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
EXANTAS CAP CORP COM NEW 30068N105 1,318 630,855 SH   SOLE N/A 630,855 0 0
FIRST HORIZON NATL CORP COM 320517105 7,217 765,311 SH   SOLE N/A 765,311 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 22,061 744,535 SH   SOLE N/A 744,535 0 0
HILLTOP HOLDINGS INC COM 432748101 21,344 1,037,145 SH   SOLE N/A 1,037,145 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 37,448 2,500 SH Put SOLE N/A 2,500 0 0
MGIC INVT CORP WIS COM 552848103 40,028 4,517,811 SH   SOLE N/A 4,517,811 0 0
ONEMAIN HLDGS INC COM 68268W103 31,872 1,019,897 SH   SOLE N/A 1,019,897 0 0
RADIAN GROUP INC COM 750236101 17,448 1,194,279 SH   SOLE N/A 1,194,279 0 0
SLM CORP COM 78442P106 18,011 2,226,271 SH   SOLE N/A 2,226,271 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 50,234 1,500 SH Put SOLE N/A 1,500 0 0
WEBSTER FINL CORP CONN COM 947890109 3,450 130,650 SH   SOLE N/A 130,650 0 0