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
AERCAP HOLDINGS N.V. COM N00985106 5,139 112,230 SH   OTR 35 0 0 112,230
AMERIS BANCORP COM 03076K108 5,600 221,430 SH   OTR 35 0 0 221,430
ANCHOR BANCORP WISCONSIN INC COM 03283P106 1,709 45,000 SH   OTR 35 0 0 45,000
ASB BANCORP INC N C COM COM 00213T109 2,292 105,823 SH   OTR 35 0 0 105,823
ASB BANCORP INC N C COM COM 00213T109 731 33,767 SH   OTR 34 0 0 33,767
ASTORIA FINANCIAL CORP COM 046265104 689 50,000 SH   OTR 35 0 0 50,000
ATLANTIC COAST FINL CORP COM COM 048426100 2,398 538,908 SH   OTR 35 0 0 538,908
ATLANTIC COAST FINL CORP COM COM 048426100 828 185,972 SH   OTR 34 0 0 185,972
BANC CALIF INC COM COM 05990K106 4,963 360,914 SH   OTR 35 0 0 360,914
BANC CALIF INC COM COM 05990K106 581 42,259 SH   OTR 34 0 0 42,259
BANK AMERICA CORP COM 060505104 3,840 225,600 SH   OTR 35 0 0 225,600
BNC BANCORP COM COM 05566T101 5,896 305,009 SH   OTR 35 0 0 305,009
BNC BANCORP COM COM 05566T101 229 11,833 SH   OTR 34 0 0 11,833
BOSTON PRIVATE FINLHLDGS FRMLY COM 101119105 1,341 100,000 SH   OTR 35 0 0 100,000
BSB BANCORP INC MD COM COM 05573H108 403 18,233 SH   OTR 34 0 0 18,233
C1 FINL INC COM COM 12591N109 8,559 441,650 SH   OTR 35 0 0 441,650
C1 FINL INC COM COM 12591N109 306 15,792 SH   OTR 34 0 0 15,792
CARTER BK & TR MARTINSVILLE VA COM 146102108 874 69,334 SH   OTR 34 0 0 69,334
CITIZENS FIRST CORP COM COM 17462Q107 243 19,448 SH   OTR 34 0 0 19,448
COBIZ FINANCIAL INC COM 190897108 980 75,000 SH   OTR 35 0 0 75,000
COLONY CAP INC CL A COM 19624r106 1,132 50,000 SH   OTR 35 0 0 50,000
CONNECTONE BANCORP INC NEW COM COM 20786W107 14,951 694,443 SH   OTR 35 0 0 694,443
COWEN GROUP INC COM STK COM 223622101 5,350 835,870 SH   OTR 35 0 0 835,870
EVANS BANCORP INC COM STK COM 29911Q208 678 27,959 SH   OTR 35 0 0 27,959
FIDELITY SOUTHN CORP NEW COM COM 316394105 3,343 191,704 SH   OTR 35 0 0 191,704
FIDELITY SOUTHN CORP NEW COM COM 316394105 284 16,292 SH   OTR 34 0 0 16,292
FIFTH THIRD BANCORP COM COM 316773100 2,082 100,000 SH   OTR 35 0 0 100,000
FINANCIAL INSTNS INC COM STK COM 317585404 1,374 55,324 SH   OTR 35 0 0 55,324
FIRST BANCORP NC COMSTK COM 318910106 580 34,760 SH   OTR 35 0 0 34,760
FIRST BANCSHARES INC MISS COM COM 318916103 670 40,245 SH   OTR 34 0 0 40,245
FIRST CAP BANCORP INC VA COM COM 319438107 139 32,692 SH   OTR 34 0 0 32,692
FIRST COMMUNITY CORP S C COM COM 319835104 1,900 155,880 SH   OTR 35 0 0 155,880
FIRST COMMUNITY CORP S C COM COM 319835104 156 12,775 SH   OTR 34 0 0 12,775
FIRST SEC GROUP INC COM NEW COM 336312202 5,779 2,358,752 SH   OTR 35 0 0 2,358,752
FIRST SEC GROUP INC COM NEW COM 336312202 316 128,863 SH   OTR 34 0 0 128,863
FOX CHASE BANCORP INC NEW COM COM 35137T108 424 25,083 SH   OTR 35 0 0 25,083
FOX CHASE BANCORP INC NEW COM COM 35137T108 205 12,093 SH   OTR 34 0 0 12,093
FRANKLIN FINL NETWORK INC COM COM 35352P104 4,677 203,900 SH   OTR 35 0 0 203,900
FRANKLIN FINL NETWORK INC COM COM 35352P104 325 14,185 SH   OTR 34 0 0 14,185
GUARANTY BANCORP DEL COM NEW COM 40075T607 825 50,000 SH   OTR 35 0 0 50,000
GUARANTY BANCORP DEL COM NEW COM 40075T607 225 13,614 SH   OTR 34 0 0 13,614
HAMPTON RDS BANKSHARES INC COM COM 409321502 2,147 1,032,277 SH   OTR 35 0 0 1,032,277
HAMPTON RDS BANKSHARES INC COM COM 409321502 301 144,521 SH   OTR 34 0 0 144,521
HERCULES TECH GROWTH CAP INC C COM 427096508 577 50,000 SH   OTR 35 0 0 50,000
HERITAGE COMM CORP COM STK COM 426927109 528 54,907 SH   OTR 35 0 0 54,907
HERITAGE FINANCIAL GROUP INC COM 42726X102 2,889 95,740 SH   OTR 35 0 0 95,740
HERITAGE OAKS BANCORP COM COM 42724R107 1,819 231,126 SH   OTR 35 0 0 231,126
HERITAGE OAKS BANCORP COM COM 42724R107 371 47,090 SH   OTR 34 0 0 47,090
HOME BANCSHARES INC COM 436893200 2,194 60,000 SH   OTR 35 0 0 60,000
HOMETRUST BANCSHARES INC COM COM 437872104 9,017 538,029 SH   OTR 35 0 0 538,029
HOMETRUST BANCSHARES INC COM COM 437872104 778 46,447 SH   OTR 34 0 0 46,447
INVESTORS BANCORP COM 46146l101 6,150 500,000 SH   OTR 35 0 0 500,000
JACKSONVILLE BANCORP INC JACK COM 469249205 1,611 137,336 SH   OTR 35 0 0 137,336
LADDER CPTL CRP COM 505743104 2,837 163,498 SH   OTR 35 0 0 163,498
METLIFE INC COM 59156r108 2,799 50,000 SH   OTR 35 0 0 50,000
NATIONSTAR MTG LLC/NATIONSTARC COM 63861c109 1,890 112,500 SH   OTR 35 0 0 112,500
NBT BANCORP INC COM ISIN#US628 COM 628778102 2,137 81,670 SH   OTR 35 0 0 81,670
NEW RESIDENTIAL INVESTMENT COR COM 64828T201 5,559 364,740 SH   OTR 35 0 0 364,740
NEWBRIDGE BANCORP COM CL A COM 65080T102 3,922 439,181 SH   OTR 35 0 0 439,181
NEWBRIDGE BANCORP COM CL A COM 65080T102 657 73,539 SH   OTR 34 0 0 73,539
OAK VIEW NATL BK WARRENTON VA COM 67134X105 184 36,579 SH   OTR 34 0 0 36,579
OPUS BK IRVINE CALIF COM COM 684000102 3,618 100,000 SH   OTR 35 0 0 100,000
PALMETTO BANCSHARES INC COM NE COM 697062206 5,680 287,280 SH   OTR 35 0 0 287,280
PALMETTO BANCSHARES INC COM NE COM 697062206 474 23,967 SH   OTR 34 0 0 23,967
PARK STERLING CORP COM COM 70086Y105 4,044 561,620 SH   OTR 35 0 0 561,620
PARK STERLING CORP COM COM 70086Y105 238 33,117 SH   OTR 34 0 0 33,117
PEREGRINE HOLDINGS COM 995331600 298 275,000 SH   OTR 35 0 0 275,000
PERFORMANT FINANCIAL CORP COM 71377E105 883 272,570 SH   OTR 35 0 0 272,570
REGIONS FINL CORP NEW COM COM 7591EP100 1,036 100,000 SH   OTR 35 0 0 100,000
SEACOAST BKG CORP FLA COM NEW COM 811707801 5,530 350,000 SH   OTR 35 0 0 350,000
SEACOAST BKG CORP FLA COM NEW COM 811707801 299 18,946 SH   OTR 34 0 0 18,946
SELECT BANCORP INC NEW COM COM 81617L108 346 48,776 SH   OTR 35 0 0 48,776
SELECT BANCORP INC NEW COM COM 81617L108 192 26,979 SH   OTR 34 0 0 26,979
SHORE BANCSHARES INC COM COM 825107105 1,422 150,801 SH   OTR 35 0 0 150,801
SHORE BANCSHARES INC COM COM 825107105 502 53,250 SH   OTR 34 0 0 53,250
SILVERCREST ASSET MANAGEMENT G COM 828359109 3,138 223,211 SH   OTR 35 0 0 223,211
SOUTH ST CORP COM 840441109 5,699 75,000 SH   OTR 35 0 0 75,000
SOUTHCOAST FINL CORP COM COM 84129R100 1,031 121,144 SH   OTR 34 0 0 121,144
SOUTHERN FIRST BANCSHARES COM COM 842873101 722 40,332 SH   OTR 35 0 0 40,332
SOUTHERN NATL BANCORP VA INC C COM 843395104 1,168 105,420 SH   OTR 35 0 0 105,420
SOUTHERN NATL BANCORP VA INC C COM 843395104 395 35,661 SH   OTR 34 0 0 35,661
STATE BK FINL CORP COM COM 856190103 1,900 87,548 SH   OTR 35 0 0 87,548
SUN BANCORP INC NEW JERSEY CO COM 86663B201 1,089 56,578 SH   OTR 35 0 0 56,578
SYNOVUS FINL CORP COM 87161C501 3,082 100,000 SH   OTR 35 0 0 100,000
TFS FINANCIAL CORP COM 87240R107 1,094 65,050 SH   OTR 35 0 0 65,050
TOWNEBANK PORTSMOUTH VA COM ST COM 89214P109 1,140 70,000 SH   OTR 35 0 0 70,000
TRIUMPH BANCORP INC COM COM 89679E300 8,535 649,047 SH   OTR 35 0 0 649,047
TRIUMPH BANCORP INC COM COM 89679E300 708 53,827 SH   OTR 34 0 0 53,827
UNITED FINANCIAL BANCORP COM 910304104 2,300 171,000 SH   OTR 35 0 0 171,000
YADKIN FINANCIAL CO COM 984305102 17,126 817,478 SH   OTR 35 0 0 817,478
YADKIN FINANCIAL CO COM 984305102 1,190 56,780 SH   OTR 34 0 0 56,780
PUT AXP JUL 77.50000 07/17/201 PUT 8W33349 1,943 25,000 SH   OTR 35 0 0 25,000
PUT BBT JUL 39.00000 07/17/201 PUT 8KKTHV5 2,016 50,000 SH   OTR 35 0 0 50,000
PUT BBT JUL 40.00000 07/17/201 PUT 8KKTHV3 2,016 50,000 SH   OTR 35 0 0 50,000
PUT BK JUL 41.50000 07/17/2015 PUT 8KPCPP3 2,099 50,000 SH   OTR 35 0 0 50,000
PUT CMA JUL 49.00000 07/17/201 PUT 8GWQHR4 2,566 50,000 SH   OTR 35 0 0 50,000
PUT CMA JUL 50.00000 07/17/201 PUT 8GWQHR6 2,566 50,000 SH   OTR 35 0 0 50,000
PUT COF JUL 85.00000 07/17/201 PUT 8KKWPK9 2,199 25,000 SH   OTR 35 0 0 25,000
PUT JPM JUL 67.50000 07/17/201 PUT 8KFDLY6 3,388 50,000 SH   OTR 35 0 0 50,000
PUT KRE JUL 43.00000 07/17/201 PUT 8KLGZQ7 4,416 100,000 SH   OTR 35 0 0 100,000
PUT KRE JUL 44.00000 07/17/201 PUT 8KLGZQ5 2,208 50,000 SH   OTR 35 0 0 50,000
PUT MS JUL 37.50000 07/17/2015 PUT 8KPTKZ3 1,940 50,000 SH   OTR 35 0 0 50,000
PUT MS JUL 39.00000 07/17/2015 PUT 8GXCFC1 1,940 50,000 SH   OTR 35 0 0 50,000
PUT SCHW JUL 32.00000 07/17/20 PUT 8KLPJM1 1,633 50,000 SH   OTR 35 0 0 50,000
PUT STT JUL 72.50000 07/17/201 PUT 8KLQXL1 1,925 25,000 SH   OTR 35 0 0 25,000
PUT STT JUL 75.00000 07/17/201 PUT 8KLQXK9 1,925 25,000 SH   OTR 35 0 0 25,000
PUT USB JUL 43.50000 07/17/201 PUT 8KQFVM7 2,170 50,000 SH   OTR 35 0 0 50,000
PUT USB JUL 44.00000 07/17/201 PUT 8KHVPK1 2,170 50,000 SH   OTR 35 0 0 50,000
PUT WFC JUL 55.50000 07/17/201 PUT 8KQHGN9 2,812 50,000 SH   OTR 35 0 0 50,000
PUT XLF JUL 24.00000 07/17/201 PUT 8KDZGN8 1,219 50,000 SH   OTR 35 0 0 50,000
PUT XLF JUL 25.00000 07/17/201 PUT 8KDZGP0 2,438 100,000 SH   OTR 35 0 0 100,000
PUT ZION JUL 31.00000 07/17/20 PUT 8GXNWR7 2,381 75,000 SH   OTR 35 0 0 75,000
M&T BANK CORP -WT18 WARRANTS 1 WT 55261F112 4,164 80,000 SH   OTR 35 0 0 80,000