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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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
CNH INDUSTRIAL ORD COM N20944109 1,555 100,000 SH   SOLE   100,000 0 0
AGNC INVT CORP COM 00123Q104 2,895 172,309 SH   SOLE   172,309 0 0
CITIGROUP INC COM NEW 172967424 23,126 317,888 SH   SOLE   317,888 0 0
CITIZENS FINANCIAL GROUP INC COM 174610105 4,552 103,101 SH   SOLE   103,101 0 0
EQUITABLE HLDGS INC COM 29452E101 20,067 615,174 SH   SOLE   615,174 0 0
FEDERATED HERMES INC CL B 314211103 2,260 72,206 SH   SOLE   72,206 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 1,911 47,000 SH   SOLE   47,000 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 3,028 67,146 SH   SOLE   67,146 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 3,440 51,500 SH   SOLE   51,500 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 22,708 340,000 SH Call SOLE   0 0 0
ISHARES TR IBOXX INV CP ETF 464287242 24,709 190,000 SH Put SOLE   0 0 0
ISHARES TR 20 YR TR BD ETF 464287432 4,133 30,273 SH   SOLE   30,273 0 0
ISHARES TR 20 YR TR BD ETF 464287432 20,481 150,000 SH Put SOLE   0 0 0
ISHARES TR JPMORGAN USD EMG 464288281 27,220 250,000 SH Put SOLE   0 0 0
ISHARES TR IBOXX HI YD ETF 464288513 50,564 580,000 SH Put SOLE   0 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 3,306 261,940 SH   SOLE   261,940 0 0
PEBBLEBROOK HOTEL TR NOTE 1.750%12/1 70509VAA8 3,573 3,000,000 PRN   SOLE   3,000,000 0 0
PENNYMAC FINANCIAL ORD COM 70932B101 1,129 16,887 SH   SOLE   16,887 0 0
POPULAR INC COM NEW 733174700 9,096 129,353 SH   SOLE   129,353 0 0
PRUDENTIAL FINL INC COM 744320102 23,030 252,803 SH   SOLE   252,803 0 0
STATE STR CORP COM 857477103 4,061 48,344 SH   SOLE   48,344 0 0
VOYA FINANCIAL INC COM 929089100 16,051 252,211 SH   SOLE   252,211 0 0
WELLS FARGO CO NEW COM 949746101 12,508 320,141 SH   SOLE   320,141 0 0
ATHENE HOLDING LTD CL A G0684D107 13,890 275,598 SH   SOLE   275,598 0 0
INVESCO LTD SHS G491BT108 2,523 100,031 SH   SOLE   100,031 0 0
LAZARD LTD SHS A G54050102 7,965 183,055 SH   SOLE   183,055 0 0