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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Apple, Inc. COM 037833100   4,224,924 18,133 SH   DFND   5,500 12,633 0
Abbvie Inc. COM 00287Y109   297,542 1,507 SH   DFND   0 1,507 0
Accenture PLC COM G1151C101   407,562 1,153 SH   DFND   0 1,153 0
Adobe Systems Inc. COM 00724F101   260,443 503 SH   DFND   0 503 0
American Electric Power COM 025537101   692,550 6,750 SH   DFND   6,400 350 0
iShares Core US Aggregate Bond ETF COM 464287226   1,326,937 13,103 SH   DFND   0 13,103 0
PowerFleet, Inc. COM 73931J109   33,937,915 6,787,583 SH   DFND   3,096,809 3,690,774 0
JP Morgan Chase Fin'l Co LLC Alerian COM 48133Q309   220,947 7,763 SH   DFND   0 7,763 0
Amazon.com COM 023135106   1,463,249 7,853 SH   DFND   900 6,953 0
AerSale Corp. COM 00810F106   9,455,595 1,872,395 SH   DFND   1,027,863 844,532 0
AerSale Corp. COM 00810F106   113,625 22,500 SH Call DFND   22,500 0 0
Asure Software Inc. COM 04649U102   33,905,807 3,746,498 SH   DFND   1,363,316 2,383,182 0
Broadcom Inc. COM 11135F101   244,751 1,419 SH   DFND   0 1,419 0
Bank of America Corp. COM 060505104   357,068 8,999 SH   DFND   0 8,999 0
Barrett Business Services COM 068463108   43,995,456 1,172,899 SH   DFND   429,115 743,784 0
BGC Group Inc COM 088929104   24,966,479 2,719,660 SH   DFND   841,105 1,878,555 0
Blackrock Inc. COM 09290D101   308,344 325 SH   DFND   0 325 0
Peabody Energy Corp COM 704551100   952,786 35,900 SH   DFND   34,000 1,900 0
CF Industries Holdings Inc. COM 125269100   792,737 9,239 SH   DFND   9,000 239 0
Clorox Co. COM 189054109   1,286,989 7,900 SH   DFND   6,000 1,900 0
Compass Minerals International, Inc. COM 20451N101   480,800 40,000 SH   DFND   40,000 0 0
Compass Minerals International, Inc. COM 20451N101   1,208,010 100,500 SH Call DFND   100,500 0 0
Costco Wholesale Corporation COM 22160K105   267,072 301 SH   DFND   0 301 0
Campbell Soup Co. COM 134429109   800,330 16,300 SH   DFND   16,000 300 0
Campbell Soup Co. COM 134429109   1,956,800 40,000 SH Call DFND   40,000 0 0
Chevron Corporation COM 166764100   2,737,395 18,588 SH   DFND   0 18,588 0
Quest Diagnostics, Inc. COM 74834L100   1,350,675 8,700 SH   DFND   6,500 2,200 0
Dow Jones Indl Average SPDR ETF COM 78467X109   507,744 1,200 SH   DFND   200 1,000 0
Dow Jones Indl Average SPDR ETF COM 78467X109   84,624 200 SH Put DFND   200 0 0
WisdomTree US Mid-Cap Div Fund COM 97717W505   4,088,751 79,968 SH   DFND   0 79,968 0
Duke Energy Corp. COM 26441C204   315,623 2,737 SH   DFND   0 2,737 0
ECN Capital Corporation COM 26829L107   30,216,349 18,368,601 SH   DFND   6,902,840 11,465,761 0
Invesco S&P 100 Equal Weight ETF COM 46137V449   906,448 8,859 SH   DFND   0 8,859 0
Everi Holdings, Inc. COM 30034T103   31,262,360 2,379,175 SH   DFND   779,641 1,599,534 0
Direxion Financial Bull 3X Shs COM 25459Y694   713,845 5,500 SH   DFND   5,500 0 0
FirstEnergy Corp. COM 337932107   696,295 15,700 SH   DFND   15,700 0 0
First Northwest Bancorp COM 335834107   7,265,322 679,002 SH   DFND   234,591 444,411 0
GE Vernova Inc. COM 36828A101   5,099,600 20,000 SH Put DFND   20,000 0 0
Alphabet Inc. Cl C COM 02079K107   4,150,157 24,823 SH   DFND   0 24,823 0
Alphabet Inc. Cl A COM 02079K305   7,354,286 44,343 SH   DFND   15,700 28,643 0
Alphabet Inc. Class A COM 02079K305   1,658,500 10,000 SH Put DFND   10,000 0 0
Home Depot Inc. COM 437076102   1,230,839 3,038 SH   DFND   0 3,038 0
H&E Equipment Services Inc COM 404030108   1,285,152 26,400 SH   DFND   18,800 7,600 0
Highland Opportunities & Income Fund COM 43010E404   367,187 59,900 SH   DFND   59,900 0 0
Highland Opportunities & Income Fund PFD 43010E503   430,006 23,134 SH   DFND   23,134 0 0
Honeywell International Inc. COM 438516106   422,944 2,046 SH   DFND   0 2,046 0
Helmerich & Payne COM 423452101   1,095,120 36,000 SH   DFND   28,000 8,000 0
Harrow Inc. COM 415858109   97,279,098 2,163,681 SH   DFND   771,166 1,392,515 0
International Business Machines Corp. COM 459200101   2,780,505 12,577 SH   DFND   0 12,577 0
iShares Core MSCI Emerging Markets COM 46434G103   354,802 6,180 SH   DFND   0 6,180 0
Information Services Group COM 45675Y104   18,421,962 5,582,413 SH   DFND   1,703,465 3,878,948 0
iShares Core S&P Mid Cap ETF COM 464287507   2,612,201 41,916 SH   DFND   0 41,916 0
iShares Core S&P Small Cap ETF COM 464287804   256,815 2,196 SH   DFND   0 2,196 0
Imax Corporation COM 45245E109   4,801,494 234,105 SH   DFND   220,610 13,495 0
Intel Corporation COM 458140100   821,100 35,000 SH Call DFND   35,000 0 0
iShares Core S&P 500 COM 464287200   2,527,369 4,382 SH   DFND   0 4,382 0
iShares Russell 1000 Index Fund ETF COM 464287622   222,730 708 SH   DFND   0 708 0
iShares Russell 2000 Index ETF COM 464287655   547,145 2,477 SH   DFND   1,200 1,277 0
iShares Russell 2000 ETF COM 464287655   44,178 200 SH Put DFND   200 0 0
Russell 3000 Index I Shares COM 464287689   198,325 607 SH   DFND   0 607 0
iShares Core MSCI Total Int'l Stock ETF COM 46432F834   236,310 3,254 SH   DFND   0 3,254 0
Jefferies Financial Group Inc. COM 47233W109   35,823,612 582,025 SH   DFND   204,245 377,780 0
Johnson & Johnson COM 478160104   212,886 1,314 SH   DFND   0 1,314 0
JP Morgan Chase & Co. COM 46625H100   24,249,577 115,003 SH   DFND   400 114,603 0
Keurig Dr Pepper Inc COM 49271V100   524,720 14,000 SH   DFND   12,500 1,500 0
KKR & Co. Inc. Cl A COM 48251W104   44,246,585 338,847 SH   DFND   110,755 228,092 0
Lakeland Industries Inc. COM 511795106   20,166,310 1,003,299 SH   DFND   349,107 654,192 0
Ligand Pharmaceuticals COM 53220K504   13,400,049 133,880 SH   DFND   45,160 88,720 0
Lockheed Martin Corp. COM 539830109   522,348 894 SH   DFND   0 894 0
Lantheus Holdings Inc. COM 516544103   56,786,626 517,418 SH   DFND   177,123 340,295 0
LYFT Inc COM 55087P104   159,375 12,500 SH   DFND   12,500 0 0
Mastercard Incorporated COM 57636Q104   1,451,887 2,940 SH   DFND   0 2,940 0
SPDR S&P MidCap 400 ETF Trust COM 78467Y107   219,319 385 SH   DFND   0 385 0
Meta Platforms, Inc. COM 30303M102   891,308 1,557 SH   DFND   0 1,557 0
Motorcar Parts of America, Inc. COM 620071100   19,473,795 2,635,155 SH   DFND   910,145 1,725,010 0
Microsoft Corp COM 594918104   2,747,967 6,386 SH   DFND   2,200 4,186 0
National Fuel Gas Co. COM 636180101   1,181,895 19,500 SH   DFND   16,200 3,300 0
ProShares S&P 500 Dividend Aristocrats COM 74348A467   5,018,103 47,004 SH   DFND   7,000 40,004 0
Nutrien Ltd. COM 67077M108   1,140,778 23,737 SH   DFND   23,450 287 0
Nvidia Corporation COM 67066G104   254,417 2,095 SH   DFND   0 2,095 0
Perion Network Ltd. COM M78673114   18,815,864 2,387,800 SH   DFND   872,815 1,514,985 0
Pfizer Inc. COM 717081103   2,111,700 72,968 SH   DFND   71,100 1,868 0
Pfizer Inc. COM 717081103   1,027,370 35,500 SH Put DFND   35,500 0 0
Palantir Technologies Inc. COM 69608A108   2,242,815 60,291 SH   DFND   0 60,291 0
Phillips 66 COM 718546104   1,156,035 8,794 SH   DFND   8,000 794 0
WisdomTree CBOE S&P 500 PutWrite Strategy COM 97717X560   1,608,285 48,589 SH   DFND   0 48,589 0
Paypal Holdings Inc. COM 70450Y103   1,459,161 18,700 SH   DFND   15,000 3,700 0
Qualcomm, Inc. COM 747525103   391,957 2,305 SH   DFND   2,000 305 0
QuinStreet, Inc. COM 74874Q100   78,313,418 4,093,749 SH   DFND   1,449,489 2,644,260 0
Invesco QQQ Trust Series 1 COM 46090E103   964,038 1,975 SH   DFND   0 1,975 0
Direxion NASDAQ-100 Equal Weighted ETF COM 25459Y207   351,550 3,897 SH   DFND   0 3,897 0
RealReal Inc. COM 88339P101   75,360 24,000 SH   DFND   24,000 0 0
Raymond James Financial, Inc. COM 754730109   7,333,517 59,885 SH   DFND   0 59,885 0
Range Resources COM 75281A109   645,960 21,000 SH   DFND   21,000 0 0
Revance Therapeutics, Inc. COM 761330109   51,900 10,000 SH Call DFND   10,000 0 0
Schwab Strategic Tr Emerging Mkts Eqty ETF COM 808524706   296,185 10,150 SH   DFND   0 10,150 0
Schwab International Equity ETF COM 808524805   1,605,305 39,040 SH   DFND   0 39,040 0
Vivid Seats Inc. COM 92854T100   13,186,893 3,564,025 SH   DFND   1,175,805 2,388,220 0
Vivid Seats Inc. COM 92854T100   231,250 62,500 SH Call DFND   62,500 0 0
Secure Energy Services Inc. COM 81373C102   14,268,258 1,580,095 SH   DFND   384,380 1,195,715 0
Shore Bancshares Inc COM 825107105   3,386,937 242,097 SH   DFND   56,090 186,007 0
Shell PLC Spon ADS COM 780259305   692,475 10,500 SH   DFND   10,500 0 0
JM Smucker Company COM 832696405   464,782 3,838 SH   DFND   800 3,038 0
SmartFinancial Inc. COM 83190L208   16,252,680 557,745 SH   DFND   179,480 378,265 0
StoneX Group Inc. COM 861896108   24,268,659 296,393 SH   DFND   97,402 198,991 0
Synovus Financial Corp. COM 87161C501   13,600,866 305,844 SH   DFND   83,016 222,828 0
Southern Co. COM 842587107   732,425 8,122 SH   DFND   7,500 622 0
Standard & Poor's Depositary Receipts COM 78462F103   5,446,189 9,492 SH   DFND   6,500 2,992 0
Molson Coors Beverage Company Class B COM 60871R209   1,179,160 20,500 SH   DFND   14,300 6,200 0
Molson Coors Beverage Company Class B COM 60871R209   1,150,400 20,000 SH Call DFND   20,000 0 0
Target Hospitality Corp. COM 87615L107   39,831,554 5,119,737 SH   DFND   1,628,292 3,491,445 0
Target Hospitality Corp. COM 87615L107   641,850 82,500 SH Call DFND   82,500 0 0
Thermo Fisher Scientific Inc. COM 883556102   863,524 1,396 SH   DFND   0 1,396 0
Tronox Holdings PLC COM G9087Q102   16,989,880 1,161,304 SH   DFND   365,510 795,794 0
Tractor Supply Co. COM 892356106   826,241 2,840 SH   DFND   2,700 140 0
The Trade Desk Inc. COM 88339J105   278,730 2,542 SH   DFND   700 1,842 0
Total Energies SE COM 89151E109   1,115,600 17,264 SH   DFND   17,000 264 0
UnitedHealth Group COM 91324P102   273,809 468 SH   DFND   0 468 0
Visa Inc. COM 92826C839   207,460 755 SH   DFND   0 755 0
Visteon Corp. COM 92839U206   11,318,257 118,839 SH   DFND   31,739 87,100 0
Vanguard Intermediate Term Corp. Bond ETF COM 92206C870   537,847 6,422 SH   DFND   0 6,422 0
Vanguard FTSE All World Ex US ETF COM 922042775   663,580 10,533 SH   DFND   0 10,533 0
Vanguard Dividend Appreciation Indx ETF COM 921908844   4,290,532 21,663 SH   DFND   5,400 16,263 0
Vanguard S&P 500 Indx Fd ETF COM 922908363   488,105 925 SH   DFND   0 925 0
Vanguard Index Fund ETF COM 922908769   343,756 1,214 SH   DFND   0 1,214 0
Vanguard Growth Indx Fd ETF COM 922908736   257,233 670 SH   DFND   0 670 0
Vanguard High Dividend Yield Index Fd ETF COM 921946406   425,559 3,319 SH   DFND   0 3,319 0
Waste Management COM 94106L109   438,160 2,111 SH   DFND   0 2,111 0
Walmart, Inc. COM 931142103   445,086 5,512 SH   DFND   0 5,512 0
Energy Select Sector SPDR Fund COM 81369Y506   1,688,753 19,234 SH   DFND   11,500 7,734 0
Energy Select Sector SPDR Fund COM 81369Y506   2,765,700 31,500 SH Call DFND   31,500 0 0
Energy Select Sector SPDR Fund COM 81369Y506   2,765,700 31,500 SH Put DFND   31,500 0 0
Financials Select Sector SPDR COM 81369Y605   601,920 13,282 SH   DFND   0 13,282 0
Technology Sector SPDR COM 81369Y803   293,488 1,300 SH   DFND   0 1,300 0
Utilities Select Sector SPDR COM 81369Y886   2,763,353 34,208 SH   DFND   4,100 30,108 0
Healthcare Select Sector SPDR COM 81369Y209   678,807 4,407 SH   DFND   0 4,407 0
Exxon Mobil Corp. COM 30231G102   480,046 4,095 SH   DFND   0 4,095 0
Zebra Technologies COM 989207105   638,802 1,725 SH   DFND   0 1,725 0