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
AG MTG INVT TR INC COM NEW 001228501   621,889 112,052 SH   DFND 1 112,052 0 0
ALLSTATE CORP COM 020002101   6,406,075 57,500 SH   DFND 1 57,500 0 0
ARLINGTON ASSET INVST CORP CL A NEW 041356205   210,341 49,145 SH   DFND 1 49,145 0 0
BANK HAWAII CORP COM 062540109   770,195 15,500 SH   DFND 1 15,500 0 0
CENTRAL PAC FINL CORP COM NEW 154760409   3,422,836 205,206 SH   DFND 1 205,206 0 0
COLUMBIA BKG SYS INC COM 197236102   8,627,500 425,000 SH   DFND 1 425,000 0 0
COMERICA INC COM 200340107   1,878,060 45,200 SH   DFND 1 45,200 0 0
FIRST BANCORP P R COM NEW 318672706   1,009,500 75,000 SH   DFND 1 75,000 0 0
FIRST MID ILL BANCSHARES INC COM 320866106   4,719,393 177,688 SH   DFND 1 177,688 0 0
INDEPENDENT BK CORP MASS COM 453836108   2,454,500 50,000 SH   DFND 1 50,000 0 0
NEW YORK CMNTY BANCORP INC COM 649445103   4,819,500 425,000 SH   DFND 1 425,000 0 0
POPULAR INC COM NEW 733174700   10,396,650 165,000 SH   DFND 1 165,000 0 0
PROGRESSIVE CORP COM 743315103   1,393,000 10,000 SH   DFND 1 10,000 0 0
PROSPERITY BANCSHARES INC COM 743606105   4,366,400 80,000 SH   DFND 1 80,000 0 0
SILVER SPIKE INVESTMENT CORP COM 828174102   1,450,500 150,000 SH   DFND 1 150,000 0 0
SPROTT INC COM NEW 852066208   13,635,325 447,500 SH   DFND 1 447,500 0 0
WESTAMERICA BANCORPORATION COM 957090103   5,936,625 137,263 SH   DFND 1 137,263 0 0
WILLIS LEASE FIN CORP COM 970646105   1,495,094 35,345 SH   DFND 1 35,345 0 0
AGNC INVT CORP COM 00123Q104   2,832,000 300,000 SH   DFND 1 300,000 0 0
A-MARK PRECIOUS METALS INC COM 00181T107   8,799,000 300,000 SH   DFND 1 300,000 0 0
COASTAL FINL CORP WA COM NEW 19046P209   2,574,600 60,000 SH   DFND 1 60,000 0 0
EAST WEST BANCORP INC COM 27579R104   1,185,975 22,500 SH   DFND 1 22,500 0 0
ELLINGTON FINANCIAL INC COM 28852N109   1,091,125 87,500 SH   DFND 1 87,500 0 0
ESQUIRE FINL HLDGS INC COM 29667J101   5,025,900 110,000 SH   DFND 1 110,000 0 0
EVERQUOTE INC COM CL A 30041R108   2,505,694 346,569 SH   DFND 1 346,569 0 0
FIRST BK WILLIAMSTOWN NEW JE COM 31931U102   2,503,795 232,263 SH   DFND 1 232,263 0 0
GREAT AJAX CORP COM 38983D300   431,532 67,008 SH   DFND 1 67,008 0 0
LENDINGCLUB CORP COM NEW 52603A208   609,695 99,950 SH   DFND 1 99,950 0 0
MEDIAALPHA INC CL A 58450V104   3,487,471 422,212 SH   DFND 1 422,212 0 0
OFG BANCORP COM 67103X102   6,718,500 225,000 SH   DFND 1 225,000 0 0
PACIFIC PREMIER BANCORP COM 69478X105   2,502,400 115,000 SH   DFND 1 115,000 0 0
PARTNERS BANCORP COM 70213Q108   812,688 104,863 SH   DFND 1 104,863 0 0
QCR HOLDINGS INC COM 74727A104   6,485,426 133,665 SH   DFND 1 133,665 0 0
QUINSTREET INC COM 74874Q100   5,157,750 575,000 SH   DFND 1 575,000 0 0
FINANCIAL SELECT SECTOR SPDR FUND FINANCIAL 81369Y605   19,072,750 575,000 SH Put DFND 1 0 0 0
SOUTHERN CALIF BANCORP COM 84252A106   1,263,520 90,187 SH   DFND 1 90,187 0 0
WESTERN ASSET MTG CAP CORP COM 95790D204   617,655 65,708 SH   DFND 1 65,708 0 0