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   268,379 91,597 SH   SOLE   91,597 0 0
AGNC INVT CORP COM 00123Q104   1,203,705 116,300 SH   SOLE   116,000 0 300
AMBAC FINL GROUP INC COM NEW 023139884   3,216,232 184,417 SH   SOLE   143,482 0 40,935
AMERIPRISE FINL INC COM 03076C106   2,125,100 6,825 SH   SOLE   6,725 0 100
AMPCO-PITTSBURG CORP *W EXP 08/01/202 032037111   61,740 392,000 SH   SOLE   392,000 0 0
AUDACY INC CL A 05070N103   15,307 68,000 SH   SOLE   68,000 0 0
AXOS FINANCIAL INC COM 05465C100   4,054,378 106,080 SH   SOLE   98,500 0 7,580
BAYFIRST FINANCIAL CORP COM 07279B104   589,380 35,250 SH   SOLE   35,250 0 0
BARCLAYS PLC ADR 06738E204   2,445,573 313,535 SH   SOLE   274,500 0 39,035
BUSINESS FIRST BANCSHARES IN COM 12326C105   624,569 28,210 SH   SOLE   28,000 0 210
POPULAR INC COM NEW 733174700   775,944 11,700 SH   SOLE   7,000 0 4,700
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103   2,899,160 163,425 SH   SOLE   135,000 0 28,425
CNB FINL CORP PA COM 126128107   1,380,224 58,017 SH   SOLE   58,017 0 0
CITIZENS FINL GROUP INC COM 174610105   393,700 10,000 SH   SOLE   10,000 0 0
CARLYLE GROUP INC COM 14316J108   5,206,334 174,475 SH   SOLE   161,500 0 12,975
CONNECTONE BANCORP INC COM 20786W107   1,659,959 68,565 SH   SOLE   64,400 0 4,165
DIME CMNTY BANCSHARES INC COM 25432X102   1,637,692 51,451 SH   SOLE   51,451 0 0
DOUBLELINE INCOME SOLUTIONS COM 258622109   126,980 11,450 SH   SOLE   0 0 11,450
DYNEX CAP INC COM 26817Q886   1,673,952 131,600 SH   SOLE   130,300 0 1,300
ESQUIRE FINL HLDGS INC COM 29667J101   3,039,448 70,260 SH   SOLE   70,260 0 0
FIRST BUSINESS FINL SVCS INC COM 319390100   871,718 23,850 SH   SOLE   22,500 0 1,350
FIRST BANCORP P R COM NEW 318672706   6,390,782 502,420 SH   SOLE   470,300 0 32,120
FIRST CTZNS BANCSHARES INC N CL A 31946M103   2,506,380 3,305 SH   SOLE   3,231 0 74
FG GROUP HOLDINGS INC COM 302462106   92,048 35,133 SH   SOLE   0 0 35,133
FINANCIAL INSTNS INC COM 317585404   2,120,367 87,043 SH   SOLE   72,020 0 15,023
REPUBLIC FIRST BANCORP INC COM 760416107   1,141,800 531,070 SH   SOLE   454,770 0 76,300
PGIM GLOBAL HIGH YIELD FD FO COM 69346J106   169,104 15,600 SH   SOLE   0 0 15,600
GENWORTH FINL INC COM CL A 37247D106   12,450,412 2,353,575 SH   SOLE   2,169,200 0 184,375
ANYWHERE REAL ESTATE INC COM 75605Y106   5,007,063 783,578 SH   SOLE   684,263 0 99,315
FIRST INTERNET BANCORP COM 320557101   1,427,421 58,790 SH   SOLE   53,000 0 5,790
ISHARES TR RUS 2000 VAL ETF 464287630   468,705 3,380 SH   SOLE   0 0 3,380
JACKSON FINANCIAL INC COM CL A 46817M107   6,210,015 178,500 SH   SOLE   176,800 0 1,700
KINGSTONE COS INC COM 496719105   462,033 342,247 SH   SOLE   330,824 0 11,423
KKR INCOME OPPORTUNITIES FD COM 48249T106   299,428 27,196 SH   SOLE   0 0 27,196
LAS VEGAS SANDS CORP COM 517834107   288,420 6,000 SH   SOLE   6,000 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107   711,564 1,607 SH   SOLE   0 0 1,607
META PLATFORMS INC CL A 30303M102   244,290 2,030 SH   SOLE   2,000 0 30
MELCO RESORTS AND ENTMNT LTD ADR 585464100   138,000 12,000 SH   SOLE   12,000 0 0
MERIDIAN CORPORATION COM 58958P104   1,766,089 58,306 SH   SOLE   58,306 0 0
FIRST WESTN FINL INC COM 33751L105   350,918 12,466 SH   SOLE   12,466 0 0
NAVIENT CORPORATION COM 63938C108   5,393,955 327,900 SH   SOLE   267,340 0 60,560
NMI HLDGS INC CL A 629209305   5,098,471 243,946 SH   SOLE   223,696 0 20,250
OFG BANCORP COM 67103X102   6,674,343 242,175 SH   SOLE   227,355 0 14,820
ONEMAIN HLDGS INC COM 68268W103   4,097,097 122,999 SH   SOLE   113,400 0 9,599
OP BANCORP COM 67109R109   1,139,190 102,078 SH   SOLE   102,078 0 0
PACWEST BANCORP DEL COM 695263103   1,377,000 60,000 SH   SOLE   60,000 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107   5,803,400 102,425 SH   SOLE   98,050 0 4,375
PARK HOTELS & RESORTS INC COM 700517105   3,105,486 263,400 SH   SOLE   263,000 0 400
INVESCO EXCHANGE TRADED FD T BUYBACK ACHIEV 46137V308   797,847 9,325 SH   SOLE   0 0 9,325
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   2,722,594 19,275 SH   SOLE   0 0 19,275
SLM CORP COM 78442P106   844,940 50,900 SH   SOLE   24,000 0 26,900
SOTHERLY HOTELS INC COM 83600C103   1,466,552 810,250 SH   SOLE   790,950 0 19,300
SUNCOKE ENERGY INC COM 86722A103   310,870 36,022 SH   SOLE   34,000 0 2,022
SYNCHRONY FINANCIAL COM 87165B103   434,081 13,210 SH   SOLE   12,600 0 610
TRUIST FINL CORP COM 89832Q109   2,887,270 67,099 SH   SOLE   67,099 0 0
UNITY BANCORP INC COM 913290102   636,926 23,305 SH   SOLE   23,305 0 0
VISA INC COM CL A 92826C839   474,939 2,286 SH   SOLE   1,900 0 386
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409   262,413 3,490 SH   SOLE   0 0 3,490
VICTORY CAP HLDGS INC COM CL A 92645B103   5,215,081 194,375 SH   SOLE   188,500 0 5,875
VMWARE INC CL A COM 928563402   216,303 1,762 SH   SOLE   1,762 0 0
VIRTUS INVT PARTNERS INC COM 92828Q109   3,474,445 18,149 SH   SOLE   16,929 0 1,220
WESTERN ALLIANCE BANCORP COM 957638109   4,494,219 75,457 SH   SOLE   74,957 0 500
WARNER BROS DISCOVERY INC COM SER A 934423104   251,220 26,500 SH   SOLE   26,500 0 0
WEBSTER FINL CORP COM 947890109   1,770,516 37,400 SH   SOLE   37,400 0 0
WP CAREY INC COM 92936U109   207,879 2,660 SH   SOLE   0 0 2,660
UNITED STATES STL CORP NEW COM 912909108   425,850 17,000 SH   SOLE   17,000 0 0