The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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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 |
| Air Transport Services Group, | COM | 00922R105 | 20,907 | 667,115 | SH | DFND | 163,429 | 503,686 | 0 | ||
| Asure Software Inc. | COM | 04649U102 | 15,845 | 2,231,745 | SH | DFND | 592,538 | 1,639,207 | 0 | ||
| Barrett Business Services | COM | 068463108 | 14,290 | 209,500 | SH | DFND | 60,385 | 149,115 | 0 | ||
| CapStar Financial Holdings, In | COM | 14070T102 | 5,806 | 393,651 | SH | DFND | 95,234 | 298,417 | 0 | ||
| Celanese Corp. | COM | 150870103 | 6,409 | 49,319 | SH | DFND | 5,410 | 43,909 | 0 | ||
| Community Financial Corporatio | COM | 20368X101 | 2,200 | 83,091 | SH | DFND | 11,887 | 71,204 | 0 | ||
| ECN Capital Corporation | COM | 26829L107 | 35,488 | 6,876,768 | SH | DFND | 2,028,850 | 4,847,918 | 0 | ||
| Everi Holdings, Inc. | COM | 30034T103 | 19,882 | 1,439,705 | SH | DFND | 378,036 | 1,061,669 | 0 | ||
| Fiesta Restaurant Group, Inc. | COM | 31660B101 | 15,436 | 1,354,017 | SH | DFND | 361,584 | 992,433 | 0 | ||
| First Northwest Bancorp | COM | 335834107 | 10,553 | 676,452 | SH | DFND | 180,547 | 495,905 | 0 | ||
| Imax Corporation | COM | 45245E109 | 19,297 | 1,070,847 | SH | DFND | 283,500 | 787,347 | 0 | ||
| Information Services Group | COM | 45675Y104 | 20,191 | 6,155,746 | SH | DFND | 1,642,638 | 4,513,108 | 0 | ||
| Jefferies Financial Group Inc. | COM | 47233W109 | 20,863 | 848,095 | SH | DFND | 238,545 | 609,550 | 0 | ||
| KKR & Co. Inc. Cl A | COM | 48251W104 | 30,410 | 751,047 | SH | DFND | 183,840 | 567,207 | 0 | ||
| Lantheus Holdings Inc. | COM | 516544103 | 13,538 | 1,003,568 | SH | DFND | 244,820 | 758,748 | 0 | ||
| Motorcar Parts of America, Inc | COM | 620071100 | 21,489 | 1,095,283 | SH | DFND | 288,793 | 806,490 | 0 | ||
| Northrim BanCorp, Inc. | COM | 666762109 | 2,198 | 64,728 | SH | DFND | 7,425 | 57,303 | 0 | ||
| Perion Network Ltd. | COM | M78673114 | 28,799 | 2,262,268 | SH | DFND | 736,149 | 1,526,119 | 0 | ||
| PowerFleet, Inc. | COM | 73931J109 | 8,375 | 1,127,157 | SH | DFND | 535,245 | 591,912 | 0 | ||
| QuinStreet, Inc. | COM | 74874Q100 | 59,535 | 2,776,816 | SH | DFND | 941,463 | 1,835,353 | 0 | ||
| Raymond James Financial, Inc. | COM | 754730109 | 8,473 | 88,562 | SH | DFND | 6,625 | 81,937 | 0 | ||
| SmartFinancial Inc. | COM | 83190L208 | 8,611 | 474,694 | SH | DFND | 146,856 | 327,838 | 0 | ||
| StoneX Group Inc. | COM | 861896108 | 26,901 | 464,614 | SH | DFND | 119,577 | 345,037 | 0 | ||
| Stoneridge, Inc. | COM | 86183P102 | 11,514 | 380,893 | SH | DFND | 95,165 | 285,728 | 0 | ||
| Synovus Financial Corp. | COM | 87161C501 | 13,068 | 403,693 | SH | DFND | 101,510 | 302,183 | 0 | ||
| Target Hospitality Corp. | COM | 87615L107 | 7,277 | 4,605,443 | SH | DFND | 1,341,106 | 3,264,337 | 0 | ||
| Tronox Holdings PLC | COM | G9087Q102 | 22,079 | 1,510,199 | SH | DFND | 402,540 | 1,107,659 | 0 | ||
| Verint Systems Inc. | COM | 92343X100 | 18,138 | 269,987 | SH | DFND | 70,920 | 199,067 | 0 | ||
| Visteon Corp. | COM | 92839U206 | 18,822 | 149,948 | SH | DFND | 42,754 | 107,194 | 0 | ||
| WSFS Financial Corp. | COM | 929328102 | 12,404 | 276,381 | SH | DFND | 61,851 | 214,530 | 0 | ||
| Zimmer Biomet Holdings, Inc. | COM | 98956P102 | 4,734 | 30,723 | SH | DFND | 1,465 | 29,258 | 0 | ||
| Amazon.com, Inc. | COM | 023135106 | 977 | 300 | SH | Call | DFND | 300 | 0 | 0 | |
| Alibaba Group Holding Ltd. Sponsored ADR | COM | 01609W102 | 1,722 | 7,400 | SH | Call | DFND | 7,400 | 0 | 0 | |
| Bausch Health Companies Inc. | COM | 071734107 | 312 | 15,000 | SH | Call | DFND | 15,000 | 0 | 0 | |
| BP p.l.c. Sponsored ADR | COM | 055622104 | 410 | 20,000 | SH | Call | DFND | 20,000 | 0 | 0 | |
| Citrix Systems, Inc. | COM | 177376100 | 781 | 6,000 | SH | Call | DFND | 6,000 | 0 | 0 | |
| Quest Diagnostics Incorporated | COM | 74834L100 | 1,549 | 13,000 | SH | Call | DFND | 13,000 | 0 | 0 | |
| eHealth, Inc. | COM | 28238P109 | 791 | 11,200 | SH | Call | DFND | 11,200 | 0 | 0 | |
| FirstEnergy Corp. | COM | 337932107 | 459 | 15,000 | SH | Call | DFND | 15,000 | 0 | 0 | |
| Gilead Sciences, Inc. | COM | 375558103 | 932 | 16,000 | SH | Call | DFND | 16,000 | 0 | 0 | |
| International Flavors & Fragrances Inc. | COM | 459506101 | 707 | 6,500 | SH | Call | DFND | 6,500 | 0 | 0 | |
| NortonLifeLock Inc. | COM | 668771108 | 418 | 20,100 | SH | Call | DFND | 20,100 | 0 | 0 | |
| Phillips 66 | COM | 718546104 | 308 | 4,400 | SH | Call | DFND | 4,400 | 0 | 0 | |
| Exxon Mobil Corporation | COM | 30231G102 | 412 | 10,000 | SH | Call | DFND | 10,000 | 0 | 0 | |
| Amazon.com, Inc. | COM | 023135106 | 977 | 300 | SH | Put | DFND | 300 | 0 | 0 | |
| BP p.l.c. Sponsored ADR | COM | 055622104 | 410 | 20,000 | SH | Put | DFND | 20,000 | 0 | 0 | |
| FirstEnergy Corp. | COM | 337932107 | 459 | 15,000 | SH | Put | DFND | 15,000 | 0 | 0 | |
| Gilead Sciences, Inc. | COM | 375558103 | 932 | 16,000 | SH | Put | DFND | 16,000 | 0 | 0 | |
| International Flavors & Fragrances Inc. | COM | 459506101 | 707 | 6,500 | SH | Put | DFND | 6,500 | 0 | 0 | |
| NortonLifeLock Inc. | COM | 668771108 | 418 | 20,100 | SH | Put | DFND | 20,100 | 0 | 0 | |
| Phillips 66 | COM | 718546104 | 280 | 4,000 | SH | Put | DFND | 4,000 | 0 | 0 | |
| Exxon Mobil Corporation | COM | 30231G102 | 412 | 10,000 | SH | Put | DFND | 10,000 | 0 | 0 | |