Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	YADKIN FINANCIAL CO	874,258	$18.32M	6.8%	$20.29	—	COM	984305102
CNOB	CONNECTONE BANCORP INC NEW COM	694,443	$14.95M	5.6%	$14.72	+7.1%	COM	20786W107
HTB	HOMETRUST BANCSHARES INC COM	584,476	$9.795M	3.6%	$15.67	+1.8%	COM	437872104
TFIN	TRIUMPH BANCORP INC COM	702,874	$9.243M	3.4%	$13.06	+0.7%	COM	89679E300
—	C1 FINL INC COM	457,442	$8.865M	3.3%	$18.75	—	COM	12591N109
—	PALMETTO BANCSHARES INC COM NE	311,247	$6.154M	2.3%	$15.56	—	COM	697062206
—	INVESTORS BANCORP	500,000	$6.15M	2.3%	$10.13	—	COM	46146l101
—	BNC BANCORP COM	316,842	$6.125M	2.3%	$18.12	—	COM	05566T101
—	FIRST SEC GROUP INC COM NEW	2,487,615	$6.095M	2.3%	$2.30	—	COM	336312202
SBCF	SEACOAST BKG CORP FLA COM NEW	368,946	$5.829M	2.2%	$11.38	+30.0%	COM	811707801
—	SOUTH ST CORP	75,000	$5.699M	2.1%	$61.00	—	COM	840441109
ABCB	AMERIS BANCORP	221,430	$5.6M	2.1%	$22.07	+1.9%	COM	03076K108
RITM	NEW RESIDENTIAL INVESTMENT COR	364,740	$5.559M	2.1%	$15.24	—	COM	64828T201
BANC	BANC CALIF INC COM	403,173	$5.544M	2.1%	$8.53	+18.4%	COM	05990K106
—	COWEN GROUP INC COM STK	835,870	$5.35M	2.0%	$3.14	—	COM	223622101
AER	AERCAP HOLDINGS N.V.	112,230	$5.139M	1.9%	$46.65	0.0%	COM	N00985106
—	FRANKLIN FINL NETWORK INC COM	218,085	$5.002M	1.9%	$21.00	—	COM	35352P104
—	NEWBRIDGE BANCORP COM CL A	512,720	$4.579M	1.7%	$8.92	—	COM	65080T102
—	PUT KRE JUL 43.00000 07/17/201	100,000	$4.416M	1.6%	$44.16	—	PUT	8KLGZQ7
—	PARK STERLING CORP COM	594,737	$4.282M	1.6%	$7.14	—	COM	70086Y105
—	M&T BANK CORP -WT18 WARRANTS 1	80,000	$4.164M	1.6%	$51.77	—	WT	55261F112
BAC	BANK AMERICA CORP	225,600	$3.84M	1.4%	$10.66	+23.2%	COM	060505104
—	FIDELITY SOUTHN CORP NEW COM	207,996	$3.627M	1.4%	$13.09	—	COM	316394105
—	OPUS BK IRVINE CALIF COM	100,000	$3.618M	1.3%	$29.04	—	COM	684000102
—	PUT JPM JUL 67.50000 07/17/201	50,000	$3.388M	1.3%	$67.76	—	PUT	8KFDLY6
—	ATLANTIC COAST FINL CORP COM	724,880	$3.226M	1.2%	$4.36	—	COM	048426100
SAMG	SILVERCREST ASSET MANAGEMENT G	223,211	$3.138M	1.2%	$15.08	-5.7%	COM	828359109
—	SYNOVUS FINL CORP	100,000	$3.082M	1.1%	$23.64	—	COM	87161C501
—	ASB BANCORP INC N C COM	139,590	$3.023M	1.1%	$20.52	—	COM	00213T109
—	HERITAGE FINANCIAL GROUP INC	95,740	$2.889M	1.1%	$27.53	—	COM	42726X102
LADR	LADDER CPTL CRP	163,498	$2.837M	1.1%	$18.92	—	COM	505743104
—	PUT WFC JUL 55.50000 07/17/201	50,000	$2.812M	1.0%	$56.24	—	PUT	8KQHGN9
—	METLIFE INC	50,000	$2.799M	1.0%	$55.98	—	COM	59156r108
—	PUT CMA JUL 49.00000 07/17/201	50,000	$2.566M	1.0%	$51.32	—	PUT	8GWQHR4
—	PUT CMA JUL 50.00000 07/17/201	50,000	$2.566M	1.0%	$51.32	—	PUT	8GWQHR6
—	HAMPTON RDS BANKSHARES INC COM	1,176,798	$2.448M	0.9%	$2.08	—	COM	409321502
—	PUT XLF JUL 25.00000 07/17/201	100,000	$2.438M	0.9%	$24.38	—	PUT	8KDZGP0
—	PUT ZION JUL 31.00000 07/17/20	75,000	$2.381M	0.9%	$31.75	—	PUT	8GXNWR7
—	UNITED FINANCIAL BANCORP	171,000	$2.3M	0.9%	$13.45	—	COM	910304104
—	PUT KRE JUL 44.00000 07/17/201	50,000	$2.208M	0.8%	$44.16	—	PUT	8KLGZQ5
—	PUT COF JUL 85.00000 07/17/201	25,000	$2.199M	0.8%	$87.96	—	PUT	8KKWPK9
HOMB	HOME BANCSHARES INC	60,000	$2.194M	0.8%	$12.62	+37.0%	COM	436893200
—	HERITAGE OAKS BANCORP COM	278,216	$2.19M	0.8%	$7.87	—	COM	42724R107
—	PUT USB JUL 43.50000 07/17/201	50,000	$2.17M	0.8%	$43.40	—	PUT	8KQFVM7
—	PUT USB JUL 44.00000 07/17/201	50,000	$2.17M	0.8%	$43.40	—	PUT	8KHVPK1
NBTB	NBT BANCORP INC COM ISIN#US628	81,670	$2.137M	0.8%	$21.18	+18.7%	COM	628778102
—	PUT BK JUL 41.50000 07/17/2015	50,000	$2.099M	0.8%	$41.98	—	PUT	8KPCPP3
FITB	FIFTH THIRD BANCORP COM	100,000	$2.082M	0.8%	$12.96	+8.2%	COM	316773100
FCCO	FIRST COMMUNITY CORP S C COM	168,655	$2.056M	0.8%	$7.14	+31.0%	COM	319835104
—	PUT BBT JUL 40.00000 07/17/201	50,000	$2.016M	0.8%	$40.32	—	PUT	8KKTHV3
—	PUT BBT JUL 39.00000 07/17/201	50,000	$2.016M	0.8%	$40.32	—	PUT	8KKTHV5
—	PUT AXP JUL 77.50000 07/17/201	25,000	$1.943M	0.7%	$77.72	—	PUT	8W33349
—	PUT MS JUL 39.00000 07/17/2015	50,000	$1.94M	0.7%	$38.80	—	PUT	8GXCFC1
—	PUT MS JUL 37.50000 07/17/2015	50,000	$1.94M	0.7%	$38.80	—	PUT	8KPTKZ3
—	PUT STT JUL 75.00000 07/17/201	25,000	$1.925M	0.7%	$77.00	—	PUT	8KLQXK9
—	PUT STT JUL 72.50000 07/17/201	25,000	$1.925M	0.7%	$77.00	—	PUT	8KLQXL1
SHBI	SHORE BANCSHARES INC COM	204,051	$1.924M	0.7%	$9.34	-0.1%	COM	825107105
—	STATE BK FINL CORP COM	87,548	$1.9M	0.7%	$16.40	—	COM	856190103
—	NATIONSTAR MTG LLC/NATIONSTARC	112,500	$1.89M	0.7%	$16.80	—	COM	63861c109
—	ANCHOR BANCORP WISCONSIN INC	45,000	$1.709M	0.6%	$37.98	—	COM	03283P106
—	PUT SCHW JUL 32.00000 07/17/20	50,000	$1.633M	0.6%	$32.66	—	PUT	8KLPJM1
—	JACKSONVILLE BANCORP INC JACK	137,336	$1.611M	0.6%	$10.60	—	COM	469249205
—	SOUTHERN NATL BANCORP VA INC C	141,081	$1.563M	0.6%	$9.78	—	COM	843395104
FISI	FINANCIAL INSTNS INC COM STK	55,324	$1.374M	0.5%	$14.45	+5.8%	COM	317585404
—	BOSTON PRIVATE FINLHLDGS FRMLY	100,000	$1.341M	0.5%	$13.41	—	COM	101119105
—	PUT XLF JUL 24.00000 07/17/201	50,000	$1.219M	0.5%	$24.38	—	PUT	8KDZGN8
TOWN	TOWNEBANK PORTSMOUTH VA COM ST	70,000	$1.14M	0.4%	$15.48	+4.9%	COM	89214P109
—	COLONY CAP INC CL A	50,000	$1.132M	0.4%	$25.92	—	COM	19624r106
TFSL	TFS FINANCIAL CORP	65,050	$1.094M	0.4%	$5.55	+42.3%	COM	87240R107
—	SUN BANCORP INC NEW JERSEY CO	56,578	$1.089M	0.4%	$18.76	—	COM	86663B201
—	GUARANTY BANCORP DEL COM NEW	63,614	$1.05M	0.4%	$16.51	—	COM	40075T607
RF	REGIONS FINL CORP NEW COM	100,000	$1.036M	0.4%	$6.93	0.0%	COM	7591EP100
—	SOUTHCOAST FINL CORP COM	121,144	$1.031M	0.4%	$7.24	—	COM	84129R100
—	COBIZ FINANCIAL INC	75,000	$980K	0.4%	$8.08	—	COM	190897108
—	PERFORMANT FINANCIAL CORP	272,570	$883K	0.3%	$5.07	—	COM	71377E105
—	CARTER BK & TR MARTINSVILLE VA	69,334	$874K	0.3%	$11.77	—	COM	146102108
SFST	SOUTHERN FIRST BANCSHARES COM	40,332	$722K	0.3%	$17.64	0.0%	COM	842873101
—	ASTORIA FINANCIAL CORP	50,000	$689K	0.3%	$12.39	—	COM	046265104
—	EVANS BANCORP INC COM STK	27,959	$678K	0.3%	$24.25	—	COM	29911Q208
—	FIRST BANCSHARES INC MISS COM	40,245	$670K	0.2%	$11.81	—	COM	318916103
—	FOX CHASE BANCORP INC NEW COM	37,176	$629K	0.2%	$16.83	—	COM	35137T108
FBNC	FIRST BANCORP NC COMSTK	34,760	$580K	0.2%	$13.63	-1.9%	COM	318910106
HTGC	HERCULES TECH GROWTH CAP INC C	50,000	$577K	0.2%	$14.66	-11.4%	COM	427096508
—	SELECT BANCORP INC NEW COM	75,755	$538K	0.2%	$7.09	—	COM	81617L108
HTBK	HERITAGE COMM CORP COM STK	54,907	$528K	0.2%	$9.13	0.0%	COM	426927109
—	BSB BANCORP INC MD COM	18,233	$403K	0.2%	$22.10	—	COM	05573H108
—	PEREGRINE HOLDINGS	275,000	$298K	0.1%	$1.08	—	COM	995331600
—	CITIZENS FIRST CORP COM	19,448	$243K	0.1%	$12.49	—	COM	17462Q107
—	OAK VIEW NATL BK WARRENTON VA	36,579	$184K	0.1%	$5.34	—	COM	67134X105
—	FIRST CAP BANCORP INC VA COM	32,692	$139K	0.1%	$4.16	—	COM	319438107