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

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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 STK	COM	004337101	350	20,700	SH		SOLE	0	20,700	0	0
ALCENTRA CAPITAL CORP	COM	01374T102	220	17,600	SH		SOLE	0	17,600	0	0
AMERICAN CAPITAL MORTGAGE	COM	02504A104	951	50,500	SH		SOLE	0	50,500	0	0
AMERIS BANCORP COM STK	COM	03076K108	372	14,500	SH		SOLE	0	14,500	0	0
APOLLO INVT CORP COM STK	COM	03761U106	445	60,000	SH		SOLE	0	60,000	0	0
ARMOUR RESD REIT	COM	042315101	460	125,000	SH		SOLE	0	125,000	0	0
ASTORIA FINL CORP COM STK	COM	046265104	396	29,643	SH		SOLE	0	29,643	0	0
BANK OF COMMERCE HLDS COM	COM	06424J103	275	46,090	SH		SOLE	0	46,090	0	0
BASIC ENERGY SVCS INC NEW	COM	06985P100	1,332	190,000	SH		SOLE	0	190,000	0	0
BK OF MARIN BNCP	COM	063425102	316	6,000	SH		SOLE	0	6,000	0	0
BNC BANCORP COM STK	COM	05566T101	304	17,685	SH		SOLE	0	17,685	0	0
BOK FINANCIAL CORP COM ST	COM	05561Q201	450	7,500	SH		SOLE	0	7,500	0	0
BRIDGE CAP HLDGS COM STK	COM	108030107	401	17,900	SH		SOLE	0	17,900	0	0
BSB BANCORP INC/MA	COM	05573H108	279	15,000	SH		SOLE	0	15,000	0	0
CASCADE BANCORP COM STK	COM	147154207	105	20,300	SH		SOLE	0	20,300	0	0
CENTRAL VALLEY COMMUNITY	COM	155685100	219	19,800	SH		SOLE	0	19,800	0	0
CHARTER FINANCIAL CORP WE	COM	16122W108	153	13,400	SH		SOLE	0	13,400	0	0
CITIZENS FINANCIAL GROUP	COM	174610105	622	25,000	SH		SOLE	0	25,000	0	0
CONNECTONE BANCORP INC NE	COM	20786W107	238	12,500	SH		SOLE	0	12,500	0	0
CVR REFINING LP	COM	12663P107	620	36,931	SH		SOLE	0	36,931	0	0
CYS INVESTMENTS INC COM S	COM	12673A108	785	90,000	SH		SOLE	0	90,000	0	0
ELLINGTON FINANCIAL LLC	COM	288522303	1,830	91,691	SH		SOLE	0	91,691	0	0
ENTERPRISE FINL SVCS CORP	COM	293712105	510	25,826	SH		SOLE	0	25,826	0	0
FARMERS NATL BANC CORP CO	COM	309627107	281	33,700	SH		SOLE	0	33,700	0	0
FIDELITY SOUTHERN CORP CO	COM	316394105	248	15,400	SH		SOLE	0	15,400	0	0
FIFTH STRT SNR	COM	31679F101	352	34,400	SH		SOLE	0	34,400	0	0
FIFTH THIRD BANCORP COM S	COM	316773100	560	27,500	SH		SOLE	0	27,500	0	0
FIRST BANCORP NC COMSTK	COM	318910106	263	14,236	SH		SOLE	0	14,236	0	0
FIRST SEC GROUP INC COM S	COM	336312202	30	13,300	SH		SOLE	0	13,300	0	0
FIVE OAKS INVESTMENT CORP	COM	33830W106	1,222	113,150	SH		SOLE	0	113,150	0	0
FOX CHASE BANCORP INC COM	COM	35137T108	401	24,083	SH		SOLE	0	24,083	0	0
GREAT WESTER BAN	COM	391416104	342	15,000	SH		SOLE	0	15,000	0	0
GREEN BANCORP INC	COM	39260X100	217	18,022	SH		SOLE	0	18,022	0	0
GUARANTY BANCORP DEL COM	COM	40075T607	579	40,100	SH		SOLE	0	40,100	0	0
GUARANTY FEDERAL BANCSHAR	COM	40108P101	133	10,100	SH		SOLE	0	10,100	0	0
HARVEST CAPITAL	COM	41753F109	237	20,550	SH		SOLE	0	20,550	0	0
HERITAGE OAKS BANCORP COM	COM	42724R107	387	46,131	SH		SOLE	0	46,131	0	0
JAVELIN MORTGAGE INVESTME	COM	47200B104	259	25,000	SH		SOLE	0	25,000	0	0
JP MORGAN ALERIAN MLP ETN	COM	46625H365	3,217	70,000	SH		SOLE	0	70,000	0	0
MALVERN FEDERAL BANCORP I	COM	561409103	481	39,800	SH		SOLE	0	39,800	0	0
MARATHON OIL CORP COM STK	COM	565849106	849	30,000	SH		SOLE	0	30,000	0	0
MBT FINANCIAL CORP COM ST	COM	578877102	250	50,000	SH		SOLE	0	50,000	0	0
MEDLEY CAPITAL	COM	58503F106	554	60,000	SH		SOLE	0	60,000	0	0
MERCANTILE BANK CORP MI C	COM	587376104	229	10,898	SH		SOLE	0	10,898	0	0
METRO BANCORP INC PA COM	COM	59161R101	389	15,000	SH		SOLE	0	15,000	0	0
MORGAN STANLEY COM STK	COM	617446448	388	10,000	SH		SOLE	0	10,000	0	0
MUTUALFIRST FINANCIAL INC	COM	62845B104	219	10,000	SH		SOLE	0	10,000	0	0
NAUGATUCK VY FINL CORP CO	COM	63906P107	175	20,500	SH		SOLE	0	20,500	0	0
NORTHSR REAL FIN	COM	66704R704	774	44,000	SH		SOLE	0	44,000	0	0
OCEAN SHORE HOLDING CO CO	COM	67501R103	326	22,800	SH		SOLE	0	22,800	0	0
OPUS BANK	COM	684000102	539	19,000	SH		SOLE	0	19,000	0	0
PACWEST BANCORP COM STK	COM	695263103	364	8,000	SH		SOLE	0	8,000	0	0
PALMETTO BANCSHARES INC C	COM	697062206	517	30,969	SH		SOLE	0	30,969	0	0
PETROLEO BRASILEIRO SA PE	COM	71654V101	4,169	550,000	SH		SOLE	0	550,000	0	0
POLONIA BANCORP (PA) COM	COM	73158Q109	218	21,000	SH		SOLE	0	21,000	0	0
PRIVATEBANCORP INC COM ST	COM	742962103	401	12,000	SH		SOLE	0	12,000	0	0
PROSPERITY BANCSHARES INC	COM	743606105	498	9,000	SH		SOLE	0	9,000	0	0
PRUDENTIAL BANCORP INC OF	COM	74431A101	312	25,000	SH		SOLE	0	25,000	0	0
REGIONS FINANCIAL CORP NE	COM	7591EP100	528	50,000	SH		SOLE	0	50,000	0	0
RIVER VALLEY BANCORP COM	COM	768475105	309	14,600	SH		SOLE	0	14,600	0	0
RIVERVIEW BANCORP INC COM	COM	769397100	285	63,644	SH		SOLE	0	63,644	0	0
SHORE BANCSHARES INC COM	COM	825107105	206	22,000	SH		SOLE	0	22,000	0	0
SPDR S&P REGIONAL BANKING	COM	78464A698	570	14,000	SH		SOLE	0	14,000	0	0
STANDARD FINANCIAL CORP	COM	853393106	519	23,885	SH		SOLE	0	23,885	0	0
STONEGATE BANK (FL) COM S	COM	861811107	568	19,175	SH		SOLE	0	19,175	0	0
SUN BANCORP INC NEW JERSE	COM	86663B201	281	14,500	SH		SOLE	0	14,500	0	0
SUNTRUST BKS INC COM STK	COM	867914103	377	9,000	SH		SOLE	0	9,000	0	0
SUSSEX BANCORP COM STK	COM	869245100	148	14,500	SH		SOLE	0	14,500	0	0
SVB FINANCIAL GROUP COM S	COM	78486Q101	290	2,500	SH		SOLE	0	2,500	0	0
TALMER BANCORP INC COM ST	COM	87482X101	176	12,500	SH		SOLE	0	12,500	0	0
TRI COUNTY FINANCIAL CORP	COM	20368X101	219	10,921	SH		SOLE	0	10,921	0	0
TRIANGLE CAPITAL CORP	COM	895848109	1,167	57,500	SH		SOLE	0	57,500	0	0
TRICO BANCSHARES COM STK	COM	896095106	346	14,000	SH		SOLE	0	14,000	0	0
TRISTATE CAPITAL HOLDINGS	COM	89678F100	208	20,300	SH		SOLE	0	20,300	0	0
UNION FIRST MARKET BANKSH	COM	90539J109	241	10,000	SH		SOLE	0	10,000	0	0
UNITED STATES OIL FUND LP	COM	91232N108	1,527	75,000	SH		SOLE	0	75,000	0	0
WELLESLEY BANCRP	COM	949485106	242	12,600	SH		SOLE	0	12,600	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	214	7,700	SH		SOLE	0	7,700	0	0