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Filing Details

Accession Number:: 0001019973-10-000001
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-01-04 12:00:00
Reporting Period:: 2009-12-31

Filing Date:: 2010-01-04
Accepted Time:: 2010-01-04 14:33:06
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
840216	California Coastal Communities Inc	CALC	Operative Builders (1531)	020426634

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1019973	D Eric Hovde	1826 Jefferson Place Nw Washington DC 20036		No	No	Yes	No
1476438	Financial Institution Partners Master Fund, Lp	1826 Jefferson Place, Nw Washington DC 20036		No	No	Yes	No

Reported Non-Derivative Transactions

Show Other Fields >>

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2009-12-31	170	$1.25	1,557,583	No	4	P	Indirect	Footnote
Common Stock	Acquisiton	2009-12-31	150	$1.25	1,305,838	No	4	P	Direct
Common Stock	Acquisiton	2009-12-31	41,587	$1.29	1,347,425	No	4	P	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	Footnote
No	4	P	Direct
No	4	P	Direct

Footnotes

This Form 4 relates to shares of common stock, $0.05 par value (the "Shares") of California Coastal Communities, Inc. ("Issuer"), owned by Financial Institution Partners Master Fund, L.P. (the "FIP Master Fund"), Financial Institution Partners III, L.P. ("FIPIII"), or Financial Institution Partners IV, L.P. ("FIPIV"; together with FIP Master Fund and FIPIII, the "Funds"), which Shares may be deemed to bebeneficially owned by Eric D. Hovde ("EDH"). Eric D. Hovde is a managing member ("MM") of Hovde Capital Advisors LLC ("HCA"), a registered investment advisor that provides investment management services to each the Funds. EDH is a MM of Hovde Capital I, LLC ("HC1"), the general partner to FIP Master Fund; EDH is a MM of Hovde Capital, Ltd. ("HCLTD"), the general partner to FIPIII; and EDH is a MM of Hovde Capital Limited IV LLC ("HCLTDIV"), the general partner to FIPIV.
Each Reporting Person disclaims beneficial ownership of the Shares reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission of beneficial ownership of such Shares for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or for any other purpose.
These shares are included in the transaction reported in the immediately preceding row and do not represent a separate transaction.
As a result of the reported transaction, FIP Master Fund, is the direct owner of 1,305,838 Shares; FIPIII, is the direct owner of 206,666 Shares; FIPIV, is the direct owner of 45,079 Shares; and Eric D. Hovde is the indirect beneficial owner of 1,557,583 Shares.
As a result of the reported transaction, FIP Master Fund, is the direct owner of 1,347,425 Shares; FIPIII, is the direct owner of 167,417 Shares; and FIPIV, is the direct owner of 42,741 Shares.The Shares reported herein were aquired by FIP Master Fund in crossing transactions with each of FIPIII and FIPIV in the amount of 39,249 Shares, and 2,338 Shares, respectively. The purpose of the the crossing transactions were for year end rebalancing and reweighting of the Funds' respective portfolios in respect of the Shares. There was no change in the beneficial ownership of Eric D. Hovde as a result of these transactions. As of the date of this transaction, Eric D. Hovde is the indirect beneficial owner of 1,557,583 Shares.