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
Abbvie Inc. COM 00287Y109   292,529 1,606 SH   DFND   0 1,606 0
Accenture PLC COM G1151C101   392,363 1,132 SH   DFND   0 1,132 0
Adobe Systems Inc. COM 00724F101   253,814 503 SH   DFND   0 503 0
AerSale Corp. COM 00810F106   13,279,690 1,849,539 SH   DFND   1,047,553 801,986 0
Alphabet Inc. Cl A COM 02079K305   5,278,324 34,972 SH   DFND   5,100 29,872 0
Alphabet Inc. Cl C COM 02079K107   3,870,906 25,423 SH   DFND   0 25,423 0
Amazon.com COM 023135106   1,327,777 7,361 SH   DFND   0 7,361 0
American Electric Power COM 025537101   736,155 8,550 SH   DFND   8,200 350 0
Apple, Inc. COM 037833100   3,328,475 19,410 SH   DFND   4,700 14,710 0
Asure Software Inc. COM 04649U102   30,392,757 3,906,524 SH   DFND   1,476,940 2,429,584 0
Bank of America Corp. COM 060505104   400,310 10,557 SH   DFND   0 10,557 0
Barrett Business Services COM 068463108   42,452,860 335,013 SH   DFND   137,765 197,248 0
Berkshire Hathaway Inc. Cl B COM 084670702   444,490 1,057 SH   DFND   0 1,057 0
BGC Group Inc COM 088929104   21,550,017 2,773,490 SH   DFND   839,305 1,934,185 0
Blackrock Inc. COM 09247X101   270,736 325 SH   DFND   0 325 0
Campbell Soup Co. COM 134429109   724,535 16,300 SH   DFND   16,000 300 0
CapStar Financial Holdings, Inc. COM 14070T102   10,213,035 508,111 SH   DFND   110,788 397,323 0
CF Industries Holdings Inc. COM 125269100   502,288 6,036 SH   DFND   5,800 236 0
Chevron Corporation COM 166764100   2,889,676 18,319 SH   DFND   0 18,319 0
Clorox Co. COM 189054109   979,904 6,400 SH   DFND   4,500 1,900 0
Clorox Co. COM 189054109   918,660 6,000 SH Put DFND   6,000 0 0
Compass Minerals International, Inc. COM 20451N101   354,150 22,500 SH Call DFND   22,500 0 0
Consolidated Edison Inc. COM 209115104   214,329 2,360 SH   DFND   0 2,360 0
Costco Wholesale Corporation COM 22160K105   225,588 308 SH   DFND   0 308 0
Direxion Financial Bull 3X Shs COM 25459Y694   617,100 5,500 SH   DFND   5,500 0 0
Direxion NASDAQ-100 Equal Weighted ETF COM 25459Y207   326,146 3,656 SH   DFND   0 3,656 0
Duke Energy Corp. COM 26441C204   1,109,087 11,468 SH   DFND   7,200 4,268 0
ECN Capital Corporation COM 26829L107   29,537,832 18,813,906 SH   DFND   8,123,115 10,690,791 0
Energy Select Sector SPDR COM 81369Y506   1,859,253 19,693 SH   DFND   11,500 8,193 0
Everi Holdings, Inc. COM 30034T103   28,051,359 2,791,180 SH   DFND   887,776 1,903,404 0
Exxon Mobil Corp. COM 30231G102   610,326 5,251 SH   DFND   0 5,251 0
Financials Select Sector SPDR COM 81369Y605   568,949 13,508 SH   DFND   0 13,508 0
First Busey Corp. COM 319383204   9,494,748 394,792 SH   DFND   99,708 295,084 0
First Northwest Bancorp COM 335834107   12,311,246 786,661 SH   DFND   237,891 548,770 0
FirstEnergy Corp. COM 337932107   579,300 15,000 SH   DFND   15,000 0 0
Harrow Inc. COM 415858109   39,853,959 3,012,393 SH   DFND   1,306,253 1,706,140 0
Healthcare Select Sector SPDR COM 81369Y209   660,133 4,469 SH   DFND   0 4,469 0
Home Depot Inc. COM 437076102   1,175,593 3,065 SH   DFND   0 3,065 0
Honeywell International Inc. COM 438516106   430,230 2,096 SH   DFND   0 2,096 0
IBEX LTD COM G4690M101   855,825 55,465 SH   DFND   12,987 42,478 0
Imax Corporation COM 45245E109   21,091,566 1,304,364 SH   DFND   468,015 836,349 0
Information Services Group COM 45675Y104   20,173,856 4,993,529 SH   DFND   1,549,818 3,443,711 0
International Business Machines Corp. COM 459200101   2,401,688 12,577 SH   DFND   0 12,577 0
Invesco QQQ Trust Series 1 COM 46090E103   870,506 1,961 SH   DFND   0 1,961 0
Invesco S&P 100 Equal Weight ETF COM 46137V449   851,717 8,976 SH   DFND   0 8,976 0
iShares Core MSCI Emerging Markets COM 46434G103   316,717 6,138 SH   DFND   0 6,138 0
iShares Core MSCI Total Int'l Stock ETF COM 46432F834   274,655 4,047 SH   DFND   0 4,047 0
iShares Core S&P 500 COM 464287200   2,051,576 3,902 SH   DFND   0 3,902 0
iShares Core S&P Mid Cap ETF COM 464287507   2,462,618 40,544 SH   DFND   0 40,544 0
iShares Core S&P Small Cap ETF COM 464287804   242,453 2,194 SH   DFND   0 2,194 0
iShares Core US Aggregate Bond ETF COM 464287226   1,279,677 13,066 SH   DFND   0 13,066 0
iShares Russell 1000 Index Fund ETF COM 464287622   204,055 708 SH   DFND   0 708 0
iShares Russell 2000 ETF COM 464287655   436,793 2,077 SH   DFND   800 1,277 0
iShares Russell 2000 ETF COM 464287655   42,060 200 SH Put DFND   200 0 0
iShares Silver Trust COM 46428Q109   682,500 30,000 SH   DFND   30,000 0 0
Jefferies Financial Group Inc. COM 47233W109   35,827,923 812,425 SH   DFND   310,055 502,370 0
Johnson & Johnson COM 478160104   358,412 2,266 SH   DFND   0 2,266 0
JP Morgan Chase & Co. COM 46625H100   23,942,197 119,532 SH   DFND   3,600 115,932 0
JP Morgan Chase Alerian MLP Index ETN COM 46625H365   233,958 8,212 SH   DFND   0 8,212 0
Keurig Dr Pepper Inc COM 49271V100   797,420 26,000 SH   DFND   24,500 1,500 0
KKR & Co. Inc. Cl A COM 48251W104   49,266,253 489,822 SH   DFND   159,615 330,207 0
Kroger Co. COM 501044101   199,955 3,500 SH   DFND   3,500 0 0
Lakeland Industries Inc. COM 511795106   22,094,286 1,207,338 SH   DFND   471,819 735,519 0
Lantheus Holdings Inc. COM 516544103   34,819,608 559,441 SH   DFND   206,043 353,398 0
LKQ Corp COM 501889208   215,704 4,039 SH   DFND   0 4,039 0
Lockheed Martin Corp. COM 539830109   445,480 979 SH   DFND   0 979 0
Mastercard Incorporated COM 57636Q104   1,611,370 3,346 SH   DFND   0 3,346 0
Merck & Co. Inc. COM 58933Y105   219,290 1,662 SH   DFND   0 1,662 0
Meta Platforms, Inc. COM 30303M102   1,089,163 2,243 SH   DFND   0 2,243 0
Microsoft Corp COM 594918104   3,027,941 7,197 SH   DFND   1,900 5,297 0
3M Company COM 88579Y101   1,009,079 9,513 SH   DFND   5,000 4,513 0
3M Company COM 88579Y101   2,660,475 30,000 SH Put DFND   30,000 0 0
Motorcar Parts of America, Inc. COM 620071100   22,855,517 2,842,726 SH   DFND   1,227,918 1,614,808 0
National Fuel Gas Co. COM 636180101   1,235,560 23,000 SH   DFND   15,000 8,000 0
New York Community Bancorp Inc. COM 649445103   49,097 15,248 SH   DFND   0 15,248 0
Newmont Corporation COM 651639106   537,600 15,000 SH   DFND   15,000 0 0
NextEra Energy Inc. COM 65339F101   533,108 8,342 SH   DFND   0 8,342 0
Northern Trust Corporation COM 665859104   215,736 2,426 SH   DFND   0 2,426 0
Nutrien Ltd. COM 67077M108   558,662 10,287 SH   DFND   10,000 287 0
Nvidia Corporation COM 67066G104   403,417 446 SH   DFND   0 446 0
Palantir Technologies Inc. COM 69608A108   1,363,820 59,271 SH   DFND   0 59,271 0
Paypal Holdings Inc. COM 70450Y103   2,257,563 33,700 SH   DFND   30,000 3,700 0
PayPal Holdings, Inc. COM 70450Y103   455,532 6,800 SH Put DFND   6,800 0 0
Peabody Energy Corp COM 704551100   895,194 36,900 SH   DFND   35,000 1,900 0
Peabody Energy Corporation COM 704551100   849,100 35,000 SH Call DFND   35,000 0 0
Peabody Energy Corporation COM 704551100   849,100 35,000 SH Put DFND   35,000 0 0
Pepsico, Inc. COM 713448108   1,029,891 5,885 SH   DFND   4,000 1,885 0
Perion Network Ltd COM M78673114   899,200 40,000 SH Put DFND   40,000 0 0
Perion Network Ltd. COM M78673114   34,068,710 1,515,512 SH   DFND   599,650 915,862 0
Pfizer Inc. COM 717081103   985,125 35,500 SH Put DFND   35,500 0 0
Pfizer, Inc. COM 717081103   1,091,978 39,351 SH   DFND   37,500 1,851 0
Phillips 66 COM 718546104   1,253,724 7,676 SH   DFND   6,900 776 0
PowerFleet, Inc. COM 73931J109   32,163,039 6,023,041 SH   DFND   3,096,809 2,926,232 0
Procter & Gamble Co. COM 742718109   268,674 1,656 SH   DFND   0 1,656 0
ProShares S&P 500 Dividend Aristocrats COM 74348A467   4,882,843 48,150 SH   DFND   7,000 41,150 0
Qualcomm, Inc. COM 747525103   898,128 5,305 SH   DFND   5,000 305 0
Quest Diagnostics, Inc. COM 74834L100   1,091,502 8,200 SH   DFND   6,000 2,200 0
QuinStreet, Inc. COM 74874Q100   78,176,741 4,426,769 SH   DFND   1,696,533 2,730,236 0
Range Resources COM 75281A109   636,955 18,500 SH   DFND   18,500 0 0
Raymond James Financial, Inc. COM 754730109   8,468,528 65,944 SH   DFND   0 65,944 0
RealReal Inc. COM 88339P101   93,840 24,000 SH   DFND   24,000 0 0
Revance Therapeutics, Inc. COM 761330109   49,200 10,000 SH Call DFND   10,000 0 0
Schwab International Equity ETF COM 808524805   1,507,477 38,633 SH   DFND   0 38,633 0
Schwab Strategic Tr Emerging Mkts Eqty ETF COM 808524706   218,880 8,669 SH   DFND   0 8,669 0
Shell PLC Spon ADS COM 780259305   604,984 9,024 SH   DFND   9,000 24 0
Shore Bancshares Inc COM 825107105   2,852,207 248,018 SH   DFND   56,090 191,928 0
SmartFinancial Inc. COM 83190L208   12,183,616 578,245 SH   DFND   182,470 395,775 0
Southern Co. COM 842587107   869,619 12,122 SH   DFND   7,500 4,622 0
SPDR Dow Jones Industrial Average ETF Trust COM 78467X109   477,312 1,200 SH   DFND   200 1,000 0
SPDR Dow Jones Industrial Average ETF Trust COM 78467X109   79,552 200 SH Put DFND   200 0 0
SPDR S&P MidCap 400 ETF Trust COM 78467Y107   214,214 385 SH   DFND   0 385 0
Standard & Poor's Depositary Receipts COM 78462F103   4,962,385 9,487 SH   DFND   6,500 2,987 0
Stoneridge, Inc. COM 86183P102   1,360,319 73,770 SH   DFND   0 73,770 0
StoneX Group Inc. COM 861896108   38,500,302 547,969 SH   DFND   201,787 346,182 0
Synovus Financial Corp. COM 87161C501   14,644,198 365,557 SH   DFND   87,616 277,941 0
Target Hospitality Corp. COM 87615L107   60,138,275 5,532,500 SH   DFND   1,966,044 3,566,456 0
Technology Sector SPDR COM 81369Y803   270,751 1,300 SH   DFND   0 1,300 0
Thermo Fisher Scientific Inc. COM 883556102   811,369 1,396 SH   DFND   0 1,396 0
Total Energies SE COM 89151E109   706,471 10,264 SH   DFND   10,200 64 0
Tractor Supply Co. COM 892356106   874,145 3,340 SH   DFND   3,200 140 0
Tronox Holdings PLC COM G9087Q102   20,345,116 1,172,629 SH   DFND   367,110 805,519 0
UnitedHealth Group COM 91324P102   231,117 467 SH   DFND   0 467 0
Utilities Select Sector SPDR COM 81369Y886   2,831,501 43,130 SH   DFND   13,000 30,130 0
Vanguard Dividend Appreciation Indx ETF COM 921908844   4,080,331 22,345 SH   DFND   5,400 16,945 0
Vanguard FTSE All World Ex US ETF COM 922042775   616,731 10,515 SH   DFND   0 10,515 0
Vanguard Growth Indx Fd ETF COM 922908736   237,498 690 SH   DFND   0 690 0
Vanguard High Dividend Yield Index Fd ETF COM 921946406   405,831 3,354 SH   DFND   0 3,354 0
Vanguard Index Fund ETF COM 922908769   336,311 1,294 SH   DFND   0 1,294 0
Vanguard Intermediate Term Corp. Bond ETF COM 92206C870   508,427 6,315 SH   DFND   0 6,315 0
Vanguard S&P 500 Indx Fd ETF COM 922908363   454,110 945 SH   DFND   0 945 0
Visa Inc. COM 92826C839   661,096 2,369 SH   DFND   0 2,369 0
Visteon Corp. COM 92839U206   14,930,745 126,951 SH   DFND   39,259 87,692 0
Walmart, Inc. COM 931142103   405,109 6,733 SH   DFND   0 6,733 0
Waste Management COM 94106L109   491,012 2,304 SH   DFND   0 2,304 0
WisdomTree CBOE S&P 500 PutWrite Strategy COM 97717X560   1,614,782 48,492 SH   DFND   0 48,492 0
WisdomTree US Mid-Cap Div Fund COM 97717W505   3,978,637 81,580 SH   DFND   0 81,580 0
Zebra Technologies COM 989207105   519,984 1,725 SH   DFND   0 1,725 0