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
Abbott Laboratories COM 002824100 118 1,500 SH   SOLE   1,500 0 0
AbbVie Inc COM 00287y109 114 1,500 SH   SOLE   1,500 0 0
Acuity Brands Inc COM 00508y102 11,310 132,034 SH   SOLE   132,034 0 0
Acuity Brands Inc COM 00508y102 3,024 35,300 SH   DFND   0 0 35,300
AGNC Investment Corp PFD 00123q500 861 43,800 SH   SOLE   43,800 0 0
ALJ Regional Holdings Inc COM 001627108 305 507,893 SH   SOLE   507,893 0 0
Alleghany Corporation COM 017175100 5,948 10,768 SH   SOLE   10,768 0 0
A-Mark Precious Metals Inc COM 00181T107 453 36,904 SH   SOLE   36,904 0 0
American Vanguard Corporation COM 030371108 5,220 360,965 SH   SOLE   360,965 0 0
American Vanguard Corporation COM 030371108 1,921 132,854 SH   DFND   0 0 132,854
Anika Therapeutics Inc COM 035255108 578 20,000 SH   SOLE   20,000 0 0
Apex Global Brands Inc COM 03755M201 465 1,118,632 SH   SOLE   1,118,632 0 0
Apex Global Brands Inc COM 03755M201 51 122,594 SH   DFND   0 0 122,594
Avanos Medical, Inc COM 05350v106 16,264 603,936 SH   SOLE   603,936 0 0
Avanos Medical, Inc COM 05350v106 5,588 207,500 SH   DFND   0 0 207,500
Avid Technology Inc COM 05367p100 9,035 1,342,504 SH   SOLE   1,342,504 0 0
Avid Technology Inc COM 05367p100 3,425 508,929 SH   DFND   0 0 508,929
Axalta Coating Systems Ltd COM g0750c108 14,235 824,262 SH   SOLE   824,262 0 0
Axalta Coating Systems Ltd COM g0750c108 3,901 225,900 SH   DFND   0 0 225,900
Berkshire Hathaway Inc CL B COM 084670702 3,913 21,400 SH   SOLE   21,400 0 0
Big 5 Sporting Goods Corporation COM 08915P101 278 260,000 SH   SOLE   260,000 0 0
Capital Senior Living Corporation COM 140475104 1,557 2,684,759 SH   SOLE   2,684,759 0 0
Capital Senior Living Corporation COM 140475104 605 1,043,700 SH   DFND   0 0 1,043,700
Carbon Energy Corporation COM 14110q100 859 260,330 SH   SOLE   260,330 0 0
Cars.com Inc COM 14575e105 215 50,000 SH   SOLE   50,000 0 0
CenturyLink Inc COM 156700106 6,436 680,308 SH   SOLE   680,308 0 0
Chevron Corporation COM 166764100 72 1,000 SH   SOLE   1,000 0 0
Cinemark Holdings Inc COM 17243V102 4,034 395,858 SH   SOLE   395,858 0 0
Cinemark Holdings Inc COM 17243V102 1,792 175,900 SH   DFND   0 0 175,900
Clean Harbors Inc COM 184496107 2,410 46,944 SH   SOLE   46,944 0 0
Colfax Corporation COM 194014106 16,339 825,204 SH   SOLE   825,204 0 0
Colfax Corporation COM 194014106 5,651 285,400 SH   DFND   0 0 285,400
CommVault Systems Inc COM 204166102 10,735 265,200 SH   SOLE   265,200 0 0
CommVault Systems Inc COM 204166102 3,886 96,000 SH   DFND   0 0 96,000
Compass Minerals International COM 20451n101 23,328 606,385 SH   SOLE   606,385 0 0
Compass Minerals International COM 20451n101 7,221 187,700 SH   DFND   0 0 187,700
Contango ORE Inc COM 21077f100 121 15,169 SH   SOLE   15,169 0 0
CSW Industrials Inc COM 126402106 3,165 48,800 SH   SOLE   48,800 0 0
CSW Industrials Inc COM 126402106 1,498 23,100 SH   DFND   0 0 23,100
DLH Holdings Corporation COM 23335q100 1,545 366,868 SH   SOLE   366,868 0 0
Donaldson Company Inc COM 257651109 3,451 89,327 SH   SOLE   89,327 0 0
Donaldson Company Inc COM 257651109 1,514 39,200 SH   DFND   0 0 39,200
E.W. Scripps Company COM 811054402 13,901 1,843,636 SH   SOLE   1,843,636 0 0
E.W. Scripps Company COM 811054402 4,681 620,800 SH   DFND   0 0 620,800
Emerald Holding Inc COM 29103W104 1,235 476,713 SH   SOLE   476,713 0 0
Emerald Holding Inc COM 29103W104 749 289,114 SH   DFND   0 0 289,114
Enerpac Tool Group Corporation COM 292765104 4,323 261,195 SH   SOLE   261,195 0 0
Enerpac Tool Group Corporation COM 292765104 2,411 145,700 SH   DFND   0 0 145,700
Expedia Group Inc COM 30212p303 193 3,431 SH   SOLE   3,431 0 0
FMC Corporation COM 302491303 4,850 59,372 SH   SOLE   59,372 0 0
FRMO Corporation COM 30262f205 356 73,400 SH   SOLE   73,400 0 0
FRP Holdings Inc COM 30292l107 468 10,893 SH   SOLE   10,893 0 0
GCP Applied Technologies Inc COM 36164Y101 5,338 299,900 SH   SOLE   299,900 0 0
GCP Applied Technologies Inc COM 36164Y101 2,802 157,400 SH   DFND   0 0 157,400
General Electric Company COM 369604103 2,180 274,500 SH   SOLE   274,500 0 0
Global Indemnity Limited COM G3933F105 1,114 43,681 SH   SOLE   43,681 0 0
GP Strategies Corporation COM 36225v104 12,079 1,855,395 SH   SOLE   1,855,395 0 0
GP Strategies Corporation COM 36225v104 4,018 617,133 SH   DFND   0 0 617,133
Great Elm Capital Corporation COM 390320109 28 9,900 SH   SOLE   9,900 0 0
Great Elm Capital Group Inc COM 39036p209 3,188 1,714,098 SH   SOLE   1,714,098 0 0
Gulf Island Fabrication Inc COM 402307102 375 125,000 SH   SOLE   125,000 0 0
Hallador Energy Company COM 40609P105 285 300,000 SH   SOLE   300,000 0 0
Hallmark Financial Services Inc COM 40624q203 1,252 309,781 SH   SOLE   309,781 0 0
Hallmark Financial Services Inc COM 40624q203 1,095 271,070 SH   DFND   0 0 271,070
Henry Schein Inc COM 806407102 5,045 99,858 SH   SOLE   99,858 0 0
Heritage-Crystal Clean Inc COM 42726m106 7,178 442,003 SH   SOLE   442,003 0 0
Heritage-Crystal Clean Inc COM 42726m106 2,410 148,428 SH   DFND   0 0 148,428
Inspired Entertainment Inc COM 45782n108 266 78,571 SH   SOLE   78,571 0 0
INTL FCStone Inc COM 46116v105 11,440 315,506 SH   SOLE   315,506 0 0
INTL FCStone Inc COM 46116v105 3,922 108,163 SH   DFND   0 0 108,163
Issuer Direct Corporation COM 46520m204 1,019 114,488 SH   SOLE   114,488 0 0
Ituran Location and Control Ltd COM m6158m104 283 19,894 SH   SOLE   19,894 0 0
JPMorgan Chase & Company COM 46625h100 2,080 23,105 SH   SOLE   23,105 0 0
Landec Corporation COM 514766104 348 40,000 SH   SOLE   40,000 0 0
Liberty SiriusXM Group - A COM 531229409 5,854 184,732 SH   SOLE   184,732 0 0
Liberty TripAdvisor Holdings COM 531465102 2,954 1,641,200 SH   SOLE   1,641,200 0 0
Liberty TripAdvisor Holdings COM 531465102 1,364 758,000 SH   DFND   0 0 758,000
LSI Industries Inc COM 50216C108 529 140,000 SH   SOLE   140,000 0 0
Macquarie Infrastructure Corporation COM 55608b105 17,795 704,745 SH   SOLE   704,745 0 0
Macquarie Infrastructure Corporation COM 55608b105 5,099 201,958 SH   DFND   0 0 201,958
Millicom International Cellular COM l6388f110 18,667 657,304 SH   SOLE   657,304 0 0
Millicom International Cellular COM l6388f110 5,344 188,174 SH   DFND   0 0 188,174
MSC Industrial Direct Co Inc COM 553530106 1,011 18,389 SH   SOLE   18,389 0 0
Mueller Water Products Inc A COM 624758108 5,132 640,648 SH   SOLE   640,648 0 0
Mueller Water Products Inc A COM 624758108 1,540 192,300 SH   DFND   0 0 192,300
Northern Technologies International COM 665809109 1,048 141,667 SH   SOLE   141,667 0 0
NOW Inc COM 67011p100 466 90,316 SH   SOLE   90,316 0 0
NOW Inc COM 67011p100 198 38,300 SH   DFND   0 0 38,300
ONEOK Inc COM 682680103 157 7,200 SH   SOLE   7,200 0 0
Par Pacific Holdings Inc COM 69888T207 248 35,000 SH   SOLE   35,000 0 0
Park Aerospace Corporation COM 70014A104 1,008 80,000 SH   SOLE   80,000 0 0
Patriot Transportation Holding COM 70338w105 213 22,978 SH   SOLE   22,978 0 0
Patterson Companies Inc COM 703395103 5,493 359,239 SH   SOLE   359,239 0 0
Patterson Companies Inc COM 703395103 2,495 163,200 SH   DFND   0 0 163,200
Phibro Animal Health Corporation COM 71742q106 10,450 432,365 SH   SOLE   432,365 0 0
Phibro Animal Health Corporation COM 71742q106 4,018 166,225 SH   DFND   0 0 166,225
Philip Morris Intl Inc COM 718172109 795 10,900 SH   SOLE   10,900 0 0
Reading International Inc COM 755408101 415 106,765 SH   SOLE   106,765 0 0
Rexnord Corporation COM 76169B102 878 38,728 SH   SOLE   38,728 0 0
Seacor Holdings Inc COM 811904101 270 10,000 SH   SOLE   10,000 0 0
SEACOR Marine Holdings Inc COM 78413P101 278 63,533 SH   SOLE   63,533 0 0
Sensata Technologies Holding COM G8060N102 6,267 216,630 SH   SOLE   216,630 0 0
Sensata Technologies Holding COM G8060N102 3,584 123,900 SH   DFND   0 0 123,900
SIFCO Industries Inc COM 826546103 483 227,601 SH   SOLE   227,601 0 0
Sirius XM Holdings Inc COM 82968b103 7 1,440 SH   SOLE   1,440 0 0
Six Flags Entertainment Corporation COM 83001a102 6,155 490,800 SH   SOLE   490,800 0 0
Six Flags Entertainment Corporation COM 83001a102 2,321 185,100 SH   DFND   0 0 185,100
Skechers U.S.A., Inc CL A COM 830566105 2,782 117,200 SH   SOLE   117,200 0 0
Skechers U.S.A., Inc CL A COM 830566105 1,154 48,600 SH   DFND   0 0 48,600
Southern Natl Bancorp Of VA Inc COM 843395104 255 25,888 SH   SOLE   25,888 0 0
Spectrum Brands Holdings Inc COM 84790a105 8,508 233,935 SH   SOLE   233,935 0 0
Spectrum Brands Holdings Inc COM 84790a105 3,533 97,151 SH   DFND   0 0 97,151
Standex International Corporation COM 854231107 6,525 133,114 SH   SOLE   133,114 0 0
Standex International Corporation COM 854231107 2,828 57,700 SH   DFND   0 0 57,700
Star Group L.P. COM 85512c105 769 99,900 SH   SOLE   99,900 0 0
Tapestry Inc COM 876030107 929 71,743 SH   SOLE   71,743 0 0
TEGNA Inc COM 87901j105 3,588 330,432 SH   SOLE   330,432 0 0
TEGNA Inc COM 87901j105 1,263 116,300 SH   DFND   0 0 116,300
The Bank of New York Mellon Co COM 064058100 2,377 70,565 SH   SOLE   70,565 0 0
The Monarch Cement Company COM 609031307 1,058 21,582 SH   SOLE   21,582 0 0
The Williams Companies Inc COM 969457100 197 13,900 SH   SOLE   13,900 0 0
Transcat Inc COM 893529107 1,113 42,000 SH   SOLE   42,000 0 0
Trinity Place Holdings Inc COM 89656d101 164 90,000 SH   SOLE   90,000 0 0
Tripadvisor Inc COM 896945201 515 29,600 SH   SOLE   29,600 0 0
UFP Technologies Inc COM 902673102 9,286 243,799 SH   SOLE   243,799 0 0
UFP Technologies Inc COM 902673102 3,775 99,100 SH   DFND   0 0 99,100
United States Lime & Minerals COM 911922102 369 5,000 SH   SOLE   5,000 0 0
ViaSat Inc COM 92552v100 23,275 647,978 SH   SOLE   647,978 0 0
ViaSat Inc COM 92552v100 6,480 180,400 SH   DFND   0 0 180,400
Viemed Healthcare, Inc COM 92663r105 714 150,000 SH   SOLE   150,000 0 0
Wells Fargo & Company COM 949746101 1,145 39,900 SH   SOLE   39,900 0 0
Wells Fargo & Company FPP 7.5 PFD 949746804 496 389 SH   SOLE   389 0 0
White Mountains Insurance Group COM g9618e107 66 73 SH   SOLE   73 0 0
Yelp Inc COM 985817105 5,737 318,200 SH   SOLE   318,200 0 0
Yelp Inc COM 985817105 2,262 125,464 SH   DFND   0 0 125,464