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 10,751 246,310 SH   SOLE   246,310 0 0
ALTISOURCE PORTFOLIO SOLNS S REG SHS L0175J104 27,027 210,000 SH Put SOLE   210,000 0 0
AMERICAN EXPRESS CO COM 025816109 5,859 75,000 SH Put SOLE   75,000 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 5,446 84,900 SH   SOLE   84,900 0 0
ASSURED GUARANTY LTD COM G0585R106 18,996 719,800 SH   SOLE   719,800 0 0
AVOLON HLDGS LTD COM G52237107 8,814 414,014 SH   SOLE   414,014 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 6,519 235,325 SH   SOLE   235,325 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 4,359 358,788 SH   SOLE   358,788 0 0
CAPITAL ONE FINL CORP COM 14040H105 10,012 127,026 SH   SOLE   127,026 0 0
CITIGROUP INC COM NEW 172967424 4,534 88,000 SH   SOLE   88,000 0 0
CITIZENS FINL GROUP INC COM 174610105 11,233 465,500 SH   SOLE   465,500 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 10,533 541,284 SH   SOLE   541,284 0 0
D R HORTON INC COM 23331A109 6,431 225,800 SH   SOLE   225,800 0 0
DISCOVER FINL SVCS COM 254709108 14,465 256,700 SH   SOLE   256,700 0 0
ESSENT GROUP LTD COM G3198U102 12,983 542,981 SH   SOLE   542,981 0 0
EVERTEC INC COM 30040P103 4,540 207,700 SH   SOLE   207,700 0 0
FCG FINL HLDGS INC CL A 30255G103 4,550 166,256 SH   SOLE   166,256 0 0
FIRST NBC BK HLDG CO COM 32115D106 17,934 543,793 SH   SOLE   543,793 0 0
FIRST NBC BK HLDG CO COM 32115D106 330 10,000 SH   SOLE   10,000 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 14,640 1,008,976 SH   SOLE   1,008,976 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 15,499 1,064,469 SH   SOLE   1,064,469 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 8,896 212,711 SH   SOLE   212,711 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 4,275 72,600 SH   SOLE   72,600 0 0
ICICI BK LTD ADR 45104G104 2,590 250,000 SH Call SOLE   250,000 0 0
ICICI BK LTD ADR 45104G104 3,453 333,300 SH   SOLE   333,300 0 0
INTERSECTIONS INC COM 460981301 1,747 512,400 SH Put SOLE   512,400 0 0
INVESCO LTD SHS G491BT108 11,208 282,400 SH   SOLE   282,400 0 0
JAMES RIV GROUP LTD COM G5005R107 8,122 345,192 SH   SOLE   345,192 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 27,278 1,043,537 SH   SOLE   1,043,537 0 0
MGIC INVT CORP WIS COM 552848103 24,473 2,541,297 SH   SOLE   2,541,297 0 0
NELNET INC CL A 64031N108 32,226 681,015 SH   SOLE   681,015 0 0
NET 1 UEPS TECHNOLOGIES INC COM NEW 64107N206 24,554 1,794,914 SH   SOLE   1,794,914 0 0
NET 1 UEPS TECHNOLOGIES INC COM NEW 64107N206 611 44,700 SH Call SOLE   44,700 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 6,791 374,800 SH   SOLE   374,800 0 0
OCWEN FINL CORP COM NEW 675746309 41,250 500,000 SH Put SOLE   500,000 0 0
OFG BANCORP COM 67103X102 14,465 886,354 SH   SOLE   886,354 0 0
OFG BANCORP COM 67103X102 2,900 177,700 SH Call SOLE   177,700 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 2,336 137,631 SH   SOLE   137,631 0 0
PHH CORP COM NEW 693320202 14,280 590,815 SH   SOLE   590,815 0 0
POPULAR INC COM NEW 733174700 16,064 467,122 SH   SOLE   467,122 0 0
RADIAN GROUP INC COM 750236101 5,037 300,000 SH Call SOLE   300,000 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 3,559 153,800 SH   SOLE   153,800 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 2,788 195,377 SH   SOLE   195,377 0 0
SYNCHRONY FINL COM 87165B103 4,416 145,500 SH   SOLE   145,500 0 0
WALKER & DUNLOP INC COM 93148P102 25,632 1,445,678 SH   SOLE   1,445,678 0 0
WALKER & DUNLOP INC COM 93148P102 4,876 275,000 SH Call SOLE   2,750 0 0
WESTERN ALLIANCE BANCORP COM 957638109 4,585 154,688 SH   SOLE   154,688 0 0