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 |
| ALLSTATE CORP | COM | 020002101 | 159,660 | 1,000 | SH | SOLE | N/A | 1,000 | 0 | 0 | |
| AMERIS BANCORP | COM | 03076K108 | 1,510,500 | 30,000 | SH | SOLE | N/A | 30,000 | 0 | 0 | |
| ARCH CAP GROUP LTD | ORD | G0450A105 | 2,017,800 | 20,000 | SH | Put | SOLE | N/A | 20,000 | 0 | 0 |
| AXOS FINANCIAL INC | COM | 05465C100 | 571,500 | 10,000 | SH | SOLE | N/A | 10,000 | 0 | 0 | |
| BANC OF CALIFORNIA INC | COM | 05990K106 | 17,229,101 | 1,348,130 | SH | SOLE | N/A | 1,348,130 | 0 | 0 | |
| BANKUNITED INC | COM | 06652K103 | 292,700 | 10,000 | SH | SOLE | N/A | 10,000 | 0 | 0 | |
| CBRE GROUP INC | CL A | 12504L109 | 1,646,396 | 18,476 | SH | SOLE | N/A | 18,476 | 0 | 0 | |
| CBRE GROUP INC | CL A | 12504L109 | 1,782,200 | 20,000 | SH | Put | SOLE | N/A | 20,000 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 | 1,683,528 | 6,600 | SH | SOLE | N/A | 6,600 | 0 | 0 | |
| CHUBB LIMITED | COM | H1467J104 | 1,913,100 | 7,500 | SH | Put | SOLE | N/A | 7,500 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 | 1,409,300 | 10,000 | SH | SOLE | N/A | 10,000 | 0 | 0 | |
| ENACT HLDGS INC | COM | 29249E109 | 81,356,402 | 2,653,503 | SH | SOLE | N/A | 2,653,503 | 0 | 0 | |
| ESSENT GROUP LTD | COM | G3198U102 | 1,404,750 | 25,000 | SH | SOLE | N/A | 25,000 | 0 | 0 | |
| FINANCIAL INSTNS INC | COM | 317585404 | 533,657 | 27,622 | SH | SOLE | N/A | 27,622 | 0 | 0 | |
| FIRST AMERN FINL CORP | COM | 31847R102 | 1,079,000 | 20,000 | SH | Put | SOLE | N/A | 20,000 | 0 | 0 |
| FIRST AMERN FINL CORP | COM | 31847R102 | 1,667,055 | 30,900 | SH | SOLE | N/A | 30,900 | 0 | 0 | |
| FIRST HORIZON CORPORATION | COM | 320517105 | 822,090 | 52,130 | SH | SOLE | N/A | 52,130 | 0 | 0 | |
| GLOBE LIFE INC | COM | 37959E102 | 2,057,000 | 25,000 | SH | SOLE | N/A | 25,000 | 0 | 0 | |
| GUILD HLDGS CO | CL A | 40172N107 | 18,802,231 | 1,271,280 | SH | SOLE | N/A | 1,271,280 | 0 | 0 | |
| HUNTINGTON BANCSHARES INC | COM | 446150104 | 988,500 | 75,000 | SH | SOLE | N/A | 75,000 | 0 | 0 | |
| HUNTINGTON BANCSHARES INC | COM | 446150104 | 1,977,000 | 150,000 | SH | Put | SOLE | N/A | 150,000 | 0 | 0 |
| ISHARES TR | MORTGE REL ETF | 46435G342 | 1,440,400 | 65,000 | SH | Put | SOLE | N/A | 65,000 | 0 | 0 |
| ISHARES TR | U.S. REAL ES ETF | 464287739 | 2,105,760 | 24,000 | SH | Call | SOLE | N/A | 24,000 | 0 | 0 |
| ISHARES TR | US HOME CONS ETF | 464288752 | 1,263,250 | 12,500 | SH | Call | SOLE | N/A | 12,500 | 0 | 0 |
| ISHARES TR | U.S. REAL ES ETF | 464287739 | 25,444,600 | 290,000 | SH | Put | SOLE | N/A | 290,000 | 0 | 0 |
| JONES LANG LASALLE INC | COM | 48020Q107 | 615,840 | 3,000 | SH | SOLE | N/A | 3,000 | 0 | 0 | |
| JONES LANG LASALLE INC | COM | 48020Q107 | 1,026,400 | 5,000 | SH | Put | SOLE | N/A | 5,000 | 0 | 0 |
| JPMORGAN CHASE & CO. | COM | 46625H100 | 1,112,430 | 5,500 | SH | SOLE | N/A | 5,500 | 0 | 0 | |
| JPMORGAN CHASE & CO. | COM | 46625H100 | 2,224,860 | 11,000 | SH | Put | SOLE | N/A | 11,000 | 0 | 0 |
| MFA FINL INC | COM | 55272X607 | 851,200 | 80,000 | SH | SOLE | N/A | 80,000 | 0 | 0 | |
| NEW YORK CMNTY BANCORP INC | COM | 649445103 | 24,150,000 | 7,500,000 | SH | SOLE | N/A | 7,500,000 | 0 | 0 | |
| PROSPERITY BANCSHARES INC | COM | 743606105 | 1,375,650 | 22,500 | SH | SOLE | N/A | 22,500 | 0 | 0 | |
| PULTE GROUP INC | COM | 745867101 | 1,101,000 | 10,000 | SH | SOLE | N/A | 10,000 | 0 | 0 | |
| RITHM CAPITAL CORP | COM NEW | 64828T201 | 1,527,400 | 140,000 | SH | SOLE | N/A | 140,000 | 0 | 0 | |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y956 | 21,763,634 | 529,400 | SH | Put | SOLE | N/A | 529,400 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y906 | 2,055,500 | 50,000 | SH | Call | SOLE | N/A | 50,000 | 0 | 0 |
| SPDR S&P 500 ETF TR | TR UNIT | 78462F103 | 32,381,090 | 59,500 | SH | Put | SOLE | N/A | 59,500 | 0 | 0 |
| SPDR SER TR | S&P REGL BKG | 78464A698 | 6,137,500 | 125,000 | SH | Put | SOLE | N/A | 125,000 | 0 | 0 |
| SPDR SER TR | S&P REGL BKG | 78464A698 | 8,347,000 | 170,000 | SH | Call | SOLE | N/A | 170,000 | 0 | 0 |
| STEWART INFORMATION SVCS COR | COM | 860372101 | 993,280 | 16,000 | SH | SOLE | N/A | 16,000 | 0 | 0 | |
| TOLL BROTHERS INC | COM | 889478103 | 575,900 | 5,000 | SH | SOLE | N/A | 5,000 | 0 | 0 | |
| TRUIST FINL CORP | COM | 89832Q109 | 679,875 | 17,500 | SH | SOLE | N/A | 17,500 | 0 | 0 | |
| TRUIST FINL CORP | COM | 89832Q109 | 971,250 | 25,000 | SH | Put | SOLE | N/A | 25,000 | 0 | 0 |
| WEBSTER FINL CORP | COM | 947890109 | 2,763,606 | 63,400 | SH | SOLE | N/A | 63,400 | 0 | 0 | |
| WEBSTER FINL CORP | COM | 947890109 | 3,051,300 | 70,000 | SH | Put | SOLE | N/A | 70,000 | 0 | 0 |
| WINTRUST FINL CORP | COM | 97650W108 | 1,774,080 | 18,000 | SH | SOLE | N/A | 18,000 | 0 | 0 | |