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 STK	COM	004337101	349	18,600	SH		SOLE	0	18,600	0	0
ALLY FINANCIAL INC	COM	02005N100	472	22,500	SH		SOLE	0	22,500	0	0
ALLY FINANCIAL INC	COM	02005N100	673	30,000	SH		SOLE	0	30,000	0	0
AMERIS BANCORP COM STK	COM	03076K108	435	16,500	SH		SOLE	0	16,500	0	0
ANCHOR BANCORP WA COM STK	COM	032838104	459	20,400	SH		SOLE	0	20,400	0	0
ANCHOR BANCORP WA COM STK	COM	032838104	385	17,100	SH		SOLE	0	17,100	0	0
APOLLO INVT CORP COM STK	COM	03761U106	537	70,000	SH		SOLE	0	70,000	0	0
APOLLO INVT CORP COM STK	COM	03761U106	283	40,000	SH		SOLE	0	40,000	0	0
APOLLO RESIDENTIAL MORTGA	COM	03763V102	798	50,000	SH		SOLE	0	50,000	0	0
APOLLO RESIDENTIAL MORTGA	COM	03763V102	754	51,345	SH		SOLE	0	51,345	0	0
ARMOUR RESD REIT	COM	042315101	165	51,900	SH		SOLE	0	51,900	0	0
ASSOCIATED BANC CORP COM	COM	045487105	426	21,000	SH		SOLE	0	21,000	0	0
ASTORIA FINL CORP COM STK	COM	046265104	453	35,000	SH		SOLE	0	35,000	0	0
ASTORIA FINL CORP COM STK	COM	046265104	410	29,700	SH		SOLE	0	29,700	0	0
BAKER HUGHES INC	COM	057224107	1,234	20,000	SH		SOLE	0	20,000	0	0
BANK OF COMMERCE HLDS COM	COM	06424J103	229	40,000	SH		SOLE	0	40,000	0	0
BANKUNITED INC	COM	06652K103	232	6,450	SH		SOLE	0	6,450	0	0
BAY COML BK WALNUT CREEK	COM	072199102	295	25,000	SH		SOLE	0	25,000	0	0
BK OF MARIN BNCP	COM	063425102	354	6,950	SH		SOLE	0	6,950	0	0
CAPE BANCORP INC COM	COM	139209100	246	25,971	SH		SOLE	0	25,971	0	0
CAPITALA FINANCE	COM	14054R106	493	31,600	SH		SOLE	0	31,600	0	0
CASCADE BANCORP COM STK	COM	147154207	93	18,000	SH		SOLE	0	18,000	0	0
CENTERSTATE BKS FLA INC C	COM	15201P109	267	19,800	SH		SOLE	0	19,800	0	0
CORNERSTONE BANCSHARES IN	COM	218924108	63	16,473	SH		SOLE	0	16,473	0	0
EAST-WEST BANCORP INC COM	COM	27579R104	403	9,000	SH		SOLE	0	9,000	0	0
ELLINGTON FINANCIAL LLC	COM	288522303	648	35,000	SH		SOLE	0	35,000	0	0
FCB FINANCIAL HOLDINGS IN	COM	30255G103	318	10,000	SH		SOLE	0	10,000	0	0
FLOTEK INDS INC DEL COM S	COM	343389102	940	75,000	SH		SOLE	0	75,000	0	0
FLUSHING FINANCIAL CORP C	COM	343873105	317	15,100	SH		SOLE	0	15,100	0	0
FOX CHASE BANCORP INC COM	COM	35137T108	364	21,503	SH		SOLE	0	21,503	0	0
FRST CNT BNCP	COM	319850103	230	14,474	SH		SOLE	0	14,474	0	0
GREEN BANCORP INC	COM	39260X100	304	19,769	SH		SOLE	0	19,769	0	0
GUARANTY BANCORP DEL COM	COM	40075T607	495	30,000	SH		SOLE	0	30,000	0	0
GUARANTY FEDERAL BANCSHAR	COM	40108P101	149	10,100	SH		SOLE	0	10,100	0	0
HERCULES TECHNOLOGY GROWT	COM	427096508	433	37,500	SH		SOLE	0	37,500	0	0
HERITAGE COMM CORP COM ST	COM	426927109	262	27,300	SH		SOLE	0	27,300	0	0
HERITAGE OAKS BANCORP COM	COM	42724R107	263	33,405	SH		SOLE	0	33,405	0	0
HILLTOP HLDGS INC COM STK	COM	432748101	361	15,000	SH		SOLE	0	15,000	0	0
HOME BANCORP INC	COM	43689E107	379	15,000	SH		SOLE	0	15,000	0	0
HOME TRST BNCSHR	COM	437872104	212	12,624	SH		SOLE	0	12,624	0	0
INDEPENDENT BANK GROUP IN	COM	45384B106	433	10,100	SH		SOLE	0	10,100	0	0
KCAP FINANCIAL INC COM ST	COM	48668E101	284	47,502	SH		SOLE	0	47,502	0	0
KEARNY FINANCIAL CORP NJ	COM	48716P108	391	35,000	SH		SOLE	0	35,000	0	0
KEG BOND 6.75 01MAR2021	COM	492914AS5	1,770	3,000,000	SH		SOLE	0	3,000,000	0	0
KEYCORP NY COM STK	COM	493267108	451	30,000	SH		SOLE	0	30,000	0	0
MALVERN FEDERAL BANCORP I	COM	561409103	267	18,000	SH		SOLE	0	18,000	0	0
MARATHON PETROLEUM CORP C	COM	56585A102	1,046	20,000	SH		SOLE	0	20,000	0	0
MBT FINANCIAL CORP COM ST	COM	578877102	170	29,600	SH		SOLE	0	29,600	0	0
MERCANTILE BANK CORP MI C	COM	587376104	217	10,150	SH		SOLE	0	10,150	0	0
METRO BANCORP INC PA COM	COM	59161R101	347	13,280	SH		SOLE	0	13,280	0	0
MUTUALFIRST FINANCIAL INC	COM	62845B104	314	13,517	SH		SOLE	0	13,517	0	0
NEW WESTFIELD FINANCIAL I	COM	96008P104	278	38,000	SH		SOLE	0	38,000	0	0
NOBLE ENERGY INC COM STK	COM	655044105	534	12,500	SH		SOLE	0	12,500	0	0
OCEAN SHORE HOLDING CO CO	COM	67501R103	301	20,300	SH		SOLE	0	20,300	0	0
PACWEST BANCORP COM STK	COM	695263103	468	10,000	SH		SOLE	0	10,000	0	0
PINNACLE FINANCIAL PARTNE	COM	72346Q104	201	3,700	SH		SOLE	0	3,700	0	0
POLONIA BANCORP (PA) COM	COM	73158Q109	271	21,500	SH		SOLE	0	21,500	0	0
PROVIDENT FINANCIAL SERVI	COM	74386T105	220	11,604	SH		SOLE	0	11,604	0	0
REGIONS FINANCIAL CORP NE	COM	7591EP100	622	60,000	SH		SOLE	0	60,000	0	0
RENASANT CORP COM STK	COM	75970E107	502	15,400	SH		SOLE	0	15,400	0	0
RIVERVIEW BANCORP INC COM	COM	769397100	200	46,665	SH		SOLE	0	46,665	0	0
SCHWAB CHARLES CORP NEW C	COM	808513105	490	15,000	SH		SOLE	0	15,000	0	0
SEACOAST BANKING CORP OF	COM	811707801	221	14,000	SH		SOLE	0	14,000	0	0
SHORE BANCSHARES INC COM	COM	825107105	232	24,600	SH		SOLE	0	24,600	0	0
SIGNATURE BANK	COM	82669G104	512	3,500	SH		SOLE	0	3,500	0	0
SIMMONS FIRST NATIONAL CO	COM	828730200	229	4,900	SH		SOLE	0	4,900	0	0
SOUTHCOAST FINANCIAL CORP	COM	84129R100	205	24,142	SH		SOLE	0	24,142	0	0
SPDR S&P REGIONAL BANKING	COM	78464A698	309	7,000	SH		SOLE	0	7,000	0	0
STANDARD FINANCIAL CORP	COM	853393106	499	23,710	SH		SOLE	0	23,710	0	0
STONEGATE BANK (FL) COM S	COM	861811107	467	15,749	SH		SOLE	0	15,749	0	0
SUFFOLK BANCORP COM STK	COM	864739107	225	8,778	SH		SOLE	0	8,778	0	0
SVB FINANCIAL GROUP COM S	COM	78486Q101	360	2,500	SH		SOLE	0	2,500	0	0
TCF FINL CORP COM STK	COM	872275102	382	23,000	SH		SOLE	0	23,000	0	0
TRI COUNTY FINANCIAL CORP	COM	20368X101	253	12,621	SH		SOLE	0	12,621	0	0
TRPLPNT VNT GRW	COM	89677Y100	370	27,450	SH		SOLE	0	27,450	0	0
UNIT CORP COM STK	COM	909218109	860	31,700	SH		SOLE	1	31,700	0	0
WEATHERFORD INTL LTD COM	COM	H27013103	982	80,000	SH		SOLE	1	80,000	0	0
WELLESLEY BANCRP	COM	949485106	252	12,600	SH		SOLE	1	12,600	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	371	11,000	SH		SOLE	1	11,000	0	0
YADKIN VALLEY FINANCIAL C	COM	984305102	438	20,900	SH		SOLE	1	20,900	0	0
ZIONS BANCORPORATION COM	COM	989701107	600	18,900	SH		SOLE	1	18,900	0	0