Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	YADKIN FINANCIAL CO	808,791	$16.42M	7.0%	$20.24	—	COM	984305102
CNOB	CONNECTONE BANCORP INC NEW CO	708,877	$13.79M	5.8%	$14.72	0.0%	COM	20786W107
HTB	HOME TRST BNCSHR	584,186	$9.329M	4.0%	$15.67	+1.1%	COM	437872104
—	C1 FINANCIAL INC ST. PETERSBU	457,536	$8.579M	3.6%	$18.75	—	COM	12591N109
—	SOUTH ST CORP	100,000	$6.839M	2.9%	$61.00	—	COM	840441109
TFIN	TRIUMPH BANCORP INC	487,880	$6.665M	2.8%	$13.02	0.0%	COM	89679E300
—	PALMETTO BANCSHARES INC COM ST	311,212	$5.913M	2.5%	$15.56	—	COM	697062206
—	INVESTORS BANCORP	500,000	$5.86M	2.5%	$10.13	—	COM	46146l101
—	PUT BBT APR 38.00000 04/17/201	150,000	$5.769M	2.4%	$38.46	—	PUT	8Y26278
ABCB	AMERIS BANCORP	214,820	$5.669M	2.4%	$22.05	0.0%	COM	03076K108
—	BNC BANCORP COM STK	310,906	$5.627M	2.4%	$18.10	—	COM	05566T101
—	OPUS BANK	181,720	$5.611M	2.4%	$29.04	—	COM	684000102
—	PUT WFC APR 53.00000 04/17/201	100,000	$5.44M	2.3%	$54.40	—	PUT	8KDYPF4
BANC	BANC OF CALIFORNIA INC COM STK	433,728	$5.339M	2.3%	$8.53	0.0%	COM	05990K106
SBCF	SEACOAST BANKING CORP OF FLORI	368,890	$5.264M	2.2%	$11.38	+16.0%	COM	811707801
—	COWEN GROUP INC COM STK	992,021	$5.159M	2.2%	$3.14	—	COM	223622101
—	FRANKLIN FINANCIAL NETWORK IN	219,010	$4.599M	1.9%	$21.00	—	COM	35352P104
—	PUT USB APR 42.00000 04/17/201	100,000	$4.367M	1.9%	$43.67	—	PUT	8K16324
—	M&T BANK CORP -WT18 WARRANTS 1	80,000	$4.2M	1.8%	$51.77	—	WT	55261F112
—	PUT KRE APR 40.00000 04/17/201	100,000	$4.083M	1.7%	$40.83	—	PUT	8233603
—	PUT BK APR 39.00000 04/17/2015	100,000	$4.024M	1.7%	$40.24	—	PUT	8Y28530
—	PUT MS APR 34.00000 04/17/2015	100,000	$3.569M	1.5%	$35.69	—	PUT	8GPYXX4
—	FIDELITY SOUTHERN CORP COM STK	207,945	$3.51M	1.5%	$13.09	—	COM	316394105
BAC	BANK OF AMERICA CORP	225,600	$3.472M	1.5%	$10.66	+19.7%	COM	060505104
SAMG	SILVERCREST ASSET MANAGEMENT G	223,211	$3.181M	1.3%	$15.08	-5.7%	COM	828359109
—	FIRST SEC GROUP INC COM STK	1,270,778	$3.05M	1.3%	$2.16	—	COM	336312202
—	ATLANTIC COAST FED CORP COM ST	724,190	$3.005M	1.3%	$4.36	—	COM	048426100
—	NEWBRIDGE BANCRP	336,739	$3.003M	1.3%	$8.92	—	COM	65080T102
—	SYNOVUS FINL CORP	100,000	$2.801M	1.2%	$23.64	—	COM	87161C501
—	ASB BANCORP	136,570	$2.799M	1.2%	$20.49	—	COM	00213T109
C	CITIGROUP INC COM NEW	50,000	$2.576M	1.1%	$37.07	+2.3%	COM	172967424
—	PARK STERLING CORP	358,047	$2.542M	1.1%	$7.10	—	COM	70086Y105
—	HERITAGE FINANCIAL GROUP INC	86,140	$2.346M	1.0%	$27.23	—	COM	42726X102
—	PUT PNC APR 90.00000 04/17/201	25,000	$2.331M	1.0%	$93.24	—	PUT	8455568
—	PUT CMA APR 44.00000 04/17/201	50,000	$2.257M	1.0%	$45.14	—	PUT	8E26011
LADR	LADDER CPTL CRP	113,498	$2.101M	0.9%	$19.61	—	COM	505743104
—	SUNTRUST BANKS INC	50,000	$2.054M	0.9%	$34.95	—	COM	867914103
NBTB	NBT BANCORP INC COM STK	81,670	$2.047M	0.9%	$21.18	+15.0%	COM	628778102
FCCO	FIRST COMMUNITY CORP SC COM S	168,590	$1.966M	0.8%	$7.14	+22.3%	COM	319835104
—	SQUARE 1 FINANCIAL INC CL A	70,950	$1.899M	0.8%	$19.23	—	COM	85223w101
FITB	FIFTH THIRD BANCORP	100,000	$1.885M	0.8%	$12.96	0.0%	COM	316773100
—	PUT AMTD APR 36.00000 04/17/20	50,000	$1.863M	0.8%	$37.26	—	PUT	8Y18280
—	PUT AMTD APR 35.00000 04/17/20	50,000	$1.863M	0.8%	$37.26	—	PUT	8Y18278
—	STATE BANK FINANCIAL CORPORATI	87,548	$1.839M	0.8%	$16.40	—	COM	856190103
SHBI	SHORE BANCSHARES INC COM STK	197,730	$1.815M	0.8%	$9.34	-1.0%	COM	825107105
—	PUT MS APR 35.00000 04/17/2015	50,000	$1.785M	0.8%	$35.70	—	PUT	8GPYXX6
HOMB	HOME BANCSHARES INC	50,000	$1.694M	0.7%	$11.69	+35.4%	COM	436893200
—	SOUTHERN NATIONAL BANCORP OF V	140,871	$1.676M	0.7%	$9.78	—	COM	843395104
—	PUT AXP APR 80.00000 04/17/201	20,000	$1.562M	0.7%	$78.10	—	PUT	8E01503
—	PUT SCHW APR 29.00000 04/17/20	50,000	$1.522M	0.6%	$30.44	—	PUT	8465336
—	JACKSONVILLE BANCORP INC JACK	137,336	$1.511M	0.6%	$10.60	—	COM	469249205
—	HERITAGE OAKS BANCORP	175,698	$1.46M	0.6%	$8.03	—	COM	42724r107
—	FLAGSTAR BANCORP INC	100,000	$1.451M	0.6%	$15.73	—	COM	337930507
—	PUT ETFC APR 27.00000 04/17/20	50,000	$1.428M	0.6%	$28.56	—	PUT	8GPQNM8
HTGC	HERCULES TECH GROWTH CAP INC C	100,000	$1.348M	0.6%	$14.66	0.0%	COM	427096508
—	COLONY CAP INC COM ISIN#US1962	50,000	$1.296M	0.5%	$25.92	—	COM	19624r106
—	ASTORIA FINANCIAL CORP	100,000	$1.295M	0.5%	$12.39	—	COM	046265104
FISI	FINANCIAL INSTNS INC COM STK	55,324	$1.269M	0.5%	$14.45	+2.1%	COM	317585404
—	NATIONAL COMMERC	53,020	$1.164M	0.5%	$21.95	—	COM	63546L102
—	PUT CMA APR 43.00000 04/17/201	25,000	$1.128M	0.5%	$45.12	—	PUT	8E25985
TOWN	TOWNEBANK PORTSMOUTH VA COM ST	70,000	$1.126M	0.5%	$15.48	0.0%	COM	89214P109
—	PUT USB APR 43.50000 04/17/201	25,000	$1.092M	0.5%	$43.68	—	PUT	8KDXCR2
—	FIRST NIAGARA FINLGROUP INC NE	117,860	$1.042M	0.4%	$8.43	—	COM	33582v108
—	PUT BK APR 40.00000 04/17/2015	25,000	$1.006M	0.4%	$40.24	—	PUT	8Y28532
—	PUT BBT APR 39.00000 04/17/201	25,000	$962K	0.4%	$38.48	—	PUT	8Y26280
TFSL	TFS FINANCIAL CORP	65,050	$955K	0.4%	$5.55	+34.9%	COM	87240R107
—	KEARNY FINL CORP COM ISIN#US48	70,000	$951K	0.4%	$10.49	—	COM	487169104
—	REGIONS FINL CORP	100,000	$945K	0.4%	$9.45	—	COM	7591ep100
—	COBIZ FINANCIAL INC	75,000	$924K	0.4%	$8.08	—	COM	190897108
—	CARTER BANK & TRUST COM STK	69,336	$912K	0.4%	$11.77	—	COM	146102108
—	SOUTHCOAST FINANCIAL CORP COM	122,176	$884K	0.4%	$7.24	—	COM	84129R100
—	PERFORMANT FINANCIAL CORP	220,720	$750K	0.3%	$5.49	—	COM	71377E105
—	PUT XLF APR 24.00000 04/17/201	300,000	$723K	0.3%	$2.41	—	PUT	8GZWBT5
—	FIRST BANCSHARES INC MISS COM	40,285	$655K	0.3%	$11.81	—	COM	318916103
—	FOX CHASE BANCORP INC COM ST	37,086	$624K	0.3%	$16.83	—	COM	35137T108
—	SELECT BANCORP INC	75,722	$537K	0.2%	$7.09	—	COM	81617L108
—	SUN BANCORP INC NEW JERSEY CO	24,038	$455K	0.2%	$18.10	—	COM	86663B201
—	BSB BANCORP INC MD	18,183	$360K	0.2%	$18.63	—	COM	05573h108
—	PEREGRINE HOLDINGS	275,000	$298K	0.1%	$1.08	—	COM	995331600
—	CITIZENS FIRST CORPORATION	19,318	$239K	0.1%	$11.67	—	COM	17462q107
FBNC	FIRST BANCORP NC COMSTK	11,500	$202K	0.1%	$14.16	-1.1%	COM	318910106
—	OAK VIEW NATIONAL BANK WARRENT	36,344	$194K	0.1%	$5.34	—	COM	67134X105
—	FIRST CAP BK RICHMOND VA COM S	32,592	$142K	0.1%	$4.16	—	COM	319438107
—	PORTER BANCORP WTS 6/30/15	182,607	$0	0.0%	—	—	WT	932875