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 6,075 148,544 SH   SOLE   148,544 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 10,804 200,000 SH Call SOLE   200,000 0 0
AIRCASTLE LTD COM G0129K104 5,000 305,600 SH   SOLE   305,600 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 2,052 56,300 SH   SOLE   56,300 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 16,685 500,000 SH Put SOLE   500,000 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 5,528 315,700 SH   SOLE   315,700 0 0
ASSURED GUARANTY LTD COM G0585R106 2,464 111,200 SH   SOLE   111,200 0 0
CAPITAL ONE FINL CORP COM 14040H105 7,104 87,033 SH   SOLE   87,033 0 0
CHEMICAL FINL CORP COM 163731102 4,975 185,000 SH   SOLE   185,000 0 0
CME GROUP INC COM 12572Q105 30,385 380,000 SH Put SOLE   380,000 0 0
COLONY FINL INC COM 19624R106 4,279 191,200 SH   SOLE   191,200 0 0
CONNS INC COM 208242107 14,539 480,300 SH Put SOLE   480,300 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 5,819 305,466 SH   SOLE   305,466 0 0
DISOCVER FINL SVCS COM 254709108 4,121 63,998 SH   SOLE   63,998 0 0
EAST WEST BANCORP INC COM 27579R104 4,036 118,700 SH   SOLE   118,700 0 0
FIRST NBC BK HLDG CO COM 32115D106 14,682 448,320 SH   SOLE   448,320 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 12,621 749,885 SH   SOLE   749,885 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 9,321 727,632 SH   SOLE   727,632 0 0
GLOBAL CASH ACCESS HLDGS INC COM 378967103 3,423 507,100 SH   SOLE   507,100 0 0
GREEN DOT CORP CL A 39304D102 523 24,734 SH   SOLE   24,734 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 6,586 176,800 SH   SOLE   176,800 0 0
BLOCK H & R INC COM 093671105 12,404 400,000 SH Put SOLE   400,000 0 0
HUNTINGTON BANCSHARES INC COM 446150104 4,312 443,200 SH   SOLE   443,200 0 0
ICICI BK LTD ADR 45104G104 14,730 300,000 SH Call SOLE   300,000 0 0
INTERSECTIONS INC COM 460981301 1,210 315,000 SH Put SOLE   315,000 0 0
INVESTMENT TECHNOLOGY GRP NE COM 46145F105 2,728 173,100 SH   SOLE   173,100 0 0
INVESCO LTD SHS G491BT108 5,922 150,000 SH Put SOLE   150,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 10,935 100,000 SH Put SOLE   100,000 0 0
JPMORGAN CHASE & CO COM 46625H100 8,272 137,323 SH   SOLE   137,323 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 19,243 803,110 SH   SOLE   803,110 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 6,815 180,000 SH Call SOLE   180,000 0 0
MGIC INVT CORP WTS COM 552848103 9,278 1,187,939 SH   SOLE   1,187,939 0 0
NAVIENT CORP COM 63938C108 10,401 587,300 SH   SOLE   587,300 0 0
NELNET INC CL A 64031N108 28,020 650,264 SH   SOLE   650,264 0 0
NET 1 UEPS TECHNOLOGIES INC COM NEW 64107N206 17,033 1,413,500 SH   SOLE   1,413,500 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 219 6,400 SH Put SOLE   6,400 0 0
OFG BANCORP COM 67103X102 11,756 784,770 SH   SOLE   784,770 0 0
PHH CORP COM NEW 693320202 22,646 1,012,783 SH   SOLE   1,012,783 0 0
POPULAR INC COM NEW 733174700 5,069 172,200 SH   SOLE   172,200 0 0
RADIAN GROUP INC COM 750236101 11,938 837,182 SH   SOLE   837,182 0 0
RCS CAP CORP COM CL A 74937W102 8,620 382,789 SH   SOLE   382,789 0 0
SLM CORP COM 78442P106 5,339 623,700 SH   SOLE   623,700 0 0
SOUTH ST CORP COM 840441109 7,935 141,900 SH   SOLE   141,900 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 4,174 509,000 SH   SOLE   509,000 0 0
SYNCHRONY FINL COM 87165B103 7,274 296,300 SH   SOLE   296,300 0 0
VERIFONE SYS INC COM 92342Y109 3,992 116,100 SH   SOLE   116,100 0 0
VOYA FINL INC COM 929089100 4,094 104,700 SH   SOLE   104,700 0 0
WELLS FARGO & CO NEW COM 949746101 8,149 157,100 SH   SOLE   157,100 0 0
WISDOMTREE INVTS INC COM 97717P104 7,692 675,937 SH   SOLE   675,937 0 0