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 8,980 205,817 SH   SOLE   205,817 0 0
AIRCASTLE LTD COM G0129K104 5,486 305,600 SH   SOLE   305,600 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 4,148 79,800 SH   SOLE   79,800 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 5,578 315,700 SH   SOLE   315,700 0 0
ASSURED GUARANTY LTD COM G0585R106 8,056 360,937 SH   SOLE   360,937 0 0
AVIS BUDGET GROUP COM 053774105 5,096 90,700 SH   SOLE   90,700 0 0
BANKRATE INC DEL COM 06647F102 1,747 99,600 SH Call SOLE   99,600 0 0
BLOCK H & R INC COM 093671105 4,167 129,700 SH   SOLE   129,700 0 0
CAPITAL ONE FINL CORP COM 14040H105 6,000 75,433 SH   SOLE   75,433 0 0
CHEMICAL FINL CORP COM 163731102 5,106 185,000 SH   SOLE   185,000 0 0
CIT GROUP INC COM NEW 125581801 8,272 168,440 SH   SOLE   168,440 0 0
CONNECTONE BANCORP INC COM 20786U101 5,591 294,266 SH   SOLE   294,266 0 0
CONNS INC COM 208242107 24,695 500,000 SH Put SOLE   500,000 0 0
DISCOVER FINL SVCS COM 254709108 4,091 66,998 SH   SOLE   66,998 0 0
EAST WEST BANCORP INC COM 27579R104 6,482 190,300 SH   SOLE   190,300 0 0
FIRST NBC BK HLDG CO COM 32115D106 11,556 363,520 SH   SOLE   363,520 0 0
FLAGSTAR BANCORP INC COM 337930705 14,434 788,768 SH   SOLE   788,768 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 9,855 659,632 SH   SOLE   659,632 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 7,365 261,000 SH   SOLE   261,000 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 20,567 878,940 SH   SOLE   878,940 0 0
KKR & CO L P DEL COM UNITS 48248M102 4,866 200,000 SH Put SOLE   200,000 0 0
LINCOLN NATL CORP IND COM 534187109 13,779 263,000 SH   SOLE   263,000 0 0
MGIC INVT CORP WIS COM 552848103 12,650 1,711,800 SH   SOLE   1,711,800 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 10,890 300,000 SH Put SOLE   300,000 0 0
NAVIENT CORP COM 63938C108 7,054 410,100 SH   SOLE   410,100 0 0
NELNET INC CL A 64031N108 26,419 640,764 SH   SOLE   640,764 0 0
NET 1 UEPS TECHNOLOGIES INC COM NEW 64107N206 12,780 1,200,000 SH   SOLE   1,200,000 0 0
NET 1 UEPS TECHNOLOGIES INC COM NEW 64107N206 1,944 170,800 SH Call SOLE   170,800 0 0
NEWCASTLE INVT CORP COM 65105M108 7,145 1,598,373 SH   SOLE   1,598,373 0 0
OFG BANCORP COM 67103X102 9,052 567,176 SH   SOLE   567,176 0 0
PHH CORP COM NEW 693320202 20,884 894,403 SH   SOLE   894,403 0 0
RADIAN GROUP INC COM 750236101 14,404 1,137,782 SH   SOLE   1,137,782 0 0
RADIAN GROUP INC COM 750236101 5,480 370,000 SH Call SOLE   370,000 0 0
RCS CAP CORP COM CL A 74937W102 6,712 325,533 SH   SOLE   325,533 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 9,405 300,000 SH Put SOLE   300,000 0 0
VOYA FINL INC COM 929089100 4,545 122,500 SH   SOLE   122,500 0 0
WADDELL & REED FINL INC CL A 930059100 5,198 98,466 SH   SOLE   98,466 0 0
WALKER & DUNLOP INC COM 93148P102 1,595 116,836 SH   SOLE   116,836 0 0
WALTER INVT MGMT CORP COM 93317W102 2,978 100,000 SH Put SOLE   100,000 0 0