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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ALTISOURCE RESIDENTIAL CORPCOM02153W1004,868187,000SH SOLE 187,00000
BANCORP INC DELCOM05969A10530,5732,566,995SH SOLE 2,566,99500
BANK OF AMERICA CORPORATION*W EXP 01/16/20106050514642,1466,143,728SH SOLE 6,143,72800
BANK OF AMERICA CORPORATION*W EXP 10/28/201060505153556741,000SH SOLE 741,00000
BEAZER HOMES USA INCCOM07556Q88111,243535,886SH SOLE 535,88600
CITIGROUP INCCOM1729674242365,000SH SOLE 5,00000
CONSUMER PORTFOLIO SVCS INCCOM21050210012,3331,618,538SH SOLE 1,618,53800
CREDIT ACCEP CORP MICHCOM2253101016165,000SH SOLE 5,00000
FIRST ACCEPTANCE CORPCOM3184571086,5772,684,531SH SOLE 2,684,53100
FIRST BANCORP P RCOM3186727069,5201,750,000SH SOLE 1,750,00000
FIRST MARBLEHEAD CORPCOM3207712075,9751,138,161SH SOLE 1,138,16100
FIRST SEC GROUP INCCOM3363122023,6991,704,705SH SOLE 1,704,70500
FIRST UTD CORPCOM33741H1072,465281,086SH SOLE 281,08600
JPMORGAN CHASE & COCOM46625H1002885,000SH SOLE 5,00000
LYON WILLIAM HOMESCOM55207470026,848882,000SH SOLE 882,00000
META FINL GROUP INCCOM59100U10814,741368,532SH SOLE 368,53200
NEW HOME CO INCCOM6453701073,938278,700SH SOLE 278,70000
NEWSTAR FINANCIAL INCCOM65251F10555,4693,945,166SH SOLE 3,945,16600
OCWEN FINL CORPCOM67574630920,242545,601SH SOLE 545,60100
OFG BANCORPCOM67103X10218,9251,028,000SH SOLE 1,028,00000
REGIONAL MGMT CORPCOM75902K10619,6311,268,960SH SOLE 1,268,96000
SEACOAST BKG CORP FLACOM81170780112,3061,132,087SH SOLE 1,132,08700
SERVISFIRST BANCSHARES INCCOM81768T1081,51217,500SH SOLE 17,50000
STONEGATE MTG CORPCOM86181Q3008,231590,000SH SOLE 590,00000
TREE COM INCCOM89467510716,329560,363SH SOLE 560,36300
ZIONS BANCORPORATION*W EXP 05/22/2029897011154,181794,900SH SOLE 794,90000