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 6.125 PFD 00123Q872 822 40,000 SH   SOLE   40,000 0 0
AGNC Investment Corp 7 PFD 00123q500 928 40,600 SH   SOLE   40,600 0 0
Wells Fargo & Company FPP 7.5 PFD 949746804 427 329 SH   SOLE   329 0 0
Abbott Laboratories COM 002824100 137 1,500 SH   SOLE   1,500 0 0
AbbVie Inc COM 00287y109 147 1,500 SH   SOLE   1,500 0 0
Acuity Brands Inc COM 00508y102 9,861 102,998 SH   SOLE   102,998 0 0
Acuity Brands Inc COM 00508y102 3,657 38,200 SH   DFND   0 0 38,200
Alleghany Corporation COM 017175100 5,087 10,399 SH   SOLE   10,399 0 0
American Vanguard Corporation COM 030371108 904 65,700 SH   SOLE   65,700 0 0
American Vanguard Corporation COM 030371108 652 47,355 SH   DFND   0 0 47,355
Apex Global Brands Inc COM 03755M201 927 762,472 SH   SOLE   841,461 0 0
Apex Global Brands Inc COM 03755M201 137 122,594 SH   DFND   0 0 122,594
Avanos Medical, Inc COM 05350v106 9,729 331,016 SH   SOLE   331,016 0 0
Avanos Medical, Inc COM 05350v106 3,521 119,800 SH   DFND   0 0 119,800
Avid Technology Inc COM 05367p100 8,279 1,138,846 SH   SOLE   1,138,846 0 0
Avid Technology Inc COM 05367p100 4,176 574,429 SH   DFND   0 0 574,429
Axalta Coating Systems Ltd COM g0750c108 10,402 461,281 SH   SOLE   461,281 0 0
Axalta Coating Systems Ltd COM g0750c108 3,876 171,900 SH   DFND   0 0 171,900
AZZ Inc COM 002474104 4,784 139,400 SH   SOLE   139,400 0 0
AZZ Inc COM 002474104 2,728 79,500 SH   DFND   0 0 79,500
Berkshire Hathaway Inc CL B COM 084670702 3,499 19,600 SH   SOLE   19,600 0 0
Capital Senior Living Corporation COM 140475104 1,244 1,751,728 SH   SOLE   1,751,728 0 0
Capital Senior Living Corporation COM 140475104 721 1,015,000 SH   DFND   0 0 1,015,000
Carbon Energy Corporation COM 14110q100 6 6,250 SH   SOLE   6,250 0 0
CenturyLink Inc COM 156700106 5,943 592,492 SH   SOLE   592,492 0 0
Chevron Corporation COM 166764100 89 1,000 SH   SOLE   1,000 0 0
Cinemark Holdings Inc COM 17243V102 3,931 340,327 SH   SOLE   340,327 0 0
Cinemark Holdings Inc COM 17243V102 1,590 137,700 SH   DFND   0 0 137,700
Clean Harbors Inc COM 184496107 1,831 30,531 SH   SOLE   30,531 0 0
Colfax Corporation COM 194014106 18,049 646,932 SH   SOLE   646,932 0 0
Colfax Corporation COM 194014106 7,466 267,600 SH   DFND   0 0 267,600
CommVault Systems Inc COM 204166102 9,203 237,800 SH   SOLE   237,800 0 0
CommVault Systems Inc COM 204166102 4,029 104,100 SH   DFND   0 0 104,100
Compass Minerals International COM 20451n101 21,242 435,729 SH   SOLE   435,729 0 0
Compass Minerals International COM 20451n101 8,921 183,000 SH   DFND   0 0 183,000
Contango ORE Inc COM 21077f100 21 2,000 SH   SOLE   2,000 0 0
CSW Industrials Inc COM 126402106 14 200 SH   SOLE   200 0 0
DLH Holdings Corporation COM 23335q100 1,739 236,901 SH   SOLE   236,901 0 0
DLH Holdings Corporation COM 23335q100 1,028 140,042 SH   DFND   0 0 140,042
E.W. Scripps Company COM 811054402 14,935 1,706,839 SH   SOLE   1,706,839 0 0
E.W. Scripps Company COM 811054402 6,482 740,800 SH   DFND   0 0 740,800
Enerpac Tool Group Corporation COM 292765104 4,073 231,395 SH   SOLE   231,395 0 0
Enerpac Tool Group Corporation COM 292765104 2,397 136,200 SH   DFND   0 0 136,200
FMC Corporation COM 302491303 4,737 47,550 SH   SOLE   47,550 0 0
GCP Applied Technologies Inc COM 36164Y101 5,741 309,000 SH   SOLE   309,000 0 0
GCP Applied Technologies Inc COM 36164Y101 2,924 157,400 SH   DFND   0 0 157,400
General Electric Company COM 369604103 1,921 281,200 SH   SOLE   281,200 0 0
GP Strategies Corporation COM 36225v104 15,848 1,847,033 SH   SOLE   1,847,033 0 0
GP Strategies Corporation COM 36225v104 6,925 807,109 SH   DFND   0 0 807,109
Great Elm Capital Corporation COM 390320109 23 5,450 SH   SOLE   5,450 0 0
Great Elm Capital Group Inc COM 39036p209 3,085 1,324,167 SH   SOLE   1,324,167 0 0
Great Elm Capital Group Inc COM 39036p209 942 404,107 SH   DFND   0 0 404,107
Henry Schein Inc COM 806407102 5,334 91,346 SH   SOLE   91,346 0 0
Heritage-Crystal Clean Inc COM 42726m106 6,865 393,158 SH   SOLE   393,158 0 0
Heritage-Crystal Clean Inc COM 42726m106 3,089 176,928 SH   DFND   0 0 176,928
INTL FCStone Inc COM 46116v105 11,857 215,585 SH   SOLE   215,585 0 0
INTL FCStone Inc COM 46116v105 6,329 115,078 SH   DFND   0 0 115,078
Issuer Direct Corporation COM 46520m204 42 4,100 SH   SOLE   4,100 0 0
Landec Corporation COM 514766104 559 70,240 SH   SOLE   70,240 0 0
Liberty SiriusXM Group - A COM 531229409 5,897 170,825 SH   SOLE   170,825 0 0
Liberty SiriusXM Group - C COM 531229607 565 16,398 SH   SOLE   16,398 0 0
Liberty TripAdvisor Holdings I COM 531465102 2,826 1,326,600 SH   SOLE   1,326,600 0 0
Liberty TripAdvisor Holdings I COM 531465102 1,615 758,000 SH   DFND   0 0 758,000
Live Nation Entertainment Inc COM 538034109 603 13,600 SH   SOLE   13,600 0 0
Live Nation Entertainment Inc COM 538034109 665 15,000 SH   DFND   0 0 15,000
Macquarie Infrastructure Corporation COM 55608b105 20,071 653,988 SH   SOLE   653,988 0 0
Macquarie Infrastructure Corporation COM 55608b105 7,413 241,558 SH   DFND   0 0 241,558
Millicom International Cellular COM l6388f110 19,817 757,832 SH   SOLE   757,832 0 0
Millicom International Cellular COM l6388f110 7,251 277,300 SH   DFND   0 0 277,300
MSC Industrial Direct Co Inc COM 553530106 1,265 17,371 SH   SOLE   17,371 0 0
Mueller Water Products Inc A COM 624758108 5,906 626,311 SH   SOLE   626,311 0 0
Mueller Water Products Inc A COM 624758108 2,606 276,300 SH   DFND   0 0 276,300
Northern Technologies International COM 665809109 1,080 135,398 SH   SOLE   135,398 0 0
Park Aerospace Corporation COM 70014A104 17 1,500 SH   SOLE   1,500 0 0
Patterson Companies Inc COM 703395103 7,978 362,639 SH   SOLE   362,639 0 0
Patterson Companies Inc COM 703395103 4,200 190,900 SH   DFND   0 0 190,900
Phibro Animal Health Corporation COM 71742q106 9,004 342,748 SH   SOLE   342,748 0 0
Phibro Animal Health Corporation COM 71742q106 4,154 158,125 SH   DFND   0 0 158,125
Philip Morris Intl Inc COM 718172109 603 8,600 SH   SOLE   8,600 0 0
PotlatchDeltic Corporation COM 737630103 202 5,300 SH   SOLE   5,300 0 0
Reading International Inc COM 755408101 24 5,700 SH   SOLE   5,700 0 0
Rexnord Corporation COM 76169B102 1,069 36,680 SH   SOLE   36,680 0 0
Sensata Technologies Holding COM G8060N102 1,489 39,989 SH   SOLE   39,989 0 0
Six Flags Entertainment Corporation COM 83001a102 6,399 333,100 SH   SOLE   333,100 0 0
Six Flags Entertainment Corporation COM 83001a102 2,770 144,200 SH   DFND   0 0 144,200
Skechers U.S.A., Inc CL A COM 830566105 5,777 184,100 SH   SOLE   184,100 0 0
Skechers U.S.A., Inc CL A COM 830566105 2,777 88,500 SH   DFND   0 0 88,500
Spectrum Brands Holdings Inc COM 84790a105 8,625 187,902 SH   SOLE   187,902 0 0
Spectrum Brands Holdings Inc COM 84790a105 4,170 90,851 SH   DFND   0 0 90,851
Standex International Corporation COM 854231107 7,083 123,072 SH   SOLE   123,072 0 0
Standex International Corporation COM 854231107 3,885 67,500 SH   DFND   0 0 67,500
Star Group L.P. COM 85512c105 772 88,030 SH   SOLE   88,030 0 0
Tapestry Inc COM 876030107 893 67,240 SH   SOLE   67,240 0 0
TEGNA Inc COM 87901j105 7,038 631,816 SH   SOLE   631,816 0 0
TEGNA Inc COM 87901j105 2,886 259,100 SH   DFND   0 0 259,100
The Bank of New York Mellon Co. COM 064058100 2,136 55,265 SH   SOLE   55,265 0 0
The Williams Companies Inc COM 969457100 234 12,300 SH   SOLE   12,300 0 0
Transcat Inc COM 893529107 1,407 54,399 SH   SOLE   54,399 0 0
Transcat Inc COM 893529107 817 31,610 SH   DFND   0 0 31,610
UFP Technologies Inc COM 902673102 8,377 190,120 SH   SOLE   190,120 0 0
UFP Technologies Inc COM 902673102 4,100 93,064 SH   DFND   0 0 93,064
United States Lime & Minerals COM 911922102 17 200 SH   SOLE   200 0 0
ViaSat Inc COM 92552v100 23,252 605,986 SH   SOLE   605,986 0 0
ViaSat Inc COM 92552v100 8,622 224,700 SH   DFND   0 0 224,700
Viemed Healthcare, Inc COM 92663r105 4,018 418,562 SH   SOLE   418,562 0 0
Viemed Healthcare, Inc COM 92663r105 2,147 223,654 SH   DFND   0 0 223,654
Wells Fargo & Company COM 949746101 3,210 125,400 SH   SOLE   125,400 0 0
White Mountains Insurance Group COM g9618e107 65 73 SH   SOLE   73 0 0
WPX Energy Inc COM 98212b103 8,022 1,257,300 SH   SOLE   1,257,300 0 0
WPX Energy Inc COM 98212b103 3,445 539,900 SH   DFND   0 0 539,900
Yelp Inc COM 985817105 6,985 302,000 SH   SOLE   302,000 0 0
Yelp Inc COM 985817105 3,156 136,464 SH   DFND   0 0 136,464