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
AERCAP HOLDINGS NV SHS N00985106   984,025 17,500 SH   SOLE   17,500 0 0
ALGOMA STL GROUP INC COM 015658107   218,160 27,000 SH   SOLE   27,000 0 0
ALLY FINL INC COM 02005N100   648,415 25,438 SH   SOLE   17,320 8,118 0
ALPHABET INC CAP STK CL C 02079K107   208,000 2,000 SH   SOLE   2,000 0 0
ANTERO RESOURCES CORP COM 03674X106   230,900 10,000 SH   SOLE   10,000 0 0
APA CORPORATION COM 03743Q108   721,200 20,000 SH   SOLE   20,000 0 0
ASSURED GUARANTY LTD COM G0585R106   1,407,560 28,000 SH   SOLE   28,000 0 0
AVANTAX INC COM 095229100   894,880 34,000 SH   SOLE   34,000 0 0
BANC OF CALIFORNIA INC COM 05990K106   5,777,771 461,115 SH   SOLE   431,365 29,750 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103   3,074,267 283,604 SH   SOLE   248,713 34,891 0
BRIGHTSPHERE INVT GROUP INC COM 10948W103   1,195,930 50,718 SH   SOLE   50,718 0 0
BROADWAY FINL CORP DEL COM 111444105   1,856,605 1,768,195 SH   SOLE   1,768,195 0 0
CADENCE BANK COM 12740C103   2,602,266 125,350 SH   SOLE   125,350 0 0
CAPITAL ONE FINL CORP COM 14040H105   1,549,618 16,115 SH   SOLE   11,102 5,013 0
CITIGROUP INC COM NEW 172967424   234,450 5,000 SH   SOLE   5,000 0 0
CITIZENS FINL GROUP INC COM 174610105   4,267,410 140,514 SH   SOLE   131,328 9,186 0
CNB FINL CORP PA COM 126128107   2,882,035 150,106 SH   SOLE   150,106 0 0
COASTAL FINL CORP WA COM NEW 19046P209   9,829,434 272,964 SH   SOLE   253,371 19,593 0
COMERICA INC COM 200340107   3,907,800 90,000 SH   SOLE   90,000 0 0
CONNECTONE BANCORP INC COM 20786W107   1,228,566 69,489 SH   SOLE   47,899 21,590 0
CROSSFIRST BANKSHARES INC COM 22766M109   2,903,243 277,027 SH   SOLE   277,027 0 0
CUMULUS MEDIA INC COM CL A 231082801   249,075 67,500 SH   SOLE   67,500 0 0
DELTA AIR LINES INC DEL COM NEW 247361702   349,200 10,000 SH   SOLE   10,000 0 0
DEVON ENERGY CORP NEW COM 25179M103   759,150 15,000 SH   SOLE   15,000 0 0
DIAMONDBACK ENERGY INC COM 25278X109   337,925 2,500 SH   SOLE   2,500 0 0
EASTERN BANKSHARES INC COM 27627N105   1,834,910 145,397 SH   SOLE   127,206 18,191 0
ELLINGTON FINANCIAL INC COM 28852N109   610,500 50,000 SH   SOLE   50,000 0 0
ENCORE CAP GROUP INC COM 292554102   1,272,349 25,220 SH   SOLE   25,220 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100   748,200 60,000 SH   SOLE   60,000 0 0
ENTERPRISE FINL SVCS CORP COM 293712105   5,869,070 131,623 SH   SOLE   125,515 6,108 0
ENTERPRISE PRODS PARTNERS L COM 293792107   259,000 10,000 SH   SOLE   10,000 0 0
EQUITABLE HLDGS INC COM 29452E101   1,282,195 50,500 SH   SOLE   50,500 0 0
EQUITY BANCSHARES INC COM CL A 29460X109   1,135,813 46,607 SH   SOLE   32,225 14,382 0
FIFTH THIRD BANCORP COM 316773100   5,618,829 210,917 SH   SOLE   199,907 11,010 0
FIRST BANCSHARES INC MS COM 318916103   5,814,281 225,098 SH   SOLE   206,595 18,503 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103   4,016,957 4,128 SH   SOLE   3,553 575 0
FIRST MERCHANTS CORP COM 320817109   4,572,142 138,760 SH   SOLE   130,591 8,169 0
FIRST UTD CORP COM 33741H107   4,895,655 290,371 SH   SOLE   290,371 0 0
GENWORTH FINL INC COM CL A 37247D106   1,204,800 240,000 SH   SOLE   240,000 0 0
HANCOCK WHITNEY CORPORATION COM 410120109   5,349,890 146,975 SH   SOLE   137,537 9,438 0
HERITAGE FINL CORP WASH COM 42722X106   4,197,460 196,143 SH   SOLE   177,412 18,731 0
HILLTOP HOLDINGS INC COM 432748101   694,278 23,400 SH   SOLE   23,400 0 0
INTERDIGITAL INC COM 45867G101   473,850 6,500 SH   SOLE   6,500 0 0
JACKSON FINANCIAL INC COM CL A 46817M107   55,630,166 1,487,040 SH   SOLE   1,487,040 0 0
KEYCORP COM 493267108   313,000 25,000 SH   SOLE   25,000 0 0
LATCH INC COM 51818V106   140,989 185,000 SH   SOLE   185,000 0 0
LINKBANCORP INC COM 53578P105   4,000,695 609,862 SH   SOLE   609,862 0 0
M & T BK CORP COM 55261F104   4,059,760 33,953 SH   SOLE   30,624 3,329 0
MERCHANTS BANCORP IND COM 58844R108   2,171,267 83,382 SH   SOLE   83,382 0 0
METROPOLITAN BK HLDG CORP COM 591774104   6,289,645 185,590 SH   SOLE   173,427 12,163 0
MVB FINL CORP COM 553810102   2,680,310 129,860 SH   SOLE   129,860 0 0
NATIONAL BK HLDGS CORP CL A 633707104   1,129,978 33,771 SH   SOLE   23,362 10,409 0
NEW YORK CMNTY BANCORP INC COM 649445103   4,212,640 466,000 SH   SOLE   466,000 0 0
NEXPOINT DIVERSIFIED REL ET COM NEW 65340G205   2,528,879 243,630 SH   SOLE   243,630 0 0
OCEANFIRST FINL CORP COM 675234108   1,192,644 64,537 SH   SOLE   44,365 20,172 0
OLD NATL BANCORP IND COM 680033107   5,051,340 350,301 SH   SOLE   324,156 26,145 0
OLD SECOND BANCORP INC ILL COM 680277100   6,381,159 453,852 SH   SOLE   425,751 28,101 0
ORIGIN BANCORP INC COM 68621T102   1,267,321 39,419 SH   SOLE   27,212 12,207 0
PAGAYA TECHNOLOGIES LTD CL A SHS M7S64L115   16,026,078 15,711,841 SH   SOLE   15,711,841 0 0
PAGAYA TECHNOLOGIES LTD *W EXP 09/01/202 M7S64L107   423,667 5,166,667 SH   SOLE   5,166,667 0 0
PCB BANCORP COM 69320M109   3,331,976 229,950 SH   SOLE   214,277 15,673 0
PEABODY ENERGY CORP COM 704551100   768,000 30,000 SH   SOLE   30,000 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107   1,600,487 54,034 SH   SOLE   37,183 16,851 0
PEOPLES BANCORP INC COM 709789101   1,172,784 45,545 SH   SOLE   31,486 14,059 0
PINNACLE FINL PARTNERS INC COM 72346Q104   3,516,340 63,748 SH   SOLE   58,602 5,146 0
PIONEER NAT RES CO COM 723787107   306,360 1,500 SH   SOLE   1,500 0 0
POPULAR INC COM NEW 733174700   1,311,704 22,848 SH   SOLE   15,759 7,089 0
PREMIER FINANCIAL CORP COM 74052F108   1,019,895 49,199 SH   SOLE   33,945 15,254 0
PRIMIS FINANCIAL CORP COM 74167B109   3,184,304 330,665 SH   SOLE   306,721 23,944 0
PROLOGIS INC. COM 74340W103   374,310 3,000 SH   SOLE   3,000 0 0
QCR HOLDINGS INC COM 74727A104   1,342,373 30,571 SH   SOLE   21,101 9,470 0
RED ROCK RESORTS INC CL A 75700L108   635,345 14,255 SH   SOLE   14,255 0 0
RHINEBECK BANCORP INC COM 762093102   3,069,004 401,177 SH   SOLE   401,177 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   3,134,625 97,500 SH Put SOLE   97,500 0 0
SILVERGATE CAP CORP CL A 82837P408   30,545 18,855 SH   SOLE   12,560 6,295 0
SIMON PPTY GROUP INC NEW COM 828806109   559,850 5,000 SH   SOLE   5,000 0 0
SLM CORP COM 78442P106   1,299,637 104,894 SH   SOLE   104,894 0 0
SNOWFLAKE INC CL A 833445109   462,870 3,000 SH   SOLE   3,000 0 0
SOUTHERN FIRST BANCSHARES COM 842873101   2,654,690 86,472 SH   SOLE   74,580 11,892 0
SPDR SER TR S&P REGL BKG 78464A698   438,600 10,000 SH   SOLE   10,000 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107   878,009 20,005 SH   SOLE   20,005 0 0
STELLAR BANCORP INC COM 858927106   1,008,469 40,978 SH   SOLE   28,303 12,675 0
SURO CAPITAL CORP COM NEW 86887Q109   108,600 30,000 SH   SOLE   30,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501   4,974,729 161,360 SH   SOLE   147,278 14,082 0
THE ODP CORP COM 88337F105   674,700 15,000 SH   SOLE   15,000 0 0
TRINET GROUP INC COM 896288107   443,355 5,500 SH   SOLE   5,500 0 0
TRINITY CAP INC COM 896442308   343,710 27,000 SH   SOLE   27,000 0 0
TRIUMPH FINANCIAL INC COM 89679E300   362,875 6,250 SH   SOLE   6,250 0 0
TRUIST FINL CORP COM 89832Q109   3,880,580 113,800 SH   SOLE   113,800 0 0
UNITED SEC BANCSHARES CALIF COM 911460103   511,969 80,246 SH   SOLE   80,246 0 0
US BANCORP DEL COM NEW 902973304   3,017,385 83,700 SH   SOLE   83,700 0 0
VALLEY NATL BANCORP COM 919794107   3,632,678 393,147 SH   SOLE   368,555 24,592 0
WEBSTER FINL CORP COM 947890109   4,498,334 114,113 SH   SOLE   105,552 8,561 0
WEST FRASER TIMBER CO LTD COM 952845105   356,200 5,000 SH   SOLE   5,000 0 0
WINTRUST FINL CORP COM 97650W108   1,663,552 22,804 SH   SOLE   15,703 7,101 0
ZIONS BANCORPORATION N A COM 989701107   2,233,556 74,626 SH   SOLE   69,045 5,581 0