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
AFFILIATED MANAGERS GROUP COM 008252108 282 2,000 SH   SOLE   2,000 0 0
ALERUS FINANCIAL CORP COM 01446U103 265 15,041 SH   SOLE   15,041 0 0
BANCORP INC DEL COM 05969A105 12,728 2,114,381 SH   SOLE   2,114,381 0 0
CONSUMER PORTFOLIO SVCS INC COM 210502100 8,921 2,366,384 SH   SOLE   2,366,384 0 0
FIRST ACCEPTANCE CORP COM 318457108 5,748 4,105,754 SH   SOLE   4,105,754 0 0
FIRST UTD CORP COM 33741H107 1,275 129,614 SH   SOLE   129,614 0 0
LYON WILLIAM HOMES COM 552074700 8,450 524,200 SH   SOLE   524,200 0 0
META FINL GROUP INC COM 59100U108 12,272 240,810 SH   SOLE   240,810 0 0
NEW HOME CO INC COM 645370107 11,938 1,251,381 SH   SOLE   1,251,381 0 0
NEWSTAR FINANCIAL INC COM 65251F105 14,104 1,675,062 SH   SOLE   1,675,062 0 0
QCR HOLDINGS INC COM 74727A104 2,207 81,171 SH   SOLE   81,171 0 0
REGIONAL MGMT CORP COM 75902K106 14,795 1,009,218 SH   SOLE   1,009,218 0 0
STONEGATE MTG CORP COM 86181Q300 6,918 2,058,911 SH   SOLE   2,058,911 0 0
TRISTATE CAP HLDGS INC COM 89678F100 18,268 1,330,512 SH   SOLE   1,330,512 0 0
BANK AMER CORP *W EXP 01/16/201 060505146 8,616 2,475,822 SH   SOLE   2,475,822 0 0
BANK AMER CORP *W EXP 10/28/201 060505153 58 741,000 SH   SOLE   741,000 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 2,451 1,134,539 SH   SOLE   1,134,539 0 0