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 COM 01748H107 3,109 131,440 SH   OTR 35 0 0 131,440
AMERICAN CAP LTD COM COM 02503y103 3,447 250,000 SH   OTR 35 0 0 250,000
AMERICAN EQUITY INVESTMENT LIF COM 025676206 6,133 255,210 SH   OTR 35 0 0 255,210
AMERIS BANCORP COM 03076K108 12,091 355,715 SH   OTR 35 0 0 355,715
ANCHOR BANCORP WISCONSIN INC C COM 03283P106 10,717 246,256 SH   OTR 35 0 0 246,256
ARES COML REAL ESTATE COM 04013V108 3,489 305,000 SH   OTR 35 0 0 305,000
ASB BANCORP INC COM 00213T109 2,747 105,823 SH   OTR 35 0 0 105,823
ASB BANCORP INC COM 00213T109 930 35,827 SH   OTR 34 0 0 35,827
ASTORIA FINANCIAL CORP COM 046265104 17,831 1,125,000 SH   OTR 35 0 0 1,125,000
ATLANTIC CAPITAL BANCSHARES IN COM 048269203 16,807 1,121,983 SH   OTR 35 0 0 1,121,983
ATLANTIC CAPITAL BANCSHARES IN COM 048269203 390 27,137 SH   OTR 34 0 0 27,137
ATLANTIC COAST FINANCIAL CORPO COM 048426100 3,158 538,908 SH   OTR 35 0 0 538,908
ATLANTIC COAST FINANCIAL CORPO COM 048426100 1,090 185,972 SH   OTR 34 0 0 185,972
AVENUE FINANCIAL HOLDINGS INC COM 05358K102 3,250 226,145 SH   OTR 35 0 0 226,145
AVENUE FINANCIAL HOLDINGS INC COM 05358K102 434 31,154 SH   OTR 34 0 0 31,154
BANK AMERICA CORP COM 060505104 8,425 500,600 SH   OTR 35 0 0 500,600
BANKWELL FINL GROUP INC COM COM 06654A103 1,862 93,790 SH   OTR 35 0 0 93,790
BANKWELL FINL GROUP INC COM COM 06654A103 180 9,494 SH   OTR 34 0 0 9,494
BNC BANCORP COM COM 05566T101 22,073 869,720 SH   OTR 35 0 0 869,720
BOSTON PRIVATE FINL HLDGS INC COM 101119105 11,907 1,050,000 SH   OTR 35 0 0 1,050,000
BOSTON PRIVATE FINL HLDGS INC COM 101119105 169 15,540 SH   OTR 34 0 0 15,540
BSB BANCORP INC MD COM COM 05573H108 488 21,821 SH   OTR 34 0 0 21,821
C1 FINL INC COM COM 12591n109 13,212 545,706 SH   OTR 35 0 0 545,706
CACI INTL INC CL A COM 12477X106 1,201 119,150 SH   OTR 35 0 0 119,150
CAMDEN NATL CORP COM 133034108 3,527 80,000 SH   OTR 35 0 0 80,000
CAROLINA FINL CORP NEW COM COM 143873107 1,599 88,845 SH   OTR 35 0 0 88,845
CAROLINA FINL CORP NEW COM COM 143873107 253 14,673 SH   OTR 34 0 0 14,673
CITIGROUP INC COM NEW COM 172967424 5,175 100,000 SH   OTR 35 0 0 100,000
CITIZENS FINL GROUP INCCOM ISI COM 174610105 10,476 400,000 SH   OTR 35 0 0 400,000
COBIZ FINANCIAL INC COM 190897108 1,342 100,000 SH   OTR 35 0 0 100,000
CONNECTONE BANCORP INC NEW COM COM 20786W107 6,775 362,500 SH   OTR 35 0 0 362,500
COWEN GROUP INC CLASS A COM 223622101 11,532 3,010,893 SH   OTR 35 0 0 3,010,893
DISCOVER FINL SVCS COM 254709108 16,086 300,000 SH   OTR 35 0 0 300,000
E TRADE FINL CORP COMNEW COM 269246401 5,928 200,000 SH   OTR 35 0 0 200,000
EQUITY BANCSHARES INCCOM CL A COM 29460x109 2,621 112,076 SH   OTR 35 0 0 112,076
EQUITY BANCSHARES INCCOM CL A COM 29460x109 421 18,755 SH   OTR 34 0 0 18,755
EVANS BANCORP INC NEW COM 29911Q208 850 33,319 SH   OTR 35 0 0 33,319
FIDELITY NATIONAL INFORMATIONS COM 31620m106 10,605 175,000 SH   OTR 35 0 0 175,000
FIDELITY SOUTHERN CORP NEW COM 316394105 7,394 331,404 SH   OTR 35 0 0 331,404
FIFTH THIRD BANCORP COM COM 316773100 2,010 100,000 SH   OTR 35 0 0 100,000
FIRST BANCORP N C COM ISIN#US3 COM 318910106 3,485 185,950 SH   OTR 35 0 0 185,950
FIRST BANCSHARES INC MISS COM COM 318916103 5,582 304,385 SH   OTR 35 0 0 304,385
FIRST BANCSHARES INC MISS COM COM 318916103 858 48,646 SH   OTR 34 0 0 48,646
FIRST COMMUNITY CORP S C COM COM 319835104 2,674 179,251 SH   OTR 35 0 0 179,251
FIRST COMMUNITY CORP S C COM COM 319835104 855 59,868 SH   OTR 34 0 0 59,868
FIRST CONN BANCORP INCMD COM COM 319850103 2,263 130,000 SH   OTR 35 0 0 130,000
FIRST FOUNDATION INC COM 32026V104 11,506 487,728 SH   OTR 35 0 0 487,728
FIRST FOUNDATION INC COM 32026V104 403 17,311 SH   OTR 34 0 0 17,311
FIRST HORIZON NATL CORP COM 320517105 3,630 250,000 SH   OTR 35 0 0 250,000
FRANKLIN FINL NETWORKINC COM I COM 35352p104 7,102 226,330 SH   OTR 35 0 0 226,330
GUARANTY BANCORP DEL COM NEW COM 40075T607 827 50,000 SH   OTR 35 0 0 50,000
HAMPTON RDS BANKSHARES INC COM 409321502 2,657 1,443,797 SH   OTR 35 0 0 1,443,797
HAMPTON RDS BANKSHARES INC COM 409321502 414 235,561 SH   OTR 34 0 0 235,561
HANCOCK HOLDING CO COM 410120109 7,551 300,000 SH   OTR 35 0 0 300,000
HARTFORD FINL SVCS GROUP INC C COM 416515104 8,692 200,000 SH   OTR 35 0 0 200,000
HERITAGE COMMERCE CORP COM 426927109 292 24,453 SH   OTR 35 0 0 24,453
HERITAGE OAKS BANCORP COM 42724R107 8,978 1,120,806 SH   OTR 35 0 0 1,120,806
HERITAGE OAKS BANCORP COM 42724R107 455 59,180 SH   OTR 34 0 0 59,180
HOME BANCSHARES INC COM 436893200 4,113 101,500 SH   OTR 35 0 0 101,500
HOMETRUST BANCSHARES INC COM COM 437872104 10,895 538,029 SH   OTR 35 0 0 538,029
HOMETRUST BANCSHARES INC COM COM 437872104 863 42,617 SH   OTR 34 0 0 42,617
HOULIHAN LOKEY INC CLASS A COM COM 441593100 6,571 250,705 SH   OTR 35 0 0 250,705
IBERIABANK CORP COM 450828108 5,507 100,000 SH   OTR 35 0 0 100,000
JACKSONVILLE BANCORP INC COM 469249205 1,847 98,594 SH   OTR 35 0 0 98,594
KEYCORP NEW COM COM 493267108 5,540 420,000 SH   OTR 35 0 0 420,000
LIVE OAK BANCSHARES INC COM COM 53803X105 5,288 372,380 SH   OTR 35 0 0 372,380
MANNING & NAPIER INC CL A COM 56382Q102 4,267 502,537 SH   OTR 35 0 0 502,537
MORGAN STANLEY COM 617446448 6,362 200,000 SH   OTR 35 0 0 200,000
NATIONAL BANK HOLDINGSCORP COM COM 633707104 8,640 404,300 SH   OTR 35 0 0 404,300
NATIONAL HOLDINGS CORPORATION COM 636375206 750 266,096 SH   OTR 35 0 0 266,096
NBT BANCORP INC COM 628778102 2,277 81,670 SH   OTR 35 0 0 81,670
NEW YORK COMMUNITY BANCORP COM 649445103 13,872 850,000 SH   OTR 35 0 0 850,000
NEWBRIDGE BANCORP CL ANO PAR COM 65080t102 17,591 1,444,271 SH   OTR 35 0 0 1,444,271
NEWTEK BUSINESS SERVICES CORP COM 652526203 4,529 316,260 SH   OTR 35 0 0 316,260
OLD LINE BANCSHARES INC COM 67984M100 791 45,021 SH   OTR 35 0 0 45,021
OLD SECOND BANCORP INC-DEL COM 680277100 2,025 258,288 SH   OTR 35 0 0 258,288
OPUS BK IRVINE CALIF COM COM 684000102 16,583 448,540 SH   OTR 35 0 0 448,540
PARK STERLING CORP COM COM 70086Y105 5,618 767,424 SH   OTR 35 0 0 767,424
PARK STERLING CORP COM COM 70086Y105 274 38,885 SH   OTR 34 0 0 38,885
PAYPAL HOLDINGS INCO COM 70450y103 3,620 100,000 SH   OTR 35 0 0 100,000
PERFORMANT FINANCIAL CORPORATI COM 71377E105 793 443,138 SH   OTR 35 0 0 443,138
PROSPERITY BANCSHS INC COM 743606105 7,179 150,000 SH   OTR 35 0 0 150,000
REGIONS FINANCIAL CORP (NEW) C COM 7591ep100 1,920 200,000 SH   OTR 35 0 0 200,000
RENASANT CORPORATION COM 75970E107 4,059 117,962 SH   OTR 35 0 0 117,962
SARATOGA INVESTMENT CORP COM 80349a208 373 24,210 SH   OTR 35 0 0 24,210
SEACOAST BKG CORP FLACOM NEW I COM 811707801 4,494 300,000 SH   OTR 35 0 0 300,000
SEACOAST BKG CORP FLACOM NEW I COM 811707801 316 22,092 SH   OTR 34 0 0 22,092
SELECT BANCORP INC COM COM 81617L108 885 109,445 SH   OTR 35 0 0 109,445
SELECT BANCORP INC COM COM 81617L108 322 41,717 SH   OTR 34 0 0 41,717
SHORE BANCSHARES INC COM 825107105 3,491 320,901 SH   OTR 35 0 0 320,901
SHORE BANCSHARES INC COM 825107105 723 67,830 SH   OTR 34 0 0 67,830
SILVERCREST ASSET MANAGEMENT G COM 828359109 5,528 464,920 SH   OTR 35 0 0 464,920
SOUTH ST CORP COM 840441109 5,396 75,000 SH   OTR 35 0 0 75,000
SOUTHCOAST FINANCIAL CORP COM 84129R100 1,948 126,541 SH   OTR 34 0 0 126,541
SOUTHERN FIRST BANCSHARES COM 842873101 2,717 119,682 SH   OTR 35 0 0 119,682
SOUTHERN FIRST BANCSHARES COM 842873101 814 37,158 SH   OTR 34 0 0 37,158
SOUTHERN NATL BANCORP VA INC C COM 843395104 4,424 338,760 SH   OTR 35 0 0 338,760
SOUTHERN NATL BANCORP VA INC C COM 843395104 953 76,221 SH   OTR 34 0 0 76,221
STATE BK FINL CORP COM COM 856190103 7,416 352,618 SH   OTR 35 0 0 352,618
STATE BK FINL CORP COM COM 856190103 282 14,064 SH   OTR 34 0 0 14,064
STIFEL FINL CORP COM 860630102 4,236 100,000 SH   OTR 35 0 0 100,000
SUN BANCORP INC COM NEW COM 86663B201 2,963 143,538 SH   OTR 35 0 0 143,538
SYNCHRONY FINANCIAL COMUSD0.00 COM 87165b103 16,117 530,000 SH   OTR 35 0 0 530,000
SYNOVUS FINL CORP COM 87161C501 8,904 275,000 SH   OTR 35 0 0 275,000
TAL INTERNATIONAL GROUP COM 874083108 2,483 156,167 SH   OTR 35 0 0 156,167
TALMER BANCORP INC CL A COM 87482X101 3,911 215,940 SH   OTR 35 0 0 215,940
TFS FINANCIAL CORP COM 87240R107 1,225 65,050 SH   OTR 35 0 0 65,050
TOWNEBANK PORTSMOUTH VA COM ST COM 89214P109 1,461 70,000 SH   OTR 35 0 0 70,000
TRIUMPH BANCORP INC COM COM 89679E300 12,595 763,339 SH   OTR 35 0 0 763,339
TRIUMPH BANCORP INC COM COM 89679E300 931 57,245 SH   OTR 34 0 0 57,245
UNITED COMMUNITY BANKS INC COM 90984P303 4,036 207,086 SH   OTR 35 0 0 207,086
UNITED FINANCIAL BANCORP COM 910304104 11,093 861,223 SH   OTR 35 0 0 861,223
UNIVEST CORP OF PENN COM 915271100 939 45,000 SH   OTR 35 0 0 45,000
VOYA FINANCIAL INC COM 929089100 10,150 275,000 SH   OTR 35 0 0 275,000
WASHINGTONFIRST BANKSHARES INC COM 940730104 2,177 96,150 SH   OTR 35 0 0 96,150
WASHINGTONFIRST BANKSHARES INC COM 940730104 436 19,842 SH   OTR 34 0 0 19,842
WEBSTER FINL CORP WATERBURYCON COM 947890109 3,719 100,000 SH   OTR 35 0 0 100,000
WINTRUST FINANCIAL COM 97650w108 2,426 50,000 SH   OTR 35 0 0 50,000
XENITH BANKSHARES INC COM 98410X105 521 69,706 SH   OTR 35 0 0 69,706
XENITH BANKSHARES INC COM 98410X105 22 3,142 SH   OTR 34 0 0 3,142
XL GROUP PLC SHS ISIN#IE00B5LR COM g98290102 3,918 100,000 SH   OTR 35 0 0 100,000
YADKIN FINL CORP COM COM 984305102 31,485 1,250,880 SH   OTR 35 0 0 1,250,880
YADKIN FINL CORP COM COM 984305102 1,617 65,300 SH   OTR 34 0 0 65,300
COMMUNITY HEALTHCARE TRUST INC COM 20369C106 4,068 220,738 SH   OTR 35 0 0 220,738
PUT AIG JAN 60.50000 01/15/201 PUT 026874954 4,648 75,000 SH Put OTR 35 0 0 75,000
PUT AMTD JAN 34.50000 01/15/20 PUT 87236Y958 1,302 37,500 SH Put OTR 35 0 0 37,500
PUT BBT 38 01/21/2016 PUT 054937957 2,836 75,000 SH Put OTR 35 0 0 75,000
PUT BBT JAN 36.00000 01/15/201 PUT 054937957 2,836 75,000 SH Put OTR 35 0 0 75,000
PUT BBT JAN 37.00000 01/15/201 PUT 054937957 2,836 75,000 SH Put OTR 35 0 0 75,000
PUT BK 41 JAN 1/15/2016 PUT 064058950 3,091 75,000 SH Put OTR 35 0 0 75,000
PUT HBAN JAN 11.00000 01/15/20 PUT 446150954 1,659 150,000 SH Put OTR 35 0 0 150,000
PUT IWM JAN 110.0000 01/15/201 PUT 464287955 8,446 75,000 SH Put OTR 35 0 0 75,000
PUT IWM JAN 112.0000 01/15/201 PUT 464287955 4,223 37,500 SH Put OTR 35 0 0 37,500
PUT JPM JAN 65.00000 01/15/201 PUT 46625H950 4,952 75,000 SH Put OTR 35 0 0 75,000
PUT KRE JAN 38.00000 01/15/201 PUT 49456B951 1,048 25,000 SH Put OTR 35 0 0 25,000
PUT KRE JAN 39.00000 01/15/201 PUT 49456B951 1,048 25,000 SH Put OTR 35 0 0 25,000
PUT KRE JAN 40.00000 01/15/201 PUT 49456B951 3,144 75,000 SH Put OTR 35 0 0 75,000
PUT KRE JAN 40.50000 01/15/201 PUT 49456B951 6,288 150,000 SH Put OTR 35 0 0 150,000
PUT KRE JAN 41.00000 01/15/201 PUT 49456B951 8,384 200,000 SH Put OTR 35 0 0 200,000
PUT KRE JAN 41.50000 01/15/201 PUT 49456B951 3,144 75,000 SH Put OTR 35 0 0 75,000
PUT NTRS JAN 70.00000 01/15/20 PUT 665859954 5,407 75,000 SH Put OTR 35 0 0 75,000
PUT PGR JAN 29.00000 01/15/201 PUT 743312950 2,385 75,000 SH Put OTR 35 0 0 75,000
PUT PGR JAN 31.00000 01/15/201 PUT 743312950 4,770 150,000 SH Put OTR 35 0 0 150,000
PUT PNC JAN 90.00000 01/15/201 PUT 693475955 3,574 37,500 SH Put OTR 35 0 0 37,500
PUT PNC JAN 92.50000 01/15/201 PUT 693475955 3,574 37,500 SH Put OTR 35 0 0 37,500
PUT STT JAN 65.00000 01/15/201 PUT 857477953 7,465 112,500 SH Put OTR 35 0 0 112,500
PUT USB JAN 43.00000 01/15/201 PUT 902973954 3,200 75,000 SH Put OTR 35 0 0 75,000
PUT WFC JAN 54.00000 01/15/201 PUT 949746951 4,077 75,000 SH Put OTR 35 0 0 75,000
PUT WFC JAN 54.50000 01/15/201 PUT 949746951 4,077 75,000 SH Put OTR 35 0 0 75,000
PUT XLF JAN 22.00000 01/15/201 PUT 81369Y955 3,574 150,000 SH Put OTR 35 0 0 150,000
PUT XLF JAN 23.00000 01/15/201 PUT 81369Y955 8,340 350,000 SH Put OTR 35 0 0 350,000
PUT XLF JAN 23.50000 01/15/201 PUT 81369Y955 8,936 375,000 SH Put OTR 35 0 0 375,000
PUT XLF JAN 24.00000 01/15/201 PUT 81369Y955 3,574 150,000 SH Put OTR 35 0 0 150,000
PUT ZION JAN 27.00000 01/15/20 PUT 989701957 2,047 75,000 SH Put OTR 35 0 0 75,000
M&T BANK CORP -WT18 WARRANTS 1 WT 55261F954 3,898 80,000 SH   OTR 35 0 0 80,000