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
AERCAP HOLDINGS NV SHS N00985106   15,404,787 245,808 SH   SOLE 1,2,3 245,808 0 0
ALLSTATE CORP COM 020002101   9,082,477 81,523 SH   SOLE 1,2 81,523 0 0
AMERICAN INTL GROUP INC COM NEW 026874784   10,067,842 166,136 SH   SOLE 1,2,3 166,136 0 0
APOLLO GLOBAL MGMT INC COM 03769M106   16,570,953 184,614 SH   SOLE 1,2,3 184,614 0 0
ARCH CAP GROUP LTD ORD G0450A105   13,144,817 164,908 SH   SOLE 1,2,3 164,908 0 0
ASSURED GUARANTY LTD COM G0585R106   26,955,790 445,403 SH   SOLE 1,2,3 445,403 0 0
AVIS BUDGET GROUP COM 053774105   11,455,238 63,750 SH   SOLE 1,2,3 63,750 0 0
CAMECO CORP COM 13321L108   7,909,805 199,541 SH   SOLE 1,2,3 199,541 0 0
CHUBB LIMITED COM H1467J104   7,416,829 35,627 SH   SOLE 1,2 35,627 0 0
CORECIVIC INC COM 21871N101   18,488,295 1,643,404 SH   SOLE 1,2,3 1,643,404 0 0
CUSTOMERS BANCORP INC COM 23204G100   6,249,850 181,418 SH   SOLE 1,2 181,418 0 0
EVEREST GROUP LTD COM G3223R108   13,397,217 36,046 SH   SOLE 1,2,3 36,046 0 0
EXXON MOBIL CORP COM 30231G102   8,202,146 69,758 SH   SOLE 1,2 69,758 0 0
FIRST FNDTN INC COM 32026V104   8,738,024 1,437,175 SH   SOLE 1,2,3 1,437,175 0 0
FIRSTCASH HOLDINGS INC COM 33768G107   19,296,449 192,234 SH   SOLE 1,2,3 192,234 0 0
GEO GROUP INC NEW COM 36162J106   18,897,362 2,310,191 SH   SOLE 1,2,3 2,310,191 0 0
ISHARES TR GBL COMM SVC ETF 464287275   13,662,000 200,000 SH Put SOLE 1,2,3 200,000 0 0
LITHIA MTRS INC COM 536797103   7,243,854 24,528 SH   SOLE 1,2 24,528 0 0
MITSUBISHI UFJ FINL GROUP IN SPONSORED ADS 606822104   14,785,369 1,741,504 SH   SOLE 1,2,3 1,741,504 0 0
MR COOPER GROUP INC COM 62482R107   13,433,491 250,812 SH   SOLE 1,2,3 250,812 0 0
NAVIENT CORPORATION COM 63938C108   5,079,900 295,000 SH Call SOLE 1,2,3 295,000 0 0
NEW YORK CMNTY BANCORP INC COM 649445103   14,307,338 1,261,670 SH   SOLE 1,2,3 1,261,670 0 0
NEXGEN ENERGY LTD COM 65340P106   10,266,812 1,719,734 SH   SOLE 1,2,3 1,719,734 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107   14,830,421 222,679 SH   SOLE 1,2,3 222,679 0 0
RENAISSANCERE HLDGS LTD COM G7496G103   12,253,821 61,913 SH   SOLE 1,2,3 61,913 0 0
SLM CORP COM 78442P106   18,297,271 1,343,412 SH   SOLE 1,2,3 1,343,412 0 0
SPDR SER TR SPDR S&P1500VL 78464A128   28,914,580 200,000 SH Put SOLE 1,2,3 200,000 0 0
UBS GROUP AG SHS H42097107   12,546,111 508,970 SH   SOLE 1,2,3 508,970 0 0
UNUM GROUP COM 91529Y106   9,530,858 193,756 SH   SOLE 1,2 193,756 0 0
URANIUM ENERGY CORP COM 916896103   6,314,327 1,226,083 SH   SOLE 1,2 1,226,083 0 0