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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M Company COM 88579Y101   688,566 6,879 SH   DFND   4,000 2,879 0
Abbvie Inc. COM 00287Y109   216,372 1,606 SH   DFND   0 1,606 0
Accenture PLC COM G1151C101   534,461 1,732 SH   DFND   600 1,132 0
Activision Blizzard Inc. COM 00507V109   1,112,086 13,192 SH   DFND   13,000 192 0
Adobe Systems Inc. COM 00724F101   248,407 508 SH   DFND   0 508 0
AerSale Corp. COM 00810F106   20,200,270 1,374,168 SH   DFND   691,058 683,110 0
Air Transport Services Group, Inc. COM 00922R105   22,491,021 1,191,893 SH   DFND   430,359 761,534 0
Alphabet Inc. Cl A COM 02079K305   3,872,415 32,351 SH   DFND   2,000 30,351 0
Alphabet Inc. Cl C COM 02079K107   3,075,420 25,423 SH   DFND   0 25,423 0
Amazon.com COM 023135106   1,032,190 7,918 SH   DFND   0 7,918 0
American Electric Power COM 025537101   633,252 7,521 SH   DFND   7,000 521 0
Amerigo Resources Ltd. COM 03074G109   163,606 141,650 SH   DFND   141,650 0 0
Apple, Inc. COM 037833100   3,222,955 16,616 SH   DFND   1,200 15,416 0
Asure Software Inc. COM 04649U102   38,618,336 3,175,850 SH   DFND   931,876 2,243,974 0
Automatic Data Processing Inc. COM 053015103   538,486 2,450 SH   DFND   2,000 450 0
Bank of America Corp. COM 060505104   908,198 31,656 SH   DFND   18,500 13,156 0
Barrett Business Services COM 068463108   30,316,484 347,666 SH   DFND   126,240 221,426 0
Berkshire Hathaway Inc. Cl B COM 084670702   360,437 1,057 SH   DFND   0 1,057 0
Blackrock Inc. COM 09247X101   231,352 335 SH   DFND   0 335 0
Blackstone Real Estate Income Trust Inc CL COM 09259K401   1,568,580 107,537 SH   DFND   0 107,537 0
CapStar Financial Holdings, Inc. COM 14070T102   7,777,182 633,837 SH   DFND   195,893 437,944 0
CF Industries Holdings Inc. COM 125269100   418,773 6,032 SH   DFND   5,800 232 0
Charles River Associates COM 12618T105   7,821,156 76,678 SH   DFND   20,711 55,967 0
Chevron Corporation COM 166764100   2,586,002 16,435 SH   DFND   0 16,435 0
Churchill Downs Inc. COM 171484108   279,175 2,006 SH   DFND   0 2,006 0
Community Financial Corporation COM 20368X101   2,748,281 101,450 SH   DFND   13,904 87,546 0
Compass Minerals International, Inc. COM 20451N101   217,600 6,400 SH   DFND   6,400 0 0
Consolidated Edison Inc. COM 209115104   211,680 2,342 SH   DFND   0 2,342 0
Costco Wholesale Corporation COM 22160K105   206,645 384 SH   DFND   0 384 0
Direxion Financial Bull 3X Shs COM 25459Y694   527,714 8,300 SH   DFND   8,300 0 0
Dow Jones Indl Average SPDR ETF COM 78467X109   515,775 1,500 SH   DFND   200 1,300 0
Duke Energy Corp. COM 26441C204   794,360 8,852 SH   DFND   7,200 1,652 0
Eastern Bankshares, Inc. COM 27627N105   878,974 71,636 SH   DFND   381 71,255 0
ECN Capital Corporation COM 26829L107   32,173,516 15,852,146 SH   DFND   5,745,835 10,106,311 0
Energy Select Sector SPDR COM 81369Y506   1,457,815 17,960 SH   DFND   11,500 6,460 0
Everi Holdings, Inc. COM 30034T103   17,533,574 1,212,557 SH   DFND   405,510 807,047 0
Fiesta Restaurant Group, Inc. COM 31660B101   13,049,676 1,643,536 SH   DFND   519,136 1,124,400 0
Financials Select Sector SPDR COM 81369Y605   467,375 13,865 SH   DFND   0 13,865 0
First Busey Corp. COM 319383204   15,662,762 779,242 SH   DFND   278,146 501,096 0
First Northwest Bancorp COM 335834107   9,925,352 872,175 SH   DFND   260,280 611,895 0
FirstEnergy Corp. COM 337932107   583,200 15,000 SH   DFND   15,000 0 0
Harrow Health Inc. COM 415858109   21,940,668 1,152,346 SH   DFND   537,385 614,961 0
Healthcare Select Sector SPDR COM 81369Y209   620,612 4,676 SH   DFND   0 4,676 0
Home Depot Inc. COM 437076102   975,919 3,142 SH   DFND   0 3,142 0
Honeywell International Inc. COM 438516106   441,172 2,126 SH   DFND   0 2,126 0
Imax Corporation COM 45245E109   17,257,321 1,015,734 SH   DFND   288,125 727,609 0
Information Services Group COM 45675Y104   26,575,544 4,958,124 SH   DFND   1,484,088 3,474,036 0
International Business Machines Corp. COM 459200101   1,684,001 12,585 SH   DFND   0 12,585 0
International Flavors & Fragrances Inc. COM 459506101   716,310 9,000 SH   DFND   9,000 0 0
Invesco QQQ Trust Series 1 COM 46090E103   676,082 1,830 SH   DFND   0 1,830 0
Invesco S&P 100 Equal Weight ETF COM 46137V449   529,231 6,497 SH   DFND   0 6,497 0
iShares Core MSCI Emerging Markets COM 46434G103   346,484 7,029 SH   DFND   0 7,029 0
iShares Core S&P 500 COM 464287200   1,804,303 4,048 SH   DFND   0 4,048 0
iShares Core S&P Mid Cap ETF COM 464287507   2,111,699 8,076 SH   DFND   0 8,076 0
iShares Core US Aggregate Bond ETF COM 464287226   987,984 10,087 SH   DFND   0 10,087 0
iShares Russell 2000 Index ETF COM 464287655   388,960 2,077 SH   DFND   832 1,245 0
iShares Silver Trust COM 46428Q109   522,250 25,000 SH   DFND   25,000 0 0
Jefferies Financial Group Inc. COM 47233W109   31,596,401 952,560 SH   DFND   339,800 612,760 0
Johnson & Johnson COM 478160104   388,210 2,345 SH   DFND   0 2,345 0
JP Morgan Chase & Co. COM 46625H100   17,558,298 120,725 SH   DFND   0 120,725 0
JP Morgan Chase Alerian MLP Index ETN COM 46625H365   203,845 8,898 SH   DFND   0 8,898 0
Keurig Dr Pepper Inc COM 49271V100   641,035 20,500 SH   DFND   20,500 0 0
KKR & Co. Inc. Cl A COM 48251W104   37,849,928 675,892 SH   DFND   196,540 479,352 0
Kroger Co. COM 501044101   471,654 10,035 SH   DFND   10,000 35 0
Lakeland Industries Inc. COM 511795106   18,015,877 1,251,972 SH   DFND   421,642 830,330 0
Lantheus Holdings Inc. COM 516544103   34,332,763 409,113 SH   DFND   129,438 279,675 0
LKQ Corp COM 501889208   235,331 4,039 SH   DFND   0 4,039 0
Lockheed Martin Corp. COM 539830109   450,707 979 SH   DFND   0 979 0
Mastercard Incorporated COM 57636Q104   1,349,148 3,430 SH   DFND   0 3,430 0
McCormick & Company Inc. COM 579780206   479,765 5,500 SH   DFND   5,500 0 0
Meta Platforms, Inc. COM 30303M102   635,948 2,216 SH   DFND   0 2,216 0
Microsoft Corporation COM 594918104   2,244,876 6,592 SH   DFND   900 5,692 0
Mosaic Company COM 61945C103   525,000 15,000 SH   DFND   15,000 0 0
Motorcar Parts of America, Inc. COM 620071100   19,039,262 2,459,853 SH   DFND   857,238 1,602,615 0
National Fuel Gas Co. COM 636180101   308,160 6,000 SH   DFND   6,000 0 0
New York Community Bancorp Inc. COM 649445103   171,384 15,248 SH   DFND   0 15,248 0
Newmont Corporation COM 651639106   1,089,110 25,530 SH   DFND   25,500 30 0
NextEra Energy Inc. COM 65339F101   614,419 8,281 SH   DFND   0 8,281 0
Nvidia Corporation COM 67066G104   400,352 946 SH   DFND   0 946 0
Palantir Technologies Inc. COM 69608A108   873,810 57,000 SH   DFND   0 57,000 0
Paramount Global COM 92556H206   318,200 20,000 SH   DFND   20,000 0 0
Paypal Holdings Inc. COM 70450Y103   492,935 7,387 SH   DFND   7,300 87 0
Peabody Energy Corp COM 704551100   433,200 20,000 SH   DFND   20,000 0 0
Pepsico, Inc. COM 713448108   676,563 3,653 SH   DFND   2,000 1,653 0
Perion Network Ltd. COM M78673114   45,035,031 1,468,374 SH   DFND   467,020 1,001,354 0
PetIQ, Inc. COM 71639T106   394,420 26,000 SH   DFND   26,000 0 0
Pfizer, Inc. COM 717081103   243,649 6,643 SH   DFND   6,000 643 0
Phillips 66 COM 718546104   738,081 7,738 SH   DFND   6,900 838 0
Pilgrims Pride Corp. COM 72147K108   1,439,830 67,000 SH   DFND   67,000 0 0
PowerFleet, Inc. COM 73931J109   15,161,040 5,053,680 SH   DFND   2,609,765 2,443,915 0
Procter & Gamble Co. COM 742718109   220,923 1,456 SH   DFND   0 1,456 0
ProShares S&P 500 Dividend Aristocrats COM 74348A467   4,196,509 44,511 SH   DFND   7,000 37,511 0
PVH Corporation COM 693656100   204,125 2,402 SH   DFND   0 2,402 0
Qualcomm, Inc. COM 747525103   640,429 5,380 SH   DFND   5,000 380 0
Quest Diagnostics, Inc. COM 74834L100   351,400 2,500 SH   DFND   2,500 0 0
QuinStreet, Inc. COM 74874Q100   39,737,358 4,500,267 SH   DFND   1,514,953 2,985,314 0
Range Resources COM 75281A109   543,900 18,500 SH   DFND   18,500 0 0
Raymond James Financial, Inc. COM 754730109   7,417,998 71,485 SH   DFND   0 71,485 0
RealReal Inc. COM 88339P101   53,280 24,000 SH   DFND   24,000 0 0
Russell 3000 Index I Shares COM 464287689   221,907 872 SH   DFND   0 872 0
Schwab International Equity ETF COM 808524805   1,278,309 35,857 SH   DFND   0 35,857 0
Scotts Miracle Gro COM 810186106   532,865 8,500 SH   DFND   8,500 0 0
Select Sector Spdr Tr Communication COM 81369Y852   242,944 3,733 SH   DFND   0 3,733 0
Shell PLC Spon ADS COM 780259305   544,883 9,024 SH   DFND   9,000 24 0
SmartFinancial Inc. COM 83190L208   13,052,369 606,805 SH   DFND   186,890 419,915 0
Southern Co. COM 842587107   532,623 7,582 SH   DFND   7,500 82 0
Standard & Poor's Depositary Receipts COM 78462F103   3,970,902 8,958 SH   DFND   6,500 2,458 0
Stoneridge, Inc. COM 86183P102   9,864,601 523,321 SH   DFND   156,768 366,553 0
StoneX Group Inc. COM 861896108   31,191,306 375,437 SH   DFND   122,846 252,591 0
Synovus Financial Corp. COM 87161C501   14,220,876 470,112 SH   DFND   159,995 310,117 0
Target Hospitality Corp. COM 87615L107   72,047,001 5,368,629 SH   DFND   1,597,104 3,771,525 0
Technology Sector SPDR COM 81369Y803   226,018 1,300 SH   DFND   0 1,300 0
Thermo Fisher Scientific Inc. COM 883556102   728,363 1,396 SH   DFND   0 1,396 0
Total Energies SE COM 89151E109   522,449 9,064 SH   DFND   9,000 64 0
Tractor Supply Co. COM 892356106   486,420 2,200 SH   DFND   2,200 0 0
Tronox Holdings PLC COM G9087Q102   17,932,960 1,410,933 SH   DFND   462,185 948,748 0
Tyson Foods Inc-CL A COM 902494103   2,516,272 49,300 SH   DFND   49,300 0 0
UnitedHealth Group COM 91324P102   299,450 623 SH   DFND   0 623 0
Utilities Select Sector SPDR COM 81369Y886   1,058,829 16,180 SH   DFND   0 16,180 0
Vanguard Dividend Appreciation Indx ETF COM 921908844   3,907,885 24,059 SH   DFND   5,400 18,659 0
Vanguard FTSE All World Ex US ETF COM 922042775   615,739 11,317 SH   DFND   0 11,317 0
Vanguard Index Fund ETF COM 922908769   327,336 1,486 SH   DFND   0 1,486 0
Vanguard Intermediate Term Corp. Bond ETF COM 92206C870   479,112 6,062 SH   DFND   0 6,062 0
Vanguard S&P 500 Indx Fd ETF COM 922908363   395,062 970 SH   DFND   0 970 0
Verint Systems Inc. COM 92343X100   13,227,542 377,283 SH   DFND   102,450 274,833 0
Visa Inc. COM 92826C839   567,422 2,389 SH   DFND   0 2,389 0
Visteon Corp. COM 92839U206   18,664,895 129,969 SH   DFND   38,094 91,875 0
Walmart, Inc. COM 931142103   327,226 2,082 SH   DFND   0 2,082 0
Walt Disney Co. COM 254687106   227,843 2,552 SH   DFND   0 2,552 0
Waste Management COM 94106L109   399,490 2,304 SH   DFND   0 2,304 0
WisdomTree CBOE S&P 500 PutWrite Strategy COM 97717X560   857,080 26,450 SH   DFND   0 26,450 0
WisdomTree US Mid-Cap Div Fund COM 97717W505   3,083,511 73,330 SH   DFND   0 73,330 0
Zebra Technologies COM 989207105   510,307 1,725 SH   DFND   0 1,725 0
Keurig Dr Pepper Inc. COM 49271V100   1,744,866 55,800 SH Call DFND   55,800 0 0
QuinStreet, Inc. COM 74874Q100   971,300 110,000 SH Call DFND   110,000 0 0
Newmont Corporation COM 651639106   639,900 15,000 SH Put DFND   15,000 0 0
Whirlpool Corporation COM 963320106   4,463,700 30,000 SH Put DFND   30,000 0 0
Pilgrim's Pride Corporation COM 72147K108   1,074,500 50,000 SH Put DFND   50,000 0 0
Tyson Foods, Inc. Class A COM 902494103   2,107,952 41,300 SH Put DFND   41,300 0 0
iShares Russell 2000 ETF COM 464287655   37,454 200 SH Put DFND   200 0 0
SPDR Dow Jones Industrial Average ETF Trust COM 78467X109   68,770 200 SH Put DFND   200 0 0
Financial Select Sector SPDR Fund COM 81369Y605   4,045,200 120,000 SH Put DFND   120,000 0 0