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
ACADIA HEALTHCARE COMPANY IN COM 00404A109 5,516 166,786 SH   SOLE 1,2,3,4 166,786 0 0
AERCAP HOLDINGS NV SHS N00985106 11,844 678,375 SH   SOLE 1,2,3,4 678,375 0 0
AMBAC FINL GROUP INC COM NEW 023139884 7,234 303,568 SH   SOLE 1,2,3,4 303,568 0 0
AMERICA FIRST TAX EX IVS L P BEN UNIT CTF 02364V107 4,610 681,997 SH   SOLE 1,2 681,997 0 0
AMTRUST FINANCIAL SERVICES I COM 032359309 868 24,307 SH   SOLE 1,2,3,4 24,307 0 0
ARES CAP CORP COM 04010L103 17,352 1,008,819 SH   SOLE 1,2,3,4 1,008,819 0 0
ASSURED GUARANTY LTD COM G0585R106 26,546 1,203,342 SH   SOLE 1,2,3,4 1,203,342 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 12,661 512,605 SH   SOLE 1,2,3,4 512,605 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 11,327 428,090 SH   SOLE 1,2,3,4 428,090 0 0
DST SYS INC DEL COM 233326107 13,170 201,587 SH   SOLE 1,2,3,4 201,587 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 7,522 594,133 SH   SOLE 1,2,3,4 594,133 0 0
FEDERAL AGRIC MTG CORP CL C 313148306 10,358 358,644 SH   SOLE 1,2,3 358,644 0 0
FORTEGRA FINL CORP COM 34954W104 3,180 462,869 SH   SOLE 1,2,3 462,869 0 0
GENWORTH FINL INC COM CL A 37247D106 25,492 2,234,141 SH   SOLE 1,2,3,4 2,234,141 0 0
INTERACTIVE BROKERS GROUP IN COM 45841N107 5,295 331,576 SH   SOLE 1,2,3,4 331,576 0 0
INVESTMENT TECHNOLOGY GRP NE COM 46145F105 5,266 376,669 SH   SOLE 1,2,3,4 376,669 0 0
LYON WILLIAM HOMES CL A NEW 552074700 12,972 514,573 SH   SOLE 1,2,3,4 514,573 0 0
META FINL GROUP INC COM 59100U108 12,828 488,129 SH   SOLE 1,2,3 488,129 0 0
METLIFE INC COM 59156R108 9,783 213,798 SH   SOLE 1,2,3,4 213,798 0 0
METROCORP BANCSHARES INC COM 591650106 4,407 451,494 SH   SOLE 1,2,3 451,494 0 0
MORGAN STANLEY COM NEW 617446448 11,160 456,807 SH   SOLE 1,2,3,4 456,807 0 0
NATIONAL BK HLDGS CORP CL A 633707104 21,194 1,075,814 SH   SOLE 1,2,3,4 1,075,814 0 0
NELNET INC CL A 64031N108 28,758 796,846 SH   SOLE 1,2,3,4 796,846 0 0
NEWCASTLE INVT CORP COM 65105M108 11,418 2,183,133 SH   SOLE 1,2,3,4 2,183,133 0 0
PHH CORP COM NEW 693320202 19,964 979,610 SH   SOLE 1,2,3,4 979,610 0 0
STARWOOD PPTY TR INC COM 85571B105 13,464 544,002 SH   SOLE 1,2,3,4 544,002 0 0
SWS GROUP INC COM 78503N107 379 69,543 SH   SOLE 2 69,543 0 0
THL CR INC COM 872438106 19,033 1,252,963 SH   SOLE 1,2,3,4 1,252,963 0 0
TOTAL SYS SVCS INC COM 891906109 14,303 584,254 SH   SOLE 1,2,3,4 584,254 0 0
TOWER GROUP INTL LTD COM G8988C105 12,254 597,468 SH   SOLE 1,2,3,4 597,468 0 0