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	357	3,300	SH		SOLE		3,300	0	0
AGNC Investment Corp 7	PFD	00123q500	409	15,700	SH		SOLE		15,700	0	0
Blueknight Energy Partners 11	PFD	09625u208	2,510	308,000	SH		SOLE		308,000	0	0
Wells Fargo & Company FPP 7.5	PFD	949746804	376	254	SH		SOLE		254	0	0
Abbott Laboratories	COM	002824100	154	1,300	SH		SOLE		1,300	0	0
AbbVie Inc	COM	00287y109	140	1,300	SH		SOLE		1,300	0	0
Alleghany Corporation	COM	017175100	6,375	10,209	SH		SOLE		10,209	0	0
Apex Escrow Note	COM	8amcsg732	413	14,870	SH		SOLE		14,870	0	0
Astronics Corporation	COM	046433108	4,561	324,384	SH		SOLE		324,384	0	0
Astronics Corporation	COM	046433108	2,936	208,808	SH		DFND		0	0	208,808
Avanos Medical Inc	COM	05350v106	207	6,648	SH		SOLE		6,648	0	0
Axalta Coating Systems Ltd	COM	g0750c108	5,222	178,897	SH		SOLE		178,897	0	0
AZZ Inc	COM	002474104	12,544	235,796	SH		SOLE		235,796	0	0
AZZ Inc	COM	002474104	5,271	99,075	SH		DFND		0	0	99,075
Berkshire Hathaway Inc CL B	COM	084670702	4,408	16,150	SH		SOLE		16,150	0	0
BlackRock TCP Capital Corporation	COM	09259E108	190	14,000	SH		SOLE		14,000	0	0
Blueknight Energy Partners L.P	COM	09625U109	2,326	762,672	SH		SOLE		762,672	0	0
Chase Corporation	COM	16150r104	4,169	40,816	SH		SOLE		40,816	0	0
Chase Corporation	COM	16150r104	1,941	19,000	SH		DFND		0	0	19,000
Chevron Corporation	COM	166764100	101	1,000	SH		SOLE		1,000	0	0
Clean Harbors Inc	COM	184496107	2,737	26,350	SH		SOLE		26,350	0	0
CNX Resources Corporation	COM	12653C108	5,196	411,700	SH		SOLE		411,700	0	0
CNX Resources Corporation	COM	12653C108	3,988	316,000	SH		DFND		0	0	316,000
Colfax Corporation	COM	194014106	22,837	497,532	SH		SOLE		497,532	0	0
Colfax Corporation	COM	194014106	8,789	191,485	SH		DFND		0	0	191,485
Commvault Systems Inc	COM	204166102	10,685	141,875	SH		SOLE		141,875	0	0
Commvault Systems Inc	COM	204166102	4,305	57,168	SH		DFND		0	0	57,168
Compass Minerals International	COM	20451n101	25,413	394,605	SH		SOLE		394,605	0	0
Compass Minerals International	COM	20451n101	10,223	158,749	SH		DFND		0	0	158,749
Contango ORE Inc	COM	21077f100	153	7,661	SH		SOLE		7,661	0	0
CTO Realty Growth Inc	COM	22948Q101	301	5,603	SH		SOLE		5,603	0	0
Devon Energy Corporation	COM	25179M103	1,139	32,083	SH		SOLE		32,083	0	0
Discovery Inc CL A	COM	25470F104	1,903	75,000	SH		SOLE		75,000	0	0
DISH Network Corporation	COM	25470M109	3,003	69,100	SH		SOLE		69,100	0	0
DLH Holdings Corporation	COM	23335q100	6,238	507,154	SH		SOLE		507,154	0	0
DLH Holdings Corporation	COM	23335q100	3,522	286,309	SH		DFND		0	0	286,309
Ducommun Inc	COM	264147109	3,290	65,336	SH		SOLE		65,336	0	0
Ducommun Inc	COM	264147109	2,161	42,914	SH		DFND		0	0	42,914
E.W. Scripps Company	COM	811054402	13,698	758,447	SH		SOLE		758,447	0	0
E.W. Scripps Company	COM	811054402	6,095	337,469	SH		DFND		0	0	337,469
Ecovyst Inc	COM	27923Q109	24,474	2,098,931	SH		SOLE		2,098,931	0	0
Ecovyst Inc	COM	27923Q109	9,235	792,040	SH		DFND		0	0	792,040
FMC Corporation	COM	302491303	5,250	57,337	SH		SOLE		57,337	0	0
Franco-Nevada Corporation	COM	351858105	3,897	30,000	SH		SOLE		30,000	0	0
FRP Holdings Inc	COM	30292l107	34	600	SH		SOLE		600	0	0
GCP Applied Technologies Inc	COM	36164y101	7,082	323,100	SH		SOLE		323,100	0	0
GCP Applied Technologies Inc	COM	36164y101	4,376	199,640	SH		DFND		0	0	199,640
Global Indemnity Group LLC	COM	37959r103	4,410	161,831	SH		SOLE		161,831	0	0
GP Strategies Corporation	COM	36225v104	5,404	261,067	SH		SOLE		261,067	0	0
Great Elm Capital Corporation	COM	390320109	235	67,400	SH		SOLE		67,400	0	0
Great Elm Group Inc	COM	39037G109	2,253	1,005,585	SH		SOLE		1,005,585	0	0
Great Elm Group Inc	COM	39037G109	1,516	676,700	SH		DFND		0	0	676,700
Hallador Energy Company	COM	40609P105	61	20,700	SH		SOLE		20,700	0	0
Henry Schein Inc	COM	806407102	5,850	76,807	SH		SOLE		76,807	0	0
Heritage-Crystal Clean Inc	COM	42726m106	10,657	367,733	SH		SOLE		367,733	0	0
Heritage-Crystal Clean Inc	COM	42726m106	5,238	180,740	SH		DFND		0	0	180,740
Howmet Aerospace Inc	COM	443201108	1,359	43,572	SH		SOLE		43,572	0	0
IEH Corporation	COM	44949K107	1,103	91,900	SH		SOLE		91,900	0	0
Issuer Direct Corporation	COM	46520m204	34	1,300	SH		SOLE		1,300	0	0
KBR Inc	COM	48242W106	14,676	372,485	SH		SOLE		372,485	0	0
KBR Inc	COM	48242W106	6,060	153,800	SH		DFND		0	0	153,800
Landec Corporation	COM	514766104	11,378	1,234,017	SH		SOLE		1,234,017	0	0
Landec Corporation	COM	514766104	5,343	579,536	SH		DFND		0	0	579,536
LGL Group Inc	COM	50186A108	32	2,300	SH		SOLE		2,300	0	0
Liberty Media Acquisition Corp	COM	53073L104	6,258	620,834	SH		SOLE		620,834	0	0
Liberty Media Acquisition Corp	COM	53073L104	4,198	416,500	SH		DFND		0	0	416,500
Liberty SiriusXM Group - A	COM	531229409	9,180	194,623	SH		SOLE		194,623	0	0
Liberty TripAdvisor Holdings Inc	COM	531465102	3,420	1,106,700	SH		SOLE		1,106,700	0	0
Liberty TripAdvisor Holdings Inc	COM	531465102	2,304	745,557	SH		DFND		0	0	745,557
Lions Gate Entertainment Corporation	COM	535919500	27,012	2,077,823	SH		SOLE		2,077,823	0	0
Lions Gate Entertainment Corporation	COM	535919500	9,924	763,400	SH		DFND		0	0	763,400
Lumen Technologies Inc	COM	550241103	13,375	1,079,466	SH		SOLE		1,079,466	0	0
McDermott International Ltd	COM	G5924V106	15	30,000	SH		SOLE		30,000	0	0
Millicom International Cellular	COM	l6388f110	19,282	533,395	SH		SOLE		533,395	0	0
Millicom International Cellular	COM	l6388f110	7,713	213,355	SH		DFND		0	0	213,355
MSC Industrial Direct Co Inc	COM	553530106	1,059	13,208	SH		SOLE		13,208	0	0
Mueller Water Products Inc A	COM	624758108	1,133	74,418	SH		SOLE		74,418	0	0
NewMarket Corporation	COM	651587107	14,500	42,803	SH		SOLE		42,803	0	0
NewMarket Corporation	COM	651587107	7,235	21,357	SH		DFND		0	0	21,357
Northern Technologies International	COM	665809109	24	1,600	SH		SOLE		1,600	0	0
Nuvera Communications Inc	COM	67075V100	33	1,500	SH		SOLE		1,500	0	0
Overseas Shipholding Group Inc	COM	69036R863	27	12,900	SH		SOLE		12,900	0	0
Phibro Animal Health Corporation	COM	71742q106	696	32,300	SH		SOLE		32,300	0	0
Phibro Animal Health Corporation	COM	71742q106	1,281	59,461	SH		DFND		0	0	59,461
Philip Morris International Inc	COM	718172109	506	5,340	SH		SOLE		5,340	0	0
Research Solutions Inc	COM	761025105	3,684	1,406,010	SH		SOLE		1,406,010	0	0
Research Solutions Inc	COM	761025105	2,500	954,353	SH		DFND		0	0	954,353
Rexnord Corporation	COM	76169B102	1,530	23,797	SH		SOLE		23,797	0	0
Sandstorm Gold Ltd	COM	80013R206	2,990	519,100	SH		SOLE		519,100	0	0
Sandstorm Gold Ltd	COM	80013R206	2,204	382,600	SH		DFND		0	0	382,600
SecureWorks Corporation	COM	81374A105	9,750	490,435	SH		SOLE		490,435	0	0
SecureWorks Corporation	COM	81374A105	4,780	240,422	SH		DFND		0	0	240,422
Sensata Technologies Holding	COM	G8060N102	1,880	34,350	SH		SOLE		34,350	0	0
Six Flags Entertainment Corporation	COM	83001a102	9,910	233,170	SH		SOLE		233,170	0	0
Six Flags Entertainment Corporation	COM	83001a102	4,407	103,699	SH		DFND		0	0	103,699
Skechers U.S.A. Inc CL A	COM	830566105	7,308	173,514	SH		SOLE		173,514	0	0
Skechers U.S.A. Inc CL A	COM	830566105	4,002	95,003	SH		DFND		0	0	95,003
Spectrum Brands Holdings Inc	COM	84790a105	1,494	15,621	SH		SOLE		15,621	0	0
Spok Holdings Inc	COM	84863T106	90	8,800	SH		SOLE		8,800	0	0
Standex International Corporation	COM	854231107	9,043	91,430	SH		SOLE		91,430	0	0
Standex International Corporation	COM	854231107	4,410	44,589	SH		DFND		0	0	44,589
Star Group L.P.	COM	85512c105	690	67,700	SH		SOLE		67,700	0	0
StoneX Group Inc	COM	861896108	13,054	198,086	SH		SOLE		198,086	0	0
StoneX Group Inc	COM	861896108	6,906	104,793	SH		DFND		0	0	104,793
Table Trac Inc	COM	87336P106	27	8,000	SH		SOLE		8,000	0	0
Tapestry Inc	COM	876030107	1,377	37,183	SH		SOLE		37,183	0	0
TEGNA Inc	COM	87901j105	10,077	510,995	SH		SOLE		510,995	0	0
TEGNA Inc	COM	87901j105	5,009	254,000	SH		DFND		0	0	254,000
The Bank of New York Mellon Co	COM	064058100	1,955	37,715	SH		SOLE		37,715	0	0
The Eastern Company	COM	276317104	65	2,600	SH		SOLE		2,600	0	0
The Monarch Cement Company	COM	609031307	44	400	SH		SOLE		400	0	0
Tiptree Inc	COM	88822Q103	3,261	325,478	SH		SOLE		325,478	0	0
Tiptree Inc	COM	88822Q103	1,258	125,504	SH		DFND		0	0	125,504
UFP Technologies Inc	COM	902673102	7,363	119,555	SH		SOLE		119,555	0	0
UFP Technologies Inc	COM	902673102	3,851	62,527	SH		DFND		0	0	62,527
Viasat Inc	COM	92552v100	37,218	675,827	SH		SOLE		675,827	0	0
Viasat Inc	COM	92552v100	14,849	269,636	SH		DFND		0	0	269,636
Viemed Healthcare Inc	COM	92663r105	5,811	1,046,946	SH		SOLE		1,046,946	0	0
Viemed Healthcare Inc	COM	92663r105	3,346	602,812	SH		DFND		0	0	602,812
Wayside Technology Group Inc	COM	946760105	6,796	252,549	SH		SOLE		252,549	0	0
Wayside Technology Group Inc	COM	946760105	3,578	132,976	SH		DFND		0	0	132,976
Wells Fargo & Company	COM	949746101	3,764	81,100	SH		SOLE		81,100	0	0
Western Union Company	COM	959802109	1,283	63,448	SH		SOLE		63,448	0	0
White Mountains Insurance Group	COM	g9618e107	15,577	14,563	SH		SOLE		14,563	0	0
White Mountains Insurance Group	COM	g9618e107	7,352	6,874	SH		DFND		0	0	6,874