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 PFD 00123q500 2,158 83,900 SH   SOLE   83,900 0 0
Wells Fargo & Company FPP PFD 949746804 1,867 1,425 SH   SOLE   1,425 0 0
A-Mark Precious Metals Inc COM 00181T107 1,172 80,000 SH   SOLE   80,000 0 0
Abbott Laboratories COM 002824100 86 1,500 SH   SOLE   1,500 0 0
AbbVie Inc COM 00287Y109 145 1,500 SH   SOLE   1,500 0 0
Actuant Corp Cl A COM 00508X203 12,162 480,726 SH   SOLE   480,726 0 0
Actuant Corp Cl A COM 00508X203 1,841 72,785 SH   DFND   0 0 72,785
Akamai Technologies Inc COM 00971t101 6,338 97,455 SH   SOLE   97,455 0 0
ALJ Regional Holdings Inc COM 001627108 2,458 780,300 SH   SOLE   780,300 0 0
Alleghany Corp COM 017175100 6,595 11,063 SH   SOLE   11,063 0 0
American International Group Inc COM 026874784 4,057 68,100 SH   SOLE   68,100 0 0
American Vanguard Corp COM 030371108 17,720 901,771 SH   SOLE   901,771 0 0
American Vanguard Corp COM 030371108 1,964 99,968 SH   DFND   0 0 99,968
Avid Technology Inc COM 05367P100 29,712 5,512,424 SH   SOLE   5,512,424 0 0
Avid Technology Inc COM 05367P100 3,410 632,665 SH   DFND   0 0 632,665
Belmond Ltd COM G1154H107 12,416 1,013,524 SH   SOLE   1,013,524 0 0
Belmond Ltd COM G1154H107 1,888 154,144 SH   DFND   0 0 154,144
Bravo Brio Restaurant Group Inc COM 10567B109 488 195,200 SH   SOLE   195,200 0 0
Capital One Financial Corp COM 14040H105 6,400 64,270 SH   SOLE   64,270 0 0
Capital Senior Living Corp COM 140475104 17,211 1,275,845 SH   SOLE   1,275,845 0 0
Capital Senior Living Corp COM 140475104 2,403 178,100 SH   DFND   0 0 178,100
Capital Southwest Corp COM 140501107 1,651 99,757 SH   SOLE   99,757 0 0
Carbon Natural Gas Company COM 14115T208 2,415 268,330 SH   SOLE   268,330 0 0
Carrols Restaurant Group Inc COM 14574X104 18,254 1,502,368 SH   SOLE   1,502,368 0 0
Carrols Restaurant Group Inc COM 14574X104 1,783 146,708 SH   DFND   0 0 146,708
Catchmark Timber Trust Inc COM 14912y202 521 39,700 SH   SOLE   39,700 0 0
CenturyLink Inc COM 156700106 10,760 645,082 SH   SOLE   645,082 0 0
Cherokee Inc COM 16444H102 4,305 2,265,651 SH   SOLE   2,265,651 0 0
Cherokee Inc COM 16444H102 509 268,050 SH   DFND   0 0 268,050
Cherokee Inc Restricted COM 16444H102 374 236,967 SH   SOLE   236,967 0 0
Chevron Corp COM 166764100 125 1,000 SH   SOLE   1,000 0 0
Cisco Systems Inc COM 17275R102 9,027 235,700 SH   SOLE   235,700 0 0
Clean Harbors Inc COM 184496107 223 4,114 SH   SOLE   4,114 0 0
Compass Minerals International COM 20451n101 16,809 232,655 SH   SOLE   232,655 0 0
Compass Minerals International COM 20451n101 1,974 27,325 SH   DFND   0 0 27,325
CSW Industrials Inc COM 126402106 13,960 303,805 SH   SOLE   303,805 0 0
CSW Industrials Inc COM 126402106 1,823 39,670 SH   DFND   0 0 39,670
DLH Holdings Corp COM 23335q100 1,232 200,000 SH   SOLE   200,000 0 0
Dorian LPG LTD COM y2106r110 36 4,430 SH   SOLE   4,430 0 0
Dundee Corp CL A COM 264901109 4,851 2,414,395 SH   SOLE   2,414,395 0 0
Dundee Corp CL A COM 264901109 885 440,300 SH   DFND   0 0 440,300
E.W. Scripps Company COM 811054402 45,259 2,895,630 SH   SOLE   2,895,630 0 0
E.W. Scripps Company COM 811054402 3,772 241,360 SH   DFND   0 0 241,360
Eastman Kodak Company COM 277461406 3,760 1,212,801 SH   SOLE   1,212,801 0 0
Eastman Kodak Company COM 277461406 419 135,024 SH   DFND   0 0 135,024
Equity Commonwealth COM 294628102 14,227 466,290 SH   SOLE   466,290 0 0
Equity Commonwealth COM 294628102 1,897 62,165 SH   DFND   0 0 62,165
Esterline Technologies Corp COM 297425100 13,603 182,100 SH   SOLE   182,100 0 0
Esterline Technologies Corp COM 297425100 2,002 26,800 SH   DFND   0 0 26,800
EVINE Live Inc COM 300487105 7,115 5,082,179 SH   SOLE   5,082,179 0 0
EVINE Live Inc COM 300487105 1,400 1,000,000 SH   DFND   0 0 1,000,000
FMC Corp COM 302491303 9,138 96,533 SH   SOLE   96,533 0 0
FRMO Corp COM 30262f205 909 75,134 SH   SOLE   75,134 0 0
FRP Holdings Inc COM 30292l107 1,106 25,000 SH   SOLE   25,000 0 0
General Electric Company COM 369604103 7,509 430,300 SH   SOLE   430,300 0 0
Gentex Corp COM 371901109 9 417 SH   SOLE   417 0 0
Gentherm Inc COM 37253a103 219 6,902 SH   SOLE   6,902 0 0
GP Strategies Corp COM 36225V104 31,050 1,338,376 SH   SOLE   1,338,376 0 0
GP Strategies Corp COM 36225V104 3,779 162,867 SH   DFND   0 0 162,867
Graham Corp COM 384556106 925 44,200 SH   SOLE   44,200 0 0
Great Elm Capital Group Inc COM 39036P209 6,086 1,502,784 SH   SOLE   1,502,784 0 0
Great Elm Capital Group Inc COM 39036P209 1,984 489,999 SH   DFND   0 0 489,999
GTT Communications Inc COM 362393100 36,662 780,879 SH   SOLE   780,879 0 0
GTT Communications Inc COM 362393100 3,495 74,450 SH   DFND   0 0 74,450
Hallador Energy Company COM 40609P105 1,109 182,114 SH   SOLE   182,114 0 0
Hallmark Financial Services Inc COM 40624Q203 16,209 1,554,073 SH   SOLE   1,554,073 0 0
Hallmark Financial Services Inc COM 40624Q203 1,855 177,805 SH   DFND   0 0 177,805
Halyard Health Inc COM 40650v100 14,767 319,770 SH   SOLE   319,770 0 0
Halyard Health Inc COM 40650v100 1,833 39,695 SH   DFND   0 0 39,695
Heritage-Crystal Clean Inc COM 42726M106 29,257 1,345,168 SH   SOLE   1,345,168 0 0
Heritage-Crystal Clean Inc COM 42726M106 2,928 134,638 SH   DFND   0 0 134,638
INTL FCStone Inc COM 46116V105 15,054 353,960 SH   SOLE   353,960 0 0
INTL FCStone Inc COM 46116V105 2,633 61,912 SH   DFND   0 0 61,912
Issuer Direct Corporation COM 46520m204 412 22,446 SH   SOLE   22,446 0 0
Ituran Location and Control Ltd COM m6158m104 1,273 37,226 SH   SOLE   37,226 0 0
JG Boswell Company COM 101205102 713 1,000 SH   SOLE   1,000 0 0
Johnson Controls International COM G51502105 3,691 96,860 SH   SOLE   96,860 0 0
JPMorgan Chase & Company COM 46625H100 9,939 92,941 SH   SOLE   92,941 0 0
Layne Christensen Company COM 521050104 1,112 88,600 SH   SOLE   88,600 0 0
Leisure Acquisition Corp COM 52539t206 990 100,000 SH   SOLE   100,000 0 0
Leucadia National Corp COM 527288104 12,769 482,018 SH   SOLE   482,018 0 0
Liberty Formula One A COM 531229870 650 19,865 SH   SOLE   19,865 0 0
Liberty Global Plc A COM g5480u104 11,355 316,830 SH   SOLE   316,830 0 0
Liberty Interactive Corp A COM 53071m104 10,127 414,712 SH   SOLE   414,712 0 0
Liberty Latin America CL A COM G9001E102 8,881 440,734 SH   SOLE   440,734 0 0
Liberty Latin America CL A COM G9001E102 1,882 93,400 SH   DFND   0 0 93,400
LSI Industries Inc COM 50216C108 2,408 350,000 SH   SOLE   350,000 0 0
MAM Software Group Inc COM 55277Q201 4,707 626,786 SH   SOLE   626,786 0 0
Manitex International Inc COM 563420108 1,454 151,500 SH   SOLE   151,500 0 0
Mattel Inc COM 577081102 4,839 314,600 SH   SOLE   314,600 0 0
Millicom International Cellular COM l6388f110 45,087 668,853 SH   SOLE   668,853 0 0
Millicom International Cellular COM l6388f110 3,904 57,915 SH   DFND   0 0 57,915
MSC Industrial Direct Co Inc COM 553530106 592 6,126 SH   SOLE   6,126 0 0
Newmarket Corp COM 651587107 397 1,000 SH   SOLE   1,000 0 0
Northern Technologies International Corp COM 665809109 1,545 62,424 SH   SOLE   62,424 0 0
Novanta Inc COM 67000b104 505 10,100 SH   SOLE   10,100 0 0
Oppenheimer Holdings CL A COM 683797104 1,072 40,000 SH   SOLE   40,000 0 0
Outfront Media Inc COM 69007J106 70 3,000 SH   SOLE   3,000 0 0
Par Pacific Holdings Inc COM 69888T207 1,060 55,000 SH   SOLE   55,000 0 0
Park Hotels & Resorts Inc COM 700517105 118 4,100 SH   SOLE   4,100 0 0
Patriot Transportation Holding COM 70338w105 589 33,882 SH   SOLE   33,882 0 0
Reading International Inc COM 755408101 1,670 100,000 SH   SOLE   100,000 0 0
Sally Beauty Holdings Inc COM 79546E104 16,531 881,183 SH   SOLE   881,183 0 0
Sally Beauty Holdings Inc COM 79546E104 2,439 130,000 SH   DFND   0 0 130,000
Seacor Holdings Inc COM 811904101 924 20,000 SH   SOLE   20,000 0 0
SEACOR Marine Holdings Inc COM 78413P101 1,143 97,695 SH   SOLE   97,695 0 0
SIFCO Industries Inc COM 826546103 1,103 165,859 SH   SOLE   165,859 0 0
Simulations Plus Inc COM 829214105 1,127 70,000 SH   SOLE   70,000 0 0
Sleep Number Corp COM 83125x103 4,742 126,140 SH   SOLE   126,140 0 0
Southern Natl Bancorp Of VA Inc COM 843395104 935 58,332 SH   SOLE   58,332 0 0
Star Group, L.P. COM 85512C105 1,650 153,450 SH   SOLE   153,450 0 0
State Street Corp COM 857477103 185 1,900 SH   SOLE   1,900 0 0
TE Connectivity Ltd COM H84989104 4,811 50,616 SH   SOLE   50,616 0 0
TEGNA Inc COM 87901j105 46,810 3,324,593 SH   SOLE   3,324,593 0 0
TEGNA Inc COM 87901j105 3,831 272,075 SH   DFND   0 0 272,075
The Bank of New York Mellon Corp COM 064058100 6,873 127,615 SH   SOLE   127,615 0 0
Transcat Inc COM 893529107 1,439 101,000 SH   SOLE   101,000 0 0
Tropicana Entertainment Inc COM 89708x105 1,608 28,430 SH   SOLE   28,430 0 0
Tupperware Brands Corp COM 899896104 15,573 248,381 SH   SOLE   248,381 0 0
Tupperware Brands Corp COM 899896104 1,890 30,140 SH   DFND   0 0 30,140
UFP Technologies Inc COM 902673102 14,943 537,530 SH   SOLE   537,530 0 0
UFP Technologies Inc COM 902673102 2,102 75,600 SH   DFND   0 0 75,600
USG Corp COM 903293405 20,039 519,679 SH   SOLE   519,679 0 0
USG Corp COM 903293405 1,930 50,055 SH   DFND   0 0 50,055
VeriFone Systems Inc COM 92342Y109 235 13,256 SH   SOLE   13,256 0 0
Viacom Inc New CL B COM 92553P201 4,857 157,641 SH   SOLE   157,641 0 0
ViaSat Inc COM 92552V100 53,665 716,964 SH   SOLE   716,964 0 0
ViaSat Inc COM 92552V100 3,924 52,430 SH   DFND   0 0 52,430
Vista Outdoor Inc COM 928377100 1,163 79,800 SH   SOLE   79,800 0 0
Wells Fargo & Company COM 949746101 68 1,129 SH   SOLE   1,129 0 0
Wesco Aircraft Holdings Inc COM 950814103 34,317 4,637,491 SH   SOLE   4,637,491 0 0
Wesco Aircraft Holdings Inc COM 950814103 4,247 573,936 SH   DFND   0 0 573,936
Westell Technologies Inc A COM 957541204 2,275 606,666 SH   SOLE   606,666 0 0
Westell Technologies Inc A COM 957541204 449 119,636 SH   DFND   0 0 119,636
White Mountains Insurance Group COM G9618E107 1,073 1,260 SH   SOLE   1,260 0 0
Williams-Sonoma Inc COM 969904101 223 4,321 SH   SOLE   4,321 0 0
WPX Energy Inc COM 98212b103 18,805 1,336,502 SH   SOLE   1,336,502 0 0
WPX Energy Inc COM 98212b103 2,082 147,985 SH   DFND   0 0 147,985
Zebra Technologies Corp CL A COM 989207105 410 3,950 SH   SOLE   3,950 0 0
Tesco Plc ADR 881575302 6,137 722,745 SH   SOLE   722,745 0 0
Trinity Biotech Plc ADR 896438306 469 91,900 SH   SOLE   91,900 0 0