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
AERCAP HOLDINGS NV SHS N00985106 10,222 200,000 SH   SOLE   200,000 0 0
AIR LEASE CORP CL A 00912X302 9,163 215,000 SH   SOLE   215,000 0 0
ALLY FINL INC COM 02005N100 1,213 50,000 SH   SOLE   50,000 0 0
ALPHABET INC CAP STK CL A 02079K305 3,895 4,000 SH   SOLE   4,000 0 0
APPLIED MATLS INC COM 038222105 781 15,000 SH   SOLE   15,000 0 0
ARES CAP CORP COM 04010L103 21,307 1,300,000 SH   SOLE   1,300,000 0 0
ASSURED GUARANTY LTD COM G0585R106 15,100 400,000 SH   SOLE   400,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 16,932 200,000 SH   SOLE   200,000 0 0
CITIGROUP INC COM NEW 172967424 21,822 300,000 SH   SOLE   300,000 0 0
CLEVELAND CLIFFS INC COM 185899101 12,513 1,750,000 SH   SOLE   1,750,000 0 0
FIRST DATA CORP NEW COM CL A 32008D106 5,863 325,000 SH   SOLE   325,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 21,347 90,000 SH   SOLE   90,000 0 0
KEYCORP NEW COM 493267108 10,822 575,000 SH   SOLE   575,000 0 0
MBIA INC COM 55262C100 3,480 400,000 SH   SOLE   400,000 0 0
MICRON TECHNOLOGY INC COM 595112103 9,833 250,000 SH   SOLE   250,000 0 0
NELNET INC CL A 64031N108 1,732 34,300 SH   SOLE   34,300 0 0
OCWEN FINL CORP COM NEW 675746309 998 290,000 SH   SOLE   290,000 0 0
OFG BANCORP COM 67103X102 9,635 1,053,000 SH   SOLE   1,053,000 0 0
WELLS FARGO CO NEW COM 949746101 12,409 225,000 SH   SOLE   225,000 0 0