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	176	1,700	SH		SOLE		1,700	0	0
AGNC Investment Corp	PFD	00123q500	357	14,000	SH		SOLE		14,000	0	0
Blueknight Energy Partners 11	PFD	09625u208	471	57,000	SH		SOLE		57,000	0	0
Wells Fargo & Company FPP 7.5	PFD	949746804	328	220	SH		SOLE		220	0	0
Abbott Laboratories	COM	002824100	183	1,300	SH		SOLE		1,300	0	0
AbbVie Inc	COM	00287y109	176	1,300	SH		SOLE		1,300	0	0
Agent Information Software	COM	00847D108	1	585	SH		SOLE		585	0	0
Alleghany Corporation	COM	017175100	6,695	10,029	SH		SOLE		10,029	0	0
Apex Escrow Note	COM	8amcsg732	0	14,870	SH		SOLE		14,870	0	0
Astronics Corporation	COM	046433108	2,208	183,999	SH		SOLE		183,999	0	0
Astronics Corporation	COM	046433108	1,644	136,981	SH		DFND		0	0	136,981
Axalta Coating Systems Ltd	COM	g0750c108	5,343	161,323	SH		SOLE		161,323	0	0
AZZ Inc	COM	002474104	11,212	202,780	SH		SOLE		202,780	0	0
AZZ Inc	COM	002474104	4,339	78,475	SH		DFND		0	0	78,475
Berkshire Hathaway Inc CL B	COM	084670702	4,096	13,700	SH		SOLE		13,700	0	0
BlackRock TCP Capital Corporation	COM	09259E108	88	6,500	SH		SOLE		6,500	0	0
Blueknight Energy Partners L.P	COM	09625U109	2,729	826,854	SH		SOLE		826,854	0	0
Chase Corporation	COM	16150r104	3,826	38,429	SH		SOLE		38,429	0	0
Chase Corporation	COM	16150r104	1,444	14,500	SH		DFND		0	0	14,500
Chevron Corporation	COM	166764100	117	1,000	SH		SOLE		1,000	0	0
Clean Harbors Inc	COM	184496107	2,455	24,610	SH		SOLE		24,610	0	0
CNX Resources Corporation	COM	12653C108	4,444	323,200	SH		SOLE		323,200	0	0
CNX Resources Corporation	COM	12653C108	2,914	211,900	SH		DFND		0	0	211,900
Colfax Corporation	COM	194014106	19,901	432,914	SH		SOLE		432,914	0	0
Colfax Corporation	COM	194014106	6,513	141,685	SH		DFND		0	0	141,685
Commvault Systems Inc	COM	204166102	8,994	130,500	SH		SOLE		130,500	0	0
Commvault Systems Inc	COM	204166102	3,010	43,668	SH		DFND		0	0	43,668
Compass Minerals International	COM	20451n101	21,920	429,129	SH		SOLE		429,129	0	0
Compass Minerals International	COM	20451n101	8,096	158,489	SH		DFND		0	0	158,489
CTO Realty Growth Inc	COM	22948Q101	417	6,783	SH		SOLE		6,783	0	0
Devon Energy Corporation	COM	25179M103	1,406	31,929	SH		SOLE		31,929	0	0
Discovery Inc CL A	COM	25470F104	647	27,500	SH		SOLE		27,500	0	0
DISH Network Corporation	COM	25470M109	2,138	65,900	SH		SOLE		65,900	0	0
DLH Holdings Corporation	COM	23335q100	9,574	462,053	SH		SOLE		462,053	0	0
DLH Holdings Corporation	COM	23335q100	4,600	221,989	SH		DFND		0	0	221,989
Ducommun Inc	COM	264147109	6,472	138,379	SH		SOLE		138,379	0	0
Ducommun Inc	COM	264147109	2,092	44,735	SH		DFND		0	0	44,735
E.W. Scripps Company	COM	811054402	12,654	653,957	SH		SOLE		653,957	0	0
E.W. Scripps Company	COM	811054402	4,885	252,469	SH		DFND		0	0	252,469
Ecovyst Inc	COM	27923Q109	21,697	2,118,813	SH		SOLE		2,118,813	0	0
Ecovyst Inc	COM	27923Q109	8,930	872,100	SH		DFND		0	0	872,100
FMC Corporation	COM	302491303	6,416	58,386	SH		SOLE		58,386	0	0
Franco-Nevada Corporation	COM	351858105	3,803	27,500	SH		SOLE		27,500	0	0
GCP Applied Technologies Inc	COM	36164y101	1,165	36,800	SH		SOLE		36,800	0	0
Global Indemnity Group LLC	COM	37959r103	3,606	143,493	SH		SOLE		143,493	0	0
Great Elm Capital Corporation	COM	390320109	130	42,200	SH		SOLE		42,200	0	0
Great Elm Group Inc	COM	39037G109	2,243	1,073,229	SH		SOLE		1,073,229	0	0
Great Elm Group Inc	COM	39037G109	1,080	516,700	SH		DFND		0	0	516,700
Hallador Energy Company	COM	40609P105	3	1,227	SH		SOLE		1,227	0	0
Hallmark Financial Services In	COM	40624q203	26	6,000	SH		SOLE		6,000	0	0
Hamilton Thorne Ltd	COM	407891100	6	3,564	SH		SOLE		3,564	0	0
Henry Schein Inc	COM	806407102	1,703	21,969	SH		SOLE		21,969	0	0
Heritage-Crystal Clean Inc	COM	42726m106	9,289	290,099	SH		SOLE		290,099	0	0
Heritage-Crystal Clean Inc	COM	42726m106	4,093	127,840	SH		DFND		0	0	127,840
Howmet Aerospace Inc	COM	443201108	1,396	43,847	SH		SOLE		43,847	0	0
IEH Corporation	COM	44949K107	1,080	90,000	SH		SOLE		90,000	0	0
Issuer Direct Corporation	COM	46520m204	6	198	SH		SOLE		198	0	0
KBR Inc	COM	48242W106	14,440	303,241	SH		SOLE		303,241	0	0
KBR Inc	COM	48242W106	4,610	96,800	SH		DFND		0	0	96,800
Landec Corporation	COM	514766104	14,472	1,303,750	SH		SOLE		1,303,750	0	0
Landec Corporation	COM	514766104	5,468	492,614	SH		DFND		0	0	492,614
Liberty Media Acquisition Corp	COM	53073L104	4,082	397,063	SH		SOLE		397,063	0	0
Liberty Media Acquisition Corp	COM	53073L104	3,273	318,400	SH		DFND		0	0	318,400
Liberty SiriusXM Group - A	COM	531229409	9,128	179,518	SH		SOLE		179,518	0	0
Liberty TripAdvisor Holdings Inc	COM	531465102	4,326	1,993,390	SH		SOLE		1,993,390	0	0
Liberty TripAdvisor Holdings Inc	COM	531465102	1,739	801,329	SH		DFND		0	0	801,329
Lions Gate Entertainment Corporation	COM	535919500	26,243	1,705,197	SH		SOLE		1,705,197	0	0
Lions Gate Entertainment Corporation	COM	535919500	8,284	538,300	SH		DFND		0	0	538,300
Lumen Technologies Inc	COM	550241103	12,403	988,309	SH		SOLE		988,309	0	0
Midwest Holdings Inc	COM	59833J206	3	195	SH		SOLE		195	0	0
Millicom International Cellular	COM	l6388f110	11,323	397,991	SH		SOLE		397,991	0	0
Millicom International Cellular	COM	l6388f110	4,155	146,055	SH		DFND		0	0	146,055
MSC Industrial Direct Co Inc	COM	553530106	1,126	13,399	SH		SOLE		13,399	0	0
Mueller Water Products Inc A	COM	624758108	1,085	75,318	SH		SOLE		75,318	0	0
N-able Inc	COM	62878D100	3,168	285,409	SH		SOLE		285,409	0	0
N-able Inc	COM	62878D100	2,009	181,005	SH		DFND		0	0	181,005
Nature's Sunshine Products Inc	COM	639027101	2,772	149,838	SH		SOLE		149,838	0	0
Nature's Sunshine Products Inc	COM	639027101	239	12,900	SH		DFND		0	0	12,900
NewMarket Corporation	COM	651587107	10,767	31,417	SH		SOLE		31,417	0	0
NewMarket Corporation	COM	651587107	5,596	16,328	SH		DFND		0	0	16,328
Northern Technologies International	COM	665809109	3	200	SH		SOLE		200	0	0
Omni-Lite Industries Canada	COM	681976106	8	11,671	SH		SOLE		11,671	0	0
Overseas Shipholding Group Inc	COM	69036R863	47	25,000	SH		SOLE		25,000	0	0
Phibro Animal Health Corporation	COM	71742q106	817	40,000	SH		DFND		0	0	40,000
Philip Morris International Inc	COM	718172109	190	2,000	SH		SOLE		2,000	0	0
Quipt Home Medical Corporation	COM	74880P104	3	508	SH		SOLE		508	0	0
Quorum Information Technologies	COM	749093100	5	6,651	SH		SOLE		6,651	0	0
Regal Rexnord Corporation	COM	758750103	1,588	9,332	SH		SOLE		9,332	0	0
Research Solutions Inc	COM	761025105	3,689	1,499,729	SH		SOLE		1,499,729	0	0
Research Solutions Inc	COM	761025105	2,008	816,353	SH		DFND		0	0	816,353
Sandstorm Gold Ltd	COM	80013R206	2,822	455,200	SH		SOLE		455,200	0	0
Sandstorm Gold Ltd	COM	80013R206	1,601	258,200	SH		DFND		0	0	258,200
SecureWorks Corporation	COM	81374A105	7,376	461,882	SH		SOLE		461,882	0	0
SecureWorks Corporation	COM	81374A105	2,881	180,422	SH		DFND		0	0	180,422
Sensata Technologies Holding	COM	G8060N102	1,601	25,956	SH		SOLE		25,956	0	0
Six Flags Entertainment Corporation	COM	83001a102	10,952	257,200	SH		SOLE		257,200	0	0
Six Flags Entertainment Corporation	COM	83001a102	3,585	84,199	SH		DFND		0	0	84,199
Skechers U.S.A. Inc CL A	COM	830566105	8,662	199,582	SH		SOLE		199,582	0	0
Skechers U.S.A. Inc CL A	COM	830566105	3,160	72,808	SH		DFND		0	0	72,808
Spectrum Brands Holdings Inc	COM	84790a105	1,584	15,568	SH		SOLE		15,568	0	0
Standex International Corporation	COM	854231107	6,991	63,180	SH		SOLE		63,180	0	0
Standex International Corporation	COM	854231107	3,639	32,889	SH		DFND		0	0	32,889
Star Group L.P.	COM	85512c105	551	51,200	SH		SOLE		51,200	0	0
StoneX Group Inc	COM	861896108	11,273	184,043	SH		SOLE		184,043	0	0
StoneX Group Inc	COM	861896108	4,753	77,593	SH		DFND		0	0	77,593
Table Trac Inc	COM	87336P106	1	332	SH		SOLE		332	0	0
Tapestry Inc	COM	876030107	1,631	40,162	SH		SOLE		40,162	0	0
TEGNA Inc	COM	87901j105	7,884	424,781	SH		SOLE		424,781	0	0
TEGNA Inc	COM	87901j105	3,565	192,100	SH		DFND		0	0	192,100
The Bank of New York Mellon Co	COM	064058100	2,057	35,415	SH		SOLE		35,415	0	0
The Eastern Company	COM	276317104	3	121	SH		SOLE		121	0	0
The Monarch Cement Company	COM	609031307	1	10	SH		SOLE		10	0	0
Tiptree Inc	COM	88822Q103	1,622	117,311	SH		SOLE		117,311	0	0
Tiptree Inc	COM	88822Q103	715	51,709	SH		DFND		0	0	51,709
UFP Technologies Inc	COM	902673102	6,333	90,143	SH		SOLE		90,143	0	0
UFP Technologies Inc	COM	902673102	2,953	42,027	SH		DFND		0	0	42,027
Viasat Inc	COM	92552v100	27,572	619,049	SH		SOLE		619,049	0	0
Viasat Inc	COM	92552v100	8,633	193,836	SH		DFND		0	0	193,836
Viemed Healthcare Inc	COM	92663r105	6,237	1,194,833	SH		SOLE		1,194,833	0	0
Viemed Healthcare Inc	COM	92663r105	3,240	620,712	SH		DFND		0	0	620,712
Wayside Technology Group Inc	COM	946760105	8,476	241,487	SH		SOLE		241,487	0	0
Wayside Technology Group Inc	COM	946760105	3,902	111,163	SH		DFND		0	0	111,163
Wells Fargo & Company	COM	949746101	3,402	70,900	SH		SOLE		70,900	0	0
Western Union Company	COM	959802109	294	16,484	SH		SOLE		16,484	0	0
White Mountains Insurance Group	COM	g9618e107	10,475	10,331	SH		SOLE		10,331	0	0
White Mountains Insurance Group	COM	g9618e107	5,956	5,874	SH		DFND		0	0	5,874