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
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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
AG MTG INVT TR INC COM NEW 001228501   1,197,094 159,400 SH   SOLE   159,400 0 0
AGNC INVT CORP COM 00123Q104   2,615,000 250,000 SH   SOLE   250,000 0 0
ALLSTATE CORP COM 020002101   10,430,750 55,000 SH   SOLE   55,000 0 0
A-MARK PRECIOUS METALS INC COM 00181T107   12,144,000 275,000 SH   SOLE   275,000 0 0
AMERANT BANCORP INC CL A 023576101   2,564,400 120,000 SH   SOLE   120,000 0 0
ANGEL OAK MORTGAGE REIT INC COM 03464Y108   974,788 93,460 SH   SOLE   93,460 0 0
BLUE RIDGE BANKSHARES INC VA COM 095825105   1,062,256 379,377 SH   SOLE   379,377 0 0
CHOICEONE FINL SVCS INC COM 170386106   3,091,000 100,000 SH   SOLE   100,000 0 0
COASTAL FINL CORP WA COM NEW 19046P209   10,123,125 187,500 SH   SOLE   187,500 0 0
CVB FINL CORP COM 126600105   4,455,000 250,000 SH   SOLE   250,000 0 0
EAST WEST BANCORP INC COM 27579R104   2,482,200 30,000 SH   SOLE   30,000 0 0
ELLINGTON FINANCIAL INC COM 28852N109   2,077,739 161,190 SH   SOLE   161,190 0 0
EVERQUOTE INC COM CL A 30041R108   5,269,126 249,840 SH   SOLE   249,840 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103   11,505,938 6,250 SH   SOLE   6,250 0 0
FIRST WESTN FINL INC COM 33751L105   4,162,280 208,114 SH   SOLE   208,114 0 0
MEDIAALPHA INC CL A 58450V104   6,135,215 338,775 SH   SOLE   338,775 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103   5,738,667 201,145 SH   SOLE   201,145 0 0
OFG BANCORP COM 67103X102   3,930,500 87,500 SH   SOLE   87,500 0 0
OLD SECOND BANCORP INC ILL COM 680277100   4,871,875 312,500 SH   SOLE   312,500 0 0
PACIFIC PREMIER BANCORP COM 69478X105   2,107,251 83,754 SH   SOLE   83,754 0 0
POPULAR INC COM NEW 733174700   9,525,650 95,000 SH   SOLE   95,000 0 0
PROGRESSIVE CORP COM 743315103   2,537,600 10,000 SH   SOLE   10,000 0 0
PROSPERITY BANCSHARES INC COM 743606105   432,564 6,002 SH   SOLE   6,002 0 0
QCR HOLDINGS INC COM 74727A104   7,976,807 107,751 SH   SOLE   107,751 0 0
QUINSTREET INC COM 74874Q100   9,142,418 477,910 SH   SOLE   477,910 0 0
SERVISFIRST BANCSHARES INC COM 81768T108   2,011,250 25,000 SH   SOLE   25,000 0 0
SILVER SPIKE INVESTMENT CORP COM 828174102   1,232,123 115,801 SH   SOLE   115,801 0 0
SPROTT INC COM NEW 852066208   13,426,100 310,000 SH   SOLE   310,000 0 0
WESBANCO INC COM 950810101   2,165,810 72,727 SH   SOLE   72,727 0 0
WESTAMERICA BANCORPORATION COM 957090103   5,745,075 116,250 SH   SOLE   116,250 0 0