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
ASSURED GUARANTY LTD COM G0585R106 23,070 552,699 SH   SOLE 1,2,3,4 552,699 0 0
ATHENE HLDG LTD CL A G0684D107 2,274 45,840 SH   SOLE 1,2,3,4 45,840 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 14,108 413,720 SH   SOLE 1,2,3,4 413,720 0 0
BOTTOMLINE TECH DEL INC COM 101388106 7,237 281,721 SH   SOLE 1,2,3,4 281,721 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 7,532 381,373 SH   SOLE 1,2 381,373 0 0
CAPITAL ONE FINL CORP COM 14040H105 12,262 148,420 SH   SOLE 1,2,3,4 148,420 0 0
CENTURY CMNTYS INC COM 156504300 17,030 686,694 SH   SOLE 1,2,3 686,694 0 0
CHUBB LIMITED COM H1467J104 9,603 66,057 SH   SOLE 1,2,3,4 66,057 0 0
CITIGROUP INC COM NEW 172967424 7,979 119,303 SH   SOLE 1,2,3,4 119,303 0 0
CNA FINL CORP COM 126117100 15,308 314,002 SH   SOLE 1,2,3,4 314,002 0 0
CORECIVIC INC COM 21871N101 22,941 831,781 SH   SOLE 1,2,3,4 831,781 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 16,419 431,745 SH   SOLE 1,2,3,4 431,745 0 0
EMPLOYERS HOLDINGS INC COM 292218104 12,429 293,823 SH   SOLE 1,2,3,4 293,823 0 0
ENVESTNET INC COM 29404K106 17,624 445,050 SH   SOLE 1,2,3,4 445,050 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 23,628 1,600,832 SH   SOLE 1,2,3,4 1,600,832 0 0
HOULIHAN LOKEY INC CL A 441593100 3,006 86,140 SH   SOLE 1,2,3,4 86,140 0 0
INVESTAR HLDG CORP COM 46134L105 1,145 50,000 SH   SOLE 2 50,000 0 0
INVESTMENT TECHNOLOGY GRP NE COM 46145F105 21,565 1,015,296 SH   SOLE 1,2,3,4 1,015,296 0 0
JAMES RIV GROUP LTD COM G5005R107 18,649 469,401 SH   SOLE 1,2,3,4 469,401 0 0
LINCOLN NATL CORP IND COM 534187109 18,639 275,800 SH   SOLE 1,2,3,4 275,800 0 0
LPL FINL HLDGS INC COM 50212V100 12,428 292,709 SH   SOLE 1,2,3,4 292,709 0 0
MARKETAXESS HLDGS INC COM 57060D108 9,575 47,614 SH   SOLE 1,2,3,4 47,614 0 0
META FINL GROUP INC COM 59100U108 3,812 42,835 SH   SOLE 1,2,3,4 42,835 0 0
NAVIENT CORPORATION COM 63938C108 13,413 805,609 SH   SOLE 1,2,3,4 805,609 0 0
NMI HLDGS INC CL A 629209305 10,810 944,140 SH   SOLE 1,2,3 944,140 0 0
OM ASSET MGMT PLC SHS G67506108 23,520 1,582,755 SH   SOLE 1,2,3,4 1,582,755 0 0
OPUS BK IRVINE CALIF COM 684000102 11,189 462,352 SH   SOLE 1,2,3 462,352 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 8,899 532,850 SH   SOLE 1,2,3 532,850 0 0
PERFORMANT FINL CORP COM 71377E105 7,756 3,711,081 SH   SOLE 1,2,3 3,711,081 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 26,615 2,085,847 SH   SOLE 1,2,3,4 2,085,847 0 0
SLM CORP COM 78442P106 23,464 2,040,352 SH   SOLE 1,2,3,4 2,040,352 0 0
GEO GROUP INC NEW COM 36162J106 23,042 779,222 SH   SOLE 1,2,3,4 779,222 0 0
TRITON INTL LTD CL A G9078F107 21,793 651,704 SH   SOLE 1,2,3,4 651,704 0 0
UNITED INS HLDGS CORP COM 910710102 14,315 910,023 SH   SOLE 1,2,3 910,023 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 15,260 293,633 SH   SOLE 1,2,3,4 293,633 0 0
VANTIV INC CL A 92210H105 13,140 207,455 SH   SOLE 1,2,3,4 207,455 0 0
VIRTUS INVT PARTNERS INC COM 92828Q109 31,236 281,528 SH   SOLE 1,2,3,4 281,528 0 0
WISDOMTREE INVTS INC COM 97717P104 14,220 1,398,188 SH   SOLE 1,2,3,4 1,398,188 0 0