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
Estimated average burden
hours per response: 23.8
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
ALLEGIANCE BANCSHARES INC COM 01748H107 2,415 131,440 SH   OTR 35 0 0 131,440
ALLSTATE CORP COM 020002101 10,106 150,000 SH Put OTR 35 0 0 150,000
AMERICAN CAP LTD COM 02503y103 3,810 250,000 SH   OTR 35 0 0 250,000
AMERICAN EQTY INVT LIFE HLD COM 025676206 928 55,210 SH   OTR 35 0 0 55,210
AMERICAN EXPRESS CO COM 025816109 2,303 37,500 SH Put OTR 35 0 0 37,500
AMERIS BANCORP COM 03076K108 11,100 375,254 SH   OTR 35 0 0 375,254
ARES COML REAL ESTATE CORP COM 04013V108 3,340 305,000 SH   OTR 35 0 0 305,000
ASB BANCORP INC N C COM 00213T109 829 34,195 SH   OTR 34 0 0 34,195
ASB BANCORP INC N C COM 00213T109 2,576 106,284 SH   OTR 35 0 0 106,284
ASTORIA FINL CORP COM 046265104 13,860 875,000 SH   OTR 35 0 0 875,000
ATLANTIC CAP BANCSHARES INC COM 048269203 294 21,098 SH   OTR 34 0 0 21,098
ATLANTIC CAP BANCSHARES INC COM 048269203 21,168 1,518,473 SH   OTR 35 0 0 1,518,473
ATLANTIC COAST FINL CORP COM 048426100 899 148,815 SH   OTR 34 0 0 148,815
ATLANTIC COAST FINL CORP COM 048426100 3,267 540,914 SH   OTR 35 0 0 540,914
AVENUE FINL HLDGS INC COM 05358K102 4,380 226,145 SH   OTR 35 0 0 226,145
BANK AMER CORP COM 060505104 8,120 600,600 SH   OTR 35 0 0 600,600
BANK NEW YORK MELLON CORP COM 064058100 5,524 150,000 SH Put OTR 35 0 0 150,000
BB&T CORP COM 054937107 4,990 150,000 SH Put OTR 35 0 0 150,000
BNC BANCORP COM 05566T101 23,401 1,108,010 SH   OTR 35 0 0 1,108,010
BOSTON PRIVATE FINL HLDGS IN COM 101119105 201 17,577 SH   OTR 34 0 0 17,577
BOSTON PRIVATE FINL HLDGS IN COM 101119105 13,096 1,143,731 SH   OTR 35 0 0 1,143,731
BSB BANCORP INC MD COM 05573H108 381 16,953 SH   OTR 34 0 0 16,953
BSB BANCORP INC MD COM 05573H108 34 1,521 SH   OTR 35 0 0 1,521
C1 FINL INC COM 12591n109 3,575 147,736 SH   OTR 35 0 0 147,736
CAI INTERNATIONAL INC COM 12477X106 1,151 119,150 SH   OTR 35 0 0 119,150
CAMDEN NATL CORP COM 133034108 3,360 80,000 SH   OTR 35 0 0 80,000
CAPITAL ONE FINL CORP COM 14040H105 15,594 225,000 SH Put OTR 35 0 0 225,000
CARDINAL FINL CORP COM 14149f109 842 41,390 SH   OTR 35 0 0 41,390
CAROLINA FINL CORP NEW COM 143873107 212 11,405 SH   OTR 34 0 0 11,405
CAROLINA FINL CORP NEW COM 143873107 1,667 89,834 SH   OTR 35 0 0 89,834
CITIGROUP INC COM NEW 172967424 4,175 100,000 SH   OTR 35 0 0 100,000
CITIZENS FINL GROUP INC COM 174610105 5,237 250,000 SH   OTR 35 0 0 250,000
COBIZ FINANCIAL INC COM 190897108 1,182 100,000 SH   OTR 35 0 0 100,000
COMERICA INC COM 200340107 4,260 112,500 SH Put OTR 35 0 0 112,500
CONNECTONE BANCORP INC NEW COM 20786w107 6,277 383,890 SH   OTR 35 0 0 383,890
COWEN GROUP INC NEW CL A 223622101 12,747 3,345,699 SH   OTR 35 0 0 3,345,699
DISCOVER FINL SVCS COM 254709108 12,730 250,000 SH   OTR 35 0 0 250,000
E TRADE FINANCIAL CORP COM NEW 269246401 4,898 200,000 SH   OTR 35 0 0 200,000
EQUITY BANCSHARES INC COM CL A 29460x109 306 14,590 SH   OTR 34 0 0 14,590
EQUITY BANCSHARES INC COM CL A 29460x109 3,924 186,852 SH   OTR 35 0 0 186,852
EVANS BANCORP INC COM NEW 29911Q208 1,049 43,004 SH   OTR 35 0 0 43,004
FIDELITY SOUTHERN CORP NEW COM 316394105 4,977 310,314 SH   OTR 35 0 0 310,314
FIFTH THIRD BANCORP COM 316773100 1,669 100,000 SH   OTR 35 0 0 100,000
FIRST BANCORP N C COM 318910106 3,505 185,950 SH   OTR 35 0 0 185,950
FIRST BANCSHARES INC MS COM 318916103 674 43,108 SH   OTR 34 0 0 43,108
FIRST BANCSHARES INC MS COM 318916103 4,808 307,601 SH   OTR 35 0 0 307,601
FIRST CMNTY CORP S C COM 319835104 669 46,399 SH   OTR 34 0 0 46,399
FIRST CMNTY CORP S C COM 319835104 2,645 183,414 SH   OTR 35 0 0 183,414
FIRST CONN BANCORP INC MD COM 319850103 2,075 130,000 SH   OTR 35 0 0 130,000
FIRST FNDTN INC COM 32026V104 364 16,229 SH   OTR 34 0 0 16,229
FIRST FNDTN INC COM 32026V104 10,956 488,450 SH   OTR 35 0 0 488,450
FIRST HORIZON NATL CORP COM 320517105 3,275 250,000 SH   OTR 35 0 0 250,000
FRANKLIN FINL NETWORK INC COM 35352p104 6,111 226,330 SH   OTR 35 0 0 226,330
GUARANTY BANCORP DEL COM NEW 40075T607 1,481 95,800 SH   OTR 35 0 0 95,800
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 365 206,023 SH   OTR 34 0 0 206,023
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 3,167 1,789,038 SH   OTR 35 0 0 1,789,038
HARTFORD FINL SVCS GROUP INC COM 416515104 6,912 150,000 SH   OTR 35 0 0 150,000
HERITAGE COMMERCE CORP COM 426927109 245 24,453 SH   OTR 35 0 0 24,453
HERITAGE OAKS BANCORP COM 42724R107 374 48,010 SH   OTR 34 0 0 48,010
HERITAGE OAKS BANCORP COM 42724R107 8,762 1,124,777 SH   OTR 35 0 0 1,124,777
HOME BANCSHARES INC COM 436893200 4,095 100,000 SH   OTR 35 0 0 100,000
HOMETRUST BANCSHARES INC COM 437872104 668 36,457 SH   OTR 34 0 0 36,457
HOMETRUST BANCSHARES INC COM 437872104 9,885 539,296 SH   OTR 35 0 0 539,296
HOULIHAN LOKEY INC CL A 441593100 6,243 250,705 SH   OTR 35 0 0 250,705
ISHARES TR RUSSELL 2000 ETF 464287655 70,527 637,500 SH Put OTR 35 0 0 637,500
JPMORGAN CHASE & CO COM 46625H100 11,074 187,000 SH Put OTR 35 0 0 187,000
KEYCORP NEW COM 493267108 8,832 800,000 SH   OTR 35 0 0 800,000
LIVE OAK BANCSHARES INC COM 53803X105 7,968 531,200 SH   OTR 35 0 0 531,200
M & T BK CORP *W EXP 12/23/201 55261F112 3,033 80,000 SH   OTR 35 0 0 80,000
MANNING & NAPIER INC CL A 56382Q102 4,055 502,537 SH   OTR 35 0 0 502,537
MARSH & MCLENNAN COS INC COM 571748102 4,559 75,000 SH Put OTR 35 0 0 75,000
MORGAN STANLEY COM NEW 617446448 5,107 204,200 SH   OTR 35 0 0 204,200
NASDAQ INC COM 631103108 4,978 75,000 SH Put OTR 35 0 0 75,000
NATIONAL BK HLDGS CORP CL A 633707104 8,807 431,910 SH   OTR 35 0 0 431,910
NATIONAL HOLDINGS CORP COM NEW 636375206 684 286,084 SH   OTR 35 0 0 286,084
NBT BANCORP INC COM 628778102 2,201 81,670 SH   OTR 35 0 0 81,670
NEW YORK CMNTY BANCORP INC COM 649445103 13,515 850,000 SH   OTR 35 0 0 850,000
NEWTEK BUSINESS SVCS CORP COM NEW 652526203 2,926 234,090 SH   OTR 35 0 0 234,090
OCEANFIRST FINL CORP COM 675234108 7,212 407,900 SH   OTR 35 0 0 407,900
OLD LINE BANCSHARES INC COM 67984M100 868 48,151 SH   OTR 35 0 0 48,151
OLD SECOND BANCORP INC ILL COM 680277100 1,852 258,288 SH   OTR 35 0 0 258,288
OPUS BK IRVINE CALIF COM 684000102 15,182 446,540 SH   OTR 35 0 0 446,540
PARK STERLING CORP COM 70086y105 231 34,613 SH   OTR 34 0 0 34,613
PARK STERLING CORP COM 70086y105 11,941 1,790,214 SH   OTR 35 0 0 1,790,214
PEOPLES BANCORP INC COM 709789101 611 31,270 SH   OTR 35 0 0 31,270
PERFORMANT FINL CORP COM 71377E105 992 583,418 SH   OTR 35 0 0 583,418
PNC FINL SVCS GROUP INC COM 693475105 3,171 37,500 SH Put OTR 35 0 0 37,500
REGIONS FINL CORP NEW COM 7591ep100 1,570 200,000 SH   OTR 35 0 0 200,000
RENASANT CORP COM 75970E107 3,882 117,962 SH   OTR 35 0 0 117,962
SARATOGA INVT CORP COM NEW 80349a208 852 54,310 SH   OTR 35 0 0 54,310
SEACOAST BKG CORP FLA COM NEW 811707801 263 16,642 SH   OTR 34 0 0 16,642
SEACOAST BKG CORP FLA COM NEW 811707801 4,762 301,565 SH   OTR 35 0 0 301,565
SELECT BANCORP INC NEW COM 81617L108 1,049 131,138 SH   OTR 35 0 0 131,138
SELECT BANCORP INC NEW COM 81617L108 291 36,394 SH   OTR 34 0 0 36,394
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 32,063 1,425,000 SH Put OTR 35 0 0 1,425,000
SHORE BANCSHARES INC COM 825107105 727 60,694 SH   OTR 34 0 0 60,694
SHORE BANCSHARES INC COM 825107105 3,883 324,123 SH   OTR 35 0 0 324,123
SILVERCREST ASSET MGMT GROUP CL A 828359109 7,654 600,761 SH   OTR 35 0 0 600,761
SOUTH ST CORP COM 840441109 4,817 75,000 SH   OTR 35 0 0 75,000
SOUTHCOAST FINANCIAL CORP COM 84129R100 1,521 116,553 SH   OTR 34 0 0 116,553
SOUTHCOAST FINANCIAL CORP COM 84129R100 79 6,023 SH   OTR 35 0 0 6,023
SOUTHERN FIRST BANCSHARES IN COM 842873101 809 33,123 SH   OTR 34 0 0 33,123
SOUTHERN FIRST BANCSHARES IN COM 842873101 2,979 122,029 SH   OTR 35 0 0 122,029
SOUTHERN NATL BANCORP OF VA COM 843395104 798 66,986 SH   OTR 34 0 0 66,986
SOUTHERN NATL BANCORP OF VA COM 843395104 4,102 344,134 SH   OTR 35 0 0 344,134
SPDR S&P 500 ETF TR TR UNIT 78462F103 30,828 150,000 SH Put OTR 35 0 0 150,000
SPDR SERIES TRUST S&P BK ETF 78464A797 6,834 225,000 SH Put OTR 35 0 0 225,000
SPDR SERIES TRUST S&P REGL BKG 78464A698 19,761 525,000 SH Put OTR 35 0 0 525,000
STATE BK FINL CORP COM 856190103 208 10,511 SH   OTR 34 0 0 10,511
STATE BK FINL CORP COM 856190103 7,823 395,883 SH   OTR 35 0 0 395,883
STATE STR CORP COM 857477103 6,584 112,500 SH Put OTR 35 0 0 112,500
STIFEL FINL CORP COM 860630102 2,960 100,000 SH   OTR 35 0 0 100,000
STONEGATE BK FT LAUDERDALE F COM 861811107 1,061 35,410 SH   OTR 35 0 0 35,410
SUN BANCORP INC COM NEW 86663B201 2,973 143,538 SH   OTR 35 0 0 143,538
SYNCHRONY FINL COM 87165b103 15,190 530,000 SH   OTR 35 0 0 530,000
SYNOVUS FINL CORP COM NEW 87161C501 7,950 275,000 SH   OTR 35 0 0 275,000
TAL INTL GROUP INC COM 874083108 1,544 100,000 SH   OTR 35 0 0 100,000
TFS FINL CORP COM 87240R107 1,130 65,050 SH   OTR 35 0 0 65,050
TRIUMPH BANCORP INC COM 89679E300 844 53,336 SH   OTR 34 0 0 53,336
TRIUMPH BANCORP INC COM 89679E300 12,097 764,188 SH   OTR 35 0 0 764,188
UNION BANKSHARES CORP NEW COM 90539j109 2,749 111,610 SH   OTR 35 0 0 111,610
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 2,201 119,156 SH   OTR 35 0 0 119,156
UNITED FINL BANCORP INC NEW COM 910304104 10,843 861,223 SH   OTR 35 0 0 861,223
UNIVEST CORP PA COM 915271100 878 45,000 SH   OTR 35 0 0 45,000
US BANCORP DEL COM NEW 902973304 9,132 225,000 SH Put OTR 35 0 0 225,000
VOYA FINL INC COM 929089100 2,233 75,000 SH   OTR 35 0 0 75,000
WASHINGTONFIRST BANKSHARES I COM 940730104 2,126 97,311 SH   OTR 35 0 0 97,311
WASHINGTONFIRST BANKSHARES I COM 940730104 390 17,862 SH   OTR 34 0 0 17,862
WEBSTER FINL CORP CONN COM 947890109 3,590 100,000 SH   OTR 35 0 0 100,000
WELLS FARGO & CO NEW COM 949746101 7,254 150,000 SH Put OTR 35 0 0 150,000
XL GROUP PLC SHS g98290102 3,680 100,000 SH   OTR 35 0 0 100,000
YADKIN FINL CORP COM 984305102 1,316 55,584 SH   OTR 34 0 0 55,584
YADKIN FINL CORP COM 984305102 52,464 2,216,491 SH   OTR 35 0 0 2,216,491
ZIONS BANCORPORATION COM 989701107 3,632 150,000 SH Put OTR 35 0 0 150,000