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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMBAC FINANCIAL GROUP INC COM NEW 023139884 60 4,000 SH Call SOLE   60 0 0
BANC OF CALIFORNIA INC COM 05990K106 7,653 575,000 SH   SOLE   7,653 0 0
BANKUNITED INC COM 06652K103 12,725 425,000 SH   SOLE   12,725 0 0
CENTURY COMMUNITIES INC COM 156504300 24,941 1,445,000 SH   SOLE   24,941 0 0
COLONY NORTHSTAR INC NOTE 5.000% 4/1 19624RAA4 2,642 3,000 PRN   SOLE   2,642 0 0
ESSENT GROUP LTD COM G3198U102 20,935 612,500 SH   SOLE   20,935 0 0
GREAT AJAX CORP COM 38983D300 2,591 215,000 SH   SOLE   2,591 0 0
INVESTORS BANCORP INC COM 46146L101 18,200 1,750,000 SH   SOLE   18,200 0 0
JERNIGAN CAPITAL INC COM 476405105 11,397 575,000 SH   SOLE   11,397 0 0
LENNAR CORP CLASS A 526057104 7,830 200,000 SH   SOLE   7,830 0 0
MGIC INVESTMENT CORP COM 552848103 12,029 1,150,000 SH   SOLE   12,029 0 0
MACKINAC FINANCIAL CORP COM 554571109 546 40,000 SH   SOLE   546 0 0
MIDLAND STATES BANCORP INC COM 597742105 2,683 120,097 SH   SOLE   2,683 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 21,992 1,512,500 SH   SOLE   21,992 0 0
OPUS BANK COM 684000102 11,754 600,000 SH   SOLE   11,754 0 0
REDWOOD TRUST INC COM 758075402 18,461 1,225,000 SH   SOLE   18,461 0 0
SPDR S&P REGIONAL BANKING ETF S&P REGL BKG 78464A698 928 2,250 SH Put SOLE   928 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 11,610 227,246 SH   SOLE   11,610 0 0