,870 0 0
Colfax Corp COM 194014106 9,881 271,600 SH   DFND   0 0 271,600
CommVault Systems Inc COM 204166102 12,254 274,500 SH   SOLE   274,500 0 0
CommVault Systems Inc COM 204166102 4,397 98,500 SH   DFND   0 0 98,500
Compass Minerals International COM 20451n101 38,132 625,530 SH   SOLE   625,530 0 0
Compass Minerals International COM 20451n101 11,692 191,800 SH   DFND   0 0 191,800
Contango ORE Inc COM 21077f100 161 11,133 SH   SOLE   11,133 0 0
CSW Industrials Inc COM 126402106 4,195 54,480 SH   SOLE   54,480 0 0
CSW Industrials Inc COM 126402106 1,779 23,100 SH   DFND   0 0 23,100
DLH Holdings Corp COM 23335q100 892 212,831 SH   SOLE   212,831 0 0
E.W. Scripps Company COM 811054402 29,587 1,883,309 SH   SOLE   1,883,309 0 0
E.W. Scripps Company COM 811054402 9,252 588,900 SH   DFND   0 0 588,900
Emerald Expositions Events Inc COM 29103b100 1,830 173,417 SH   SOLE   173,417 0 0
Emerald Expositions Events Inc COM 29103b100 885 83,900 SH   DFND   0 0 83,900
Equity Commonwealth COM 294628102 9,926 302,340 SH   SOLE   302,340 0 0
Equity Commonwealth COM 294628102 4,888 148,900 SH   DFND   0 0 148,900
Expedia Group Inc COM 30212p303 1,249 11,547 SH   SOLE   11,547 0 0
FMC Corp COM 302491303 6,164 61,749 SH   SOLE   61,749 0 0
FRMO Corp COM 30262f205 421 73,400 SH   SOLE   73,400 0 0
FRP Holdings Inc COM 30292l107 468 9,393 SH   SOLE   9,393 0 0
GCP Applied Technologies Inc COM 36164Y101 6,384 281,100 SH   SOLE   281,100 0 0
GCP Applied Technologies Inc COM 36164Y101 3,329 146,600 SH   DFND   0 0 146,600
General Electric Company COM 369604103 3,319 297,400 SH   SOLE   297,400 0 0
Global Indemnity Limited COM G3933F105 1,037 35,000 SH   SOLE   35,000 0 0
GP Strategies Corp COM 36225v104 23,920 1,807,975 SH   SOLE   1,807,975 0 0
GP Strategies Corp COM 36225v104 7,923 598,835 SH   DFND   0 0 598,835
Great Elm Capital Corp COM 390320109 77 9,900 SH   SOLE   9,900 0 0
Great Elm Capital Group Inc COM 39036p209 5,810 1,739,398 SH   SOLE   1,739,398 0 0
Gulf Island Fabrication Inc COM 402307102 634 125,000 SH   SOLE   125,000 0 0
Hallador Energy Company COM 40609P105 891 300,000 SH   SOLE   300,000 0 0
Hallmark Financial Services Inc COM 40624q203 13,021 741,111 SH   SOLE   741,111 0 0
Hallmark Financial Services Inc COM 40624q203 5,501 313,070 SH   DFND   0 0 313,070
Henry Schein Inc COM 806407102 7,357 110,270 SH   SOLE   110,270 0 0
Heritage-Crystal Clean Inc COM 42726m106 13,962 445,063 SH   SOLE   445,063 0 0
Heritage-Crystal Clean Inc COM 42726m106 5,472 174,438 SH   DFND   0 0 174,438
Inspired Entertainment Inc COM 45782n108 540 80,000 SH   SOLE   80,000 0 0
INTL FCStone Inc COM 46116v105 16,927 346,661 SH   SOLE   346,661 0 0
INTL FCStone Inc COM 46116v105 6,086 124,627 SH   DFND   0 0 124,627
Issuer Direct Corporation COM 46520m204 1,378 117,888 SH   SOLE   117,888 0 0
Ituran Location and Control Ltd COM m6158m104 1,759 69,994 SH   SOLE   69,994 0 0
JPMorgan Chase & Company COM 46625h100 6,050 43,402 SH   SOLE   43,402 0 0
Liberty Formula One A COM 531229870 31 700 SH   SOLE   700 0 0
Liberty Global Plc A COM g5480u104 2,196 96,565 SH   SOLE   96,565 0 0
Liberty SiriusXM Group - A COM 531229409 11,675 241,509 SH   SOLE   241,509 0 0
Liberty TripAdvisor Holdings Inc COM 531465102 11,390 1,549,600 SH   SOLE   1,549,600 0 0
Liberty TripAdvisor Holdings Inc COM 531465102 4,800 653,100 SH   DFND   0 0 653,100
LogMeIn Inc COM 54142L109 11,283 131,600 SH   SOLE   131,600 0 0
LogMeIn Inc COM 54142L109 2,898 33,800 SH   DFND   0 0 33,800
LSI Industries Inc COM 50216C108 1,253 207,186 SH   SOLE   207,186 0 0
Macquarie Infrastructure Corp COM 55608b105 17,214 401,815 SH   SOLE   401,815 0 0
Macquarie Infrastructure Corp COM 55608b105 6,263 146,200 SH   DFND   0 0 146,200
Mattel Inc COM 577081102 3,539 261,200 SH   SOLE   261,200 0 0
Millicom International Cellular COM l6388f110 32,501 673,883 SH   SOLE   673,883 0 0
Millicom International Cellular COM l6388f110 9,076 188,174 SH   DFND   0 0 188,174
MSC Industrial Direct Co Inc COM 553530106 1,259 16,046 SH   SOLE   16,046 0 0
Mueller Water Products Inc A COM 624758108 6,221 519,262 SH   SOLE   519,262 0 0
Mueller Water Products Inc A COM 624758108 2,516 210,055 SH   DFND   0 0 210,055
Northern Technologies International COM 665809109 1,992 141,667 SH   SOLE   141,667 0 0
NOW Inc COM 67011p100 7,777 691,885 SH   SOLE   691,885 0 0
NOW Inc COM 67011p100 3,512 312,500 SH   DFND   0 0 312,500
Par Pacific Holdings Inc COM 69888T207 813 35,000 SH   SOLE   35,000 0 0
Park Aerospace Corp COM 70014A104 1,302 80,000 SH   SOLE   80,000 0 0
Patriot Transportation Holding COM 70338w105 660 33,882 SH   SOLE   33,882 0 0
Patterson Companies Inc COM 703395103 11,673 569,978 SH   SOLE   569,978 0 0
Patterson Companies Inc COM 703395103 4,702 229,600 SH   DFND   0 0 229,600
Phibro Animal Health Corp A COM 71742q106 10,654 429,072 SH   SOLE   429,072 0 0
Phibro Animal Health Corp A COM 71742q106 4,127 166,225 SH   DFND   0 0 166,225
Philip Morris Intl Inc COM 718172109 927 10,900 SH   SOLE   10,900 0 0
Qurate Retail Inc COM 74915m100 12,457 1,477,722 SH   SOLE   1,477,722 0 0
Qurate Retail Inc COM 74915m100 4,733 561,400 SH   DFND   0 0 561,400
Reading International Inc COM 755408101 559 50,000 SH   SOLE   50,000 0 0
Seacor Holdings Inc COM 811904101 431 10,000 SH   SOLE   10,000 0 0
SEACOR Marine Holdings Inc COM 78413P101 876 63,533 SH   SOLE   63,533 0 0
Sensata Technologies Holding COM G8060N102 1,262 23,418 SH   SOLE   23,418 0 0
Sierra Wireless Inc COM 826516106 627 65,700 SH   SOLE   65,700 0 0
SIFCO Industries Inc COM 826546103 956 242,000 SH   SOLE   242,000 0 0
Sirius XM Holdings Inc COM 82968b103 1,312 183,520 SH   SOLE   183,520 0 0
Southern Natl Bancorp Of VA Inc COM 843395104 817 50,000 SH   SOLE   50,000 0 0
Spectrum Brands Holdings Inc COM 84790a105 9,418 146,496 SH   SOLE   146,496 0 0
Spectrum Brands Holdings Inc COM 84790a105 3,604 56,051 SH   DFND   0 0 56,051
Standex International Corp COM 854231107 8,036 101,272 SH   SOLE   101,272 0 0
Standex International Corp COM 854231107 4,269 53,800 SH   DFND   0 0 53,800
Star Group L.P. COM 85512c105 945 99,900 SH   SOLE   99,900 0 0
Tapestry Inc COM 876030107 4,927 182,679 SH   SOLE   182,679 0 0
TE Connectivity Ltd COM h84989104 3,001 31,315 SH   SOLE   31,315 0 0
TEGNA Inc COM 87901j105 12,252 734,119 SH   SOLE   734,119 0 0
TEGNA Inc COM 87901j105 3,633 217,700 SH   DFND   0 0 217,700
The Bank of New York Mellon Co COM 064058100 4,296 85,365 SH   SOLE   85,365 0 0
The Monarch Cement Company COM 609031307 1,322 21,882 SH   SOLE   21,882 0 0
Transcat Inc COM 893529107 1,115 35,000 SH   SOLE   35,000 0 0
Trinity Place Holdings Inc COM 89656d101 301 100,000 SH   SOLE   100,000 0 0
Tripadvisor Inc COM 896945201 1,340 44,100 SH   SOLE   44,100 0 0
UFP Technologies Inc COM 902673102 13,066 263,370 SH   SOLE   263,370 0 0
UFP Technologies Inc COM 902673102 5,239 105,600 SH   DFND   0 0 105,600
United States Lime & Mineral Itd COM 911922102 451 5,000 SH   SOLE   5,000 0 0
Verso Corp COM 92531l207 451 25,000 SH   SOLE   25,000 0 0
ViacomCBS Inc COM 92556h206 5,240 124,854 SH   SOLE   124,854 0 0
ViaSat Inc COM 92552v100 26,234 358,407 SH   SOLE   358,407 0 0
ViaSat Inc COM 92552v100 7,876 107,600 SH   DFND   0 0 107,600
Viemed Healthcare, Inc COM 92663r105 930 150,000 SH   SOLE   150,000 0 0
Wesco Aircraft Holdings Inc COM 950814103 3,185 288,988 SH   SOLE   288,988 0 0
White Mountains Insurance Group COM g9618e107 81 73 SH   SOLE   73 0 0
Williams-Sonoma Inc COM 969904101 1,031 14,044 SH   SOLE   14,044 0 0
Yelp Inc COM 985817105 11,724 336,600 SH   SOLE   336,600 0 0
Yelp Inc COM 985817105 4,370 125,464 SH   DFND   0 0 125,464