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 13,225 765,311 SH   SOLE N/A 765,311 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 45,433 1,074,835 SH   SOLE N/A 1,074,835 0 0
GLOBE LIFE INC COM 37959E102 5,994 62,926 SH   SOLE N/A 62,926 0 0
GUILD HLDGS CO CL A 40172N107 13,806 900,000 SH   SOLE N/A 900,000 0 0
HILLTOP HOLDINGS INC COM 432748101 33,977 933,428 SH   SOLE N/A 933,428 0 0
HOME PT CAPITAL INCORPORATED COM 43734L106 744 125,500 SH   SOLE N/A 125,500 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 55,049 2,400 SH Put SOLE N/A 2,400 0 0
MGIC INVT CORP WIS COM 552848103 21,777 1,601,246 SH   SOLE N/A 1,601,246 0 0
ONEMAIN HLDGS INC COM 68268W103 76,352 1,274,442 SH   SOLE N/A 1,274,442 0 0
RADIAN GROUP INC COM 750236101 556 25,000 SH   SOLE N/A 25,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 96,314 2,250 SH Put SOLE N/A 2,250 0 0
WASHINGTON FED INC COM 938824109 6,417 201,913 SH   SOLE N/A 201,913 0 0