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
ALLIANCE DATA SYSTEMS CORP COM 018581108 9,537 85,000 SH   SOLE   85,000 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 6,086 55,500 SH   SOLE   55,500 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 7,120 138,712 SH   SOLE   138,712 0 0
APOLLO GLOBAL MGMT INC COM CL A 03768E105 9,068 190,064 SH   SOLE   190,064 0 0
ARCH CAP GROUP LTD ORD G0450A105 12,429 289,788 SH   SOLE   289,788 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101 7,692 215,514 SH   SOLE   215,514 0 0
ASSURANT INC COM 04621X108 6,829 52,100 SH   SOLE   52,100 0 0
ATHENE HLDG LTD CL A G0684D107 12,850 273,233 SH   SOLE   273,233 0 0
AXA EQUITABLE HLDGS INC COM 054561105 6,691 270,000 SH   SOLE   270,000 0 0
BANKUNITED INC COM 06652K103 3,290 90,000 SH   SOLE   90,000 0 0
BAYCOM CORP COM 07272M107 1,658 81,824 SH   SOLE   81,824 0 0
BERKLEY W R CORP COM 084423102 9,771 141,400 SH   SOLE   141,400 0 0
BROWN & BROWN INC COM 115236101 1,579 40,000 SH   SOLE   40,000 0 0
CADENCE BANCORPORATION CL A 12739A100 6,356 350,569 SH   SOLE   350,569 0 0
CANNAE HLDGS INC COM 13765N107 3,719 100,000 SH   SOLE   100,000 0 0
CB FINL SVCS INC COM 12479G101 269 10,000 SH   SOLE   10,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,633 150,000 SH   SOLE   150,000 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 6,023 234,187 SH   SOLE   234,187 0 0
COREPOINT LODGING INC COM 21872L104 8,051 753,827 SH   SOLE   753,827 0 0
CUSHMAN WAKEFIELD PLC SHS G2717B108 16,352 800,000 SH   SOLE   800,000 0 0
DXC TECHNOLOGY CO COM 23355L106 12,029 320,000 SH   SOLE   320,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 2,674 140,313 SH   SOLE   140,313 0 0
EAST WEST BANCORP INC COM 27579R104 7,870 161,601 SH   SOLE   161,601 0 0
ENSTAR GROUP LIMITED SHS G3075P101 8,982 43,423 SH   SOLE   43,423 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 8,345 60,000 SH   SOLE   60,000 0 0
FIRST INTERNET BANCORP COM 320557101 82 3,896 SH   SOLE   3,896 0 0
FIRST NATL CORP COM 32106V107 1,126 59,040 SH   SOLE   59,040 0 0
FISERV INC COM 337738108 8,094 70,000 SH   SOLE   70,000 0 0
FS KKR CAPITAL CORP COM 302635107 11,340 1,850,000 SH   SOLE   1,850,000 0 0
GALLAGHER ARTHUR J & CO COM 363576109 1,706 17,915 SH   SOLE   17,915 0 0
GLOBAL PMTS INC COM 37940X102 3,651 20,000 SH   SOLE   20,000 0 0
GREEN DOT CORP CL A 39304D102 773 33,163 SH   SOLE   33,163 0 0
HEALTH INS INNOVATIONS INC COM CL A 42225K106 1,151 59,673 SH   SOLE   59,673 0 0
I3 VERTICALS INC COM CL A 46571Y107 2,593 91,877 SH   SOLE   91,877 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 5,812 76,610 SH   SOLE   76,610 0 0
ISTAR INC COM 45031U101 14,877 1,025,300 SH   SOLE   1,025,300 0 0
MACKINAC FINL CORP COM 554571109 864 55,575 SH   SOLE   55,575 0 0
MAGYAR BANCORP INC COM 55977T109 240 21,916 SH   SOLE   21,916 0 0
MAINSTREET BANCSHARES INC COM 56064Y100 755 32,821 SH   SOLE   32,821 0 0
MARCUS & MILLICHAP INC COM 566324109 2,153 57,800 SH   SOLE   57,800 0 0
MARKEL CORP COM 570535104 10,251 8,967 SH   SOLE   8,967 0 0
MEDLEY MGMT INC CL A COM 58503T106 24 9,066 SH   SOLE   9,066 0 0
MERCURY GENL CORP NEW COM 589400100 5,128 105,234 SH   SOLE   105,234 0 0
MID PENN BANCORP INC COM 59540G107 959 37,363 SH   SOLE   37,363 0 0
MOELIS & CO CL A 60786M105 2,825 88,500 SH   SOLE   88,500 0 0
NCR CORP NEW COM 62886E108 5,225 148,600 SH   SOLE   148,600 0 0
NET 1 UEPS TECHNOLOGIES INC COM NEW 64107N206 862 260,000 SH   SOLE   260,000 0 0
OLD POINT FINL CORP COM 680194107 119 4,856 SH   SOLE   4,856 0 0
OLD REP INTL CORP COM 680223104 7,669 342,839 SH   SOLE   342,839 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 812 112,228 SH   SOLE   112,228 0 0
PAYPAL HLDGS INC COM 70450Y103 5,949 55,000 SH   SOLE   55,000 0 0
PEOPLES BANCORP N C INC COM 710577107 459 15,669 SH   SOLE   15,669 0 0
PORTMAN RIDGE FIN CORP COM 73688F102 386 204,508 SH   SOLE   204,508 0 0
PRIORITY TECHNOLOGY HLDGS IN COM 74275G107 655 300,000 SH   SOLE   300,000 0 0
QUINSTREET INC COM 74874Q100 205 13,391 SH   SOLE   13,391 0 0
RE MAX HLDGS INC CL A 75524W108 6,351 165,000 SH   SOLE   165,000 0 0
REALPAGE INC COM 75606N109 7,794 145,000 SH   SOLE   145,000 0 0
REPAY HLDGS CORP COM CL A 76029L100 1,465 100,000 SH   SOLE   100,000 0 0
RIVERVIEW FINL CORP NEW COM 76940Q105 820 73,729 SH   SOLE   73,729 0 0
SALISBURY BANCORP INC COM 795226109 407 10,000 SH   SOLE   10,000 0 0
SB FINL GROUP INC COM 78408D105 126 7,168 SH   SOLE   7,168 0 0
SELECTIVE INS GROUP INC COM 816300107 4,433 68,000 SH   SOLE   68,000 0 0
SVB FINL GROUP COM 78486Q101 10,544 42,000 SH   SOLE   42,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 17,640 450,000 SH   SOLE   450,000 0 0
TCF FINANCIAL CORPORATION NE COM 872307103 18,801 401,722 SH   SOLE   401,722 0 0
VICI PPTYS INC COM 925652109 7,665 300,000 SH   SOLE   300,000 0 0
WESTERN ALLIANCE BANCORP COM 957638109 11,069 194,188 SH   SOLE   194,188 0 0
WILLIS TOWERS WATSON PUB LTD SHS G96629103 7,068 35,000 SH   SOLE   35,000 0 0
WINTRUST FINL CORP COM 97650W108 8,862 125,000 SH   SOLE   125,000 0 0
ZIONS BANCORPORATION N A COM 989701107 5,192 100,000 SH   SOLE   100,000 0 0