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
Expires:	Oct 31, 2018
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
ACCESS NATL CORP COM STK	COM	004337101	325	20,000	SH		SOLE	0	20,000	0	0
AMERICAN CAPITAL MORTGAGE	COM	02504A104	282	15,000	SH		SOLE	0	15,000	0	0
AMERICAN RIVER BANKSHARES	COM	029326105	139	15,200	SH		SOLE	0	15,200	0	0
AMERIS BANCORP COM STK	COM	03076K108	373	17,000	SH		SOLE	0	17,000	0	0
ARES CAPITAL CORP	COM	04010L103	485	30,000	SH		SOLE	0	30,000	0	0
ARES COMMERCIAL REAL ESTA	COM	04013V108	292	25,000	SH		SOLE	0	25,000	0	0
ARMOUR RESD REIT	COM	042315101	712	185,000	SH		SOLE	0	185,000	0	0
ASSOCIATED BANC CORP COM	COM	045487105	348	20,000	SH		SOLE	0	20,000	0	0
ASTORIA FINL CORP COM STK	COM	046265104	186	15,000	SH		SOLE	0	15,000	0	0
BK OF MARIN BNCP	COM	063425102	374	8,143	SH		SOLE	0	8,143	0	0
BRIDGE BANCORP INC COM ST	COM	108035106	402	17,000	SH		SOLE	0	17,000	0	0
BRIDGE CAP HLDGS COM STK	COM	108030107	318	14,000	SH		SOLE	0	14,000	0	0
BSB BANCORP INC/MA	COM	05573H108	322	17,500	SH		SOLE	0	17,500	0	0
CAPITAL CITY BANK GROUP I	COM	139674105	312	23,038	SH		SOLE	0	23,038	0	0
CASCADE BANCORP COM	COM	147154207	287	56,814	SH		SOLE	0	56,814	0	0
CENTRAL VALLEY COMMUNITY	COM	155685100	230	20,000	SH		SOLE	0	20,000	0	0
CHICOPEE BANCORP	COM	168565109	249	16,653	SH		SOLE	0	16,653	0	0
CITIZENS FINANCIAL GROUP	COM	174610105	468	20,000	SH		SOLE	0	20,000	0	0
COMERICA INC COM	COM	200340107	324	6,500	SH		SOLE	0	6,500	0	0
CVR REFINING LP	COM	12663P107	394	16,931	SH		SOLE	0	16,931	0	0
CYS INVESTMENTS INC COM S	COM	12673A108	330	40,000	SH		SOLE	0	40,000	0	0
DIME COMMUNITY BANCSHARES	COM	253922108	259	17,999	SH		SOLE	0	17,999	0	0
ELLINGTON FINANCIAL LLC	COM	288522303	1,182	53,200	SH		SOLE	0	53,200	0	0
ENERGEN CORP COM STK	COM	29265N108	1,324	18,331	SH		SOLE	0	18,331	0	0
ENTERPRISE FINL SVCS CORP	COM	293712105	277	16,546	SH		SOLE	0	16,546	0	0
FARMERS NATL BANC CORP CO	COM	309627107	269	33,700	SH		SOLE	0	33,700	0	0
FIDELITY SOUTHERN CORP CO	COM	316394105	375	27,400	SH		SOLE	0	27,400	0	0
FIFTH STRT SNR	COM	31679F101	296	25,000	SH		SOLE	0	25,000	0	0
FIFTH THIRD BANCORP COM S	COM	316773100	400	20,000	SH		SOLE	0	20,000	0	0
FIRST SEC GROUP INC COM	COM	336312202	37	18,900	SH		SOLE	0	18,900	0	0
FIVE OAKS INVESTMENT CORP	COM	33830W106	1,300	123,831	SH		SOLE	0	123,831	0	0
FLAGSTAR BANCORP INC BLO	COM	337930705	252	15,000	SH		SOLE	0	15,000	0	0
FLUSHING FINANCIAL CORP C	COM	343873105	316	17,300	SH		SOLE	0	17,300	0	0
FOX CHASE BANCORP INC COM	COM	35137T108	393	24,083	SH		SOLE	0	24,083	0	0
GUARANTY BANCORP DEL COM	COM	40075T607	285	21,092	SH		SOLE	0	21,092	0	0
HERCULES TECHNOLOGY GROWT	COM	427096508	147	10,200	SH		SOLE	0	10,200	0	0
HERITAGE FINANCIAL CORPOR	COM	42722X106	339	21,400	SH		SOLE	0	21,400	0	0
HERITAGE OAKS BANCORP COM	COM	42724R107	348	49,771	SH		SOLE	0	49,771	0	0
KEYCORP NY COM STK	COM	493267108	407	30,510	SH		SOLE	0	30,510	0	0
MAINSOURCE FINL GROUP INC	COM	56062Y102	260	15,062	SH		SOLE	0	15,062	0	0
MALVERN FEDERAL BANCORP I	COM	561409103	228	20,000	SH		SOLE	0	20,000	0	0
MEDLEY CAPITAL	COM	58503F106	311	26,300	SH		SOLE	0	26,300	0	0
METRO BANCORP INC PA COM	COM	59161R101	306	12,600	SH		SOLE	0	12,600	0	0
MIDDLEBURG FINANCIALCORP	COM	596094102	278	15,657	SH		SOLE	0	15,657	0	0
MUTUALFIRST FINANCIAL INC	COM	62845B104	225	10,000	SH		SOLE	0	10,000	0	0
NEW WESTFIELD FINANCIAL I	COM	96008P104	113	16,014	SH		SOLE	0	16,014	0	0
NORTH VY BANCORP COM	COM	66304M204	411	19,029	SH		SOLE	0	19,029	0	0
NORTHSR REAL FIN	COM	66704R704	1,007	57,000	SH		SOLE	0	57,000	0	0
ORITANI FINANCIAL CORP CO	COM	68633D103	352	25,000	SH		SOLE	0	25,000	0	0
PETROLEO BRASILEIRO SA PE	COM	71654V101	2,854	191,700	SH		SOLE	0	191,700	0	0
PRIVATEBANCORP INC COM ST	COM	742962103	269	9,000	SH		SOLE	0	9,000	0	0
PROVIDENT FINANCIAL SERVI	COM	74386T105	200	12,200	SH		SOLE	0	12,200	0	0
RIVER VALLEY BANCORP COM	COM	768475105	215	10,000	SH		SOLE	0	10,000	0	0
RIVERVIEW BANCORP INC COM	COM	769397100	194	48,644	SH		SOLE	0	48,644	0	0
SEACOAST BANKING CORP OF	COM	811707801	164	15,000	SH		SOLE	0	15,000	0	0
SOLAR SENIOR CAPITAL LTD	COM	83416M105	389	25,262	SH		SOLE	0	25,262	0	0
SPDR S&P REGIONAL BANKING	COM	78464A698	1,140	30,100	SH		SOLE	0	30,100	0	0
STANDARD FINANCIAL CORP	COM	853393106	491	23,885	SH		SOLE	0	23,885	0	0
STERLING BANCORP COMSTK	COM	85917A100	320	25,000	SH		SOLE	0	25,000	0	0
SVB FINANCIAL GROUP COM S	COM	78486Q101	336	3,000	SH		SOLE	0	3,000	0	0
TRIANGLE CAPITAL CORP	COM	895848109	430	17,000	SH		SOLE	0	17,000	0	0
TRISTATE CAPITAL HOLDINGS	COM	89678F100	181	20,000	SH		SOLE	0	20,000	0	0
UMB FINANCIAL CORP COM ST	COM	902788108	655	12,000	SH		SOLE	0	12,000	0	0
VALE S.A. CLASS A ADR	COM	91912E204	1,276	131,363	SH		SOLE	0	131,363	0	0
WATERSTONE FINANCIAL INC	COM	94188P101	289	25,000	SH		SOLE	0	25,000	0	0
WELLESLEY BANCRP	COM	949485106	245	12,900	SH		SOLE	0	12,900	0	0