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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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 2,464 127,000 SH   SOLE   127,000 0 0
BANCORP INC DEL COM 05969A105 24,002 2,204,003 SH   SOLE   2,204,003 0 0
BANK OF AMERICA CORPORATION COM 060505104 358 20,000 SH   SOLE   20,000 0 0
BANK OF AMERICA CORPORATION *W EXP 01/16/201 060505146 21,524 3,057,455 SH   SOLE   3,057,455 0 0
BANK OF AMERICA CORPORATION *W EXP 10/28/201 060505153 528 741,000 SH   SOLE   741,000 0 0
BEAZER HOMES USA INC COM 07556Q881 10,582 546,586 SH   SOLE   546,586 0 0
CITIGROUP INC COM 172967424 271 5,000 SH   SOLE   5,000 0 0
CONSUMER PORTFOLIO SVCS INC COM 210502100 15,373 2,088,743 SH   SOLE   2,088,743 0 0
FIRST ACCEPTANCE CORP COM 318457108 8,223 3,224,807 SH   SOLE   3,224,807 0 0
FIRST BANCORP P R COM 318672706 8,878 1,512,500 SH   SOLE   1,512,500 0 0
FIRST MARBLEHEAD CORP COM 320771207 6,951 1,168,161 SH   SOLE   1,168,161 0 0
FIRST UTD CORP COM 33741H107 2,446 286,086 SH   SOLE   286,086 0 0
LYON WILLIAM HOMES COM 552074700 12,148 599,300 SH   SOLE   599,300 0 0
META FINL GROUP INC COM 59100U108 15,400 439,494 SH   SOLE   439,494 0 0
NEW HOME CO INC / THE COM 645370107 13,551 935,802 SH   SOLE   935,802 0 0
NEWSTAR FINANCIAL INC COM 65251F105 37,352 2,918,114 SH   SOLE   2,918,114 0 0
NICHOLAS FINANCIAL INC COM 65373j209 224 15,000 SH   SOLE   15,000 0 0
OFG BANCORP COM 67103X102 8,178 491,200 SH   SOLE   491,200 0 0
PRA GROUP INC COM 69354N106 406 7,000 SH   SOLE   7,000 0 0
REGIONAL MGMT CORP COM 75902K106 20,624 1,304,520 SH   SOLE   1,304,520 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 5,863 177,939 SH   SOLE   177,939 0 0
STONEGATE MORTGAGE CORP COM 86181Q300 10,841 906,443 SH   SOLE   906,443 0 0
TREE COM INC COM 894675107 17,305 357,991 SH   SOLE   357,991 0 0
WALTER INVESTMENT MANAGEMENT COM 93317W102 165 10,000 SH   SOLE   10,000 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 3,042 751,225 SH   SOLE   751,225 0 0