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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
Estimated average burden
hours per response: 23.8
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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
1895 BANCORP OF WIS INC COM 28253R105   402,000 50,000 SH   DFND   50,000 0 0
AFFINITY BANCSHARES INC COM 00832E103   928,509 64,840 SH   DFND   64,840 0 0
BARNWELL INDS INC COM 068221100   220,000 100,000 SH   DFND   100,000 0 0
BLUE FOUNDRY BANCORP COM 09549B104   225,405 23,677 SH   DFND   23,677 0 0
CATALYST BANCORP INC COMMON STOCK 14888L101   459,897 39,991 SH   DFND   39,991 0 0
CFSB BANCORP INC COM 12530C107   77,700 10,000 SH   DFND   10,000 0 0
CULLMAN BANCORP INC COM 230153108   268,750 25,000 SH   DFND   25,000 0 0
ECB BANCORP INC COM 26828M106   277,600 20,000 SH   DFND   20,000 0 0
ESSA BANCORP INC COM 29667D104   393,000 25,000 SH   DFND   25,000 0 0
FIRST NORTHWEST BANCORP COM 335834107   1,219,345 106,030 SH   DFND   106,030 0 0
FIRST SVGS FINL GROUP INC COM 33621E109   965,400 60,000 SH   DFND   60,000 0 0
FIRST SEACOAST BANCORP INC COM 33631F104   309,286 35,880 SH   DFND   35,880 0 0
FRANKLIN FINL SVCS CORP COM 353525108   133,380 4,500 SH   DFND   4,500 0 0
FS BANCORP INC COM 30263Y104   3,601,200 120,000 SH   DFND   120,000 0 0
GENERATIONS BANCORP NY INC COM 37149G108   2,273,060 222,849 SH   DFND   222,849 0 0
HARBORONE BANCORP INC NEW COM NEW 41165Y100   340,173 27,883 SH   DFND   27,883 0 0
HOME FED BANCORP INC LA NEW COM 43708L108   1,365,600 80,000 SH   DFND   80,000 0 0
ICC HLDGS INC COM 44931Q104   4,724,988 304,836 SH   DFND   304,836 0 0
IF BANCORP INC COM 44951J105   756,720 48,695 SH   DFND   48,695 0 0
KINGSWAY FINL SVCS INC COM NEW 496904202   65,598,573 7,445,922 SH   DFND   7,445,922 0 0
LAKE SHORE BANCORP INC COM 510700107   1,009,000 100,000 SH   DFND   100,000 0 0
MAGYAR BANCORP INC COM 55977T208   424,000 40,000 SH   DFND   40,000 0 0
METLIFE INC COM 59156R108   3,476 60 SH   DFND   60 0 0
MID-SOUTHERN BANCORP INC COM 59548Q107   568,000 50,000 SH   DFND   50,000 0 0
NORTHEAST CMNTY BANCORP INC COM 664121100   1,836,800 140,000 SH   DFND   140,000 0 0
OFG BANCORP COM 67103X102   21,017,537 842,724 SH   DFND   842,724 0 0
PB BANKSHARES INC COM 69318V103   357,975 27,431 SH   DFND   27,431 0 0
PONCE FINANCIAL GROUP INC COMMON STOCK 732344106   235,500 30,000 SH   DFND   30,000 0 0
PRINCIPAL FINANCIAL GROUP IN COM 74251V102   40,653 547 SH   DFND   547 0 0
PROVIDENT BANCORP INC COM NEW 74383L105   5,101,799 745,877 SH   DFND   745,877 0 0
RHINEBECK BANCORP INC COM 762093102   114,750 15,000 SH   DFND   15,000 0 0
RICHMOND MUT BANCORPORATION COM 76525P100   311,100 30,000 SH   DFND   30,000 0 0
SILVERGATE CAP CORP CL A 82837P408   319,950 197,500 SH   DFND   197,500 0 0
SOUND FINL BANCORP INC COM 83607A100   11,880,173 320,999 SH   DFND   320,999 0 0
SPDR S&P 500 ETF TR COM 78462F953   4,093,900 10,000 SH Put DFND   10,000 0 0
SPDR S&P 500 ETF TR COM 78462F953   8,187,800 20,000 SH Put DFND   20,000 0 0
TC BANCSHARES INC COM 87224V108   291,000 20,000 SH   DFND   20,000 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309   1,311,421 817,085 SH   DFND   817,085 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606   1,081,183 86,150 SH   DFND   86,150 0 0
WHEELER REAL ESTATE INVT TR COM NEW 963025705   1,500,297 1,181,336 SH   DFND   1,181,336 0 0
WHEELER REAL ESTATE INVT TR 7% SR NT 31 963025804   34,999,825 999,995 SH   DFND   999,995 0 0