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
ENACT HLDGS INC COM 29249E109 306,663 15,154,991 SH   SOLE N/A 15,154,991 0 0
FIRST HORIZON CORPORATION COM 320517105 12,498 765,311 SH   SOLE N/A 765,311 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 75,870 1,582,596 SH   SOLE N/A 1,582,596 0 0
GLOBE LIFE INC COM 37959E102 6,740 71,914 SH   SOLE N/A 71,914 0 0
GUILD HLDGS CO CL A 40172N107 11,601 826,873 SH   SOLE N/A 826,873 0 0
HILLTOP HOLDINGS INC COM 432748101 32,801 933,428 SH   SOLE N/A 933,428 0 0
HOME PT CAPITAL INCORPORATED COM 43734L106 565 125,500 SH   SOLE N/A 125,500 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 175,736 7,900 SH Put SOLE N/A 7,900 0 0
ONEMAIN HLDGS INC COM 68268W103 71,734 1,433,533 SH   SOLE N/A 1,433,533 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605 185,488 47,500 SH Put SOLE N/A 47,500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 153,412 3,230 SH Put SOLE N/A 3,230 0 0
WASHINGTON FED INC COM 938824109 4,718 141,339 SH   SOLE N/A 141,339 0 0