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 COM 28253R105 911 84,005 SH   DFND   84,005 0 0
AFFINITY BANCSHARES INC COM 00832E103 1,019 64,840 SH   DFND   64,840 0 0
BLUE FOUNDRY BANCORP COM 09549B104 321 23,677 SH   DFND   23,677 0 0
CATALYST BANCORP INC COM 14888L101 545 39,991 SH   DFND   39,991 0 0
CFSB BANCORP INC COM 12530C107 101 10,000 SH   DFND   10,000 0 0
CINCINNATI BANCORP INC COM 17187C102 4,426 279,274 SH   DFND   279,274 0 0
CULLMAN BANCORP INC COM 230153108 295 25,000 SH   DFND   25,000 0 0
ESSA BANCORP INC COM 29667D104 449 25,000 SH   DFND   25,000 0 0
FFBW INC MD COM 30260M103 85 7,038 SH   DFND   7,038 0 0
FIRST SVGS FINL GROUP INC COM 33621E109 1,472 60,000 SH   DFND   60,000 0 0
FIRST SEACOAST BANCORP COM 33631P102 201 19,000 SH   DFND   19,000 0 0
FRANKLIN FINL SVCS CORP COM 353525108 152 4,500 SH   DFND   4,500 0 0
FS BANCORP INC COM 30263Y104 4,182 134,918 SH   DFND   134,918 0 0
GENERATIONS BANCORP NY INC COM 37149G108 2,879 243,606 SH   DFND   243,606 0 0
HARBORONE BANCORP INC NEW COM 41165Y100 391 27,883 SH   DFND   27,883 0 0
HOME FED BANCORP INC LA NEW COM 43708L108 2,905 140,000 SH   DFND   140,000 0 0
ICC HLDGS INC COM 44931Q104 4,406 258,408 SH   DFND   258,408 0 0
IF BANCORP INC COM 44951J105 525 22,219 SH   DFND   22,219 0 0
KINGSWAY FINL SVCS INC COM 496904202 40,653 7,391,464 SH   DFND   7,391,464 0 0
LAKE SHORE BANCORP INC COM 510700107 1,496 100,000 SH   DFND   100,000 0 0
MAGYAR BANCORP INC COM 55977T208 472 40,000 SH   DFND   40,000 0 0
METLIFE INC COM 59156R108 4 60 SH   DFND   60 0 0
MID-SOUTHERN BANCORP INC COM 59548Q107 1,862 125,865 SH   DFND   125,865 0 0
NI HLDGS INC COM 65342T106 803 47,364 SH   DFND   47,364 0 0
NORTHEAST CMNTY BANCORP INC COM 664121100 2,201 179,652 SH   DFND   179,652 0 0
OFG BANCORP COM 67103X102 46,348 1,739,798 SH   DFND   1,739,798 0 0
PB BANKSHARES INC COM 69318V103 384 27,431 SH   DFND   27,431 0 0
PONCE FINANCIAL GROUP INC COM 732344106 311 30,000 SH   DFND   30,000 0 0
PRINCIPAL FINANCIAL GROUP IN COM 74251V102 40 547 SH   DFND   547 0 0
PROVIDENT BANCORP INC COM 74383L105 811 50,000 SH   DFND   50,000 0 0
RHINEBECK BANCORP INC COM 762093102 152 15,000 SH   DFND   15,000 0 0
RICHMOND MUT BANCORPORATION COM 76525P100 512 30,000 SH   DFND   30,000 0 0
SOUND FINL BANCORP INC COM 83607A100 11,217 294,400 SH   DFND   294,400 0 0
SPDR S&P 500 ETF TR COM 78462F953 9,033 20,000 SH Put DFND   20,000 0 0
TC BANCSHARES INC COM 87224V108 282 20,000 SH   DFND   20,000 0 0
TFS FINL CORP COM 87240R107 415 25,000 SH   DFND   25,000 0 0
UNITED BANCSHARES INC OHIO COM 909458101 732 22,865 SH   DFND   22,865 0 0
VERSABANK NEW COM 92512J106 2,098 184,058 SH   DFND   184,058 0 0
WHEELER REAL ESTATE INVT TR COM 963025705 2,717 1,181,336 SH   DFND   1,181,336 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 1,241 86,150 SH   DFND   86,150 0 0
WILLIAM PENN BANCORPORATION COM 96927A105 1,873 146,921 SH   DFND   146,921 0 0