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

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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
1895 BANCORP OF WIS INC COM 28253R105   505,000 50,000 SH   DFND   50,000 0 0
BV FINL INC COM NEW 05603E208   2,349,932 153,090 SH   DFND   153,090 0 0
CATALYST BANCORP INC COMMON STOCK 14888L101   455,897 39,991 SH   DFND   39,991 0 0
CENTRAL PLAINS BANCSHARES IN COM 15486W100   251,200 20,000 SH   DFND   20,000 0 0
CFSB BANCORP INC COM 12530C107   69,000 10,000 SH   DFND   10,000 0 0
CULLMAN BANCORP INC COM 230153108   244,250 25,000 SH   DFND   25,000 0 0
ECB BANCORP INC COM 26828M106   286,400 20,000 SH   DFND   20,000 0 0
ESSA BANCORP INC COM 29667D104   480,500 25,000 SH   DFND   25,000 0 0
FIFTH DIST BANCORP INC COM 316926104   442,094 42,632 SH   DFND   42,632 0 0
FIRST SVGS FINL GROUP INC COM 33621E109   1,428,600 60,000 SH   DFND   60,000 0 0
FS BANCORP INC COM 30263Y104   5,116,350 115,000 SH   DFND   115,000 0 0
GENERATIONS BANCORP NY INC COM 37149G108   3,509,872 222,849 SH   DFND   222,849 0 0
HARBORONE BANCORP INC NEW COM NEW 41165Y100   361,921 27,883 SH   DFND   27,883 0 0
HOME FED BANCORP INC LA NEW COM 43708L108   1,008,000 80,000 SH   DFND   80,000 0 0
ICC HLDGS INC COM 44931Q104   2,293 100 SH   DFND   100 0 0
IF BANCORP INC COM 44951J105   5,285,528 262,049 SH   DFND   262,049 0 0
KINGSWAY FINL SVCS INC COM NEW 496904202   60,655,364 7,325,527 SH   DFND   7,325,527 0 0
LAKE SHORE BANCORP INC COM 510700107   1,644,337 121,893 SH   DFND   121,893 0 0
MAGYAR BANCORP INC COM 55977T208   492,800 40,000 SH   DFND   40,000 0 0
METLIFE INC COM 59156R108   4,949 60 SH   DFND   60 0 0
NB BANCORP INC COM 63945M107   1,484,800 80,000 SH   DFND   80,000 0 0
NEW YORK CMNTY BANCORP INC COM NEW 649445400   505,575 45,000 SH   DFND   45,000 0 0
NORTHEAST CMNTY BANCORP INC COM 664121100   3,703,000 140,000 SH   DFND   140,000 0 0
PB BANKSHARES INC COM 69318V103   424,083 27,431 SH   DFND   27,431 0 0
PONCE FINANCIAL GROUP INC COMMON STOCK 732344106   350,700 30,000 SH   DFND   30,000 0 0
PRINCIPAL FINANCIAL GROUP IN COM 74251V102   46,987 547 SH   DFND   547 0 0
PROVIDENT BANCORP INC COM NEW 74383L105   18,952,279 1,756,467 SH   DFND   1,756,467 0 0
RICHMOND MUT BANCORPORATION COM 76525P100   387,000 30,000 SH   DFND   30,000 0 0
SOUND FINL BANCORP INC COM 83607A100   21,936,017 410,019 SH   DFND   410,019 0 0
SPDR S&P 500 ETF TR PUT 78462F953   11,475,200 20,000 SH Put DFND   20,000 0 0
SR BANCORP INC COM 85227J106   446,000 40,000 SH   DFND   40,000 0 0
WHEELER REAL ESTATE INVT TR COM 963025853   762,038 94,195 SH   DFND   94,195 0 0
WHEELER REAL ESTATE INVT TR 7% SR NT 31 963025804   66,265,695 1,011,690 SH   DFND   1,011,690 0 0