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
ALLIANCEBERNSTEIN HOLDING LP UNIT LTD PARTN 01881G106 6,938 285,524 SH   SOLE 1,2,3,4 285,524 0 0
CME GROUP INC COM CL A 12572Q105 7,932 58,464 SH   SOLE 1,2,3,4 58,464 0 0
CNA FINL CORP COM 126117100 19,808 394,195 SH   SOLE 1,2,3,4 394,195 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 13,954 591,265 SH   SOLE 1,2,3,4 591,265 0 0
CENTURY CMNTYS INC COM 156504300 16,240 657,509 SH   SOLE 1,2,3,4 657,509 0 0
DIEBOLD NXDF INC COM 253651103 26,856 1,175,300 SH   SOLE 1,2,3,4 1,175,300 0 0
EMPLOYERS HOLDINGS INC COM 292218104 20,291 446,454 SH   SOLE 1,2,3,4 446,454 0 0
EZCORP INC CL A NON VTG 302301106 6,437 677,587 SH   SOLE 1,2,3,4 677,587 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 27,652 2,027,300 SH   SOLE 1,2,3,4 2,027,300 0 0
GROUP 1 AUTOMOTIVE INC COM 398905109 6,039 83,347 SH   SOLE 1,2,3,4 83,347 0 0
INVESTMENT TECHNOLOGY GRP NE COM 46145F105 15,722 710,109 SH   SOLE 1,2,3,4 710,109 0 0
NMI HLDGS INC CL A 629209305 13,128 1,058,724 SH   SOLE 1,2,3,4 1,058,724 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 17,103 921,005 SH   SOLE 1,2,3,4 921,005 0 0
ONEMAIN HLDGS INC COM 68268W103 14,353 509,167 SH   SOLE 1,2,3,4 509,167 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 18,018 1,012,272 SH   SOLE 1,2,3,4 1,012,272 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 9,925 208,640 SH   SOLE 1,2,3,4 208,640 0 0
PERFORMANT FINL CORP COM 71377E105 6,754 3,711,081 SH   SOLE 1,2,3,4 3,711,081 0 0
POPULAR INC COM NEW 733174700 21,086 586,698 SH   SOLE 1,2,3,4 586,698 0 0
SLM CORP COM 78442P106 14,679 1,279,802 SH   SOLE 1,2,3,4 1,279,802 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 30,077 1,956,867 SH   SOLE 1,2,3,4 1,956,867 0 0
UNITED INS HLDGS CORP COM 910710102 23,699 1,453,904 SH   SOLE 1,2,3,4 1,453,904 0 0
VIRTUS INVT PARTNERS INC COM 92828Q109 29,389 253,247 SH   SOLE 1,2,3,4 253,247 0 0
ASSURED GUARANTY LTD COM G0585R106 28,879 765,002 SH   SOLE 1,2,3,4 765,002 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 12,568 343,021 SH   SOLE 1,2,3,4 343,021 0 0
JAMES RIV GROUP LTD COM G5005R107 26,762 645,175 SH   SOLE 1,2,3,4 645,175 0 0
OM ASSET MGMT PLC SHS G67506108 31,122 2,085,955 SH   SOLE 1,2,3,4 2,085,955 0 0
TRITON INTL LTD CL A G9078F107 27,310 820,609 SH   SOLE 1,2,3,4 820,609 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 10,614 215,685 SH   SOLE 1,2,3,4 215,685 0 0
WILLIS TOWERS WATSON PUB LTD SHS G96629103 11,874 76,987 SH   SOLE 1,2,3,4 76,987 0 0
CORECIVIC INC COM 21871N101 27,368 1,022,347 SH   SOLE 1,2,3,4 1,022,347 0 0
GEO GROUP INC NEW COM 36162J106 26,181 973,259 SH   SOLE 1,2,3,4 973,259 0 0