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

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OMB Number:3235-0006
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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AGNC Investment Corp 7PFD00123q5002,13782,200SH SOLE 82,20000
Wells Fargo & Company FPP 7.5PFD9497468041,8501,355SH SOLE 1,35500
A-Mark Precious Metals IncCOM00181T10763448,600SH SOLE 48,60000
Abbott LaboratoriesCOM0028241001261,500SH SOLE 1,50000
AbbVie IncCOM00287y1091091,500SH SOLE 1,50000
Actuant Corp Cl ACOM00508x20310,510423,615SH SOLE 423,61500
Actuant Corp Cl ACOM00508x2034,912198,000SH DFND 00198,000
Acuity Brands IncCOM00508y1027,75056,198SH SOLE 56,19800
ALJ Regional Holdings IncCOM001627108848546,800SH SOLE 546,80000
Alleghany CorpCOM01717510011,16316,390SH SOLE 16,39000
American Vanguard CorpCOM0303711089,630624,905SH SOLE 624,90500
American Vanguard CorpCOM0303711084,536294,356SH DFND 00294,356
Apex Global Brands IncCOM03755M1021,4013,456,371SH SOLE 3,456,37100
Apex Global Brands IncCOM03755M102151367,786SH DFND 00367,786
Avid Technology IncCOM05367p10019,2732,113,298SH SOLE 2,113,29800
Avid Technology IncCOM05367p1006,926759,379SH DFND 00759,379
Axalta Coating Systems LtdCOMg0750c10813,469452,427SH SOLE 452,42700
Big 5 Sporting Goods CorpCOM08915P101585300,000SH SOLE 300,00000
Capital Senior Living CorpCOM14047510412,1392,413,351SH SOLE 2,413,35100
Capital Senior Living CorpCOM1404751045,3871,071,000SH DFND 001,071,000
Carbon Energy CorporationCOM14110q1002,005267,330SH SOLE 267,33000
Carrols Restaurant Group IncCOM14574x1046,362704,577SH SOLE 704,57700
Carrols Restaurant Group IncCOM14574x1042,525279,655SH DFND 00279,655
CenturyLink IncCOM1567001069,444803,077SH SOLE 803,07700
CenturyLink IncCOM1567001062,700229,600SH DFND 00229,600
Chevron CorpCOM1667641001241,000SH SOLE 1,00000
Clean Harbors IncCOM1844961071,18416,655SH SOLE 16,65500
Colfax CorpCOM19401410626,989962,870SH SOLE 962,87000
Colfax CorpCOM1940141069,760348,200SH DFND 00348,200
Compass Minerals InternationalCOM20451n10129,286532,966SH SOLE 532,96600
Compass Minerals InternationalCOM20451n1019,100165,600SH DFND 00165,600
Computer Task Group IncCOM205477102401100,000SH SOLE 100,00000
Contango ORE IncCOM21077f10018210,427SH SOLE 10,42700
Corteva IncCOM22052l1042658,963SH SOLE 8,96300
CSS Industries IncCOM12590610729360,000SH SOLE 60,00000
CSW Industrials IncCOM12640210611,044162,054SH SOLE 162,05400
CSW Industrials IncCOM1264021065,65082,900SH DFND 0082,900
DLH Holdings CorpCOM23335q100765150,497SH SOLE 150,49700
Dow IncCOM2605571032,33247,290SH SOLE 47,29000
DuPont de Nemours IncCOM26614n1023,55047,290SH SOLE 47,29000
E.W. Scripps CompanyCOM81105440211,811772,447SH SOLE 772,44700
E.W. Scripps CompanyCOM8110544024,663305,000SH DFND 00305,000
Equity CommonwealthCOM2946281029,458290,840SH SOLE 290,84000
Equity CommonwealthCOM2946281025,109157,100SH DFND 00157,100
Evoqua Water Technologies CorpCOM30057t10599770,000SH SOLE 70,00000
FMC CorpCOM3024913036,58979,433SH SOLE 79,43300
FRMO CorpCOM30262f20557373,400SH SOLE 73,40000
FRP Holdings IncCOM30292l10755810,000SH SOLE 10,00000
General Electric CompanyCOM3696041033,880369,500SH SOLE 369,50000
Global Indemnity LimitedCOMG3933F10561920,000SH SOLE 20,00000
GP Strategies CorpCOM36225v10422,1541,469,106SH SOLE 1,469,10600
GP Strategies CorpCOM36225v1049,973661,335SH DFND 00661,335
Great Elm Capital CorpCOM39032010910812,357SH SOLE 12,35700
Great Elm Capital Group IncCOM39036p2094,5591,060,268SH SOLE 1,060,26800
Great Elm Capital Group IncCOM39036p2092,255524,511SH DFND 00524,511
GSE Systems IncCOM36227K106330141,200SH SOLE 141,20000
GTT Communications IncCOM3623931006,779385,175SH SOLE 385,17500
GTT Communications IncCOM3623931003,252184,752SH DFND 00184,752
Hallador Energy CompanyCOM40609P1051,140202,500SH SOLE 202,50000
Hallmark Financial Services IncCOM40624q20315,8691,115,153SH SOLE 1,115,15300
Hallmark Financial Services IncCOM40624q2036,432452,034SH DFND 00452,034
Henry Schein IncCOM8064071029,156130,989SH SOLE 130,98900
Heritage-Crystal Clean IncCOM42726m10620,083763,308SH SOLE 763,30800
Heritage-Crystal Clean IncCOM42726m1066,857260,638SH DFND 00260,638
Inspired Entertainment IncCOM45782n10867580,000SH SOLE 80,00000
INTL FCStone IncCOM46116v10514,385363,361SH SOLE 363,36100
INTL FCStone IncCOM46116v1056,757170,677SH DFND 00170,677
Issuer Direct CorporationCOM46520m2041,320117,888SH SOLE 117,88800
Ituran Location and Control LtdCOMm6158m1041,65555,000SH SOLE 55,00000
Jefferies Financial Group IncCOM47233w1094,131214,800SH SOLE 214,80000
JPMorgan Chase & CompanyCOM46625h1007,76369,434SH SOLE 69,43400
Liberty Formula One ACOM53122987025700SH SOLE 70000
Liberty Global Plc ACOMg5480u1044,334160,565SH SOLE 160,56500
Liberty SiriusXM Group - ACOM53122940911,542305,257SH SOLE 305,25700
LSI Industries IncCOM50216C1081,095300,000SH SOLE 300,00000
Macquarie Infrastructure CorpCOM55608b10512,408306,080SH SOLE 306,08000
Macquarie Infrastructure CorpCOM55608b1055,351132,000SH DFND 00132,000
MAM Software Group IncCOM55277q20110,5431,038,710SH SOLE 1,038,71000
Mattel IncCOM5770811023,846343,100SH SOLE 343,10000
Millicom International CellularCOMl6388f11036,015646,581SH SOLE 646,58100
Millicom International CellularCOMl6388f11010,453187,674SH DFND 00187,674
MSC Industrial Direct Co IncCOM5535301061,13515,279SH SOLE 15,27900
Mueller Water Products Inc ACOM6247581085,141523,526SH SOLE 523,52600
Mueller Water Products Inc ACOM6247581082,063210,055SH DFND 00210,055
Northern Technologies InternationalCOM6658091091,01941,667SH SOLE 41,66700
NOW IncCOM67011p10010,150687,685SH SOLE 687,68500
NOW IncCOM67011p1004,890331,300SH DFND 00331,300
Par Pacific Holdings IncCOM69888T20782140,000SH SOLE 40,00000
Patriot Transportation HoldingCOM70338w10557533,882SH SOLE 33,88200
Patterson Companies IncCOM70339510311,813515,837SH SOLE 515,83700
Patterson Companies IncCOM7033951035,750251,100SH DFND 00251,100
Phibro Animal Health Corp ACOM71742q1065,057159,184SH SOLE 159,18400
Phibro Animal Health Corp ACOM71742q1061,99162,672SH DFND 0062,672
Qurate Retail IncCOM74915m1006,054488,634SH SOLE 488,63400
Reading International IncCOM75540810164950,000SH SOLE 50,00000
Seacor Holdings IncCOM81190410159412,500SH SOLE 12,50000
SEACOR Marine Holdings IncCOM78413P10195063,533SH SOLE 63,53300
SIFCO Industries IncCOM826546103699242,000SH SOLE 242,00000
Sirius XM Holdings IncCOM82968b1031,358243,424SH SOLE 243,42400
Southern Natl Bancorp Of VA IncCOM84339510476550,000SH SOLE 50,00000
Spectrum Brands Holdings IncCOM84790a10516,421305,392SH SOLE 305,39200
Spectrum Brands Holdings IncCOM84790a1056,566122,121SH DFND 00122,121
Standex International CorpCOM8542311074,55662,293SH SOLE 62,29300
Standex International CorpCOM8542311074,25758,200SH DFND 0058,200
Star Group L.P.COM85512c1052,296229,800SH SOLE 229,80000
Tapestry IncCOM8760301071,09334,453SH SOLE 34,45300
TE Connectivity LtdCOMh849891043,64538,060SH SOLE 38,06000
TEGNA IncCOM87901j10514,033926,299SH SOLE 926,29900
TEGNA IncCOM87901j1054,581302,400SH DFND 00302,400
The Bank of New York Mellon CoCOM0640581004,760107,815SH SOLE 107,81500
The Monarch Cement CompanyCOM6090313071,60626,282SH SOLE 26,28200
Transcat IncCOM8935291071,02440,000SH SOLE 40,00000
Tupperware Brands CorpCOM8998961045,986314,559SH SOLE 314,55900
Tupperware Brands CorpCOM8998961042,933154,100SH DFND 00154,100
UFP Technologies IncCOM90267310218,081434,527SH SOLE 434,52700
UFP Technologies IncCOM9026731027,794187,300SH DFND 00187,300
United States Lime & MineralCOM9119221021,24715,592SH SOLE 15,59200
Verso CorpCOM92531l20747625,000SH SOLE 25,00000
Viacom Inc New CL BCOM92553p2016,815228,172SH SOLE 228,17200
ViaSat IncCOM92552v10028,456352,089SH SOLE 352,08900
ViaSat IncCOM92552v1008,696107,600SH DFND 00107,600
Wesco Aircraft Holdings IncCOM95081410320,4081,838,572SH SOLE 1,838,57200
Wesco Aircraft Holdings IncCOM9508141035,965537,353SH DFND 00537,353
Westwood Holdings Group IncCOM96176510470420,000SH SOLE 20,00000
White Mountains Insurance GroupCOMg9618e1078583SH SOLE 8300
Williams-Sonoma IncCOM9699041011,19418,376SH SOLE 18,37600
Wright Investors Service HoldingCOM9823451002766,387SH SOLE 66,38700
Yelp IncCOM98581710512,154355,600SH SOLE 355,60000
Yelp IncCOM9858171054,774139,664SH DFND 00139,664