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 03	PFD	74915M308	345	3,400	SH		SOLE		3,400	0	0
AGNC Investment Corp	PFD	00123q500	403	15,700	SH		SOLE		15,700	0	0
Blueknight Energy Partners 11	PFD	09625u208	2,533	326,375	SH		SOLE		326,375	0	0
Wells Fargo & Company FPP 7.5	PFD	949746804	361	254	SH		SOLE		254	0	0
Abbott Laboratories	COM	002824100	180	1,500	SH		SOLE		1,500	0	0
AbbVie Inc	COM	00287y109	162	1,500	SH		SOLE		1,500	0	0
Acuity Brands Inc	COM	00508y102	3,487	21,134	SH		SOLE		21,134	0	0
Alleghany Corporation	COM	017175100	6,929	11,063	SH		SOLE		11,063	0	0
Apex Global Brands Inc	COM	03755m300	158	84,971	SH		SOLE		84,971	0	0
Apex Global Brands Inc	COM	03755m300	23	12,256	SH		DFND		0	0	12,256
Axalta Coating Systems Ltd	COM	g0750c108	4,966	167,871	SH		SOLE		167,871	0	0
AZZ Inc	COM	002474104	13,708	272,250	SH		SOLE		272,250	0	0
AZZ Inc	COM	002474104	5,462	108,475	SH		DFND		0	0	108,475
Berkshire Hathaway Inc CL B	COM	084670702	4,586	17,950	SH		SOLE		17,950	0	0
BlackRock TCP Capital Corporation	COM	09259E108	194	14,000	SH		SOLE		14,000	0	0
Blueknight Energy Partners L.P	COM	09625U109	436	134,503	SH		SOLE		134,503	0	0
Chevron Corporation	COM	166764100	105	1,000	SH		SOLE		1,000	0	0
Clean Harbors Inc	COM	184496107	2,454	29,192	SH		SOLE		29,192	0	0
CNX Resources Corporation	COM	12653C108	6,415	436,400	SH		SOLE		436,400	0	0
CNX Resources Corporation	COM	12653C108	3,694	251,300	SH		DFND		0	0	251,300
Colfax Corporation	COM	194014106	26,105	595,871	SH		SOLE		595,871	0	0
Colfax Corporation	COM	194014106	9,186	209,685	SH		DFND		0	0	209,685
CommVault Systems Inc	COM	204166102	11,950	185,275	SH		SOLE		185,275	0	0
CommVault Systems Inc	COM	204166102	4,384	67,968	SH		DFND		0	0	67,968
Compass Minerals International	COM	20451n101	33,992	541,963	SH		SOLE		541,963	0	0
Compass Minerals International	COM	20451n101	11,525	183,749	SH		DFND		0	0	183,749
Contango ORE Inc	COM	21077f100	152	8,000	SH		SOLE		8,000	0	0
CTO Realty Growth Inc	COM	22948Q101	244	4,700	SH		SOLE		4,700	0	0
Devon Energy Corporation	COM	25179M103	886	40,542	SH		SOLE		40,542	0	0
DISH Network Corporation	COM	25470M109	2,501	69,100	SH		SOLE		69,100	0	0
DLH Holdings Corporation	COM	23335q100	4,513	454,928	SH		SOLE		454,928	0	0
DLH Holdings Corporation	COM	23335q100	2,695	271,709	SH		DFND		0	0	271,709
Ducommun Inc	COM	264147109	324	5,400	SH		SOLE		5,400	0	0
Ducommun Inc	COM	264147109	502	8,372	SH		DFND		0	0	8,372
E.W. Scripps Company	COM	811054402	16,138	837,447	SH		SOLE		837,447	0	0
E.W. Scripps Company	COM	811054402	6,235	323,569	SH		DFND		0	0	323,569
FMC Corporation	COM	302491303	5,062	45,763	SH		SOLE		45,763	0	0
Franco-Nevada Corporation	COM	351858105	3,871	30,900	SH		SOLE		30,900	0	0
FRP Holdings Inc	COM	30292l107	30	600	SH		SOLE		600	0	0
GCP Applied Technologies Inc	COM	36164y101	8,152	332,200	SH		SOLE		332,200	0	0
GCP Applied Technologies Inc	COM	36164y101	3,891	158,557	SH		DFND		0	0	158,557
Global Indemnity Group LLC	COM	37959r103	3,141	105,960	SH		SOLE		105,960	0	0
GP Strategies Corporation	COM	36225v104	23,387	1,340,242	SH		SOLE		1,340,242	0	0
GP Strategies Corporation	COM	36225v104	9,111	522,141	SH		DFND		0	0	522,141
Great Elm Group Inc	COM	39037G109	3,468	1,421,455	SH		SOLE		1,421,455	0	0
Great Elm Group Inc	COM	39037G109	586	240,100	SH		DFND		0	0	240,100
Hallmark Financial Services Inc	COM	40624q203	825	212,719	SH		SOLE		212,719	0	0
Henry Schein Inc	COM	806407102	5,898	85,187	SH		SOLE		85,187	0	0
Heritage-Crystal Clean Inc	COM	42726m106	11,524	424,775	SH		SOLE		424,775	0	0
Heritage-Crystal Clean Inc	COM	42726m106	4,716	173,819	SH		DFND		0	0	173,819
Howmet Aerospace Inc	COM	443201108	1,231	38,300	SH		SOLE		38,300	0	0
IEH Corporation	COM	44949K107	22	1,200	SH		SOLE		1,200	0	0
Issuer Direct Corporation	COM	46520m204	29	1,300	SH		SOLE		1,300	0	0
Kar Auction Services Inc	COM	48238T109	11,621	774,703	SH		SOLE		774,703	0	0
Kar Auction Services Inc	COM	48238T109	4,548	303,200	SH		DFND		0	0	303,200
KBR Inc	COM	48242W106	20,328	529,505	SH		SOLE		529,505	0	0
KBR Inc	COM	48242W106	8,764	228,276	SH		DFND		0	0	228,276
Landec Corporation	COM	514766104	12,671	1,195,424	SH		SOLE		1,195,424	0	0
Landec Corporation	COM	514766104	5,127	483,714	SH		DFND		0	0	483,714
LGL Group Inc	COM	50186A108	25	2,300	SH		SOLE		2,300	0	0
Liberty Media Acquisition Corp	COM	53073L104	307	30,400	SH		SOLE		30,400	0	0
Liberty SiriusXM Group - A	COM	531229409	8,049	182,595	SH		SOLE		182,595	0	0
Liberty SiriusXM Group - C	COM	531229607	195	4,432	SH		SOLE		4,432	0	0
Liberty TripAdvisor Holdings Inc	COM	531465102	4,991	782,300	SH		SOLE		782,300	0	0
Liberty TripAdvisor Holdings Inc	COM	531465102	2,285	358,129	SH		DFND		0	0	358,129
Lumen Technologies Inc	COM	550241103	19,787	1,482,173	SH		SOLE		1,482,173	0	0
Macquarie Infrastructure Corpo	COM	55608b105	22	701	SH		SOLE		701	0	0
Mcdermott International Ltd	COM	G5924V106	24	30,000	SH		SOLE		30,000	0	0
Millicom International Cellula	COM	l6388f110	27,188	711,541	SH		SOLE		711,541	0	0
Millicom International Cellula	COM	l6388f110	9,734	254,755	SH		DFND		0	0	254,755
MSC Industrial Direct Co Inc	COM	553530106	1,192	13,212	SH		SOLE		13,212	0	0
Mueller Water Products Inc A	COM	624758108	1,257	90,470	SH		SOLE		90,470	0	0
Northern Technologies Internat	COM	665809109	24	1,600	SH		SOLE		1,600	0	0
Nuvera Communications Inc	COM	67075V100	35	1,500	SH		SOLE		1,500	0	0
Overseas Shipholding Group Inc	COM	69036R863	49	24,000	SH		SOLE		24,000	0	0
PHI Group Inc	COM	69360b104	5	382	SH		SOLE		382	0	0
Phibro Animal Health Corporation	COM	71742q106	11,699	479,455	SH		SOLE		479,455	0	0
Phibro Animal Health Corporation	COM	71742q106	5,382	220,577	SH		DFND		0	0	220,577
Philip Morris International In	COM	718172109	669	7,540	SH		SOLE		7,540	0	0
PQ Group Holdings Inc	COM	73943t103	24,491	1,466,499	SH		SOLE		1,466,499	0	0
PQ Group Holdings Inc	COM	73943t103	9,214	551,709	SH		DFND		0	0	551,709
Quipt Home Medical Corporation	COM	74880P104	73	37,700	SH		SOLE		37,700	0	0
Research Solutions Inc	COM	761025105	2,704	1,165,610	SH		SOLE		1,165,610	0	0
Research Solutions Inc	COM	761025105	1,785	769,304	SH		DFND		0	0	769,304
Rexnord Corporation	COM	76169B102	1,143	24,266	SH		SOLE		24,266	0	0
Sandstorm Gold Ltd	COM	80013R206	5,514	810,824	SH		SOLE		810,824	0	0
Sandstorm Gold Ltd	COM	80013R206	2,486	365,600	SH		DFND		0	0	365,600
SecureWorks Corporation	COM	81374A105	4,878	364,552	SH		SOLE		364,552	0	0
SecureWorks Corporation	COM	81374A105	2,477	185,090	SH		DFND		0	0	185,090
Sensata Technologies Holding	COM	G8060N102	1,710	29,502	SH		SOLE		29,502	0	0
Six Flags Entertainment Corporation	COM	83001a102	11,509	247,670	SH		SOLE		247,670	0	0
Six Flags Entertainment Corporation	COM	83001a102	4,466	96,099	SH		DFND		0	0	96,099
Skechers U.S.A. Inc CL A	COM	830566105	17,135	410,813	SH		SOLE		410,813	0	0
Skechers U.S.A. Inc CL A	COM	830566105	7,191	172,403	SH		DFND		0	0	172,403
Spectrum Brands Holdings Inc	COM	84790a105	1,215	14,300	SH		SOLE		14,300	0	0
Standex International Corporation	COM	854231107	9,464	99,030	SH		SOLE		99,030	0	0
Standex International Corporation	COM	854231107	4,261	44,589	SH		DFND		0	0	44,589
Star Group L.P.	COM	85512c105	747	70,530	SH		SOLE		70,530	0	0
StoneX Group Inc	COM	861896108	16,043	245,385	SH		SOLE		245,385	0	0
StoneX Group Inc	COM	861896108	7,440	113,793	SH		DFND		0	0	113,793
Tapestry Inc	COM	876030107	2,809	68,167	SH		SOLE		68,167	0	0
TEGNA Inc	COM	87901j105	4,789	254,328	SH		SOLE		254,328	0	0
TEGNA Inc	COM	87901j105	1,287	68,343	SH		DFND		0	0	68,343
The Bank of New York Mellon Co	COM	064058100	1,784	37,715	SH		SOLE		37,715	0	0
The Monarch Cement Company	COM	609031307	52	500	SH		SOLE		500	0	0
The Williams Companies Inc	COM	969457100	227	9,570	SH		SOLE		9,570	0	0
Transcat Inc	COM	893529107	4,016	81,835	SH		SOLE		81,835	0	0
Transcat Inc	COM	893529107	1,946	39,643	SH		DFND		0	0	39,643
UFP Technologies Inc	COM	902673102	7,068	141,875	SH		SOLE		141,875	0	0
UFP Technologies Inc	COM	902673102	3,469	69,627	SH		DFND		0	0	69,627
Viasat Inc	COM	92552v100	37,646	783,148	SH		SOLE		783,148	0	0
Viasat Inc	COM	92552v100	12,961	269,636	SH		DFND		0	0	269,636
Viemed Healthcare Inc	COM	92663r105	14,087	1,391,986	SH		SOLE		1,391,986	0	0
Viemed Healthcare Inc	COM	92663r105	5,315	525,212	SH		DFND		0	0	525,212
Wayside Technology Group Inc	COM	946760105	3,045	121,139	SH		SOLE		121,139	0	0
Wayside Technology Group Inc	COM	946760105	988	39,300	SH		DFND		0	0	39,300
Wells Fargo & Company	COM	949746101	4,001	102,400	SH		SOLE		102,400	0	0
Western Union Company	COM	959802109	1,182	47,944	SH		SOLE		47,944	0	0
White Mountains Insurance Group	COM	g9618e107	17,804	15,969	SH		SOLE		15,969	0	0
White Mountains Insurance Group	COM	g9618e107	8,363	7,501	SH		DFND		0	0	7,501