Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HTB	HOMETRUST BANCSHARES	733,321	$11.56M	5.8%	$15.72	-1.7%	COM	437872104
—	CONNECTONE BANCORP	204,532	$10.2M	5.1%	$40.05	—	COM	20786U101
MTB	M&T BANCORP	80,000	$9.924M	5.0%	$81.40	+8.5%	WRNT	55261F104
—	YADKIN VALLEY	518,450	$9.768M	4.9%	$21.41	—	COM	984305102
—	SOUTH STATE CORPORATION	110,000	$6.71M	3.4%	$61.00	—	COM	840441109
—	INVESTORS BANCORP NEW	500,000	$5.525M	2.8%	$10.49	—	COM	46146L101
SBCF	SEACOAST BANKING CORP	490,109	$5.327M	2.7%	$11.38	-6.6%	COM NEW	811707801
—	OPUS BANK	170,380	$4.951M	2.5%	$29.06	—	COM	684000102
BANC	BANC OF CALIFORNIA	450,000	$4.905M	2.5%	$9.11	-7.2%	COM	05990K106
—	COWEN GROUP	1,143,266	$4.825M	2.4%	$2.98	—	CL A	223622101
—	ZAIS FINANCIAL	290,000	$4.82M	2.4%	$16.03	—	COM	98886K108
—	BNC BANCORP	236,116	$4.03M	2.0%	$17.14	—	COM	05566T101
—	ASB BANCORP	191,957	$4.025M	2.0%	$16.44	—	COM	00213T109
WFC	WELLS FARGO AUG 50	75,000	$3.942M	2.0%	—	—	Put	949746101
—	VANTAGESOUTH BANCSHARES	636,713	$3.789M	1.9%	$5.69	—	COM	92209W105
ABCB	AMERIS BANCORP	160,000	$3.45M	1.7%	$16.95	+10.6%	COM	03076K108
—	VIEWPOINT FINANCIAL	122,337	$3.292M	1.6%	$28.06	—	COM	92672A101
NTRS	NORTHERN TRUST CORP JUL 60	50,000	$3.211M	1.6%	—	—	Put	665859104
BAC	BANK OF AMERICA	200,600	$3.083M	1.5%	$10.40	+17.8%	COM	060505104
—	STATE BANK FINANCIAL	180,180	$3.047M	1.5%	$16.44	—	COM	856190103
—	FIDELITY SOUTHERN	225,980	$2.936M	1.5%	$12.88	—	COM	316394105
ALL	ALLSTATE CORP JUL 57.5	50,000	$2.936M	1.5%	—	—	Put	020002101
—	ATLANTIC COAST FINL	716,713	$2.91M	1.5%	$4.37	—	COM	048426100
—	CENTERSTATE BANKS	254,010	$2.844M	1.4%	$10.57	—	COM	15201P109
BK	BANK OF NEW YORK MELLON JUL 35	75,000	$2.811M	1.4%	—	—	Put	064058100
—	SWS GROUP	380,000	$2.766M	1.4%	$6.77	—	COM	78503N107
—	FIRST UNITED BANCORP	300,000	$2.586M	1.3%	$7.61	—	COM	33740N105
C	CITIGROUP	50,000	$2.355M	1.2%	$37.07	-4.5%	COM	172967424
—	TD AMERITRADE AUG 30	75,000	$2.352M	1.2%	—	—	Put	87236Y108
TRV	TRAVELERS COMPANIES INC. JUL 92.5	25,000	$2.352M	1.2%	—	—	Put	89417E109
—	CIT GROUP INC JUL 44	50,000	$2.288M	1.1%	—	—	Put	125581801
PNC	PNC FINANCIAL SERVICES GROUP JUL 87.5	25,000	$2.226M	1.1%	—	—	Put	693475105
—	OMNIAMERICAN BANCORP	87,486	$2.187M	1.1%	$21.45	—	COM	68216R107
—	PARK STERLING	330,942	$2.181M	1.1%	$7.13	—	COM	70086Y105
USB	US BANCORP DEL	50,000	$2.166M	1.1%	$27.92	0.0%	COM NEW	902973304
—	SQUARE I FINANCIAL	111,507	$2.119M	1.1%	$20.10	—	COM	85223W101
RM	REGIONAL MANAGEMENT	133,667	$2.068M	1.0%	$26.88	-47.2%	COM	75902K106
—	SUNTRUST BANKS	50,000	$2.003M	1.0%	$28.81	—	COM	867914103
—	BB&T JUL 39	50,000	$1.972M	1.0%	—	—	Put	054937107
NBTB	NBT BANCORP	81,670	$1.962M	1.0%	$21.18	+10.1%	COM	628778102
SHBI	SHORE BANKSHARES	217,500	$1.96M	1.0%	$9.34	0.0%	COM	825107105
—	GLEACHER	175,923	$1.849M	0.9%	$11.39	—	COM	377341201
FCCO	FIRST COMMUNITY CORP	167,240	$1.781M	0.9%	$7.12	+14.7%	COM	319835104
STT	STATE STREET CORP JUL 65	25,000	$1.682M	0.8%	—	—	Put	857477103
—	FIVE OAKS INVESTMENT CORP	147,127	$1.662M	0.8%	$11.30	—	COM	33830W106
HOMB	HOME BANCSHARES	50,000	$1.641M	0.8%	$11.69	+37.9%	COM	436893200
RF	REGIONS FINANCIAL	150,000	$1.593M	0.8%	$6.45	+9.0%	COM	7591EP100
—	LAZARD LTD	30,000	$1.546M	0.8%	$51.53	—	SHS CL A	G54050102
—	SOUTHERN NATIONAL	136,370	$1.521M	0.8%	$9.68	—	COM	843395104
TFSL	TFS FINANCIAL	102,000	$1.455M	0.7%	$5.55	+25.1%	COM	87240R107
CNOB	CONNECTONE BANCORP	75,467	$1.451M	0.7%	$14.60	0.0%	COM	20786W107
—	VIRGINIA HERITAGE	50,000	$1.375M	0.7%	$15.67	—	COM	927819102
SCHW	SCHWAB (CHARLES) CORP JUL 27	50,000	$1.347M	0.7%	$22.70	+0.7%	Put	808513105
—	SYNOVUS	50,000	$1.219M	0.6%	$3.60	—	COM	87161C105
—	BRIDGE BANCORP INC	50,000	$1.2M	0.6%	$24.00	—	COM	108035106
—	FRANKLIN FINANCIAL	50,000	$1.085M	0.5%	$19.78	—	COM	35353C102
—	E TRADE FINANCIAL CORP JUL 20	50,000	$1.063M	0.5%	—	—	Put	269246401
—	KEARNEY	70,000	$1.06M	0.5%	$10.49	—	COM	487169104
CMA	COMERICA JUL 49 PUTS	20,000	$1.004M	0.5%	—	—	Put	200340107
—	FIRST SECURITY GROUP INC	457,821	$993K	0.5%	$2.14	—	COM	336312202
NMIH	NMI HOLDINGS	92,725	$974K	0.5%	$13.30	-17.6%	CL A	629209305
—	JACKSONVILLE BANCORP INC FLA	89,925	$944K	0.5%	$10.50	—	COM NEW	469249205
—	COBIZ FINANCIAL	75,000	$808K	0.4%	$8.08	—	COM	190897108
—	NEWBRIDGE BANCORP	100,000	$806K	0.4%	$7.43	—	COM	65080T102
—	SOUTHCOAST FINANCIAL CORP	102,518	$745K	0.4%	$5.98	—	COM	84129R100
—	PALMETTO BANCSHARES	44,666	$643K	0.3%	$13.64	—	COM	697062206
—	DIME COMMUNITY BANCSHARES	40,000	$632K	0.3%	$15.80	—	COM	253922108
—	CHARTER FINANCIAL	56,376	$626K	0.3%	$10.81	—	COM	16122W108
ACRE	ARES COMML REAL ESTATE	50,000	$621K	0.3%	$13.10	—	COM	04013V108
—	FOX CHASE BANCORP	35,323	$596K	0.3%	$17.27	—	COM	35137T108
—	SUNSHINE FINANCIAL	31,248	$578K	0.3%	$18.12	—	COM	86782T109
—	TRISTATE CAPITAL	40,200	$568K	0.3%	$11.86	—	COM	89678F100
—	PACIFIC PREMIER	40,000	$564K	0.3%	$15.75	—	COM	69478X105
—	FIRST BANCSHARES INC MS	37,290	$530K	0.3%	$11.09	—	COM	318916103
—	TWO HARBORS INVESTMENT CORP	50,000	$524K	0.3%	$9.28	—	COM	90187B101
SAMG	SILVERCREST ASSET MGMT GROUP	28,917	$498K	0.2%	$12.55	+39.0%	CL A	828359109
SFNC	SIMMMONS FIRST NATIONAL	10,000	$394K	0.2%	$18.00	+8.0%	COM	828730200
FBNC	FIRST BANCORP N C	20,000	$367K	0.2%	$14.38	0.0%	COM	318910106
—	CARTER BANK AND TRUST	29,190	$342K	0.2%	$11.27	—	COM	146102108
—	HERITAGE OAKS BANCORP	39,230	$299K	0.1%	$7.61	—	COM	42724R107
—	BSB BANCORP	16,268	$279K	0.1%	$15.41	—	COM	05573H108
—	GUARANTY BANCORP	18,452	$256K	0.1%	$14.25	—	COM	40075T607
—	OAK VIEW NATIONAL	34,492	$195K	0.1%	$4.88	—	COM	67134X105
—	CITIZENS FIRST CORP	16,578	$182K	0.1%	$10.53	—	COM	17462Q107
—	FIRST CAPITAL BANCORP	28,892	$130K	0.1%	$4.12	—	COM	319438107
—	NEW CENTURY BANCORP	15,691	$104K	0.1%	$6.76	—	COM	64353M100
—	PORTER BANCORP	182,607	$0	0.0%	—	—	WARRANT	736233115