Blackthorn Investment 13F-HR Quarterly holdings report by institutional manager

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
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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
ACCESS NATL CORP	COM	004337101	392	25,870	SH		SOLE	0	25,870	0	0
AG MORTGAGE INVESTMENT TR	COM	001228105	471	24,899	SH		SOLE	0	24,899	0	0
AMERICAN CAPITAL MORTGAGE	COM	02504A104	1,221	61,000	SH		SOLE	0	61,000	0	0
AMERICAN CAPITAL SENIOR F	COM	02504D108	381	27,202	SH		SOLE	0	27,202	0	0
AMERIS BANCORP	COM	03076K108	492	22,827	SH		SOLE	0	22,827	0	0
APOLLO INVT CORP	COM	03761U106	965	112,080	SH		SOLE	0	112,080	0	0
APOLLO RESIDENTIAL MORTGA	COM	03763V102	1,129	67,500	SH		SOLE	0	67,500	0	0
ARES CAPITAL CORP	COM	04010L103	842	47,128	SH		SOLE	0	47,128	0	0
ASTORIA FINL CORP	COM	046265104	375	27,916	SH		SOLE	0	27,916	0	0
BANK OF COMMERCE HLDS	COM	06424J103	326	51,563	SH		SOLE	0	51,563	0	0
BK OF MARIN BNCP	COM	063425102	414	9,088	SH		SOLE	0	9,088	0	0
BNC BANCORP	COM	05566T101	419	24,555	SH		SOLE	0	24,555	0	0
BOFI HOLDINGINC COM	COM	05566U108	294	4,000	SH		SOLE	0	4,000	0	0
BRIDGE BANCORP INC	COM	108035106	506	21,092	SH		SOLE	0	21,092	0	0
BRIDGE CAP HLDGS	COM	108030107	501	20,683	SH		SOLE	0	20,683	0	0
BSB BANCORP INC/MA	COM	05573H108	312	18,209	SH		SOLE	0	18,209	0	0
CAPE BANCORP INC COM	COM	139209100	256	23,844	SH		SOLE	0	23,844	0	0
CAPITAL CITY BANK GROUP I	COM	139674105	335	23,038	SH		SOLE	0	23,038	0	0
CENTER BANCORP INC	COM	151408101	362	18,849	SH		SOLE	0	18,849	0	0
CENTERSTATE BKS FLA INC	COM	15201P109	420	37,495	SH		SOLE	0	37,495	0	0
CENTRAL VALLEY COMMUNITY	COM	155685100	327	25,000	SH		SOLE	0	25,000	0	0
CHICOPEE BANCORP	COM	168565109	388	22,841	SH		SOLE	0	22,841	0	0
CHIMERA INVESTMENT CORP	COM	16934Q109	239	75,000	SH		SOLE	0	75,000	0	0
COBIZ FINANCIAL INC	COM	190897108	328	30,409	SH		SOLE	0	30,409	0	0
CVR REFINING LP	COM	12663P107	788	31,524	SH		SOLE	0	31,524	0	0
CYS INVESTMENTS INC REI	COM	12673A108	451	50,000	SH		SOLE	0	50,000	0	0
DIME COMMUNITY BANCSHARES	COM	253922108	384	24,292	SH		SOLE	0	24,292	0	0
E TRADE FINL CORP	COM	269246401	213	10,008	SH		SOLE	0	10,008	0	0
EAGLE BANCORP INC	COM	268948106	304	9,000	SH		SOLE	0	9,000	0	0
ENTERPRISE FINL SVCS CORP	COM	293712105	299	16,546	SH		SOLE	0	16,546	0	0
FIRST COMMUNITY CORP SC	COM	319835104	286	26,898	SH		SOLE	0	26,898	0	0
FIVE OAKS INVESTMENT CORP	COM	33830W106	1,013	89,710	SH		SOLE	0	89,710	0	0
FLUSHING FINANCIAL CORP	COM	343873105	370	18,000	SH		SOLE	0	18,000	0	0
FOX CHASE BANCORP INC	COM	35137T108	463	27,433	SH		SOLE	0	27,433	0	0
FS INVEST CORP COM	COM	302635107	213	20,000	SH		SOLE	0	20,000	0	0
GUARANTY BANCORP DEL	COM	40075T607	319	22,983	SH		SOLE	0	22,983	0	0
HERCULES TECHNOLOGY GROWT	COM	427096508	747	46,229	SH		SOLE	0	46,229	0	0
HERITAGE COMM CORP	COM	426927109	333	40,722	SH		SOLE	0	40,722	0	0
HERITAGE FINANCIAL GROUP	COM	42726X102	496	25,000	SH		SOLE	0	25,000	0	0
HERITAGE FINANCIAL CORPOR	COM	42722X106	427	26,524	SH		SOLE	0	26,524	0	0
HERITAGE OAKS BANCORP	COM	42724R107	380	49,771	SH		SOLE	0	49,771	0	0
HOME BANCSHARES INC/CONWA	COM	436893200	328	10,000	SH		SOLE	0	10,000	0	0
HOPFED BANCORP INC	COM	439734104	217	18,654	SH		SOLE	0	18,654	0	0
INDEPENDENT BK CORP MICH	COM	453838609	225	17,475	SH		SOLE	0	17,475	0	0
KEARNY FINL CORP	COM	487169104	303	20,000	SH		SOLE	0	20,000	0	0
MACKINAC FINL CORP	COM	554571109	239	18,546	SH		SOLE	0	18,546	0	0
MAINSOURCE FINL GROUP INC	COM	56062Y102	312	18,100	SH		SOLE	0	18,100	0	0
MEADOWBROOK INSURANCE GRO	COM	58319P108	227	31,605	SH		SOLE	0	31,605	0	0
MEDLEY CAPITAL	COM	58503F106	840	64,303	SH		SOLE	0	64,303	0	0
METRO BANCORP INC PA	COM	59161R101	650	28,108	SH		SOLE	0	28,108	0	0
MGIC INVT CORP	COM	552848103	370	40,000	SH		SOLE	0	40,000	0	0
MIDSOUTH BANCORP INC	COM	598039105	375	18,840	SH		SOLE	0	18,840	0	0
NEW MOUNTAIN GUARDIAN COR	COM	647551100	835	56,169	SH		SOLE	0	56,169	0	0
NEWSTAR FINANCIAL INC C	COM	65251F105	305	21,660	SH		SOLE	0	21,660	0	0
NORTH VY BANCORP	COM	66304M204	526	24,129	SH		SOLE	0	24,129	0	0
OCEAN SHORE HOLDING CO	COM	67501R103	483	32,954	SH		SOLE	0	32,954	0	0
OLD LINE BANCS	COM	67984M100	299	18,980	SH		SOLE	0	18,980	0	0
OPUS BANK	COM	684000102	436	15,000	SH		SOLE	0	15,000	0	0
PACIFIC MERCANTILE BANCOR	COM	694552100	354	53,091	SH		SOLE	0	53,091	0	0
PACIFIC PREMIER BANCORP	COM	69478X105	282	20,000	SH		SOLE	0	20,000	0	0
PEOPLE FED BANC	COM	711037101	384	20,783	SH		SOLE	0	20,783	0	0
PREFERRED BK LOS ANGELES	COM	740367404	402	17,000	SH		SOLE	0	17,000	0	0
REGIONS FINANCIAL CORP	COM	7591EP100	661	62,238	SH		SOLE	0	62,238	0	0
RIVERVIEW BANCORP INC	COM	769397100	140	36,132	SH		SOLE	0	36,132	0	0
SIERRA BANCORP	COM	82620P102	176	11,165	SH		SOLE	0	11,165	0	0
SIGNATURE BANK	COM	82669G104	252	2,000	SH		SOLE	0	2,000	0	0
SIMMONS FIRST NATIONAL CO	COM	828730200	547	13,890	SH		SOLE	0	13,890	0	0
SIMPLICITY BANCORP INC	COM	828867101	249	14,256	SH		SOLE	0	14,256	0	0
SOLAR SENIOR CAPITAL LTD	COM	83416M105	462	27,341	SH		SOLE	0	27,341	0	0
SOUTHWEST BANCORP INC OKL	COM	844767103	405	23,765	SH		SOLE	0	23,765	0	0
STANDARD FINANCIAL CORP	COM	853393106	466	23,885	SH		SOLE	0	23,885	0	0
STATE INVESTORS BANCORP I	COM	857030100	225	14,080	SH		SOLE	0	14,080	0	0
SUFFOLK BANCORP	COM	864739107	530	23,756	SH		SOLE	0	23,756	0	0
SUN BANCORP INC NEW JERS	COM	86663B201	70	17,475	SH		SOLE	0	17,475	0	0
SUNTRUST BKS INC	COM	867914103	300	7,500	SH		SOLE	0	7,500	0	0
SVB FINANCIAL GROUP	COM	78486Q101	329	2,818	SH		SOLE	0	2,818	0	0
TCP CAPITAL CORP	COM	87238Q103	410	22,511	SH		SOLE	0	22,511	0	0
TRIANGLE CAPITAL CORP	COM	895848109	780	27,500	SH		SOLE	0	27,500	0	0
UMB FINANCIAL CORP	COM	902788108	1,268	20,000	SH		SOLE	0	20,000	0	0
UNITED CMNTY BK BLAIRSVIL	COM	90984P303	363	22,171	SH		SOLE	0	22,171	0	0
UNITED CMNTY FINL CORP OH	COM	909839102	166	40,218	SH		SOLE	0	40,218	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	476	20,000	SH		SOLE	0	20,000	0	0
WESTERN ASSET MORTGAGE CA	COM	95790D105	850	60,000	SH		SOLE	0	60,000	0	0
YADKIN VALLEY FINANCIAL C	COM	984305102	377	20,000	SH		SOLE	0	20,000	0	0