The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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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 | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| Air Transport Services Group, | COM | 00922R105 | 21,601 | 1,181,688 | SH | DFND | 332,088 | 849,600 | 0 | ||
| Asure Software Inc. | COM | 04649U102 | 11,192 | 1,877,887 | SH | DFND | 436,607 | 1,441,280 | 0 | ||
| CapStar Financial Holdings, In | COM | 14070T102 | 1,517 | 153,431 | SH | DFND | 0 | 153,431 | 0 | ||
| Carrols Restaurant Group, Inc. | COM | 14574X104 | 5,199 | 2,856,321 | SH | DFND | 812,348 | 2,043,973 | 0 | ||
| Celanese Corp. | COM | 150870103 | 4,306 | 58,677 | SH | DFND | 9,230 | 49,447 | 0 | ||
| Community Financial Corporatio | COM | 20368X101 | 3,516 | 159,086 | SH | DFND | 16,885 | 142,201 | 0 | ||
| Dirtt Environmental Solutions | COM | 25490H106 | 4,985 | 4,887,175 | SH | DFND | 1,322,470 | 3,564,705 | 0 | ||
| ECN Capital Corporation | COM | 26829L107 | 20,590 | 7,767,518 | SH | DFND | 2,064,650 | 5,702,868 | 0 | ||
| Everi Holdings, Inc. | COM | 30034T103 | 8,778 | 2,659,904 | SH | DFND | 680,581 | 1,979,323 | 0 | ||
| Fiesta Restaurant Group, Inc. | COM | 31660B101 | 7,457 | 1,850,311 | SH | DFND | 507,148 | 1,343,163 | 0 | ||
| First Northwest Bancorp | COM | 335834107 | 7,807 | 718,213 | SH | DFND | 172,737 | 545,476 | 0 | ||
| Gain Capital Holdings Inc. | COM | 36268W100 | 1,108 | 198,496 | SH | DFND | 9,710 | 188,786 | 0 | ||
| Gildan Activewear, Inc. | COM | 375916103 | 3,678 | 288,225 | SH | DFND | 61,330 | 226,895 | 0 | ||
| Hometrust Bancshares Inc. | COM | 437872104 | 8,517 | 534,984 | SH | DFND | 121,647 | 413,337 | 0 | ||
| INTL FCStone, Inc. | COM | 46116V105 | 22,696 | 625,922 | SH | DFND | 175,452 | 450,470 | 0 | ||
| Imax Corporation | COM | 45245E109 | 2,889 | 319,190 | SH | DFND | 32,300 | 286,890 | 0 | ||
| Information Services Group | COM | 45675Y104 | 15,531 | 6,043,152 | SH | DFND | 1,749,234 | 4,293,918 | 0 | ||
| Jefferies Financial Group Inc. | COM | 47233W109 | 13,690 | 1,001,440 | SH | DFND | 249,645 | 751,795 | 0 | ||
| KKR & Co. Inc. Cl A | COM | 48251W104 | 21,803 | 928,952 | SH | DFND | 223,945 | 705,007 | 0 | ||
| Lakeland Industries Inc. | COM | 511795106 | 315 | 20,308 | SH | DFND | 8,618 | 11,690 | 0 | ||
| Motorcar Parts of America, Inc | COM | 620071100 | 16,391 | 1,302,968 | SH | DFND | 317,998 | 984,970 | 0 | ||
| Northrim BanCorp, Inc. | COM | 666762109 | 1,984 | 73,466 | SH | DFND | 8,725 | 64,741 | 0 | ||
| OceanFirst Financial Corp. | COM | 675234108 | 4,250 | 267,149 | SH | DFND | 71,499 | 195,650 | 0 | ||
| Perion Network Ltd. | COM | M78673114 | 8,058 | 1,647,754 | SH | DFND | 418,841 | 1,228,913 | 0 | ||
| Pope Resources Limited | COM | 732857107 | 2,170 | 25,839 | SH | DFND | 0 | 25,839 | 0 | ||
| QuinStreet, Inc. | COM | 74874Q100 | 26,679 | 3,314,184 | SH | DFND | 1,015,763 | 2,298,421 | 0 | ||
| Raymond James Financial, Inc. | COM | 754730109 | 7,552 | 119,493 | SH | DFND | 17,925 | 101,568 | 0 | ||
| Safeguard Scientifics, Inc. | COM | 786449207 | 128 | 23,000 | SH | DFND | 23,000 | 0 | 0 | ||
| SmartFinancial Inc. | COM | 83190L208 | 6,768 | 444,992 | SH | DFND | 134,305 | 310,687 | 0 | ||
| Stoneridge, Inc. | COM | 86183P102 | 7,653 | 456,883 | SH | DFND | 106,180 | 350,703 | 0 | ||
| Synovus Financial Corp. | COM | 87161C501 | 7,500 | 427,085 | SH | DFND | 103,550 | 323,535 | 0 | ||
| Target Hospitality Corp. | COM | 87615L107 | 6,875 | 3,454,756 | SH | DFND | 900,929 | 2,553,827 | 0 | ||
| Tronox Holdings PLC | COM | G9087Q102 | 13,565 | 2,723,913 | SH | DFND | 730,510 | 1,993,403 | 0 | ||
| Visteon Corp. | COM | 92839U206 | 10,736 | 223,765 | SH | DFND | 69,713 | 154,052 | 0 | ||
| Zimmer Biomet Holdings, Inc. | COM | 98956P102 | 5,260 | 52,037 | SH | DFND | 7,895 | 44,142 | 0 | ||
| Avanos Medical, Inc. | COM | 05350V106 | 269 | 10,000 | SH | Call | DFND | 10,000 | 0 | 0 | |
| Cornerstone OnDemand, Inc. | COM | 21925Y103 | 206 | 6,500 | SH | Put | DFND | 6,500 | 0 | 0 | |
| Cornerstone OnDemand, Inc. | COM | 21925Y103 | 206 | 6,500 | SH | Call | DFND | 6,500 | 0 | 0 | |
| Everi Holdings, Inc. | COM | 30034T103 | 50 | 15,000 | SH | Put | DFND | 15,000 | 0 | 0 | |
| Everi Holdings, Inc. | COM | 30034T103 | 50 | 15,000 | SH | Call | DFND | 15,000 | 0 | 0 | |
| Hasbro Inc. | COM | 418056107 | 215 | 3,000 | SH | Put | DFND | 3,000 | 0 | 0 | |
| Hasbro Inc. | COM | 418056107 | 215 | 3,000 | SH | Call | DFND | 3,000 | 0 | 0 | |
| iShares Russell 2000 Index | COM | 464287655 | 458 | 4,000 | SH | Put | DFND | 4,000 | 0 | 0 | |
| iShares Russell 2000 Index | COM | 464287655 | 458 | 4,000 | SH | Call | DFND | 4,000 | 0 | 0 | |
| iShares Russell 2000 Value ETF | COM | 464287630 | 410 | 5,000 | SH | Put | DFND | 5,000 | 0 | 0 | |
| iShares Russell 2000 Value ETF | COM | 464287630 | 410 | 5,000 | SH | Call | DFND | 5,000 | 0 | 0 | |
| Medallia, Inc. | COM | 584021109 | 281 | 14,000 | SH | Put | DFND | 14,000 | 0 | 0 | |
| Medallia, Inc. | COM | 584021109 | 281 | 14,000 | SH | Call | DFND | 14,000 | 0 | 0 | |
| Phillips 66 | COM | 718546104 | 215 | 4,000 | SH | Put | DFND | 4,000 | 0 | 0 | |
| Phillips 66 | COM | 718546104 | 215 | 4,000 | SH | Call | DFND | 4,000 | 0 | 0 | |
| Invesco QQQ Trust | COM | 46090E103 | 286 | 1,500 | SH | Put | DFND | 1,500 | 0 | 0 | |
| Invesco QQQ Trust | COM | 46090E103 | 286 | 1,500 | SH | Call | DFND | 1,500 | 0 | 0 | |
| Wendy's Company | COM | 95058W100 | 179 | 12,000 | SH | Put | DFND | 12,000 | 0 | 0 | |
| Wendy's Company | COM | 95058W100 | 179 | 12,000 | SH | Call | DFND | 12,000 | 0 | 0 | |
| Whirlpool Corp. | COM | 963320106 | 215 | 2,500 | SH | Put | DFND | 2,500 | 0 | 0 | |
| Whirlpool Corp. | COM | 963320106 | 215 | 2,500 | SH | Call | DFND | 2,500 | 0 | 0 | |
| Consumer Staples Select Sector SPDR Fund | COM | 81369Y308 | 327 | 6,000 | SH | Put | DFND | 6,000 | 0 | 0 | |
| Consumer Staples Select Sector SPDR Fund | COM | 81369Y308 | 327 | 6,000 | SH | Call | DFND | 6,000 | 0 | 0 | |