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 6,699 172,574 SH   SOLE   172,574 0 0
ALLY FINL INC COM 02005N100 4,495 190,300 SH   SOLE   190,300 0 0
ALTISOURCE PORTFOLIO SOLNS S REG SHS L0175J104 3,616 107,000 SH Put SOLE   107,000 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 4,348 71,600 SH   SOLE   71,600 0 0
ASSURED GUARANTY LTD COM G0585R106 20,626 793,600 SH   SOLE   793,600 0 0
AVOLON HLDGS LTD COM G52237107 8,811 445,013 SH   SOLE   445,013 0 0
BANK AMER CORP COM 060505104 13,120 500,000 SH Call SOLE   500,000 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 4,674 175,325 SH   SOLE   175,325 0 0
CAPITAL ONE FINL CORP COM 14040H105 19,303 233,834 SH   SOLE   233,834 0 0
CHIMERA INVT CORP COM 16934Q109 4,212 1,324,585 SH   SOLE   1,324,585 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 9,170 482,652 SH   SOLE   482,652 0 0
DISCOVER FINL SVCS COM 254709108 4,689 71,605 SH   SOLE   71,605 0 0
ESSENT GROUP LTD COM G3198U102 6,707 260,876 SH   SOLE   260,876 0 0
FIRST BANCORP P R COM NEW 318672706 2,231 380,000 SH   SOLE   380,000 0 0
FIRST NBC BK HLDG CO COM 32115D106 15,118 429,485 SH   SOLE   429,485 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 13,532 860,278 SH   SOLE   860,278 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 16,813 1,278,522 SH   SOLE   1,278,522 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 3,899 296,500 SH Call SOLE   296,500 0 0
GENWORTH FINL INC COM CL A 37247D106 10,501 1,235,400 SH Call SOLE   1,235,400 0 0
GREEN DOT CORP CL A 39304D102 5,705 278,434 SH   SOLE   278,434 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 6,637 159,200 SH   SOLE   159,200 0 0
ICICI BK LTD ADR 45104G104 4,967 430,000 SH Call SOLE   430,000 0 0
INTERSECTIONS INC COM 460981301 2,672 683,400 SH Put SOLE   683,400 0 0
INVESTMENT TECHNOLOGY GRP NE COM 46145F105 4,995 239,893 SH   SOLE   239,893 0 0
JAMES RIV GROUP LTD COM G5005R107 4,627 203,300 SH   SOLE   203,300 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 21,346 843,720 SH   SOLE   843,720 0 0
LENNAR CORP CL A 526057104 6,273 140,000 SH Call SOLE   140,000 0 0
MGIC INVT CORP WIS COM 552848103 19,648 2,108,190 SH   SOLE   2,108,190 0 0
MGIC INVT CORP WIS COM 552848103 4,660 500,000 SH Call SOLE   500,000 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 2,114 75,000 SH Put SOLE   75,000 0 0
NELNET INC CL A 64031N108 28,979 625,488 SH   SOLE   625,488 0 0
NET 1 UEPS TECHNOLOGIES INC COM NEW 64107N206 20,993 1,841,481 SH   SOLE   1,841,481 0 0
NET 1 UEPS TECHNOLOGIES INC COM NEW 64107N206 602 52,800 SH Call SOLE   52,800 0 0
OFG BANCORP COM 67103X102 16,478 989,654 SH   SOLE   989,654 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 567 32,782 SH   SOLE   32,782 0 0
PHH CORP COM NEW 693320202 20,521 856,478 SH   SOLE   856,478 0 0
POPULAR INC COM NEW 733174700 13,252 389,200 SH   SOLE   389,200 0 0
RADIAN GROUP INC COM 750236101 6,683 399,686 SH   SOLE   399,686 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 2,311 168,047 SH   SOLE   168,047 0 0
SLM CORP COM 78442P106 6,641 651,700 SH   SOLE   651,700 0 0
SOUTH ST CORP COM 840441109 4,834 72,065 SH   SOLE   72,065 0 0
STATE STR CORP COM 857477103 4,302 54,800 SH   SOLE   54,800 0 0
WALKER & DUNLOP INC COM 93148P102 4,319 246,209 SH   SOLE   246,209 0 0
XL GROUP PLC SHS G98290102 4,423 128,700 SH   SOLE   128,700 0 0