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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ISHARES TR BROAD USD HIGH 46435U853   70,112,124 1,855,800 SH   SOLE   1,855,800 0 0
ANGEL OAK FUNDS TRUST MORTGAGE BACKED 03463K737   15,700,829 1,799,522 SH   SOLE   1,799,522 0 0
ANGEL OAK FUNDS TRUST HIGH YIELD OPPOR 03463K745   15,353,699 1,370,866 SH   SOLE   1,370,866 0 0
ANNALY CAPITAL MANAGEMENT IN COM NEW 035710839   2,017,625 99,833 SH   SOLE   99,833 0 0
UMB FINL CORP COM 902788108   1,609,560 13,600 SH   SOLE   13,600 0 0
KINGSTONE COS INC COM 496719105   1,591,260 108,249 SH   SOLE   108,249 0 0
ELLINGTON FINANCIAL INC COM 28852N109   1,547,865 119,250 SH   SOLE   119,250 0 0
REDWOOD TRUST INC COM 758075402   1,530,048 264,257 SH   SOLE   264,257 0 0
FIRST CTZNS BANCSHARES INC D CL A 31946M103   1,440,274 805 SH   SOLE   805 0 0
GREENE CNTY BANCORP INC COM 394357107   1,299,500 57,500 SH   SOLE   57,500 0 0
PLUMAS BANCORP COM 729273102   1,207,920 28,000 SH   SOLE   28,000 0 0
PENNYMAC MTG INVT TR COM 70931T103   1,154,671 94,182 SH   SOLE   94,182 0 0
CITIGROUP INC COM NEW 172967424   1,116,500 11,000 SH   SOLE   11,000 0 0
FIRST UTD CORP COM 33741H107   1,018,529 27,700 SH   SOLE   27,700 0 0
BANK7 CORP COM 06652N107   1,017,940 22,000 SH   SOLE   22,000 0 0
PROSPERITY BANCSHARES INC COM 743606105   922,265 13,900 SH   SOLE   13,900 0 0
EAGLE BANCORP INC MD COM 268948106   901,812 44,600 SH   SOLE   44,600 0 0
COLUMBIA BKG SYS INC COM 197236102   900,900 35,000 SH   SOLE   35,000 0 0
WESTERN ALLIANCE BANCORP COM 957638109   867,200 10,000 SH   SOLE   10,000 0 0
EAST WEST BANCORP INC COM 27579R104   798,375 7,500 SH   SOLE   7,500 0 0
M & T BK CORP COM 55261F104   790,480 4,000 SH   SOLE   4,000 0 0
FS BANCORP INC COM 30263Y104   718,560 18,000 SH   SOLE   18,000 0 0
SOUTHSTATE BK CORP COM 84472E102   514,124 5,200 SH   SOLE   5,200 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104   468,950 5,000 SH   SOLE   5,000 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404   451,950 5,000 SH   SOLE   5,000 0 0
FLUSHING FINL CORP COM 343873105   414,300 30,000 SH   SOLE   30,000 0 0
ARROW FINL CORP COM 042744102   311,300 11,000 SH   SOLE   11,000 0 0
AGNC INVT CORP COM 00123Q104   298,595 30,500 SH   SOLE   30,500 0 0
AMERISERV FINL INC COM 03074A102   290,000 100,000 SH   SOLE   100,000 0 0
FLAGSTAR FINANCIAL INC COM NEW 649445400   288,750 25,000 SH   SOLE   25,000 0 0
RITHM CAPITAL CORP COM NEW 64828T201   284,750 25,000 SH   SOLE   25,000 0 0
PATRIOT NATL BANCORP INC COM NEW 70336F203   194,702 149,771 SH   SOLE   149,771 0 0
AMERANT BANCORP INC CL A 023576101   192,700 10,000 SH   SOLE   10,000 0 0