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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Hscz2scaTyZw2/qECFlf0/bsg4o7/mYWtpjNO7ppPkASJ6UDdgovFLEQa+tQjxF3
 yRxEIu4HP3KV1Cer4qVu7A==

<SEC-DOCUMENT>0001179110-04-000078.txt : 20040105
<SEC-HEADER>0001179110-04-000078.hdr.sgml : 20040105
<ACCEPTANCE-DATETIME>20040105114533
ACCESSION NUMBER:		0001179110-04-000078
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MATHIS M RAY
		CENTRAL INDEX KEY:			0001215246

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23911
		FILM NUMBER:		04502570

	BUSINESS ADDRESS:	
		STREET 1:		1030 NW JOHNSON ST
		STREET 2:		APT 324
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97209
		BUSINESS PHONE:		5032211515

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FOG CUTTER CAPITAL GROUP INC
		CENTRAL INDEX KEY:			0001048566
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				522081138
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1631 SW COLUMBIA STREET
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97201
		BUSINESS PHONE:		5037216500

	MAIL ADDRESS:	
		STREET 1:		1310 S W 17TH ST
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WILSHIRE REAL ESTATE INVESTMENT TRUST INC
		DATE OF NAME CHANGE:	19971027
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-12-31</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001048566</issuerCik>
        <issuerName>FOG CUTTER CAPITAL GROUP INC</issuerName>
        <issuerTradingSymbol>FCCG</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001215246</rptOwnerCik>
            <rptOwnerName>MATHIS M RAY</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1030 N.W. JOHNSON STREET, APT. 324</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PORTLAND</rptOwnerCity>
            <rptOwnerState>OR</rptOwnerState>
            <rptOwnerZipCode>97209</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable></nonDerivativeTable>
<derivativeTable><derivativeTransaction><securityTitle><value>Option (right to buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>5.72</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-12-31</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>1500</value>
</transactionShares>
<transactionPricePerShare><value>0.00</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2004-12-31</value>
<footnoteId id="F1"></footnoteId>
</exerciseDate>
<expirationDate><value>2013-12-31</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>1500</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1500</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes><footnote id="F1">Vests 1/3 on each of December 31, 2004, December 31, 2005 and December 31, 2006.</footnote>
</footnotes>
<ownerSignature><signatureName>M. Ray Mathis</signatureName>
<signatureDate>2004-01-05</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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