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

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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
AVIDIA BANCORP INC COMMON STOCK 05369T100 734,650 35,000 SH DFND 35,000 0 0
PROSHARES TR II ULTRA SILVER NEW 74347W353 272,040 4,000 SH DFND 4,000 0 0
BV FINL INC COM NEW 05603E208 1,694,400 80,000 SH DFND 80,000 0 0
CATALYST BANCORP INC COMMON STOCK 14888L101 6,011,043 364,085 SH DFND 364,085 0 0
CENTRAL PLAINS BANCSHARES IN COM 15486W100 7,742,812 406,874 SH DFND 406,874 0 0
ECB BANCORP INC COM 26828M106 401,600 20,000 SH DFND 20,000 0 0
FB BANCORP INC COM 31425A109 301,200 20,000 SH DFND 20,000 0 0
FIFTH DIST BANCORP INC COM 316926104 1,298,400 80,000 SH DFND 80,000 0 0
FS BANCORP INC COM 30263Y104 3,038,000 70,000 SH DFND 70,000 0 0
HOME FED BANCORP INC LA NEW COM 43708L108 1,679,200 80,000 SH DFND 80,000 0 0
KINGSWAY CORP COM NEW 496904202 35,047,149 3,363,450 SH DFND 3,363,450 0 0
LAKE SHORE BANCORP INC COM 510704109 13,779,152 773,675 SH DFND 773,675 0 0
MAGYAR BANCORP INC COM 55977T208 698,000 40,000 SH DFND 40,000 0 0
MARATHON BANCORP INC COM NEW 565759206 305,600 20,000 SH DFND 20,000 0 0
METLIFE INC COM 59156R108 5,077 60 SH DFND 60 0 0
NB BANCORP INC COM 63945M107 1,056,500 50,000 SH DFND 50,000 0 0
NORTHEAST CMNTY BANCORP INC COM 664121100 2,774,000 100,000 SH DFND 100,000 0 0
PONCE FINANCIAL GROUP INC COMMON STOCK 732344106 398,800 20,000 SH DFND 20,000 0 0
PRINCIPAL FINANCIAL GROUP IN COM 74251V102 58,956 547 SH DFND 547 0 0
SOUND FINL BANCORP INC COM 83607A100 17,675,919 410,019 SH DFND 410,019 0 0
SPACE EXPLORATION TECHN CORP CLASS A COM STK 84615Q103 854,300 5,000 SH DFND 5,000 0 0
WHEELER REAL ESTATE INVT TR COM 963025747 1,979 1,583 SH DFND 1,583 0 0
WHEELER REAL ESTATE INVT TR 7% SR NT 31 963025804 71,421,983 865,721 SH DFND 865,721 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 7,104,660 710,466 SH DFND 710,466 0 0