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 1,672 630,855 SH   SOLE N/A 630,855 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 21,912 744,535 SH   SOLE N/A 744,535 0 0
HILLTOP HOLDINGS INC COM 432748101 19,135 1,037,145 SH   SOLE N/A 1,037,145 0 0
IBERIABANK CORP COM 450828108 7,603 166,953 SH   SOLE N/A 166,953 0 0
MGIC INVT CORP WIS COM 552848103 37,001 4,517,811 SH   SOLE N/A 4,517,811 0 0
ONEMAIN HLDGS INC COM 68268W103 25,028 1,019,897 SH   SOLE N/A 1,019,897 0 0
RADIAN GROUP INC COM 750236101 18,523 1,194,279 SH   SOLE N/A 1,194,279 0 0
SLM CORP COM 78442P106 15,651 2,226,271 SH   SOLE N/A 2,226,271 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 80,174 2,600 SH Put SOLE N/A 260,000 0 0
WEBSTER FINL CORP CONN COM 947890109 3,738 130,650 SH   SOLE N/A 130,650 0 0