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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alphabet Inc. COM 02079K305 719 330 SH   DFND   0 330 0
UnitedHealth Group COM 91324P102 262 511 SH   DFND   0 511 0
Adobe Systems Inc. COM 00724F101 209 570 SH   DFND   0 570 0
Berkshire Hathaway Inc. Cl B COM 084670702 201 736 SH   DFND   0 736 0
iShares US Pharmaceuticals ETF COM 464288836 211 1,100 SH   DFND   0 1,100 0
Mastercard Incorporated COM 57636Q104 374 1,186 SH   DFND   0 1,186 0
Home Depot Inc. COM 437076102 338 1,232 SH   DFND   0 1,232 0
Invesco QQQ Trust Series 1 COM 46090E103 423 1,508 SH   DFND   0 1,508 0
Pepsico, Inc. COM 713448108 288 1,730 SH   DFND   0 1,730 0
Visa Inc. COM 92826C839 373 1,893 SH   DFND   0 1,893 0
Johnson & Johnson COM 478160104 354 1,996 SH   DFND   0 1,996 0
Healthcare Select Sector SPDR COM 81369Y209 282 2,203 SH   DFND   0 2,203 0
Vanguard Real Estate ETF COM 922908553 230 2,525 SH   DFND   0 2,525 0
Consolidated Edison Inc. COM 209115104 244 2,569 SH   DFND   0 2,569 0
3M Company COM 88579Y101 342 2,640 SH   DFND   0 2,640 0
Meta Platforms, Inc. COM 30303M102 436 2,703 SH   DFND   0 2,703 0
Energy Select Sector SPDR COM 81369Y506 202 2,822 SH   DFND   0 2,822 0
JP Morgan Chase & Co. COM 46625H100 405 3,593 SH   DFND   0 3,593 0
Microsoft Corporation COM 594918104 934 3,637 SH   DFND   0 3,637 0
iShares Core S&P 500 COM 464287200 1,619 4,270 SH   DFND   0 4,270 0
S&P Regional Banking SPDR COM 78464A698 267 4,600 SH   DFND   0 4,600 0
Select Sector Spdr Tr Communication COM 81369Y852 266 4,900 SH   DFND   0 4,900 0
Amazon.com COM 023135106 597 5,620 SH   DFND   0 5,620 0
Vanguard Intermediate Term Corp. Bond ETF COM 92206C870 593 7,416 SH   DFND   0 7,416 0
iShares Core MSCI Emerging Markets COM 46434G103 370 7,543 SH   DFND   0 7,543 0
iShares Core S&P Mid Cap ETF COM 464287507 1,759 7,775 SH   DFND   0 7,775 0
NextEra Energy Inc. COM 65339F101 722 9,316 SH   DFND   0 9,316 0
Utilities Select Sector SPDR COM 81369Y886 666 9,495 SH   DFND   0 9,495 0
iShares Core US Aggregate Bond ETF COM 464287226 987 9,707 SH   DFND   0 9,707 0
Vanguard Dividend Appreciation Indx ETF COM 921908844 1,412 9,839 SH   DFND   0 9,839 0
Vanguard FTSE All World Ex US ETF COM 922042775 535 10,708 SH   DFND   0 10,708 0
JP Morgan Chase Alerian MLP Index ETN COM 46625H365 203 10,714 SH   DFND   0 10,714 0
WisdomTree CBOE S&P 500 PutWrite Strategy COM 97717X560 383 12,000 SH   DFND   0 12,000 0
Schwab International Equity ETF COM 808524805 390 12,397 SH   DFND   0 12,397 0
ProShares S&P 500 Dividend Aristocrats COM 74348A467 1,816 21,276 SH   DFND   0 21,276 0
Independent Bank Corp. Mass COM 453836108 1,828 23,015 SH   DFND   0 23,015 0
WisdomTree US Mid Cap Div Fund COM 97717W505 1,594 40,904 SH   DFND   0 40,904 0
Raymond James Financial, Inc. COM 754730109 7,665 85,733 SH   DFND   0 85,733 0
KKR Acquisition Holdings I Corp. Cl A COM 48253T109 5,847 597,245 SH   DFND   0 597,245 0
Dow Jones Indl Average SPDR ETF COM 78467X109 462 1,500 SH   DFND   200 1,300 0
Apple, Inc. COM 037833100 1,206 8,822 SH   DFND   1,200 7,622 0
Walt Disney Co. COM 254687106 414 4,390 SH   DFND   1,500 2,890 0
Community Financial Corporation COM 20368X101 3,744 101,517 SH   DFND   10,350 91,167 0
Tupperware Corp. COM 899896104 84 13,310 SH   DFND   13,310 0 0
Activision Blizzard Inc. COM 00507V109 1,271 16,326 SH   DFND   16,200 126 0
Loyalty Ventures Inc. COM 54911Q107 71 20,000 SH   DFND   20,000 0 0
Paramount Global COM 92556H206 494 20,000 SH   DFND   20,000 0 0
Charles River Associates COM 12618T105 7,288 81,593 SH   DFND   20,711 60,882 0
Visteon Corp. COM 92839U206 15,334 148,043 SH   DFND   42,019 106,024 0
Verint Systems Inc. COM 92343X100 10,572 249,642 SH   DFND   65,050 184,592 0
Barrett Business Services COM 068463108 19,272 264,475 SH   DFND   80,970 183,505 0
Synovus Financial Corp. COM 87161C501 12,749 353,642 SH   DFND   99,970 253,672 0
KKR Acquis. Hldgs I Corp. WTS Exp 12/31/27 wt 48253T117 125 347,785 SH   DFND   100,050 247,735 0
Stoneridge, Inc. COM 86183P102 7,549 440,204 SH   DFND   110,268 329,936 0
CapStar Financial Holdings, Inc. COM 14070T102 8,263 421,140 SH   DFND   116,993 304,147 0
StoneX Group Inc. COM 861896108 33,994 435,424 SH   DFND   118,367 317,057 0
Lantheus Holdings Inc. COM 516544103 36,054 546,020 SH   DFND   152,588 393,432 0
SmartFinancial Inc. COM 83190L208 14,545 602,045 SH   DFND   159,988 442,057 0
Eastern Bankshares, Inc. COM 27627N105 12,350 668,990 SH   DFND   173,355 495,635 0
First Busey Corp. COM 319383204 14,103 617,195 SH   DFND   175,386 441,809 0
KKR & Co. Inc. Cl A COM 48251W104 30,787 665,099 SH   DFND   183,145 481,954 0
First Northwest Bancorp COM 335834107 12,382 793,742 SH   DFND   204,996 588,746 0
AerSale Corp. COM 00810F106 6,262 431,533 SH   DFND   206,802 224,731 0
Air Transport Services Group, Inc. COM 00922R105 24,371 848,272 SH   DFND   218,442 629,830 0
Jefferies Financial Group Inc. COM 47233W109 23,941 866,816 SH   DFND   256,515 610,301 0
Lakeland Industries Inc. COM 511795106 15,915 1,036,131 SH   DFND   282,031 754,100 0
Imax Corporation COM 45245E109 19,107 1,131,282 SH   DFND   285,355 845,927 0
Everi Holdings, Inc. COM 30034T103 18,257 1,119,371 SH   DFND   293,431 825,940 0
Motorcar Parts of America, Inc. COM 620071100 16,451 1,253,914 SH   DFND   346,402 907,512 0
Tronox Holdings PLC COM G9087Q102 21,336 1,269,984 SH   DFND   372,595 897,389 0
Cognyte Software Ltd. COM M25133105 6,503 1,530,110 SH   DFND   378,400 1,151,710 0
Fiesta Restaurant Group, Inc. COM 31660B101 10,654 1,492,127 SH   DFND   460,938 1,031,189 0
Harrow Health Inc. COM 415858109 7,253 996,351 SH   DFND   489,750 506,601 0
Perion Network Ltd. COM M78673114 30,981 1,704,115 SH   DFND   524,080 1,180,035 0
Asure Software Inc. COM 04649U102 19,425 3,407,915 SH   DFND   874,672 2,533,243 0
Information Services Group COM 45675Y104 27,852 4,120,182 SH   DFND   1,043,017 3,077,165 0
QuinStreet, Inc. COM 74874Q100 36,968 3,674,765 SH   DFND   1,132,979 2,541,786 0
PowerFleet, Inc. COM 73931J109 5,629 2,594,201 SH   DFND   1,312,564 1,281,637 0
Target Hospitality Corp. COM 87615L107 33,578 5,880,567 SH   DFND   1,670,057 4,210,510 0
ECN Capital Corporation COM 26829L107 27,254 6,236,644 SH   DFND   1,768,450 4,468,194 0
Paypal Holdings Inc. COM 70450Y103 180 2,577 SH   DFND   2,500 77 0
Activision Blizzard, Inc. COM 00507V109 701 9,000 SH Call DFND   9,000 0 0
Boeing Company COM 097023105 1,053 7,700 SH Call DFND   7,700 0 0
Citigroup Inc. COM 172967424 1,219 26,500 SH Call DFND   26,500 0 0
Carnival Corporation COM 143658300 285 33,000 SH Call DFND   33,000 0 0
Direxion Daily FTSE Europe Bull 3X Shares COM 25459Y280 339 20,500 SH Call DFND   20,500 0 0
Expedia Group, Inc. COM 30212P303 1,043 11,000 SH Call DFND   11,000 0 0
Loyalty Ventures, Inc. COM 54911Q107 300 84,000 SH Call DFND   84,000 0 0
Paramount Global Class B COM 92556H206 494 20,000 SH Call DFND   20,000 0 0
Phillips 66 COM 718546104 2,706 33,000 SH Call DFND   33,000 0 0
PowerFleet, Inc. COM 73931J109 174 80,000 SH Call DFND   80,000 0 0
PayPal Holdings, Inc. COM 70450Y103 2,444 35,000 SH Call DFND   35,000 0 0
Qualcomm Incorporated COM 747525103 1,533 12,000 SH Call DFND   12,000 0 0
QuinStreet, Inc. COM 74874Q100 644 64,000 SH Call DFND   64,000 0 0
Direxion Daily Small Cap Bull 3x Shares COM 25459W847 656 20,000 SH Call DFND   20,000 0 0
ProShares UltraPro QQQ COM 74347X831 1,200 50,000 SH Call DFND   50,000 0 0
Western Union Company COM 959802109 824 50,000 SH Call DFND   50,000 0 0
Paramount Global Class B COM 92556H206 370 15,000 SH Put DFND   15,000 0 0
Western Union Company COM 959802109 824 50,000 SH Put DFND   50,000 0 0
Activision Blizzard, Inc. COM 00507V109 1,051 13,500 SH Put DFND   13,500 0 0
Boeing Company COM 097023105 1,053 7,700 SH Put DFND   7,700 0 0
Qualcomm Incorporated COM 747525103 1,533 12,000 SH Put DFND   12,000 0 0
Clorox Company COM 189054109 1,762 12,500 SH Put DFND   12,500 0 0
Phillips 66 COM 718546104 2,706 33,000 SH Put DFND   33,000 0 0