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
AERCAP HOLDINGS NV SHS N00985106 327 13,000 SH   SOLE   13,000 0 0
AG MTG INVT TR INC COM 001228105 10,156 3,679,634 SH   SOLE   3,679,634 0 0
ALLY FINL INC COM 02005N100 3,426 136,676 SH   SOLE   136,208 468 0
ALTABANCORP COM 021347109 2,744 136,397 SH   SOLE   136,104 293 0
AMBAC FINL GROUP INC COM NEW 023139884 24,348 1,906,628 SH   SOLE   1,906,420 208 0
AMERICAN AIRLS GROUP INC COM 02376R102 123 10,000 SH Call SOLE   10,000 0 0
AMERIS BANCORP COM 03076K108 3,200 140,470 SH   SOLE   140,172 298 0
ARBOR REALTY TRUST INC NOTE 5.250% 7/0 038923AH1 1,551 1,500,000 PRN   SOLE   1,500,000 0 0
ASSURED GUARANTY LTD COM G0585R106 2,081 96,879 SH   SOLE   96,687 192 0
AT&T INC COM 00206R102 214 7,500 SH   SOLE   7,500 0 0
ATHENE HOLDING LTD CL A G0684D107 9,542 280,000 SH   SOLE   280,000 0 0
BANK COMM HLDGS COM 06424J103 5,647 810,235 SH   SOLE   810,235 0 0
BANK PRINCETON NEW JERSEY COM 064520109 7,717 424,694 SH   SOLE   424,694 0 0
BANNER CORP COM NEW 06652V208 1,909 59,172 SH   SOLE   58,928 244 0
BAYCOM CORP COM 07272M107 6,695 650,000 SH   SOLE   650,000 0 0
BK OF AMERICA CORP COM 060505104 37,340 1,550,000 SH   SOLE   1,550,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 330 15,000 SH   SOLE   15,000 0 0
BLUEROCK RESIDENTIAL GWT REI COM CL A 09627J102 265 35,000 SH   SOLE   35,000 0 0
BOK FINL CORP COM NEW 05561Q201 1,030 20,000 SH   SOLE   20,000 0 0
BOSTON PROPERTIES INC COM 101121101 4,135 51,500 SH   SOLE   51,500 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 12,253 1,291,142 SH   SOLE   1,290,138 1,004 0
BRIGHTHOUSE FINL INC COM 10922N103 11,354 421,907 SH   SOLE   421,907 0 0
BRIGHTSPHERE INVT GROUP INC COM 10948W103 749 58,037 SH   SOLE   58,037 0 0
BROADWAY FINL CORP DEL COM 111444105 336 200,000 SH   SOLE   200,000 0 0
BROOKFIELD PROPERTY PARTRS L UNIT LTD PARTN G16249107 2,086 173,400 SH   SOLE   173,400 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 8,553 570,193 SH   SOLE   570,193 0 0
BYLINE BANCORP INC COM 124411109 113 10,000 SH   SOLE   10,000 0 0
CALIFORNIA BANCORP COM 13005U101 1,626 143,484 SH   SOLE   143,484 0 0
CAPITAL ONE FINL CORP COM 14040H105 11,585 161,215 SH   SOLE   161,086 129 0
CAPITAL ONE FINL CORP COM 14040H105 719 10,000 SH Call SOLE   10,000 0 0
CHURCHILL CAP CORP II *W EXP 07/02/202 17143G114 1,255 575,000 SH   SOLE   575,000 0 0
CITIGROUP INC COM NEW 172967424 51,258 1,189,000 SH   SOLE   1,189,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 975 141,557 SH   SOLE   141,557 0 0
CITIZENS FINL GROUP INC COM 174610105 3,429 135,638 SH   SOLE   135,330 308 0
COASTAL FINL CORP WA COM NEW 19046P209 11,370 928,170 SH   SOLE   928,170 0 0
CONNECTONE BANCORP INC COM 20786W107 3,979 282,787 SH   SOLE   282,092 695 0
CONSOL COAL RESOURCES LP COM UNIT 20855T100 67 20,000 SH   SOLE   20,000 0 0
CROSSFIRST BANKSHARES INC COM 22766M109 7,928 912,280 SH   SOLE   912,280 0 0
DRAFTKINGS INC COM CL A 26142R104 588 10,000 SH   SOLE   10,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 6,167 350,000 SH   SOLE   350,000 0 0
ELLINGTON FINANCIAL INC COM 28852N109 429 35,000 SH   SOLE   35,000 0 0
ENABLE MIDSTREAM PARTNERS LP COM UNIT RP IN 292480100 52 12,500 SH   SOLE   12,500 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 556 102,500 SH   SOLE   102,500 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 2,681 98,317 SH   SOLE   98,042 275 0
ENTERPRISE PRODS PARTNERS L COM 293792107 711 45,000 SH   SOLE   45,000 0 0
EOG RES INC COM 26875P101 413 11,500 SH   SOLE   11,500 0 0
EQUITABLE HLDGS INC COM 29452E101 11,128 610,074 SH   SOLE   610,074 0 0
F N B CORP COM 302520101 3,487 514,352 SH   SOLE   513,567 785 0
FB FINL CORP COM 30257X104 2,225 88,556 SH   SOLE   88,250 306 0
FIFTH THIRD BANCORP COM 316773100 2,736 128,343 SH   SOLE   128,023 320 0
FIRST BANCORP N C COM 318910106 3,763 179,803 SH   SOLE   179,542 261 0
FIRST BANCSHARES INC MS COM 318916103 1,856 88,484 SH   SOLE   88,000 484 0
FIRST BUSEY CORP COM NEW 319383204 1,526 96,048 SH   SOLE   95,717 331 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 1,594 5,000 SH   SOLE   5,000 0 0
FIRST EAGLE ALTR CAP BDC INC COM 26943B100 697 281,172 SH   SOLE   281,172 0 0
FIRST FINL BANCORP OH COM 320209109 1,658 138,106 SH   SOLE   137,341 765 0
FIRST FINL CORP IND COM 320218100 219 6,988 SH   SOLE   6,988 0 0
FIRST HORIZON NATL CORP COM 320517105 8,027 851,214 SH   SOLE   851,214 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 2,347 43,191 SH   SOLE   43,191 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 15,429 520,734 SH   SOLE   520,734 0 0
FS BANCORP INC COM 30263Y104 6,663 162,500 SH   SOLE   162,500 0 0
FS KKR CAPITAL CORP COM 302635206 238 15,000 SH   SOLE   15,000 0 0
FTAC OLYMPUS ACQUISITION COR UNIT 08/24/2025 G37288118 101 10,090 SH   SOLE   10,090 0 0
GENERAL MTRS CO COM 37045V100 222 7,500 SH   SOLE   7,500 0 0
GENWORTH FINL INC COM CL A 37247D106 67 20,000 SH Call SOLE   20,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 201 1,000 SH   SOLE   1,000 0 0
GRANITE PT MTG TR INC NOTE 6.375%10/0 38741LAC1 36,190 39,390,000 PRN   SOLE   39,390,000 0 0
HILLTOP HOLDINGS INC COM 432748101 1,646 80,000 SH   SOLE   80,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 11,518 135,000 SH   SOLE   135,000 0 0
HOPE BANCORP INC NOTE 2.000% 5/1 43940TAB5 17,700 21,500,000 PRN   SOLE   21,500,000 0 0
HUNTINGTON BANCSHARES INC COM 446150104 6,419 700,000 SH   SOLE   700,000 0 0
HYATT HOTELS CORP COM CL A 448579102 21,561 403,998 SH   SOLE   403,998 0 0
IMAX CORP COM 45245E109 3,563 297,910 SH   SOLE   297,910 0 0
INDEPENDENCE HLDG CO NEW COM NEW 453440307 2,340 62,049 SH   SOLE   62,049 0 0
INDEPENDENT BK GROUP INC COM 45384B106 1,868 42,292 SH   SOLE   42,227 65 0
INVESTAR HLDG CORP COM 46134L105 7,373 575,127 SH   SOLE   574,800 327 0
INVESTORS BANCORP INC NEW COM 46146L101 1,452 200,000 SH   SOLE   200,000 0 0
ISTAR INC COM 45031U101 63,140 5,346,347 SH   SOLE   5,346,347 0 0
ISTAR INC NOTE 3.125% 9/1 45031UCB5 12,763 12,000,000 PRN   SOLE   12,000,000 0 0
JPMORGAN CHASE & CO COM 46625H100 88,953 924,000 SH   SOLE   924,000 0 0
KENSINGTON CAP ACQUISITION C COM CL A 490073103 11,390 680,000 SH   SOLE   680,000 0 0
KEYCORP COM 493267108 5,965 500,000 SH   SOLE   500,000 0 0
LEVEL ONE BANCORP INC COM 52730D208 1,014 65,000 SH   SOLE   65,000 0 0
LIMESTONE BANCORP INC COM 53262L105 3,168 301,100 SH   SOLE   301,100 0 0
MACKINAC FINL CORP COM 554571109 5,066 525,000 SH   SOLE   525,000 0 0
MAINSTREET BANCSHARES INC COM 56064Y100 4,924 402,288 SH   SOLE   402,288 0 0
MALVERN BANCORP INC COM 561409103 7,559 640,587 SH   SOLE   640,587 0 0
MARRIOTT INTL INC NEW CL A 571903202 27,496 296,996 SH   SOLE   296,996 0 0
MERIDIAN BANCORP INC MD COM 58958U103 1,272 122,895 SH   SOLE   122,500 395 0
METROPOLITAN BK HLDG CORP COM 591774104 7,633 272,603 SH   SOLE   272,603 0 0
MGIC INVT CORP WIS COM 552848103 5,267 594,501 SH   SOLE   593,649 852 0
MID PENN BANCORP INC COM 59540G107 846 48,857 SH   SOLE   48,857 0 0
MORGAN STANLEY COM NEW 617446448 29,010 600,000 SH   SOLE   600,000 0 0
MVB FINL CORP COM 553810102 18,038 1,129,478 SH   SOLE   1,129,478 0 0
NCINO INC COM 63947U107 800 10,046 SH   SOLE   10,046 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 12,589 1,583,508 SH   SOLE   1,583,508 0 0
NEW YORK MTG TR INC COM PAR $.02 649604501 9,450 3,705,770 SH   SOLE   3,705,770 0 0
NEW YORK MTG TR INC NOTE 6.250% 1/1 649604AD7 835 851,000 PRN   SOLE   851,000 0 0
NEWMARK GROUP INC CL A 65158N102 14,400 3,333,234 SH   SOLE   3,333,234 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 444 10,000 SH   SOLE   10,000 0 0
NMI HLDGS INC CL A 629209305 3,806 213,833 SH   SOLE   213,833 0 0
OASIS MIDSTREAM PARTNERS LP COM UNITS REPS 67420T206 62 10,000 SH   SOLE   10,000 0 0
OCEANFIRST FINL CORP COM 675234108 2,348 171,510 SH   SOLE   171,100 410 0
ONEMAIN HLDGS INC COM 68268W103 2,874 91,960 SH   SOLE   91,719 241 0
OP BANCORP COM 67109R109 4,914 859,130 SH   SOLE   859,130 0 0
OPORTUN FINL CORP COM 68376D104 165 13,990 SH   SOLE   13,990 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 5,964 1,603,251 SH   SOLE   1,603,251 0 0
PACIFIC PREMIER BANCORP COM 69478X105 3,180 157,897 SH   SOLE   157,375 522 0
PACWEST BANCORP DEL COM 695263103 3,943 230,833 SH   SOLE   230,245 588 0
PCB BANCORP COM 69320M109 13,318 1,515,141 SH   SOLE   1,515,141 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 2,214 146,154 SH   SOLE   145,816 338 0
PIONEER NAT RES CO COM 723787107 430 5,000 SH   SOLE   5,000 0 0
PNC FINL SVCS GROUP INC COM 693475105 21,323 194,000 SH   SOLE   194,000 0 0
PREMIER FINANCIAL CORP COM 74052F108 3,277 210,401 SH   SOLE   209,899 502 0
PROFESSIONAL HLDG CORP CL A COM 743139107 7,342 547,471 SH   SOLE   547,471 0 0
RBB BANCORP COM 74930B105 340 30,000 SH   SOLE   30,000 0 0
READY CAPITAL CORP 7% CN SR NT 2023 75574U200 3,010 126,518 SH   SOLE   126,518 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 1,604 1,750,000 PRN   SOLE   1,750,000 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 10,377 900,000 SH   SOLE   900,000 0 0
RESOURCE CAP CORP NOTE 4.500% 8/1 76120WAC8 1,805 2,000,000 PRN   SOLE   2,000,000 0 0
RHINEBECK BANCORP INC COM 762093102 4,165 659,018 SH   SOLE   659,018 0 0
RIVERVIEW FINL CORP NEW COM 76940Q105 2,767 409,271 SH   SOLE   409,271 0 0
ROCKET COS INC COM CL A 77311W101 20,832 1,045,276 SH   SOLE   1,045,276 0 0
SABRE CORP COM 78573M104 7,063 1,085,000 SH   SOLE   1,085,000 0 0
SB FINL GROUP INC COM 78408D105 8,487 629,151 SH   SOLE   629,151 0 0
SCHWAB CHARLES CORP COM 808513105 2,588 71,424 SH   SOLE   71,424 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 15,646 650,000 SH   SOLE   650,000 0 0
SEVERN BANCORP INC ANNAPOLIS COM 81811M100 6,490 1,000,000 SH   SOLE   1,000,000 0 0
SHYFT GROUP INC COM 825698103 7,094 375,733 SH   SOLE   375,733 0 0
SILVERGATE CAP CORP CL A 82837P408 12,000 833,350 SH   SOLE   833,350 0 0
SIMON PPTY GROUP INC NEW COM 828806109 13,453 208,000 SH   SOLE   208,000 0 0
SL GREEN RLTY CORP COM 78440X101 2,633 56,776 SH   SOLE   56,776 0 0
SMARTFINANCIAL INC COM NEW 83190L208 3,873 285,000 SH   SOLE   285,000 0 0
SOFTWARE ACQUISITN GRUP INC UNIT 99/99/9999 83407F200 299 30,000 SH   SOLE   30,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 4,132 171,096 SH   SOLE   170,765 331 0
SPDR SER TR S&P REGL BKG 78464A698 46,384 1,300,000 SH   SOLE   1,300,000 0 0
SPDR SER TR S&P BK ETF 78464A797 44,175 1,500,000 SH   SOLE   1,500,000 0 0
SPIRIT OF TEX BANCSHARES INC COM 84861D103 1,540 138,000 SH   SOLE   138,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 6,792 320,808 SH   SOLE   320,354 454 0
TAYLOR MORRISON HOME CORP COM 87724P106 492 20,000 SH   SOLE   20,000 0 0
TREAN INS GROUP INC COM 89457R101 3,739 245,174 SH   SOLE   245,174 0 0
TRUIST FINL CORP COM 89832Q109 3,813 100,214 SH   SOLE   100,000 214 0
UMPQUA HLDGS CORP COM 904214103 3,556 334,795 SH   SOLE   334,135 660 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 2,484 146,732 SH   SOLE   146,371 361 0
UNITY BANCORP INC COM 913290102 3,474 300,000 SH   SOLE   300,000 0 0
USD PARTNERS LP COM UT REP LTD 903318103 174 55,000 SH   SOLE   55,000 0 0
VERITEX HLDGS INC COM 923451108 2,099 123,260 SH   SOLE   123,013 247 0
VORNADO RLTY TR SH BEN INT 929042109 6,742 200,000 SH   SOLE   200,000 0 0
VOYA FINANCIAL INC COM 929089100 17,195 358,750 SH   SOLE   358,750 0 0
VPC IMPACT ACQUISITION HLDNG UNIT 09/22/2025 G9441E126 200 20,000 SH   SOLE   20,000 0 0
WELLS FARGO CO NEW COM 949746101 35,265 1,500,000 SH   SOLE   1,500,000 0 0
WESBANCO INC COM 950810101 5,246 245,582 SH   SOLE   245,143 439 0
WESTERN ASSET MTG CAP CORP NOTE 6.750%10/0 95790DAA3 31,907 37,055,000 PRN   SOLE   37,055,000 0 0
WINTRUST FINL CORP COM 97650W108 3,472 86,684 SH   SOLE   86,456 228 0
WSFS FINL CORP COM 929328102 4,147 153,765 SH   SOLE   153,397 368 0