Blackthorn Investment as of Dec. 31, 2011

                {C}                                          {C}
FORM 13F INFORMATION TABLE







TITLE OF

 VALUE
SHRS/
INVEST
OTHER
VOTING
NAME OF ISSUER
CLASS
CUSIP
 x $1000
PUT/CALL
DISCRE
MNGRS
AUTHOR
ACADIA REALTY TRUST  COM
COM SH BEN INT
004239109
  1,348
  66,924
SOLE
NA
SOLE
ACE LIMITED COM STK
COM
H0023R105
  1,893
  27,000
SOLE
NA
SOLE
ALLIANCE BANCORP INC OF P
COM
01890A108
    225
  20,900
SOLE
NA
SOLE
AMERICAN ASSETS TRUST INC
COM
024013104
    820
  40,000
SOLE
NA
SOLE
AMERICAN CAPITAL AGENCY C
COM
02503X105
    983
  35,000
SOLE
NA
SOLE
AMERICAN CAPITAL MORTGAGE
COM
02504A104
  1,035
  55,000
SOLE
NA
SOLE
ANADARKO PETE CORP   COM
COM
032511107
  7,633
 100,000
SOLE
NA
SOLE
ANCHOR BANCORP WA   COM S
COM
032838104
    185
  29,792
SOLE
NA
SOLE
AON CORP             COM
COM
037389103
  1,170
  25,000
SOLE
NA
SOLE
APARTMENT INVESTMENT & MA
CL A
03748R101
  1,848
  80,660
SOLE
NA
SOLE
APOLLO INVT CORP     COM
COM
03761U106
    483
  75,000
SOLE
NA
SOLE
APOLLO RESIDENTIAL MORTGA
COM
03763V102
    479
  31,400
SOLE
NA
SOLE
APPLE INC            COM
COM
037833100
  1,045
   2,580
SOLE
NA
SOLE
ARES CAPITAL CORP
COM
04010L103
    495
  32,050
SOLE
NA
SOLE
ASPEN TECHNOLOGY INC COM
COM
045327103
    357
  20,550
SOLE
NA
SOLE
ATLAS ENERGY L P     COM
COM
04930A104
  1,337
  55,000
SOLE
NA
SOLE
ATLAS PIPELINE PARTNERS L
COM
049392103
  4,268
 114,882
SOLE
NA
SOLE
BAKER HUGHES INC
COM
057224107
  2,432
  50,000
SOLE
NA
SOLE
BANK MUTUAL CORP     COM
COM
063750103
    167
  52,600
SOLE
NA
SOLE
BANKFINANCIAL CORP   COM
COM
06643P104
    272
  49,263
SOLE
NA
SOLE
BB^T CORP            COM
COM
054937107
    476
  18,900
SOLE
NA
SOLE
BEACH BUSINESS BK MANHATT
COM
07332U107
    115
  12,750
SOLE
NA
SOLE
BEACON FED BNCRP
COM
073582108
    596
  43,004
SOLE
NA
SOLE
BIOMED REALTY TRUST INC C
COM
09063H107
  1,205
  66,650
SOLE
NA
SOLE
BLACKSTONE GROUP LP
COM UNIT LTD
09253U108
    350
  25,000
SOLE
NA
SOLE
BMC SOFTWARE INC     COM
COM
055921100
    510
  15,560
SOLE
NA
SOLE
BOFI HOLDINGINC COM
COM
05566U108
    839
  51,657
SOLE
NA
SOLE
BRE PROPERTIES INC  CL A
CL A
05564E106
  2,365
  46,842
SOLE
NA
SOLE
CAMDEN PROPERTY TRUST COM
SH BEN INT
133131102
  2,805
  45,063
SOLE
NA
SOLE
CAMERON INTL CORP   COM
COM
13342B105
 10,528
 214,018
SOLE
NA
SOLE
CAPITOL FEDERAL FINANCIAL
COM
14057J101
    577
  50,000
SOLE
NA
SOLE
CATHAY GEN BANCORP   COM
COM
149150104
    448
  30,000
SOLE
NA
SOLE
CHARTER FINANCIAL CORP  W
COM
16122M100
    557
  60,175
SOLE
NA
SOLE
CHESAPEAKE ENERGY CORP CO
COM
165167107
  1,672
  75,000
SOLE
NA
SOLE
CHESAPEAKE LODGING TRUST
SH BEN INT
165240102
  1,299
  84,000
SOLE
NA
SOLE
CHEVRON CORPORATION
COM
166764100
 10,640
 100,000
SOLE
NA
SOLE
CHICOPEE BANCORP
COM
168565109
    395
  28,046
SOLE
NA
SOLE
CISCO SYSTEMS INC    COM
COM
17275R102
    233
  12,898
SOLE
NA
SOLE
CITIGROUP INC        COM
COM
172967424
    550
  20,900
SOLE
NA
SOLE
CITIZENS REP BANCORP INC
COM
174420307
    798
  70,000
SOLE
NA
SOLE
CITRIX SYS INC       COM
COM
177376100
    310
   5,108
SOLE
NA
SOLE
CLIFTON SVGS BNK
COM
18712Q103
    246
  26,472
SOLE
NA
SOLE
COLLECTIVE BRANDS   INC C
COM
19421W100
  1,437
 100,000
SOLE
NA
SOLE
COMPLETE PRODUCTION SERVI
COM
20453E109
 12,597
 375,371
SOLE
NA
SOLE
CONCHO RESOURCES INC COM
COM
20605P101
  2,083
  22,216
SOLE
NA
SOLE
CUBESMART            COM
COM
229663109
    566
  53,218
SOLE
NA
SOLE
CVR ENERGY INC COM   STK
COM
12662P108
 12,425
 663,355
SOLE
NA
SOLE
DCT INDL TR INC      COM
COM
233153105
    882
 172,319
SOLE
NA
SOLE
DDR CORP             COM
COM
23317H102
  2,357
 193,679
SOLE
NA
SOLE
DIGITAL REALTY
COM
253868103
  1,942
  29,123
SOLE
NA
SOLE
DISCOVER FINANCIAL SERVIC
COM
254709108
    630
  26,250
SOLE
NA
SOLE
DOUGLAS EMMETT INC   COM
COM
25960P109
  2,686
 147,263
SOLE
NA
SOLE
DSW INC             CL A
COM
23334L102
  4,242
  95,956
SOLE
NA
SOLE
EASTERN VIRGINIA BANCSHAR
COM
277196101
     91
  45,334
SOLE
NA
SOLE
EASTGROUP PROPERTIES INC
COM
277276101
  2,366
  54,414
SOLE
NA
SOLE
EAST-WEST BANCORP INC COM
COM
27579R104
    899
  45,514
SOLE
NA
SOLE
EBAY INC             COM
COM
278642103
    318
  10,500
SOLE
NA
SOLE
EL PASO CORP        COM
COM
28336L109
  9,583
 360,654
SOLE
NA
SOLE
ELLINGTON FINANCIAL LLC
COM
288522303
    776
  45,200
SOLE
NA
SOLE
EMC CORP MASS        COM
COM
268648102
    644
  29,900
SOLE
NA
SOLE
ENBRIDGE ENERGY PARTNERS
COM
29250R106
  2,864
  86,300
SOLE
NA
SOLE
ENCORE BNCSHRS
COM
29255V201
    295
  21,847
SOLE
NA
SOLE
EQUITY LIFESTYLE PROPERTI
COM
29472R108
  1,727
  25,890
SOLE
NA
SOLE
EQUITY ONE INC       COM
COM
294752100
  1,948
 114,743
SOLE
NA
SOLE
EQUITY RESIDENTIAL   COM
SH BEN INT
29476L107
  2,680
  47,000
SOLE
NA
SOLE
ESSA BANCORP
COM
29667D104
    571
  54,550
SOLE
NA
SOLE
ESSEX PPTY TR INC    COM
COM
297178105
  1,908
  13,581
SOLE
NA
SOLE
FIFTH STREET FINANCE CORP
COM
31678A103
    315
  32,950
SOLE
NA
SOLE
FIFTH THIRD BANCORP  COM
COM
316773100
  1,040
  81,787
SOLE
NA
SOLE
FIRST COMMONWEALTH FINANC
COM
319829107
    774
 147,190
SOLE
NA
SOLE
FIRST DEFIANCE FINANCIAL
COM
32006W106
    395
  27,100
SOLE
NA
SOLE
FIRST HORIZON NATL  CORP
COM
320517105
    800
 100,000
SOLE
NA
SOLE
FIRST MIDWEST BANCORP INC
COM
320867104
    445
  43,973
SOLE
NA
SOLE
FIRST PACTRUST BANCORP IN
COM
33589V101
    672
  65,601
SOLE
NA
SOLE
FIRSTMERIT CORP      COM
COM
337915102
    189
  12,500
SOLE
NA
SOLE
FLOTEK INDS INC DEL  COM
COM
343389102
    996
 100,000
SOLE
NA
SOLE
FLUSHING FINANCIAL CORP C
COM
343873105
    526
  41,675
SOLE
NA
SOLE
FORBES ENERGY SERVICES LT
COM
345143101
  1,431
 224,630
SOLE
NA
SOLE
FRANKLIN RESOURCES INC. C
COM
354613101
    406
   4,225
SOLE
NA
SOLE
FULTON FINL CORP PA  COM
COM
360271100
    656
  66,900
SOLE
NA
SOLE
GASFRAC ENERGY      SERVI
COM
367257201
    114
  16,661
SOLE
NA
SOLE
GLIMCHER REALTY TRUST COM
SH BEN INT
379302102
    690
  75,000
SOLE
NA
SOLE
HAMPDEN BANCORP INC  COM
COM
40867E107
    445
  37,683
SOLE
NA
SOLE
HANCOCK HLDG CO      COM
COM
410120109
  1,121
  35,075
SOLE
NA
SOLE
HERCULES TECHNOLOGY GROWT
COM
427096508
    358
  37,900
SOLE
NA
SOLE
HERITAGE FINANCIAL  GROUP
COM
42726X102
    648
  54,909
SOLE
NA
SOLE
HEWLETT-PACKARD CO   COM
COM
428236103
    687
  26,650
SOLE
NA
SOLE
HIGHWOODS PROPERTIES INC
COM
431284108
  2,314
  77,990
SOLE
NA
SOLE
HOLLYFRONTIER CORP   COM
COM
436106108
 14,198
 606,753
SOLE
NA
SOLE
HOME BANCSHARES INC/CONWA
COM
436893200
    576
  22,250
SOLE
NA
SOLE
HORIZON TECHNOLOGY FINANC
COM
44045A102
    408
  25,000
SOLE
NA
SOLE
HUNTINGTON BANCSHARES INC
COM
446150104
    760
 138,505
SOLE
NA
SOLE
INDUSTRIAL SELECT SECT SP
SBI INT-INDS
81369Y704
  2,363
  70,000
SOLE
NA
SOLE
INTERCONTINENTAL HOTELS G
SPONS ADR NEW
45857P301
    886
  49,242
SOLE
NA
SOLE
INVESCO MORTGAGE CAPITAL
COM
46131B100
  1,475
 105,000
SOLE
NA
SOLE
INVESTORS REAL ESTATE TR
COM
461730103
     94
  12,950
SOLE
NA
SOLE
JDS UNIPHASE CORP    COM
COM
46612J507
    265
  25,389
SOLE
NA
SOLE
KILROY REALTY CORPORATION
COM
49427F108
  2,036
  53,470
SOLE
NA
SOLE
KKR & CO L P DEL    LIMIT
COM UNITS
48248M102
    321
  25,000
SOLE
NA
SOLE
LASALLE HOTEL PROPERTIES
COM SH BEN INT
517942108
  2,572
 106,242
SOLE
NA
SOLE
LAZARD LTD COM
SHSA
G54050102
  1,195
  45,750
SOLE
NA
SOLE
LIBERTY PROPERTY TRUST CO
SH BEN INT
531172104
  3,032
  98,193
SOLE
NA
SOLE
LTC PROPERTIES INC   COM
COM
502175102
  1,568
  50,803
SOLE
NA
SOLE
M & T BK CORP        COM
COM
55261F104
    802
  10,500
SOLE
NA
SOLE
MACK-CALI REALTY CORP COM
COM
554489104
  2,303
  86,300
SOLE
NA
SOLE
MAGNUM HUNTER RESOURCES C
COM
55973B102
  3,156
 585,561
SOLE
NA
SOLE
MARATHON PETROLEUM  CORP
COM
56585A102
  4,498
 135,103
SOLE
NA
SOLE
MARRIOTT INTERNATIONAL IN
COM
571903202
  2,334
  80,000
SOLE
NA
SOLE
MCG CAPITAL CORP     COM
COM
58047P107
    172
  43,200
SOLE
NA
SOLE
MERIDIAN INTERSTATE BANCO
COM
58964Q104
    651
  52,324
SOLE
NA
SOLE
METRO BANCORP INC   PA CO
COM
59161R101
    465
  55,545
SOLE
NA
SOLE
MICROFINANCIAL INC   COM
COM
595072109
    347
  59,549
SOLE
NA
SOLE
MID-AMERICA APARTMENT COM
COM
59522J103
  2,752
  44,000
SOLE
NA
SOLE
MID-CON ENERGY PARTNERS L
COM UNIT REPST
59560V109
  1,101
  60,000
SOLE
NA
SOLE
NABORS INDUSTRIES LTD COM
COM
G6359F103
  1,734
 100,000
SOLE
NA
SOLE
NARA BANCORP INC     COM
COM
073295107
    868
  91,836
SOLE
NA
SOLE
NASB FINANCIAL INC   COM
COM
628968109
    378
  35,264
SOLE
NA
SOLE
NATIONAL RETAIL PPTY INC
COM
637417106
  3,971
 150,518
SOLE
NA
SOLE
NAUGATUCK VY FINL CORP CO
COM
63906P107
    213
  31,400
SOLE
NA
SOLE
NETAPP INC          C COM
COM
64110D104
    798
  22,000
SOLE
NA
SOLE
NEW WESTFIELD FINANCIAL C
COM
96008P104
    308
  41,900
SOLE
NA
SOLE
NEWFIELD EXPL CO     COM
COM
651290108
  4,150
 110,000
SOLE
NA
SOLE
NEWPORT BANCORP INC  COM
COM
651754103
    336
  26,743
SOLE
NA
SOLE
NOBLE CORPORATION    COM
COM
H5833N103
  3,475
 115,000
SOLE
NA
SOLE
OASIS PETROLEUM INC
COM
674215108
  1,455
  50,000
SOLE
NA
SOLE
OCEAN SHORE HOLDING CO CO
COM
67501R103
    265
  25,800
SOLE
NA
SOLE
OCEANEERING INTL INC COM
COM
675232102
  1,384
  30,000
SOLE
NA
SOLE
OCEANFIRST FINL CORP COM
COM
675234108
    457
  34,991
SOLE
NA
SOLE
OCWEN FINL CORP      COM
COM
675746309
    831
  57,400
SOLE
NA
SOLE
OLD NATIONAL BANCORPEVANS
COM
680033107
    729
  62,550
SOLE
NA
SOLE
ORIENT-EXP HTLS
CL A
G67743107
    352
  47,100
SOLE
NA
SOLE
PACIFIC CAP BANCORP NEW C
COM
69404P200
    282
  10,000
SOLE
NA
SOLE
PACIFIC PREMIER BANCORP C
COM
69478X105
    166
  26,250
SOLE
NA
SOLE
PACWEST BANCORP     COM S
COM
695263103
    636
  33,576
SOLE
NA
SOLE
PETROLEO BRASIL
SPONS ADR
71654V408
  4,970
 200,000
SOLE
NA
SOLE
PIONEER DRILLING CO  COM
COM
723655106
  1,936
 200,000
SOLE
NA
SOLE
PIONEER NATURAL RESOURCES
COM
723787107
  8,639
  96,550
SOLE
NA
SOLE
PLAINS EXPLORATION & PROD
COM
726505100
  2,358
  64,213
SOLE
NA
SOLE
PNC FINANCIAL SERVICES GR
COM
693475105
    992
  17,200
SOLE
NA
SOLE
POPULAR INC          COM
COM
733174106
    253
 181,900
SOLE
NA
SOLE
PRECISION DRILLING  CORP
COM
74022D308
  7,697
 750,179
SOLE
NA
SOLE
PROVIDENT FINANCIAL HOLDI
COM
743868101
    883
  94,720
SOLE
NA
SOLE
PUBLIC STORAGE
COM
74460D109
    988
   7,348
SOLE
NA
SOLE
RAMCO-GERSHENSON PPTYS TR
COM SH BEN INT
751452202
    517
  52,545
SOLE
NA
SOLE
REDDING BANCORP      COM
COM
06424J103
    240
  71,754
SOLE
NA
SOLE
RESEARCH IN MOTION CAD
COM
760975102
    580
  40,000
SOLE
NA
SOLE
RESOLUTE ENERGY     CORP
COM
76116A108
  1,107
 102,500
SOLE
NA
SOLE
RETAIL OPPORTUNITY  INVTS
COM
76131N101
  1,481
 125,043
SOLE
NA
SOLE
ROMA FINCL CORP
COM
77581P109
    247
  25,109
SOLE
NA
SOLE
SALESFORCE COM INC   COM
COM
79466L302
    659
   6,500
SOLE
NA
SOLE
SANCHEZ ENERGY CORP
COM
79970Y105
  1,726
 100,000
SOLE
NA
SOLE
SANDISK CORP         COM
COM
80004C101
    295
   5,990
SOLE
NA
SOLE
SANDRIDGE ENERGY INC COM
COM
80007P307
  4,080
 500,000
SOLE
NA
SOLE
SAP AG  WALLDORF/BADEN AD
SPON ADR
803054204
  1,069
  20,189
SOLE
NA
SOLE
SAVANNAH BANCORP INC COM
COM
804748101
    200
  40,390
SOLE
NA
SOLE
SENIOR HOUSING PROPERTIES
SH BEN INT
81721M109
  2,220
  98,910
SOLE
NA
SOLE
SI FINL GROUP INC    COM
COM
78425V104
    401
  40,750
SOLE
NA
SOLE
SIMON PROPERTY GROUP INC
COM
828806109
  3,228
  25,032
SOLE
NA
SOLE
SL GREEN REALTY CORPORATI
COM
78440X101
  2,512
  37,697
SOLE
NA
SOLE
SOUTHERN CONN BANCORP INC
COM
84264A102
     34
  17,800
SOLE
NA
SOLE
SOUTHERN PACIFIC    RES C
COM
84359Y106
  1,118
 835,816
SOLE
NA
SOLE
SOUTHWEST BANCORP INC OKL
COM
844767103
    649
 108,865
SOLE
NA
SOLE
STARWOOD HOTELS &   RESOR
COM
85590A401
  2,303
  48,000
SOLE
NA
SOLE
STERLING BANCORP     COM
COM
859158107
    696
  80,533
SOLE
NA
SOLE
STONE ENERGY CORP    COM
COM
861642106
  1,319
  50,000
SOLE
NA
SOLE
SUFFOLK BANCORP      COM
COM
864739107
    161
  14,894
SOLE
NA
SOLE
SUNCOR ENERGY INC    COM
COM
867224107
 10,754
 373,001
SOLE
NA
SOLE
SUNTRUST BKS INC     COM
COM
867914103
    354
  20,000
SOLE
NA
SOLE
SUSQUEHANNA BANCSHARES IN
COM
869099101
  1,074
 128,200
SOLE
NA
SOLE
SYMANTEC CORP        COM
COM
871503108
    303
  19,362
SOLE
NA
SOLE
TALEO CORP           COM
COM
87424N104
    447
  11,559
SOLE
NA
SOLE
TEXAS CAP BANCSHARES INC
COM
88224Q107
    765
  25,000
SOLE
NA
SOLE
TFS FINANCIAL GROUP
COM
87240R107
    314
  35,000
SOLE
NA
SOLE
TRAVELERS COS INC    COM
COM
89417E109
    710
  12,000
SOLE
NA
SOLE
UMB FINANCIAL CORP   COM
COM
902788108
  1,554
  41,706
SOLE
NA
SOLE
UNION DRILLING INC   COM
COM
90653P105
    661
 105,945
SOLE
NA
SOLE
UNIT CORP            COM
COM
909218109
  1,160
  25,000
SOLE
NA
SOLE
UNITED FINANCIAL    BANCO
COM
91030T109
    322
  20,000
SOLE
NA
SOLE
VALE S.A             ADR
ADR
91912E105
  4,290
 200,000
SOLE
NA
SOLE
VENTAS INC           COM
COM
92276F100
  3,901
  70,752
SOLE
NA
SOLE
VIRGINIA COMM BANCORP INC
COM
92778Q109
    618
  80,000
SOLE
NA
SOLE
WEINGARTEN REALTY INVESTO
SH BEN INT
948741103
  3,697
 169,450
SOLE
NA
SOLE
WELLS FARGO COMPANY
COM
949746101
    955
  34,668
SOLE
NA
SOLE
WESTERN ALLIANCE BANCORP
COM
957638109
    436
  70,000
SOLE
NA
SOLE
WESTERN REFINING INC EL P
COM
959319104
  1,918
 144,300
SOLE
NA
SOLE
WHITING PETROLEUM CORP CO
COM
966387102
  3,490
  74,750
SOLE
NA
SOLE
WILLIAMS COS INC-WHEN ISS
COM
969457142
  2,431
  90,000
SOLE
NA
SOLE
WINTRUST FINL CORP   COM
COM
97650W108
    715
  25,504
SOLE
NA
SOLE
WSFS FINL CORP       COM
COM
929328102
    516
  14,336
SOLE
NA
SOLE
WYNDHAM WORLDWIDE CORP
COM
98310W108
  2,382
  62,954
SOLE
NA
SOLE
YAHOO INC            COM
COM
984332106
    563
  34,880
SOLE
NA
SOLE