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
3M Company COM 88579Y101 271 1,823 SH   DFND   0 1,823 0
AerSale Corp. COM 00810F106 5,648 359,271 SH   DFND   184,505 174,766 0
Air Transport Services Group, Inc. COM 00922R105 26,458 790,965 SH   DFND   192,377 598,588 0
Alphabet Inc. COM 02079K305 665 239 SH   DFND   0 239 0
Amazon.com COM 023135106 711 218 SH   DFND   0 218 0
Apple, Inc. COM 037833100 905 5,181 SH   DFND   0 5,181 0
Asure Software Inc. COM 04649U102 15,197 2,554,153 SH   DFND   776,946 1,777,207 0
Avanti Acquisition Corp. COM G0682V109 197 20,000 SH   DFND   20,000 0 0
Barrett Business Services COM 068463108 18,417 237,730 SH   DFND   71,020 166,710 0
Berkshire Hathaway Inc. Cl B COM 084670702 260 736 SH   DFND   0 736 0
Build Acquisition Corp. COM 12008J105 195 20,000 SH   DFND   20,000 0 0
CapStar Financial Holdings, Inc. COM 14070T102 8,694 412,410 SH   DFND   116,993 295,417 0
Churchill Capital Corp. VII COM 17144M102 196 20,000 SH   DFND   20,000 0 0
Cohn Robbins Holdings Corp. COM G23726105 110 11,110 SH   DFND   11,110 0 0
Community Financial Corporation COM 20368X101 1,786 44,153 SH   DFND   10,408 33,745 0
Consolidated Edison Inc. COM 209115104 243 2,569 SH   DFND   0 2,569 0
Dow Jones Indl Average SPDR ETF COM 78467X109 520 1,500 SH   DFND   200 1,300 0
E Merge Technology Acquisition Corp. COM 26873Y104 130 13,145 SH   DFND   13,145 0 0
Eastern Bankshares, Inc. COM 27627N105 14,437 670,260 SH   DFND   175,555 494,705 0
ECN Capital Corporation COM 26829L107 32,617 5,931,399 SH   DFND   1,613,550 4,317,849 0
Energy Select Sector SPDR COM 81369Y506 203 2,652 SH   DFND   0 2,652 0
Everi Holdings, Inc. COM 30034T103 23,352 1,112,001 SH   DFND   296,341 815,660 0
Fiesta Restaurant Group, Inc. COM 31660B101 9,673 1,294,110 SH   DFND   373,138 920,972 0
First Busey Corp. COM 319383204 14,722 580,993 SH   DFND   155,659 425,334 0
First Northwest Bancorp COM 335834107 17,607 797,080 SH   DFND   212,304 584,776 0
GO Acquisition Corp. COM 362019101 169 17,100 SH   DFND   17,100 0 0
Healthcare Select Sector SPDR COM 81369Y209 271 1,976 SH   DFND   0 1,976 0
Imax Corporation COM 45245E109 21,277 1,124,007 SH   DFND   288,695 835,312 0
Independent Bank Corp. Mass COM 453836108 2,601 31,844 SH   DFND   0 31,844 0
Information Services Group COM 45675Y104 27,331 4,013,362 SH   DFND   1,039,977 2,973,385 0
Invesco QQQ Trust Series 1 COM 46090E103 466 1,284 SH   DFND   0 1,284 0
iShares Core MSCI Emerging Markets COM 46434G103 411 7,392 SH   DFND   0 7,392 0
iShares Core S&P 500 COM 464287200 1,992 4,390 SH   DFND   0 4,390 0
iShares Core S&P Mid Cap ETF COM 464287507 2,053 7,651 SH   DFND   0 7,651 0
iShares Core US Aggregate Bond ETF COM 464287226 1,000 9,334 SH   DFND   0 9,334 0
iShares Russell 2000 Index COM 464287655 215 1,047 SH   DFND   800 247 0
iShares US Pharmaceuticals ETF COM 464288836 214 1,100 SH   DFND   0 1,100 0
Jefferies Financial Group Inc. COM 47233W109 27,305 831,216 SH   DFND   236,215 595,001 0
Johnson & Johnson COM 478160104 213 1,201 SH   DFND   0 1,201 0
JP Morgan Chase Alerian MLP Index ETN COM 46625H365 230 11,012 SH   DFND   0 11,012 0
KKR & Co. Inc. Cl A COM 48251W104 37,549 642,189 SH   DFND   170,195 471,994 0
KKR Acquis. Hldgs I Corp. WTS Exp 12/31/27 WT 48253T117 230 348,403 SH   DFND   100,050 248,353 0
KKR Acquisition Holdings I Corp. Cl A COM 48253T109 8,749 890,078 SH   DFND   0 890,078 0
Lakeland Industries Inc. COM 511795106 15,251 794,755 SH   DFND   236,350 558,405 0
Lantheus Holdings Inc. COM 516544103 37,845 684,236 SH   DFND   199,473 484,763 0
Marlin Technology Corp. COM G58411102 196 20,000 SH   DFND   20,000 0 0
Meta Platforms, Inc. COM 30303M102 400 1,799 SH   DFND   0 1,799 0
Microsoft Corporation COM 594918104 721 2,339 SH   DFND   0 2,339 0
Motorcar Parts of America, Inc. COM 620071100 20,544 1,152,230 SH   DFND   307,602 844,628 0
NextEra Energy Inc. COM 65339F101 671 7,918 SH   DFND   0 7,918 0
Paramount Global COM 92556H206 567 15,000 SH   DFND   15,000 0 0
Pepsico, Inc. COM 713448108 292 1,746 SH   DFND   0 1,746 0
Perion Network Ltd. COM M78673114 36,671 1,630,540 SH   DFND   484,730 1,145,810 0
Powered Brands COM G7209M108 197 20,000 SH   DFND   20,000 0 0
PowerFleet, Inc. COM 73931J109 6,549 2,205,091 SH   DFND   1,254,789 950,302 0
ProShares S&P 500 Dividend Aristocrats COM 74348A467 1,954 20,593 SH   DFND   0 20,593 0
QuinStreet, Inc. COM 74874Q100 37,361 3,220,774 SH   DFND   1,032,899 2,187,875 0
Raymond James Financial, Inc. COM 754730109 13,455 122,415 SH   DFND   6,337 116,078 0
S&P Regional Banking SPDR COM 78464A698 289 4,200 SH   DFND   0 4,200 0
Schwab International Equity ETF COM 808524805 377 10,269 SH   DFND   0 10,269 0
Select Sector Spdr Tr Communication COM 81369Y852 337 4,900 SH   DFND   0 4,900 0
SmartFinancial Inc. COM 83190L208 15,250 596,183 SH   DFND   157,666 438,517 0
Stoneridge, Inc. COM 86183P102 9,323 449,098 SH   DFND   120,263 328,835 0
StoneX Group Inc. COM 861896108 31,639 426,224 SH   DFND   113,287 312,937 0
Synovus Financial Corp. COM 87161C501 15,232 310,847 SH   DFND   81,000 229,847 0
Tailwind Acquisition Corp. COM 87403Q102 188 19,033 SH   DFND   19,033 0 0
Target Hospitality Corp. COM 87615L107 32,381 5,396,906 SH   DFND   1,552,683 3,844,223 0
Technology Sector SPDR COM 81369Y803 207 1,300 SH   DFND   0 1,300 0
Tronox Holdings PLC COM G9087Q102 24,191 1,222,394 SH   DFND   338,625 883,769 0
Utilities Select Sector SPDR COM 81369Y886 676 9,077 SH   DFND   0 9,077 0
Vanguard Dividend Appreciation Indx ETF COM 921908844 1,599 9,860 SH   DFND   0 9,860 0
Vanguard FTSE All World Ex US ETF COM 922042775 674 11,695 SH   DFND   0 11,695 0
Vanguard Index Fund ETF COM 922908769 212 930 SH   DFND   0 930 0
Vanguard Intermediate Term Corp. Bond ETF COM 92206C870 638 7,419 SH   DFND   0 7,419 0
Vanguard Real Estate ETF COM 922908553 274 2,529 SH   DFND   0 2,529 0
Vanguard S&P 500 Indx Fd ETF COM 922908363 201 483 SH   DFND   0 483 0
Verint Systems Inc. COM 92343X100 13,220 255,712 SH   DFND   71,390 184,322 0
Visa Inc. COM 92826C839 380 1,715 SH   DFND   0 1,715 0
Visteon Corp. COM 92839U206 16,194 148,393 SH   DFND   43,469 104,924 0
Walt Disney Co. COM 254687106 497 3,621 SH   DFND   800 2,821 0
WisdomTree CBOE S&P 500 PutWrite Strategy COM 97717X560 421 12,000 SH   DFND   0 12,000 0
WisdomTree US Mid Cap Div Fund COM 97717W505 1,743 39,246 SH   DFND   0 39,246 0
Z-Work Acquisition Corp. COM 98880C102 196 20,000 SH   DFND   20,000 0 0
Activision Blizzard, Inc. COM 00507V109 1,802 22,500 SH Call DFND   22,500 0 0
Alibaba Group Holding Ltd. Sponsored ADR COM 01609W102 762 7,000 SH Call DFND   7,000 0 0
Citigroup Inc. COM 172967424 801 15,000 SH Call DFND   15,000 0 0
Carnival Corporation COM 143658300 667 33,000 SH Call DFND   33,000 0 0
Cardiovascular Systems, Inc. COM 141619106 565 25,000 SH Call DFND   25,000 0 0
Direxion Daily FTSE Europe Bull 3X Shares COM 25459Y280 557 20,500 SH Call DFND   20,500 0 0
Direxion Daily Financial Bull 3x Shares COM 25459Y694 882 7,500 SH Call DFND   7,500 0 0
International Flavors & Fragrances Inc. COM 459506101 2,036 15,500 SH Call DFND   15,500 0 0
JPMorgan Chase & Co. COM 46625H100 2,045 15,000 SH Call DFND   15,000 0 0
Paramount Global Class B COM 92556H206 756 20,000 SH Call DFND   20,000 0 0
PowerFleet, Inc. COM 73931J109 229 77,000 SH Call DFND   77,000 0 0
Scotts Miracle-Gro Company Class A COM 810186106 1,660 13,500 SH Call DFND   13,500 0 0
Direxion Daily Small Cap Bull 3x Shares COM 25459W847 1,260 20,000 SH Call DFND   20,000 0 0
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares COM 25460G500 753 4,500 SH Put DFND   4,500 0 0
International Flavors & Fragrances Inc. COM 459506101 2,036 15,500 SH Put DFND   15,500 0 0
JPMorgan Chase & Co. COM 46625H100 2,045 15,000 SH Put DFND   15,000 0 0
Paramount Global Class B COM 92556H206 567 15,000 SH Put DFND   15,000 0 0
Scotts Miracle-Gro Company Class A COM 810186106 1,660 13,500 SH Put DFND   13,500 0 0