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
Qurate Retail Inc Preferred 03	PFD	74915M308	147	1,700	SH		SOLE		1,700	0	0
AGNC Investment Corp	PFD	00123q500	348	14,000	SH		SOLE		14,000	0	0
Blueknight Energy Partners	PFD	09625u208	279	33,000	SH		SOLE		33,000	0	0
Wells Fargo & Company FPP	PFD	949746804	291	220	SH		SOLE		220	0	0
Abbott Laboratories	COM	002824100	118	1,000	SH		SOLE		1,000	0	0
AbbVie Inc	COM	00287y109	162	1,000	SH		SOLE		1,000	0	0
Agent Information Software	COM	00847D108	1	585	SH		SOLE		585	0	0
Alleghany Corporation	COM	017175100	3,698	4,366	SH		SOLE		4,366	0	0
Apex Escrow Note	COM	8amcsg732	0	8,497	SH		SOLE		8,497	0	0
Astronics Corporation	COM	046433108	1,021	78,984	SH		SOLE		78,984	0	0
Astronics Corporation	COM	046433108	517	40,000	SH		DFND		0	0	40,000
Axalta Coating Systems Ltd	COM	g0750c108	4,578	186,237	SH		SOLE		186,237	0	0
AZZ Inc	COM	002474104	9,497	196,880	SH		SOLE		196,880	0	0
AZZ Inc	COM	002474104	3,786	78,475	SH		DFND		0	0	78,475
Berkshire Hathaway Inc CL B	COM	084670702	4,500	12,750	SH		SOLE		12,750	0	0
BlackRock TCP Capital Corporation	COM	09259E108	93	6,500	SH		SOLE		6,500	0	0
Blueknight Energy Partners L.P	COM	09625U109	3,216	962,854	SH		SOLE		962,854	0	0
Chase Corporation	COM	16150r104	3,297	37,932	SH		SOLE		37,932	0	0
Chase Corporation	COM	16150r104	1,356	15,600	SH		DFND		0	0	15,600
Chevron Corporation	COM	166764100	163	1,000	SH		SOLE		1,000	0	0
Clean Harbors Inc	COM	184496107	3,112	27,871	SH		SOLE		27,871	0	0
CNX Resources Corporation	COM	12653C108	6,079	293,400	SH		SOLE		293,400	0	0
CNX Resources Corporation	COM	12653C108	3,649	176,100	SH		DFND		0	0	176,100
Colfax Corporation	COM	194014106	14,873	373,790	SH		SOLE		373,790	0	0
Colfax Corporation	COM	194014106	6,386	160,485	SH		DFND		0	0	160,485
Commvault Systems Inc	COM	204166102	8,234	124,100	SH		SOLE		124,100	0	0
Commvault Systems Inc	COM	204166102	2,897	43,668	SH		DFND		0	0	43,668
Compass Minerals International	COM	20451n101	23,276	370,691	SH		SOLE		370,691	0	0
Compass Minerals International	COM	20451n101	8,840	140,789	SH		DFND		0	0	140,789
CTO Realty Growth Inc	COM	22948Q101	450	6,783	SH		SOLE		6,783	0	0
Devon Energy Corporation	COM	25179M103	1,675	28,329	SH		SOLE		28,329	0	0
DISH Network Corporation	COM	25470M109	2,197	69,400	SH		SOLE		69,400	0	0
DLH Holdings Corporation	COM	23335q100	6,847	361,488	SH		SOLE		361,488	0	0
DLH Holdings Corporation	COM	23335q100	3,657	193,089	SH		DFND		0	0	193,089
Ducommun Inc	COM	264147109	8,214	156,779	SH		SOLE		156,779	0	0
Ducommun Inc	COM	264147109	4,104	78,335	SH		DFND		0	0	78,335
E.W. Scripps Company	COM	811054402	12,870	619,055	SH		SOLE		619,055	0	0
E.W. Scripps Company	COM	811054402	5,249	252,469	SH		DFND		0	0	252,469
Ecovyst Inc	COM	27923Q109	28,236	2,442,574	SH		SOLE		2,442,574	0	0
Ecovyst Inc	COM	27923Q109	10,081	872,100	SH		DFND		0	0	872,100
FMC Corporation	COM	302491303	6,090	46,289	SH		SOLE		46,289	0	0
Franco-Nevada Corporation	COM	351858105	4,275	26,800	SH		SOLE		26,800	0	0
Global Indemnity Group LLC	COM	37959r103	3,222	123,493	SH		SOLE		123,493	0	0
Great Elm Group Inc	COM	39037G109	1,955	1,080,229	SH		SOLE		1,080,229	0	0
Great Elm Group Inc	COM	39037G109	935	516,700	SH		DFND		0	0	516,700
Hallador Energy Company	COM	40609P105	27	7,827	SH		SOLE		7,827	0	0
Hamilton Thorne Ltd	COM	407891100	5	3,613	SH		SOLE		3,613	0	0
Henry Schein Inc	COM	806407102	1,861	21,341	SH		SOLE		21,341	0	0
Heritage-Crystal Clean Inc	COM	42726m106	8,266	279,147	SH		SOLE		279,147	0	0
Heritage-Crystal Clean Inc	COM	42726m106	4,274	144,340	SH		DFND		0	0	144,340
Howmet Aerospace Inc	COM	443201108	1,556	43,291	SH		SOLE		43,291	0	0
IAC InterActive Corporation	COM	44891N208	1,395	13,911	SH		SOLE		13,911	0	0
IEH Corporation	COM	44949K107	1,120	90,000	SH		SOLE		90,000	0	0
IPG Photonics Corporation	COM	44980X109	1,395	12,709	SH		SOLE		12,709	0	0
Issuer Direct Corporation	COM	46520m204	6	212	SH		SOLE		212	0	0
KBR Inc	COM	48242W106	14,517	265,242	SH		SOLE		265,242	0	0
KBR Inc	COM	48242W106	4,734	86,500	SH		DFND		0	0	86,500
Kinder Morgan Inc	COM	49456B101	371	19,600	SH		SOLE		19,600	0	0
Landec Corporation	COM	514766104	15,972	1,379,267	SH		SOLE		1,379,267	0	0
Landec Corporation	COM	514766104	5,704	492,614	SH		DFND		0	0	492,614
Liberty Media Acquisition Corporation	COM	53073L104	5,038	508,334	SH		SOLE		508,334	0	0
Liberty Media Acquisition Corporation	COM	53073L104	2,929	295,600	SH		DFND		0	0	295,600
Liberty SiriusXM Group - A	COM	531229409	6,872	150,339	SH		SOLE		150,339	0	0
Liberty TripAdvisor Holdings Inc	COM	531465102	5,324	2,596,990	SH		SOLE		2,596,990	0	0
Liberty TripAdvisor Holdings Inc	COM	531465102	2,503	1,221,129	SH		DFND		0	0	1,221,129
Lions Gate Entertainment Corporation	COM	535919500	23,975	1,595,117	SH		SOLE		1,595,117	0	0
Lions Gate Entertainment Corporation	COM	535919500	6,990	465,100	SH		DFND		0	0	465,100
Lumen Technologies Inc	COM	550241103	11,605	1,029,727	SH		SOLE		1,029,727	0	0
Millicom International Cellular	COM	l6388f110	12,469	494,620	SH		SOLE		494,620	0	0
Millicom International Cellular	COM	l6388f110	3,939	156,255	SH		DFND		0	0	156,255
N-able Inc	COM	62878D100	3,604	396,083	SH		SOLE		396,083	0	0
N-able Inc	COM	62878D100	1,903	209,105	SH		DFND		0	0	209,105
Nature's Sunshine Products Inc	COM	639027101	2,967	176,380	SH		SOLE		176,380	0	0
Nature's Sunshine Products Inc	COM	639027101	1,013	60,253	SH		DFND		0	0	60,253
NewMarket Corporation	COM	651587107	8,315	25,635	SH		SOLE		25,635	0	0
NewMarket Corporation	COM	651587107	4,755	14,660	SH		DFND		0	0	14,660
Northern Technologies International	COM	665809109	3	225	SH		SOLE		225	0	0
Omni-Lite Industries Canada	COM	681976106	8	11,671	SH		SOLE		11,671	0	0
Overseas Shipholding Group Inc	COM	69036R863	52	25,000	SH		SOLE		25,000	0	0
Philip Morris International In	COM	718172109	132	1,400	SH		SOLE		1,400	0	0
Quipt Home Medical Corporation	COM	74880P104	2	508	SH		SOLE		508	0	0
Quorum Information Technologies	COM	749093100	6	7,851	SH		SOLE		7,851	0	0
Regal Rexnord Corporation	COM	758750103	1,366	9,179	SH		SOLE		9,179	0	0
Research Solutions Inc	COM	761025105	3,386	1,589,625	SH		SOLE		1,589,625	0	0
Research Solutions Inc	COM	761025105	1,739	816,353	SH		DFND		0	0	816,353
Sandstorm Gold Ltd	COM	80013R206	4,567	565,200	SH		SOLE		565,200	0	0
Sandstorm Gold Ltd	COM	80013R206	2,350	290,900	SH		DFND		0	0	290,900
SecureWorks Corporation	COM	81374A105	7,175	541,510	SH		SOLE		541,510	0	0
SecureWorks Corporation	COM	81374A105	3,060	230,908	SH		DFND		0	0	230,908
Sensata Technologies Holdings	COM	G8060N102	1,441	28,342	SH		SOLE		28,342	0	0
Six Flags Entertainment Corporation	COM	83001a102	9,853	226,500	SH		SOLE		226,500	0	0
Six Flags Entertainment Corporation	COM	83001a102	3,663	84,199	SH		DFND		0	0	84,199
Skechers U.S.A. Inc CL A	COM	830566105	9,398	230,579	SH		SOLE		230,579	0	0
Skechers U.S.A. Inc CL A	COM	830566105	3,318	81,408	SH		DFND		0	0	81,408
Spectrum Brands Holdings Inc	COM	84790a105	1,476	16,631	SH		SOLE		16,631	0	0
Standex International Corporation	COM	854231107	5,593	55,976	SH		SOLE		55,976	0	0
Standex International Corporation	COM	854231107	3,286	32,889	SH		DFND		0	0	32,889
Star Group L.P.	COM	85512c105	517	46,600	SH		SOLE		46,600	0	0
StoneX Group Inc	COM	861896108	11,769	158,543	SH		SOLE		158,543	0	0
StoneX Group Inc	COM	861896108	4,965	66,893	SH		DFND		0	0	66,893
Table Trac Inc	COM	87336P106	6	1,821	SH		SOLE		1,821	0	0
Tapestry Inc	COM	876030107	1,617	43,529	SH		SOLE		43,529	0	0
TEGNA Inc	COM	87901j105	1,009	45,036	SH		SOLE		45,036	0	0
The Bank of New York Mellon Co	COM	064058100	1,758	35,415	SH		SOLE		35,415	0	0
The Eastern Company	COM	276317104	3	129	SH		SOLE		129	0	0
The Monarch Cement Company	COM	609031307	1	11	SH		SOLE		11	0	0
The Stephan Company	COM	858603103	1	501	SH		SOLE		501	0	0
Tiptree Inc	COM	88822Q103	2,472	192,342	SH		SOLE		192,342	0	0
Tiptree Inc	COM	88822Q103	1,057	82,269	SH		DFND		0	0	82,269
UFP Technologies Inc	COM	902673102	4,685	70,804	SH		SOLE		70,804	0	0
UFP Technologies Inc	COM	902673102	2,781	42,027	SH		DFND		0	0	42,027
Viasat Inc	COM	92552v100	32,018	656,115	SH		SOLE		656,115	0	0
Viasat Inc	COM	92552v100	9,459	193,836	SH		DFND		0	0	193,836
Viemed Healthcare Inc	COM	92663r105	6,730	1,351,472	SH		SOLE		1,351,472	0	0
Viemed Healthcare Inc	COM	92663r105	3,264	655,472	SH		DFND		0	0	655,472
Warner Bros Discovery Inc	COM	934423104	686	27,500	SH		SOLE		27,500	0	0
Wayside Technology Group Inc	COM	946760105	8,373	242,338	SH		SOLE		242,338	0	0
Wayside Technology Group Inc	COM	946760105	3,841	111,163	SH		DFND		0	0	111,163
Wells Fargo & Company	COM	949746101	3,286	67,800	SH		SOLE		67,800	0	0
Western Union Company	COM	959802109	1,465	78,200	SH		SOLE		78,200	0	0
White Mountains Insurance Group	COM	g9618e107	15,089	13,280	SH		SOLE		13,280	0	0
White Mountains Insurance Group	COM	g9618e107	6,674	5,874	SH		DFND		0	0	5,874