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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
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