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
ARCH CAP GROUP LTD ORD G0450A105   839,100 7,500 SH   SOLE N/A 7,500 0 0
ARCH CAP GROUP LTD ORD G0450A105   1,678,200 15,000 SH Put SOLE N/A 15,000 0 0
AVALONBAY CMNTYS INC COM 053484101   1,268,158 5,630 SH   SOLE N/A 5,630 0 0
AVALONBAY CMNTYS INC COM 053484101   1,689,375 7,500 SH Put SOLE N/A 7,500 0 0
BANC OF CALIFORNIA INC COM 05990K106   14,628,805 993,130 SH   SOLE N/A 993,130 0 0
CBRE GROUP INC CL A 12504L109   1,058,080 8,500 SH   SOLE N/A 8,500 0 0
CBRE GROUP INC CL A 12504L109   1,244,800 10,000 SH Put SOLE N/A 10,000 0 0
CHUBB LIMITED COM H1467J104   865,170 3,000 SH   SOLE N/A 3,000 0 0
CHUBB LIMITED COM H1467J104   2,162,925 7,500 SH Put SOLE N/A 7,500 0 0
ENACT HLDGS INC COM 29249E109   96,401,764 2,653,503 SH   SOLE N/A 2,653,503 0 0
ESSENT GROUP LTD COM G3198U102   1,125,075 17,500 SH   SOLE N/A 17,500 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303   1,396,350 22,500 SH   SOLE N/A 22,500 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303   1,551,500 25,000 SH Put SOLE N/A 25,000 0 0
FINANCIAL INSTNS INC COM 317585404   302,813 11,889 SH   SOLE N/A 11,889 0 0
FIRST HORIZON CORPORATION COM 320517105   2,593,510 167,000 SH   SOLE N/A 167,000 0 0
FIRST HORIZON CORPORATION COM 320517105   2,640,100 170,000 SH Put SOLE N/A 170,000 0 0
GLOBE LIFE INC COM 37959E102   2,647,750 25,000 SH Put SOLE N/A 25,000 0 0
GLOBE LIFE INC COM 37959E102   3,945,148 37,250 SH   SOLE N/A 37,250 0 0
GUILD HLDGS CO CL A 40172N107   24,953,598 1,500,517 SH   SOLE N/A 1,500,517 0 0
ISHARES TR MORTGE REL ETF 46435G342   1,542,450 65,000 SH Put SOLE N/A 65,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739   44,822,800 440,000 SH Put SOLE N/A 440,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739   2,444,880 24,000 SH Call SOLE N/A 24,000 0 0
JPMORGAN CHASE & CO. COM 46625H100   632,580 3,000 SH   SOLE N/A 3,000 0 0
MERITAGE HOMES CORP COM 59001A102   820,280 4,000 SH   SOLE N/A 4,000 0 0
MFA FINL INC COM 55272X607   763,200 60,000 SH   SOLE N/A 60,000 0 0
NEW YORK CMNTY BANCORP INC COM NEW 649445400   11,229,989 999,999 SH   SOLE N/A 999,999 0 0
PULTE GROUP INC COM 745867101   825,298 5,750 SH   SOLE N/A 5,750 0 0
RITHM CAPITAL CORP COM NEW 64828T201   1,589,000 140,000 SH   SOLE N/A 140,000 0 0
SCHWAB CHARLES CORP COM 808513105   648,100 10,000 SH   SOLE N/A 10,000 0 0
SCHWAB CHARLES CORP COM 808513105   842,530 13,000 SH Put SOLE N/A 13,000 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   25,352,008 559,400 SH Put SOLE N/A 559,400 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   34,138,720 59,500 SH Put SOLE N/A 59,500 0 0
SPDR SER TR S&P REGL BKG 78464A698   13,527,400 239,000 SH Put SOLE N/A 239,000 0 0
SPDR SER TR S&P REGL BKG 78464A698   4,811,000 85,000 SH Call SOLE N/A 85,000 0 0
TRUIST FINL CORP COM 89832Q109   641,550 15,000 SH   SOLE N/A 15,000 0 0
TRUIST FINL CORP COM 89832Q109   1,069,250 25,000 SH Put SOLE N/A 25,000 0 0
WEBSTER FINL CORP COM 947890109   233,050 5,000 SH   SOLE N/A 5,000 0 0
WELLS FARGO CO NEW COM 949746101   1,553,475 27,500 SH   SOLE N/A 27,500 0 0
WELLS FARGO CO NEW COM 949746101   1,694,700 30,000 SH Put SOLE N/A 30,000 0 0
WESBANCO INC COM 950810101   10,299,201 363,639 SH   SOLE N/A 363,639 0 0
WINTRUST FINL CORP COM 97650W108   542,650 5,000 SH   SOLE N/A 5,000 0 0