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 289 9,000 SH   SOLE   9,000 0 0
APPLE INC COM 037833100 498 3,154 SH   SOLE   3,000 0 154
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 298 54,800 SH   SOLE   34,800 0 20,000
ALLY FINL INC COM 02005N100 3,087 136,231 SH   SOLE   110,700 0 25,531
AMBAC FINL GROUP INC COM NEW 023139884 6,073 352,258 SH   SOLE   241,981 0 110,277
AMERIPRISE FINL INC COM 03076C106 1,133 10,853 SH   SOLE   7,825 0 3,028
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101 534 30,007 SH   SOLE   25,910 0 4,097
AXALTA COATING SYS LTD COM G0750C108 328 14,000 SH   SOLE   14,000 0 0
BANC OF CALIFORNIA INC COM 05990K106 280 21,000 SH   SOLE   21,000 0 0
BLACKBERRY LTD COM 09228F103 256 36,000 SH   SOLE   36,000 0 0
BBX CAP CORP NEW CL A 05491N104 2,297 400,872 SH   SOLE   341,429 0 59,443
BARCLAYS PLC ADR 06738E204 1,863 247,100 SH   SOLE   172,200 0 74,900
BANKUNITED INC COM 06652K103 485 16,200 SH   SOLE   16,200 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 391 1,915 SH   SOLE   1,900 0 15
BRIGHTSPHERE INVESTMNT GRP P SHS G1644T109 482 45,156 SH   SOLE   39,900 0 5,256
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 2,757 92,490 SH   SOLE   76,300 0 16,190
CAROLINA TR BANCSHARES INC COM 14422P105 394 51,994 SH   SOLE   43,356 0 8,638
CITIZENS FINL GROUP INC COM 174610105 446 15,000 SH   SOLE   15,000 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 1,305 82,869 SH   SOLE   80,800 0 2,069
CONNECTONE BANCORP INC NEW COM 20786W107 314 17,000 SH   SOLE   17,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,593 21,076 SH   SOLE   21,076 0 0
COWEN INC CL A NEW 223622606 958 71,800 SH   SOLE   67,700 0 4,100
CREDIT SUISSE GROUP SPONSORED ADR 225401108 1,949 179,500 SH   SOLE   152,500 0 27,000
CARVANA CO CL A 146869102 479 14,637 SH   SOLE   12,500 0 2,137
CAESARS ENTMT CORP COM 127686103 377 55,500 SH   SOLE   55,500 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 489 60,000 SH   SOLE   30,000 0 30,000
DINE BRANDS GLOBAL INC COM 254423106 302 4,485 SH   SOLE   3,455 0 1,030
COMMUNITY BANKERS TR CORP COM 203612106 669 92,691 SH   SOLE   92,691 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 263 6,000 SH   SOLE   6,000 0 0
FEDERATED INVS INC PA CL B 314211103 425 16,000 SH   SOLE   16,000 0 0
GREAT ELM CAP GROUP INC COM NEW 39036P209 263 77,697 SH   SOLE   61,200 0 16,497
PGIM GLOBAL SHORT DURATION H COM 69346J106 375 29,055 SH   SOLE   0 0 29,055
GENERAL MTRS CO COM 37045V100 276 8,250 SH   SOLE   8,250 0 0
GROUP 1 AUTOMOTIVE INC COM 398905109 605 11,476 SH   SOLE   10,475 0 1,001
IAC INTERACTIVECORP COM 44919P508 458 2,500 SH   SOLE   2,500 0 0
INVESCO LTD SHS G491BT108 285 17,000 SH   SOLE   17,000 0 0
ISHARES TR RUS 2000 VAL ETF 464287630 282 2,625 SH   SOLE   0 0 2,625
JPMORGAN CHASE & CO COM 46625H100 443 4,540 SH   SOLE   3,800 0 740
KINGSTONE COS INC COM 496719105 1,944 109,920 SH   SOLE   91,740 0 18,180
KKR & CO INC CL A 48251W104 3,141 159,996 SH   SOLE   133,775 0 26,221
LENNAR CORP CL A 526057104 795 20,294 SH   SOLE   18,716 0 1,578
LEGG MASON INC COM 524901105 459 18,000 SH   SOLE   18,000 0 0
LAS VEGAS SANDS CORP COM 517834107 312 6,000 SH   SOLE   6,000 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 271 105,900 SH   SOLE   0 0 105,900
MGM RESORTS INTERNATIONAL COM 552953101 420 17,300 SH   SOLE   17,000 0 300
MELCO RESORT ENTERTAINMENT L ADR 585464100 423 24,000 SH   SOLE   24,000 0 0
MICROSOFT CORP COM 594918104 548 5,400 SH   SOLE   5,000 0 400
NMI HLDGS INC CL A 629209305 1,851 103,675 SH   SOLE   83,805 0 19,870
OFG BANCORP COM 67103X102 1,881 114,302 SH   SOLE   93,922 0 20,380
ONEMAIN HLDGS INC COM 68268W103 2,125 87,495 SH   SOLE   70,799 0 16,696
PENN NATL GAMING INC COM 707569109 428 22,719 SH   SOLE   16,060 0 6,659
INVESCO EXCHANGE TRADED FD T BUYBACK ACHIEV 46137V308 333 6,391 SH   SOLE   0 0 6,391
PRIMERICA INC COM 74164M108 589 6,027 SH   SOLE   4,730 0 1,297
REALOGY HLDGS CORP COM 75605Y106 402 27,394 SH   SOLE   27,000 0 394
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 862 9,428 SH   SOLE   0 0 9,428
SCHWAB CHARLES CORP NEW COM 808513105 343 8,250 SH   SOLE   8,250 0 0
SEMGROUP CORP CL A 81663A105 276 20,000 SH   SOLE   20,000 0 0
STIFEL FINL CORP COM 860630102 290 7,000 SH   SOLE   7,000 0 0
SLM CORP COM 78442P106 1,556 187,265 SH   SOLE   149,800 0 37,465
SUNTRUST BKS INC COM 867914103 3,017 59,823 SH   SOLE   50,000 0 9,823
STERLING BANCORP DEL COM 85917A100 396 24,000 SH   SOLE   24,000 0 0
SUNCOKE ENERGY INC COM 86722A103 331 38,748 SH   SOLE   36,200 0 2,548
SYNCHRONY FINL COM 87165B103 402 17,116 SH   SOLE   16,000 0 1,116
UBS GROUP AG SHS H42097107 1,935 156,329 SH   SOLE   130,729 0 25,600
VOYA FINL INC COM 929089100 657 16,375 SH   SOLE   14,450 0 1,925
WELLS FARGO CO NEW COM 949746101 359 7,800 SH   SOLE   7,800 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 258 5,696 SH   SOLE   4,500 0 1,196
ZIONS BANCORPORATION N A COM 989701107 2,876 70,603 SH   SOLE   60,522 0 10,081
ZIONS BANCORPORATION N A *W EXP 05/21/202 989701115 1,409 149,919 SH   SOLE   123,696 0 26,223