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
ARLINGTON ASSET INVST CORP CL A NEW 041356205 349 99,572 SH   SOLE   43,472 0 56,100
AMERIS BANCORP COM 03076K108 293 5,900 SH   SOLE   5,900 0 0
ARCH CAP GROUP LTD ORD G0450A105 3,556 80,000 SH   SOLE   70,000 0 10,000
ENACT HLDGS INC COM 29249E109 2,312 111,862 SH   SOLE   89,687 0 22,175
ALLY FINL INC COM 02005N100 4,734 99,435 SH   SOLE   76,000 0 23,435
AMBAC FINL GROUP INC COM NEW 023139884 4,434 276,286 SH   SOLE   203,607 0 72,679
AMERIPRISE FINL INC COM 03076C106 2,059 6,825 SH   SOLE   6,725 0 100
AMPCO-PITTSBURG CORP COM 032037103 885 176,988 SH   SOLE   135,366 0 0
AMPCO-PITTSBURG CORP *W EXP 08/01/202 032037111 231 392,000 SH   SOLE   433,622 0 0
AUDACY INC CL A 05070N103 164 64,000 SH   SOLE   64,000 0 0
AXOS FINANCIAL INC COM 05465C100 4,410 78,880 SH   SOLE   60,300 0 18,580
BAYFIRST FINANCIAL CORP COM 07279B104 803 35,250 SH   SOLE   35,250 0 0
BARCLAYS PLC ADR 06738E204 2,101 203,035 SH   SOLE   159,000 0 44,035
BUSINESS FIRST BANCSHARES IN COM 12326C105 799 28,210 SH   SOLE   28,000 0 210
PIMCO ETF TR ACTIVE BD ETF 72201R775 317 2,900 SH   SOLE   0 0 2,900
POPULAR INC COM NEW 733174700 1,370 16,700 SH   SOLE   7,000 0 9,700
BALLANTYNE STRONG INC COM 058516105 33 11,533 SH   SOLE   0 0 11,533
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 1,434 81,085 SH   SOLE   78,385 0 2,700
CITIGROUP INC COM NEW 172967424 750 12,426 SH   SOLE   12,000 0 426
CNB FINL CORP PA COM 126128107 697 26,301 SH   SOLE   26,301 0 0
CIT GROUP INC COM NEW 125581801 2,738 53,322 SH   SOLE   52,125 0 1,197
CONNECTONE BANCORP INC COM 20786W107 2,243 68,565 SH   SOLE   44,400 0 24,165
DIME CMNTY BANCSHARES INC COM 25432X102 1,809 51,451 SH   SOLE   51,451 0 0
DELL TECHNOLOGIES INC CL C 24703L202 225 4,000 SH   SOLE   4,000 0 0
DOUBLELINE INCOME SOLUTIONS COM 258622109 204 12,650 SH   SOLE   0 0 12,650
ESQUIRE FINL HLDGS INC COM 29667J101 2,164 68,700 SH   SOLE   48,700 0 20,000
FIRST BUSINESS FINL SVCS INC COM 319390100 694 23,808 SH   SOLE   22,458 0 1,350
FIRST BANCORP P R COM NEW 318672706 6,923 502,420 SH   SOLE   415,300 0 87,120
FLUSHING FINL CORP COM 343873105 1,782 73,340 SH   SOLE   72,400 0 940
FINANCIAL INSTNS INC COM 317585404 2,307 72,543 SH   SOLE   40,520 0 32,023
REPUBLIC FIRST BANCORP INC COM 760416107 2,359 634,100 SH   SOLE   437,200 0 196,900
GENERATION INCOME PPTYS INC COM NEW 37149D204 386 62,000 SH   SOLE   60,000 0 2,000
GROUPON INC COM NEW 399473206 417 18,000 SH   SOLE   18,000 0 0
FIRST INTERNET BANCORP COM 320557101 2,765 58,790 SH   SOLE   40,000 0 18,790
ISHARES TR RUS 2000 VAL ETF 464287630 553 3,330 SH   SOLE   0 0 3,330
JACKSON FINANCIAL INC COM CL A 46817M107 7,467 178,500 SH   SOLE   156,300 0 22,200
KYNDRYL HLDGS INC COMMON STOCK 50155Q100 199 11,000 SH   SOLE   11,000 0 0
KINGSTONE COS INC COM 496719105 1,694 338,695 SH   SOLE   286,625 0 52,070
KKR INCOME OPPORTUNITIES FD COM 48249T106 487 28,806 SH   SOLE   0 0 28,806
LADDER CAP CORP CL A 505743104 128 10,700 SH   SOLE   10,700 0 0
LEVEL ONE BANCORP INC COM 52730D208 975 24,717 SH   SOLE   20,577 0 4,140
LAS VEGAS SANDS CORP COM 517834107 226 6,000 SH   SOLE   6,000 0 0
LOYALTY VENTURES INC COMMON STOCK 54911Q107 421 14,000 SH   SOLE   14,000 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 879 1,697 SH   SOLE   0 0 1,697
MELCO RESORTS AND ENTMNT LTD ADR 585464100 122 12,000 SH   SOLE   12,000 0 0
MERIDIAN CORPORATION COM 58958P104 2,496 67,874 SH   SOLE   50,874 0 17,000
MGIC INVT CORP WIS COM 552848103 2,021 140,130 SH   SOLE   102,630 0 37,500
NAVIENT CORPORATION COM 63938C108 7,191 338,860 SH   SOLE   258,300 0 80,560
NMI HLDGS INC CL A 629209305 5,068 231,946 SH   SOLE   181,696 0 50,250
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 349 32,577 SH   SOLE   29,200 0 3,377
NATWEST GROUP PLC SPONS ADR 2 ORD 639057108 1,381 226,000 SH   SOLE   226,000 0 0
OCEANFIRST FINL CORP COM 675234108 710 32,000 SH   SOLE   32,000 0 0
OFG BANCORP COM 67103X102 6,362 239,520 SH   SOLE   196,700 0 42,820
ONEMAIN HLDGS INC COM 68268W103 5,350 106,915 SH   SOLE   87,800 0 19,115
PACWEST BANCORP DEL COM 695263103 650 14,400 SH   SOLE   14,400 0 0
PIMCO DYNAMIC INCOME FD SHS 72201Y101 292 11,268 SH   SOLE   0 0 11,268
PENNYMAC FINL SVCS INC NEW COM 70932M107 5,724 82,025 SH   SOLE   69,250 0 12,775
PEAPACK-GLADSTONE FINL CORP COM 704699107 1,148 32,432 SH   SOLE   28,000 0 4,432
PARKE BANCORP INC COM 700885106 435 20,450 SH   SOLE   20,450 0 0
INVESCO EXCHANGE TRADED FD T BUYBACK ACHIEV 46137V308 867 8,980 SH   SOLE   0 0 8,980
PINNACLE FINL PARTNERS INC COM 72346Q104 344 3,600 SH   SOLE   0 0 3,600
REALOGY HLDGS CORP COM 75605Y106 6,363 378,545 SH   SOLE   258,500 0 120,045
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 2,276 13,983 SH   SOLE   0 0 13,983
SHORE BANCSHARES INC COM 825107105 885 42,438 SH   SOLE   37,242 0 5,196
SLM CORP COM 78442P106 529 26,900 SH   SOLE   0 0 26,900
STEWART INFORMATION SVCS COR COM 860372101 208 2,605 SH   SOLE   2,605 0 0
SUNCOKE ENERGY INC COM 86722A103 330 50,022 SH   SOLE   48,000 0 2,022
SYNCHRONY FINANCIAL COM 87165B103 613 13,210 SH   SOLE   12,600 0 610
TEXAS CAP BANCSHARES INC COM 88224Q107 1,012 16,800 SH   SOLE   16,800 0 0
TRUIST FINL CORP COM 89832Q109 3,929 67,099 SH   SOLE   58,000 0 9,099
UMB FINL CORP COM 902788108 987 9,300 SH   SOLE   9,300 0 0
UNITY BANCORP INC COM 913290102 780 29,720 SH   SOLE   29,720 0 0
VICTORY CAP HLDGS INC COM CL A 92645B103 5,114 140,004 SH   SOLE   117,046 0 22,958
VMWARE INC CL A COM 928563402 204 1,762 SH   SOLE   1,762 0 0
WESTERN ALLIANCE BANCORP COM 957638109 2,376 22,075 SH   SOLE   13,140 0 8,935
WP CAREY INC COM 92936U109 218 2,660 SH   SOLE   0 0 2,660