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 364 9,600 SH   SOLE   9,600 0 0
APPLE INC COM 037833100 792 4,280 SH   SOLE   4,150 0 130
ADOBE SYS INC COM 00724F101 683 2,800 SH   SOLE   2,700 0 100
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 1,267 87,400 SH   SOLE   69,000 0 18,400
ALLY FINL INC COM 02005N100 3,579 136,231 SH   SOLE   110,700 0 25,531
AMBAC FINL GROUP INC COM NEW 023139884 6,126 308,614 SH   SOLE   230,337 0 78,277
AMERIPRISE FINL INC COM 03076C106 1,364 9,753 SH   SOLE   6,725 0 3,028
AMERICAN TOWER CORP NEW COM 03027X100 631 4,375 SH   SOLE   4,000 0 375
ARES MGMT LP COM SHS REG INT 04014Y101 2,391 115,487 SH   SOLE   112,850 0 2,637
BANC OF CALIFORNIA INC COM 05990K106 264 13,491 SH   SOLE   13,491 0 0
BLACKBERRY LTD COM 09228F103 270 28,000 SH   SOLE   28,000 0 0
BBX CAP CORP NEW CL A 05491N104 3,468 384,001 SH   SOLE   325,333 0 58,668
BARCLAYS PLC ADR 06738E204 2,265 225,800 SH   SOLE   183,500 0 42,300
BRIGHTSPHERE INVESTMNT GRP P SHS G1644T109 530 37,156 SH   SOLE   31,900 0 5,256
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 2,975 92,490 SH   SOLE   76,300 0 16,190
CAROLINA TR BANCSHARES INC COM 14422P105 833 101,039 SH   SOLE   84,662 0 16,377
CITIZENS FINL GROUP INC COM 174610105 389 10,000 SH   SOLE   10,000 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 1,712 80,369 SH   SOLE   78,300 0 2,069
CAPITAL ONE FINL CORP *W EXP 11/14/201 14040H139 1,522 29,800 SH   SOLE   29,020 0 780
COWEN INC CL A NEW 223622606 1,622 117,100 SH   SOLE   113,000 0 4,100
CISCO SYS INC COM 17275R102 491 11,400 SH   SOLE   11,400 0 0
CINTAS CORP COM 172908105 481 2,600 SH   SOLE   2,600 0 0
CARVANA CO CL A 146869102 1,045 25,112 SH   SOLE   21,300 0 3,812
CHEVRON CORP NEW COM 166764100 394 3,120 SH   SOLE   3,000 0 120
CAESARS ENTMT CORP COM 127686103 551 51,500 SH   SOLE   51,500 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 303 28,500 SH   SOLE   28,500 0 0
DINE BRANDS GLOBAL INC COM 254423106 345 4,613 SH   SOLE   3,455 0 1,158
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 388 25,000 SH   SOLE   25,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 387 14,000 SH   SOLE   14,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 830 92,691 SH   SOLE   92,691 0 0
ETSY INC COM 29786A106 717 17,000 SH   SOLE   17,000 0 0
FEDERATED INVS INC PA CL B 314211103 513 22,000 SH   SOLE   22,000 0 0
GREAT ELM CAP GROUP INC COM NEW 39036P209 280 77,697 SH   SOLE   61,200 0 16,497
PGIM GLOBAL SHORT DURATION H COM 69346J106 1,051 76,961 SH   SOLE   55,556 0 21,405
GENERAL MTRS CO COM 37045V100 266 6,750 SH   SOLE   6,750 0 0
HOME DEPOT INC COM 437076102 917 4,700 SH   SOLE   4,700 0 0
HOPE BANCORP INC COM 43940T109 267 15,000 SH   SOLE   15,000 0 0
IAC INTERACTIVECORP COM 44919P508 381 2,500 SH   SOLE   2,500 0 0
INVESCO LTD SHS G491BT108 611 23,000 SH   SOLE   23,000 0 0
ISHARES TR RUS 2000 VAL ETF 464287630 342 2,595 SH   SOLE   0 0 2,595
JANUS HENDERSON GROUP PLC ORD SHS G4474Y214 747 24,321 SH   SOLE   22,594 0 1,727
KINGSTONE COS INC COM 496719105 1,858 109,920 SH   SOLE   91,740 0 18,180
KKR & CO L P DEL COM UNITS 48248M102 5,416 217,934 SH   SOLE   185,734 0 32,200
LENNAR CORP CL A 526057104 1,108 21,096 SH   SOLE   19,518 0 1,578
LEGG MASON INC COM 524901105 451 13,000 SH   SOLE   13,000 0 0
LAS VEGAS SANDS CORP COM 517834107 458 6,000 SH   SOLE   6,000 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 809 242,900 SH   SOLE   237,000 0 5,900
MCDONALDS CORP COM 580135101 548 3,500 SH   SOLE   3,500 0 0
MGM RESORTS INTERNATIONAL COM 552953101 444 15,300 SH   SOLE   15,000 0 300
MELCO RESORT ENTERTAINMENT L ADR 585464100 756 27,000 SH   SOLE   27,000 0 0
MICROSOFT CORP COM 594918104 828 8,400 SH   SOLE   8,000 0 400
MGIC INVT CORP WIS COM 552848103 300 28,000 SH   SOLE   28,000 0 0
NMI HLDGS INC CL A 629209305 2,736 167,856 SH   SOLE   128,005 0 39,851
OFG BANCORP COM 67103X102 1,620 115,302 SH   SOLE   93,922 0 21,380
ONEOK INC NEW COM 682680103 457 6,551 SH   SOLE   5,500 0 1,051
ONEMAIN HLDGS INC COM 68268W103 2,142 64,330 SH   SOLE   47,799 0 16,531
PENN NATL GAMING INC COM 707569109 766 22,796 SH   SOLE   16,060 0 6,736
INVESCO EXCHANGE TRADED FD T BUYBACK ACHIEV 46137V308 358 6,316 SH   SOLE   0 0 6,316
PRIMERICA INC COM 74164M108 600 6,027 SH   SOLE   4,730 0 1,297
PHILLIPS 66 COM 718546104 449 4,000 SH   SOLE   4,000 0 0
PVH CORP COM 693656100 299 2,000 SH   SOLE   2,000 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 256 2,868 SH   SOLE   2,130 0 738
REALOGY HLDGS CORP COM 75605Y106 490 21,494 SH   SOLE   21,000 0 494
RE MAX HLDGS INC CL A 75524W108 341 6,501 SH   SOLE   4,900 0 1,601
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 919 9,024 SH   SOLE   0 0 9,024
STARBUCKS CORP COM 855244109 785 16,070 SH   SOLE   16,000 0 70
STIFEL FINL CORP COM 860630102 251 4,800 SH   SOLE   4,800 0 0
SLM CORP COM 78442P106 2,011 175,665 SH   SOLE   138,200 0 37,465
SUNTRUST BKS INC COM 867914103 4,391 66,509 SH   SOLE   55,769 0 10,740
SUNCOKE ENERGY INC COM 86722A103 278 20,748 SH   SOLE   18,200 0 2,548
SYNCHRONY FINL COM 87165B103 371 11,116 SH   SOLE   10,000 0 1,116
TEEKAY LNG PARTNERS L P PRTNRSP UNITS Y8564M105 364 47,030 SH   SOLE   44,050 0 2,980
UBS GROUP AG SHS H42097107 253 16,500 SH   SOLE   16,500 0 0
VOYA FINL INC COM 929089100 699 14,875 SH   SOLE   12,950 0 1,925
WELLCARE HEALTH PLANS INC COM 94946T106 676 2,746 SH   SOLE   2,195 0 551
WADDELL & REED FINL INC CL A 930059100 323 18,000 SH   SOLE   18,000 0 0
WELLS FARGO CO NEW *W EXP 10/28/201 949746119 687 31,200 SH   SOLE   24,000 0 7,200
WYNDHAM HOTELS & RESORTS INC COM 98311A105 335 5,696 SH   SOLE   4,500 0 1,196
WYNDHAM DESTINATIONS INC COM 98310W108 252 5,696 SH   SOLE   4,500 0 1,196
ZIONS BANCORPORATION COM 989701107 3,720 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