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
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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 FIGI (to the nearest dollar) 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