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
Estimated average burden
hours per response: 23.8
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
3M Company COM 88579Y101   569,160 6,079 SH   DFND   5,000 1,079 0
Abbvie Inc. COM 00287Y109   239,408 1,606 SH   DFND   0 1,606 0
Accenture PLC COM G1151C101   347,649 1,132 SH   DFND   0 1,132 0
Activision Blizzard Inc. COM 00507V109   748,291 7,992 SH   DFND   7,800 192 0
Adobe Systems Inc. COM 00724F101   259,029 508 SH   DFND   0 508 0
AerSale Corp. COM 00810F106   21,192,300 1,418,494 SH   DFND   773,118 645,376 0
Air Transport Services Group, Inc. COM 00922R105   24,606,857 1,179,054 SH   DFND   430,359 748,695 0
Alphabet Inc. Cl A COM 02079K305   4,196,811 32,071 SH   DFND   2,000 30,071 0
Alphabet Inc. Cl C COM 02079K107   3,352,023 25,423 SH   DFND   0 25,423 0
Amazon.com COM 023135106   930,518 7,320 SH   DFND   0 7,320 0
American Electric Power COM 025537101   643,184 8,551 SH   DFND   8,200 351 0
Apple, Inc. COM 037833100   2,835,017 16,559 SH   DFND   1,200 15,359 0
Asure Software Inc. COM 04649U102   33,261,615 3,516,027 SH   DFND   1,271,421 2,244,606 0
Automatic Data Processing Inc. COM 053015103   589,421 2,450 SH   DFND   2,000 450 0
Bank of America Corp. COM 060505104   776,081 28,345 SH   DFND   18,500 9,845 0
Barrett Business Services COM 068463108   31,086,155 344,483 SH   DFND   139,435 205,048 0
Berkshire Hathaway Inc. Cl B COM 084670702   370,267 1,057 SH   DFND   0 1,057 0
BGC Group Inc COM 088929104   14,051,400 2,661,250 SH   DFND   829,800 1,831,450 0
Blackrock Inc. COM 09247X101   216,406 335 SH   DFND   0 335 0
Blackstone Real Estate Income Trust Inc CL COM 09259K401   1,606,667 107,875 SH   DFND   0 107,875 0
Campbell Soup Co. COM 134429109   595,660 14,500 SH   DFND   14,500 0 0
CapStar Financial Holdings, Inc. COM 14070T102   8,808,175 620,731 SH   DFND   195,893 424,838 0
CF Industries Holdings Inc. COM 125269100   517,328 6,034 SH   DFND   5,800 234 0
Charles River Associates COM 12618T105   7,208,572 71,542 SH   DFND   20,520 51,022 0
Chevron Corporation COM 166764100   2,768,212 16,417 SH   DFND   0 16,417 0
Clorox Co. COM 189054109   747,042 5,700 SH   DFND   4,500 1,200 0
Compass Minerals International, Inc. COM 20451N101   698,750 25,000 SH   DFND   25,000 0 0
Consolidated Edison Inc. COM 209115104   200,277 2,342 SH   DFND   0 2,342 0
Costco Wholesale Corporation COM 22160K105   217,059 384 SH   DFND   0 384 0
Direxion Financial Bull 3X Shs COM 25459Y694   487,791 8,300 SH   DFND   8,300 0 0
Direxion NASDAQ-100 Equal Weighted ETF COM 25459Y207   245,327 3,281 SH   DFND   0 3,281 0
Dow Jones Indl Average SPDR ETF COM 78467X109   401,940 1,200 SH   DFND   200 1,000 0
Duke Energy Corp. COM 26441C204   931,302 10,552 SH   DFND   7,200 3,352 0
ECN Capital Corporation COM 26829L107   29,909,979 17,491,216 SH   DFND   6,997,785 10,493,431 0
Energy Select Sector SPDR COM 81369Y506   1,722,231 19,053 SH   DFND   11,500 7,553 0
Everi Holdings, Inc. COM 30034T103   22,216,805 1,680,545 SH   DFND   556,450 1,124,095 0
Everquote Inc Com Cl A COM 30041R108   1,465,275 202,666 SH   DFND   156,967 45,699 0
Exxon Mobil Corp. COM 30231G102   207,433 1,764 SH   DFND   0 1,764 0
Fidelity National Information Svcs Inc. COM 31620M106   690,875 12,500 SH   DFND   9,500 3,000 0
Fiesta Restaurant Group, Inc. COM 31660B101   12,975,415 1,533,737 SH   DFND   519,136 1,014,601 0
Financials Select Sector SPDR COM 81369Y605   451,095 13,599 SH   DFND   0 13,599 0
First Busey Corp. COM 319383204   7,894,286 410,733 SH   DFND   107,188 303,545 0
First Northwest Bancorp COM 335834107   10,466,507 853,016 SH   DFND   260,280 592,736 0
FirstEnergy Corp. COM 337932107   512,700 15,000 SH   DFND   15,000 0 0
Harrow Inc. COM 415858109   20,360,853 1,416,900 SH   DFND   715,385 701,515 0
Healthcare Select Sector SPDR COM 81369Y209   602,862 4,683 SH   DFND   0 4,683 0
Home Depot Inc. COM 437076102   943,568 3,123 SH   DFND   0 3,123 0
Honeywell International Inc. COM 438516106   387,239 2,096 SH   DFND   0 2,096 0
Imax Corporation COM 45245E109   14,848,309 768,546 SH   DFND   266,625 501,921 0
Information Services Group COM 45675Y104   21,590,876 4,929,424 SH   DFND   1,515,878 3,413,546 0
International Business Machines Corp. COM 459200101   1,765,678 12,585 SH   DFND   0 12,585 0
International Flavors & Fragrances Inc. COM 459506101   613,530 9,000 SH   DFND   9,000 0 0
Invesco QQQ Trust Series 1 COM 46090E103   619,888 1,730 SH   DFND   0 1,730 0
Invesco S&P 100 Equal Weight ETF COM 46137V449   678,436 8,636 SH   DFND   0 8,636 0
iShares Core MSCI Emerging Markets COM 46434G103   310,331 6,521 SH   DFND   0 6,521 0
iShares Core S&P 500 COM 464287200   1,743,981 4,061 SH   DFND   0 4,061 0
iShares Core S&P Mid Cap ETF COM 464287507   1,962,870 7,872 SH   DFND   0 7,872 0
iShares Core US Aggregate Bond ETF COM 464287226   1,131,724 12,034 SH   DFND   0 12,034 0
iShares Russell 2000 Index ETF COM 464287655   367,089 2,077 SH   DFND   800 1,277 0
iShares Silver Trust COM 46428Q109   508,500 25,000 SH   DFND   25,000 0 0
Jefferies Financial Group Inc. COM 47233W109   34,466,250 940,930 SH   DFND   370,350 570,580 0
Johnson & Johnson COM 478160104   362,645 2,328 SH   DFND   0 2,328 0
JP Morgan Chase & Co. COM 46625H100   16,850,033 116,191 SH   DFND   0 116,191 0
JP Morgan Chase Alerian MLP Index ETN COM 46625H365   219,772 8,898 SH   DFND   0 8,898 0
Kenvue Inc COM 49177J102   441,760 22,000 SH   DFND   22,000 0 0
Keurig Dr Pepper Inc COM 49271V100   647,185 20,500 SH   DFND   20,500 0 0
KKR & Co. Inc. Cl A COM 48251W104   40,666,261 660,167 SH   DFND   212,840 447,327 0
Kroger Co. COM 501044101   292,450 6,535 SH   DFND   6,500 35 0
Lakeland Industries Inc. COM 511795106   18,657,956 1,238,086 SH   DFND   483,629 754,457 0
Lantheus Holdings Inc. COM 516544103   30,257,220 435,481 SH   DFND   158,293 277,188 0
Lockheed Martin Corp. COM 539830109   400,417 979 SH   DFND   0 979 0
Mastercard Incorporated COM 57636Q104   1,358,199 3,431 SH   DFND   0 3,431 0
McCormick & Company Inc. COM 579780206   529,480 7,000 SH   DFND   7,000 0 0
Meta Platforms, Inc. COM 30303M102   665,265 2,216 SH   DFND   0 2,216 0
Microsoft Corp COM 594918104   2,340,341 7,412 SH   DFND   1,900 5,512 0
Mosaic Company COM 61945C103   534,000 15,000 SH   DFND   15,000 0 0
Motorcar Parts of America, Inc. COM 620071100   19,612,166 2,424,248 SH   DFND   1,021,152 1,403,096 0
National Fuel Gas Co. COM 636180101   519,100 10,000 SH   DFND   10,000 0 0
New York Community Bancorp Inc. COM 649445103   172,909 15,248 SH   DFND   0 15,248 0
NextEra Energy Inc. COM 65339F101   474,395 8,281 SH   DFND   0 8,281 0
Nvidia Corporation COM 67066G104   402,561 925 SH   DFND   0 925 0
Palantir Technologies Inc. COM 69608A108   948,332 59,271 SH   DFND   0 59,271 0
Paypal Holdings Inc. COM 70450Y103   1,905,796 32,600 SH   DFND   32,600 0 0
Peabody Energy Corp COM 704551100   727,720 28,000 SH   DFND   28,000 0 0
Pepsico, Inc. COM 713448108   618,922 3,653 SH   DFND   2,000 1,653 0
Perion Network Ltd. COM M78673114   43,983,822 1,435,972 SH   DFND   521,470 914,502 0
PetIQ, Inc. COM 71639T106   374,300 19,000 SH   DFND   19,000 0 0
Pfizer, Inc. COM 717081103   1,530,549 46,143 SH   DFND   45,500 643 0
Phillips 66 COM 718546104   925,561 7,703 SH   DFND   6,900 803 0
Pilgrims Pride Corp. COM 72147K108   388,110 17,000 SH   DFND   17,000 0 0
PowerFleet, Inc. COM 73931J109   10,823,397 5,228,694 SH   DFND   2,735,812 2,492,882 0
Procter & Gamble Co. COM 742718109   212,362 1,456 SH   DFND   0 1,456 0
ProShares S&P 500 Dividend Aristocrats COM 74348A467   4,163,168 47,015 SH   DFND   7,000 40,015 0
Qualcomm, Inc. COM 747525103   589,168 5,305 SH   DFND   5,000 305 0
Quest Diagnostics, Inc. COM 74834L100   633,672 5,200 SH   DFND   4,000 1,200 0
QuinStreet, Inc. COM 74874Q100   39,836,344 4,441,064 SH   DFND   1,649,953 2,791,111 0
Range Resources COM 75281A109   599,585 18,500 SH   DFND   18,500 0 0
Raymond James Financial, Inc. COM 754730109   6,759,742 67,308 SH   DFND   0 67,308 0
RealReal Inc. COM 88339P101   50,640 24,000 SH   DFND   24,000 0 0
Russell 3000 Index I Shares COM 464287689   213,692 872 SH   DFND   0 872 0
Schwab International Equity ETF COM 808524805   1,305,646 38,447 SH   DFND   0 38,447 0
Schwab Strategic Tr Emerging Mkts Eqty ETF COM 808524706   205,557 8,586 SH   DFND   0 8,586 0
Shell PLC Spon ADS COM 780259305   580,980 9,024 SH   DFND   9,000 24 0
Shore Bancshares Inc COM 825107105   2,639,899 250,941 SH   DFND   56,090 194,851 0
SmartFinancial Inc. COM 83190L208   12,678,814 593,300 SH   DFND   188,770 404,530 0
Southern Co. COM 842587107   490,695 7,582 SH   DFND   7,500 82 0
Standard & Poor's Depositary Receipts COM 78462F103   3,949,060 9,238 SH   DFND   6,500 2,738 0
Stoneridge, Inc. COM 86183P102   10,280,456 512,230 SH   DFND   156,768 355,462 0
StoneX Group Inc. COM 861896108   35,688,173 368,223 SH   DFND   133,071 235,152 0
Synovus Financial Corp. COM 87161C501   11,753,690 422,795 SH   DFND   139,495 283,300 0
Target Hospitality Corp. COM 87615L107   83,219,378 5,240,515 SH   DFND   1,743,824 3,496,691 0
Technology Sector SPDR COM 81369Y803   213,109 1,300 SH   DFND   0 1,300 0
Thermo Fisher Scientific Inc. COM 883556102   706,613 1,396 SH   DFND   0 1,396 0
Total Energies SE COM 89151E109   596,049 9,064 SH   DFND   9,000 64 0
Tractor Supply Co. COM 892356106   609,150 3,000 SH   DFND   2,200 800 0
Tronox Holdings PLC COM G9087Q102   18,649,252 1,387,593 SH   DFND   533,885 853,708 0
UnitedHealth Group COM 91324P102   311,057 617 SH   DFND   0 617 0
Utilities Select Sector SPDR COM 81369Y886   1,394,920 23,671 SH   DFND   7,600 16,071 0
Vanguard Dividend Appreciation Indx ETF COM 921908844   3,627,792 23,348 SH   DFND   5,400 17,948 0
Vanguard FTSE All World Ex US ETF COM 922042775   550,995 10,623 SH   DFND   0 10,623 0
Vanguard High Dividend Yield Index Fd ETF COM 921946406   269,665 2,610 SH   DFND   0 2,610 0
Vanguard Index Fund ETF COM 922908769   315,641 1,486 SH   DFND   0 1,486 0
Vanguard Intermediate Term Corp. Bond ETF COM 92206C870   464,056 6,108 SH   DFND   0 6,108 0
Vanguard S&P 500 Indx Fd ETF COM 922908363   380,919 970 SH   DFND   0 970 0
Verint Systems Inc. COM 92343X100   7,011,283 304,971 SH   DFND   82,823 222,148 0
Visa Inc. COM 92826C839   544,779 2,369 SH   DFND   0 2,369 0
Visteon Corp. COM 92839U206   17,497,104 126,726 SH   DFND   38,094 88,632 0
Walmart, Inc. COM 931142103   330,907 2,069 SH   DFND   0 2,069 0
Waste Management COM 94106L109   351,160 2,304 SH   DFND   0 2,304 0
WisdomTree CBOE S&P 500 PutWrite Strategy COM 97717X560   940,268 30,608 SH   DFND   0 30,608 0
WisdomTree US Mid-Cap Div Fund COM 97717W505   3,147,448 76,842 SH   DFND   0 76,842 0
Zebra Technologies COM 989207105   408,014 1,725 SH   DFND   0 1,725 0
3M Company COM 88579Y101   3,744,800 40,000 SH Call DFND   40,000 0 0
Amazon.com, Inc. COM 023135106   3,178,000 25,000 SH Call DFND   25,000 0 0
Pfizer Inc. COM 717081103   3,317,000 100,000 SH Call DFND   100,000 0 0
Target Hospitality Corp. COM 87615L107   635,200 40,000 SH Call DFND   40,000 0 0
3M Company COM 88579Y101   3,744,800 40,000 SH Put DFND   40,000 0 0
iShares Russell 2000 ETF COM 464287655   35,348 200 SH Put DFND   200 0 0
SPDR Dow Jones Industrial Average ETF Trust COM 78467X109   66,990 200 SH Put DFND   200 0 0
PayPal Holdings, Inc. COM 70450Y103   1,362,118 23,300 SH Put DFND   23,300 0 0
Pfizer Inc. COM 717081103   1,078,025 32,500 SH Put DFND   32,500 0 0