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
AMERICAN CAPITAL LTD COM 02503Y103 394 25,000 SH   DFND 1,2 0 25,000 0
AMERIS BANCORP COM 03076K108 3,262 140,000 SH   DFND 1,2 0 140,000 0
ASB BANCORP COM 00213T109 2,000 112,703 SH   DFND 2 112,703 0 0
ASB BANCORP COM 00213T109 3,586 202,036 SH   DFND 1,2 0 202,036 0
ASB BANCORP COM 00213T109 577 32,519 SH   DFND 2 0 32,519 0
ARES COMML REAL ESTATE COM 04013V108 1,006 75,000 SH   DFND 1,2 0 75,000 0
ATLANTIC COAST FINL COM 048426100 2,708 603,039 SH   DFND 2 603,039 0 0
ATLANTIC COAST FINL COM 048426100 2,194 488,750 SH   DFND 1,2 0 488,750 0
ATLANTIC COAST FINL COM 048426100 847 188,652 SH   DFND 2 0 188,652 0
BANK OF AMERICA COM 060505104 2,590 150,600 SH   DFND 1,2 0 150,600 0
BANC OF CALIFORNIA COM 05990K106 1,411 115,012 SH   DFND 2 115,012 0 0
BANC OF CALIFORNIA COM 05990K106 1,805 147,139 SH   DFND 1,2 0 147,139 0
BANK OF NY APR 31 COM 064058100 1,765 50,000 SH Put DFND 2 50,000 0 0
BANK OF NY APR 31 COM 064058100 1,765 50,000 SH Put DFND 1,2 0 50,000 0
BANK OF NY APR 33 COM 064058100 1,765 50,000 SH Put DFND 2 50,000 0 0
BANK OF NY APR 34 COM 064058100 1,765 50,000 SH Put DFND 2 50,000 0 0
BANK OF NY APR 34 COM 064058100 1,765 50,000 SH Put DFND 1,2 0 50,000 0
BANK OF NY APR 35 COM 064058100 1,765 50,000 SH Put DFND 2 50,000 0 0
BB&T APR 39 COM 054937107 2,009 50,000 SH Put DFND 2 50,000 0 0
BB&T APR 39 COM 054937107 2,009 50,000 SH Put DFND 1,2 0 50,000 0
BANK UNITED COM 06652K103 1,739 50,000 SH   DFND 1,2 0 50,000 0
BNC BANCORP COM 05566T101 474 27,375 SH   DFND 2 27,375 0 0
BNC BANCORP COM 05566T101 3,076 177,488 SH   DFND 1,2 0 177,488 0
BNC BANCORP COM 05566T101 260 15,000 SH   DFND 2 0 15,000 0
BSB BANCORP COM 05573H108 271 15,748 SH   DFND 2 0 15,748 0
CARTER BANK AND TRUST COM 146102108 317 28,180 SH   DFND 2 0 28,180 0
CENTER BANCORP COM 151408101 570 30,000 SH   DFND 2 30,000 0 0
CENTER BANCORP COM 151408101 2,868 150,934 SH   DFND 1,2 0 150,934 0
CENTERSTATE BANKS COM 15201P109 644 59,000 SH   DFND 2 59,000 0 0
CENTERSTATE BANKS COM 15201P109 2,810 257,343 SH   DFND 1,2 0 257,343 0
CHARTER FINANCIAL COM 16122W108 1,081 100,000 SH   DFND 2 100,000 0 0
CHARTER FINANCIAL COM 16122W108 1,690 156,376 SH   DFND 1,2 0 156,376 0
CHARTER FINANCIAL COM 16122W108 223 20,664 SH   DFND 2 0 20,664 0
CITIGROUP COM 172967424 2,380 50,000 SH   DFND 1,2 0 50,000 0
CITIZENS FIRST CORP COM 17462Q107 172 16,338 SH   DFND 2 0 16,388 0
CLIFTON SAVINGS COM 186873105 292 24,925 SH   DFND 2 0 24,925 0
COBIZ FINANCIAL COM 190897108 864 75,000 SH   DFND 1,2 0 75,000 0
COMERICA APR 49 COM 200340107 3,885 75,000 SH Put DFND 2 75,000 0 0
COMERICA APR 49 COM 200340107 3,885 75,000 SH Put DFND 1,2 0 75,000 0
CONNECTONE BANCORP COM 20786U101 1,111 22,700 SH   DFND 2 22,700 0 0
CONNECTONE BANCORP COM 20786U101 8,398 171,527 SH   DFND 1,2 0 171,527 0
CONNECTONE BANCORP COM 20786U101 771 15,748 SH   DFND 2 0 15,748 0
COWEN GROUP CL A COM 223622101 2,930 664,438 SH   DFND 2 664,438 0 0
COWEN GROUP CL A COM 223622101 7,482 1,696,601 SH   DFND 1,2 0 1,696,601 0
CUSTOMERS BANCORP COM 23204G100 420 20,100 SH   DFND 1,2 0 20,100 0
EVANS BANCORP COM 29911Q208 730 32,100 SH   DFND 2 32,100 0 0
FIDELITY SOUTHERN COM 316394105 561 40,160 SH   DFND 1 40,160 0 0
FIDELITY SOUTHERN COM 316394105 1,052 75,300 SH   DFND 1,2 0 75,300 0
FIDELITY SOUTHERN COM 316394105 349 25,000 SH   DFND 2 0 25,000 0
FIFTH THIRD COM 316773100 1,148 50,000 SH   DFND 1,2 0 50,000 0
FINANCIAL INSTITUTIONS COM 317585404 909 39,500 SH   DFND 2 39,500 0 0
FIRST BANCSHARES MISS COM 318916103 1,160 80,030 SH   DFND 2 80,030 0 0
FIRST BANCSHARES MISS COM 318916103 233 16,050 SH   DFND 2 0 16,050 0
FIRST CAPITAL BANCORP COM 319438107 408 97,254 SH   DFND 2 97,254 0 0
FIRST CAPITAL BANCORP COM 319438107 117 27,942 SH   DFND 2 0 27,942 0
FIRST COMMUNITY COM 319835104 1,069 95,625 SH   DFND 2 95,625 0 0
FIRST COMMUNITY COM 319835104 1,141 102,020 SH   DFND 1,2 0 102,020 0
FIRST FINANCIAL COM 32023E105 9,393 150,000 SH   DFND 1,2 0 150,000 0
FIRST HORIZON NATIONAL CORP COM 320517105 1,234 100,000 SH   DFND 1,2 0 100,000 0
FIRST HORIZON NATL CORP FRACTIONAL COM DCA517101 0 24,849 SH   DFND 2 24,849 0 0
FIRST SECURITY COM 336312202 406 195,251 SH   DFND 2 195,251 0 0
FIRST SECURITY COM 336312202 687 330,420 SH   DFND 1,2 0 330,420 0
FIRST SOUTHERN BANCORP RSTD 00FSBRSTD 232 36,937 SH   DFND 2 36,937 0 0
FIRST UNITED BANCORP COM 33740N105 1,724 225,000 SH   DFND 2 225,000 0 0
FIRST UNITED BANCORP COM 33740N105 8,809 1,150,000 SH   DFND 1,2 0 1,150,000 0
FIRST UNITED BANCORP COM 33740N105 350 45,640 SH   DFND 2 0 45,650 0
FORTRESS INVESTMENT GROUP COM 34958B106 677 91,465 SH   DFND 2 91,465 0 0
FORTRESS INVESTMENT GROUP COM 34958B106 1,354 182,928 SH   DFND 1,2 0 182,928 0
FOX CHASE BANCORP COM 35137T108 506 30,000 SH   DFND 2 30,000 0 0
FOX CHASE BANCORP COM 35137T108 423 25,083 SH   DFND 1,2 0 25,083 0
FOX CHASE BANCORP COM 35137T108 169 10,000 SH   DFND 2 0 10,000 0
FRANKLIN FINANCIAL COM 35353C102 782 40,000 SH   DFND 2 40,000 0 0
FRANKLIN FINANCIAL COM 35353C102 978 50,000 SH   DFND 1,2 0 50,000 0
GENWORTH FINL COM 37247D106 887 50,000 SH   DFND 1,2 0 50,000 0
GLEACHER COM 377341201 1,744 153,092 SH   DFND 2 153,092 0 0
GLEACHER COM 377341201 3,978 349,208 SH   DFND 1,2 0 349,208 0
GUARANTY BANCORP COM 40075T607 570 40,000 SH   DFND 2 40,000 0 0
GUARANTY BANCORP COM 40075T607 491 34,450 SH   DFND 1,2 0 34,450 0
HERITAGE OAKS BANCORP COM 42724R107 398 49,263 SH   DFND 2 0 49,263 0
HOME BANCSHARES COM 436893200 1,721 50,000 SH   DFND 1,2 0 50,000 0
HOMETRUST COM 437872104 3,393 215,000 SH   DFND 2 215,000 0 0
HOMETRUST COM 437872104 2,803 177,615 SH   DFND 1,2 0 177,615 0
HOMETRUST COM 437872104 621 39,375 SH   DFND 2 0 39,375 0
INVESTORS BANCORP COM 46146P102 2,211 80,000 SH   DFND 2 80,000 0 0
INVESTORS BANCORP COM 46146P102 10,476 379,000 SH   DFND 1,2 0 379,000 0
INVESTORS BANCORP NEW RSTD 46146L101 2,650 265,000 SH   DFND 2 265,000 0 0
JACKSONVILLE BANCORP COM 469249205 865 82,392 SH   DFND 2 82,392 0 0
JACKSONVILLE BANCORP COM 469249205 706 67,228 SH   DFND 1,2 0 72,228 0
KEARNEY COM 487169104 1,035 70,000 SH   DFND 1,2 0 70,000 0
LADDER CAPITAL CORP CL A COM 505743104 707 37,433 SH   DFND 2 37,433 0 0
LADDER CAPITAL CORP CL A COM 505743104 629 33,334 SH   DFND 1,2 0 33,334 0
MALVERN BANCORP COM 561409103 1,024 100,000 SH   DFND 2 100,000 0 0
M&T BANCORP WRNT 55261F104 9,704 80,000 SH   DFND 1,2 0 80,000 0
METRO BANCORP COM 59161R101 870 41,143 SH   DFND 2 41,143 0 0
METRO BANCORP COM 59161R101 1,057 50,000 SH   DFND 1,2 0 50,000 0
MIDSOUTH BANCORP COM 598039105 421 25,000 SH   DFND 2 25,000 0 0
MIDSOUTH BANCORP COM 598039105 241 14,300 SH   DFND 1,2 0 14,300 0
MORGAN STANLEY COM 617446448 2,338 75,000 SH Put DFND 1,2 0 75,000 0
NBT BANCORP COM 628778102 734 30,000 SH   DFND 2 30,000 0 0
NBT BANCORP COM 628778102 1,998 81,670 SH   DFND 1,2 0 81,670 0
NATIONAL HOLDINGS COM 636375107 1,005 2,010,767 SH   DFND 2 2,010,767 0 0
NATIONAL HOLDINGS RESTRICTED RSTD 636375107 833 1,666,667 SH   DFND 2 1,666,667 0 0
NEW CENTURY BANCORP COM 64353M100 851 121,600 SH   DFND 2 121,600 0 0
NEW CENTURY BANCORP COM 64353M100 106 15,161 SH   DFND 2 0 15,161 0
NEWBRIDGE BANCORP COM 65080T102 714 100,000 SH   DFND 2 100,000 0 0
NEWBRIDGE BANCORP COM 65080T102 965 135,200 SH   DFND 1,2 0 135,200 0
NEW RESIDENTIAL INVESTMENT CORP COM 64828T102 647 100,000 SH   DFND 2 100,000 0 0
NEW RESIDENTIAL INVESTMENT CORP COM 64828T102 1,294 200,000 SH   DFND 1,2 0 200,000 0
NMI HOLDINGS CL A COM 629209305 1,172 100,000 SH   DFND 2 100,000 0 0
NMI HOLDINGS CL A COM 629209305 1,172 100,000 SH   DFND 1,2 0 100,000 0
NORTH VALLEY BANCORP COM 66304M204 233 9,640 SH   DFND 2 0 9,640 0
OAK VIEW NATIONAL COM 67134X105 585 101,750 SH   DFND 2 101,750 0 0
OAK VIEW NATIONAL COM 67134X105 198 34,492 SH   DFND 2 0 34,492 0
OMNIAMERICAN BANCORP COM 68216R107 1,709 75,000 SH   DFND 2 75,000 0 0
OMNIAMERICAN BANCORP COM 68216R107 3,536 155,160 SH   DFND 1,2 0 155,160 0
OMNIAMERICAN BANCORP COM 68216R107 403 17,685 SH   DFND 2 0 17,685 0
PNC APR 82.5 COM 693475105 2,175 25,000 SH Put DFND 2 25,000 0 0
PACIFIC PREMIER COM 69478X105 646 40,000 SH   DFND 1,2 0 40,000 0
PALMETTO BANCSHARES COM 697062206 1,335 94,781 SH   DFND 2 94,781 0 0
PALMETTO BANCSHARES COM 697062206 273 19,387 SH   DFND 2 0 19,387 0
PARK STERLING COM 70086Y105 998 150,000 SH   DFND 2 150,000 0 0
PARK STERLING COM 70086Y105 3,890 584,894 SH   DFND 1,2 0 584,894 0
PARK STERLING COM 70086Y105 200 30,142 SH   DFND 2 0 30,142 0
PEOPLES FEDERAL COM 711037101 508 28,405 SH   DFND 2 28,405 0 0
PORTER BANCORP WARRANT 736233115 0 43,478 SH   DFND 2 43,478 0 0
PORTER BANCORP WARRANT 736233115 0 182,607 SH   DFND 1,2 0 45,651 0
REGIONS FINANCIAL COM 7591EP100 2,222 200,000 SH   DFND 1,2 0 200,000 0
REGIONAL MANAGEMENT COM 75902K106 785 31,833 SH   DFND 2 31,833 0 0
REGIONAL MANAGEMENT COM 75902K106 2,803 113,667 SH   DFND 1,2 0 113,667 0
SANTANDER CONSUMER USA HOLDI COM 80283M101 1,806 75,000 SH   DFND 1,2 0 75,000 0
SCHWAB (CHARLES) CORP APR 25 COM 808513105 1,367 50,000 SH   DFND 2 50,000 0 0
SCHWAB (CHARLES) CORP APR 25 COM 808513105 1,367 50,000 SH   DFND 1,2 0 50,000 0
SCHWAB (CHARLES) CORP APR 27 COM 808513105 1,367 50,000 SH   DFND 2 50,000 0 0
SCHWAB (CHARLES) CORP APR 27 COM 808513105 1,367 50,000 SH   DFND 1,2 0 50,000 0
SCHWAB (CHARLES) CORP APR 28 COM 808513105 683 25,000 SH   DFND 2 25,000 0 0
SCHWAB (CHARLES) CORP APR 28 COM 808513105 683 25,000 SH   DFND 1,2 0 25,000 0
SEACOAST BANKING CORP COM 811707801 2,475 225,000 SH   DFND 2 225,000 0 0
SEACOAST BANKING CORP COM 811707801 5,034 457,607 SH   DFND 1,2 0 457,606 0
SEACOAST BANKING CORP COM 811707801 346 31,452 SH   DFND 2 0 31,452 0
SILVERCREST COM 828359109 1,060 57,938 SH   DFND 2 57,938 0 0
SILVERCREST COM 828359109 1,544 84,400 SH   DFND 1,2 0 84,400 0
SIMMONS FIRST NATIONAL COM 828730200 559 15,000 SH   DFND 2 15,000 0 0
SIMMONS FIRST NATIONAL COM 828730200 373 10,000 SH   DFND 1,2 0 15,000 0
SOUTHCOAST COM 84129R100 911 125,000 SH   DFND 2 125,000 0 0
SOUTHCOAST COM 84129R100 723 99,198 SH   DFND 2 0 99,198 0
SOUTHERN FIRST COM 842873101 700 50,500 SH   DFND 2 50,500 0 0
SOUTHERN NATIONAL COM 843395104 1,074 105,420 SH   DFND 1,2 0 105,420 0
SOUTHERN NATIONAL COM 843395104 306 30,000 SH   DFND 2 0 30,000 0
SQUARE I FINANCIAL COM 85223W101 1,005 50,000 SH   DFND 2 50,000 0 0
SQUARE I FINANCIAL COM 85223W101 1,708 85,000 SH   DFND 1,2 0 85,000 0
SQUARE I FINANCIAL COM 85223W101 452 22,500 SH   DFND 2 0 22,500 0
STATE BANK COM 856190103 1,770 100,000 SH   DFND 1,2 0 100,000 0
STONEGATE BANK COM 861811107 1,012 42,500 SH   DFND 2 42,500 0 0
STONEGATE BANK COM 861811107 238 10,000 SH   DFND 1,2 0 10,000 0
SWS GROUP COM 78503N107 935 125,000 SH   DFND 2 125,000 0 0
SWS GROUP COM 78503N107 2,842 380,000 SH   DFND 1,2 0 380,000 0
SUNTRUST BANKS COM 867914103 1,990 50,000 SH   DFND 1,2 0 50,000 0
SYNOVUS COM 87161C105 1,695 500,000 SH   DFND 1,2 0 500,000 0
SUNSHINE FINANCIAL COM 86782T109 518 30,378 SH   DFND 2 0 30,378 0
TD AMERITRADE HOLDING CORP APR 31 COM 87236Y108 1,698 50,000 SH Put DFND 2 50,000 0 0
TD AMERITRADE HOLDING CORP APR 31 COM 87236Y108 1,698 50,000 SH Put DFND 1,2 0 50,000 0
TD AMERITRADE HOLDING CORP APR 34 COM 87236Y108 1,698 50,000 SH Put DFND 2 50,000 0 0
TD AMERITRADE HOLDING CORP APR 34 COM 87236Y108 1,698 50,000 SH Put DFND 1,2 0 50,000 0
TFS FINANCIAL COM 87240R107 311 25,000 SH   DFND 2 25,000 0 0
TFS FINANCIAL COM 87240R107 1,268 102,000 SH   DFND 1,2 0 102,000 0
TRISTATE CAPITAL COM 89678F100 711 50,000 SH   DFND 2 50,000 0 0
TRISTATE CAPITAL COM 89678F100 1,422 100,000 SH   DFND 1,2 0 100,000 0
TWO HARBORS COM 90187B101 1,025 100,000 SH   DFND 1,2 0 100,000 0
UNITED FINANCIAL COM 910304104 920 50,000 SH   DFND 1,2 0 50,000 0
VANTAGE SOUTH COM 92209W105 243 34,610 SH   DFND 2 34,610 0 0
VANTAGE SOUTH COM 92209W105 3,590 510,738 SH   DFND 1,2 0 510,738 0
VANTAGE SOUTH COM 92209W105 420 59,805 SH   DFND 2 0 59,805 0
VANTAGE SOUTH RESTRICTED RSTD 92209W105 1,226 200,000 SH   DFND 2 200,000 0 0
VIEWPOINT FINANCIAL COM 92672A101 2,087 72,337 SH   DFND 1,2 0 72,337 0
VIRGINIA HERITAGE COM 927819102 987 50,000 SH   DFND 2 50,000 0 0
VIRGINIA HERITAGE COM 927819102 1,490 75,500 SH   DFND 1,2 0 75,500 0
VIRGINIA HERITAGE COM 927819102 273 13,860 SH   DFND 2 0 13,860 0
WASHINGTON BANKING COM 937303105 1,778 100,000 SH   DFND 1,2 0 100,000 0
WATERSTONE FINANCIAL COM 94188P101 3,377 325,000 SH   DFND 2 325,000 0 0
WELLS FARGO JAN 44 PUT 949746101 2,487 50,000 SH Put DFND 2 50,000 0 0
WELLS FARGO JAN 44 COM 949746101 2,487 50,000 SH Put DFND 1,2 0 50,000 0
YADKIN VALLEY COM 984305102 3,835 179,106 SH   DFND 2 179,106 0 0
YADKIN VALLEY COM 984305102 10,579 494,079 SH   DFND 1,2 0 494,079 0
YADKIN VALLEY COM 984305102 682 31,857 SH   DFND 2 0 31,857 0
ZAIS FINANCIAL COM 98886K108 833 50,000 SH   DFND 2 50,000 0 0
ZAIS FINANCIAL COM 98886K108 4,831 290,000 SH   DFND 1,2 0 290,000 0