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
AMERICAN AIRLS GROUP INC COM 02376R102 322 7,800 SH   SOLE   7,800 0 0
APPLE INC COM 037833100 972 4,304 SH   SOLE   4,150 0 154
ADOBE SYS INC COM 00724F101 756 2,800 SH   SOLE   2,700 0 100
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 1,287 88,025 SH   SOLE   69,525 0 18,500
ALLY FINL INC COM 02005N100 3,564 134,731 SH   SOLE   109,200 0 25,531
AMBAC FINL GROUP INC COM NEW 023139884 6,118 299,614 SH   SOLE   221,337 0 78,277
AMERIPRISE FINL INC COM 03076C106 1,603 10,853 SH   SOLE   7,825 0 3,028
AMERICAN TOWER CORP NEW COM 03027X100 636 4,375 SH   SOLE   4,000 0 375
ARES MGMT LP COM SHS REG INT 04014Y101 2,586 111,457 SH   SOLE   107,360 0 4,097
BANC OF CALIFORNIA INC COM 05990K106 545 28,816 SH   SOLE   28,816 0 0
BBX CAP CORP NEW CL A 05491N104 2,930 394,872 SH   SOLE   335,429 0 59,443
BARCLAYS PLC ADR 06738E204 2,330 260,300 SH   SOLE   212,900 0 47,400
BANKUNITED INC COM 06652K103 460 13,000 SH   SOLE   13,000 0 0
BRIGHTSPHERE INVESTMNT GRP P SHS G1644T109 610 49,156 SH   SOLE   43,900 0 5,256
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 3,522 92,490 SH   SOLE   76,300 0 16,190
CAROLINA TR BANCSHARES INC COM 14422P105 831 101,039 SH   SOLE   84,662 0 16,377
CITIZENS FINL GROUP INC COM 174610105 386 10,000 SH   SOLE   10,000 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 1,812 80,369 SH   SOLE   78,300 0 2,069
CONNECTONE BANCORP INC NEW COM 20786W107 522 22,000 SH   SOLE   22,000 0 0
CAPITAL ONE FINL CORP *W EXP 11/14/201 14040H139 1,499 28,200 SH   SOLE   27,420 0 780
COWEN INC CL A NEW 223622606 1,532 94,000 SH   SOLE   89,900 0 4,100
CREDIT SUISSE GROUP SPONSORED ADR 225401108 2,667 178,500 SH   SOLE   151,500 0 27,000
CISCO SYS INC COM 17275R102 555 11,400 SH   SOLE   11,400 0 0
CINTAS CORP COM 172908105 514 2,600 SH   SOLE   2,600 0 0
CARVANA CO CL A 146869102 865 14,637 SH   SOLE   12,500 0 2,137
CHEVRON CORP NEW COM 166764100 382 3,120 SH   SOLE   3,000 0 120
CAESARS ENTMT CORP COM 127686103 569 55,500 SH   SOLE   55,500 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 613 54,000 SH   SOLE   24,000 0 30,000
DEAN FOODS CO NEW COM NEW 242370203 256 36,000 SH   SOLE   36,000 0 0
DINE BRANDS GLOBAL INC COM 254423106 369 4,535 SH   SOLE   3,455 0 1,080
ENLINK MIDSTREAM LLC COM UNIT REP LTD 29336T100 271 16,502 SH   SOLE   13,590 0 2,912
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 466 25,000 SH   SOLE   25,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 402 14,000 SH   SOLE   14,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 816 92,691 SH   SOLE   92,691 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 314 6,000 SH   SOLE   6,000 0 0
ETSY INC COM 29786A106 873 17,000 SH   SOLE   17,000 0 0
FIRST HAWAIIAN INC COM 32051X108 326 12,000 SH   SOLE   12,000 0 0
FIRST HORIZON NATL CORP COM 320517105 259 15,000 SH   SOLE   15,000 0 0
FEDERATED INVS INC PA CL B 314211103 482 20,000 SH   SOLE   20,000 0 0
FORUM MERGER II CORP UNIT 09/30/2025 34986F202 253 25,000 SH   SOLE   25,000 0 0
GREAT ELM CAP GROUP INC COM NEW 39036P209 253 77,697 SH   SOLE   61,200 0 16,497
PGIM GLOBAL SHORT DURATION H COM 69346J106 1,174 84,611 SH   SOLE   55,556 0 29,055
GENERAL MTRS CO COM 37045V100 404 12,000 SH   SOLE   12,000 0 0
HOME DEPOT INC COM 437076102 974 4,700 SH   SOLE   4,700 0 0
HOPE BANCORP INC COM 43940T109 340 21,000 SH   SOLE   21,000 0 0
IAC INTERACTIVECORP COM 44919P508 542 2,500 SH   SOLE   2,500 0 0
INVESCO LTD SHS G491BT108 664 29,000 SH   SOLE   29,000 0 0
ISHARES TR RUS 2000 VAL ETF 464287630 349 2,625 SH   SOLE   0 0 2,625
JANUS HENDERSON GROUP PLC ORD SHS G4474Y214 827 30,686 SH   SOLE   28,959 0 1,727
KINGSTONE COS INC COM 496719105 2,088 109,920 SH   SOLE   91,740 0 18,180
KKR & CO INC CL A 48251W104 4,268 156,500 SH   SOLE   132,800 0 23,700
LENNAR CORP CL A 526057104 985 21,096 SH   SOLE   19,518 0 1,578
LEGG MASON INC COM 524901105 593 19,000 SH   SOLE   19,000 0 0
LAS VEGAS SANDS CORP COM 517834107 356 6,000 SH   SOLE   6,000 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 1,042 342,900 SH   SOLE   237,000 0 105,900
MCDONALDS CORP COM 580135101 586 3,500 SH   SOLE   3,500 0 0
MGM RESORTS INTERNATIONAL COM 552953101 483 17,300 SH   SOLE   17,000 0 300
MELCO RESORT ENTERTAINMENT L ADR 585464100 571 27,000 SH   SOLE   27,000 0 0
MICROSOFT CORP COM 594918104 961 8,400 SH   SOLE   8,000 0 400
NMI HLDGS INC CL A 629209305 2,348 103,675 SH   SOLE   83,805 0 19,870
OFG BANCORP COM 67103X102 1,862 115,302 SH   SOLE   93,922 0 21,380
ONEOK INC NEW COM 682680103 288 4,251 SH   SOLE   3,200 0 1,051
ONEMAIN HLDGS INC COM 68268W103 2,338 69,570 SH   SOLE   52,874 0 16,696
PENN NATL GAMING INC COM 707569109 748 22,719 SH   SOLE   16,060 0 6,659
INVESCO EXCHANGE TRADED FD T BUYBACK ACHIEV 46137V308 385 6,316 SH   SOLE   0 0 6,316
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 269 3,900 SH   SOLE   3,900 0 0
PRIMERICA INC COM 74164M108 727 6,027 SH   SOLE   4,730 0 1,297
PHILLIPS 66 COM 718546104 451 4,000 SH   SOLE   4,000 0 0
PVH CORP COM 693656100 289 2,000 SH   SOLE   2,000 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 264 2,868 SH   SOLE   2,130 0 738
REALOGY HLDGS CORP COM 75605Y106 524 25,394 SH   SOLE   25,000 0 394
RE MAX HLDGS INC CL A 75524W108 288 6,501 SH   SOLE   4,900 0 1,601
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 977 9,143 SH   SOLE   0 0 9,143
STARBUCKS CORP COM 855244109 641 11,270 SH   SOLE   11,200 0 70
SCHWAB CHARLES CORP NEW COM 808513105 258 5,250 SH   SOLE   5,250 0 0
SEMGROUP CORP CL A 81663A105 287 13,000 SH   SOLE   13,000 0 0
STIFEL FINL CORP COM 860630102 277 5,400 SH   SOLE   5,400 0 0
SLM CORP COM 78442P106 1,959 175,665 SH   SOLE   138,200 0 37,465
SUNTRUST BKS INC COM 867914103 3,996 59,823 SH   SOLE   50,000 0 9,823
STERLING BANCORP DEL COM 85917A100 330 15,000 SH   SOLE   15,000 0 0
SUNCOKE ENERGY INC COM 86722A103 357 30,748 SH   SOLE   28,200 0 2,548
SYNCHRONY FINL COM 87165B103 439 14,116 SH   SOLE   13,000 0 1,116
TEEKAY LNG PARTNERS L P PRTNRSP UNITS Y8564M105 371 55,030 SH   SOLE   52,050 0 2,980
UBS GROUP AG SHS H42097107 2,662 169,200 SH   SOLE   143,600 0 25,600
VOYA FINL INC COM 929089100 627 12,625 SH   SOLE   10,700 0 1,925
WELLCARE HEALTH PLANS INC COM 94946T106 880 2,746 SH   SOLE   2,195 0 551
WELLS FARGO CO NEW *W EXP 10/28/201 949746119 831 43,100 SH   SOLE   33,000 0 10,100
WYNDHAM HOTELS & RESORTS INC COM 98311A105 317 5,696 SH   SOLE   4,500 0 1,196
ZIONS BANCORPORATION COM 989701107 3,721 74,203 SH   SOLE   64,122 0 10,081
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 2,664 148,819 SH   SOLE   122,596 0 26,223