The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| ESSENT GROUP LTD | COM | G3198U102 | 7,758 | 226,973 | SH | SOLE | N/A | 226,973 | 0 | 0 | |
| EXANTAS CAP CORP | COM NEW | 30068N105 | 8,482 | 846,469 | SH | SOLE | N/A | 846,469 | 0 | 0 | |
| FLAGSTAR BANCORP INC | COM PAR .001 | 337930705 | 39,306 | 1,488,866 | SH | SOLE | N/A | 1,488,866 | 0 | 0 | |
| INDEPENDENT BK GROUP INC | COM | 45384B106 | 5,973 | 130,502 | SH | SOLE | N/A | 130,502 | 0 | 0 | |
| LADDER CAP CORP | CL A | 505743104 | 1,730 | 111,801 | SH | SOLE | N/A | 111,801 | 0 | 0 | |
| MGIC INVT CORP WIS | COM | 552848103 | 78,592 | 7,513,534 | SH | SOLE | N/A | 7,513,534 | 0 | 0 | |
| OAKTREE SPECIALTY LENDING CO | COM | 67401P108 | 10,802 | 2,553,660 | SH | SOLE | N/A | 2,553,660 | 0 | 0 | |
| PENNYMAC FINL SVCS INC | COM | 70932M107 | 16,986 | 798,968 | SH | SOLE | N/A | 798,968 | 0 | 0 | |
| RADIAN GROUP INC | COM | 750236101 | 44,533 | 2,722,079 | SH | SOLE | N/A | 2,722,079 | 0 | 0 | |
| SLM CORP | COM | 78442P106 | 20,475 | 2,463,896 | SH | SOLE | N/A | 2,463,896 | 0 | 0 | |
| SPDR SERIES TRUST | S&P REGL BKG | 78464A698 | 37,712 | 805,981 | SH | SOLE | N/A | 805,981 | 0 | 0 | |