Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	INVESTORS BANCORP	459,000	$11.74M	4.5%	$25.58	—	COM	46146P102
—	FIRST UNITED BANCORP	1,387,305	$10.56M	4.1%	$7.61	—	COM	33740N105
—	YADKIN VALLEY	588,745	$10.03M	3.9%	$6.67	—	COM	984314104
—	FIRST FINANCIAL	150,000	$9.971M	3.9%	$66.47	—	COM	32023E105
MTB	M&T BANCORP	80,000	$9.314M	3.6%	$81.40	0.0%	WRNT	55261F104
—	SEACOAST FINANCIAL	683,796	$8.343M	3.2%	$7.94	—	COM	811707306
—	COWEN HOLDINGS	2,119,900	$8.289M	3.2%	$2.82	—	COM	223622101
—	CONNECTONE BANCORP	200,457	$7.944M	3.1%	$39.63	—	COM	20786U101
PNC	PNC JAN 75	100,000	$7.758M	3.0%	—	—	Put	693475105
WFC	WELLS FARGO JAN 44	170,000	$7.718M	3.0%	—	—	Put	949746101
—	BB&T JAN37	200,000	$7.464M	2.9%	—	—	Put	054937107
CMA	COMERICA JAN46	150,000	$7.132M	2.8%	—	—	Put	200340107
—	ZAIS FINANCIAL	395,000	$6.332M	2.4%	$16.03	—	COM	98886K108
—	ASB BANCORP	334,201	$5.765M	2.2%	$16.39	—	COM	00213T109
—	PARK STERLING	743,697	$5.31M	2.1%	$7.14	—	COM	70086Y105
BK	BANK OF NY JAN 33	150,000	$5.242M	2.0%	—	—	Put	064058100
—	GLEACHER	502,300	$5.22M	2.0%	$0.60	—	COM	377341102
—	OMNIAMERICAN BANCORP	236,021	$5.046M	2.0%	$21.38	—	COM	68216R107
RM	REGIONAL MANAGEMENT	130,000	$4.411M	1.7%	$27.00	0.0%	COM	75902K106
—	BNC BANCORP	250,113	$4.288M	1.7%	$17.14	—	COM	05566T101
—	ATLANTIC COAST FINL	977,500	$4.232M	1.6%	$4.33	—	COM	048426100
—	EVERBANK FINAN JAN 17.50	200,000	$3.668M	1.4%	—	—	Put	29977G102
ACRE	ARES COMML REAL ESTATE	250,000	$3.275M	1.3%	$13.10	—	COM	04013V108
ABCB	AMERIS BANCORP	150,000	$3.167M	1.2%	$16.69	0.0%	COM	03076K108
BAC	BANK OF AMERICA	200,000	$3.114M	1.2%	$9.78	+19.4%	COM	060505104
—	VANTAGE SOUTH	583,556	$3.075M	1.2%	$5.27	—	COM	92209W105
SAMG	SILVERCREST	171,038	$2.917M	1.1%	$12.55	+20.4%	COM	828359109
—	AMERICAN CAPITAL AGENCY	150,000	$2.894M	1.1%	$19.29	—	COM	02503X105
—	VIEWPOINT FINANCIAL	105,000	$2.882M	1.1%	$27.45	—	COM	92672A102
—	CHARTER FINANCIAL	266,376	$2.869M	1.1%	$10.77	—	COM	16122M100
NBTB	NBT BANCORP	108,893	$2.82M	1.1%	$21.10	+16.3%	COM	628778102
—	CITIGROUP	50,000	$2.606M	1.0%	$48.57	—	COM	172967101
NMIH	NMI HOLDINGS	200,000	$2.546M	1.0%	$13.30	0.0%	COM	629209305
—	VIRGINIA HERITAGE	136,945	$2.454M	0.9%	$15.59	—	COM	927819102
—	COMMUNITY FINANCIAL	107,830	$2.232M	0.9%	$20.70	—	COM	20368X101
—	NEWBRIDGE BANCORP	296,500	$2.202M	0.9%	$7.43	—	COM	65080T102
FCCO	FIRST COMMUNITY	203,255	$2.114M	0.8%	$7.12	+7.0%	COM	319835104
—	TRISTATE CAPITAL	175,000	$2.076M	0.8%	$11.86	—	COM	89678F100
—	SYNOVUS	574,500	$2.068M	0.8%	$3.60	—	COM	87161C105
RF	REGIONS FINANCIAL	200,000	$1.978M	0.8%	$6.45	0.0%	COM	7591EP100
—	METRO BANCORP	88,043	$1.896M	0.7%	$21.53	—	COM	59161R101
—	JACKSONVILLE BANCORP	149,619	$1.885M	0.7%	$0.64	—	COM	469249106
HOMB	HOME BANCSHARES	50,000	$1.868M	0.7%	$11.69	+47.4%	COM	436893200
HTB	HOMETRUST	116,430	$1.861M	0.7%	$16.33	-0.8%	COM	437872104
—	SUNTRUST BANKS	50,000	$1.841M	0.7%	$28.81	—	COM	867914103
—	NATIONAL HOLDINGS	3,177,434	$1.827M	0.7%	$0.33	—	COM	636375107
—	STATE BANK	100,000	$1.82M	0.7%	$16.06	—	COM	856190103
—	FRANKLIN FINANCIAL	90,000	$1.78M	0.7%	$19.78	—	COM	35353C102
—	WASHINGTON BANKING	100,000	$1.774M	0.7%	$17.74	—	COM	937303105
—	FIDELITY SOUTHERN	101,682	$1.689M	0.7%	$12.37	—	COM	316394105
BKU	BANK UNITED	50,000	$1.646M	0.6%	$22.24	0.0%	COM	06652K103
MS	MORGAN STANLEY	50,000	$1.568M	0.6%	$17.96	+21.4%	COM	617446448
—	SWS GROUP	255,000	$1.55M	0.6%	$6.08	—	COM	78503N107
—	CENTERSTATES	144,843	$1.47M	0.6%	$10.15	—	COM	15201P109
—	SOUTHERN NATIONAL	134,720	$1.348M	0.5%	$9.68	—	COM	843395104
BANC	BANC OF CALIFORNIA	100,000	$1.341M	0.5%	$9.71	0.0%	COM	05990K106
—	FIRST BANCSHARES MISS	89,021	$1.248M	0.5%	$10.82	—	COM	318916103
TFSL	TFS FINANCIAL	100,000	$1.212M	0.5%	$5.39	+14.8%	COM	87240R107
—	FOX CHASE BANCORP	67,803	$1.171M	0.5%	$17.27	—	COM	35137T108
PMT	PENNY MAC CORP	50,000	$1.148M	0.4%	$22.96	—	COM	70931T103
—	MALVERN BANCORP	100,000	$1.1M	0.4%	$12.19	—	COM	561409103
FITB	FIFTH THIRD	50,000	$1.052M	0.4%	$10.54	+24.1%	COM	316773100
—	SOUTHCOAST	180,704	$1.048M	0.4%	$5.67	—	COM	84129R100
CUBI	CUSTOMERS BANCORP	50,000	$1.024M	0.4%	$15.94	0.0%	COM	23204G100
—	UNITED FINANCIAL	50,000	$945K	0.4%	$18.90	—	COM	91030T109
—	TWO HARBORS	100,000	$928K	0.4%	$9.28	—	COM	90187B101
HIG	HARTFORD	25,000	$906K	0.4%	$24.13	+10.8%	COM	416515104
—	COBIZ FINANCIAL	75,000	$897K	0.3%	$8.08	—	COM	190897108
—	KEARNEY	70,000	$814K	0.3%	$10.49	—	COM	487169104
GNW	GENWORTH FINL	50,000	$777K	0.3%	$14.45	0.0%	COM	37247D106
—	ATLANTIC COAST FINL	172,500	$747K	0.3%	$4.33	—	COM	048426101
—	STONEGATE BANK	32,500	$746K	0.3%	$17.75	—	COM	861811107
—	CYS INVESTMENTS	100,000	$741K	0.3%	$7.41	—	COM	12673A108
—	PEOPLES FEDERAL	40,675	$722K	0.3%	$18.64	—	COM	711037101
ARCC	ARES CAPITAL	40,000	$710K	0.3%	$5.52	0.0%	COM	04010L103
WBBW	WESTBURY	50,000	$698K	0.3%	$14.24	0.0%	COM	95727P106
—	EVANS BANCORP	31,672	$668K	0.3%	$21.09	—	COM	29911Q208
—	NEW CENTURY BANCORP	97,639	$651K	0.3%	$6.67	—	COM	64353M100
—	OAK VIEW NATIONAL	131,550	$638K	0.2%	$4.85	—	COM	67134X105
—	PACIFIC PREMIER	40,000	$630K	0.2%	$15.75	—	COM	69478X105
—	PALMETTO BANCSHARES	45,484	$590K	0.2%	$12.97	—	COM	697062206
MRCC	MONROE CAPITAL	46,503	$568K	0.2%	$3.45	-6.0%	COM	610335101
SFST	SOUTHERN FIRST	42,672	$567K	0.2%	$12.79	+3.5%	COM	842873101
—	FIRST SECURITY	239,606	$551K	0.2%	$2.20	—	COM	336312202
—	FIRST CAPITAL BANCORP	118,654	$550K	0.2%	$4.11	—	COM	319438107
—	SUNSHINE FINANCIAL	27,254	$497K	0.2%	$18.24	—	COM	86782T109
CHMI	CHERRY HILL MTGE INVT	25,000	$445K	0.2%	$17.80	—	COM	164651101
—	AMERICAN CAPITAL LTD	25,000	$391K	0.2%	$15.64	—	COM	02503Y103
—	PORTER BANCORP	611,208	$389K	0.2%	$0.70	—	COM	736233107
—	DIME COMMUNITY	22,167	$375K	0.1%	$16.64	—	COM	253922108
FISI	FINANCIAL INSTITUTIONS	14,500	$358K	0.1%	$11.88	+20.2%	COM	317585404
—	CLIFTON SAVINGS	24,000	$307K	0.1%	$12.79	—	COM	18712Q103
—	HERITAGE OAKS BANCORP	40,000	$300K	0.1%	$7.50	—	COM	42724R107
—	XENITH BANCSHARES	48,230	$284K	0.1%	$5.89	—	COM	98410X105
—	VIEWPOINT FINANCIAL	11,050	$228K	0.1%	$20.63	—	COM	92672A103
—	BSB BANCORP	13,725	$207K	0.1%	$15.08	—	COM	05573H108
—	NORTH VALLEY BANCORP	8,625	$163K	0.1%	$18.56	—	COM	66304M204
—	PACIFIC CONTINENTAL	10,000	$159K	0.1%	$15.90	—	COM	69412V108
—	XENITH BANCSHARES	19,125	$113K	0.0%	$5.91	—	COM	94810X105