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
FIRST HORIZON CORPORATION COM 320517105 12,941 765,311 SH   SOLE N/A 765,311 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 48,475 1,074,835 SH   SOLE N/A 1,074,835 0 0
GUILD HLDGS CO CL A 40172N107 12,780 900,000 SH   SOLE N/A 900,000 0 0
HILLTOP HOLDINGS INC COM 432748101 35,398 1,037,145 SH   SOLE N/A 1,037,145 0 0
HOME PT CAPITAL INCORPORATED COM 43734L106 1,167 125,500 SH   SOLE N/A 125,500 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 57,003 2,580 SH Put SOLE N/A 2,580 0 0
MGIC INVT CORP WIS COM 552848103 62,572 4,517,811 SH   SOLE N/A 4,517,811 0 0
ONEMAIN HLDGS INC COM 68268W103 76,277 1,419,897 SH   SOLE N/A 1,419,897 0 0
RADIAN GROUP INC COM 750236101 27,767 1,194,279 SH   SOLE N/A 1,194,279 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 39,633 1,000 SH Put SOLE N/A 1,000 0 0
SPDR SER TR S&P REGL BKG 78464A698 86,242 13,000 SH Put SOLE N/A 13,000 0 0
TRUSTMARK CORP COM 898402102 4,011 119,157 SH   SOLE N/A 119,157 0 0
WASHINGTON FED INC COM 938824109 6,219 201,913 SH   SOLE N/A 201,913 0 0
WEBSTER FINL CORP CONN COM 947890109 9,371 170,050 SH   SOLE N/A 170,050 0 0