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
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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 2,103 83,200 SH   SOLE   83,200 0 0
Wells Fargo & Company FPP 7.5 PFD 949746804 1,734 1,375 SH   SOLE   1,375 0 0
A-Mark Precious Metals Inc COM 00181T107 943 80,000 SH   SOLE   80,000 0 0
Abbott Laboratories COM 002824100 108 1,500 SH   SOLE   1,500 0 0
AbbVie Inc COM 00287Y109 138 1,500 SH   SOLE   1,500 0 0
Actuant Corp Cl A COM 00508X203 12,776 608,665 SH   SOLE   608,665 0 0
Actuant Corp Cl A COM 00508X203 1,457 69,400 SH   DFND   0 0 69,400
Acuity Brands Inc COM 00508Y102 3,739 32,524 SH   SOLE   32,524 0 0
ALJ Regional Holdings Inc COM 001627108 998 761,829 SH   SOLE   761,829 0 0
Alleghany Corp COM 017175100 11,422 18,324 SH   SOLE   18,324 0 0
American Vanguard Corp COM 030371108 14,016 922,718 SH   SOLE   922,718 0 0
American Vanguard Corp COM 030371108 1,671 110,000 SH   DFND   0 0 110,000
Avid Technology Inc COM 05367P100 28,045 5,904,127 SH   SOLE   5,904,127 0 0
Avid Technology Inc COM 05367P100 2,731 575,000 SH   DFND   0 0 575,000
Axalta Coating Systems Ltd COM g0750c108 6,866 293,167 SH   SOLE   293,167 0 0
Belmond Ltd COM G1154H107 5,587 223,224 SH   SOLE   223,224 0 0
Big 5 Sporting Goods Corp COM 08915P101 609 235,000 SH   SOLE   235,000 0 0
Capital One Financial Corp COM 14040H105 15 200 SH   SOLE   200 0 0
Capital Senior Living Corp COM 140475104 16,336 2,402,287 SH   SOLE   2,402,287 0 0
Capital Senior Living Corp COM 140475104 1,420 208,751 SH   DFND   0 0 208,751
Capital Southwest Corp COM 140501107 323 16,800 SH   SOLE   16,800 0 0
Carbon Energy Corporation COM 14110Q100 2,473 267,330 SH   SOLE   267,330 0 0
Carrols Restaurant Group Inc COM 14574X104 8,465 860,255 SH   SOLE   860,255 0 0
Carrols Restaurant Group Inc COM 14574X104 962 97,808 SH   DFND   0 0 97,808
CenturyLink Inc COM 156700106 7,690 507,611 SH   SOLE   507,611 0 0
Cherokee Inc COM 16444H102 1,242 2,501,274 SH   SOLE   2,501,274 0 0
Cherokee Inc COM 16444H102 135 268,050 SH   DFND   0 0 268,050
Chevron Corp COM 166764100 109 1,000 SH   SOLE   1,000 0 0
Clean Harbors Inc COM 184496107 877 17,766 SH   SOLE   17,766 0 0
Colfax Corp COM 194014106 16,719 799,959 SH   SOLE   799,959 0 0
Colfax Corp COM 194014106 2,018 96,555 SH   DFND   0 0 96,555
Compass Minerals International COM 20451n101 35,527 852,180 SH   SOLE   852,180 0 0
Compass Minerals International COM 20451n101 3,193 76,600 SH   DFND   0 0 76,600
Computer Services Inc COM 20539a105 124 2,500 SH   SOLE   2,500 0 0
Computer Task Group Inc COM 205477102 694 170,000 SH   SOLE   170,000 0 0
CSS Industries Inc COM 125906107 766 85,371 SH   SOLE   85,371 0 0
CSW Industrials Inc COM 126402106 14,334 296,454 SH   SOLE   296,454 0 0
CSW Industrials Inc COM 126402106 1,396 28,870 SH   DFND   0 0 28,870
DLH Holdings Corp COM 23335q100 950 204,363 SH   SOLE   204,363 0 0
DowDuPont Inc COM 26078j100 4,797 89,700 SH   SOLE   89,700 0 0
Dundee Corp CL A COM 264901109 899 937,182 SH   SOLE   937,182 0 0
Dundee Corp CL A COM 264901109 422 440,300 SH   DFND   0 0 440,300
E.W. Scripps Company COM 811054402 29,212 1,857,117 SH   SOLE   1,857,117 0 0
E.W. Scripps Company COM 811054402 1,557 98,990 SH   DFND   0 0 98,990
Equity Commonwealth COM 294628102 9,069 302,200 SH   SOLE   302,200 0 0
Esterline Technologies Corp COM 297425100 401 3,300 SH   SOLE   3,300 0 0
EVINE Live Inc COM 300487105 1,860 4,661,673 SH   SOLE   4,661,673 0 0
EVINE Live Inc COM 300487105 296 742,511 SH   DFND   0 0 742,511
Evoqua Water Technologies Corp COM 30057t105 1,056 110,000 SH   SOLE   110,000 0 0
FMC Corp COM 302491303 4,910 66,384 SH   SOLE   66,384 0 0
FRMO Corp COM 30262f205 383 75,134 SH   SOLE   75,134 0 0
FRP Holdings Inc COM 30292l107 920 20,000 SH   SOLE   20,000 0 0
General Electric Company COM 369604103 2,197 290,200 SH   SOLE   290,200 0 0
Global Indemnity Limited COM G3933F105 1,212 33,459 SH   SOLE   33,459 0 0
GP Strategies Corp COM 36225V104 25,240 2,001,605 SH   SOLE   2,001,605 0 0
GP Strategies Corp COM 36225V104 2,676 212,179 SH   DFND   0 0 212,179
Great Elm Capital Group Inc COM 39036P209 3,497 1,034,502 SH   SOLE   1,034,502 0 0
Great Elm Capital Group Inc COM 39036P209 1,656 489,999 SH   DFND   0 0 489,999
GSE Systems Inc COM 36227K106 603 287,046 SH   SOLE   287,046 0 0
GTT Communications Inc COM 362393100 15,832 669,147 SH   SOLE   669,147 0 0
GTT Communications Inc COM 362393100 1,512 63,900 SH   DFND   0 0 63,900
Hallador Energy Company COM 40609P105 1,014 200,000 SH   SOLE   200,000 0 0
Hallmark Financial Services In COM 40624Q203 15,956 1,492,608 SH   SOLE   1,492,608 0 0
Hallmark Financial Services In COM 40624Q203 1,817 170,000 SH   DFND   0 0 170,000
Henry Schein Inc COM 806407102 10,606 135,078 SH   SOLE   135,078 0 0
Heritage-Crystal Clean Inc COM 42726M106 26,766 1,163,234 SH   SOLE   1,163,234 0 0
Heritage-Crystal Clean Inc COM 42726M106 2,531 110,000 SH   DFND   0 0 110,000
Inspired Entertainment Inc COM 45782n108 595 124,046 SH   SOLE   124,046 0 0
INTL FCStone Inc COM 46116V105 19,329 528,404 SH   SOLE   528,404 0 0
INTL FCStone Inc COM 46116V105 2,265 61,912 SH   DFND   0 0 61,912
Issuer Direct Corporation COM 46520m204 1,504 132,500 SH   SOLE   132,500 0 0
Ituran Location and Control Lt COM m6158m104 1,443 45,000 SH   SOLE   45,000 0 0
Jefferies Financial Group Inc COM 47233W109 6,214 357,958 SH   SOLE   357,958 0 0
JG Boswell Company COM 101205102 550 1,000 SH   SOLE   1,000 0 0
JPMorgan Chase & Company COM 46625H100 7,329 75,080 SH   SOLE   75,080 0 0
Liberty Formula One A COM 531229870 83 2,800 SH   SOLE   2,800 0 0
Liberty Global Plc A COM g5480u104 3,224 151,065 SH   SOLE   151,065 0 0
Liberty Latin America CL A COM G9001E102 869 60,000 SH   SOLE   60,000 0 0
Liberty SiriusXM Group - A COM 531229409 6,726 182,767 SH   SOLE   182,767 0 0
LSI Industries Inc COM 50216C108 1,109 350,000 SH   SOLE   350,000 0 0
Macquarie Infrastructure Corp COM 55608B105 13,859 379,080 SH   SOLE   379,080 0 0
Macquarie Infrastructure Corp COM 55608B105 1,313 35,900 SH   DFND   0 0 35,900
MAM Software Group Inc COM 55277Q201 7,263 919,335 SH   SOLE   919,335 0 0
Mattel Inc COM 577081102 1,656 165,800 SH   SOLE   165,800 0 0
Millicom International Cellula COM l6388f110 46,195 725,653 SH   SOLE   725,653 0 0
Millicom International Cellula COM l6388f110 3,692 58,000 SH   DFND   0 0 58,000
MSC Industrial Direct Co Inc COM 553530106 886 11,513 SH   SOLE   11,513 0 0
Northern Technologies Internat COM 665809109 888 30,000 SH   SOLE   30,000 0 0
NOW Inc COM 67011p100 14,166 1,216,985 SH   SOLE   1,216,985 0 0
NOW Inc COM 67011p100 1,364 117,200 SH   DFND   0 0 117,200
Pandora Media Inc COM 698354107 9,953 1,230,235 SH   SOLE   1,230,235 0 0
Par Pacific Holdings Inc COM 69888T207 896 63,200 SH   SOLE   63,200 0 0
Patriot Transportation Holding COM 70338w105 668 33,882 SH   SOLE   33,882 0 0
Patterson Companies Inc COM 703395103 14,048 714,537 SH   SOLE   714,537 0 0
Patterson Companies Inc COM 703395103 1,506 76,600 SH   DFND   0 0 76,600
Qurate Retail Inc COM 74915M100 7,612 389,983 SH   SOLE   389,983 0 0
Reading International Inc COM 755408101 1,454 100,000 SH   SOLE   100,000 0 0
Seacor Holdings Inc COM 811904101 740 20,000 SH   SOLE   20,000 0 0
SEACOR Marine Holdings Inc COM 78413P101 717 61,000 SH   SOLE   61,000 0 0
SIFCO Industries Inc COM 826546103 835 242,000 SH   SOLE   242,000 0 0
Smart & Final Stores Inc COM 83190b101 12,633 2,665,285 SH   SOLE   2,665,285 0 0
Smart & Final Stores Inc COM 83190b101 1,353 285,382 SH   DFND   0 0 285,382
Southern Natl Bancorp Of VA In COM 843395104 1,141 86,303 SH   SOLE   86,303 0 0
Spectrum Brands Holdings Inc COM 84790a105 17,826 421,925 SH   SOLE   421,925 0 0
Spectrum Brands Holdings Inc COM 84790a105 3,021 71,500 SH   DFND   0 0 71,500
Star Group L.P. COM 85512C105 2,579 276,150 SH   SOLE   276,150 0 0
State Street Corp COM 857477103 95 1,500 SH   SOLE   1,500 0 0
Tapestry Inc COM 876030107 833 24,676 SH   SOLE   24,676 0 0
TE Connectivity Ltd COM H84989104 2,888 38,191 SH   SOLE   38,191 0 0
TEGNA Inc COM 87901j105 32,331 2,974,360 SH   SOLE   2,974,360 0 0
TEGNA Inc COM 87901j105 1,446 133,000 SH   DFND   0 0 133,000
The Bank of New York Mellon Co COM 064058100 6,934 147,315 SH   SOLE   147,315 0 0
The Monarch Cement Company COM 609031307 1,142 17,300 SH   SOLE   17,300 0 0
Transcat Inc COM 893529107 1,141 60,000 SH   SOLE   60,000 0 0
Tupperware Brands Corp COM 899896104 13,459 426,337 SH   SOLE   426,337 0 0
Tupperware Brands Corp COM 899896104 1,323 41,900 SH   DFND   0 0 41,900
UFP Technologies Inc COM 902673102 19,147 637,382 SH   SOLE   637,382 0 0
UFP Technologies Inc COM 902673102 2,267 75,482 SH   DFND   0 0 75,482
United States Lime & Mineral I COM 911922102 1,107 15,592 SH   SOLE   15,592 0 0
Viacom Inc New CL B COM 92553P201 4,653 181,040 SH   SOLE   181,040 0 0
ViaSat Inc COM 92552V100 43,434 736,798 SH   SOLE   736,798 0 0
ViaSat Inc COM 92552V100 2,918 49,500 SH   DFND   0 0 49,500
Wesco Aircraft Holdings Inc COM 950814103 16,702 2,114,193 SH   SOLE   2,114,193 0 0
Wesco Aircraft Holdings Inc COM 950814103 1,468 185,836 SH   DFND   0 0 185,836
Westwood Holdings Group Inc COM 961765104 1,020 30,000 SH   SOLE   30,000 0 0
White Mountains Insurance Grou COM G9618E107 71 83 SH   SOLE   83 0 0
Williams-Sonoma Inc COM 969904101 684 13,563 SH   SOLE   13,563 0 0
WPX Energy Inc COM 98212b103 4 375 SH   SOLE   375 0 0
Yelp Inc COM 985817105 16,942 484,200 SH   SOLE   484,200 0 0
Yelp Inc COM 985817105 1,749 50,000 SH   DFND   0 0 50,000