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
AMERIS BANCORP COM 03076K108 5,669 214,820 SH   OTR 35 0 0 214,820
ASB BANCORP COM 00213T109 2,169 105,823 SH   OTR 35 0 0 105,823
ASB BANCORP COM 00213T109 630 30,747 SH   OTR 34 0 0 30,747
ASTORIA FINANCIAL CORP COM 046265104 1,295 100,000 SH   OTR 35 0 0 100,000
ATLANTIC COAST FED CORP COM ST COM 048426100 2,236 538,908 SH   OTR 35 0 0 538,908
ATLANTIC COAST FED CORP COM ST COM 048426100 769 185,282 SH   OTR 34 0 0 185,282
BANC OF CALIFORNIA INC COM STK COM 05990K106 4,817 391,314 SH   OTR 35 0 0 391,314
BANC OF CALIFORNIA INC COM STK COM 05990K106 522 42,414 SH   OTR 34 0 0 42,414
BANK OF AMERICA CORP COM 060505104 3,472 225,600 SH   OTR 35 0 0 225,600
BNC BANCORP COM STK COM 05566T101 5,414 299,116 SH   OTR 35 0 0 299,116
BNC BANCORP COM STK COM 05566T101 213 11,790 SH   OTR 34 0 0 11,790
BSB BANCORP INC MD COM 05573h108 360 18,183 SH   OTR 34 0 0 18,183
C1 FINANCIAL INC ST. PETERSBU COM 12591N109 8,281 441,650 SH   OTR 35 0 0 441,650
C1 FINANCIAL INC ST. PETERSBU COM 12591N109 298 15,886 SH   OTR 34 0 0 15,886
CARTER BANK & TRUST COM STK COM 146102108 912 69,336 SH   OTR 34 0 0 69,336
CITIGROUP INC COM NEW COM 172967424 2,576 50,000 SH   OTR 35 0 0 50,000
CITIZENS FIRST CORPORATION COM 17462q107 239 19,318 SH   OTR 34 0 0 19,318
COBIZ FINANCIAL INC COM 190897108 924 75,000 SH   OTR 35 0 0 75,000
COLONY CAP INC COM ISIN#US1962 COM 19624r106 1,296 50,000 SH   OTR 35 0 0 50,000
CONNECTONE BANCORP INC NEW CO COM 20786W107 13,514 694,443 SH   OTR 35 0 0 694,443
CONNECTONE BANCORP INC NEW CO COM 20786W107 281 14,434 SH   OTR 34 0 0 14,434
COWEN GROUP INC COM STK COM 223622101 5,159 992,021 SH   OTR 35 0 0 992,021
FIDELITY SOUTHERN CORP COM STK COM 316394105 3,236 191,704 SH   OTR 35 0 0 191,704
FIDELITY SOUTHERN CORP COM STK COM 316394105 274 16,241 SH   OTR 34 0 0 16,241
FIFTH THIRD BANCORP COM 316773100 1,885 100,000 SH   OTR 35 0 0 100,000
FINANCIAL INSTNS INC COM STK COM 317585404 1,269 55,324 SH   OTR 35 0 0 55,324
FIRST BANCORP NC COMSTK COM 318910106 202 11,500 SH   OTR 35 0 0 11,500
FIRST BANCSHARES INC MISS COM COM 318916103 655 40,285 SH   OTR 34 0 0 40,285
FIRST CAP BK RICHMOND VA COM S COM 319438107 142 32,592 SH   OTR 34 0 0 32,592
FIRST COMMUNITY CORP SC COM S COM 319835104 1,818 155,880 SH   OTR 35 0 0 155,880
FIRST COMMUNITY CORP SC COM S COM 319835104 148 12,710 SH   OTR 34 0 0 12,710
FIRST NIAGARA FINLGROUP INC NE COM 33582v108 1,042 117,860 SH   OTR 35 0 0 117,860
FIRST SEC GROUP INC COM STK COM 336312202 2,739 1,141,281 SH   OTR 35 0 0 1,141,281
FIRST SEC GROUP INC COM STK COM 336312202 311 129,497 SH   OTR 34 0 0 129,497
FLAGSTAR BANCORP INC COM 337930507 1,451 100,000 SH   OTR 35 0 0 100,000
FOX CHASE BANCORP INC COM ST COM 35137T108 422 25,083 SH   OTR 35 0 0 25,083
FOX CHASE BANCORP INC COM ST COM 35137T108 202 12,003 SH   OTR 34 0 0 12,003
FRANKLIN FINANCIAL NETWORK IN COM 35352P104 301 14,330 SH   OTR 34 0 0 14,330
FRANKLYN FINANCIAL NETWORK IN COM 35352P104 4,298 204,680 SH   OTR 35 0 0 204,680
HERCULES TECH GROWTH CAP INC C COM 427096508 1,348 100,000 SH   OTR 35 0 0 100,000
HERITAGE FINANCIAL GROUP INC COM 42726X102 2,346 86,140 SH   OTR 35 0 0 86,140
HERITAGE OAKS BANCORP COM 42724r107 1,070 128,806 SH   OTR 35 0 0 128,806
HERITAGE OAKS BANCORP COM 42724r107 390 46,892 SH   OTR 34 0 0 46,892
HOME BANCSHARES INC COM 436893200 1,694 50,000 SH   OTR 35 0 0 50,000
HOME TRST BNCSHR COM 437872104 8,592 538,029 SH   OTR 35 0 0 538,029
HOME TRST BNCSHR COM 437872104 737 46,157 SH   OTR 34 0 0 46,157
INVESTORS BANCORP COM 46146l101 5,860 500,000 SH   OTR 35 0 0 500,000
JACKSONVILLE BANCORP INC JACK COM 469249205 1,511 137,336 SH   OTR 35 0 0 137,336
KEARNY FINL CORP COM ISIN#US48 COM 487169104 951 70,000 SH   OTR 35 0 0 70,000
LADDER CPTL CRP COM 505743104 2,101 113,498 SH   OTR 35 0 0 113,498
NATIONAL COMMERC COM 63546L102 999 45,500 SH   OTR 35 0 0 45,500
NATIONAL COMMERC COM 63546L102 165 7,520 SH   OTR 34 0 0 7,520
NBT BANCORP INC COM STK COM 628778102 2,047 81,670 SH   OTR 35 0 0 81,670
NEWBRIDGE BANCRP COM 65080T102 2,449 274,581 SH   OTR 35 0 0 274,581
NEWBRIDGE BANCRP COM 65080T102 554 62,158 SH   OTR 34 0 0 62,158
OAK VIEW NATIONAL BANK WARRENT COM 67134X105 194 36,344 SH   OTR 34 0 0 36,344
OPUS BANK COM 684000102 4,974 161,080 SH   OTR 35 0 0 161,080
OPUS BANK COM 684000102 637 20,640 SH   OTR 34 0 0 20,640
PALMETTO BANCSHARES INC COM ST COM 697062206 5,458 287,280 SH   OTR 35 0 0 287,280
PALMETTO BANCSHARES INC COM ST COM 697062206 455 23,932 SH   OTR 34 0 0 23,932
PARK STERLING CORP COM 70086Y105 2,307 325,000 SH   OTR 35 0 0 325,000
PARK STERLING CORP COM 70086Y105 235 33,047 SH   OTR 34 0 0 33,047
PEREGRINE HOLDINGS COM 995331600 298 275,000 SH   OTR 35 0 0 275,000
PERFORMANT FINANCIAL CORP COM 71377E105 750 220,720 SH   OTR 35 0 0 220,720
REGIONS FINL CORP COM 7591ep100 945 100,000 SH   OTR 35 0 0 100,000
SEACOAST BANKING CORP OF FLORI COM 811707801 4,994 350,000 SH   OTR 35 0 0 350,000
SEACOAST BANKING CORP OF FLORI COM 811707801 270 18,890 SH   OTR 34 0 0 18,890
SELECT BANCORP INC COM 81617L108 346 48,776 SH   OTR 35 0 0 48,776
SELECT BANCORP INC COM 81617L108 191 26,946 SH   OTR 34 0 0 26,946
SHORE BANCSHARES INC COM STK COM 825107105 1,262 137,500 SH   OTR 35 0 0 137,500
SHORE BANCSHARES INC COM STK COM 825107105 553 60,230 SH   OTR 34 0 0 60,230
SILVERCREST ASSET MANAGEMENT G COM 828359109 3,181 223,211 SH   OTR 35 0 0 223,211
SOUTH ST CORP COM 840441109 6,839 100,000 SH   OTR 35 0 0 100,000
SOUTHCOAST FINANCIAL CORP COM COM 84129R100 884 122,176 SH   OTR 34 0 0 122,176
SOUTHERN NATIONAL BANCORP OF V COM 843395104 1,254 105,420 SH   OTR 35 0 0 105,420
SOUTHERN NATIONAL BANCORP OF V COM 843395104 422 35,451 SH   OTR 34 0 0 35,451
SQUARE 1 FINANCIAL INC CL A COM 85223w101 1,594 59,558 SH   OTR 35 0 0 59,558
SQUARE 1 FINANCIAL INC CL A COM 85223w101 305 11,392 SH   OTR 34 0 0 11,392
STATE BANK FINANCIAL CORPORATI COM 856190103 1,839 87,548 SH   OTR 35 0 0 87,548
SUN BANCORP INC NEW JERSEY CO COM 86663B201 455 24,038 SH   OTR 35 0 0 24,038
SUNTRUST BANKS INC COM 867914103 2,054 50,000 SH   OTR 35 0 0 50,000
SYNOVUS FINL CORP COM 87161C501 2,801 100,000 SH   OTR 35 0 0 100,000
TFS FINANCIAL CORP COM 87240R107 955 65,050 SH   OTR 35 0 0 65,050
TOWNEBANK PORTSMOUTH VA COM ST COM 89214P109 1,126 70,000 SH   OTR 35 0 0 70,000
TRIUMPH BANCORP INC COM 89679E300 5,928 433,952 SH   OTR 35 0 0 433,952
TRIUMPH BANCORP INC COM 89679E300 737 53,928 SH   OTR 34 0 0 53,928
YADKIN FINANCIAL CO COM 984305102 15,251 751,278 SH   OTR 35 0 0 751,278
YADKIN FINANCIAL CO COM 984305102 1,168 57,513 SH   OTR 34 0 0 57,513
PUT AMTD APR 35.00000 04/17/20 PUT 8Y18278 1,863 50,000 SH   OTR 35 0 0 50,000
PUT AMTD APR 36.00000 04/17/20 PUT 8Y18280 1,863 50,000 SH   OTR 35 0 0 50,000
PUT AXP APR 80.00000 04/17/201 PUT 8E01503 1,562 20,000 SH   OTR 35 0 0 20,000
PUT BBT APR 38.00000 04/17/201 PUT 8Y26278 5,769 150,000 SH   OTR 35 0 0 150,000
PUT BBT APR 39.00000 04/17/201 PUT 8Y26280 962 25,000 SH   OTR 35 0 0 25,000
PUT BK APR 39.00000 04/17/2015 PUT 8Y28530 4,024 100,000 SH   OTR 35 0 0 100,000
PUT BK APR 40.00000 04/17/2015 PUT 8Y28532 1,006 25,000 SH   OTR 35 0 0 25,000
PUT CMA APR 43.00000 04/17/201 PUT 8E25985 1,128 25,000 SH   OTR 35 0 0 25,000
PUT CMA APR 44.00000 04/17/201 PUT 8E26011 2,257 50,000 SH   OTR 35 0 0 50,000
PUT ETFC APR 27.00000 04/17/20 PUT 8GPQNM8 1,428 50,000 SH   OTR 35 0 0 50,000
PUT KRE APR 40.00000 04/17/201 PUT 8233603 4,083 100,000 SH   OTR 35 0 0 100,000
PUT MS APR 34.00000 04/17/2015 PUT 8GPYXX4 3,569 100,000 SH   OTR 35 0 0 100,000
PUT MS APR 35.00000 04/17/2015 PUT 8GPYXX6 1,785 50,000 SH   OTR 35 0 0 50,000
PUT PNC APR 90.00000 04/17/201 PUT 8455568 2,331 25,000 SH   OTR 35 0 0 25,000
PUT SCHW APR 29.00000 04/17/20 PUT 8465336 1,522 50,000 SH   OTR 35 0 0 50,000
PUT USB APR 42.00000 04/17/201 PUT 8K16324 4,367 100,000 SH   OTR 35 0 0 100,000
PUT USB APR 43.50000 04/17/201 PUT 8KDXCR2 1,092 25,000 SH   OTR 35 0 0 25,000
PUT WFC APR 53.00000 04/17/201 PUT 8KDYPF4 5,440 100,000 SH   OTR 35 0 0 100,000
PUT XLF APR 24.00000 04/17/201 PUT 8GZWBT5 723 300,000 SH   OTR 35 0 0 300,000
M&T BANK CORP -WT18 WARRANTS 1 WT 55261F112 4,200 80,000 SH   OTR 35 0 0 80,000
PORTER BANCORP WTS 6/30/15 WT 932875 0 182,607 SH   OTR 35 0 0 182,607