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

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
Qurate Retail Inc Preferred	PFD	74915M308	334	3,400	SH		SOLE		3,400	0	0
AGNC Investment Corporation	PFD	00123q500	402	15,700	SH		SOLE		15,700	0	0
Blueknight Energy Partners	PFD	09625u208	359	52,693	SH		SOLE		52,693	0	0
Wells Fargo & Company FPP	PFD	949746804	386	254	SH		SOLE		254	0	0
Abbott Laboratories	COM	002824100	164	1,500	SH		SOLE		1,500	0	0
AbbVie Inc	COM	00287y109	161	1,500	SH		SOLE		1,500	0	0
Acuity Brands Inc	COM	00508y102	9,005	74,370	SH		SOLE		74,370	0	0
Acuity Brands Inc	COM	00508y102	3,475	28,700	SH		DFND		0	0	28,700
Alleghany Corporation	COM	017175100	6,514	10,791	SH		SOLE		10,791	0	0
Alleghany Corporation	COM	017175100	1,087	1,800	SH		DFND		0	0	1,800
Apex Global Brands Inc	COM	03755m300	204	84,971	SH		SOLE		84,971	0	0
Apex Global Brands Inc	COM	03755m300	30	12,256	SH		DFND		0	0	12,256
Avanos Medical Inc	COM	05350v106	7,369	160,616	SH		SOLE		160,616	0	0
Avanos Medical Inc	COM	05350v106	2,011	43,822	SH		DFND		0	0	43,822
Avid Technology Inc	COM	05367p100	9,621	606,249	SH		SOLE		606,249	0	0
Avid Technology Inc	COM	05367p100	3,693	232,709	SH		DFND		0	0	232,709
Axalta Coating Systems Ltd	COM	g0750c108	3,949	138,321	SH		SOLE		138,321	0	0
AZZ INC	COM	002474104	12,892	271,750	SH		SOLE		271,750	0	0
AZZ INC	COM	002474104	4,807	101,321	SH		DFND		0	0	101,321
Berkshire Hathaway Inc CL B	COM	084670702	4,023	17,350	SH		SOLE		17,350	0	0
BlackRock TCP Capital Corporation	COM	09259E108	128	11,400	SH		SOLE		11,400	0	0
Capital Senior Living Corporation	COM	140475203	1,259	102,003	SH		SOLE		102,003	0	0
Capital Senior Living Corporation	COM	140475203	389	31,545	SH		DFND		0	0	31,545
Chevron Corporation	COM	166764100	84	1,000	SH		SOLE		1,000	0	0
Clean Harbors Inc	COM	184496107	2,371	31,152	SH		SOLE		31,152	0	0
Colfax Corporation	COM	194014106	21,741	568,544	SH		SOLE		568,544	0	0
Colfax Corporation	COM	194014106	6,738	176,200	SH		DFND		0	0	176,200
CommVault Systems Inc	COM	204166102	11,100	200,475	SH		SOLE		200,475	0	0
CommVault Systems Inc	COM	204166102	3,682	66,500	SH		DFND		0	0	66,500
Compass Minerals International	COM	20451n101	24,817	402,094	SH		SOLE		402,094	0	0
Compass Minerals International	COM	20451n101	7,666	124,200	SH		DFND		0	0	124,200
Contango ORE Inc	COM	21077f100	132	8,000	SH		SOLE		8,000	0	0
CTO Realty Growth Inc	COM	22948P103	118	2,800	SH		SOLE		2,800	0	0
DLH Holdings Corporation	COM	23335q100	3,221	345,551	SH		SOLE		345,551	0	0
DLH Holdings Corporation	COM	23335q100	1,191	127,804	SH		DFND		0	0	127,804
Ducommun Inc	COM	264147109	75	1,400	SH		SOLE		1,400	0	0
E.W. Scripps Company	COM	811054402	20,693	1,353,347	SH		SOLE		1,353,347	0	0
E.W. Scripps Company	COM	811054402	7,506	490,900	SH		DFND		0	0	490,900
FLIR Systems Inc	COM	302445101	3,295	75,175	SH		SOLE		75,175	0	0
FMC Corporation	COM	302491303	4,655	40,503	SH		SOLE		40,503	0	0
FreightCar America Inc	COM	357023100	21	8,700	SH		SOLE		8,700	0	0
FRP Holdings Inc	COM	30292l107	55	1,200	SH		SOLE		1,200	0	0
GCP Applied Technologies Inc	COM	36164y101	7,402	313,000	SH		SOLE		313,000	0	0
GCP Applied Technologies Inc	COM	36164y101	2,762	116,800	SH		DFND		0	0	116,800
Global Indemnity Group LLC	COM	37959r103	4,236	148,160	SH		SOLE		148,160	0	0
GP Strategies Corporation	COM	36225v104	17,438	1,470,313	SH		SOLE		1,470,313	0	0
GP Strategies Corporation	COM	36225v104	5,747	484,610	SH		DFND		0	0	484,610
Great Elm Group Inc	COM	39037G109	4,164	1,445,711	SH		SOLE		1,445,711	0	0
Great Elm Group Inc	COM	39037G109	691	240,100	SH		DFND		0	0	240,100
Hallmark Financial Services Inc	COM	40624q203	502	140,952	SH		SOLE		140,952	0	0
Henry Schein Inc	COM	806407102	5,361	80,182	SH		SOLE		80,182	0	0
Heritage-Crystal Clean Inc	COM	42726m106	8,708	413,275	SH		SOLE		413,275	0	0
Heritage-Crystal Clean Inc	COM	42726m106	3,016	143,155	SH		DFND		0	0	143,155
Howmet Aerospace Inc	COM	443201108	1,220	42,746	SH		SOLE		42,746	0	0
Issuer Direct Corporation	COM	46520m204	44	2,500	SH		SOLE		2,500	0	0
KBR Inc	COM	48242W106	11,391	368,285	SH		SOLE		368,285	0	0
KBR Inc	COM	48242W106	5,422	175,300	SH		DFND		0	0	175,300
Landec Corporation	COM	514766104	8,680	800,041	SH		SOLE		800,041	0	0
Landec Corporation	COM	514766104	3,465	319,364	SH		DFND		0	0	319,364
Liberty SiriusXM Group - A	COM	531229409	6,772	156,789	SH		SOLE		156,789	0	0
Liberty SiriusXM Group - C	COM	531229607	195	4,488	SH		SOLE		4,488	0	0
Liberty TripAdvisor Holdings Inc	COM	531465102	3,395	782,300	SH		SOLE		782,300	0	0
Liberty TripAdvisor Holdings Inc	COM	531465102	1,353	311,700	SH		DFND		0	0	311,700
Lumen Technologies Inc	COM	550241103	9,232	946,894	SH		SOLE		946,894	0	0
Macquarie Infrastructure Corporation	COM	55608b105	6,300	167,784	SH		SOLE		167,784	0	0
Macquarie Infrastructure Corporation	COM	55608b105	3,813	101,549	SH		DFND		0	0	101,549
Millicom International Cellular	COM	l6388f110	24,802	639,544	SH		SOLE		639,544	0	0
Millicom International Cellular	COM	l6388f110	7,539	194,400	SH		DFND		0	0	194,400
MSC Industrial Direct Co Inc	COM	553530106	1,118	13,253	SH		SOLE		13,253	0	0
Mueller Water Products Inc A	COM	624758108	1,206	97,405	SH		SOLE		97,405	0	0
Northern Technologies International	COM	665809109	64	6,100	SH		SOLE		6,100	0	0
Park Aerospace Corporation	COM	70014a104	27	2,000	SH		SOLE		2,000	0	0
Phibro Animal Health Corporation	COM	71742q106	8,940	460,356	SH		SOLE		460,356	0	0
Phibro Animal Health Corporation	COM	71742q106	3,271	168,425	SH		DFND		0	0	168,425
Philip Morris International Inc	COM	718172109	633	7,640	SH		SOLE		7,640	0	0
PQ Group Holdings Inc	COM	73943t103	23,350	1,637,415	SH		SOLE		1,637,415	0	0
PQ Group Holdings Inc	COM	73943t103	8,168	572,772	SH		DFND		0	0	572,772
Reading International Inc	COM	755408101	29	5,700	SH		SOLE		5,700	0	0
Research Solutions Inc	COM	761025105	23	9,900	SH		SOLE		9,900	0	0
Rexnord Corporation	COM	76169B102	1,097	27,775	SH		SOLE		27,775	0	0
SEACOR Marine Holdings Inc	COM	78413P101	27	10,000	SH		SOLE		10,000	0	0
SecureWorks Corporation	COM	81374A105	2,592	182,300	SH		SOLE		182,300	0	0
SecureWorks Corporation	COM	81374A105	1,073	75,470	SH		DFND		0	0	75,470
Sensata Technologies Holding	COM	G8060N102	1,552	29,424	SH		SOLE		29,424	0	0
Six Flags Entertainment Corporation	COM	83001a102	10,839	317,870	SH		SOLE		317,870	0	0
Six Flags Entertainment Corporation	COM	83001a102	3,618	106,100	SH		DFND		0	0	106,100
Skechers U.S.A. Inc CL A	COM	830566105	10,520	292,700	SH		SOLE		292,700	0	0
Skechers U.S.A. Inc CL A	COM	830566105	3,544	98,600	SH		DFND		0	0	98,600
Spectrum Brands Holdings Inc	COM	84790a105	1,295	16,391	SH		SOLE		16,391	0	0
Standex International Corporation	COM	854231107	10,623	137,030	SH		SOLE		137,030	0	0
Standex International Corporation	COM	854231107	3,884	50,100	SH		DFND		0	0	50,100
Star Group L.P.	COM	85512c105	696	73,930	SH		SOLE		73,930	0	0
StoneX Group Inc	COM	861896108	12,025	207,685	SH		SOLE		207,685	0	0
StoneX Group Inc	COM	861896108	4,800	82,897	SH		DFND		0	0	82,897
Tapestry Inc	COM	876030107	2,999	96,489	SH		SOLE		96,489	0	0
TEGNA Inc	COM	87901j105	8,973	643,215	SH		SOLE		643,215	0	0
TEGNA Inc	COM	87901j105	2,797	200,500	SH		DFND		0	0	200,500
The Bank of New York Mellon Co	COM	064058100	1,516	35,715	SH		SOLE		35,715	0	0
The Monarch Cement Company	COM	609031307	35	500	SH		SOLE		500	0	0
The Williams Companies Inc	COM	969457100	192	9,570	SH		SOLE		9,570	0	0
Transcat Inc	COM	893529107	7,499	216,235	SH		SOLE		216,235	0	0
Transcat Inc	COM	893529107	3,096	89,268	SH		DFND		0	0	89,268
UFP Technologies Inc	COM	902673102	6,672	143,175	SH		SOLE		143,175	0	0
UFP Technologies Inc	COM	902673102	2,507	53,789	SH		DFND		0	0	53,789
United States Lime & Minerals	COM	911922102	23	200	SH		SOLE		200	0	0
ViaSat Inc	COM	92552v100	27,265	835,059	SH		SOLE		835,059	0	0
ViaSat Inc	COM	92552v100	8,531	261,300	SH		DFND		0	0	261,300
Viemed Healthcare Inc	COM	92663r105	4,468	575,739	SH		SOLE		575,739	0	0
Viemed Healthcare Inc	COM	92663r105	2,112	272,192	SH		DFND		0	0	272,192
Wells Fargo & Company	COM	949746101	3,090	102,400	SH		SOLE		102,400	0	0
White Mountains Insurance Group	COM	g9618e107	15,899	15,889	SH		SOLE		15,889	0	0
White Mountains Insurance Group	COM	g9618e107	6,829	6,824	SH		DFND		0	0	6,824
Winland Holdings Corp	COM	97424q106	38	12,000	SH		SOLE		12,000	0	0
WPX Energy Inc	COM	98212b103	640	78,500	SH		SOLE		78,500	0	0