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 ASSET MGMT CORP COM 02153X108 11,082 35,735 SH   SOLE   35,735 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 12,028 620,000 SH   SOLE   620,000 0 0
ANCHOR BANCORP WIS INC DEL COM 03283P106 13,432 390,000 SH   SOLE   390,000 0 0
BANC CALIF INC COM 05990K106 16,930 1,476,059 SH   SOLE   1,476,059 0 0
BANKWELL FINL GROUP INC COM 06654A103 1,666 79,339 SH   SOLE   79,339 0 0
C1 FINL INC COM 12591N109 1,925 105,272 SH   SOLE   105,272 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 601 31,635 SH   SOLE   31,635 0 0
FIRST BANCORP P R COM NEW 318672706 17,480 2,977,906 SH   SOLE   2,977,906 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 17,666 1,123,048 SH   SOLE   1,123,048 0 0
HILLTOP HOLDINGS INC COM 432748101 13,871 695,300 SH   SOLE   695,300 0 0
INDEPENDENT BK GROUP INC COM 45384B106 2,999 76,784 SH   SOLE   76,784 0 0
LADDER CAP CORP CL A 505743104 16,229 827,572 SH   SOLE   827,572 0 0
NEWSTAR FINANCIAL INC COM 65251F105 12,320 962,500 SH   SOLE   962,500 0 0
NMI HLDGS INC CL A 629209305 4,565 500,000 SH   SOLE   500,000 0 0
OFG BANCORP COM 67103X102 12,904 775,000 SH   SOLE   775,000 0 0
OLD SECOND BANCORP INC ILL COM 680277100 7,184 1,337,852 SH   SOLE   1,337,852 0 0
PACWEST BANCORP DEL COM 695263103 10,788 237,298 SH   SOLE   237,298 0 0
PRA GROUP INC COM 69354N106 8,690 150,000 SH   SOLE   150,000 0 0
REPUBLIC FIRST BANCORP INC COM 760416107 3,000 800,000 SH   SOLE   800,000 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 3,295 100,000 SH   SOLE   100,000 0 0
STATE BK FINL CORP COM 856190103 7,992 400,000 SH   SOLE   400,000 0 0
STONEGATE MTG CORP COM 86181Q300 1,957 163,588 SH   SOLE   163,588 0 0
TALMER BANCORP INC COM 87482X101 2,106 150,000 SH   SOLE   150,000 0 0
BANCORP INC DEL COM 05969A105 14,484 1,330,049 SH   SOLE   1,330,049 0 0
TRISTATE CAP HLDGS INC COM 89678F100 2,707 264,387 SH   SOLE   264,387 0 0