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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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 4,868 187,000 SH   SOLE   187,000 0 0
BANCORP INC DEL COM 05969A105 30,573 2,566,995 SH   SOLE   2,566,995 0 0
BANK OF AMERICA CORPORATION *W EXP 01/16/201 060505146 42,146 6,143,728 SH   SOLE   6,143,728 0 0
BANK OF AMERICA CORPORATION *W EXP 10/28/201 060505153 556 741,000 SH   SOLE   741,000 0 0
BEAZER HOMES USA INC COM 07556Q881 11,243 535,886 SH   SOLE   535,886 0 0
CITIGROUP INC COM 172967424 236 5,000 SH   SOLE   5,000 0 0
CONSUMER PORTFOLIO SVCS INC COM 210502100 12,333 1,618,538 SH   SOLE   1,618,538 0 0
CREDIT ACCEP CORP MICH COM 225310101 616 5,000 SH   SOLE   5,000 0 0
FIRST ACCEPTANCE CORP COM 318457108 6,577 2,684,531 SH   SOLE   2,684,531 0 0
FIRST BANCORP P R COM 318672706 9,520 1,750,000 SH   SOLE   1,750,000 0 0
FIRST MARBLEHEAD CORP COM 320771207 5,975 1,138,161 SH   SOLE   1,138,161 0 0
FIRST SEC GROUP INC COM 336312202 3,699 1,704,705 SH   SOLE   1,704,705 0 0
FIRST UTD CORP COM 33741H107 2,465 281,086 SH   SOLE   281,086 0 0
JPMORGAN CHASE & CO COM 46625H100 288 5,000 SH   SOLE   5,000 0 0
LYON WILLIAM HOMES COM 552074700 26,848 882,000 SH   SOLE   882,000 0 0
META FINL GROUP INC COM 59100U108 14,741 368,532 SH   SOLE   368,532 0 0
NEW HOME CO INC COM 645370107 3,938 278,700 SH   SOLE   278,700 0 0
NEWSTAR FINANCIAL INC COM 65251F105 55,469 3,945,166 SH   SOLE   3,945,166 0 0
OCWEN FINL CORP COM 675746309 20,242 545,601 SH   SOLE   545,601 0 0
OFG BANCORP COM 67103X102 18,925 1,028,000 SH   SOLE   1,028,000 0 0
REGIONAL MGMT CORP COM 75902K106 19,631 1,268,960 SH   SOLE   1,268,960 0 0
SEACOAST BKG CORP FLA COM 811707801 12,306 1,132,087 SH   SOLE   1,132,087 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 1,512 17,500 SH   SOLE   17,500 0 0
STONEGATE MTG CORP COM 86181Q300 8,231 590,000 SH   SOLE   590,000 0 0
TREE COM INC COM 894675107 16,329 560,363 SH   SOLE   560,363 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 4,181 794,900 SH   SOLE   794,900 0 0