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
AerSale Corp. COM 00810F106 7,167 575,180 SH   DFND   283,809 291,371 0
Air Transport Services Group, COM 00922R105 17,591 757,272 SH   DFND   175,814 581,458 0
Asure Software Inc. COM 04649U102 19,379 2,184,745 SH   DFND   592,538 1,592,207 0
Barrett Business Services COM 068463108 14,843 204,420 SH   DFND   60,385 144,035 0
CapStar Financial Holdings, In COM 14070T102 8,216 400,786 SH   DFND   113,534 287,252 0
Celanese Corp. COM 150870103 7,277 48,004 SH   DFND   5,410 42,594 0
Community Financial Corporatio COM 20368X101 1,172 33,968 SH   DFND   58 33,910 0
ECN Capital Corporation COM 26829L107 49,917 6,655,583 SH   DFND   2,001,450 4,654,133 0
Eastern Bankshares, Inc. COM 27627N105 8,423 409,500 SH   DFND   103,520 305,980 0
Everi Holdings, Inc. COM 30034T103 32,695 1,310,961 SH   DFND   332,261 978,700 0
Fiesta Restaurant Group, Inc. COM 31660B101 14,489 1,078,843 SH   DFND   271,695 807,148 0
First Busey Corp. COM 319383204 9,164 371,630 SH   DFND   96,725 274,905 0
First Northwest Bancorp COM 335834107 12,265 698,833 SH   DFND   184,747 514,086 0
Imax Corporation COM 45245E109 22,022 1,024,272 SH   DFND   278,765 745,507 0
Information Services Group COM 45675Y104 33,855 5,787,119 SH   DFND   1,584,638 4,202,481 0
Jefferies Financial Group Inc. COM 47233W109 27,184 794,855 SH   DFND   228,995 565,860 0
KKR & Co. Inc. Cl A COM 48251W104 42,717 721,087 SH   DFND   183,840 537,247 0
KKR Acquisition Holdings I Cor COM 48253T109 10,014 1,019,738 SH   DFND   78,700 941,038 0
Lantheus Holdings Inc. COM 516544103 25,888 936,608 SH   DFND   235,880 700,728 0
Meridian Bancorp, Inc. COM 58958U103 3,540 173,000 SH   DFND   46,500 126,500 0
Motorcar Parts of America, Inc COM 620071100 23,686 1,055,520 SH   DFND   288,003 767,517 0
Perion Network Ltd. COM M78673114 31,950 1,491,592 SH   DFND   471,652 1,019,940 0
PowerFleet, Inc. COM 73931J109 8,570 1,190,227 SH   DFND   602,185 588,042 0
QuinStreet, Inc. COM 74874Q100 49,609 2,670,005 SH   DFND   921,432 1,748,573 0
Raymond James Financial, Inc. COM 754730109 10,813 83,241 SH   DFND   4,225 79,016 0
SmartFinancial Inc. COM 83190L208 12,391 516,058 SH   DFND   151,231 364,827 0
StoneX Group Inc. COM 861896108 23,354 384,942 SH   DFND   104,765 280,177 0
Stoneridge, Inc. COM 86183P102 10,775 365,248 SH   DFND   95,165 270,083 0
Synovus Financial Corp. COM 87161C501 13,299 303,077 SH   DFND   78,370 224,707 0
Target Hospitality Corp. COM 87615L107 18,134 4,887,798 SH   DFND   1,382,606 3,505,192 0
Tastemaker Acquisition Corp. COM 876545104 292 30,000 SH   DFND   30,000 0 0
Tronox Holdings PLC COM G9087Q102 25,460 1,136,589 SH   DFND   313,240 823,349 0
Verint Systems Inc. COM 92343X100 11,701 259,612 SH   DFND   70,920 188,692 0
AerSale Corp. WTS Exp 12/22/25 WT 00810F114 371 130,000 SH   DFND   130,000 0 0
KKR Acquis. Hldgs I Corp. WTS Exp 12/31/27 WT 48253T117 415 351,302 SH   DFND   100,050 251,252 0
Visteon Corp. COM 92839U206 17,093 141,333 SH   DFND   39,054 102,279 0
Alliance Data Systems Corporation COM 018581108 2,084 20,000 SH Call DFND   20,000 0 0
Air Transport Services Group, Inc. COM 00922R105 1,661 71,500 SH Call DFND   40,000 0 0
Alteryx, Inc. Class A COM 02156B103 817 9,500 SH Call DFND   9,500 0 0
BP p.l.c. Sponsored ADR COM 055622104 476 18,000 SH Call DFND   18,000 0 0
Carnival Corporation COM 143658300 395 15,000 SH Call DFND   15,000 0 0
Coinbase Global, Inc. Class A COM 19260Q107 1,520 6,000 SH Call DFND   6,000 0 0
FireEye, Inc. COM 31816Q101 526 26,000 SH Call DFND   26,000 0 0
Perion Network Ltd COM M78673114 1,564 73,000 SH Call DFND   56,500 0 0
Palantir Technologies Inc. Class A COM 69608A108 1,054 40,000 SH Call DFND   40,000 0 0
Pilgrim's Pride Corporation COM 72147K108 262 11,800 SH Call DFND   11,800 0 0
PowerFleet, Inc. COM 73931J109 432 60,000 SH Call DFND   40,000 0 0
SelectQuote Inc COM 816307300 1,290 67,000 SH Call DFND   67,000 0 0
ProShares UltraShort 20 Year Treasury COM 74347B201 942 50,000 SH Call DFND   50,000 0 0
ViacomCBS Inc. Class B COM 92556H206 1,356 30,000 SH Call DFND   30,000 0 0
Walmart Inc. COM 931142103 1,974 14,000 SH Call DFND   14,000 0 0
Alliance Data Systems Corporation COM 018581108 2,084 20,000 SH Put DFND   20,000 0 0
Air Transport Services Group, Inc. COM 00922R105 732 31,500 SH Put DFND   31,500 0 0
Alteryx, Inc. Class A COM 02156B103 817 9,500 SH Put DFND   9,500 0 0
Coinbase Global, Inc. Class A COM 19260Q107 1,520 6,000 SH Put DFND   6,000 0 0
SPDR Dow Jones Industrial Average ETF Trust COM 78467X109 5,174 15,000 SH Put DFND   15,000 0 0
FireEye, Inc. COM 31816Q101 1,335 66,000 SH Put DFND   40,000 0 0
Guidewire Software, Inc. COM 40171V100 1,296 11,500 SH Put DFND   11,500 0 0
Perion Network Ltd COM M78673114 782 36,500 SH Put DFND   36,500 0 0
Palantir Technologies Inc. Class A COM 69608A108 1,054 40,000 SH Put DFND   40,000 0 0
Pilgrim's Pride Corporation COM 72147K108 262 11,800 SH Put DFND   11,800 0 0
Phillips 66 COM 718546104 343 4,000 SH Put DFND   4,000 0 0
ProShares UltraShort 20 Year Treasury COM 74347B201 942 50,000 SH Put DFND   50,000 0 0
Teladoc Health, Inc. COM 87918A105 831 5,000 SH Put DFND   5,000 0 0
ViacomCBS Inc. Class B COM 92556H206 1,356 30,000 SH Put DFND   30,000 0 0
Walmart Inc. COM 931142103 3,949 28,000 SH Put DFND   14,000 0 0