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 6.125 PFD 00123q872 885 40,000 SH   SOLE   40,000 0 0
AGNC Investment Corp 7 PFD 00123q500 420 17,600 SH   SOLE   17,600 0 0
Wells Fargo & Company FPP 7.5 PFD 949746804 388 289 SH   SOLE   289 0 0
Abbott Laboratories COM 002824100 163 1,500 SH   SOLE   1,500 0 0
AbbVie Inc COM 00287y109 131 1,500 SH   SOLE   1,500 0 0
Acuity Brands Inc COM 00508y102 9,240 90,281 SH   SOLE   90,281 0 0
Acuity Brands Inc COM 00508y102 3,910 38,200 SH   DFND   0 0 38,200
Alleghany Corporation COM 017175100 5,399 10,373 SH   SOLE   10,373 0 0
Alleghany Corporation COM 017175100 2,706 5,200 SH   DFND   0 0 5,200
Apex Global Brands Inc COM 03755m300 517 84,972 SH   SOLE   84,972 0 0
Apex Global Brands Inc COM 03755m300 76 12,256 SH   DFND   0 0 12,256
Avanos Medical Inc COM 05350v106 9,198 276,889 SH   SOLE   276,889 0 0
Avanos Medical Inc COM 05350v106 4,113 123,800 SH   DFND   0 0 123,800
Avid Technology Inc COM 05367p100 8,726 1,019,446 SH   SOLE   1,019,446 0 0
Avid Technology Inc COM 05367p100 4,917 574,429 SH   DFND   0 0 574,429
Axalta Coating Systems Ltd COM g0750c108 3,464 156,246 SH   SOLE   156,246 0 0
AZZ INC COM 002474104 8,041 235,670 SH   SOLE   235,670 0 0
AZZ INC COM 002474104 4,169 122,200 SH   DFND   0 0 122,200
Berkshire Hathaway Inc CL B COM 084670702 3,929 18,450 SH   SOLE   18,450 0 0
Capital Senior Living Corporation COM 140475104 980 1,560,179 SH   SOLE   1,560,179 0 0
Capital Senior Living Corporation COM 140475104 481 765,000 SH   DFND   0 0 765,000
Carbon Energy Corporation COM 14110q100 2 6,250 SH   SOLE   6,250 0 0
Chevron Corporation COM 166764100 72 1,000 SH   SOLE   1,000 0 0
Cinemark Holdings Inc COM 17243v102 3,172 317,220 SH   SOLE   317,220 0 0
Cinemark Holdings Inc COM 17243v102 1,377 137,700 SH   DFND   0 0 137,700
Clean Harbors Inc COM 184496107 1,723 30,751 SH   SOLE   30,751 0 0
Colfax Corporation COM 194014106 17,207 548,700 SH   SOLE   548,700 0 0
Colfax Corporation COM 194014106 7,294 232,600 SH   DFND   0 0 232,600
CommVault Systems Inc COM 204166102 9,434 231,220 SH   SOLE   231,220 0 0
CommVault Systems Inc COM 204166102 4,545 111,400 SH   DFND   0 0 111,400
Compass Minerals International COM 20451n101 24,572 414,023 SH   SOLE   414,023 0 0
Compass Minerals International COM 20451n101 11,401 192,100 SH   DFND   0 0 192,100
Contango ORE Inc COM 21077f100 128 8,000 SH   SOLE   8,000 0 0
DLH Holdings Corporation COM 23335q100 1,735 239,311 SH   SOLE   239,311 0 0
DLH Holdings Corporation COM 23335q100 1,062 146,546 SH   DFND   0 0 146,546
Ducommun Inc COM 264147109 33 1,000 SH   SOLE   1,000 0 0
E.W. Scripps Company COM 811054402 15,313 1,338,547 SH   SOLE   1,338,547 0 0
E.W. Scripps Company COM 811054402 7,435 649,900 SH   DFND   0 0 649,900
FLIR Systems Inc COM 302445101 1,399 39,030 SH   SOLE   39,030 0 0
FMC Corporation COM 302491303 4,494 42,431 SH   SOLE   42,431 0 0
FRP Holdings Inc COM 30292l107 50 1,200 SH   SOLE   1,200 0 0
GCP Applied Technologies Inc COM 36164y101 6,090 290,700 SH   SOLE   290,700 0 0
GCP Applied Technologies Inc COM 36164y101 3,230 154,200 SH   DFND   0 0 154,200
Global Indemnity Group LLC COM 37959r103 3,089 148,600 SH   SOLE   148,600 0 0
GP Strategies Corporation COM 36225v104 17,134 1,777,431 SH   SOLE   1,777,431 0 0
GP Strategies Corporation COM 36225v104 7,781 807,109 SH   DFND   0 0 807,109
Great Elm Capital Corporation COM 390320109 11 3,218 SH   SOLE   3,218 0 0
Great Elm Capital Group Inc COM 39036p209 3,123 1,323,267 SH   SOLE   1,323,267 0 0
Great Elm Capital Group Inc COM 39036p209 954 404,107 SH   DFND   0 0 404,107
Henry Schein Inc COM 806407102 5,160 87,789 SH   SOLE   87,789 0 0
Heritage-Crystal Clean Inc COM 42726m106 5,425 406,375 SH   SOLE   406,375 0 0
Heritage-Crystal Clean Inc COM 42726m106 2,564 192,040 SH   DFND   0 0 192,040
Issuer Direct Corporation COM 46520m204 54 2,700 SH   SOLE   2,700 0 0
KBR Inc COM 48242W106 6,643 297,100 SH   SOLE   297,100 0 0
KBR Inc COM 48242W106 3,844 171,900 SH   DFND   0 0 171,900
Landec Corporation COM 514766104 3,970 408,433 SH   SOLE   408,433 0 0
Landec Corporation COM 514766104 2,447 251,749 SH   DFND   0 0 251,749
Liberty SiriusXM Group - A COM 531229409 5,485 165,374 SH   SOLE   165,374 0 0
Liberty SiriusXM Group - C COM 531229607 148 4,488 SH   SOLE   4,488 0 0
Liberty TripAdvisor Holdings Inc COM 531465102 2,052 1,185,900 SH   SOLE   1,185,900 0 0
Liberty TripAdvisor Holdings Inc COM 531465102 1,204 695,900 SH   DFND   0 0 695,900
Live Nation Entertainment Inc COM 538034109 598 11,100 SH   SOLE   11,100 0 0
Lumen Technologies Inc COM 156700106 5,843 579,135 SH   SOLE   579,135 0 0
Macquarie Infrastructure Corporation COM 55608b105 19,039 708,037 SH   SOLE   708,037 0 0
Macquarie Infrastructure Corporation COM 55608b105 8,020 298,258 SH   DFND   0 0 298,258
Millicom International Cellular COM l6388f110 20,631 681,340 SH   SOLE   681,340 0 0
Millicom International Cellular COM l6388f110 8,397 277,300 SH   DFND   0 0 277,300
MSC Industrial Direct Co Inc COM 553530106 879 13,896 SH   SOLE   13,896 0 0
Mueller Water Products Inc A COM 624758108 6,087 585,817 SH   SOLE   585,817 0 0
Mueller Water Products Inc A COM 624758108 2,871 276,300 SH   DFND   0 0 276,300
Northern Technologies International COM 665809109 851 102,519 SH   SOLE   102,519 0 0
Park Aerospace Corporation COM 70014a104 16 1,500 SH   SOLE   1,500 0 0
Phibro Animal Health Corporation COM 71742q106 7,258 417,136 SH   SOLE   417,136 0 0
Phibro Animal Health Corporation COM 71742q106 3,588 206,225 SH   DFND   0 0 206,225
Philip Morris International Inc COM 718172109 610 8,140 SH   SOLE   8,140 0 0
PQ Group Holdings Inc COM 73943t103 10,768 1,049,465 SH   SOLE   1,049,465 0 0
PQ Group Holdings Inc COM 73943t103 5,422 528,461 SH   DFND   0 0 528,461
Reading International Inc COM 755408101 18 5,700 SH   SOLE   5,700 0 0
Rexnord Corporation COM 76169B102 1,008 33,785 SH   SOLE   33,785 0 0
Sensata Technologies Holding COM G8060N102 1,272 29,482 SH   SOLE   29,482 0 0
Six Flags Entertainment Corporation COM 83001a102 6,591 324,670 SH   SOLE   324,670 0 0
Six Flags Entertainment Corporation COM 83001a102 3,112 153,300 SH   DFND   0 0 153,300
Skechers U.S.A. Inc CL A COM 830566105 8,561 283,300 SH   SOLE   283,300 0 0
Skechers U.S.A. Inc CL A COM 830566105 4,300 142,300 SH   DFND   0 0 142,300
Spectrum Brands Holdings Inc COM 84790a105 5,869 102,676 SH   SOLE   102,676 0 0
Spectrum Brands Holdings Inc COM 84790a105 3,604 63,051 SH   DFND   0 0 63,051
Standex International Corporation COM 854231107 8,059 136,130 SH   SOLE   136,130 0 0
Standex International Corporation COM 854231107 4,135 69,854 SH   DFND   0 0 69,854
Star Group L.P. COM 85512c105 769 78,830 SH   SOLE   78,830 0 0
StoneX Group Inc COM 861896108 10,779 210,685 SH   SOLE   210,685 0 0
StoneX Group Inc COM 861896108 5,887 115,078 SH   DFND   0 0 115,078
Tapestry Inc COM 876030107 9,796 626,771 SH   SOLE   626,771 0 0
Tapestry Inc COM 876030107 4,359 278,900 SH   DFND   0 0 278,900
TEGNA Inc COM 87901j105 7,669 652,721 SH   SOLE   652,721 0 0
TEGNA Inc COM 87901j105 3,091 263,100 SH   DFND   0 0 263,100
The Bank of New York Mellon Co COM 064058100 1,908 55,565 SH   SOLE   55,565 0 0
The Monarch Cement Company COM 609031307 28 500 SH   SOLE   500 0 0
The Williams Companies Inc COM 969457100 221 11,270 SH   SOLE   11,270 0 0
Transcat Inc COM 893529107 5,788 197,549 SH   SOLE   197,549 0 0
Transcat Inc COM 893529107 3,445 117,568 SH   DFND   0 0 117,568
UFP Technologies Inc COM 902673102 5,794 139,875 SH   SOLE   139,875 0 0
UFP Technologies Inc COM 902673102 2,991 72,205 SH   DFND   0 0 72,205
United States Lime & Minerals COM 911922102 18 200 SH   SOLE   200 0 0
ViaSat Inc COM 92552v100 25,509 741,749 SH   SOLE   741,749 0 0
ViaSat Inc COM 92552v100 10,372 301,600 SH   DFND   0 0 301,600
Viemed Healthcare Inc COM 92663r105 3,095 358,262 SH   SOLE   358,262 0 0
Viemed Healthcare Inc COM 92663r105 1,721 199,154 SH   DFND   0 0 199,154
Wells Fargo & Company COM 949746101 2,911 123,800 SH   SOLE   123,800 0 0
White Mountains Insurance Group COM g9618e107 22 28 SH   SOLE   28 0 0
WPX Energy Inc COM 98212b103 6,881 1,404,300 SH   SOLE   1,404,300 0 0
WPX Energy Inc COM 98212b103 3,105 633,600 SH   DFND   0 0 633,600