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
ALLSTATE CORP JUL 57.5 COM 020002101 2,936 50,000 SH Put DFND 1,2 0 50,000 0
AMERIS BANCORP COM 03076K108 3,450 160,000 SH   DFND 1,2 0 160,000 0
ASB BANCORP COM 00213T109 3,335 159,036 SH   DFND 1,2 0 159,036 0
ASB BANCORP COM 00213T109 690 32,921 SH   DFND 2 0 32,921 0
ARES COMML REAL ESTATE COM 04013V108 621 50,000 SH   DFND 1,2 0 50,000 0
ATLANTIC COAST FINL COM 048426100 2,116 521,141 SH   DFND 1,2 0 521,141 0
ATLANTIC COAST FINL COM 048426100 794 195,572 SH   DFND 2 0 195,572 0
BANK OF AMERICA COM 060505104 3,083 200,600 SH   DFND 1,2 0 200,600 0
BANC OF CALIFORNIA COM 05990K106 4,360 400,000 SH   DFND 1,2 0 400,000 0
BANC OF CALIFORNIA COM 05990K106 545 50,000 SH   DFND 2 0 50,000 0
BANK OF NEW YORK MELLON JUL 35 COM 064058100 2,811 75,000 SH Put DFND 1,2 0 75,000 0
BB&T JUL 39 COM 054937107 1,972 50,000 SH Put DFND 1,2 0 50,000 0
BNC BANCORP COM 05566T101 3,764 220,506 SH   DFND 1,2 0 220,506 0
BNC BANCORP COM 05566T101 266 15,610 SH   DFND 2 0 15,610 0
BSB BANCORP COM 05573H108 279 16,268 SH   DFND 2 0 16,268 0
BRIDGE BANCORP INC COM 108035106 1,200 50,000 SH   DFND 1,2 0 50,000 0
CARTER BANK AND TRUST COM 146102108 342 29,190 SH   DFND 2 0 29,190 0
CENTERSTATE BANKS COM 15201P109 2,844 254,010 SH   DFND 1,2 0 254,010 0
CHARTER FINANCIAL COM 16122W108 626 56,376 SH   DFND 1,2 0 56,376 0
CIT GROUP INC JUL 44 COM 125581801 2,288 50,000 SH Put DFND 1,2 0 50,000 0
CITIGROUP COM 172967424 2,355 50,000 SH   DFND 1,2 0 50,000 0
CITIZENS FIRST CORP COM 17462Q107 182 16,578 SH   DFND 2 0 16,578 0
COBIZ FINANCIAL COM 190897108 808 75,000 SH   DFND 1,2 0 75,000 0
COMERICA JUL 49 PUTS COM 200340107 502 10,000 SH Put DFND 1,2 0 10,000 0
COMERICA JUL 50 PUTS COM 200340107 502 10,000 SH Put DFND 1,2 0 10,000 0
CONNECTONE BANCORP COM 20786W107 1,451 75,467 SH   DFND 1,2 0 75,467 0
CONNECTONE BANCORP COM 20786U101 9,389 188,194 SH   DFND 1,2 0 188,194 0
CONNECTONE BANCORP COM 20786U101 815 16,338 SH   DFND 2 0 16,338 0
COWEN GROUP CL A 223622101 4,825 1,143,266 SH   DFND 1,2 0 1,143,266 0
DIME COMMUNITY BANCSHARES COM 253922108 632 40,000 SH   DFND 1,2 0 40,000 0
E TRADE FINANCIAL CORP JUL 20 COM 269246401 1,063 50,000 SH Put DFND 1,2 0 50,000 0
FIDELITY SOUTHERN COM 316394105 2,602 200,300 SH   DFND 1,2 0 200,300 0
FIDELITY SOUTHERN COM 316394105 334 25,680 SH   DFND 2 0 25,680 0
FIRST BANCSHARES INC MS COM 318916103 530 37,290 SH   DFND 2 0 37,290 0
FIRST BANCORP N C COM 318910106 367 20,000 SH   DFND 1,2 0 20,000 0
FIRST CAPITAL BANCORP COM 319438107 130 28,892 SH   DFND 2 0 28,892 0
FIRST COMMUNITY CORP COM 319835104 1,660 155,880 SH   DFND 1,2 0 155,880 0
FIRST COMMUNITY CORP COM 319835104 121 11,360 SH   DFND 2 0 11,360 0
FIRST SECURITY GROUP INC COM 336312202 993 457,821 SH   DFND 1,2 0 457,821 0
FIRST UNITED BANCORP COM 33740N105 2,586 300,000 SH   DFND 1,2 0 300,000 0
FIVE OAKS INVESTMENT CORP COM 33830W106 1,662 147,127 SH   DFND 1,2 0 147,127 0
FOX CHASE BANCORP COM 35137T108 423 25,083 SH   DFND 1,2 0 25,083 0
FOX CHASE BANCORP COM 35137T108 173 10,240 SH   DFND 2 0 10,240 0
FRANKLIN FINANCIAL COM 35353C102 1,085 50,000 SH   DFND 1,2 0 50,000 0
GLEACHER COM 377341201 1,849 175,923 SH   DFND 1,2 0 175,923 0
GUARANTY BANCORP COM 40075T607 256 18,452 SH   DFND 1,2 0 18,452 0
HERITAGE OAKS BANCORP COM 42724R107 299 39,230 SH   DFND 2 0 39,230 0
HOME BANCSHARES COM 436893200 1,641 50,000 SH   DFND 1,2 0 50,000 0
HOMETRUST BANCSHARES COM 437872104 10,922 692,576 SH   DFND 1,2 0 692,576 0
HOMETRUST BANCSHARES COM 437872104 643 40,745 SH   DFND 2 0 40,745 0
INVESTORS BANCORP NEW COM 46146L101 5,525 500,000 SH   DFND 1,2 0 500,000 0
JACKSONVILLE BANCORP INC FLA COM NEW 469249205 944 89,925 SH   DFND 1,2 0 89,925 0
KEARNEY COM 487169104 1,060 70,000 SH   DFND 1,2 0 70,000 0
LAZARD LTD SHS CL A G54050102 1,546 30,000 SH   DFND 1,2 0 30,000 0
M&T BANCORP WRNT 55261F104 9,924 80,000 SH   DFND 1,2 0 80,000 0
NBT BANCORP COM 628778102 1,962 81,670 SH   DFND 1,2 0 81,670 0
NEW CENTURY BANCORP COM 64353M100 104 15,691 SH   DFND 2 0 15,691 0
NEWBRIDGE BANCORP COM 65080T102 806 100,000 SH   DFND 1,2 0 100,000 0
NMI HOLDINGS CL A 629209305 974 92,725 SH   DFND 1,2 0 92,725 0
NORTHERN TRUST CORP JUL 60 COM 665859104 3,211 50,000 SH Put DFND 1,2 0 50,000 0
OAK VIEW NATIONAL COM 67134X105 195 34,492 SH   DFND 2 0 34,492 0
OMNIAMERICAN BANCORP COM 68216R107 2,187 87,486 SH   DFND 1,2 0 87,486 0
OPUS BANK COM 684000102 4,390 151,080 SH   DFND 1,2 0 151,080 0
OPUS BANK COM 684000102 561 19,300 SH   DFND 2 0 19,300 0
PNC FINANCIAL SERVICES GROUP JUL 87.5 COM 693475105 2,226 25,000 SH Put DFND 1,2 0 25,000 0
PACIFIC PREMIER COM 69478X105 564 40,000 SH   DFND 1,2 0 40,000 0
PALMETTO BANCSHARES COM 697062206 322 22,359 SH   DFND 1,2 0 22,359 0
PALMETTO BANCSHARES COM 697062206 321 22,307 SH   DFND 2 0 22,307 0
PARK STERLING COM 70086Y105 1,977 300,000 SH   DFND 1,2 0 300,000 0
PARK STERLING COM 70086Y105 204 30,942 SH   DFND 2 0 30,942 0
PORTER BANCORP WARRANT 736233115 0 182,607 SH   DFND 1,2 0 182,607 0
REGIONS FINANCIAL COM 7591EP100 1,593 150,000 SH   DFND 1,2 0 150,000 0
REGIONAL MANAGEMENT COM 75902K106 2,068 133,667 SH   DFND 1,2 0 133,667 0
SCHWAB (CHARLES) CORP JUL 27 COM 808513105 1,347 50,000 SH Put DFND 1,2 0 50,000 0
SEACOAST BANKING CORP COM NEW 811707801 4,974 457,607 SH   DFND 1,2 0 457,607 0
SEACOAST BANKING CORP COM NEW 811707801 353 32,502 SH   DFND 2 0 32,502 0
SHORE BANKSHARES COM 825107105 1,509 167,500 SH   DFND 1,2 0 167,500 0
SHORE BANKSHARES COM 825107105 451 50,000 SH   DFND 2 0 50,000 0
SILVERCREST ASSET MGMT GROUP CL A 828359109 498 28,917 SH   DFND 1,2 0 28,917 0
SIMMMONS FIRST NATIONAL COM 828730200 394 10,000 SH   DFND 1,2 0 10,000 0
SOUTHCOAST FINANCIAL CORP COM 84129R100 745 102,518 SH   DFND 2 0 102,518 0
SOUTH STATE CORPORATION COM 840441109 6,710 110,000 SH   DFND 1,2 0 110,000 0
SOUTHERN NATIONAL COM 843395104 1,176 105,420 SH   DFND 1,2 0 105,420 0
SOUTHERN NATIONAL COM 843395104 345 30,950 SH   DFND 2 0 30,950 0
SQUARE I FINANCIAL COM 85223W101 1,742 91,667 SH   DFND 1,2 0 91,667 0
SQUARE I FINANCIAL COM 85223W101 377 19,840 SH   DFND 2 0 19,840 0
STATE BANK FINANCIAL COM 856190103 2,795 165,300 SH   DFND 1,2 0 165,300 0
STATE BANK FINANCIAL COM 856190103 252 14,880 SH   DFND 2 0 14,880 0
STATE STREET CORP JUL 65 COM 857477103 1,682 25,000 SH Put DFND 1,2 0 25,000 0
SUNTRUST BANKS COM 867914103 2,003 50,000 SH   DFND 1,2 0 50,000 0
SYNOVUS COM 87161C105 1,219 50,000 SH   DFND 1,2 0 50,000 0
SUNSHINE FINANCIAL COM 86782T109 578 31,248 SH   DFND 2 0 31,248 0
SWS GROUP COM 78503N107 2,766 380,000 SH   DFND 1,2 0 380,000 0
TD AMERITRADE AUG 30 COM 87236Y108 784 25,000 SH Put DFND 1,2 0 25,000 0
TD AMERITRADE JUL 30 COM 87236Y108 1,568 50,000 SH Put DFND 1,2 0 50,000 0
TFS FINANCIAL COM 87240R107 1,455 102,000 SH   DFND 1,2 0 102,000 0
TRISTATE CAPITAL COM 89678F100 568 40,200 SH   DFND 1,2 0 40,200 0
TRAVELERS COMPANIES INC. JUL 92.5 COM 89417E109 2,352 25,000 SH Put DFND 1,2 0 25,000 0
TWO HARBORS INVESTMENT CORP COM 90187B101 524 50,000 SH   DFND 1,2 0 50,000 0
US BANCORP DEL COM NEW 902973304 2,166 50,000 SH   DFND 1,2 0 50,000 0
VANTAGESOUTH BANCSHARES COM 92209W105 3,395 570,538 SH   DFND 1,2 0 570,538 0
VANTAGESOUTH BANCSHARES COM 92209W105 394 66,175 SH   DFND 2 0 66,175 0
VIEWPOINT FINANCIAL COM 92672A101 3,292 122,337 SH   DFND 1,2 0 122,337 0
VIRGINIA HERITAGE COM 927819102 1,375 50,000 SH   DFND 1,2 0 50,000 0
WELLS FARGO AUG 50 COM 949746101 2,628 50,000 SH Put DFND 1,2 0 50,000 0
WELLS FARGO JUL 52.5 COM 949746101 1,314 25,000 SH Put DFND 1,2 0 25,000 0
YADKIN VALLEY COM 984305102 9,326 495,000 SH   DFND 1,2 0 495,000 0
YADKIN VALLEY COM 984305102 442 23,450 SH   DFND 2 0 23,450 0
ZAIS FINANCIAL COM 98886K108 4,820 290,000 SH   DFND 1,2 0 290,000 0