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 771 45,750 SH   DFND 2 45,750 0 0
AMERIS BANCORP COM 03076K108 1,613 95,750 SH   DFND 1,2 0 95,750 0
AMERIS BANCORP COM 03076K108 143 8,500 SH   DFND 2 8,500 0 0
ASB BANCORP COM 00213T109 1,710 104,203 SH   DFND 2 104,203 0 0
ASB BANCORP COM 00213T109 2,831 172,486 SH   DFND 1,2 0 172,486 0
ASB BANCORP COM 00213T109 277 16,887 SH   DFND 2 16,887 0 0
ARES COMML REAL ESTATE COM 04013V108 1,121 87,500 SH   DFND 2 87,500 0 0
ARES COMML REAL ESTATE COM 04013V108 2,242 175,000 SH   DFND 1,2 0 175,000 0
BANK OF AMERICA COM 060505104 1,929 150,000 SH   DFND 1,2 0 150,000 0
BANC OF CALIFORNIA COM 05990K106 610 44,900 SH   DFND 2 44,900 0 0
BANC OF CALIFORNIA COM 05990K106 610 44,900 SH   DFND 1,2 0 44,900 0
BANK MUTUAL CORP COM 063750103 557 98,750 SH   DFND 2 98,750 0 0
BANK MUTUAL CORP COM 063750103 557 98,750 SH   DFND 1,2 0 98,750 0
BANK MUTUAL CORP COM 063750103 229 40,600 SH   DFND 2 40,600 0 0
BANK OF NEW YORK PUT 064058100 1,403 50,000 SH Put DFND 2 50,000 0 0
BANK OF NEW YORK PUT 064058100 1,403 50,000 SH Put DFND 1,2 0 50,000 0
BENEFICIAL MUTUAL COM 08173R104 630 75,000 SH   DFND 1,2 0 75,000 0
BNC BANCORP COM 05566T101 1,142 100,000 SH   DFND 2 100,000 0 0
BNC BANCORP COM 05566T101 1,740 152,358 SH   DFND 1,2 0 152,358 0
BNC BANCORP COM 05566T101 182 15,900 SH   DFND 2 15,900 0 0
BRIDGE BANCORP COM 108035106 675 30,000 SH   DFND 1,2 0 30,000 0
BSB BANCORP COM 05573H108 83 6,300 SH   DFND 2 6,300 0 0
CAPITAL ONE FINANCIAL COM 14040H105 3,141 50,000 SH   DFND 1,2 0 50,000 0
CENTERSTATE BANKS COM 15201P109 3,751 432,167 SH   DFND 1,2 0 432,167 0
CENTERSTATE BANKS COM 15201P109 174 20,000 SH   DFND 2 20,000 0 0
CHARTER FINANCIAL COM 16122M100 1,257 124,710 SH   DFND 2 124,710 0 0
CHARTER FINANCIAL COM 16122M100 1,563 155,074 SH   DFND 1,2 0 155,074 0
CHARTER FINANCIAL COM 16122M100 143 14,166 SH   DFND 2 14,166 0 0
CITIGROUP COM 172967101 1,199 25,000 SH   DFND 1,2 0 25,000 0
CLIFTON SAVINGS COM 18712Q103 260 21,950 SH   DFND 2 21,950 0 0
COBIZ FINANCIAL COM 190897108 830 100,000 SH   DFND 1,2 0 100,000 0
CONNECTONE BANCORP COM 20786U101 1,577 51,300 SH   DFND 1,2 0 51,300 0
CONNECTONE BANCORP COM 20786U101 209 6,800 SH   DFND 2 6,800 0 0
COWEN HOLDINGS COM 223622101 1,156 400,000 SH   DFND 2 400,000 0 0
COWEN HOLDINGS COM 223622101 5,799 2,006,579 SH   DFND 1,2 0 2,006,579 0
CRESCENT FINANCIAL COM 225743103 99 22,500 SH   DFND 2 22,500 0 0
CRESCENT FINANCIAL COM 225743103 1,733 395,770 SH   DFND 1,2 0 395,770 0
CRESCENT FINANCIAL COM 225743103 158 36,148 SH   DFND 2 36,148 0 0
CUSTOMERS BANCORP COM 23204G100 1,881 115,750 SH   DFND 1,2 0 115,750 0
FARMERS NATIONAL BANCORP COM 309627107 88 14,065 SH   DFND 2 14,065 0 0
FIDELITY SOUTHERN COM 316394105 1,051 85,000 SH   DFND 2 85,000 0 0
FIDELITY SOUTHERN COM 316394105 1,237 100,000 SH   DFND 1,2 0 100,000 0
FIDELITY SOUTHERN COM 316394105 387 31,250 SH   DFND 2 31,250 0 0
FIFTH THIRD COM 316773100 1,354 75,000 SH   DFND 1,2 0 75,000 0
FINANCIAL INSTITUTIONS COM 317585404 184 10,000 SH   DFND 2 10,000 0 0
FIRST BANCSHARES MISS COM 318916103 773 75,371 SH   DFND 2 75,371 0 0
FIRST BANCSHARES MISS COM 318916103 90 7,000 SH   DFND 2 7,000 0 0
FIRST COMMONWEALTH COM 319829107 737 100,000 SH   DFND 2 100,000 0 0
FIRST COMMONWEALTH COM 319829107 145 19,677 SH   DFND 2 19,677 0 0
FIRST COMMUNITY COM 319835104 866 94,125 SH   DFND 2 94,125 0 0
FIRST DEFIANCE COM 32006W106 338 15,000 SH   DFND 2 15,000 0 0
FIRST DEFIANCE COM 32006W106 434 19,250 SH   DFND 1,2 0 19,250 0
FIRST DEFIANCE COM 32006W106 226 10,000 SH   DFND 2 10,000 0 0
FIRST UNITED BANCORP COM 33740N105 1,344 200,000 SH   DFND 2 200,000 0 0
FIRST UNITED BANCORP COM 33740N105 7,860 1,169,613 SH   DFND 1,2 0 1,169,613 0
FIRST UNITED BANCORP COM 33740N105 211 31,400 SH   DFND 2 31,400 0 0
FOX CHASE BANCORP COM 35137T108 510 30,000 SH   DFND 2 30,000 0 0
FOX CHASE BANCORP COM 35137T108 426 25,083 SH   DFND 1,2 0 25,083 0
FOX CHASE BANCORP COM 35137T108 172 10,120 SH   DFND 2 10,120 0 0
FRANKLIN FINANCIAL COM 35353C102 720 40,000 SH   DFND 2 40,000 0 0
FRANKLIN FINANCIAL COM 35353C102 901 50,000 SH   DFND 1,2 0 50,000 0
GLEACHER COM 377341102 2,125 153,092 SH   DFND 2 153,092 0 0
GLEACHER COM 377341102 4,847 349,208 SH   DFND 1,2 0 349,208 0
HERITAGE OAKS BANCORP COM 42724R107 247 40,000 SH   DFND 2 40,000 0 0
HOME BANCSHARES COM 436893200 1,253 48,234 SH   DFND 1,2 0 48,234 0
HOME LOAN SERVICING COM G6648D109 1,199 50,000 SH   DFND 1,2 0 50,000 0
INVESTORS BANCORP COM 46146P102 1,686 80,000 SH   DFND 2 80,000 0 0
INVESTORS BANCORP COM 46146P102 8,516 404,000 SH   DFND 1,2 0 404,000 0
JACKSONVILLE BANCORP COM 469249106 771 1,605,518 SH   DFND 2 1,605,518 0 0
JACKSONVILLE BANCORP COM 469249106 111 230,807 SH   DFND 1,2 0 230,807 0
JP MORGAN COM 46625H100 1,056 20,000 SH   DFND 1,2 0 20,000 0
KEARNEY COM 487169104 734 70,000 SH   DFND 1,2 0 70,000 0
KEYCORP COM 493267108 552 50,000 SH   DFND 1,2 0 50,000 0
LAPORTE COM 516651106 665 65,711 SH   DFND 2 65,711 0 0
MALVERN BANCORP COM 561409103 1,197 100,000 SH   DFND 2 100,000 0 0
M&T BANCORP WRNT 55261F104 8,940 80,000 SH   DFND 1,2 0 80,000 0
METRO BANCORP COM 59161R101 762 38,043 SH   DFND 2 38,043 0 0
METRO BANCORP COM 59161R101 1,148 57,305 SH   DFND 1,2 0 57,305 0
METROCORP COM 591650106 719 73,625 SH   DFND 2 73,625 0 0
METROCORP COM 591650106 661 67,735 SH   DFND 1,2 0 67,735 0
METROCORP COM 591650106 248 25,450 SH   DFND 2 25,450 0 0
MORGAN STANLEY COM 617446448 611 25,000 SH   DFND 1,2 0 25,000 0
NBT BANCORP COM 628778102 576 27,223 SH   DFND 2 27,223 0 0
NBT BANCORP COM 628778102 1,729 81,670 SH   DFND 1,2 0 81,670 0
NATIONAL HOLDINGS COM 636375107 475 1,666,667 SH   DFND 2 1,666,667 0 0
NEW MOUNTAIN COM 647551100 850 60,000 SH   DFND 2 60,000 0 0
NEW MOUNTAIN COM 647551100 850 60,000 SH   DFND 1,2 0 60,000 0
NEW RESIDENTIAL COM 64828T102 2,022 300,000 SH   DFND 1,2 0 300,000 0
NORTHERN TRUST PUT 665859104 1,448 25,000 SH Put DFND 2 25,000 0 0
NORTHERN TRUST PUT 665859104 1,448 25,000 SH Put DFND 1,2 0 25,000 0
NORTHFIELD BANCORP COM 66611T108 1,172 100,000 SH   DFND 1,2 0 100,000 0
NORTH VALLEY BANCORP COM 66304M204 33 2,000 SH   DFND 2 2,000 0 0
OAK VIEW NATIONAL COM 67134X105 400 80,000 SH   DFND 2 80,000 0 0
OAK VIEW NATIONAL COM 67134X105 49 10,000 SH   DFND 2 10,000 0 0
OMNIAMERICAN BANCORP COM 68216R107 1,456 66,086 SH   DFND 2 66,086 0 0
OMNIAMERICAN BANCORP COM 68216R107 3,013 136,760 SH   DFND 1,2 0 136,760 0
OMNIAMERICAN BANCORP COM 68216R107 209 9,500 SH   DFND 2 9,500 0 0
PACIFIC CONTINENTAL COM 69412V108 236 20,000 SH   DFND 2 20,000 0 0
PACIFIC PREMIER COM 69478X105 733 60,000 SH   DFND 2 60,000 0 0
PACIFIC PREMIER COM 69478X105 1,873 153,300 SH   DFND 1,2 0 153,300 0
PACIFIC PREMIER COM 69478X105 128 10,440 SH   DFND 2 10,440 0 0
PARK STERLING COM 70086Y105 872 147,467 SH   DFND 2 147,467 0 0
PARK STERLING COM 70086Y105 4,920 832,531 SH   DFND 1,2 0 832,531 0
PARK STERLING COM 70086Y105 138 23,401 SH   DFND 2 23,401 0 0
PEOPLES BANCORP COM 709789101 137 6,490 SH   DFND 2 6,490 0 0
PEOPLES FEDERAL COM 711037101 513 28,405 SH   DFND 2 28,405 0 0
PEOPLES FEDERAL COM 711037101 186 10,295 SH   DFND 2 10,295 0 0
PORTER BANCORP COM 736233107 163 191,845 SH   DFND 2 191,845 0 0
PORTER BANCORP COM 736233107 476 560,977 SH   DFND 1,2 0 560,977 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 1,906 200,000 SH   DFND 1,2 0 200,000 0
SCBT FINANCIAL COM 78401V102 3,527 70,000 SH   DFND 1,2 0 70,000 0
SEACOAST FINANCIAL COM 811707306 634 288,034 SH   DFND 1,2 0 288,034 0
SILVERCREST COM 828359109 1,200 100,000 SH   DFND 1,2 0 100,000 0
SOUTHCOAST COM 84129R100 369 70,225 SH   DFND 2 70,225 0 0
SOUTHCOAST COM 84129R100 87 16,529 SH   DFND 2 16,529 0 0
SOUTHERN NATIONAL COM 843395104 152 15,500 SH   DFND 2 15,500 0 0
STATE BANK COM 856190103 752 50,000 SH   DFND 1,2 0 50,000 0
STONEGATE BANK COM 861811107 579 32,500 SH   DFND 2 32,500 0 0
SUFFOLK BANCORP COM 864739107 817 50,000 SH   DFND 2 50,000 0 0
SUFFOLK BANCORP COM 864739107 817 50,000 SH   DFND 1,2 0 50,000 0
SUFFOLK BANCORP COM 864739107 163 10,000 SH   DFND 2 10,000 0 0
SWS GROUP COM 78503N107 136 25,000 SH   DFND 2 25,000 0 0
SWS GROUP COM 78503N107 1,390 255,000 SH   DFND 1,2 0 255,000 0
SUNTRUST BANKS COM 867914103 1,579 50,000 SH   DFND 1,2 0 50,000 0
SYNOVUS COM 87161C105 1,460 500,000 SH   DFND 1,2 0 500,000 0
SYNOVUS COM 87161C105 88 30,000 SH   DFND 2 30,000 0 0
TFS FINANCIAL COM 87240R107 1,120 100,000 SH   DFND 1,2 0 100,000 0
TWO HARBORS COM 90187B101 2,050 200,000 SH   DFND 1,2 0 200,000 0
UNITED FINANCIAL COM 91030T109 938 61,921 SH   DFND 2 61,921 0 0
UNITED FINANCIAL COM 91030T110 1,553 102,499 SH   DFND 1,2 0 102,499 0
UNITED FINANCIAL COM 91030T111 242 16,005 SH   DFND 2 16,005 0 0
VIEWPOINT FINANCIAL COM 92672A101 1,041 50,000 SH   DFND 2 50,000 0 0
VIEWPOINT FINANCIAL COM 92672A102 3,122 150,000 SH   DFND 1,2 0 150,000 0
VIEWPOINT FINANCIAL COM 92672A103 208 10,000 SH   DFND 2 10,000 0 0
VIRGINIA HERITAGE COM 927819102 906 59,400 SH   DFND 2 59,400 0 0
VIRGINIA HERITAGE COM 927819102 906 59,400 SH   DFND 1,2 0 59,400 0
VIRGINIA HERITAGE COM 927819102 230 15,000 SH   DFND 2 15,000 0 0
WESTBURY COM 95727P106 1,366 100,000 SH   DFND 1,2 0 100,000 0
YADKIN VALLEY COM 984314104 2,084 148,440 SH   DFND 2 148,440 0 0
YADKIN VALLEY COM 984314104 4,202 299,297 SH   DFND 1,2 0 299,297 0
YADKIN VALLEY COM 984314104 314 22,381 SH   DFND 2 22,381 0 0
WEBSTER FINANCIAL COM 947890109 1,217 47,400 SH   DFND 1,2 0 47,400 0
ZAIS FINANCIAL COM 98886K108 1,726 95,000 SH   DFND 2 95,000 0 0
ZAIS FINANCIAL COM 98886K108 3,793 208,745 SH   DFND 1,2 0 208,745 0
ZIONS BANCORP COM 989701107 723 25,000 SH   DFND 1,2 0 25,000 0