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 COM 03076k108 4,989 194,595 SH   OTR 35 0 0 194,595
ASB BANCORP INC COM 00213t109 649 30,167 SH   OTR 34 0 0 30,167
ASB BANCORP INC COM 00213t109 4,425 205,823 SH   OTR 35 0 0 205,823
ASTORIA FINANCIAL CORP COM 046265104 1,336 100,000 SH   OTR 35 0 0 100,000
ATLANTIC COAST FINANCIAL CORPO COM 048426100 737 185,562 SH   OTR 34 0 0 185,562
ATLANTIC COAST FINANCIAL CORPO COM 048426100 2,139 538,908 SH   OTR 35 0 0 538,908
BANC OF CALIFORNIA INC COM 05990k106 441 38,473 SH   OTR 34 0 0 38,473
BANC OF CALIFORNIA INC COM 05990k106 4,588 400,000 SH   OTR 35 0 0 400,000
BANK OF AMERICA CORP COM 060505104 3,589 200,600 SH   OTR 35 0 0 200,600
BNC BANCORP COM 05566t101 259 15,040 SH   OTR 34 0 0 15,040
BNC BANCORP COM 05566t101 5,235 304,176 SH   OTR 35 0 0 304,176
BSB BANCORP INC MD COM 05573h108 285 15,313 SH   OTR 34 0 0 15,313
C1 FINANCIAL INC COM COM 12591n109 245 13,395 SH   OTR 34 0 0 13,395
C1 FINANCIAL INC COM COM 12591n109 7,701 421,063 SH   OTR 35 0 0 421,063
CARTER BK & TR MARTINSVILLE VA COM 146102108 739 58,184 SH   OTR 34 0 0 58,184
CITIGROUP INC COM NEW COM 172967424 2,705 50,000 SH   OTR 35 0 0 50,000
CITIZENS FIRST CORPORATION COM 17462q107 190 15,968 SH   OTR 34 0 0 15,968
COBIZ FINANCIAL INC COM 190897108 985 75,000 SH   OTR 35 0 0 75,000
CONNECTONE BANCORP INC COM 20786w107 231 12,149 SH   OTR 34 0 0 12,149
CONNECTONE BANCORP INC COM 20786w107 13,596 715,584 SH   OTR 35 0 0 715,584
COWEN GROUP INC CLASS A COM 223622101 4,418 920,321 SH   OTR 35 0 0 920,321
FIDELITY SOUTHERN CORP NEW COM 316394105 220 13,668 SH   OTR 34 0 0 13,668
FIDELITY SOUTHERN CORP NEW COM 316394105 2,955 183,408 SH   OTR 35 0 0 183,408
FINANCIAL INSTITUTIONS INC COM COM 317585404 1,391 55,324 SH   OTR 35 0 0 55,324
FIRST BANCORP NC COM 318910106 518 28,050 SH   OTR 35 0 0 28,050
FIRST BANCSHARES INC-MISS COM 318916103 517 35,665 SH   OTR 34 0 0 35,665
FIRST CAPITAL BANCORP INC COM 319438107 121 27,432 SH   OTR 34 0 0 27,432
FIRST COMMUNITY CORPORATION COM 319835104 123 10,880 SH   OTR 34 0 0 10,880
FIRST COMMUNITY CORPORATION COM 319835104 1,763 155,880 SH   OTR 35 0 0 155,880
FIRST NIAGARA FINLGROUP INC NE COM 33582v108 994 117,860 SH   OTR 35 0 0 117,860
FIRST SECURITY GROUP INC COM 336312202 215 95,106 SH   OTR 34 0 0 95,106
FIRST SECURITY GROUP INC COM 336312202 2,349 1,039,551 SH   OTR 35 0 0 1,039,551
FLAGSTAR BANCORP INC COM 337930507 1,573 100,000 SH   OTR 35 0 0 100,000
FOX CHASE BANCORP INC COM 35137t108 168 10,103 SH   OTR 34 0 0 10,103
FOX CHASE BANCORP INC COM 35137t108 418 25,083 SH   OTR 35 0 0 25,083
FRANKLIN FINANCIAL CORPORATION COM 35353C102 1,059 50,000 SH   OTR 35 0 0 50,000
GUARANTY BANCORP DEL COM NEW COM 40075t607 109 7,570 SH   OTR 34 0 0 7,570
GUARANTY BANCORP DEL COM NEW COM 40075t607 640 44,295 SH   OTR 35 0 0 44,295
HERITAGE OAKS BANCORP COM 42724r107 313 37,252 SH   OTR 34 0 0 37,252
HOME BANCSHARES INC COM 436893200 1,608 50,000 SH   OTR 35 0 0 50,000
HOMETRUST BANCSHARES INC COM COM 437872104 658 39,477 SH   OTR 34 0 0 39,477
HOMETRUST BANCSHARES INC COM COM 437872104 12,710 762,924 SH   OTR 35 0 0 762,924
INVESTORS BANCORP NEW COM 46146l101 5,612 500,000 SH   OTR 35 0 0 500,000
JACKSONVILLE BANCORP INC COM 469249205 1,686 137,336 SH   OTR 35 0 0 137,336
KEARNY FINL CORP COM ISIN#US48 COM 487169104 962 70,000 SH   OTR 35 0 0 70,000
LADDER CAPITAL CORP CL A COM 505743104 2,490 126,996 SH   OTR 35 0 0 126,996
NBT BANCORP INC COM 628778102 2,145 81,670 SH   OTR 35 0 0 81,670
NEWBRIDGE BANCORP CLASS A NO P COM 65080t102 488 56,000 SH   OTR 34 0 0 56,000
NEWBRIDGE BANCORP CLASS A NO P COM 65080t102 2,291 263,035 SH   OTR 35 0 0 263,035
OAK VIEW NATIONAL BANK WARRENT COM 67134x105 166 32,144 SH   OTR 34 0 0 32,144
OPUS BANK COM 684000102 519 18,290 SH   OTR 34 0 0 18,290
OPUS BANK COM 684000102 4,570 161,080 SH   OTR 35 0 0 161,080
PALMETTO BANCSHARES INC COM COM 697062206 354 21,202 SH   OTR 34 0 0 21,202
PALMETTO BANCSHARES INC COM COM 697062206 4,798 287,280 SH   OTR 35 0 0 287,280
PARK STERLING CORP COM 70086y105 222 30,247 SH   OTR 34 0 0 30,247
PARK STERLING CORP COM 70086y105 2,205 300,000 SH   OTR 35 0 0 300,000
PEREGRINE HOLDINGS COM 995331600 298 275,000 SH   OTR 35 0 0 275,000
PERFORMANT FINANCIAL COR COM 71377E105 946 142,200 SH   OTR 35 0 0 142,200
REGIONS FINANCIAL CORP COM 7591EP100 1,056 100,000 SH   OTR 35 0 0 100,000
SEACOAST BANKING CORPORATION O COM 811707801 219 15,895 SH   OTR 34 0 0 15,895
SEACOAST BANKING CORPORATION O COM 811707801 4,812 350,000 SH   OTR 35 0 0 350,000
SELECT BANCORP INC COM COM 81617l108 114 15,496 SH   OTR 34 0 0 15,496
SELECT BANCORP INC COM COM 81617l108 654 88,776 SH   OTR 35 0 0 88,776
SHORE BANCSHARES INC COM 825107105 473 50,670 SH   OTR 34 0 0 50,670
SHORE BANCSHARES INC COM 825107105 1,284 137,500 SH   OTR 35 0 0 137,500
SILVERCREST ASSET MANAGEMENT G COM 828359109 3,493 223,211 SH   OTR 35 0 0 223,211
SIMPLICITY BANCORP INC COM 828867101 316 18,409 SH   OTR 35 0 0 18,409
SOUTH ST CORP COM 840441109 6,708 100,000 SH   OTR 35 0 0 100,000
SOUTHCOAST FINANCIAL CORP COM 84129r100 782 110,855 SH   OTR 34 0 0 110,855
SOUTHERN NATIONAL BANCORP OF V COM 843395104 332 29,320 SH   OTR 34 0 0 29,320
SOUTHERN NATIONAL BANCORP OF V COM 843395104 1,195 105,420 SH   OTR 35 0 0 105,420
SQUARE 1 FINANCIAL INC CL A COM 85223w101 457 18,492 SH   OTR 34 0 0 18,492
SQUARE 1 FINANCIAL INC CL A COM 85223w101 2,231 90,317 SH   OTR 35 0 0 90,317
STATE BK FINL CORP COM COM 856190103 287 14,358 SH   OTR 34 0 0 14,358
STATE BK FINL CORP COM COM 856190103 1,749 87,548 SH   OTR 35 0 0 87,548
SUN BANCORP INC NJ COM 86663B201 466 24,038 SH   OTR 35 0 0 24,038
SUNTRUST BANKS INC COM 867914103 1,047 25,000 SH   OTR 35 0 0 25,000
SWS GROUP INC COM 78503N107 1,265 183,068 SH   OTR 35 0 0 183,068
SYNOVUS FINL CORP COM 87161C501 2,709 100,000 SH   OTR 35 0 0 100,000
TALMER BANCORP INC -CL A COM 87482X101 608 43,325 SH   OTR 35 0 0 43,325
TFS FINANCIAL CORP COM 87240R107 968 65,050 SH   OTR 35 0 0 65,050
TRIUMPH BANCORP INC COM COM 89679e300 591 43,615 SH   OTR 34 0 0 43,615
TRIUMPH BANCORP INC COM COM 89679e300 5,417 399,772 SH   OTR 35 0 0 399,772
VIEWPOINT FINL GROUP INCMD COM COM 92672a101 666 27,933 SH   OTR 35 0 0 27,933
YADKIN FINANCIAL CORPORATION C COM 984305102 1,040 52,947 SH   OTR 34 0 0 52,947
YADKIN FINANCIAL CORPORATION C COM 984305102 14,904 758,496 SH   OTR 35 0 0 758,496
PUT AMTD JAN 34.50000 01/17/20 PUT 8BZTQQ6 1,431 40,000 SH   OTR 35 0 0 40,000
PUT AXP JAN 91.00000 01/17/201 PUT 8GYSBV2 2,791 30,000 SH   OTR 35 0 0 30,000
PUT BBT JAN 39.00000 01/17/201 PUT 8GHSTL2 3,889 100,000 SH   OTR 35 0 0 100,000
PUT BK JAN 41.50000 01/17/2015 PUT 8GYSVS8 1,014 25,000 SH   OTR 35 0 0 25,000
PUT CMA JAN 42.00000 01/17/201 PUT 9CSBWZ3 1,171 25,000 SH   OTR 35 0 0 25,000
PUT CMA JAN 44.00000 01/17/201 PUT 8BYQXD7 1,874 40,000 SH   OTR 35 0 0 40,000
PUT CMA JAN 45.00000 01/17/201 PUT 8CSBWZ5 937 20,000 SH   OTR 35 0 0 20,000
PUT COF JAN 80.00000 01/17/201 PUT 9BVYNM3 2,064 25,000 SH   OTR 35 0 0 25,000
PUT COF JAN 82.50000 01/17/201 PUT 8CTQTN3 1,651 20,000 SH   OTR 35 0 0 20,000
PUT DFS JAN 62.50000 01/17/201 PUT 8CYQGW1 1,637 25,000 SH   OTR 35 0 0 25,000
PUT JPM JAN 61.50000 01/17/201 PUT 8GZGDL5 1,565 25,000 SH   OTR 35 0 0 25,000
PUT KRE JAN 40.50000 01/17/201 PUT 8GZGPF5 2,039 50,000 SH   OTR 35 0 0 50,000
PUT MS JAN 36.00000 01/17/2015 PUT 8GJGXC7 1,940 50,000 SH   OTR 35 0 0 50,000
PUT MS JAN 38.50000 01/17/2015 PUT 8GZJPW7 1,940 50,000 SH   OTR 35 0 0 50,000
PUT NTRS JAN 65.00000 01/17/20 PUT 8GKSFP6 1,685 25,000 SH   OTR 35 0 0 25,000
PUT PNC JAN 87.50000 01/17/201 PUT 8X71339 2,281 25,000 SH   OTR 35 0 0 25,000
PUT PNC JAN 90.00000 01/17/201 PUT 8BZTDB7 1,368 15,000 SH   OTR 35 0 0 15,000
PUT SCHW JAN 30.00000 01/17/20 PUT 8BTPJW7 1,510 50,000 SH   OTR 35 0 0 50,000
PUT STT JAN 75.00000 01/17/201 PUT 8V00233 2,355 30,000 SH   OTR 35 0 0 30,000
PUT STT JAN 77.50000 01/17/201 PUT STT15011 1,570 20,000 SH   OTR 35 0 0 20,000
PUT TRV JAN 95.00000 01/17/201 PUT 8CTFCP6 2,646 25,000 SH   OTR 35 0 0 25,000
PUT USB JAN 44.00000 01/17/201 PUT USB15011 1,124 25,000 SH   OTR 35 0 0 25,000
PUT USB JAN 45.50000 01/17/201 PUT 8GZTDV7 2,248 50,000 SH   OTR 35 0 0 50,000
PUT WFC JAN 55.00000 01/17/201 PUT 8CTLYG9 2,741 50,000 SH   OTR 35 0 0 50,000
PUT WU JAN 17.00000 01/17/2015 PUT 8CSFDQ0 1,791 100,000 SH   OTR 35 0 0 100,000
PUT XLF JAN 24.00000 01/17/201 PUT XLF150 4,760 200,000 SH   OTR 35 0 0 200,000
PUT XLF JAN 25.00000 01/17/201 PUT XLF15011 4,760 200,000 SH   OTR 35 0 0 200,000
PUT ZION JAN 28.00000 01/17/20 PUT 8CWVKX5 2,851 100,000 SH   OTR 35 0 0 100,000
M&T BANK CORP -WT18 WARRANTS 1 WT 55261F112 4,134 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