Cove Street Capital 13F-HR Quarterly holdings report by institutional manager

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

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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 6.125	PFD	00123q872	885	40,000	SH		SOLE		40,000	0	0
AGNC Investment Corp 7	PFD	00123q500	420	17,600	SH		SOLE		17,600	0	0
Wells Fargo & Company FPP 7.5	PFD	949746804	388	289	SH		SOLE		289	0	0
Abbott Laboratories	COM	002824100	163	1,500	SH		SOLE		1,500	0	0
AbbVie Inc	COM	00287y109	131	1,500	SH		SOLE		1,500	0	0
Acuity Brands Inc	COM	00508y102	9,240	90,281	SH		SOLE		90,281	0	0
Acuity Brands Inc	COM	00508y102	3,910	38,200	SH		DFND		0	0	38,200
Alleghany Corporation	COM	017175100	5,399	10,373	SH		SOLE		10,373	0	0
Alleghany Corporation	COM	017175100	2,706	5,200	SH		DFND		0	0	5,200
Apex Global Brands Inc	COM	03755m300	517	84,972	SH		SOLE		84,972	0	0
Apex Global Brands Inc	COM	03755m300	76	12,256	SH		DFND		0	0	12,256
Avanos Medical Inc	COM	05350v106	9,198	276,889	SH		SOLE		276,889	0	0
Avanos Medical Inc	COM	05350v106	4,113	123,800	SH		DFND		0	0	123,800
Avid Technology Inc	COM	05367p100	8,726	1,019,446	SH		SOLE		1,019,446	0	0
Avid Technology Inc	COM	05367p100	4,917	574,429	SH		DFND		0	0	574,429
Axalta Coating Systems Ltd	COM	g0750c108	3,464	156,246	SH		SOLE		156,246	0	0
AZZ INC	COM	002474104	8,041	235,670	SH		SOLE		235,670	0	0
AZZ INC	COM	002474104	4,169	122,200	SH		DFND		0	0	122,200
Berkshire Hathaway Inc CL B	COM	084670702	3,929	18,450	SH		SOLE		18,450	0	0
Capital Senior Living Corporation	COM	140475104	980	1,560,179	SH		SOLE		1,560,179	0	0
Capital Senior Living Corporation	COM	140475104	481	765,000	SH		DFND		0	0	765,000
Carbon Energy Corporation	COM	14110q100	2	6,250	SH		SOLE		6,250	0	0
Chevron Corporation	COM	166764100	72	1,000	SH		SOLE		1,000	0	0
Cinemark Holdings Inc	COM	17243v102	3,172	317,220	SH		SOLE		317,220	0	0
Cinemark Holdings Inc	COM	17243v102	1,377	137,700	SH		DFND		0	0	137,700
Clean Harbors Inc	COM	184496107	1,723	30,751	SH		SOLE		30,751	0	0
Colfax Corporation	COM	194014106	17,207	548,700	SH		SOLE		548,700	0	0
Colfax Corporation	COM	194014106	7,294	232,600	SH		DFND		0	0	232,600
CommVault Systems Inc	COM	204166102	9,434	231,220	SH		SOLE		231,220	0	0
CommVault Systems Inc	COM	204166102	4,545	111,400	SH		DFND		0	0	111,400
Compass Minerals International	COM	20451n101	24,572	414,023	SH		SOLE		414,023	0	0
Compass Minerals International	COM	20451n101	11,401	192,100	SH		DFND		0	0	192,100
Contango ORE Inc	COM	21077f100	128	8,000	SH		SOLE		8,000	0	0
DLH Holdings Corporation	COM	23335q100	1,735	239,311	SH		SOLE		239,311	0	0
DLH Holdings Corporation	COM	23335q100	1,062	146,546	SH		DFND		0	0	146,546
Ducommun Inc	COM	264147109	33	1,000	SH		SOLE		1,000	0	0
E.W. Scripps Company	COM	811054402	15,313	1,338,547	SH		SOLE		1,338,547	0	0
E.W. Scripps Company	COM	811054402	7,435	649,900	SH		DFND		0	0	649,900
FLIR Systems Inc	COM	302445101	1,399	39,030	SH		SOLE		39,030	0	0
FMC Corporation	COM	302491303	4,494	42,431	SH		SOLE		42,431	0	0
FRP Holdings Inc	COM	30292l107	50	1,200	SH		SOLE		1,200	0	0
GCP Applied Technologies Inc	COM	36164y101	6,090	290,700	SH		SOLE		290,700	0	0
GCP Applied Technologies Inc	COM	36164y101	3,230	154,200	SH		DFND		0	0	154,200
Global Indemnity Group LLC	COM	37959r103	3,089	148,600	SH		SOLE		148,600	0	0
GP Strategies Corporation	COM	36225v104	17,134	1,777,431	SH		SOLE		1,777,431	0	0
GP Strategies Corporation	COM	36225v104	7,781	807,109	SH		DFND		0	0	807,109
Great Elm Capital Corporation	COM	390320109	11	3,218	SH		SOLE		3,218	0	0
Great Elm Capital Group Inc	COM	39036p209	3,123	1,323,267	SH		SOLE		1,323,267	0	0
Great Elm Capital Group Inc	COM	39036p209	954	404,107	SH		DFND		0	0	404,107
Henry Schein Inc	COM	806407102	5,160	87,789	SH		SOLE		87,789	0	0
Heritage-Crystal Clean Inc	COM	42726m106	5,425	406,375	SH		SOLE		406,375	0	0
Heritage-Crystal Clean Inc	COM	42726m106	2,564	192,040	SH		DFND		0	0	192,040
Issuer Direct Corporation	COM	46520m204	54	2,700	SH		SOLE		2,700	0	0
KBR Inc	COM	48242W106	6,643	297,100	SH		SOLE		297,100	0	0
KBR Inc	COM	48242W106	3,844	171,900	SH		DFND		0	0	171,900
Landec Corporation	COM	514766104	3,970	408,433	SH		SOLE		408,433	0	0
Landec Corporation	COM	514766104	2,447	251,749	SH		DFND		0	0	251,749
Liberty SiriusXM Group - A	COM	531229409	5,485	165,374	SH		SOLE		165,374	0	0
Liberty SiriusXM Group - C	COM	531229607	148	4,488	SH		SOLE		4,488	0	0
Liberty TripAdvisor Holdings Inc	COM	531465102	2,052	1,185,900	SH		SOLE		1,185,900	0	0
Liberty TripAdvisor Holdings Inc	COM	531465102	1,204	695,900	SH		DFND		0	0	695,900
Live Nation Entertainment Inc	COM	538034109	598	11,100	SH		SOLE		11,100	0	0
Lumen Technologies Inc	COM	156700106	5,843	579,135	SH		SOLE		579,135	0	0
Macquarie Infrastructure Corporation	COM	55608b105	19,039	708,037	SH		SOLE		708,037	0	0
Macquarie Infrastructure Corporation	COM	55608b105	8,020	298,258	SH		DFND		0	0	298,258
Millicom International Cellular	COM	l6388f110	20,631	681,340	SH		SOLE		681,340	0	0
Millicom International Cellular	COM	l6388f110	8,397	277,300	SH		DFND		0	0	277,300
MSC Industrial Direct Co Inc	COM	553530106	879	13,896	SH		SOLE		13,896	0	0
Mueller Water Products Inc A	COM	624758108	6,087	585,817	SH		SOLE		585,817	0	0
Mueller Water Products Inc A	COM	624758108	2,871	276,300	SH		DFND		0	0	276,300
Northern Technologies International	COM	665809109	851	102,519	SH		SOLE		102,519	0	0
Park Aerospace Corporation	COM	70014a104	16	1,500	SH		SOLE		1,500	0	0
Phibro Animal Health Corporation	COM	71742q106	7,258	417,136	SH		SOLE		417,136	0	0
Phibro Animal Health Corporation	COM	71742q106	3,588	206,225	SH		DFND		0	0	206,225
Philip Morris International Inc	COM	718172109	610	8,140	SH		SOLE		8,140	0	0
PQ Group Holdings Inc	COM	73943t103	10,768	1,049,465	SH		SOLE		1,049,465	0	0
PQ Group Holdings Inc	COM	73943t103	5,422	528,461	SH		DFND		0	0	528,461
Reading International Inc	COM	755408101	18	5,700	SH		SOLE		5,700	0	0
Rexnord Corporation	COM	76169B102	1,008	33,785	SH		SOLE		33,785	0	0
Sensata Technologies Holding	COM	G8060N102	1,272	29,482	SH		SOLE		29,482	0	0
Six Flags Entertainment Corporation	COM	83001a102	6,591	324,670	SH		SOLE		324,670	0	0
Six Flags Entertainment Corporation	COM	83001a102	3,112	153,300	SH		DFND		0	0	153,300
Skechers U.S.A. Inc CL A	COM	830566105	8,561	283,300	SH		SOLE		283,300	0	0
Skechers U.S.A. Inc CL A	COM	830566105	4,300	142,300	SH		DFND		0	0	142,300
Spectrum Brands Holdings Inc	COM	84790a105	5,869	102,676	SH		SOLE		102,676	0	0
Spectrum Brands Holdings Inc	COM	84790a105	3,604	63,051	SH		DFND		0	0	63,051
Standex International Corporation	COM	854231107	8,059	136,130	SH		SOLE		136,130	0	0
Standex International Corporation	COM	854231107	4,135	69,854	SH		DFND		0	0	69,854
Star Group L.P.	COM	85512c105	769	78,830	SH		SOLE		78,830	0	0
StoneX Group Inc	COM	861896108	10,779	210,685	SH		SOLE		210,685	0	0
StoneX Group Inc	COM	861896108	5,887	115,078	SH		DFND		0	0	115,078
Tapestry Inc	COM	876030107	9,796	626,771	SH		SOLE		626,771	0	0
Tapestry Inc	COM	876030107	4,359	278,900	SH		DFND		0	0	278,900
TEGNA Inc	COM	87901j105	7,669	652,721	SH		SOLE		652,721	0	0
TEGNA Inc	COM	87901j105	3,091	263,100	SH		DFND		0	0	263,100
The Bank of New York Mellon Co	COM	064058100	1,908	55,565	SH		SOLE		55,565	0	0
The Monarch Cement Company	COM	609031307	28	500	SH		SOLE		500	0	0
The Williams Companies Inc	COM	969457100	221	11,270	SH		SOLE		11,270	0	0
Transcat Inc	COM	893529107	5,788	197,549	SH		SOLE		197,549	0	0
Transcat Inc	COM	893529107	3,445	117,568	SH		DFND		0	0	117,568
UFP Technologies Inc	COM	902673102	5,794	139,875	SH		SOLE		139,875	0	0
UFP Technologies Inc	COM	902673102	2,991	72,205	SH		DFND		0	0	72,205
United States Lime & Minerals	COM	911922102	18	200	SH		SOLE		200	0	0
ViaSat Inc	COM	92552v100	25,509	741,749	SH		SOLE		741,749	0	0
ViaSat Inc	COM	92552v100	10,372	301,600	SH		DFND		0	0	301,600
Viemed Healthcare Inc	COM	92663r105	3,095	358,262	SH		SOLE		358,262	0	0
Viemed Healthcare Inc	COM	92663r105	1,721	199,154	SH		DFND		0	0	199,154
Wells Fargo & Company	COM	949746101	2,911	123,800	SH		SOLE		123,800	0	0
White Mountains Insurance Group	COM	g9618e107	22	28	SH		SOLE		28	0	0
WPX Energy Inc	COM	98212b103	6,881	1,404,300	SH		SOLE		1,404,300	0	0
WPX Energy Inc	COM	98212b103	3,105	633,600	SH		DFND		0	0	633,600