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
EXANTAS CAP CORP COM NEW 30068N105 9,574 846,469 SH   SOLE N/A 846,469 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 32,894 992,578 SH   SOLE N/A 992,578 0 0
HILLTOP HOLDINGS INC COM 432748101 18,734 880,756 SH   SOLE N/A 880,756 0 0
MGIC INVT CORP WIS COM 552848103 59,536 4,530,864 SH   SOLE N/A 4,530,864 0 0
OAKTREE SPECIALTY LENDING CO COM 67401P108 7,954 1,467,440 SH   SOLE N/A 1,467,440 0 0
ONEMAIN HLDGS INC COM 68268W103 27,473 812,559 SH   SOLE N/A 812,559 0 0
PENNYMAC FINL SVCS INC COM 70932M107 10,201 459,920 SH   SOLE N/A 459,920 0 0
RADIAN GROUP INC COM 750236101 62,200 2,722,079 SH   SOLE N/A 2,722,079 0 0
SLM CORP COM 78442P106 52,146 5,364,807 SH   SOLE N/A 5,364,807 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 28,758 538,244 SH   SOLE N/A 538,244 0 0
WEBSTER FINL CORP CONN COM 947890109 14,358 300,558 SH   SOLE N/A 300,558 0 0