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
ENACT HLDGS INC COM 29249E109 306,268 14,655,600 SH   SOLE N/A 14,655,600 0 0
FIRST HORIZON CORPORATION COM 320517105 12,467 765,311 SH   SOLE N/A 765,311 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 80,364 1,582,596 SH   SOLE N/A 1,582,596 0 0
GLOBE LIFE INC COM 37959E102 6,403 71,914 SH   SOLE N/A 71,914 0 0
GUILD HLDGS CO CL A 40172N107 11,378 826,873 SH   SOLE N/A 826,873 0 0
HILLTOP HOLDINGS INC COM 432748101 30,495 933,428 SH   SOLE N/A 933,428 0 0
HOME PT CAPITAL INCORPORATED COM 43734L106 517 125,500 SH   SOLE N/A 125,500 0 0
iShares Russell 2000 ETF RUSSELL 2000 ETF 464287655 132,344 6,050 SH Put SOLE N/A 6,050 0 0
MGIC INVT CORP WIS COM 552848103 27,028 1,806,667 SH   SOLE N/A 1,806,667 0 0
ONEMAIN HLDGS INC COM 68268W103 76,551 1,383,533 SH   SOLE N/A 1,383,533 0 0
RADIAN GROUP INC COM 750236101 568 25,000 SH   SOLE N/A 25,000 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605 121,222 32,300 SH Put SOLE N/A 32,300 0 0
SPDR S&P 500 ETF Trust TR UNIT 78462F103 107,285 2,500 SH Put SOLE N/A 2,500 0 0
WASHINGTON FED INC COM 938824109 4,849 141,339 SH   SOLE N/A 141,339 0 0