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
ARLINGTON ASSET INVST CORP CL A NEW 041356205   1,829,828 639,800 SH   SOLE   550,000 0 89,800
AMBAC FINL GROUP INC COM NEW 023139884   2,181,674 140,935 SH   SOLE   100,000 0 40,935
AMERIPRISE FINL INC COM 03076C106   2,091,862 6,825 SH   SOLE   6,725 0 100
AMPCO-PITTSBURG CORP *W EXP 08/01/202 032037111   215,591 392,000 SH   SOLE   392,000 0 0
AUDACY INC CL A 05070N103   9,160 68,000 SH   SOLE   68,000 0 0
AXOS FINANCIAL INC COM 05465C100   3,916,474 106,080 SH   SOLE   82,000 0 24,080
BAYFIRST FINANCIAL CORP COM 07279B104   547,432 35,250 SH   SOLE   35,250 0 0
BARCLAYS PLC ADR 06738E204   2,254,317 313,535 SH   SOLE   274,500 0 39,035
BUSINESS FIRST BANCSHARES IN COM 12326C105   535,912 31,285 SH   SOLE   28,300 0 2,985
POPULAR INC COM NEW 733174700   631,510 11,000 SH   SOLE   7,000 0 4,000
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103   1,771,527 163,425 SH   SOLE   92,000 0 71,425
CNB FINL CORP PA COM 126128107   1,113,926 58,017 SH   SOLE   58,017 0 0
CITIZENS FINL GROUP INC COM 174610105   303,700 10,000 SH   SOLE   10,000 0 0
CARLYLE GROUP INC COM 14316J108   5,419,194 174,475 SH   SOLE   143,000 0 31,475
CONNECTONE BANCORP INC COM 20786W107   1,256,942 71,094 SH   SOLE   46,929 0 24,165
DIME CMNTY BANCSHARES INC COM 25432X102   1,168,971 51,451 SH   SOLE   51,451 0 0
DOUBLELINE INCOME SOLUTIONS COM 258622109   130,186 11,450 SH   SOLE   0 0 11,450
ESQUIRE FINL HLDGS INC COM 29667J101   2,822,903 72,197 SH   SOLE   50,260 0 21,937
FIRST BUSINESS FINL SVCS INC COM 319390100   727,664 23,850 SH   SOLE   22,500 0 1,350
FIRST BANCORP P R COM NEW 318672706   5,737,636 502,420 SH   SOLE   415,300 0 87,120
FIRST CTZNS BANCSHARES INC N CL A 31946M103   8,336,548 8,567 SH   SOLE   7,471 0 1,096
FG GROUP HOLDINGS INC COM 302462106   70,617 35,133 SH   SOLE   0 0 35,133
FINANCIAL INSTNS INC COM 317585404   1,678,189 87,043 SH   SOLE   44,520 0 42,523
REPUBLIC FIRST BANCORP INC COM 760416107   722,255 531,070 SH   SOLE   364,682 0 166,388
PGIM GLOBAL HIGH YIELD FD FO COM 69346J106   171,132 15,600 SH   SOLE   0 0 15,600
GENWORTH FINL INC COM CL A 37247D106   8,694,514 1,731,975 SH   SOLE   1,426,000 0 305,975
ANYWHERE REAL ESTATE INC COM 75605Y106   4,160,719 788,015 SH   SOLE   605,000 0 183,015
FIRST INTERNET BANCORP COM 320557101   978,854 58,790 SH   SOLE   40,000 0 18,790
ISHARES TR RUS 2000 VAL ETF 464287630   463,128 3,380 SH   SOLE   0 0 3,380
JACKSON FINANCIAL INC COM CL A 46817M107   6,677,685 178,500 SH   SOLE   156,300 0 22,200
KINGSTONE COS INC COM 496719105   493,272 369,105 SH   SOLE   314,164 0 54,941
KKR INCOME OPPORTUNITIES FD COM 48249T106   302,400 27,541 SH   SOLE   0 0 27,541
LAS VEGAS SANDS CORP COM 517834107   344,700 6,000 SH   SOLE   6,000 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107   736,665 1,607 SH   SOLE   0 0 1,607
META PLATFORMS INC CL A 30303M102   430,238 2,030 SH   SOLE   2,000 0 30
MELCO RESORTS AND ENTMNT LTD ADR 585464100   152,760 12,000 SH   SOLE   12,000 0 0
MERIDIAN CORPORATION COM 58958P104   1,469,311 116,612 SH   SOLE   93,898 0 22,714
FIRST WESTN FINL INC COM 33751L105   514,800 26,000 SH   SOLE   26,000 0 0
NAVIENT CORPORATION COM 63938C108   4,150,364 259,560 SH   SOLE   199,000 0 60,560
NORTHEAST BK LEWISTON ME COM 66405S100   3,917,856 116,395 SH   SOLE   92,000 0 24,395
NMI HLDGS INC CL A 629209305   3,579,990 160,322 SH   SOLE   140,072 0 20,250
OFG BANCORP COM 67103X102   5,488,421 220,065 SH   SOLE   180,255 0 39,810
ONEMAIN HLDGS INC COM 68268W103   4,583,051 123,599 SH   SOLE   95,000 0 28,599
OP BANCORP COM 67109R109   997,920 112,000 SH   SOLE   112,000 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107   5,318,702 89,225 SH   SOLE   84,850 0 4,375
INVESCO EXCHANGE TRADED FD T BUYBACK ACHIEV 46137V308   793,278 9,325 SH   SOLE   0 0 9,325
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   2,733,318 18,900 SH   SOLE   0 0 18,900
SLM CORP COM 78442P106   5,203,180 419,950 SH   SOLE   322,000 0 97,950
SOTHERLY HOTELS INC COM 83600C103   1,750,325 877,356 SH   SOLE   744,232 0 133,124
SUNCOKE ENERGY INC COM 86722A103   323,478 36,022 SH   SOLE   34,000 0 2,022
SYNCHRONY FINANCIAL COM 87165B103   384,147 13,210 SH   SOLE   12,600 0 610
TRUIST FINL CORP COM 89832Q109   2,288,076 67,099 SH   SOLE   58,000 0 9,099
UNITY BANCORP INC COM 913290102   531,587 23,305 SH   SOLE   23,305 0 0
VISA INC COM CL A 92826C839   515,402 2,286 SH   SOLE   1,900 0 386
VICTORY CAP HLDGS INC COM CL A 92645B103   5,162,496 176,375 SH   SOLE   144,000 0 32,375
VMWARE INC CL A COM 928563402   219,986 1,762 SH   SOLE   1,762 0 0
VIRTUS INVT PARTNERS INC COM 92828Q109   3,841,118 20,175 SH   SOLE   14,855 0 5,320
WESTERN ALLIANCE BANCORP COM 957638109   3,660,620 103,000 SH   SOLE   81,900 0 21,100
WARNER BROS DISCOVERY INC COM SER A 934423104   400,150 26,500 SH   SOLE   26,500 0 0
WEBSTER FINL CORP COM 947890109   1,474,308 37,400 SH   SOLE   37,400 0 0
WP CAREY INC COM 92936U109   206,017 2,660 SH   SOLE   0 0 2,660
UNITED STATES STL CORP NEW COM 912909108   450,225 17,250 SH   SOLE   17,250 0 0