Deephaven

Deephaven as of Sept. 30, 2011

Portfolio Holdings for Deephaven

Deephaven holds 30 positions in its portfolio as reported in the September 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Retail Opportunity Invts Cor *w exp 10/23/201 39.9 $55M 5.0M 11.08
Two Hbrs Invt Corp *w exp 07/13/201 32.0 $44M 5.0M 8.83
Resolute Energy Corp *w exp 09/25/201 13.7 $19M 1.7M 11.36
Wells Fargo & Company (WFC) 2.6 $3.5M 147k 24.11
JPMorgan Chase & Co. (JPM) 2.1 $2.9M 98k 30.00
Two Harbors Investment 1.8 $2.5M 287k 8.83
Barclays Bk Plc ipth s^p vix 1.0 $1.4M 27k 53.33
McMoRan Exploration 0.9 $1.2M 124k 9.93
Annaly Capital Management 0.8 $1.0M 62k 16.64
U.S. Bancorp (USB) 0.7 $937k 40k 23.54
Bank of America Corporation (BAC) 0.7 $919k 150k 6.12
Heckmann Corp *w exp 11/09/201 0.6 $869k 164k 5.29
iShares Dow Jones US Real Estate (IYR) 0.5 $632k 13k 50.56
Armour Residential Reit Inc *w exp 11/07/201 0.4 $605k 89k 6.80
Denbury Resources 0.4 $584k 51k 11.50
Wts Talbots 0.4 $583k 216k 2.70
Michael Baker Corporation 0.2 $352k 18k 19.13
Delta Air Lines (DAL) 0.2 $300k 40k 7.50
Iteris (ITI) 0.2 $309k 269k 1.15
Sanofi Aventis Wi Conval Rt 0.1 $187k 178k 1.05
Broadwind Energy 0.1 $178k 556k 0.32
Simon Property (SPG) 0.1 $143k 1.3k 110.00
Invesco Mortgage Capital 0.1 $141k 10k 14.10
Trans World Entertainment Corporation 0.1 $110k 58k 1.90
Western Liberty Ban 0.1 $70k 27k 2.63
Management Network (TMNG) 0.1 $66k 33k 2.02
Energy Select Sector SPDR (XLE) 0.0 $59k 1.0k 59.00
Heckmann Corporation 0.0 $50k 9.4k 5.32
Chimera Investment Corporation 0.0 $55k 20k 2.75
TD Ameritrade Holding 0.0 $38k 2.6k 14.62