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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
EXANTAS CAP CORP COM NEW 30068N105 1,753 439,321 SH   SOLE N/A 439,321 0 0
FIRST HORIZON CORPORATION COM 320517105 9,765 765,311 SH   SOLE N/A 765,311 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 43,810 1,074,835 SH   SOLE N/A 1,074,835 0 0
GUILD HLDGS CO CL A 40172N107 15,246 900,000 SH   SOLE N/A 900,000 0 0
HILLTOP HOLDINGS INC COM 432748101 28,532 1,037,145 SH   SOLE N/A 1,037,145 0 0
ISHARES TR IBOXX HI YD ETF 464288513 96,030 11,000 SH Put SOLE N/A 11,000 0 0
MGIC INVT CORP WIS COM 552848103 56,699 4,517,811 SH   SOLE N/A 4,517,811 0 0
ONEMAIN HLDGS INC COM 68268W103 49,118 1,019,897 SH   SOLE N/A 1,019,897 0 0
RADIAN GROUP INC COM 750236101 24,184 1,194,279 SH   SOLE N/A 1,194,279 0 0
SLM CORP COM 78442P106 19,089 1,540,696 SH   SOLE N/A 1,540,696 0 0
SPDR KBW Regional Banking ETF S&P REGL BKG 78464A698 64,938 12,500 SH Call SOLE N/A 12,500 0 0
SPDR S&P 500 ETF Trust TR UNIT 78462F103 93,470 2,500 SH Put SOLE N/A 2,500 0 0
SPDR S&P Homebuilders ETF S&P HOMEBUILD 78464A888 35,737 6,200 SH Put SOLE N/A 6,200 0 0
WEBSTER FINL CORP CONN COM 947890109 5,507 130,650 SH   SOLE N/A 130,650 0 0