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 9,624 846,469 SH   SOLE N/A 846,469 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 43,947 1,176,635 SH   SOLE N/A 1,176,635 0 0
HILLTOP HOLDINGS INC COM 432748101 21,041 880,756 SH   SOLE N/A 880,756 0 0
IBERIABANK CORP COM 450828108 14,506 192,037 SH   SOLE N/A 192,037 0 0
MGIC INVT CORP WIS COM 552848103 49,452 3,930,967 SH   SOLE N/A 3,930,967 0 0
OAKTREE SPECIALTY LENDING CO COM 67401P108 7,601 1,467,440 SH   SOLE N/A 1,467,440 0 0
ONEMAIN HLDGS INC COM 68268W103 55,152 1,503,592 SH   SOLE N/A 1,503,592 0 0
PENNYMAC FINL SVCS INC COM 70932M107 6,986 229,960 SH   SOLE N/A 229,960 0 0
RADIAN GROUP INC COM 750236101 31,086 1,361,038 SH   SOLE N/A 1,361,038 0 0
SLM CORP COM 78442P106 47,344 5,364,807 SH   SOLE N/A 5,364,807 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 4,728 89,571 SH   SOLE N/A 89,571 0 0
SYNOVUS FINL CORP COM NEW 87161C501 14,404 402,792 SH   SOLE N/A 402,792 0 0
WEBSTER FINL CORP CONN COM 947890109 14,087 300,558 SH   SOLE N/A 300,558 0 0