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 CL B 02153W100 2,785 165,311 SH   SOLE   165,311 0 0
BANCORP INC DEL COM 05969A105 22,455 2,419,703 SH   SOLE   2,419,703 0 0
BANKRATE INC DEL COM 06647F102 472 45,000 SH   SOLE   45,000 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 12,979 650,586 SH   SOLE   650,586 0 0
CITIGROUP INC COM NEW 172967424 829 15,000 SH   SOLE   15,000 0 0
CONSUMER PORTFOLIO SVCS INC COM 210502100 15,162 2,425,963 SH   SOLE   2,425,963 0 0
FIRST ACCEPTANCE CORP COM 318457108 11,743 3,669,757 SH   SOLE   3,669,757 0 0
FIRST MARBLEHEAD CORP COM NEW 320771207 6,608 1,147,161 SH   SOLE   1,147,161 0 0
FIRST UTD CORP COM 33741H107 2,443 282,086 SH   SOLE   282,086 0 0
GENWORTH FINL INC COM CL A 37247D106 1,135 150,000 SH   SOLE   150,000 0 0
JPMORGAN CHASE & CO COM 46625H100 678 10,000 SH   SOLE   10,000 0 0
LENDINGTREE INC NEW COM 52603B107 14,803 188,304 SH   SOLE   188,304 0 0
LYON WILLIAM HOMES CL A NEW 552074700 20,510 799,003 SH   SOLE   799,003 0 0
META FINL GROUP INC COM 59100U108 25,009 582,680 SH   SOLE   582,680 0 0
NEW HOME CO INC COM 645370107 19,855 1,152,362 SH   SOLE   1,152,362 0 0
NEWSTAR FINANCIAL INC COM 65251F105 25,286 2,298,734 SH   SOLE   2,298,734 0 0
OFG BANCORP COM 67103X102 8,158 764,600 SH   SOLE   764,600 0 0
QCR HOLDINGS INC COM 74727A104 1,929 88,632 SH   SOLE   88,632 0 0
REGIONAL MGMT CORP COM 75902K106 22,830 1,278,272 SH   SOLE   1,278,272 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 15,508 412,780 SH   SOLE   412,780 0 0
STONEGATE MTG CORP COM 86181Q300 13,036 1,294,549 SH   SOLE   1,294,549 0 0
SVB FINL GROUP COM 78486Q101 373 2,588 SH   SOLE   2,588 0 0
TRISTATE CAP HLDGS INC COM 89678F100 14,469 1,118,997 SH   SOLE   1,118,997 0 0
BANK AMER CORP *W EXP 01/16/201 060505146 18,296 2,965,343 SH   SOLE   2,965,343 0 0
BANK AMER CORP *W EXP 10/28/201 060505153 382 741,000 SH   SOLE   741,000 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 4,105 760,225 SH   SOLE   760,225 0 0