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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNC INVT CORP COM 00123Q104   828,900 90,000 SH   SOLE N/A 90,000 0 0
AMERICAN EXPRESS CO COM 025816109   1,224,259 4,125 SH   SOLE N/A 4,125 0 0
AMERICAN EXPRESS CO COM 025816109   2,225,925 7,500 SH Put SOLE N/A 7,500 0 0
AVALONBAY CMNTYS INC COM 053484101   1,571,246 7,143 SH   SOLE N/A 7,143 0 0
AVALONBAY CMNTYS INC COM 053484101   2,199,700 10,000 SH Put SOLE N/A 10,000 0 0
BANC OF CALIFORNIA INC COM 05990K106   15,353,790 993,130 SH   SOLE N/A 993,130 0 0
BANK NEW YORK MELLON CORP COM 064058100   1,866,969 24,300 SH   SOLE N/A 24,300 0 0
BANK NEW YORK MELLON CORP COM 064058100   2,304,900 30,000 SH Put SOLE N/A 30,000 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107   9,330,050 344,828 SH   SOLE N/A 344,828 0 0
ESSENT GROUP LTD COM G3198U102   669,612 12,300 SH   SOLE N/A 12,300 0 0
FINANCIAL INSTNS INC COM 317585404   4,690,851 171,889 SH   SOLE N/A 171,889 0 0
FLAGSTAR FINANCIAL INC COM NEW 649445400   1,554,994 166,666 SH   SOLE N/A 166,666 0 0
GLOBE LIFE INC COM 37959E102   1,728,560 15,500 SH Put SOLE N/A 15,500 0 0
GLOBE LIFE INC COM 37959E102   2,810,304 25,200 SH   SOLE N/A 25,200 0 0
GUILD HLDGS CO CL A 40172N107   22,517,359 1,595,844 SH   SOLE N/A 1,595,844 0 0
ISHARES TR MORTGE REL ETF 46435G342   1,547,875 72,500 SH Put SOLE N/A 72,500 0 0
ISHARES TR U.S. REAL ES ETF 464287739   1,395,900 15,000 SH Put SOLE N/A 15,000 0 0
ISHARES TR US HOME CONS ETF 464288752   4,032,210 39,000 SH Put SOLE N/A 39,000 0 0
JONES LANG LASALLE INC COM 48020Q107   949,275 3,750 SH   SOLE N/A 3,750 0 0
JONES LANG LASALLE INC COM 48020Q107   1,265,700 5,000 SH Put SOLE N/A 5,000 0 0
LENNAR CORP CL A 526057104   1,239,740 9,091 SH   SOLE N/A 9,091 0 0
MERITAGE HOMES CORP COM 59001A102   1,098,736 7,143 SH   SOLE N/A 7,143 0 0
OLD NATL BANCORP IND COM 680033107   1,013,276 46,684 SH   SOLE N/A 46,684 0 0
POPULAR INC COM NEW 733174700   482,998 5,135 SH   SOLE N/A 5,135 0 0
PULTE GROUP INC COM 745867101   1,272,823 11,688 SH   SOLE N/A 11,688 0 0
RITHM CAPITAL CORP COM NEW 64828T201   1,624,500 150,000 SH   SOLE N/A 150,000 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   2,416,500 50,000 SH Put SOLE N/A 50,000 0 0
SPDR SER TR S&P REGL BKG 78464A698   2,414,000 40,000 SH Call SOLE N/A 40,000 0 0
SPDR SER TR S&P REGL BKG 78464A698   18,105,000 300,000 SH Put SOLE N/A 300,000 0 0
TRUIST FINL CORP COM 89832Q109   1,409,850 32,500 SH   SOLE N/A 32,500 0 0
TRUIST FINL CORP COM 89832Q109   2,169,000 50,000 SH Put SOLE N/A 50,000 0 0
US BANCORP DEL COM NEW 902973304   2,391,500 50,000 SH Put SOLE N/A 50,000 0 0
US BANCORP DEL COM NEW 902973304   2,446,505 51,150 SH   SOLE N/A 51,150 0 0
WEBSTER FINL CORP COM 947890109   2,664,365 48,250 SH   SOLE N/A 48,250 0 0
WEBSTER FINL CORP COM 947890109   2,761,000 50,000 SH Put SOLE N/A 50,000 0 0