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 PFD 00123q500 2,137 82,200 SH   SOLE   82,200 0 0
Wells Fargo & Company FPP 7.5 PFD 949746804 1,850 1,355 SH   SOLE   1,355 0 0
A-Mark Precious Metals Inc COM 00181T107 634 48,600 SH   SOLE   48,600 0 0
Abbott Laboratories COM 002824100 126 1,500 SH   SOLE   1,500 0 0
AbbVie Inc COM 00287y109 109 1,500 SH   SOLE   1,500 0 0
Actuant Corp Cl A COM 00508x203 10,510 423,615 SH   SOLE   423,615 0 0
Actuant Corp Cl A COM 00508x203 4,912 198,000 SH   DFND   0 0 198,000
Acuity Brands Inc COM 00508y102 7,750 56,198 SH   SOLE   56,198 0 0
ALJ Regional Holdings Inc COM 001627108 848 546,800 SH   SOLE   546,800 0 0
Alleghany Corp COM 017175100 11,163 16,390 SH   SOLE   16,390 0 0
American Vanguard Corp COM 030371108 9,630 624,905 SH   SOLE   624,905 0 0
American Vanguard Corp COM 030371108 4,536 294,356 SH   DFND   0 0 294,356
Apex Global Brands Inc COM 03755M102 1,401 3,456,371 SH   SOLE   3,456,371 0 0
Apex Global Brands Inc COM 03755M102 151 367,786 SH   DFND   0 0 367,786
Avid Technology Inc COM 05367p100 19,273 2,113,298 SH   SOLE   2,113,298 0 0
Avid Technology Inc COM 05367p100 6,926 759,379 SH   DFND   0 0 759,379
Axalta Coating Systems Ltd COM g0750c108 13,469 452,427 SH   SOLE   452,427 0 0
Big 5 Sporting Goods Corp COM 08915P101 585 300,000 SH   SOLE   300,000 0 0
Capital Senior Living Corp COM 140475104 12,139 2,413,351 SH   SOLE   2,413,351 0 0
Capital Senior Living Corp COM 140475104 5,387 1,071,000 SH   DFND   0 0 1,071,000
Carbon Energy Corporation COM 14110q100 2,005 267,330 SH   SOLE   267,330 0 0
Carrols Restaurant Group Inc COM 14574x104 6,362 704,577 SH   SOLE   704,577 0 0
Carrols Restaurant Group Inc COM 14574x104 2,525 279,655 SH   DFND   0 0 279,655
CenturyLink Inc COM 156700106 9,444 803,077 SH   SOLE   803,077 0 0
CenturyLink Inc COM 156700106 2,700 229,600 SH   DFND   0 0 229,600
Chevron Corp COM 166764100 124 1,000 SH   SOLE   1,000 0 0
Clean Harbors Inc COM 184496107 1,184 16,655 SH   SOLE   16,655 0 0
Colfax Corp COM 194014106 26,989 962,870 SH   SOLE   962,870 0 0
Colfax Corp COM 194014106 9,760 348,200 SH   DFND   0 0 348,200
Compass Minerals International COM 20451n101 29,286 532,966 SH   SOLE   532,966 0 0
Compass Minerals International COM 20451n101 9,100 165,600 SH   DFND   0 0 165,600
Computer Task Group Inc COM 205477102 401 100,000 SH   SOLE   100,000 0 0
Contango ORE Inc COM 21077f100 182 10,427 SH   SOLE   10,427 0 0
Corteva Inc COM 22052l104 265 8,963 SH   SOLE   8,963 0 0
CSS Industries Inc COM 125906107 293 60,000 SH   SOLE   60,000 0 0
CSW Industrials Inc COM 126402106 11,044 162,054 SH   SOLE   162,054 0 0
CSW Industrials Inc COM 126402106 5,650 82,900 SH   DFND   0 0 82,900
DLH Holdings Corp COM 23335q100 765 150,497 SH   SOLE   150,497 0 0
Dow Inc COM 260557103 2,332 47,290 SH   SOLE   47,290 0 0
DuPont de Nemours Inc COM 26614n102 3,550 47,290 SH   SOLE   47,290 0 0
E.W. Scripps Company COM 811054402 11,811 772,447 SH   SOLE   772,447 0 0
E.W. Scripps Company COM 811054402 4,663 305,000 SH   DFND   0 0 305,000
Equity Commonwealth COM 294628102 9,458 290,840 SH   SOLE   290,840 0 0
Equity Commonwealth COM 294628102 5,109 157,100 SH   DFND   0 0 157,100
Evoqua Water Technologies Corp COM 30057t105 997 70,000 SH   SOLE   70,000 0 0
FMC Corp COM 302491303 6,589 79,433 SH   SOLE   79,433 0 0
FRMO Corp COM 30262f205 573 73,400 SH   SOLE   73,400 0 0
FRP Holdings Inc COM 30292l107 558 10,000 SH   SOLE   10,000 0 0
General Electric Company COM 369604103 3,880 369,500 SH   SOLE   369,500 0 0
Global Indemnity Limited COM G3933F105 619 20,000 SH   SOLE   20,000 0 0
GP Strategies Corp COM 36225v104 22,154 1,469,106 SH   SOLE   1,469,106 0 0
GP Strategies Corp COM 36225v104 9,973 661,335 SH   DFND   0 0 661,335
Great Elm Capital Corp COM 390320109 108 12,357 SH   SOLE   12,357 0 0
Great Elm Capital Group Inc COM 39036p209 4,559 1,060,268 SH   SOLE   1,060,268 0 0
Great Elm Capital Group Inc COM 39036p209 2,255 524,511 SH   DFND   0 0 524,511
GSE Systems Inc COM 36227K106 330 141,200 SH   SOLE   141,200 0 0
GTT Communications Inc COM 362393100 6,779 385,175 SH   SOLE   385,175 0 0
GTT Communications Inc COM 362393100 3,252 184,752 SH   DFND   0 0 184,752
Hallador Energy Company COM 40609P105 1,140 202,500 SH   SOLE   202,500 0 0
Hallmark Financial Services Inc COM 40624q203 15,869 1,115,153 SH   SOLE   1,115,153 0 0
Hallmark Financial Services Inc COM 40624q203 6,432 452,034 SH   DFND   0 0 452,034
Henry Schein Inc COM 806407102 9,156 130,989 SH   SOLE   130,989 0 0
Heritage-Crystal Clean Inc COM 42726m106 20,083 763,308 SH   SOLE   763,308 0 0
Heritage-Crystal Clean Inc COM 42726m106 6,857 260,638 SH   DFND   0 0 260,638
Inspired Entertainment Inc COM 45782n108 675 80,000 SH   SOLE   80,000 0 0
INTL FCStone Inc COM 46116v105 14,385 363,361 SH   SOLE   363,361 0 0
INTL FCStone Inc COM 46116v105 6,757 170,677 SH   DFND   0 0 170,677
Issuer Direct Corporation COM 46520m204 1,320 117,888 SH   SOLE   117,888 0 0
Ituran Location and Control Ltd COM m6158m104 1,655 55,000 SH   SOLE   55,000 0 0
Jefferies Financial Group Inc COM 47233w109 4,131 214,800 SH   SOLE   214,800 0 0
JPMorgan Chase & Company COM 46625h100 7,763 69,434 SH   SOLE   69,434 0 0
Liberty Formula One A COM 531229870 25 700 SH   SOLE   700 0 0
Liberty Global Plc A COM g5480u104 4,334 160,565 SH   SOLE   160,565 0 0
Liberty SiriusXM Group - A COM 531229409 11,542 305,257 SH   SOLE   305,257 0 0
LSI Industries Inc COM 50216C108 1,095 300,000 SH   SOLE   300,000 0 0
Macquarie Infrastructure Corp COM 55608b105 12,408 306,080 SH   SOLE   306,080 0 0
Macquarie Infrastructure Corp COM 55608b105 5,351 132,000 SH   DFND   0 0 132,000
MAM Software Group Inc COM 55277q201 10,543 1,038,710 SH   SOLE   1,038,710 0 0
Mattel Inc COM 577081102 3,846 343,100 SH   SOLE   343,100 0 0
Millicom International Cellular COM l6388f110 36,015 646,581 SH   SOLE   646,581 0 0
Millicom International Cellular COM l6388f110 10,453 187,674 SH   DFND   0 0 187,674
MSC Industrial Direct Co Inc COM 553530106 1,135 15,279 SH   SOLE   15,279 0 0
Mueller Water Products Inc A COM 624758108 5,141 523,526 SH   SOLE   523,526 0 0
Mueller Water Products Inc A COM 624758108 2,063 210,055 SH   DFND   0 0 210,055
Northern Technologies International COM 665809109 1,019 41,667 SH   SOLE   41,667 0 0
NOW Inc COM 67011p100 10,150 687,685 SH   SOLE   687,685 0 0
NOW Inc COM 67011p100 4,890 331,300 SH   DFND   0 0 331,300
Par Pacific Holdings Inc COM 69888T207 821 40,000 SH   SOLE   40,000 0 0
Patriot Transportation Holding COM 70338w105 575 33,882 SH   SOLE   33,882 0 0
Patterson Companies Inc COM 703395103 11,813 515,837 SH   SOLE   515,837 0 0
Patterson Companies Inc COM 703395103 5,750 251,100 SH   DFND   0 0 251,100
Phibro Animal Health Corp A COM 71742q106 5,057 159,184 SH   SOLE   159,184 0 0
Phibro Animal Health Corp A COM 71742q106 1,991 62,672 SH   DFND   0 0 62,672
Qurate Retail Inc COM 74915m100 6,054 488,634 SH   SOLE   488,634 0 0
Reading International Inc COM 755408101 649 50,000 SH   SOLE   50,000 0 0
Seacor Holdings Inc COM 811904101 594 12,500 SH   SOLE   12,500 0 0
SEACOR Marine Holdings Inc COM 78413P101 950 63,533 SH   SOLE   63,533 0 0
SIFCO Industries Inc COM 826546103 699 242,000 SH   SOLE   242,000 0 0
Sirius XM Holdings Inc COM 82968b103 1,358 243,424 SH   SOLE   243,424 0 0
Southern Natl Bancorp Of VA Inc COM 843395104 765 50,000 SH   SOLE   50,000 0 0
Spectrum Brands Holdings Inc COM 84790a105 16,421 305,392 SH   SOLE   305,392 0 0
Spectrum Brands Holdings Inc COM 84790a105 6,566 122,121 SH   DFND   0 0 122,121
Standex International Corp COM 854231107 4,556 62,293 SH   SOLE   62,293 0 0
Standex International Corp COM 854231107 4,257 58,200 SH   DFND   0 0 58,200
Star Group L.P. COM 85512c105 2,296 229,800 SH   SOLE   229,800 0 0
Tapestry Inc COM 876030107 1,093 34,453 SH   SOLE   34,453 0 0
TE Connectivity Ltd COM h84989104 3,645 38,060 SH   SOLE   38,060 0 0
TEGNA Inc COM 87901j105 14,033 926,299 SH   SOLE   926,299 0 0
TEGNA Inc COM 87901j105 4,581 302,400 SH   DFND   0 0 302,400
The Bank of New York Mellon Co COM 064058100 4,760 107,815 SH   SOLE   107,815 0 0
The Monarch Cement Company COM 609031307 1,606 26,282 SH   SOLE   26,282 0 0
Transcat Inc COM 893529107 1,024 40,000 SH   SOLE   40,000 0 0
Tupperware Brands Corp COM 899896104 5,986 314,559 SH   SOLE   314,559 0 0
Tupperware Brands Corp COM 899896104 2,933 154,100 SH   DFND   0 0 154,100
UFP Technologies Inc COM 902673102 18,081 434,527 SH   SOLE   434,527 0 0
UFP Technologies Inc COM 902673102 7,794 187,300 SH   DFND   0 0 187,300
United States Lime & Mineral COM 911922102 1,247 15,592 SH   SOLE   15,592 0 0
Verso Corp COM 92531l207 476 25,000 SH   SOLE   25,000 0 0
Viacom Inc New CL B COM 92553p201 6,815 228,172 SH   SOLE   228,172 0 0
ViaSat Inc COM 92552v100 28,456 352,089 SH   SOLE   352,089 0 0
ViaSat Inc COM 92552v100 8,696 107,600 SH   DFND   0 0 107,600
Wesco Aircraft Holdings Inc COM 950814103 20,408 1,838,572 SH   SOLE   1,838,572 0 0
Wesco Aircraft Holdings Inc COM 950814103 5,965 537,353 SH   DFND   0 0 537,353
Westwood Holdings Group Inc COM 961765104 704 20,000 SH   SOLE   20,000 0 0
White Mountains Insurance Group COM g9618e107 85 83 SH   SOLE   83 0 0
Williams-Sonoma Inc COM 969904101 1,194 18,376 SH   SOLE   18,376 0 0
Wright Investors Service Holding COM 982345100 27 66,387 SH   SOLE   66,387 0 0
Yelp Inc COM 985817105 12,154 355,600 SH   SOLE   355,600 0 0
Yelp Inc COM 985817105 4,774 139,664 SH   DFND   0 0 139,664