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 7,802 150,000 SH   SOLE   150,000 0 0
AIR LEASE CORP CL A 00912X302 10,335 250,000 SH   SOLE   250,000 0 0
ARES CAP CORP COM 04010L103 4,485 250,002 SH   SOLE   250,002 0 0
ASSURED GUARANTY LTD COM G0585R106 14,097 335,000 SH   SOLE   335,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 9,074 100,000 SH   SOLE   100,000 0 0
CITIGROUP INC COM NEW 172967424 7,003 100,000 SH   SOLE   100,000 0 0
CLEVELAND CLIFFS INC COM 185899101 4,268 400,000 SH   SOLE   400,000 0 0
CM FIN INC COM 12574Q103 342 45,000 SH   SOLE   45,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 10,230 50,000 SH   SOLE   50,000 0 0
MBIA INC COM 55262C100 3,724 400,000 SH   SOLE   400,000 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 10,838 125,000 SH   SOLE   125,000 0 0
MICRON TECHNOLOGY INC COM 595112103 3,859 100,000 SH   SOLE   100,000 0 0
MICRON TECHNOLOGY INC COM 595112103 7,718 200,000 SH Call SOLE   0 0 200,000
MORGAN STANLEY COM NEW 617446448 10,953 250,000 SH   SOLE   250,000 0 0
NELNET INC CL A 64031N108 4,442 75,000 SH   SOLE   75,000 0 0
TCF FINL CORP COM 872275102 2,079 100,000 SH   SOLE   100,000 0 0
WESTERN DIGITAL CORP COM 958102105 2,378 50,000 SH   SOLE   50,000 0 0