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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
APPLE INC COM 037833100 718 4,280 SH   SOLE   4,150 0 130
ADOBE SYS INC COM 00724F101 605 2,800 SH   SOLE   2,700 0 100
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 1,184 72,200 SH   SOLE   57,000 0 15,200
ALLY FINL INC COM 02005N100 3,566 131,331 SH   SOLE   109,200 0 22,131
AMBAC FINL GROUP INC COM NEW 023139884 5,202 331,758 SH   SOLE   261,481 0 70,277
AMERIPRISE FINL INC COM 03076C106 1,258 8,503 SH   SOLE   6,725 0 1,778
AMERICAN TOWER CORP NEW COM 03027X100 636 4,375 SH   SOLE   4,000 0 375
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 418 14,100 SH   SOLE   14,100 0 0
ARES MGMT LP COM SHS REG INT 04014Y101 2,166 101,237 SH   SOLE   98,600 0 2,637
BANC OF CALIFORNIA INC COM 05990K106 261 13,500 SH   SOLE   13,500 0 0
BBX CAP CORP NEW CL A 05491N104 3,553 385,809 SH   SOLE   327,141 0 58,668
BARCLAYS PLC ADR 06738E204 2,286 193,400 SH   SOLE   159,300 0 34,100
B & G FOODS INC NEW COM 05508R106 267 11,250 SH   SOLE   11,250 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 271 18,000 SH   SOLE   18,000 0 0
POPULAR INC COM NEW 733174700 291 7,000 SH   SOLE   7,000 0 0
BRIGHTSPHERE INVESTMNT GRP P SHS G1644T109 554 35,156 SH   SOLE   29,900 0 5,256
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 2,872 89,890 SH   SOLE   76,300 0 13,590
CITIGROUP INC COM NEW 172967424 1,257 18,622 SH   SOLE   12,000 0 6,622
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 1,716 80,369 SH   SOLE   78,300 0 2,069
COLONY NORTHSTAR INC CL A COM 19625W104 713 126,933 SH   SOLE   89,736 0 37,197
CAPITAL ONE FINL CORP *W EXP 11/14/201 14040H139 1,514 28,200 SH   SOLE   27,420 0 780
COWEN INC CL A NEW 223622606 2,416 183,003 SH   SOLE   157,973 0 25,030
CISCO SYS INC COM 17275R102 489 11,400 SH   SOLE   11,400 0 0
CINTAS CORP COM 172908105 887 5,200 SH   SOLE   5,200 0 0
CARVANA CO CL A 146869102 587 25,612 SH   SOLE   21,800 0 3,812
CHEVRON CORP NEW COM 166764100 698 6,120 SH   SOLE   6,000 0 120
CAESARS ENTMT CORP COM 127686103 534 47,500 SH   SOLE   47,500 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 419 30,000 SH   SOLE   30,000 0 0
DISCOVER FINL SVCS COM 254709108 268 3,720 SH   SOLE   0 0 3,720
DINE BRANDS GLOBAL INC COM 254423106 303 4,613 SH   SOLE   3,455 0 1,158
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 289 13,500 SH   SOLE   13,500 0 0
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 342 25,000 SH   SOLE   25,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 678 27,700 SH   SOLE   27,700 0 0
WISDOMTREE TR INDIA ERNGS FD 97717W422 446 17,000 SH   SOLE   17,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 834 92,691 SH   SOLE   92,691 0 0
ETSY INC COM 29786A106 803 28,600 SH   SOLE   28,600 0 0
FIRST HAWAIIAN INC COM 32051X108 557 20,000 SH   SOLE   20,000 0 0
GENERAL DYNAMICS CORP COM 369550108 1,060 4,800 SH   SOLE   4,800 0 0
GREAT ELM CAP GROUP INC COM NEW 39036P209 311 77,697 SH   SOLE   61,200 0 16,497
PRUDENTIAL GLB SHT DUR HG YL COM 74433A109 997 71,811 SH   SOLE   55,556 0 16,255
GENERAL MTRS CO COM 37045V100 354 9,750 SH   SOLE   9,750 0 0
GROUP 1 AUTOMOTIVE INC COM 398905109 261 4,000 SH   SOLE   4,000 0 0
GRAY TELEVISION INC COM 389375106 267 21,000 SH   SOLE   21,000 0 0
HOME DEPOT INC COM 437076102 838 4,700 SH   SOLE   4,700 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 810 8,200 SH   SOLE   8,200 0 0
HONEYWELL INTL INC COM 438516106 578 4,000 SH   SOLE   4,000 0 0
IAC INTERACTIVECORP COM 44919P508 391 2,500 SH   SOLE   2,500 0 0
ISHARES TR MSCI INDIA ETF 46429B598 447 13,100 SH   SOLE   13,100 0 0
ISHARES TR CORE S&P500 ETF 464287200 2,043 7,700 SH   SOLE   7,700 0 0
INVESCO LTD SHS G491BT108 480 15,000 SH   SOLE   15,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 2,035 13,400 SH   SOLE   13,400 0 0
ISHARES TR RUS 2000 VAL ETF 464287630 263 2,155 SH   SOLE   0 0 2,155
JANUS HENDERSON GROUP PLC ORD SHS G4474Y214 773 23,366 SH   SOLE   21,639 0 1,727
JUNIPER NETWORKS INC COM 48203R104 268 11,000 SH   SOLE   11,000 0 0
KINGSTONE COS INC COM 496719105 1,847 109,920 SH   SOLE   91,740 0 18,180
KKR INCOME OPPORTUNITIES FD COM 48249T106 285 17,947 SH   SOLE   0 0 17,947
KKR & CO L P DEL COM UNITS 48248M102 4,424 217,934 SH   SOLE   185,734 0 32,200
KROGER CO COM 501044101 287 12,000 SH   SOLE   12,000 0 0
LENNAR CORP CL A 526057104 1,243 21,097 SH   SOLE   19,519 0 1,578
LOCKHEED MARTIN CORP COM 539830109 980 2,900 SH   SOLE   2,900 0 0
LA QUINTA HLDGS INC COM 50420D108 418 22,108 SH   SOLE   18,200 0 3,908
LEUCADIA NATL CORP COM 527288104 375 16,500 SH   SOLE   16,500 0 0
LAS VEGAS SANDS CORP COM 517834107 431 6,000 SH   SOLE   6,000 0 0
MCDONALDS CORP COM 580135101 547 3,500 SH   SOLE   3,500 0 0
MOHAWK INDS INC COM 608190104 720 3,100 SH   SOLE   3,100 0 0
MELCO RESORT ENTERTAINMENT L ADR 585464100 782 27,000 SH   SOLE   27,000 0 0
MICROSOFT CORP COM 594918104 767 8,400 SH   SOLE   8,000 0 400
MGIC INVT CORP WIS COM 552848103 364 28,000 SH   SOLE   28,000 0 0
NMI HLDGS INC CL A 629209305 2,778 167,856 SH   SOLE   128,005 0 39,851
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 258 15,684 SH   SOLE   12,000 0 3,684
NUTRIEN LTD COM 67077M108 319 6,750 SH   SOLE   6,750 0 0
OFG BANCORP COM 67103X102 1,205 115,302 SH   SOLE   93,922 0 21,380
ONEOK INC NEW COM 682680103 373 6,551 SH   SOLE   5,500 0 1,051
ONEMAIN HLDGS INC COM 68268W103 2,159 72,098 SH   SOLE   58,167 0 13,931
PENN NATL GAMING INC COM 707569109 599 22,796 SH   SOLE   16,060 0 6,736
POWERSHARES ETF TRUST DYNA BUYBK ACH 73935X286 369 6,481 SH   SOLE   0 0 6,481
PRIMERICA INC COM 74164M108 582 6,027 SH   SOLE   4,730 0 1,297
PHILLIPS 66 COM 718546104 815 8,500 SH   SOLE   8,500 0 0
PVH CORP COM 693656100 606 4,000 SH   SOLE   4,000 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 2,050 12,800 SH   SOLE   12,800 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 256 2,868 SH   SOLE   2,130 0 738
REALOGY HLDGS CORP COM 75605Y106 368 13,494 SH   SOLE   13,000 0 494
RE MAX HLDGS INC CL A 75524W108 393 6,501 SH   SOLE   4,900 0 1,601
STARBUCKS CORP COM 855244109 580 10,020 SH   SOLE   10,000 0 20
SEMGROUP CORP CL A 81663A105 321 15,000 SH   SOLE   15,000 0 0
SLM CORP COM 78442P106 1,676 149,499 SH   SOLE   117,700 0 31,799
SENIOR HSG PPTYS TR SH BEN INT 81721M109 258 16,500 SH   SOLE   16,500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,026 7,700 SH   SOLE   7,700 0 0
SUNTRUST BKS INC COM 867914103 4,525 66,509 SH   SOLE   55,769 0 10,740
STERLING BANCORP DEL COM 85917A100 304 13,500 SH   SOLE   13,500 0 0
SUNCOKE ENERGY INC COM 86722A103 395 36,748 SH   SOLE   34,200 0 2,548
SYNCHRONY FINL COM 87165B103 376 11,216 SH   SOLE   10,100 0 1,116
TEEKAY LNG PARTNERS L P PRTNRSP UNITS Y8564M105 364 45,030 SH   SOLE   42,050 0 2,980
UNITED RENTALS INC COM 911363109 760 4,400 SH   SOLE   4,400 0 0
VOYA FINL INC COM 929089100 410 8,125 SH   SOLE   6,200 0 1,925
VANGUARD INDEX FDS TOTAL STK MKT 922908769 2,085 15,360 SH   SOLE   15,000 0 360
WELLCARE HEALTH PLANS INC COM 94946T106 551 2,846 SH   SOLE   2,295 0 551
WELLS FARGO CO NEW *W EXP 10/28/201 949746119 799 41,600 SH   SOLE   32,000 0 9,600
WALMART INC COM 931142103 801 9,000 SH   SOLE   9,000 0 0
ZIONS BANCORPORATION COM 989701107 3,723 70,603 SH   SOLE   60,522 0 10,081
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 3,021 148,819 SH   SOLE   122,596 0 26,223