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
AFFILIATED MANAGERS GROUPCOM0082521083,93524,000SH SOLE 24,00000
ALERUS FINANCIAL CORPCOM01446U10328415,241SH SOLE 15,24100
BANCORP INC DELCOM05969A10515,9913,135,470SH SOLE 3,135,47000
BANK AMER CORPCOM06050510435415,000SH SOLE 15,00000
BANK AMER CORP*W EXP 01/16/20106050514616,5111,461,144SH SOLE 1,461,14400
BANK AMER CORP*W EXP 10/28/201060505153405441,000SH SOLE 441,00000
CAPITAL ONE FINL CORPCOM14040H10516,829194,200SH SOLE 194,20000
SCHWAB CHARLES CORP NEWCOM80851310511,655285,600SH SOLE 285,60000
CITIGROUP INCCOM1729674241,79530,000SH SOLE 30,00000
CONSUMER PORTFOLIO SVCS INCCOM21050210010,9742,329,884SH SOLE 2,329,88400
ENCORE CAP GROUP INCCOM29255410213,860450,000SH SOLE 450,00000
FIRST ACCEPTANCE CORPCOM3184571085,5364,100,754SH SOLE 4,100,75400
FIRST UTD CORPCOM33741H1073,391233,882SH SOLE 233,88200
LIVE OAK BANCSHARES INCCOM53803X10564930,000SH SOLE 30,00000
META FINL GROUP INCCOM59100U10837,589424,732SH SOLE 424,73200
NEW HOME CO INCCOM64537010717,9501,716,059SH SOLE 1,716,05900
NEWSTAR FINANCIAL INCCOM65251F10514,1351,336,049SH SOLE 1,336,04900
OCEANFIRST FINL CORPCOM67523410833111,735SH SOLE 11,73500
ONEMAIN HLDGS INCCOM68268W10320,624829,953SH SOLE 829,95300
OPUS BK IRVINE CALIFCOM68400010260430,000SH SOLE 30,00000
QCR HOLDINGS INCCOM74727A1044,19899,136SH SOLE 99,13600
REGIONAL MGMT CORPCOM75902K1064,252218,846SH SOLE 218,84600
TRISTATE CAP HLDGS INCCOM89678F10034,1241,461,422SH SOLE 1,461,42200
TRITON INTL LTDCOMG9078F1078,604333,612SH SOLE 333,61200
LYON WILLIAM HOMESCOM55207470016,651807,500SH SOLE 807,50000
ZIONS BANCORPORATION*W EXP 05/22/20298970111510,896946,652SH SOLE 946,65200