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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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALLIANCE DATA SYSTEMS CORP COM 018581108   7,151 212,515 SH   SOLE N/A 212,515 0 0
BANCORP INC DEL COM 05969A105   450 74,204 SH   SOLE N/A 74,204 0 0
EXANTAS CAP CORP COM NEW 30068N105   1,741 630,855 SH   SOLE N/A 630,855 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705   14,764 744,535 SH   SOLE N/A 744,535 0 0
HILLTOP HOLDINGS INC COM 432748101   15,682 1,037,145 SH   SOLE N/A 1,037,145 0 0
IBERIABANK CORP COM 450828108   6,102 166,953 SH   SOLE N/A 166,953 0 0
ISHARES TR RUSSELL 2000 ETF 464287655   42,350 3,700 SH Put SOLE N/A 3,700 0 0
MGIC INVT CORP WIS COM 552848103   28,694 4,517,811 SH   SOLE N/A 4,517,811 0 0
ONEMAIN HLDGS INC COM 68268W103   19,500 1,019,897 SH   SOLE N/A 1,019,897 0 0
RADIAN GROUP INC COM 750236101   15,466 1,194,279 SH   SOLE N/A 1,194,279 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605   35,304 16,957 SH Put SOLE N/A 16,957 0 0
SLM CORP COM 78442P106   16,007 2,226,271 SH   SOLE N/A 2,226,271 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   12,888 500 SH Put SOLE N/A 500 0 0
WEBSTER FINL CORP CONN COM 947890109   2,992 130,650 SH   SOLE N/A 130,650 0 0