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   16,047,947 252,644 SH   SOLE 1,2,3 252,644 0 0
ALLSTATE CORP COM 020002101   16,500,260 151,323 SH   SOLE 1,2,3 151,323 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104   12,787,594 107,685 SH   SOLE 1,2,3 107,685 0 0
AMERICAN INTL GROUP INC COM NEW 026874784   14,401,284 250,283 SH   SOLE 1,2,3 250,283 0 0
ASSURED GUARANTY LTD COM G0585R106   16,618,412 297,821 SH   SOLE 1,2,3 297,821 0 0
AVIS BUDGET GROUP COM 053774105   4,502,284 19,689 SH   SOLE 1,2 19,689 0 0
BLACK KNIGHT INC COM 09215C105   7,358,796 123,201 SH   SOLE 1,2 123,201 0 0
BLACKSTONE INC COM 09260D107   15,656,799 168,407 SH   SOLE 1,2,3 168,407 0 0
CAMECO CORP COM 13321L108   8,416,084 268,627 SH   SOLE 1,2,3 268,627 0 0
CBOE GLOBAL MKTS INC COM 12503M108   7,683,569 55,674 SH   SOLE 1,2,3 55,674 0 0
CORECIVIC INC COM 21871N101   15,978,651 1,698,050 SH   SOLE 1,2,3 1,698,050 0 0
DIGITAL RLTY TR INC COM 253868103   12,026,722 105,618 SH   SOLE 1,2,3 105,618 0 0
EAST WEST BANCORP INC COM 27579R104   11,704,916 221,726 SH   SOLE 1,2,3 221,726 0 0
EVEREST RE GROUP LTD COM G3223R108   10,602,104 31,013 SH   SOLE 1,2,3 31,013 0 0
FIDELIS INSURANCE HOLDINGS L COM G3398L118   5,057,325 370,500 SH   SOLE 1,2,3 370,500 0 0
FIRSTCASH HOLDINGS INC COM 33768G107   5,108,044 54,731 SH   SOLE 1,2 54,731 0 0
FTAI INFRASTRUCTURE INC COMMON STOCK 35953C106   3,446,567 934,029 SH   SOLE 1,2 934,029 0 0
GEO GROUP INC NEW COM 36162J106   4,332,201 605,056 SH   SOLE 1,2 605,056 0 0
HCI GROUP INC COM 40416E103   6,471,331 104,748 SH   SOLE 1,2,3 104,748 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   2,535,712 30,525 SH   SOLE 1,2 30,525 0 0
M/I HOMES INC COM 55305B101   5,105,934 58,561 SH   SOLE 1,2 58,561 0 0
META PLATFORMS INC PUT 30303M952   22,958,400 80,000 SH Put SOLE 1,2,3 80,000 0 0
MICROSOFT CORP COM 594918104   10,246,508 30,089 SH   SOLE 1,2 30,089 0 0
MR COOPER GROUP INC COM 62482R107   12,129,495 239,524 SH   SOLE 1,2,3 239,524 0 0
NAVIENT CORPORATION COM 63938C108   13,466,450 724,782 SH   SOLE 1,2,3 724,782 0 0
NAVIENT CORPORATION CALL 63938C908   2,136,700 115,000 SH Call SOLE 1,2,3 115,000 0 0
ONEMAIN HLDGS INC COM 68268W103   8,888,818 203,452 SH   SOLE 1,2 203,452 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107   23,846,480 339,162 SH   SOLE 1,2,3 339,162 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104   5,995,666 105,837 SH   SOLE 1,2 105,837 0 0
PROGRESSIVE CORP COM 743315103   12,981,261 98,068 SH   SOLE 1,2,3 98,068 0 0
RENAISSANCERE HLDGS LTD COM G7496G103   7,442,708 39,903 SH   SOLE 1,2 39,903 0 0
ROBINHOOD MKTS INC COM CL A 770700102   14,168,007 1,419,640 SH   SOLE 1,2,3 1,419,640 0 0
S&P GLOBAL INC COM 78409V104   6,461,545 16,118 SH   SOLE 1,2 16,118 0 0
SLM CORP COM 78442P106   12,504,580 766,212 SH   SOLE 1,2,3 766,212 0 0
SLM CORP CALL 78442P906   3,102,432 190,100 SH Call SOLE 1,2,3 190,100 0 0
URANIUM ENERGY CORP COM 916896103   6,113,173 1,797,992 SH   SOLE 1,2 1,797,992 0 0
VESTA REAL ESTATE CORPORATIO ADS 92540K109   796,575 24,723 SH   SOLE 1,2,3 24,723 0 0