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
ALLY FINL INC COM 02005N100 3,964 142,435 SH   SOLE   109,600 0 32,835
AMBAC FINL GROUP INC COM NEW 023139884 4,797 376,265 SH   SOLE   279,600 0 96,665
AMERIPRISE FINL INC COM 03076C106 1,720 6,825 SH   SOLE   6,725 0 100
AMPCO-PITTSBURG CORP *W EXP 08/01/202 032037111 106 392,000 SH   SOLE   392,000 0 0
AUDACY INC CL A 05070N103 26 68,000 SH   SOLE   68,000 0 0
AXOS FINANCIAL INC COM 05465C100 2,700 78,880 SH   SOLE   60,300 0 18,580
BAYFIRST FINANCIAL CORP COM 07279B104 583 35,250 SH   SOLE   35,250 0 0
BARCLAYS PLC ADR 06738E204 3,198 499,635 SH   SOLE   454,500 0 45,135
BUSINESS FIRST BANCSHARES IN COM 12326C105 607 28,210 SH   SOLE   28,000 0 210
PIMCO ETF TR ACTIVE BD ETF 72201R775 260 2,900 SH   SOLE   0 0 2,900
POPULAR INC COM NEW 733174700 843 11,700 SH   SOLE   7,000 0 4,700
BALLANTYNE STRONG INC COM 058516105 73 35,133 SH   SOLE   0 0 35,133
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 2,692 163,425 SH   SOLE   92,000 0 71,425
CNB FINL CORP PA COM 126128107 1,367 58,017 SH   SOLE   58,017 0 0
CITIZENS FINL GROUP INC COM 174610105 344 10,000 SH   SOLE   10,000 0 0
CONNECTONE BANCORP INC COM 20786W107 1,581 68,565 SH   SOLE   44,400 0 24,165
DIME CMNTY BANCSHARES INC COM 25432X102 1,506 51,451 SH   SOLE   51,451 0 0
DOUBLELINE INCOME SOLUTIONS COM 258622109 137 12,650 SH   SOLE   0 0 12,650
ESQUIRE FINL HLDGS INC COM 29667J101 2,638 70,260 SH   SOLE   50,260 0 20,000
FIRST BUSINESS FINL SVCS INC COM 319390100 771 23,850 SH   SOLE   22,500 0 1,350
FIRST BANCORP P R COM NEW 318672706 6,873 502,420 SH   SOLE   415,300 0 87,120
FIRST CTZNS BANCSHARES INC N CL A 31946M103 2,636 3,305 SH   SOLE   3,231 0 74
FINANCIAL INSTNS INC COM 317585404 2,095 87,043 SH   SOLE   44,520 0 42,523
REPUBLIC FIRST BANCORP INC COM 760416107 1,506 532,270 SH   SOLE   364,682 0 167,588
GENWORTH FINL INC COM CL A 37247D106 8,238 2,353,575 SH   SOLE   1,894,500 0 459,075
ANYWHERE REAL ESTATE INC COM 75605Y106 4,096 505,095 SH   SOLE   348,500 0 156,595
HEWLETT PACKARD ENTERPRISE C COM 42824C109 252 21,000 SH   SOLE   21,000 0 0
FIRST INTERNET BANCORP COM 320557101 1,991 58,790 SH   SOLE   40,000 0 18,790
ISHARES TR RUS 2000 VAL ETF 464287630 436 3,380 SH   SOLE   0 0 3,380
JACKSON FINANCIAL INC COM CL A 46817M107 4,953 178,500 SH   SOLE   156,300 0 22,200
KINGSTONE COS INC COM 496719105 901 338,695 SH   SOLE   286,625 0 52,070
KKR INCOME OPPORTUNITIES FD COM 48249T106 330 28,806 SH   SOLE   0 0 28,806
LAS VEGAS SANDS CORP COM 517834107 225 6,000 SH   SOLE   6,000 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 682 1,697 SH   SOLE   0 0 1,697
META PLATFORMS INC CL A 30303M102 275 2,030 SH   SOLE   2,000 0 30
MELCO RESORTS AND ENTMNT LTD ADR 585464100 80 12,000 SH   SOLE   12,000 0 0
MERIDIAN CORPORATION COM 58958P104 1,973 67,635 SH   SOLE   50,874 0 16,761
NAVIENT CORPORATION COM 63938C108 4,905 333,900 SH   SOLE   273,340 0 60,560
NMI HLDGS INC CL A 629209305 4,990 244,946 SH   SOLE   194,696 0 50,250
OFG BANCORP COM 67103X102 6,086 242,175 SH   SOLE   199,355 0 42,820
ONEMAIN HLDGS INC COM 68268W103 3,684 124,799 SH   SOLE   99,200 0 25,599
OP BANCORP COM 67109R109 913 82,125 SH   SOLE   82,125 0 0
PACWEST BANCORP DEL COM 695263103 2,998 132,650 SH   SOLE   131,300 0 1,350
PIMCO DYNAMIC INCOME FD SHS 72201Y101 218 11,268 SH   SOLE   0 0 11,268
PENNYMAC FINL SVCS INC NEW COM 70932M107 4,754 110,825 SH   SOLE   95,050 0 15,775
PARK HOTELS & RESORTS INC COM 700517105 3,000 266,400 SH   SOLE   266,000 0 400
INVESCO EXCHANGE TRADED FD T BUYBACK ACHIEV 46137V308 692 9,325 SH   SOLE   0 0 9,325
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 1,859 14,608 SH   SOLE   0 0 14,608
SLM CORP COM 78442P106 712 50,900 SH   SOLE   24,000 0 26,900
SOTHERLY HOTELS INC COM 83600C103 605 321,673 SH   SOLE   261,621 0 60,052
SUNCOKE ENERGY INC COM 86722A103 314 54,022 SH   SOLE   52,000 0 2,022
SYNCHRONY FINANCIAL COM 87165B103 372 13,210 SH   SOLE   12,600 0 610
TRUIST FINL CORP COM 89832Q109 2,921 67,099 SH   SOLE   58,000 0 9,099
UNITY BANCORP INC COM 913290102 585 23,305 SH   SOLE   23,305 0 0
VISA INC COM CL A 92826C839 406 2,286 SH   SOLE   1,900 0 386
VICTORY CAP HLDGS INC COM CL A 92645B103 4,846 207,875 SH   SOLE   175,500 0 32,375
VIRTUS INVT PARTNERS INC COM 92828Q109 2,387 14,966 SH   SOLE   13,090 0 1,876
WESTERN ALLIANCE BANCORP COM 957638109 2,669 40,600 SH   SOLE   40,100 0 500
WARNER BROS DISCOVERY INC COM SER A 934423104 305 26,500 SH   SOLE   26,500 0 0
WEBSTER FINL CORP COM 947890109 1,690 37,400 SH   SOLE   37,400 0 0
UNITED STATES STL CORP NEW COM 912909108 308 17,000 SH   SOLE   17,000 0 0