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
AerSale Corp. COM 00810F106 5,370 302,679 SH   DFND   154,583 148,096 0
Air Transport Services Group, Inc. COM 00922R105 23,597 803,160 SH   DFND   200,382 602,778 0
Asure Software Inc. COM 04649U102 18,147 2,317,685 SH   DFND   669,463 1,648,222 0
Barrett Business Services COM 068463108 14,785 214,095 SH   DFND   60,385 153,710 0
CapStar Financial Holdings, Inc. COM 14070T102 8,789 417,910 SH   DFND   120,238 297,672 0
Celanese Corp. COM 150870103 7,981 47,489 SH   DFND   5,410 42,079 0
Community Financial Corporation COM 20368X101 1,815 46,168 SH   DFND   12,258 33,910 0
Eastern Bankshares, Inc. COM 27627N105 13,714 679,935 SH   DFND   179,450 500,485 0
ECN Capital Corporation COM 26829L107 24,079 5,705,893 SH   DFND   1,593,075 4,112,818 0
Everi Holdings, Inc. COM 30034T103 24,393 1,142,546 SH   DFND   321,896 820,650 0
Fiesta Restaurant Group, Inc. COM 31660B101 13,764 1,250,133 SH   DFND   369,054 881,079 0
First Busey Corp. COM 319383204 15,018 553,768 SH   DFND   151,534 402,234 0
First Northwest Bancorp COM 335834107 16,266 805,250 SH   DFND   218,096 587,154 0
Imax Corporation COM 45245E109 20,106 1,127,042 SH   DFND   291,165 835,877 0
Independent Bank Corp. Mass COM 453836108 2,821 34,605 SH   DFND   2,475 32,130 0
Information Services Group COM 45675Y104 30,308 3,977,423 SH   DFND   1,050,963 2,926,460 0
Jefferies Financial Group Inc. COM 47233W109 30,617 789,105 SH   DFND   225,495 563,610 0
KKR & Co. Inc. Cl A COM 48251W104 46,670 626,439 SH   DFND   167,570 458,869 0
KKR Acquis. Hldgs I Corp. WTS Exp 12/31/27 WT 48253T117 348 348,671 SH   DFND   100,050 248,621 0
KKR Acquisition Holdings I Corp. Cl A COM 48253T109 9,475 972,775 SH   DFND   78,700 894,075 0
Lakeland Industries Inc. COM 511795106 14,067 648,258 SH   DFND   187,798 460,460 0
Lantheus Holdings Inc. COM 516544103 27,178 940,733 SH   DFND   232,180 708,553 0
Mandiant Inc. COM 562662106 789 45,000 SH   DFND   45,000 0 0
Motorcar Parts of America, Inc. COM 620071100 18,732 1,097,338 SH   DFND   298,575 798,763 0
Perion Network Ltd. COM M78673114 37,990 1,579,605 SH   DFND   471,655 1,107,950 0
PowerFleet, Inc. COM 73931J109 9,894 2,087,398 SH   DFND   1,127,491 959,907 0
QuinStreet, Inc. COM 74874Q100 57,775 3,176,217 SH   DFND   1,059,432 2,116,785 0
Raymond James Financial, Inc. COM 754730109 12,330 122,807 SH   DFND   6,337 116,470 0
SmartFinancial Inc. COM 83190L208 15,598 570,113 SH   DFND   152,531 417,582 0
Stoneridge, Inc. COM 86183P102 7,780 394,123 SH   DFND   115,568 278,555 0
StoneX Group Inc. COM 861896108 25,654 418,833 SH   DFND   112,551 306,282 0
Synovus Financial Corp. COM 87161C501 15,036 314,104 SH   DFND   82,020 232,084 0
Target Hospitality Corp. COM 87615L107 18,226 5,119,772 SH   DFND   1,554,874 3,564,898 0
Tastemaker Acquisition Corp. COM 876545104 297 30,000 SH   DFND   30,000 0 0
Tronox Holdings PLC COM G9087Q102 27,671 1,151,509 SH   DFND   308,810 842,699 0
Verint Systems Inc. COM 92343X100 13,610 259,197 SH   DFND   73,920 185,277 0
Visteon Corp. COM 92839U206 16,490 148,368 SH   DFND   42,439 105,929 0
Apple Inc. COM 037833100 3,995 22,500 SH Call DFND   22,500 0 0
Alliance Data Systems Corporation COM 018581108 799 12,000 SH Call DFND   12,000 0 0
Activision Blizzard, Inc. COM 00507V109 1,497 22,500 SH Call DFND   22,500 0 0
Alibaba Group Holding Ltd. Sponsored ADR COM 01609W102 832 7,000 SH Call DFND   7,000 0 0
Citigroup Inc. COM 172967424 1,510 25,000 SH Call DFND   25,000 0 0
Carnival Corporation COM 143658300 302 15,000 SH Call DFND   15,000 0 0
Walt Disney Company COM 254687106 1,440 9,300 SH Call DFND   9,300 0 0
Kraft Heinz Company COM 500754106 1,687 47,000 SH Call DFND   47,000 0 0
Palantir Technologies Inc. Class A COM 69608A108 728 40,000 SH Call DFND   40,000 0 0
Direxion Daily Small Cap Bull 3x Shares COM 25459W847 1,314 15,500 SH Call DFND   15,500 0 0
ViacomCBS Inc. Class B COM 92556H206 1,811 60,000 SH Call DFND   60,000 0 0
Western Union Company COM 959802109 1,213 68,000 SH Call DFND   68,000 0 0
Apple Inc. COM 037833100 3,995 22,500 SH Put DFND   22,500 0 0
ACI Worldwide, Inc. COM 004498101 375 10,800 SH Put DFND   10,800 0 0
Walt Disney Company COM 254687106 1,440 9,300 SH Put DFND   9,300 0 0
Everi Holdings, Inc. COM 30034T103 512 24,000 SH Put DFND   24,000 0 0
Kraft Heinz Company COM 500754106 1,687 47,000 SH Put DFND   47,000 0 0
Mandiant, Inc. COM 562662106 789 45,000 SH Put DFND   45,000 0 0
QuinStreet, Inc. COM 74874Q100 800 44,000 SH Put DFND   44,000 0 0
Direxion Daily Small Cap Bull 3x Shares COM 25459W847 1,314 15,500 SH Put DFND   15,500 0 0
Western Union Company COM 959802109 1,213 68,000 SH Put DFND   68,000 0 0