# EDGAR Filing Document

**Accession Number:** 0001531612
**File Stem:** 0001531612-23-000005
**Filing Date:** 2023-2
**Character Count:** 14658
**Document Hash:** f04efa2feff1e0f5d8e08bd1f0c13993
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001531612-23-000005.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001531612-23-000005

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cove Street Capital, LLC
- **CENTRAL INDEX KEY:** 0001531612
- **IRS NUMBER:** 275376591
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14599
- **FILM NUMBER:** 23612566

**BUSINESS ADDRESS:**
- **STREET 1:** 525 SOUTH DOUGLAS STREET
- **STREET 2:** SUITE 225
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
- **BUSINESS PHONE:** 424-221-5897

**MAIL ADDRESS:**
- **STREET 1:** 525 SOUTH DOUGLAS STREET
- **STREET 2:** SUITE 225
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Cove Street Capital LLC<br>**Address:** 525 South Douglas Street<br>Suite 225<br>El Segundo, CA 90245

**Form 13F File Number:** 028-14599

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Merihan Tynan<br>**Title:** Chief Compliance Officer<br>**Phone:** 424-221-5897

**Signature, Place, and Date of Signing:**

/s/mtynan  El Segundo, CA  02-10-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 113

**Form 13F Information Table Value Total:** $366745

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Qurate Retail Inc Preferred | PFD | 74915M308 |  | 31 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| AGNC Investment Corp | PFD | 00123q500 |  | 347 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| Wells Fargo  Company FPP | PFD | 949746804 |  | 261 | 220 | SH |  | SOLE |  | 220 | 0 | 0 |
| Abbott Laboratories | COM | 002824100 |  | 110 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| AbbVie Inc | COM | 00287y109 |  | 162 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| ALJ Regional Holdings Inc | COM | 001627108 |  | 8 | 4158 | SH |  | SOLE |  | 4158 | 0 | 0 |
| Axalta Coating Systems Ltd | COM | g0750c108 |  | 4361 | 171208 | SH |  | SOLE |  | 171208 | 0 | 0 |
| Berkshire Hathaway Inc CL B | COM | 084670702 |  | 3599 | 11650 | SH |  | SOLE |  | 11650 | 0 | 0 |
| BlackRock TCP Capital Corporation | COM | 09259E108 |  | 38 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| Butler National Corporation | COM | 123720104 |  | 2 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| CarGurus Inc | COM | 141788109 |  | 1012 | 72200 | SH |  | SOLE |  | 72200 | 0 | 0 |
| CarGurus Inc | COM | 141788109 |  | 1054 | 75200 | SH |  | DFND |  | 0 | 0 | 75200 |
| Chase Corporation | COM | 16150r104 |  | 2939 | 34067 | SH |  | SOLE |  | 34067 | 0 | 0 |
| Chase Corporation | COM | 16150r104 |  | 1769 | 20503 | SH |  | DFND |  | 0 | 0 | 20503 |
| Chevron Corporation | COM | 166764100 |  | 179 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| Clean Harbors Inc | COM | 184496107 |  | 2542 | 22272 | SH |  | SOLE |  | 22272 | 0 | 0 |
| Climb Global Solutions Inc | COM | 946760105 |  | 5340 | 169352 | SH |  | SOLE |  | 169352 | 0 | 0 |
| Climb Global Solutions Inc | COM | 946760105 |  | 4261 | 135144 | SH |  | DFND |  | 0 | 0 | 135144 |
| CNX Resources Corporation | COM | 12653C108 |  | 3651 | 216800 | SH |  | SOLE |  | 216800 | 0 | 0 |
| CNX Resources Corporation | COM | 12653C108 |  | 3297 | 195800 | SH |  | DFND |  | 0 | 0 | 195800 |
| Commvault Systems Inc | COM | 204166102 |  | 5794 | 92200 | SH |  | SOLE |  | 92200 | 0 | 0 |
| Commvault Systems Inc | COM | 204166102 |  | 2923 | 46518 | SH |  | DFND |  | 0 | 0 | 46518 |
| Compass Minerals International | COM | 20451n101 |  | 13449 | 328015 | SH |  | SOLE |  | 328015 | 0 | 0 |
| Compass Minerals International | COM | 20451n101 |  | 7166 | 174789 | SH |  | DFND |  | 0 | 0 | 174789 |
| CTO Realty Growth Inc | COM | 22948Q101 |  | 325 | 17784 | SH |  | SOLE |  | 17784 | 0 | 0 |
| Devon Energy Corporation | COM | 25179M103 |  | 1281 | 20834 | SH |  | SOLE |  | 20834 | 0 | 0 |
| DISH Network Corporation | COM | 25470M109 |  | 397 | 28300 | SH |  | SOLE |  | 28300 | 0 | 0 |
| DLH Holdings Corporation | COM | 23335q100 |  | 3322 | 279962 | SH |  | SOLE |  | 279962 | 0 | 0 |
| DLH Holdings Corporation | COM | 23335q100 |  | 2409 | 203039 | SH |  | DFND |  | 0 | 0 | 203039 |
| Ducommun Inc | COM | 264147109 |  | 4193 | 83925 | SH |  | SOLE |  | 83925 | 0 | 0 |
| Ducommun Inc | COM | 264147109 |  | 3914 | 78335 | SH |  | DFND |  | 0 | 0 | 78335 |
| E.W. Scripps Company | COM | 811054402 |  | 8177 | 619955 | SH |  | SOLE |  | 619955 | 0 | 0 |
| E.W. Scripps Company | COM | 811054402 |  | 4395 | 333174 | SH |  | DFND |  | 0 | 0 | 333174 |
| Ecovyst Inc | COM | 27923Q109 |  | 17060 | 1925505 | SH |  | SOLE |  | 1925505 | 0 | 0 |
| Ecovyst Inc | COM | 27923Q109 |  | 8256 | 931780 | SH |  | DFND |  | 0 | 0 | 931780 |
| Element Solutions Inc | COM | 28618M106 |  | 1029 | 56550 | SH |  | SOLE |  | 56550 | 0 | 0 |
| Enovis Corporation | COM | 194014502 |  | 8150 | 152277 | SH |  | SOLE |  | 152277 | 0 | 0 |
| Enovis Corporation | COM | 194014502 |  | 3098 | 57894 | SH |  | DFND |  | 0 | 0 | 57894 |
| FMC Corporation | COM | 302491303 |  | 5339 | 42781 | SH |  | SOLE |  | 42781 | 0 | 0 |
| Franco-Nevada Corporation | COM | 351858105 |  | 3262 | 23900 | SH |  | SOLE |  | 23900 | 0 | 0 |
| Global Indemnity Group LLC | COM | 37959r103 |  | 1870 | 80235 | SH |  | SOLE |  | 80235 | 0 | 0 |
| Great Elm Group Inc | COM | 39037G109 |  | 778 | 385078 | SH |  | SOLE |  | 385078 | 0 | 0 |
| Great Elm Group Inc | COM | 39037G109 |  | 1044 | 516700 | SH |  | DFND |  | 0 | 0 | 516700 |
| GXO Logistics Inc | COM | 36262g101 |  | 1136 | 26620 | SH |  | SOLE |  | 26620 | 0 | 0 |
| Hallador Energy Company | COM | 40609P105 |  | 5624 | 562993 | SH |  | SOLE |  | 562993 | 0 | 0 |
| Hallador Energy Company | COM | 40609P105 |  | 2082 | 208385 | SH |  | DFND |  | 0 | 0 | 208385 |
| Hamilton Thorne Ltd | COM | 407891100 |  | 13 | 10564 | SH |  | SOLE |  | 10564 | 0 | 0 |
| Henry Schein Inc | COM | 806407102 |  | 1177 | 14741 | SH |  | SOLE |  | 14741 | 0 | 0 |
| Heritage-Crystal Clean Inc | COM | 42726m106 |  | 7174 | 220868 | SH |  | SOLE |  | 220868 | 0 | 0 |
| Heritage-Crystal Clean Inc | COM | 42726m106 |  | 5543 | 170665 | SH |  | DFND |  | 0 | 0 | 170665 |
| Howmet Aerospace Inc | COM | 443201108 |  | 1462 | 37103 | SH |  | SOLE |  | 37103 | 0 | 0 |
| IAC InterActive Corporation | COM | 44891N208 |  | 7209 | 162361 | SH |  | SOLE |  | 162361 | 0 | 0 |
| IAC InterActive Corporation | COM | 44891N208 |  | 2975 | 67000 | SH |  | DFND |  | 0 | 0 | 67000 |
| IEH Corporation | COM | 44949K107 |  | 580 | 89200 | SH |  | SOLE |  | 89200 | 0 | 0 |
| InfuSystems Holdings Inc | COM | 45685K102 |  | 2468 | 284367 | SH |  | SOLE |  | 284367 | 0 | 0 |
| InfuSystems Holdings Inc | COM | 45685K102 |  | 2372 | 273275 | SH |  | DFND |  | 0 | 0 | 273275 |
| Innovative Solutions | COM | 45769N105 |  | 8 | 1031 | SH |  | SOLE |  | 1031 | 0 | 0 |
| IPG Photonics Corporation | COM | 44980X109 |  | 338 | 3573 | SH |  | SOLE |  | 3573 | 0 | 0 |
| Issuer Direct Corporation | COM | 46520m204 |  | 7 | 264 | SH |  | SOLE |  | 264 | 0 | 0 |
| KBR Inc | COM | 48242W106 |  | 9496 | 179841 | SH |  | SOLE |  | 179841 | 0 | 0 |
| KBR Inc | COM | 48242W106 |  | 4367 | 82700 | SH |  | DFND |  | 0 | 0 | 82700 |
| Kinder Morgan Inc | COM | 49456B101 |  | 325 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| Liberty SiriusXM Group - A | COM | 531229409 |  | 5361 | 136386 | SH |  | SOLE |  | 136386 | 0 | 0 |
| Liberty TripAdvisor Holdings Inc | COM | 531465102 |  | 1565 | 2337390 | SH |  | SOLE |  | 2337390 | 0 | 0 |
| Liberty TripAdvisor Holdings Inc | COM | 531465102 |  | 1025 | 1530037 | SH |  | DFND |  | 0 | 0 | 1530037 |
| Lifecore Biomedical | COM | 514766104 |  | 8659 | 1336201 | SH |  | SOLE |  | 1336201 | 0 | 0 |
| Lifecore Biomedical | COM | 514766104 |  | 3953 | 609993 | SH |  | DFND |  | 0 | 0 | 609993 |
| Lions Gate Entertainment Corporation | COM | 535919500 |  | 4357 | 802425 | SH |  | SOLE |  | 802425 | 0 | 0 |
| Lions Gate Entertainment Corporation | COM | 535919500 |  | 2964 | 545800 | SH |  | DFND |  | 0 | 0 | 545800 |
| Littelfuse Inc | COM | 537008104 |  | 962 | 4368 | SH |  | SOLE |  | 4368 | 0 | 0 |
| Lumen Technologies Inc | COM | 550241103 |  | 744 | 142609 | SH |  | SOLE |  | 142609 | 0 | 0 |
| Millicom International Cellular | COM | l6388f110 |  | 4680 | 370513 | SH |  | SOLE |  | 370513 | 0 | 0 |
| Millicom International Cellular | COM | l6388f110 |  | 2627 | 208029 | SH |  | DFND |  | 0 | 0 | 208029 |
| N-able Inc | COM | 62878D100 |  | 2173 | 211398 | SH |  | SOLE |  | 211398 | 0 | 0 |
| N-able Inc | COM | 62878D100 |  | 2087 | 203063 | SH |  | DFND |  | 0 | 0 | 203063 |
| Nature's Sunshine Products Inc | COM | 639027101 |  | 1091 | 131153 | SH |  | DFND |  | 0 | 0 | 131153 |
| NewMarket Corporation | COM | 651587107 |  | 5274 | 16951 | SH |  | SOLE |  | 16951 | 0 | 0 |
| NewMarket Corporation | COM | 651587107 |  | 3889 | 12500 | SH |  | DFND |  | 0 | 0 | 12500 |
| Northern Technologies International | COM | 665809109 |  | 7 | 514 | SH |  | SOLE |  | 514 | 0 | 0 |
| Omni-Lite Industries Canada | COM | 681976106 |  | 2 | 3806 | SH |  | SOLE |  | 3806 | 0 | 0 |
| Overseas Shipholding Group Inc | COM | 69036R863 |  | 42 | 14499 | SH |  | SOLE |  | 14499 | 0 | 0 |
| Philip Morris International In | COM | 718172109 |  | 121 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| Quorum Information Technologies | COM | 749093100 |  | 7 | 12270 | SH |  | SOLE |  | 12270 | 0 | 0 |
| Regal Rexnord Corporation | COM | 758750103 |  | 2142 | 17854 | SH |  | SOLE |  | 17854 | 0 | 0 |
| Research Solutions Inc | COM | 761025105 |  | 3234 | 1684411 | SH |  | SOLE |  | 1684411 | 0 | 0 |
| Research Solutions Inc | COM | 761025105 |  | 1847 | 962153 | SH |  | DFND |  | 0 | 0 | 962153 |
| SecureWorks Corporation | COM | 81374A105 |  | 2455 | 384155 | SH |  | SOLE |  | 384155 | 0 | 0 |
| SecureWorks Corporation | COM | 81374A105 |  | 1847 | 289012 | SH |  | DFND |  | 0 | 0 | 289012 |
| Sensata Technologies Holding | COM | G8060N102 |  | 980 | 24278 | SH |  | SOLE |  | 24278 | 0 | 0 |
| Six Flags Entertainment Corporation | COM | 83001a102 |  | 6517 | 280300 | SH |  | SOLE |  | 280300 | 0 | 0 |
| Six Flags Entertainment Corporation | COM | 83001a102 |  | 3957 | 170199 | SH |  | DFND |  | 0 | 0 | 170199 |
| Skechers U.S.A. Inc CL A | COM | 830566105 |  | 1094 | 26071 | SH |  | SOLE |  | 26071 | 0 | 0 |
| Standex International Corporation | COM | 854231107 |  | 3920 | 38276 | SH |  | SOLE |  | 38276 | 0 | 0 |
| Standex International Corporation | COM | 854231107 |  | 3368 | 32889 | SH |  | DFND |  | 0 | 0 | 32889 |
| Star Group L.P. | COM | 85512c105 |  | 483 | 40100 | SH |  | SOLE |  | 40100 | 0 | 0 |
| StoneX Group Inc | COM | 861896108 |  | 6797 | 71319 | SH |  | SOLE |  | 71319 | 0 | 0 |
| StoneX Group Inc | COM | 861896108 |  | 5371 | 56354 | SH |  | DFND |  | 0 | 0 | 56354 |
| Tapestry Inc | COM | 876030107 |  | 1332 | 34979 | SH |  | SOLE |  | 34979 | 0 | 0 |
| The Bank of New York Mellon Co | COM | 064058100 |  | 1271 | 27915 | SH |  | SOLE |  | 27915 | 0 | 0 |
| The Eastern Company | COM | 276317104 |  | 6 | 310 | SH |  | SOLE |  | 310 | 0 | 0 |
| The Monarch Cement Company | COM | 609031307 |  | 2 | 23 | SH |  | SOLE |  | 23 | 0 | 0 |
| Tiptree Inc | COM | 88822Q103 |  | 3041 | 219725 | SH |  | SOLE |  | 219725 | 0 | 0 |
| Tiptree Inc | COM | 88822Q103 |  | 2076 | 149980 | SH |  | DFND |  | 0 | 0 | 149980 |
| Trimble Navigation Ltd | COM | 896239100 |  | 988 | 19548 | SH |  | SOLE |  | 19548 | 0 | 0 |
| UFP Technologies Inc | COM | 902673102 |  | 7 | 62 | SH |  | SOLE |  | 62 | 0 | 0 |
| Viasat Inc | COM | 92552v100 |  | 21225 | 670623 | SH |  | SOLE |  | 670623 | 0 | 0 |
| Viasat Inc | COM | 92552v100 |  | 10087 | 318700 | SH |  | DFND |  | 0 | 0 | 318700 |
| Viemed Healthcare Inc | COM | 92663r105 |  | 4624 | 611693 | SH |  | SOLE |  | 611693 | 0 | 0 |
| Viemed Healthcare Inc | COM | 92663r105 |  | 3964 | 524367 | SH |  | DFND |  | 0 | 0 | 524367 |
| Warner Bros Discovery Inc | COM | 934423104 |  | 2776 | 292800 | SH |  | SOLE |  | 292800 | 0 | 0 |
| Wells Fargo  Company | COM | 949746101 |  | 1685 | 40800 | SH |  | SOLE |  | 40800 | 0 | 0 |
| White Mountains Insurance Group | COM | g9618e107 |  | 13131 | 9284 | SH |  | SOLE |  | 9284 | 0 | 0 |
| White Mountains Insurance Group | COM | g9618e107 |  | 7978 | 5641 | SH |  | DFND |  | 0 | 0 | 5641 |

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