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   3,600,172 777,575 SH   SOLE   661,895 0 115,680
AMBAC FINL GROUP INC COM NEW 023139884   2,006,914 140,935 SH   SOLE   100,000 0 40,935
AMERIPRISE FINL INC COM 03076C106   863,616 2,600 SH   SOLE   2,500 0 100
AMPCO-PITTSBURG CORP *W EXP 08/01/202 032037111   81,543 166,414 SH   SOLE   166,414 0 0
AXOS FINANCIAL INC COM 05465C100   5,315,723 134,780 SH   SOLE   106,800 0 27,980
BAYFIRST FINANCIAL CORP COM 07279B104   475,875 35,250 SH   SOLE   35,250 0 0
BARCLAYS PLC ADR 06738E204   2,464,385 313,535 SH   SOLE   274,500 0 39,035
BUSINESS FIRST BANCSHARES IN COM 12326C105   471,465 31,285 SH   SOLE   28,300 0 2,985
POPULAR INC COM NEW 733174700   665,720 11,000 SH   SOLE   7,000 0 4,000
BRIDGEWATER BANCSHARES INC COM 108621103   1,609,736 163,425 SH   SOLE   92,000 0 71,425
CNB FINL CORP PA COM 126128107   1,024,000 58,017 SH   SOLE   58,017 0 0
CITIZENS FINL GROUP INC COM 174610105   3,181,760 122,000 SH   SOLE   122,000 0 0
CARLYLE GROUP INC COM 14316J108   5,574,476 174,475 SH   SOLE   143,000 0 31,475
CONNECTONE BANCORP INC COM 20786W107   1,179,449 71,094 SH   SOLE   46,929 0 24,165
DIME CMNTY BANCSHARES INC COM 25432X102   1,534,924 87,063 SH   SOLE   87,063 0 0
DELL TECHNOLOGIES INC CL C 24703L202   216,440 4,000 SH   SOLE   4,000 0 0
DOUBLELINE INCOME SOLUTIONS COM 258622109   136,370 11,450 SH   SOLE   0 0 11,450
ESQUIRE FINL HLDGS INC COM 29667J101   3,302,291 72,197 SH   SOLE   50,260 0 21,937
FIRST BUSINESS FINL SVCS INC COM 319390100   703,336 23,850 SH   SOLE   22,500 0 1,350
FIRST BANCORP P R COM NEW 318672706   6,139,572 502,420 SH   SOLE   415,300 0 87,120
FIRST CTZNS BANCSHARES INC N CL A 31946M103   10,995,316 8,567 SH   SOLE   7,471 0 1,096
FG GROUP HOLDINGS INC COM 302462106   67,455 35,133 SH   SOLE   0 0 35,133
FIRST HORIZON CORPORATION COM 320517105   125,999 11,180 SH   SOLE   0 0 11,180
FINANCIAL INSTNS INC COM 317585404   1,370,057 87,043 SH   SOLE   44,520 0 42,523
PGIM GLOBAL HIGH YIELD FD FO COM 69346J106   184,296 16,800 SH   SOLE   0 0 16,800
GENWORTH FINL INC COM CL A 37247D106   8,659,875 1,731,975 SH   SOLE   1,426,000 0 305,975
GROUP 1 AUTOMOTIVE INC COM 398905109   209,319 811 SH   SOLE   0 0 811
ANYWHERE REAL ESTATE INC COM 75605Y106   5,223,860 782,015 SH   SOLE   599,000 0 183,015
FIRST INTERNET BANCORP COM 320557101   873,032 58,790 SH   SOLE   40,000 0 18,790
ISHARES TR RUS 2000 VAL ETF 464287630   498,432 3,540 SH   SOLE   0 0 3,540
JACKSON FINANCIAL INC COM CL A 46817M107   5,463,885 178,500 SH   SOLE   156,300 0 22,200
KINGSTONE COS INC COM 496719105   431,853 369,105 SH   SOLE   314,164 0 54,941
KKR INCOME OPPORTUNITIES FD COM 48249T106   319,751 27,541 SH   SOLE   0 0 27,541
LAS VEGAS SANDS CORP COM 517834107   348,000 6,000 SH   SOLE   6,000 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107   769,608 1,607 SH   SOLE   0 0 1,607
META PLATFORMS INC CL A 30303M102   582,569 2,030 SH   SOLE   2,000 0 30
MELCO RESORTS AND ENTMNT LTD ADR 585464100   146,520 12,000 SH   SOLE   12,000 0 0
MERIDIAN CORPORATION COM 58958P104   1,142,798 116,612 SH   SOLE   93,898 0 22,714
FIRST WESTN FINL INC COM 33751L105   483,600 26,000 SH   SOLE   26,000 0 0
NAVIENT CORPORATION COM 63938C108   4,561,743 245,519 SH   SOLE   192,099 0 53,420
NORTHEAST BK LEWISTON ME COM 66405S100   4,850,180 116,395 SH   SOLE   92,000 0 24,395
OFG BANCORP COM 67103X102   5,739,295 220,065 SH   SOLE   180,255 0 39,810
ONEMAIN HLDGS INC COM 68268W103   5,242,756 119,999 SH   SOLE   91,400 0 28,599
OP BANCORP COM 67109R109   1,146,480 136,000 SH   SOLE   136,000 0 0
OLD SECOND BANCORP INC ILL COM 680277100   1,644,084 125,887 SH   SOLE   111,172 0 14,715
PACWEST BANCORP DEL COM 695263103   1,100,250 135,000 SH   SOLE   135,000 0 0
INVESCO EXCHANGE TRADED FD T BUYBACK ACHIEV 46137V308   838,683 9,376 SH   SOLE   0 0 9,376
PINNACLE FINL PARTNERS INC COM 72346Q104   5,199,337 91,780 SH   SOLE   71,000 0 20,780
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   2,846,602 19,023 SH   SOLE   0 0 19,023
SLM CORP COM 78442P106   891,888 54,650 SH   SOLE   42,000 0 12,650
SOTHERLY HOTELS INC COM 83600C103   1,804,580 954,804 SH   SOLE   810,596 0 144,208
SUNCOKE ENERGY INC COM 86722A103   359,045 45,622 SH   SOLE   40,000 0 5,622
SYNCHRONY FINANCIAL COM 87165B103   448,083 13,210 SH   SOLE   12,600 0 610
TRUIST FINL CORP COM 89832Q109   2,036,455 67,099 SH   SOLE   58,000 0 9,099
UMB FINL CORP COM 902788108   4,638,753 76,170 SH   SOLE   60,000 0 16,170
UNITY BANCORP INC COM 913290102   549,765 23,305 SH   SOLE   23,305 0 0
VISA INC COM CL A 92826C839   542,879 2,286 SH   SOLE   1,900 0 386
VICTORY CAP HLDGS INC COM CL A 92645B103   5,184,388 164,375 SH   SOLE   132,000 0 32,375
VMWARE INC CL A COM 928563402   253,182 1,762 SH   SOLE   1,762 0 0
VIRTUS INVT PARTNERS INC COM 92828Q109   3,983,957 20,175 SH   SOLE   14,855 0 5,320
WESTERN ALLIANCE BANCORP COM 957638109   5,388,442 147,750 SH   SOLE   119,800 0 27,950
WARNER BROS DISCOVERY INC COM SER A 934423104   332,310 26,500 SH   SOLE   26,500 0 0
WEBSTER FINL CORP COM 947890109   3,144,575 83,300 SH   SOLE   74,400 0 8,900
WINTRUST FINL CORP COM 97650W108   370,435 5,101 SH   SOLE   5,101 0 0
UNITED STATES STL CORP NEW COM 912909108   450,180 18,000 SH   SOLE   18,000 0 0