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 | 16,327 | 375,764 | SH | SOLE | N/A | 375,764 | 0 | 0 | |
| EXANTAS CAP CORP | COM NEW | 30068N105 | 8,998 | 846,469 | SH | SOLE | N/A | 846,469 | 0 | 0 | |
| FLAGSTAR BANCORP INC | COM PAR .001 | 337930705 | 32,676 | 992,578 | SH | SOLE | N/A | 992,578 | 0 | 0 | |
| HILLTOP HOLDINGS INC | COM | 432748101 | 14,523 | 795,756 | SH | SOLE | N/A | 795,756 | 0 | 0 | |
| INDEPENDENT BK GROUP INC | COM | 45384B106 | 1,177 | 22,943 | SH | SOLE | N/A | 22,943 | 0 | 0 | |
| MGIC INVT CORP WIS | COM | 552848103 | 103,061 | 7,813,534 | SH | SOLE | N/A | 7,813,534 | 0 | 0 | |
| OAKTREE SPECIALTY LENDING CO | COM | 67401P108 | 8,819 | 1,702,440 | SH | SOLE | N/A | 1,702,440 | 0 | 0 | |
| PENNYMAC FINL SVCS INC | COM | 70932M107 | 8,110 | 364,674 | SH | SOLE | N/A | 364,674 | 0 | 0 | |
| RADIAN GROUP INC | COM | 750236101 | 56,456 | 2,722,079 | SH | SOLE | N/A | 2,722,079 | 0 | 0 | |
| SLM CORP | COM | 78442P106 | 24,417 | 2,463,896 | SH | SOLE | N/A | 2,463,896 | 0 | 0 | |
| SPDR SERIES TRUST | S&P REGL BKG | 78464A698 | 41,379 | 805,981 | SH | SOLE | N/A | 805,981 | 0 | 0 | |