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
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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
1895 BANCORP OF WIS INC Common 28252W105 96 10,000 SH   DFND   10,000 0 0
ALCENTRA CAP CORP Common 01374T102 9,792 1,101,491 SH   DFND   1,101,491 0 0
ALERUS FINL CORP Common 01446U103 763 35,000 SH   DFND   35,000 0 0
AMERANT BANCORP INC CL A 023576101 18,471 880,814 SH   DFND   880,814 0 0
BRIGHTHOUSE FINL INC Common 10922N103 0 5 SH   DFND   5 0 0
COLUMBIA FINL INC Common 197641103 868 55,000 SH   DFND   55,000 0 0
COMMUNITY FIRST BANCSHARES INC Common 20369M104 51 5,000 SH   DFND   5,000 0 0
COMMUNITY WEST BANCSHARES Common 204157101 375 37,900 SH   DFND   37,900 0 0
DIREXION SHS ETF TR DLY GOLD INDX 3X 25460E844 139 5,000 SH   DFND   0 0 5,000
ESSA BANCORP INC Common 29667D104 411 25,000 SH   DFND   25,000 0 0
FFBW INC Common 30258M107 66 6,000 SH   DFND   6,000 0 0
FIRST BANCORP P R Common 318672706 3,689 369,680 SH   DFND   369,680 0 0
FIRST SAVINGS FINL GROUP INC Common 33621E109 1,264 20,000 SH   DFND   20,000 0 0
FIRST SEACOAST BANCORP Common 33631P102 178 19,000 SH   DFND   19,000 0 0
FS BANCORP INC Common 30263Y104 6,757 128,710 SH   DFND   128,710 0 0
GARRISON CAP INC Common 366554103 3,372 488,003 SH   DFND   488,003 0 0
GREAT ELM CAP CORP Common 390320109 147 17,920 SH   DFND   17,920 0 0
HARBORONE BANCORP INC NEW Common 41165Y100 281 27,883 SH   DFND   27,883 0 0
HOME FED BANCORP INC LA NEW Common 43708L108 2,286 70,000 SH   DFND   70,000 0 0
ICC HLDGS INC Common 44931Q104 344 25,000 SH   DFND   25,000 0 0
IF BANCORP INC Common 44951J105 467 22,219 SH   DFND   22,219 0 0
KINGSWAY FINL SVCS INC Common 496904202 12,011 5,434,896 SH   DFND   5,434,896 0 0
LAKE SHORE BANCORP INC Common 510700107 4,370 300,364 SH   DFND   300,364 0 0
METLIFE INC Common 59156R108 3 60 SH   DFND   60 0 0
MID SOUTHERN BANCORP INC Common 59548Q107 1,680 125,865 SH   DFND   125,865 0 0
MVC CAPITAL INC Common 553829102 3,183 357,594 SH   DFND   357,594 0 0
NI HLDGS INC Common 65342T106 2,526 147,364 SH   DFND   147,364 0 0
OCONEE FED FINL CORP Common 675607105 1,765 77,500 SH   DFND   77,500 0 0
OFG BANCORP Common 67103X102 38,102 1,739,798 SH   DFND   1,739,798 0 0
OTTAWA BANCORP INC Common 689195105 645 51,208 SH   DFND   51,208 0 0
PIONEER BANCORP INC Common 723561106 187 15,000 SH   DFND   15,000 0 0
POPULAR INC Common 733174700 1,082 20,000 SH   DFND   20,000 0 0
PRINCIPAL FINL GROUP INC Common 74251V102 31 547 SH   DFND   547 0 0
RHINEBECK BANCORP INC Common 762093102 161 15,000 SH   DFND   15,000 0 0
RICHMOND MUT BANCORPORATIN INC Common 76525P100 420 30,000 SH   DFND   30,000 0 0
SOUND FINL BANCORP INC Common 83607A100 7,750 214,600 SH   DFND   214,600 0 0
STANDARD AVB FINL CORP Common 85303B100 399 14,800 SH   DFND   14,800 0 0
THL CREDIT INC Common 872438106 3,812 560,639 SH   DFND   560,639 0 0
VERICITY INC Common 92347D100 1,400 100,000 SH   DFND   100,000 0 0
WELLESLEY BANCORP INC Common 949485106 1,647 52,775 SH   DFND   52,775 0 0
WHEELER REAL ESTATE INVT TR Common 963025705 1,367 882,099 SH   DFND   882,099 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 709 49,967 SH   DFND   0 0 49,967