The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERIS BANCORP COM 03076k108 1,459 79,390 SH   DFND 1,2 0 79,390 0
AMERIS BANCORP COM 03076k108 74 4,000 SH   DFND 2 4,000 0 0
ASB BANCORP COM 00213T109 1,785 104,203 SH   DFND 2 104,203 0 0
ASB BANCORP COM 00213T109 3,803 222,036 SH   DFND 1,2 0 222,036 0
ASB BANCORP COM 00213T109 464 27,087 SH   DFND 2 27,087 0 0
ARES COMML REAL ESTATE COM 04013v108 1,114 89,634 SH   DFND 2 89,634 0 0
ARES COMML REAL ESTATE COM 04013v108 3,409 274,266 SH   DFND 1,2 0 274,266 0
BANCORP SOUTH COM 059692103 997 50,000 SH   DFND 1,2 0 50,000 0
BANK OF AMERICA COM 060505104 2,760 200,000 SH   DFND 1,2 0 200,000 0
BANC OF CALIFORNIA COM 05990k106 1,383 100,000 SH   DFND 1,2 0 100,000 0
BANK MUTUAL CORP COM 063750103 314 50,000 SH   DFND 2 50,000 0 0
BANK MUTUAL CORP COM 063750103 619 98,750 SH   DFND 1,2 0 98,750 0
BANK MUTUAL CORP COM 063750103 285 45,500 SH   DFND 2 45,500 0 0
BANK UNITED COM 06652k103 624 20,000 SH   DFND 1,2 0 20,000 0
BNC BANCORP COM 05566t101 534 40,000 SH   DFND 2 40,000 0 0
BNC BANCORP COM 05566t101 2,032 152,358 SH   DFND 1,2 0 152,358 0
BNC BANCORP COM 05566t101 235 17,600 SH   DFND 2 17,600 0 0
BOSTON PRIVATE COM 101119105 777 70,100 SH   DFND 1,2 0 70,100 0
BRIDGE BANCORP COM 108035106 1,720 80,000 SH   DFND 1,2 0 80,000 0
BSB BANCORP COM 05573h108 185 13,200 SH   DFND 2 13,200 0 0
CHARTER FINANCIAL COM 16122m100 1,080 10,000 SH   DFND 2 10,000 0 0
CHARTER FINANCIAL COM 16122m100 1,620 150,000 SH   DFND 1,2 0 150,000 0
CHARTER FINANCIAL COM 16122m100 165 15,316 SH   DFND 2 15,316 0 0
CITIGROUP COM 172967101 1,091 22,500 SH   DFND 1,2 0 22,500 0
CLIFTON SAVINGS COM 18712q103 288 23,250 SH   DFND 2 23,250 0 0
COBIZ FINANCIAL COM 190897108 725 75,000 SH   DFND 1,2 0 75,000 0
COMMUNITY FINANCIAL COM 20368x101 864 45,602 SH   DFND 2 45,602 0 0
COMMUNITY FINANCIAL COM 20368x101 864 45,603 SH   DFND 1,2 0 45,603 0
CONNECTONE BANCORP COM 20786u101 3,550 100,836 SH   DFND 1,2 0 100,836 0
CONNECTONE BANCORP COM 20786u101 427 12,150 SH   DFND 2 12,150 0 0
COWEN HOLDINGS COM 223622101 1,376 400,000 SH   DFND 2 400,000 0 0
COWEN HOLDINGS COM 223622101 6,536 1,900,000 SH   DFND 1,2 0 1,900,000 0
CUSTOMERS BANCORP COM 23204g100 3,220 200,000 SH   DFND 1,2 0 200,000 0
DIME COMMUNITY COM 253922108 369 22,166 SH   DFND 2 22,166 0 0
DIME COMMUNITY COM 253922108 918 55,167 SH   DFND 1,2 0 55,167 0
EVANS BANCORP COM 29911q208 620 31,672 SH   DFND 2 31,672 0 0
FARMERS NATIONAL BANCORP COM 309627107 106 16,765 SH   DFND 2 16,765 0 0
FIDELITY SOUTHERN COM 316394105 772 50,294 SH   DFND 2 50,294 0 0
FIDELITY SOUTHERN COM 316394105 1,543 100,588 SH   DFND 1,2 0 100,588 0
FIDELITY SOUTHERN COM 316394105 423 27,589 SH   DFND 2 27,589 0 0
FIFTH THIRD COM 316773100 903 50,000 SH   DFND 1,2 0 50,000 0
FINANCIAL INSTITUTIONS COM 317585404 297 14,500 SH   DFND 2 14,500 0 0
FIRST BANCSHARES MISS COM 318916103 1,055 75,371 SH   DFND 2 75,371 0 0
FIRST BANCSHARES MISS COM 318916103 183 13,250 SH   DFND 2 13,250 0 0
FIRST CAPITAL BANCORP COM 319438107 380 95,354 SH   DFND 2 95,354 0 0
FIRST COMMUNITY COM 319835104 982 94,125 SH   DFND 2 94,125 0 0
FIRST COMMUNITY COM 319835104 1,064 102,020 SH   DFND 1,2 0 102,020 0
FIRST COMMUNITY COM 319835104 41 3,890 SH   DFND 2 3,890 0 0
FIRST FINANCIAL COM 32023e105 9,704 175,924 SH   DFND 1,2 0 175,924 0
FIRST SECURITY COM 336312202 105 50,672 SH   DFND 2 50,672 0 0
FIRST SECURITY COM 336312202 105 50,673 SH   DFND 1,2 0 50,673 0
FIRST UNITED BANCORP COM 33740n105 1,466 200,000 SH   DFND 2 200,000 0 0
FIRST UNITED BANCORP COM 33740n105 8,430 1,150,000 SH   DFND 1,2 0 1,150,000 0
FIRST UNITED BANCORP COM 33740n105 230 31,400 SH   DFND 2 31,400 0 0
FOX CHASE BANCORP COM 35137t108 522 30,000 SH   DFND 2 30,000 0 0
FOX CHASE BANCORP COM 35137t108 436 25,083 SH   DFND 1,2 0 25,083 0
FOX CHASE BANCORP COM 35137t108 215 12,370 SH   DFND 2 12,370 0 0
FRANKLIN FINANCIAL COM 35353c102 758 40,000 SH   DFND 2 40,000 0 0
FRANKLIN FINANCIAL COM 35353c102 948 50,000 SH   DFND 1,2 0 50,000 0
GLEACHER COM 377341102 2,105 153,092 SH   DFND 2 153,092 0 0
GLEACHER COM 377341102 4,802 349,208 SH   DFND 1,2 0 349,208 0
HARTFORD COM 416515104 778 25,000 SH   DFND 1,2 0 25,000 0
HERITAGE OAKS BANCORP COM 42724r107 273 42,600 SH   DFND 2 42,600 0 0
HOME BANCSHARES COM 436893200 1,215 40,000 SH   DFND 1,2 0 40,000 0
HOMETRUST COM 437872104 974 59,015 SH   DFND 1,2 0 59,015 0
HOMETRUST COM 437872104 66 4,000 SH   DFND 2 4,000 0 0
INDEPENDENT BANK CORP COM 453838609 500 50,000 SH   DFND 1,2 0 50,000 0
INDEPENDENT BANK CORP COM 453838609 240 24,000 SH   DFND 2 24,000 0 0
INVESTORS BANCORP COM 46146p102 1,752 80,000 SH   DFND 2 80,000 0 0
INVESTORS BANCORP COM 46146p102 8,848 404,000 SH   DFND 1,2 0 404,000 0
JACKSONVILLE BANCORP COM 469249106 844 1,705,518 SH   DFND 2 1,705,518 0 0
JACKSONVILLE BANCORP COM 469249106 213 430,807 SH   DFND 1,2 0 430,807 0
JP MORGAN COM 46625h100 1,034 20,000 SH   DFND 1,2 0 20,000 0
KEARNEY COM 487169104 715 70,000 SH   DFND 1,2 0 70,000 0
LAPORTE COM 516651106 687 65,711 SH   DFND 2 65,711 0 0
MALVERN BANCORP COM 561409103 1,274 100,000 SH   DFND 2 100,000 0 0
M&T BANCORP WRNT 55261f104 8,954 80,000 SH   DFND 1,2 0 80,000 0
METRO BANCORP COM 59161r101 799 38,043 SH   DFND 2 38,043 0 0
METRO BANCORP COM 59161r101 1,051 50,000 SH   DFND 1,2 0 50,000 0
MONROE CAPITAL COM 610335101 411 31,666 SH   DFND 2 31,666 0 0
MONROE CAPITAL COM 610335101 822 63,334 SH   DFND 1,2 0 63,334 0
MORGAN STANLEY COM 617446448 1,348 50,000 SH   DFND 1,2 0 50,000 0
NBT BANCORP COM 628778102 626 27,223 SH   DFND 2 27,223 0 0
NBT BANCORP COM 628778102 1,877 81,670 SH   DFND 1,2 0 81,670 0
NATIONAL HOLDINGS COM 636375107 1,002 2,706,434 SH   DFND 2 2,706,434 0 0
NEW RESIDENTIAL COM 64828t102 116 17,534 SH   DFND 2 17,534 0 0
NEW RESIDENTIAL COM 64828t102 1,448 218,828 SH   DFND 1,2 0 218,828 0
NORTHERN TRUST PUT 665859104 1,360 25,000 SH Put DFND 2 25,000 0 0
NORTHERN TRUST PUT 665859104 1,360 25,000 SH Put DFND 1,2 0 25,000 0
NORTHFIELD BANCORP COM 66611t108 238 19,570 SH   DFND 1,2 0 19,570 0
NORTH VALLEY BANCORP COM 66304M204 151 8,000 SH   DFND 2 8,000 0 0
OAK VIEW NATIONAL COM 67134x105 473 101,750 SH   DFND 2 101,750 0 0
OAK VIEW NATIONAL COM 67134x105 134 28,800 SH   DFND 2 28,800 0 0
OMNIAMERICAN BANCORP COM 68216r107 1,616 66,086 SH   DFND 2 66,086 0 0
OMNIAMERICAN BANCORP COM 68216r107 3,037 124,160 SH   DFND 1,2 0 124,160 0
OMNIAMERICAN BANCORP COM 68216r107 278 11,375 SH   DFND 2 11,375 0 0
PACIFIC CONTINENTAL COM 69412v108 210 16,000 SH   DFND 2 16,000 0 0
PACIFIC PREMIER COM 69478x105 336 25,000 SH   DFND 2 25,000 0 0
PACIFIC PREMIER COM 69478x105 2,058 153,300 SH   DFND 1,2 0 153,300 0
PARK STERLING COM 70086y105 848 132,362 SH   DFND 2 132,362 0 0
PARK STERLING COM 70086y105 3,973 619,789 SH   DFND 1,2 0 619,789 0
PARK STERLING COM 70086y105 165 25,741 SH   DFND 2 25,741 0 0
PACWEST COM 70931t103 1,715 50,000 SH   DFND 1,2 0 50,000 0
PENNY MAC CORP COM 70931t103 1,134 50,000 SH   DFND 2 50,000 0 0
PENNY MAC CORP COM 70931t103 1,134 50,000 SH   DFND 1,2 0 50,000 0
PEOPLES BANCORP COM 709789101 95 4,568 SH   DFND 2 4,568 0 0
PEOPLES FEDERAL COM 711037101 495 28,405 SH   DFND 2 28,405 0 0
PEOPLES FEDERAL COM 711037101 186 10,695 SH   DFND 2 10,695 0 0
PORTER BANCORP COM 736233107 177 147,012 SH   DFND 2 147,012 0 0
PORTER BANCORP COM 736233107 565 471,296 SH   DFND 1,2 0 471,296 0
PORTER BANCORP WARRANT 736233107 0 43,478 SH   DFND 2 43,478 0 0
PORTER BANCORP WARRANT 736233107 0 182,607 SH   DFND 1,2 0 182,607 0
REGIONS FINANCIAL COM 7591ep100 1,852 200,000 SH   DFND 1,2 0 200,000 0
REGIONAL MANAGEMENT COM 75902k106 1,590 50,000 SH   DFND 2 50,000 0 0
REGIONAL MANAGEMENT COM 75902k106 3,116 98,000 SH   DFND 1,2 0 98,000 0
SEACOAST FINANCIAL COM 811707306 625 288,034 SH   DFND 1,2 0 288,034 0
SHORE BANCSHARES COM 825107105 174 19,770 SH   DFND 2 19,770 0 0
SILVERCREST COM 828359109 1,363 100,000 SH   DFND 2 100,000 0 0
SILVERCREST COM 828359109 1,363 100,000 SH   DFND 1,2 0 100,000 0
SOUTHCOAST COM 84129r100 404 70,225 SH   DFND 2 70,225 0 0
SOUTHCOAST COM 84129R100 193 33,479 SH   DFND 2 33,479 0 0
SOUTHERN FIRST COM 842873101 563 42,672 SH   DFND 2 42,672 0 0
SOUTHERN NATIONAL COM 843395104 968 100,420 SH   DFND 1,2 0 100,420 0
SOUTHERN NATIONAL COM 843395104 224 23,300 SH   DFND 2 23,300 0 0
STATE BANK COM 856190103 639 40,250 SH   DFND 2 40,250 0 0
STATE BANK COM 856190103 1,432 90,250 SH   DFND 1,2 0 90,250 0
STATE BANK COM 856190103 75 4,700 SH   DFND 2 4,700 0 0
STATE STREET PUT 857477103 822 12,500 SH Put DFND 2 12,500 0 0
STATE STREET PUT 857477103 822 12,500 SH Put DFND 1,2 0 12,500 0
STONEGATE BANK COM 861811107 683 32,500 SH   DFND 2 32,500 0 0
SUFFOLK BANCORP COM 864739107 886 50,000 SH   DFND 1,2 0 50,000 0
SUFFOLK BANCORP COM 864739107 177 10,000 SH   DFND 2 10,000 0 0
SWS GROUP COM 78503n107 140 25,000 SH   DFND 2 25,000 0 0
SWS GROUP COM 78503n107 1,423 255,000 SH   DFND 1,2 0 255,000 0
SUNTRUST BANKS COM 867914103 1,618 49,900 SH   DFND 1,2 0 49,900 0
SYNOVUS COM 87161c105 660 200,000 SH   DFND 2 200,000 0 0
SYNOVUS COM 87161c105 3,358 1,017,500 SH   DFND 1,2 0 1,017,500 0
SYNOVUS COM 87161c105 356 107,800 SH   DFND 2 107,800 0 0
SUNSHINE FINANCIAL COM 86782t109 421 26,904 SH   DFND 2 26,904 0 0
TFS FINANCIAL COM 87240R107 1,197 100,000 SH   DFND 1,2 0 100,000 0
TRICOUNTY FINANCIAL COM 20368x101 305 16,095 SH   DFND 1,2 0 16,095 0
TRISTATE CAPITAL COM 89678f100 2,760 214,103 SH   DFND 2 214,103 0 0
TWO HARBORS COM 90187b101 1,942 200,000 SH   DFND 1,2 0 200,000 0
UNITED FINANCIAL COM 91030t109 809 50,000 SH   DFND 2 50,000 0 0
UNITED FINANCIAL COM 91030t110 1,657 102,499 SH   DFND 1,2 0 102,499 0
UNITED FINANCIAL COM 91030t111 263 16,255 SH   DFND 2 16,255 0 0
VANTAGE SOUTH COM 92209w105 2,102 395,770 SH   DFND 1,2 0 395,770 0
VANTAGE SOUTH COM 92209w105 222 41,883 SH   DFND 2 41,883 0 0
VIEWPOINT FINANCIAL COM 92672a101 827 40,000 SH   DFND 2 40,000 0 0
VIEWPOINT FINANCIAL COM 92672a102 3,101 150,000 SH   DFND 1,2 0 150,000 0
VIEWPOINT FINANCIAL COM 92672a103 228 11,050 SH   DFND 2 11,050 0 0
VIRGINIA HERITAGE COM 927819102 800 50,000 SH   DFND 2 50,000 0 0
VIRGINIA HERITAGE COM 927819102 950 59,400 SH   DFND 1,2 0 59,400 0
VIRGINIA HERITAGE COM 927819102 166 10,370 SH   DFND 2 10,370 0 0
VIRTUS INVT PARTNERS COM 92828q109 895 5,500 SH   DFND 2 5,500 0 0
WEBSTER FINANCIAL COM 947890109 1,277 50,000 SH   DFND 1,2 0 50,000 0
WELLS FARGO PUT 949746101 1,550 37,500 SH Put DFND 2 37,500 0 0
WELLS FARGO PUT 949746101 1,550 37,500 SH Put DFND 1,2 0 37,500 0
WESTBURY COM 95727p106 1,424 100,000 SH   DFND 1,2 0 100,000 0
XENITH BANCSHARES COM 98410x105 145 24,140 SH   DFND 2 24,140 0 0
XENITH BANCSHARES COM 98410x105 31 5,090 SH   DFND 2 5,090 0 0
YADKIN VALLEY COM 984314104 3,086 179,106 SH   DFND 2 179,106 0 0
YADKIN VALLEY COM 984314104 6,213 360,631 SH   DFND 1,2 0 360,631 0
YADKIN VALLEY COM 984314104 453 26,281 SH   DFND 2 26,281 0 0
ZAIS FINANCIAL COM 98886k108 1,648 95,000 SH   DFND 2 95,000 0 0
ZAIS FINANCIAL COM 98886k108 3,893 224,373 SH   DFND 1,2 0 224,373 0