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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALTISOURCE RESIDENTIAL CORP COM 02153W100 3,553 170,311 SH   SOLE   170,311 0 0
BANCORP INC DEL COM 05969A105 20,812 2,304,803 SH   SOLE   2,304,803 0 0
BANK OF AMERICA CORPORATION COM 060505104 308 20,000 SH   SOLE   20,000 0 0
BEAZER HOMES USA INC COM 07556Q881 11,458 646,586 SH   SOLE   646,586 0 0
CONSUMER PORTFOLIO SVCS INC COM 210502100 16,348 2,338,743 SH   SOLE   2,338,743 0 0
FIRST ACCEPTANCE CORP COM 318457108 8,593 3,550,759 SH   SOLE   3,550,759 0 0
FIRST BANCORP P R COM 318672706 5,329 859,500 SH   SOLE   859,500 0 0
FIRST MARBLEHEAD CORP COM 320771207 7,278 1,168,161 SH   SOLE   1,168,161 0 0
FIRST UTD CORP COM 33741H107 2,615 286,086 SH   SOLE   286,086 0 0
WILLIAM LYON HOMES - CL A COM 552074700 18,694 724,003 SH   SOLE   724,003 0 0
META FINL GROUP INC COM 59100U108 20,945 527,196 SH   SOLE   527,196 0 0
NEW HOME CO INC / THE COM 645370107 16,196 1,015,402 SH   SOLE   1,015,402 0 0
NEWSTAR FINANCIAL INC COM 65251F105 24,741 2,109,214 SH   SOLE   2,109,214 0 0
OFG BANCORP COM 67103X102 11,825 724,600 SH   SOLE   724,600 0 0
REGIONAL MGMT CORP COM 75902K106 18,696 1,266,683 SH   SOLE   1,266,683 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 8,665 262,647 SH   SOLE   262,647 0 0
STONEGATE MORTGAGE CORP COM 86181Q300 12,919 1,194,033 SH   SOLE   1,194,033 0 0
TREE COM INC COM 894675107 16,635 297,004 SH   SOLE   297,004 0 0
SVB FINANCIAL GROUP COM 78486Q101 381 3,000 SH   SOLE   3,000 0 0
TORONTO DOMINION BANK COM 891160509 857 20,000 SH   SOLE   20,000 0 0
TRISTATE CAPITAL HOLDINGS INC COM 89678F100 4,916 469,544 SH   SOLE   469,544 0 0
BANK OF AMERICA CORPORATION *W EXP 01/16/201 060505146 18,193 3,099,255 SH   SOLE   3,099,255 0 0
BANK OF AMERICA CORPORATION *W EXP 10/28/201 060505153 385 741,000 SH   SOLE   741,000 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 2,902 756,225 SH   SOLE   756,225 0 0