Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	YADKIN VALLEY	705,042	$15.1M	5.0%	$21.41	—	—	984305102
—	INVESTORS BANCORP	459,000	$12.69M	4.2%	$25.58	—	—	46146P102
—	FIRST UNITED BANCORP	1,420,640	$10.88M	3.6%	$7.61	—	—	33740N105
BK	BANK OF NY APR 31	300,000	$10.59M	3.5%	—	—	PUT	064058100
—	COWEN GROUP CL A	2,361,039	$10.41M	3.4%	$2.98	—	—	223622101
—	CONNECTONE BANCORP	209,975	$10.28M	3.4%	$40.05	—	—	20786U101
MTB	M&T BANCORP	80,000	$9.704M	3.2%	$81.40	+2.2%	—	55261F104
—	FIRST FINANCIAL	150,000	$9.393M	3.1%	$66.47	—	—	32023E105
SBCF	SEACOAST BANKING CORP	714,059	$7.855M	2.6%	$11.38	0.0%	—	811707801
CMA	COMERICA APR 49	150,000	$7.77M	2.6%	—	—	PUT	200340107
SCHW	SCHWAB (CHARLES) CORP APR 25	250,000	$6.834M	2.2%	$22.70	0.0%	—	808513105
HTB	HOMETRUST	431,990	$6.817M	2.2%	$15.90	-1.0%	—	437872104
—	TD AMERITRADE HOLDING CORP APR 31	200,000	$6.792M	2.2%	—	—	PUT	87236Y108
—	ASB BANCORP	347,258	$6.163M	2.0%	$16.44	—	—	00213T109
—	ATLANTIC COAST FINL	1,280,441	$5.749M	1.9%	$4.37	—	—	048426100
—	GLEACHER	502,300	$5.722M	1.9%	$11.39	—	—	377341201
—	ZAIS FINANCIAL	340,000	$5.664M	1.9%	$16.03	—	—	98886K108
—	OMNIAMERICAN BANCORP	247,845	$5.648M	1.9%	$21.45	—	—	68216R107
—	VANTAGE SOUTH	805,153	$5.479M	1.8%	$5.69	—	—	92209W105
—	PARK STERLING	765,036	$5.088M	1.7%	$7.13	—	—	70086Y105
WFC	WELLS FARGO JAN 44	100,000	$4.974M	1.6%	—	—	PUT	949746101
MS	MORGAN STANLEY APR 30 ⚠	150,000	$4.676M	1.5%	$17.96	+26.4%	PUT	617446448
—	BB&T APR 39	100,000	$4.018M	1.3%	—	—	PUT	054937107
—	BNC BANCORP	219,863	$3.81M	1.3%	$17.14	—	—	05566T101
—	SWS GROUP	505,000	$3.777M	1.2%	$6.77	—	—	78503N107
RM	REGIONAL MANAGEMENT	145,500	$3.588M	1.2%	$26.88	-3.8%	—	75902K106
—	CENTERSTATE BANKS	316,343	$3.454M	1.1%	$10.57	—	—	15201P109
—	CENTER BANCORP	180,934	$3.438M	1.1%	$19.00	—	—	151408101
WSBF	WATERSTONE FINANCIAL	325,000	$3.377M	1.1%	$10.47	0.0%	—	94188P101
ABCB	AMERIS BANCORP	140,000	$3.262M	1.1%	$16.69	+10.8%	—	03076K108
BANC	BANC OF CALIFORNIA	262,151	$3.216M	1.1%	$9.58	-0.8%	—	05990K106
—	SQUARE I FINANCIAL	157,500	$3.165M	1.0%	$20.10	—	—	85223W101
—	CHARTER FINANCIAL	277,040	$2.994M	1.0%	$10.81	—	—	16122W108
—	VIRGINIA HERITAGE	139,360	$2.75M	0.9%	$15.67	—	—	927819102
NBTB	NBT BANCORP	111,670	$2.732M	0.9%	$21.18	+14.2%	—	628778102
—	INVESTORS BANCORP NEW	265,000	$2.65M	0.9%	$10.00	—	—	46146L101
SAMG	SILVERCREST	142,338	$2.604M	0.9%	$12.55	+33.7%	—	828359109
BAC	BANK OF AMERICA	150,600	$2.59M	0.9%	$9.78	+35.5%	—	060505104
C	CITIGROUP	50,000	$2.38M	0.8%	$37.07	0.0%	—	172967424
NMIH	NMI HOLDINGS CL A	200,000	$2.344M	0.8%	$13.30	-10.7%	—	629209305
MS	MORGAN STANLEY ⚠	75,000	$2.338M	0.8%	$17.96	+26.4%	PUT	617446448
RF	REGIONS FINANCIAL	200,000	$2.222M	0.7%	$6.45	+9.7%	—	7591EP100
FCCO	FIRST COMMUNITY	197,645	$2.21M	0.7%	$7.12	+13.9%	—	319835104
PNC	PNC APR 82.5	25,000	$2.175M	0.7%	—	—	PUT	693475105
—	TRISTATE CAPITAL	150,000	$2.133M	0.7%	$11.86	—	—	89678F100
—	VIEWPOINT FINANCIAL	72,337	$2.087M	0.7%	$28.85	—	—	92672A101
—	FORTRESS INVESTMENT GROUP	274,393	$2.031M	0.7%	$7.40	—	—	34958B106
—	SUNTRUST BANKS	50,000	$1.99M	0.7%	$28.81	—	—	867914103
—	FIDELITY SOUTHERN	140,460	$1.962M	0.6%	$12.81	—	—	316394105
—	NEW RESIDENTIAL INVESTMENT CORP	300,000	$1.941M	0.6%	$6.47	—	—	64828T102
—	METRO BANCORP	91,143	$1.927M	0.6%	$21.52	—	—	59161R101
—	NATIONAL HOLDINGS	3,677,434	$1.838M	0.6%	$0.36	—	—	636375107
—	SANTANDER CONSUMER USA HOLDI	75,000	$1.806M	0.6%	$24.08	—	—	80283M101
—	WASHINGTON BANKING	100,000	$1.778M	0.6%	$17.74	—	—	937303105
—	STATE BANK	100,000	$1.77M	0.6%	$16.06	—	—	856190103
—	FRANKLIN FINANCIAL	90,000	$1.76M	0.6%	$19.78	—	—	35353C102
BKU	BANK UNITED	50,000	$1.739M	0.6%	$22.24	+3.6%	—	06652K103
HOMB	HOME BANCSHARES	50,000	$1.721M	0.6%	$11.69	+43.9%	—	436893200
—	SYNOVUS	500,000	$1.695M	0.6%	$3.60	—	—	87161C105
—	NEWBRIDGE BANCORP	235,200	$1.679M	0.6%	$7.43	—	—	65080T102
—	SOUTHCOAST	224,198	$1.634M	0.5%	$5.98	—	—	84129R100
—	PALMETTO BANCSHARES	114,168	$1.608M	0.5%	$13.64	—	—	697062206
TFSL	TFS FINANCIAL	127,000	$1.579M	0.5%	$5.55	+10.8%	—	87240R107
—	JACKSONVILLE BANCORP	149,620	$1.571M	0.5%	$10.50	—	—	469249205
—	FIRST BANCSHARES MISS	96,080	$1.393M	0.5%	$11.09	—	—	318916103
—	SOUTHERN NATIONAL	135,420	$1.38M	0.5%	$9.68	—	—	843395104
LADR	LADDER CAPITAL CORP CL A	70,767	$1.336M	0.4%	$18.88	—	—	505743104
—	STONEGATE BANK	52,500	$1.25M	0.4%	$20.06	—	—	861811107
FHN	FIRST HORIZON NATIONAL CORP	100,000	$1.234M	0.4%	$8.27	0.0%	—	320517105
FITB	FIFTH THIRD	50,000	$1.148M	0.4%	$10.54	+38.7%	—	316773100
—	FOX CHASE BANCORP	65,083	$1.098M	0.4%	$17.27	—	—	35137T108
—	FIRST SECURITY	525,671	$1.093M	0.4%	$2.14	—	—	336312202
—	GUARANTY BANCORP	74,450	$1.061M	0.3%	$14.25	—	—	40075T607
—	KEARNEY	70,000	$1.035M	0.3%	$10.49	—	—	487169104
—	TWO HARBORS	100,000	$1.025M	0.3%	$9.28	—	—	90187B101
—	MALVERN BANCORP	100,000	$1.024M	0.3%	$12.19	—	—	561409103
ACRE	ARES COMML REAL ESTATE	75,000	$1.006M	0.3%	$13.10	—	—	04013V108
—	NEW CENTURY BANCORP	136,761	$957K	0.3%	$6.76	—	—	64353M100
SFNC	SIMMONS FIRST NATIONAL	25,000	$932K	0.3%	$18.00	0.0%	—	828730200
—	UNITED FINANCIAL	50,000	$920K	0.3%	$18.40	—	—	910304104
FISI	FINANCIAL INSTITUTIONS	39,500	$909K	0.3%	$13.06	+5.2%	—	317585404
GNW	GENWORTH FINL	50,000	$887K	0.3%	$14.45	+11.1%	—	37247D106
—	COBIZ FINANCIAL	75,000	$864K	0.3%	$8.08	—	—	190897108
—	OAK VIEW NATIONAL	136,242	$783K	0.3%	$4.88	—	—	67134X105
—	EVANS BANCORP	32,100	$730K	0.2%	$21.11	—	—	29911Q208
SFST	SOUTHERN FIRST	50,500	$700K	0.2%	$12.89	+4.5%	—	842873101
—	MIDSOUTH BANCORP	39,300	$662K	0.2%	$16.84	—	—	598039105
—	PACIFIC PREMIER	40,000	$646K	0.2%	$15.75	—	—	69478X105
—	FIRST CAPITAL BANCORP	125,196	$525K	0.2%	$4.12	—	—	319438107
—	SUNSHINE FINANCIAL	30,378	$518K	0.2%	$18.11	—	—	86782T109
—	PEOPLES FEDERAL	28,405	$508K	0.2%	$18.64	—	—	711037101
CUBI	CUSTOMERS BANCORP	20,100	$420K	0.1%	$15.94	+14.4%	—	23204G100
—	HERITAGE OAKS BANCORP	49,263	$398K	0.1%	$7.61	—	—	42724R107
—	AMERICAN CAPITAL LTD	25,000	$394K	0.1%	$15.64	—	—	02503Y103
—	CARTER BANK AND TRUST	28,180	$317K	0.1%	$11.25	—	—	146102108
—	CLIFTON SAVINGS	24,925	$292K	0.1%	$11.72	—	—	186873105
—	BSB BANCORP	15,748	$271K	0.1%	$15.36	—	—	05573H108
—	NORTH VALLEY BANCORP	9,640	$233K	0.1%	$19.15	—	—	66304M204
—	FIRST SOUTHERN BANCORP	36,937	$232K	0.1%	$6.28	—	—	00FSBRSTD
—	CITIZENS FIRST CORP	16,338	$172K	0.1%	$10.53	—	—	17462Q107
—	PORTER BANCORP	226,085	$0	0.0%	—	—	—	736233115
—	FIRST HORIZON NATL CORP FRACTIONAL	24,849	$0	0.0%	—	—	—	DCA517101