| 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 | 17,515 | 698,913 | SH | | DFND | | 168,029 | 530,884 | 0 |
| Asure Software Inc. | COM | 04649U102 | 13,183 | 1,746,129 | SH | | DFND | | 473,458 | 1,272,671 | 0 |
| Barrett Business Services | COM | 068463108 | 11,398 | 217,354 | SH | | DFND | | 60,385 | 156,969 | 0 |
| CapStar Financial Holdings, In | COM | 14070T102 | 3,697 | 376,877 | SH | | DFND | | 102,734 | 274,143 | 0 |
| Celanese Corp. | COM | 150870103 | 5,522 | 51,390 | SH | | DFND | | 7,250 | 44,140 | 0 |
| Community Financial Corporatio | COM | 20368X101 | 3,013 | 141,125 | SH | | DFND | | 14,585 | 126,540 | 0 |
| ECN Capital Corporation | COM | 26829L107 | 27,321 | 7,133,326 | SH | | DFND | | 2,047,750 | 5,085,576 | 0 |
| Everi Holdings, Inc. | COM | 30034T103 | 12,540 | 1,520,044 | SH | | DFND | | 401,336 | 1,118,708 | 0 |
| Fiesta Restaurant Group, Inc. | COM | 31660B101 | 14,519 | 1,549,544 | SH | | DFND | | 427,718 | 1,121,826 | 0 |
| First Northwest Bancorp | COM | 335834107 | 6,971 | 704,130 | SH | | DFND | | 184,247 | 519,883 | 0 |
| FirstEnergy Corp. | COM | 337932107 | 422 | 14,700 | SH | | DFND | | 14,700 | 0 | 0 |
| Gildan Activewear, Inc. | COM | 375916103 | 1,765 | 89,711 | SH | | DFND | | 0 | 89,711 | 0 |
| Hometrust Bancshares Inc. | COM | 437872104 | 3,008 | 221,535 | SH | | DFND | | 0 | 221,535 | 0 |
| Imax Corporation | COM | 45245E109 | 14,713 | 1,230,166 | SH | | DFND | | 326,300 | 903,866 | 0 |
| Information Services Group | COM | 45675Y104 | 13,784 | 6,532,859 | SH | | DFND | | 1,766,081 | 4,766,778 | 0 |
| Jefferies Financial Group Inc. | COM | 47233W109 | 16,086 | 893,686 | SH | | DFND | | 243,845 | 649,841 | 0 |
| KKR & Co. Inc. Cl A | COM | 48251W104 | 26,936 | 784,392 | SH | | DFND | | 187,640 | 596,752 | 0 |
| Lantheus Holdings Inc. | COM | 516544103 | 12,074 | 952,994 | SH | | DFND | | 244,820 | 708,174 | 0 |
| Motorcar Parts of America, Inc | COM | 620071100 | 17,837 | 1,146,342 | SH | | DFND | | 295,293 | 851,049 | 0 |
| Northrim BanCorp, Inc. | COM | 666762109 | 1,658 | 65,039 | SH | | DFND | | 7,425 | 57,614 | 0 |
| Perion Network Ltd. | COM | M78673114 | 14,234 | 2,039,217 | SH | | DFND | | 662,091 | 1,377,126 | 0 |
| PowerFleet, Inc. | COM | 73931J109 | 6,943 | 1,233,158 | SH | | DFND | | 548,545 | 684,613 | 0 |
| QuinStreet, Inc. | COM | 74874Q100 | 46,456 | 2,932,814 | SH | | DFND | | 967,563 | 1,965,251 | 0 |
| Raymond James Financial, Inc. | COM | 754730109 | 6,485 | 89,126 | SH | | DFND | | 6,625 | 82,501 | 0 |
| SmartFinancial Inc. | COM | 83190L208 | 5,672 | 417,351 | SH | | DFND | | 122,460 | 294,891 | 0 |
| StoneX Group Inc. | COM | 861896108 | 24,858 | 485,884 | SH | | DFND | | 122,467 | 363,417 | 0 |
| Stoneridge, Inc. | COM | 86183P102 | 7,330 | 399,044 | SH | | DFND | | 97,845 | 301,199 | 0 |
| Synovus Financial Corp. | COM | 87161C501 | 8,994 | 424,825 | SH | | DFND | | 107,510 | 317,315 | 0 |
| Target Hospitality Corp. | COM | 87615L107 | 5,798 | 4,752,794 | SH | | DFND | | 1,376,106 | 3,376,688 | 0 |
| Tronox Holdings PLC | COM | G9087Q102 | 18,181 | 2,310,187 | SH | | DFND | | 630,035 | 1,680,152 | 0 |
| Verint Systems Inc. | COM | 92343X100 | 13,579 | 281,849 | SH | | DFND | | 72,520 | 209,329 | 0 |
| Visteon Corp. | COM | 92839U206 | 13,320 | 192,424 | SH | | DFND | | 59,233 | 133,191 | 0 |
| WSFS Financial Corp. | COM | 929328102 | 7,760 | 287,719 | SH | | DFND | | 63,251 | 224,468 | 0 |
| Zimmer Biomet Holdings, Inc. | COM | 98956P102 | 4,468 | 32,817 | SH | | DFND | | 3,140 | 29,677 | 0 |
| iShares Russell 2000 Index | COM | 464287655 | 479 | 3,200 | SH | | DFND | | 3,200 | 0 | 0 |
| Occidental Petroleum Wts Exp 8 | WT | 674599162 | 108 | 36,000 | SH | | DFND | | 36,000 | 0 | 0 |
| 3M Company | COM | 88579Y101 | 1,185 | 7,400 | SH | Call | DFND | | 7,400 | 0 | 0 |
| Bausch Health Companies Inc. | COM | 071734107 | 233 | 15,000 | SH | Call | DFND | | 15,000 | 0 | 0 |
| Black Hills Corporation | COM | 092113109 | 294 | 5,500 | SH | Call | DFND | | 5,500 | 0 | 0 |
| Box, Inc. Class A | COM | 10316T104 | 260 | 15,000 | SH | Call | DFND | | 15,000 | 0 | 0 |
| Cisco Systems, Inc. | COM | 17275R102 | 583 | 14,800 | SH | Call | DFND | | 14,800 | 0 | 0 |
| Citigroup Inc. | COM | 172967424 | 517 | 12,000 | SH | Call | DFND | | 12,000 | 0 | 0 |
| Clorox Company | COM | 189054109 | 841 | 4,000 | SH | Call | DFND | | 4,000 | 0 | 0 |
| Dropbox, Inc. Class A | COM | 26210C104 | 385 | 20,000 | SH | Call | DFND | | 20,000 | 0 | 0 |
| eHealth, Inc. | COM | 28238P109 | 553 | 7,000 | SH | Call | DFND | | 7,000 | 0 | 0 |
| Exxon Mobil Corporation | COM | 30231G102 | 1,425 | 41,500 | SH | Call | DFND | | 41,500 | 0 | 0 |
| FirstEnergy Corp. | COM | 337932107 | 861 | 30,000 | SH | Call | DFND | | 30,000 | 0 | 0 |
| International Business Machines Corporation | COM | 459200101 | 1,764 | 14,500 | SH | Call | DFND | | 14,500 | 0 | 0 |
| iShares Russell 2000 Value ETF | COM | 464287630 | 894 | 9,000 | SH | Call | DFND | | 9,000 | 0 | 0 |
| Kraft Heinz Company | COM | 500754106 | 659 | 22,000 | SH | Call | DFND | | 22,000 | 0 | 0 |
| LendingTree, Inc. | COM | 52603B107 | 859 | 2,800 | SH | Call | DFND | | 2,800 | 0 | 0 |
| Lincoln National Corporation | COM | 534187109 | 313 | 10,000 | SH | Call | DFND | | 10,000 | 0 | 0 |
| National Fuel Gas Company | COM | 636180101 | 284 | 7,000 | SH | Call | DFND | | 7,000 | 0 | 0 |
| Phillips 66 | COM | 718546104 | 954 | 18,400 | SH | Call | DFND | | 18,400 | 0 | 0 |
| Pilgrim's Pride Corporation | COM | 72147K108 | 210 | 14,000 | SH | Call | DFND | | 14,000 | 0 | 0 |
| Proofpoint, Inc. | COM | 743424103 | 581 | 5,500 | SH | Call | DFND | | 5,500 | 0 | 0 |
| Southern Company | COM | 842587107 | 352 | 6,500 | SH | Call | DFND | | 6,500 | 0 | 0 |
| SPDR S&P Regional Banking ETF | COM | 78464A698 | 642 | 18,000 | SH | Call | DFND | | 18,000 | 0 | 0 |
| State Street Corporation | COM | 857477103 | 771 | 13,000 | SH | Call | DFND | | 13,000 | 0 | 0 |
| Tyson Foods, Inc. Class A | COM | 902494103 | 654 | 11,000 | SH | Call | DFND | | 11,000 | 0 | 0 |
| Bausch Health Companies Inc. | COM | 071734107 | 233 | 15,000 | SH | Put | DFND | | 15,000 | 0 | 0 |
| Black Hills Corporation | COM | 092113109 | 294 | 5,500 | SH | Put | DFND | | 5,500 | 0 | 0 |
| Cisco Systems, Inc. | COM | 17275R102 | 583 | 14,800 | SH | Put | DFND | | 14,800 | 0 | 0 |
| Citigroup Inc. | COM | 172967424 | 517 | 12,000 | SH | Put | DFND | | 12,000 | 0 | 0 |
| Citrix Systems, Inc. | COM | 177376100 | 661 | 4,800 | SH | Put | DFND | | 4,800 | 0 | 0 |
| Clorox Company | COM | 189054109 | 841 | 4,000 | SH | Put | DFND | | 4,000 | 0 | 0 |
| Dropbox, Inc. Class A | COM | 26210C104 | 385 | 20,000 | SH | Put | DFND | | 20,000 | 0 | 0 |
| FirstEnergy Corp. | COM | 337932107 | 431 | 15,000 | SH | Put | DFND | | 15,000 | 0 | 0 |
| International Business Machines Corporation | COM | 459200101 | 1,764 | 14,500 | SH | Put | DFND | | 14,500 | 0 | 0 |
| iShares Russell 2000 Value ETF | COM | 464287630 | 894 | 9,000 | SH | Put | DFND | | 9,000 | 0 | 0 |
| LendingTree, Inc. | COM | 52603B107 | 859 | 2,800 | SH | Put | DFND | | 2,800 | 0 | 0 |
| Lincoln National Corporation | COM | 534187109 | 313 | 10,000 | SH | Put | DFND | | 10,000 | 0 | 0 |
| National Fuel Gas Company | COM | 636180101 | 284 | 7,000 | SH | Put | DFND | | 7,000 | 0 | 0 |
| Phillips 66 | COM | 718546104 | 933 | 18,000 | SH | Put | DFND | | 18,000 | 0 | 0 |
| Proofpoint, Inc. | COM | 743424103 | 581 | 5,500 | SH | Put | DFND | | 5,500 | 0 | 0 |
| Southern Company | COM | 842587107 | 352 | 6,500 | SH | Put | DFND | | 6,500 | 0 | 0 |
| SPDR S&P Regional Banking ETF | COM | 78464A698 | 642 | 18,000 | SH | Put | DFND | | 18,000 | 0 | 0 |
| State Street Corporation | COM | 857477103 | 771 | 13,000 | SH | Put | DFND | | 13,000 | 0 | 0 |
| Tyson Foods, Inc. Class A | COM | 902494103 | 654 | 11,000 | SH | Put | DFND | | 11,000 | 0 | 0 |
