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 2,163 83,200 SH   SOLE   83,200 0 0
Wells Fargo & Company FPP 7.5 PFD 949746804 1,731 1,375 SH   SOLE   1,375 0 0
A-Mark Precious Metals Inc COM 00181T107 1,062 80,000 SH   SOLE   80,000 0 0
Abbott Laboratories COM 002824100 91 1,500 SH   SOLE   1,500 0 0
AbbVie Inc COM 00287Y109 139 1,500 SH   SOLE   1,500 0 0
Actuant Corp Cl A COM 00508X203 10,889 371,020 SH   SOLE   371,020 0 0
Actuant Corp Cl A COM 00508X203 1,549 52,785 SH   DFND   0 0 52,785
Acuity Brands Inc COM 00508Y102 6,709 57,904 SH   SOLE   57,904 0 0
ALJ Regional Holdings Inc COM 001627108 1,447 761,829 SH   SOLE   761,829 0 0
Alleghany Corp COM 017175100 10,766 18,724 SH   SOLE   18,724 0 0
American Vanguard Corp COM 030371108 19,630 855,351 SH   SOLE   855,351 0 0
American Vanguard Corp COM 030371108 1,886 82,183 SH   DFND   0 0 82,183
Avid Technology Inc COM 05367P100 29,577 5,687,926 SH   SOLE   5,687,926 0 0
Avid Technology Inc COM 05367P100 3,290 632,665 SH   DFND   0 0 632,665
Axalta Coating Systems Ltd COM g0750c108 10,894 359,429 SH   SOLE   359,429 0 0
Belmond Ltd COM G1154H107 11,837 1,061,624 SH   SOLE   1,061,624 0 0
Belmond Ltd COM G1154H107 1,719 154,144 SH   DFND   0 0 154,144
Big 5 Sporting Goods Corp COM 08915P101 1,520 200,000 SH   SOLE   200,000 0 0
Capital One Financial Corp COM 14040H105 18 200 SH   SOLE   200 0 0
Capital Senior Living Corp COM 140475104 21,156 1,982,790 SH   SOLE   1,982,790 0 0
Capital Senior Living Corp COM 140475104 2,434 228,100 SH   DFND   0 0 228,100
Capital Southwest Corp COM 140501107 308 17,000 SH   SOLE   17,000 0 0
Carbon Energy Corporation COM 14110Q100 3,208 267,330 SH   SOLE   267,330 0 0
Carrols Restaurant Group Inc COM 14574X104 16,474 1,109,385 SH   SOLE   1,109,385 0 0
Carrols Restaurant Group Inc COM 14574X104 1,920 129,308 SH   DFND   0 0 129,308
Catchmark Timber Trust Inc COM 14912y202 31 2,400 SH   SOLE   2,400 0 0
CenturyLink Inc COM 156700106 9,968 534,788 SH   SOLE   534,788 0 0
Cherokee Inc COM 16444H102 1,373 2,501,274 SH   SOLE   2,501,274 0 0
Cherokee Inc COM 16444H102 149 268,050 SH   DFND   0 0 268,050
Chevron Corp COM 166764100 126 1,000 SH   SOLE   1,000 0 0
Clean Harbors Inc COM 184496107 993 17,875 SH   SOLE   17,875 0 0
Colfax Corp COM 194014106 18,074 589,688 SH   SOLE   589,688 0 0
Colfax Corp COM 194014106 1,761 57,455 SH   DFND   0 0 57,455
Compass Minerals International COM 20451n101 19,628 298,530 SH   SOLE   298,530 0 0
Compass Minerals International COM 20451n101 1,972 30,000 SH   DFND   0 0 30,000
Computer Task Group Inc COM 205477102 604 77,993 SH   SOLE   77,993 0 0
CSW Industrials Inc COM 126402106 15,975 302,280 SH   SOLE   302,280 0 0
CSW Industrials Inc COM 126402106 2,097 39,670 SH   DFND   0 0 39,670
DLH Holdings Corp COM 23335q100 1,120 204,363 SH   SOLE   204,363 0 0
DowDuPont Inc COM 26078j100 1,945 29,500 SH   SOLE   29,500 0 0
Dundee Corp CL A COM 264901109 2,898 2,364,365 SH   SOLE   2,364,365 0 0
Dundee Corp CL A COM 264901109 540 440,300 SH   DFND   0 0 440,300
E.W. Scripps Company COM 811054402 49,671 3,709,531 SH   SOLE   3,709,531 0 0
E.W. Scripps Company COM 811054402 4,230 315,900 SH   DFND   0 0 315,900
Equity Commonwealth COM 294628102 13,377 424,675 SH   SOLE   424,675 0 0
Equity Commonwealth COM 294628102 1,732 55,000 SH   DFND   0 0 55,000
Esterline Technologies Corp COM 297425100 13,683 185,405 SH   SOLE   185,405 0 0
Esterline Technologies Corp COM 297425100 1,978 26,800 SH   DFND   0 0 26,800
EVINE Live Inc COM 300487105 6,107 4,964,883 SH   SOLE   4,964,883 0 0
EVINE Live Inc COM 300487105 1,078 876,380 SH   DFND   0 0 876,380
FMC Corp COM 302491303 7,411 83,073 SH   SOLE   83,073 0 0
FRMO Corp COM 30262f205 571 75,134 SH   SOLE   75,134 0 0
FRP Holdings Inc COM 30292l107 1,295 20,000 SH   SOLE   20,000 0 0
General Electric Company COM 369604103 9,414 691,700 SH   SOLE   691,700 0 0
Gentex Corp COM 371901109 737 32,006 SH   SOLE   32,006 0 0
Gentherm Inc COM 37253a103 845 21,493 SH   SOLE   21,493 0 0
Global Indemnity Limited COM G3933F105 1,304 33,459 SH   SOLE   33,459 0 0
GP Strategies Corp COM 36225V104 25,397 1,442,991 SH   SOLE   1,442,991 0 0
GP Strategies Corp COM 36225V104 3,003 170,646 SH   DFND   0 0 170,646
Great Elm Capital Group Inc COM 39036P209 5,337 1,482,484 SH   SOLE   1,482,484 0 0
Great Elm Capital Group Inc COM 39036P209 1,764 489,999 SH   DFND   0 0 489,999
GSE Systems Inc COM 36227K106 933 287,046 SH   SOLE   287,046 0 0
GTT Communications Inc COM 362393100 20,691 459,806 SH   SOLE   459,806 0 0
GTT Communications Inc COM 362393100 1,687 37,500 SH   DFND   0 0 37,500
Hallador Energy Company COM 40609P105 1,300 182,114 SH   SOLE   182,114 0 0
Hallmark Financial Services In COM 40624Q203 15,014 1,504,428 SH   SOLE   1,504,428 0 0
Hallmark Financial Services In COM 40624Q203 1,867 187,105 SH   DFND   0 0 187,105
Henry Schein Inc COM 806407102 8,596 118,331 SH   SOLE   118,331 0 0
Heritage-Crystal Clean Inc COM 42726M106 24,040 1,196,031 SH   SOLE   1,196,031 0 0
Heritage-Crystal Clean Inc COM 42726M106 2,408 119,785 SH   DFND   0 0 119,785
HRG Group Inc COM 40434j100 16,048 1,225,975 SH   SOLE   1,225,975 0 0
HRG Group Inc COM 40434j100 2,156 164,700 SH   DFND   0 0 164,700
INTL FCStone Inc COM 46116V105 24,163 467,285 SH   SOLE   467,285 0 0
INTL FCStone Inc COM 46116V105 3,201 61,912 SH   DFND   0 0 61,912
Issuer Direct Corporation COM 46520m204 1,427 71,735 SH   SOLE   71,735 0 0
Ituran Location and Control Lt COM m6158m104 1,130 37,226 SH   SOLE   37,226 0 0
Jefferies Financial Group Inc COM 47233W109 10,044 441,681 SH   SOLE   441,681 0 0
JG Boswell Company COM 101205102 672 1,000 SH   SOLE   1,000 0 0
Johnson Controls International COM G51502105 4,093 122,360 SH   SOLE   122,360 0 0
JPMorgan Chase & Company COM 46625H100 8,643 82,951 SH   SOLE   82,951 0 0
Liberty Formula One A COM 531229870 1,162 32,915 SH   SOLE   32,915 0 0
Liberty Global Plc A COM g5480u104 8,052 292,390 SH   SOLE   292,390 0 0
Liberty Latin America CL A COM G9001E102 5,568 291,191 SH   SOLE   291,191 0 0
Liberty Latin America CL A COM G9001E102 1,025 53,618 SH   DFND   0 0 53,618
Liberty Latin America CL C COM G9001E128 22 1,123 SH   SOLE   1,123 0 0
Liberty SiriusXM Group - A COM 531229409 10,993 244,019 SH   SOLE   244,019 0 0
LSI Industries Inc COM 50216C108 1,869 350,000 SH   SOLE   350,000 0 0
Macquarie Infrastructure Corp COM 55608B105 17,732 420,180 SH   SOLE   420,180 0 0
Macquarie Infrastructure Corp COM 55608B105 2,047 48,500 SH   DFND   0 0 48,500
MAM Software Group Inc COM 55277Q201 6,944 805,537 SH   SOLE   805,537 0 0
Mattel Inc COM 577081102 4,974 302,900 SH   SOLE   302,900 0 0
Millicom International Cellula COM l6388f110 39,057 664,806 SH   SOLE   664,806 0 0
Millicom International Cellula COM l6388f110 3,403 57,915 SH   DFND   0 0 57,915
MSC Industrial Direct Co Inc COM 553530106 688 8,114 SH   SOLE   8,114 0 0
Northern Technologies Internat COM 665809109 1,790 50,000 SH   SOLE   50,000 0 0
NOW Inc COM 67011p100 20,732 1,555,285 SH   SOLE   1,555,285 0 0
NOW Inc COM 67011p100 2,435 182,700 SH   DFND   0 0 182,700
Oppenheimer Holdings CL A COM 683797104 1,120 40,000 SH   SOLE   40,000 0 0
Outfront Media Inc COM 69007J106 134 6,900 SH   SOLE   6,900 0 0
Pandora Media Inc COM 698354107 20,112 2,552,285 SH   SOLE   2,552,285 0 0
Pandora Media Inc COM 698354107 1,895 240,500 SH   DFND   0 0 240,500
Par Pacific Holdings Inc COM 69888T207 1,098 63,200 SH   SOLE   63,200 0 0
Patriot Transportation Holding COM 70338w105 712 33,882 SH   SOLE   33,882 0 0
Patterson Companies Inc COM 703395103 14,139 623,690 SH   SOLE   623,690 0 0
Patterson Companies Inc COM 703395103 1,997 88,100 SH   DFND   0 0 88,100
Qurate Retail Inc COM 74915M100 8,557 403,258 SH   SOLE   403,258 0 0
Reading International Inc COM 755408101 1,595 100,000 SH   SOLE   100,000 0 0
Seacor Holdings Inc COM 811904101 1,145 20,000 SH   SOLE   20,000 0 0
SEACOR Marine Holdings Inc COM 78413P101 1,175 50,900 SH   SOLE   50,900 0 0
ServiceMaster Global Holdings COM 81761R109 3 50 SH   SOLE   50 0 0
SIFCO Industries Inc COM 826546103 1,022 192,841 SH   SOLE   192,841 0 0
Simulations Plus Inc COM 829214105 1,557 70,000 SH   SOLE   70,000 0 0
Smart & Final Stores Inc COM 83190b101 5,115 921,682 SH   SOLE   921,682 0 0
Smart & Final Stores Inc COM 83190b101 142 25,500 SH   DFND   0 0 25,500
Southern Natl Bancorp Of VA In COM 843395104 1,249 70,000 SH   SOLE   70,000 0 0
Spectrum Brands Holdings Inc COM 84790a105 994 12,179 SH   SOLE   12,179 0 0
Star Group L.P. COM 85512C105 2,311 235,850 SH   SOLE   235,850 0 0
State Street Corp COM 857477103 140 1,500 SH   SOLE   1,500 0 0
TE Connectivity Ltd COM H84989104 4,257 47,266 SH   SOLE   47,266 0 0
TEGNA Inc COM 87901j105 33,641 3,100,523 SH   SOLE   3,100,523 0 0
TEGNA Inc COM 87901j105 3,452 318,152 SH   DFND   0 0 318,152
The Bank of New York Mellon Co COM 064058100 8,851 164,115 SH   SOLE   164,115 0 0
The Monarch Cement Company COM 609031307 1,157 15,449 SH   SOLE   15,449 0 0
Transcat Inc COM 893529107 1,909 101,000 SH   SOLE   101,000 0 0
Tupperware Brands Corp COM 899896104 19,690 477,461 SH   SOLE   477,461 0 0
Tupperware Brands Corp COM 899896104 3,608 87,500 SH   DFND   0 0 87,500
UFP Technologies Inc COM 902673102 19,604 635,472 SH   SOLE   635,472 0 0
UFP Technologies Inc COM 902673102 2,332 75,600 SH   DFND   0 0 75,600
United States Lime & Mineral I COM 911922102 1,308 15,592 SH   SOLE   15,592 0 0
Viacom Inc New CL B COM 92553P201 5,554 184,151 SH   SOLE   184,151 0 0
ViaSat Inc COM 92552V100 45,866 697,905 SH   SOLE   697,905 0 0
ViaSat Inc COM 92552V100 3,891 59,200 SH   DFND   0 0 59,200
Wesco Aircraft Holdings Inc COM 950814103 26,786 2,380,958 SH   SOLE   2,380,958 0 0
Wesco Aircraft Holdings Inc COM 950814103 2,559 227,436 SH   DFND   0 0 227,436
White Mountains Insurance Grou COM G9618E107 75 83 SH   SOLE   83 0 0
Williams-Sonoma Inc COM 969904101 840 13,688 SH   SOLE   13,688 0 0
WPX Energy Inc COM 98212b103 7 375 SH   SOLE   375 0 0