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 2,162 83,200 SH   SOLE   83,200 0 0
Wells Fargo & Company FPP 7.5 PFD 949746804 1,769 1,375 SH   SOLE   1,375 0 0
A-Mark Precious Metals Inc COM 00181T107 1,042 80,000 SH   SOLE   80,000 0 0
Abbott Laboratories COM 002824100 110 1,500 SH   SOLE   1,500 0 0
AbbVie Inc COM 00287Y109 142 1,500 SH   SOLE   1,500 0 0
Actuant Corp Cl A COM 00508X203 10,282 368,515 SH   SOLE   368,515 0 0
Actuant Corp Cl A COM 00508X203 1,803 64,625 SH   DFND   0 0 64,625
Acuity Brands Inc COM 00508Y102 8,567 54,497 SH   SOLE   54,497 0 0
ALJ Regional Holdings Inc COM 001627108 1,303 761,829 SH   SOLE   761,829 0 0
Alleghany Corp COM 017175100 11,836 18,139 SH   SOLE   18,139 0 0
American Vanguard Corp COM 030371108 15,731 873,964 SH   SOLE   873,964 0 0
American Vanguard Corp COM 030371108 1,575 87,483 SH   DFND   0 0 87,483
Avid Technology Inc COM 05367P100 33,488 5,647,156 SH   SOLE   5,647,156 0 0
Avid Technology Inc COM 05367P100 3,752 632,665 SH   DFND   0 0 632,665
Axalta Coating Systems Ltd COM g0750c108 11,121 381,367 SH   SOLE   381,367 0 0
Belmond Ltd COM G1154H107 18,362 1,006,149 SH   SOLE   1,006,149 0 0
Belmond Ltd COM G1154H107 2,555 140,000 SH   DFND   0 0 140,000
Big 5 Sporting Goods Corp COM 08915P101 1,020 200,000 SH   SOLE   200,000 0 0
Capital One Financial Corp COM 14040H105 19 200 SH   SOLE   200 0 0
Capital Senior Living Corp COM 140475104 22,997 2,436,087 SH   SOLE   2,436,087 0 0
Capital Senior Living Corp COM 140475104 2,153 228,100 SH   DFND   0 0 228,100
Capital Southwest Corp COM 140501107 323 17,000 SH   SOLE   17,000 0 0
Carbon Energy Corporation COM 14110Q100 2,770 267,330 SH   SOLE   267,330 0 0
Carrols Restaurant Group Inc COM 14574X104 12,139 831,455 SH   SOLE   831,455 0 0
Carrols Restaurant Group Inc COM 14574X104 1,428 97,808 SH   DFND   0 0 97,808
Catchmark Timber Trust Inc COM 14912y202 27 2,400 SH   SOLE   2,400 0 0
CenturyLink Inc COM 156700106 10,680 503,788 SH   SOLE   503,788 0 0
Cherokee Inc COM 16444H102 1,676 2,264,307 SH   SOLE   2,501,274 0 0
Cherokee Inc COM 16444H102 198 268,050 SH   DFND   0 0 268,050
Chevron Corp COM 166764100 122 1,000 SH   SOLE   1,000 0 0
Clean Harbors Inc COM 184496107 1,426 19,919 SH   SOLE   19,919 0 0
Colfax Corp COM 194014106 20,988 582,039 SH   SOLE   582,039 0 0
Colfax Corp COM 194014106 2,072 57,455 SH   DFND   0 0 57,455
Compass Minerals International COM 20451n101 23,038 342,830 SH   SOLE   342,830 0 0
Compass Minerals International COM 20451n101 3,360 50,000 SH   DFND   0 0 50,000
Computer Task Group Inc COM 205477102 887 170,000 SH   SOLE   170,000 0 0
CSW Industrials Inc COM 126402106 16,087 299,580 SH   SOLE   299,580 0 0
CSW Industrials Inc COM 126402106 2,120 39,470 SH   DFND   0 0 39,470
DLH Holdings Corp COM 23335q100 1,177 204,363 SH   SOLE   204,363 0 0
DowDuPont Inc COM 26078j100 4,392 68,300 SH   SOLE   68,300 0 0
Dundee Corp CL A COM 264901109 1,509 1,134,860 SH   SOLE   1,134,860 0 0
Dundee Corp CL A COM 264901109 586 440,300 SH   DFND   0 0 440,300
E.W. Scripps Company COM 811054402 47,374 2,871,139 SH   SOLE   2,871,139 0 0
E.W. Scripps Company COM 811054402 4,046 245,200 SH   DFND   0 0 245,200
Equity Commonwealth COM 294628102 9,884 308,000 SH   SOLE   308,000 0 0
Equity Commonwealth COM 294628102 1,925 60,000 SH   DFND   0 0 60,000
Esterline Technologies Corp COM 297425100 11,888 130,705 SH   SOLE   130,705 0 0
Esterline Technologies Corp COM 297425100 1,614 17,742 SH   DFND   0 0 17,742
EVINE Live Inc COM 300487105 5,520 4,799,973 SH   SOLE   4,799,973 0 0
EVINE Live Inc COM 300487105 854 742,511 SH   DFND   0 0 742,511
FMC Corp COM 302491303 7,187 82,443 SH   SOLE   82,443 0 0
FRMO Corp COM 30262f205 591 75,134 SH   SOLE   75,134 0 0
FRP Holdings Inc COM 30292l107 1,242 20,000 SH   SOLE   20,000 0 0
General Electric Company COM 369604103 6,033 534,400 SH   SOLE   534,400 0 0
Global Indemnity Limited COM G3933F105 1,261 33,459 SH   SOLE   33,459 0 0
GP Strategies Corp COM 36225V104 26,511 1,573,338 SH   SOLE   1,573,338 0 0
GP Strategies Corp COM 36225V104 3,031 179,909 SH   DFND   0 0 179,909
Great Elm Capital Group Inc COM 39036P209 3,362 1,034,502 SH   SOLE   1,034,502 0 0
Great Elm Capital Group Inc COM 39036P209 1,592 489,999 SH   DFND   0 0 489,999
GSE Systems Inc COM 36227K106 1,033 287,046 SH   SOLE   287,046 0 0
GTT Communications Inc COM 362393100 31,619 728,537 SH   SOLE   728,537 0 0
GTT Communications Inc COM 362393100 3,068 70,700 SH   DFND   0 0 70,700
Hallador Energy Company COM 40609P105 1,244 200,000 SH   SOLE   200,000 0 0
Hallmark Financial Services In COM 40624Q203 16,419 1,492,608 SH   SOLE   1,492,608 0 0
Hallmark Financial Services In COM 40624Q203 2,058 187,105 SH   DFND   0 0 187,105
Henry Schein Inc COM 806407102 10,637 125,102 SH   SOLE   125,102 0 0
Heritage-Crystal Clean Inc COM 42726M106 24,924 1,167,400 SH   SOLE   1,167,400 0 0
Heritage-Crystal Clean Inc COM 42726M106 2,557 119,785 SH   DFND   0 0 119,785
Inspired Entertainment Inc COM 45782n108 383 62,780 SH   SOLE   62,780 0 0
INTL FCStone Inc COM 46116V105 22,374 463,030 SH   SOLE   463,030 0 0
INTL FCStone Inc COM 46116V105 2,992 61,912 SH   DFND   0 0 61,912
Issuer Direct Corporation COM 46520m204 1,831 119,700 SH   SOLE   119,700 0 0
Ituran Location and Control Lt COM m6158m104 1,281 37,226 SH   SOLE   37,226 0 0
Jefferies Financial Group Inc COM 47233W109 9,644 439,146 SH   SOLE   439,146 0 0
JG Boswell Company COM 101205102 651 1,000 SH   SOLE   1,000 0 0
Johnson Controls International COM G51502105 4,038 115,360 SH   SOLE   115,360 0 0
JPMorgan Chase & Company COM 46625H100 8,757 77,606 SH   SOLE   77,606 0 0
Liberty Formula One A COM 531229870 1,271 35,730 SH   SOLE   35,730 0 0
Liberty Global Plc A COM g5480u104 8,025 277,390 SH   SOLE   277,390 0 0
Liberty Latin America CL A COM G9001E102 4,663 223,740 SH   SOLE   223,740 0 0
Liberty Latin America CL A COM G9001E102 834 40,000 SH   DFND   0 0 40,000
Liberty Latin America CL C COM G9001E128 23 1,123 SH   SOLE   1,123 0 0
Liberty SiriusXM Group - A COM 531229409 10,991 253,008 SH   SOLE   253,008 0 0
LSI Industries Inc COM 50216C108 1,610 350,000 SH   SOLE   350,000 0 0
Macquarie Infrastructure Corp COM 55608B105 18,322 397,180 SH   SOLE   397,180 0 0
Macquarie Infrastructure Corp COM 55608B105 2,237 48,500 SH   DFND   0 0 48,500
MAM Software Group Inc COM 55277Q201 7,079 919,335 SH   SOLE   919,335 0 0
Mattel Inc COM 577081102 4,457 283,900 SH   SOLE   283,900 0 0
Millicom International Cellula COM l6388f110 38,367 671,107 SH   SOLE   671,107 0 0
Millicom International Cellula COM l6388f110 3,311 57,915 SH   DFND   0 0 57,915
MSC Industrial Direct Co Inc COM 553530106 1,091 12,387 SH   SOLE   12,387 0 0
Northern Technologies Internat COM 665809109 1,388 40,000 SH   SOLE   40,000 0 0
NOW Inc COM 67011p100 18,427 1,113,385 SH   SOLE   1,113,385 0 0
NOW Inc COM 67011p100 2,241 135,400 SH   DFND   0 0 135,400
Oppenheimer Holdings CL A COM 683797104 1,264 40,000 SH   SOLE   40,000 0 0
Outfront Media Inc COM 69007J106 138 6,900 SH   SOLE   6,900 0 0
Pandora Media Inc COM 698354107 19,178 2,016,635 SH   SOLE   2,016,635 0 0
Pandora Media Inc COM 698354107 1,939 203,900 SH   DFND   0 0 203,900
Par Pacific Holdings Inc COM 69888T207 1,289 63,200 SH   SOLE   63,200 0 0
Patriot Transportation Holding COM 70338w105 652 33,882 SH   SOLE   33,882 0 0
Patterson Companies Inc COM 703395103 15,842 647,937 SH   SOLE   647,937 0 0
Patterson Companies Inc COM 703395103 2,445 100,000 SH   DFND   0 0 100,000
Qurate Retail Inc COM 74915M100 10,179 458,287 SH   SOLE   458,287 0 0
Reading International Inc COM 755408101 1,580 100,000 SH   SOLE   100,000 0 0
Seacor Holdings Inc COM 811904101 988 20,000 SH   SOLE   20,000 0 0
SEACOR Marine Holdings Inc COM 78413P101 1,152 50,900 SH   SOLE   50,900 0 0
SIFCO Industries Inc COM 826546103 984 194,814 SH   SOLE   194,814 0 0
Smart & Final Stores Inc COM 83190b101 11,153 1,956,682 SH   SOLE   1,956,682 0 0
Smart & Final Stores Inc COM 83190b101 991 173,800 SH   DFND   0 0 173,800
Southern Natl Bancorp Of VA In COM 843395104 1,134 70,000 SH   SOLE   70,000 0 0
Spectrum Brands Holdings Inc COM 84790a105 15,477 207,133 SH   SOLE   207,133 0 0
Spectrum Brands Holdings Inc COM 84790a105 2,615 35,000 SH   DFND   0 0 35,000
Star Group L.P. COM 85512C105 2,438 249,550 SH   SOLE   249,550 0 0
State Street Corp COM 857477103 126 1,500 SH   SOLE   1,500 0 0
TE Connectivity Ltd COM H84989104 4,015 45,666 SH   SOLE   45,666 0 0
TEGNA Inc COM 87901j105 41,129 3,438,849 SH   SOLE   3,438,849 0 0
TEGNA Inc COM 87901j105 3,947 330,000 SH   DFND   0 0 330,000
The Bank of New York Mellon Co COM 064058100 7,986 156,615 SH   SOLE   156,615 0 0
The Monarch Cement Company COM 609031307 1,316 17,900 SH   SOLE   17,900 0 0
Transcat Inc COM 893529107 1,599 70,000 SH   SOLE   70,000 0 0
Tupperware Brands Corp COM 899896104 24,304 726,584 SH   SOLE   726,584 0 0
Tupperware Brands Corp COM 899896104 3,161 94,500 SH   DFND   0 0 94,500
UFP Technologies Inc COM 902673102 23,424 637,382 SH   SOLE   637,382 0 0
UFP Technologies Inc COM 902673102 2,778 75,600 SH   DFND   0 0 75,600
United States Lime & Mineral I COM 911922102 1,231 15,592 SH   SOLE   15,592 0 0
Viacom Inc New CL B COM 92553P201 6,732 199,413 SH   SOLE   199,413 0 0
ViaSat Inc COM 92552V100 48,375 756,452 SH   SOLE   756,452 0 0
ViaSat Inc COM 92552V100 4,796 75,000 SH   DFND   0 0 75,000
Wesco Aircraft Holdings Inc COM 950814103 16,664 1,481,215 SH   SOLE   1,481,215 0 0
Wesco Aircraft Holdings Inc COM 950814103 1,526 135,636 SH   DFND   0 0 135,636
White Mountains Insurance Grou COM G9618E107 78 83 SH   SOLE   83 0 0
Williams-Sonoma Inc COM 969904101 1,033 15,723 SH   SOLE   15,723 0 0
WPX Energy Inc COM 98212b103 8 375 SH   SOLE   375 0 0