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
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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
CENTURY COMMUNITIES INC COM 156504300 7,283 274,000 SH   SOLE   7,283 0 0
COUSINS PROPERTIES INC COM 222795106 11,937 330,030 SH   SOLE   11,937 0 0
ESSENT GROUP LTD COM G3198U102 7,049 150,000 SH   SOLE   7,049 0 0
FRONT YARD RESIDENTIAL CORP COM 35904G107 10,998 900,000 SH   SOLE   10,998 0 0
GREAT AJAX CORP COM 38983D300 6,300 450,000 SH   SOLE   6,300 0 0
JERNIGAN CAPITAL INC COM 476405105 11,788 575,000 SH   SOLE   11,788 0 0
MEDLEY MANAGEMENT INC CL A COM 58503T106 73 29,816 SH   SOLE   73 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 21,770 1,325,000 SH   SOLE   21,770 0 0
PENNYMAC FINANCIAL SERVICES INC COM 70932M107 3,882 175,000 SH   SOLE   3,882 0 0
POPULAR INC COM 733174700 4,068 75,000 SH   SOLE   4,068 0 0
QTS REALTY TRUST INC 6.50% CON PFD B 74736A301 5,539 50,000 SH   SOLE   5,539 0 0
REDWOOD TRUST INC COM 758075402 9,918 600,000 SH   SOLE   9,918 0 0
SPDR S&P 500 ETF TRUST TR UNIT 78462F103 424 3,350 SH Put SOLE   424 0 0
SPDR S&P REGIONAL BANKING ETF S&P REGL BKG 78464A698 198 5,000 SH Put SOLE   198 0 0
VEREIT INC COM 92339V100 23 3,101 SH Call SOLE   23 0 0
WP CAREY INC COM 92936U109 8,118 100,000 SH   SOLE   8,118 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 370 3,850 SH Put SOLE   370 0 0