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
ABBOTT LABS COM 002824100 281 19,600 SH Call OTR 1 2 0 19,600 0
ACE LTD SHS H0023R105 24 18,700 SH Call OTR 1 2 0 18,700 0
ALCOA INC COM 013817101 139 19,800 SH Call OTR 1 2 0 19,800 0
ALLIED WRLD ASSUR COM HLDG A SHS H01531104 324 7,500 SH   OTR 1 2 0 7,500 0
ALLSTATE CORP COM 020002101 493 7,600 SH   OTR 1 2 0 7,600 0
ALLSTATE CORP COM 020002101 200 22,100 SH Call OTR 1 2 0 22,100 0
AMERICAN INTL GROUP INC COM NEW 026874784 465 7,520 SH   OTR 1 2 0 7,520 0
AMERICAN INTL GROUP INC COM NEW 026874784 569 33,500 SH Call OTR 1 2 0 33,500 0
ARBOR RLTY TR INC COM 038923108 975 144,235 SH   OTR 1 2 0 144,235 0
ARGO GROUP INTL HLDGS LTD COM G0464B107 228 4,092 SH   OTR 1 2 0 4,092 0
AT&T INC COM 00206R102 614 17,295 SH   OTR 1 2 0 17,295 0
AVENUE FINL HLDGS INC COM 05358K102 946 75,000 SH   OTR 1 2 0 75,000 0
BANK AMER CORP COM 060505104 6,501 381,972 SH   OTR 1 2 0 381,972 0
BANK AMER CORP COM 060505104 1,149 212,700 SH Call OTR 1 2 0 212,700 0
BANK AMER CORP *W EXP 01/16/201 060505146 544 88,241 SH   OTR 1 2 0 88,241 0
BANK NEW YORK MELLON CORP COM 064058100 282 30,100 SH Call OTR 1 2 0 30,100 0
BAY BANCORP INC COM 07203T106 121 23,698 SH   OTR 1 2 0 23,698 0
BB&T CORP COM 054937107 2,757 68,390 SH   OTR 1 2 0 68,390 0
BB&T CORP COM 054937107 564 71,600 SH Call OTR 1 2 0 71,600 0
BBCN BANCORP INC COM 073295107 296 19,981 SH   OTR 1 2 0 19,981 0
BECTON DICKINSON & CO COM 075887109 283 2,000 SH   OTR 1 2 0 2,000 0
BENEFICIAL BANCORP INC COM 08171T102 755 60,413 SH   OTR 1 2 0 60,413 0
BIOSCRIP INC COM 09069N108 54 14,802 SH   OTR 1 2 0 14,802 0
BRISTOL MYERS SQUIBB CO COM 110122108 282 20,000 SH Call OTR 1 2 0 20,000 0
BROOKLINE BANCORP INC DEL COM 11373M107 321 28,405 SH   OTR 1 2 0 28,405 0
CAPITAL ONE FINL CORP COM 14040H105 2,007 22,810 SH   OTR 1 2 0 22,810 0
CAPITAL ONE FINL CORP *W EXP 11/14/201 14040H139 4,728 102,756 SH   OTR 1 2 0 102,756 0
CERUS CORP COM 157085101 1,252 241,242 SH   OTR 1 2 0 241,242 0
CIT GROUP INC COM NEW 125581801 124 12,000 SH Call OTR 1 2 0 12,000 0
CIT GROUP INC COM NEW 125581801 665 14,314 SH   OTR 1 2 0 14,314 0
CITIGROUP INC COM NEW 172967424 1,260 22,823 SH   OTR 1 2 0 22,823 0
CITIGROUP INC COM NEW 172967424 484 30,800 SH Call OTR 1 2 0 30,800 0
CLIFTON BANCORP INC COM 186873105 192 13,702 SH   OTR 1 2 0 13,702 0
CNO FINL GROUP INC COM 12621E103 4,777 260,310 SH   OTR 1 2 0 260,310 0
COMERICA INC COM 200340107 426 8,305 SH   OTR 1 2 0 8,305 0
COMERICA INC *W EXP 11/14/201 200340115 2,268 102,542 SH   OTR 1 2 0 102,542 0
CONNECTONE BANCORP INC NEW COM 20786W107 635 29,500 SH   OTR 1 2 0 29,500 0
CROCS INC COM 227046109 375 25,492 SH   OTR 1 2 0 25,492 0
DISCOVER FINL SVCS COM 254709108 375 6,500 SH   OTR 1 2 0 6,500 0
DISCOVER FINL SVCS COM 254709108 274 26,400 SH Call OTR 1 2 0 26,400 0
E M C CORP MASS COM 268648102 71 23,300 SH Call OTR 1 2 0 23,300 0
EASTERN VA BANKSHARES INC COM 277196101 101 16,000 SH   OTR 1 2 0 16,000 0
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 434 6,600 SH   OTR 1 2 0 6,600 0
ENTERPRISE FINL SVCS CORP COM 293712105 943 41,420 SH   OTR 1 2 0 41,420 0
ESSA BANCORP INC COM 29667D104 1,269 98,688 SH   OTR 1 2 0 98,688 0
FACEBOOK INC CL A 30303M102 472 5,500 SH   OTR 1 2 0 5,500 0
FIFTH THIRD BANCORP COM 316773100 194 74,000 SH Call OTR 1 2 0 74,000 0
FIFTH THIRD BANCORP COM 316773100 2,096 100,659 SH   OTR 1 2 0 100,659 0
FIRST CAPITAL BANCORP VA COM 319438107 107 25,000 SH   OTR 1 2 0 25,000 0
FIRST CLOVER LEAF FIN CORP COM 31969M105 159 17,352 SH   OTR 1 2 0 17,352 0
FIRST CMNTY CORP S C COM 319835104 159 13,500 SH   OTR 1 2 0 13,500 0
FIRST DEFIANCE FINL CORP COM 32006W106 654 17,404 SH   OTR 1 2 0 17,404 0
FRANKLIN FINL NETWORK INC COM 35352P104 688 29,973 SH   OTR 1 2 0 29,973 0
GENERAL ELECTRIC CO COM 369604103 293 71,000 SH Call OTR 1 2 0 71,000 0
GENIE ENERGY LTD CL B 372284208 287 27,426 SH   OTR 1 2 0 27,426 0
GENWORTH FINL INC COM CL A 37247D106 4 22,000 SH Call OTR 1 2 0 22,000 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 40 10,000 SH Call OTR 1 2 0 10,000 0
GOLDMAN SACHS BDC INC SHS 38147U107 983 41,578 SH   OTR 1 2 0 41,578 0
GOLDMAN SACHS GROUP INC COM 38141G104 428 7,400 SH Call OTR 1 2 0 7,400 0
GUARANTY FED BANCSHARES INC COM 40108P101 221 15,000 SH   OTR 1 2 0 15,000 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 1,030 494,999 SH   OTR 1 2 0 494,999 0
HANCOCK HLDG CO COM 410120109 1,785 55,912 SH   OTR 1 2 0 55,912 0
HANMI FINL CORP COM NEW 410495204 477 19,214 SH   OTR 1 2 0 19,214 0
HANOVER INS GROUP INC COM 410867105 964 13,026 SH   OTR 1 2 0 13,026 0
HARTFORD FINL SVCS GROUP INC *W EXP 06/26/201 416515120 1,763 52,155 SH   OTR 1 2 0 52,155 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 25 11,000 SH Call OTR 1 2 0 11,000 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 188 11,000 SH Call OTR 1 2 0 11,000 0
HUDSON CITY BANCORP COM 443683107 1,194 120,800 SH   OTR 1 2 0 120,800 0
HUDSON VALLEY HOLDING CORP COM 444172100 1,318 46,732 SH   OTR 1 2 0 46,732 0
HUNTINGTON BANCSHARES INC COM 446150104 728 64,330 SH   OTR 1 2 0 64,330 0
HUNTSMAN CORP COM 447011107 61 15,000 SH Call OTR 1 2 0 15,000 0
IMPAC MTG HLDGS INC COM NEW 45254P508 1,739 90,875 PRN   OTR 1 2 0 90,875 0
INVENSENSE INC COM 46123D205 6 10,000 SH Call OTR 1 2 0 10,000 0
INVESTORS BANCORP INC NEW COM 46146L101 2,057 167,217 SH   OTR 1 2 0 167,217 0
JPMORGAN CHASE & CO COM 46625H100 1,527 22,534 SH   OTR 1 2 0 22,534 0
JPMORGAN CHASE & CO COM 46625H100 1,695 107,900 SH Call OTR 1 2 0 107,900 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 3,270 132,139 SH   OTR 1 2 0 132,139 0
KEARNY FINL CORP MD COM 48716P108 181 17,036 SH   OTR 1 2 0 17,036 0
KEYCORP NEW COM 493267108 2,069 137,760 SH   OTR 1 2 0 137,760 0
KEYCORP NEW COM 493267108 297 54,500 SH Call OTR 1 2 0 54,500 0
KKR & CO L P DEL COM UNITS 48248M102 526 23,000 SH   OTR 1 2 0 23,000 0
LEADING BRANDS INC COM NEW 52170U207 748 196,934 SH   OTR 1 2 0 196,934 0
LEGG MASON INC COM 524901105 423 8,200 SH   OTR 1 2 0 8,200 0
LENNAR CORP CL A 526057104 286 5,600 SH   OTR 1 2 0 5,600 0
LINCOLN NATL CORP IND COM 534187109 391 6,600 SH   OTR 1 2 0 6,600 0
M & T BK CORP *W EXP 12/23/201 55261F112 4,699 90,277 SH   OTR 1 2 0 90,277 0
MADISON SQUARE GARDEN CO CL A 55826P100 306 3,667 SH   OTR 1 2 0 3,667 0
MAGNUM HUNTER RES CORP DEL COM 55973B102 166 89,000 SH   OTR 1 2 0 89,000 0
MAIDEN HOLDINGS LTD SHS G5753U112 434 27,500 SH   OTR 1 2 0 27,500 0
MB FINANCIAL INC NEW COM 55264U108 6,990 202,952 SH   OTR 1 2 0 202,952 0
MERCHANTS BANCSHARES COM 588448100 276 8,360 SH   OTR 1 2 0 8,360 0
MERIDIAN BANCORP INC MD COM 58958U103 2,563 191,079 SH   OTR 1 2 0 191,079 0
METLIFE INC COM 59156R108 856 15,280 SH   OTR 1 2 0 15,280 0
METLIFE INC COM 59156R108 436 36,100 SH Call OTR 1 2 0 36,100 0
MICROSOFT CORP COM 594918104 112 16,700 SH Call OTR 1 2 0 16,700 0
MIDSOUTH BANCORP INC COM 598039105 1,268 83,059 SH   OTR 1 2 0 83,059 0
MONARCH FINANCIAL HOLDINGS I COM 60907Q100 369 29,420 SH   OTR 1 2 0 29,420 0
MORGAN STANLEY COM NEW 617446448 554 46,200 SH Call OTR 1 2 0 46,200 0
MORGAN STANLEY COM NEW 617446448 1,003 25,845 SH   OTR 1 2 0 25,845 0
NBT BANCORP INC COM 628778102 1,413 53,997 SH   OTR 1 2 0 53,997 0
NEWBRIDGE BANCORP CL A NO PAR 65080T102 134 15,000 SH   OTR 1 2 0 15,000 0
NORTHWEST BANCSHARES INC MD COM 667340103 759 59,193 SH   OTR 1 2 0 59,193 0
NXP SEMICONDUCTORS N V COM N6596X109 383 10,500 SH Call OTR 1 2 0 10,500 0
OLD SECOND BANCORP INC ILL COM 680277100 264 40,000 SH   OTR 1 2 0 40,000 0
ONE LIBERTY PPTYS INC COM 682406103 571 26,833 SH   OTR 1 2 0 26,833 0
ORITANI FINL CORP DEL COM 68633D103 173 10,800 SH   OTR 1 2 0 10,800 0
PEOPLES FINL CORP MISS COM 71103B102 219 21,000 SH   OTR 1 2 0 21,000 0
PFIZER INC COM 717081103 201 6,000 SH   OTR 1 2 0 6,000 0
PFIZER INC COM 717081103 38 10,000 SH Call OTR 1 2 0 10,000 0
PNC FINL SVCS GROUP INC COM 693475105 3,985 41,661 SH   OTR 1 2 0 41,661 0
PNC FINL SVCS GROUP INC COM 693475105 304 18,000 SH Call OTR 1 2 0 18,000 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 342 11,890 SH   OTR 1 2 0 11,890 0
POPULAR INC COM NEW 733174700 317 10,982 SH   OTR 1 2 0 10,982 0
PRUDENTIAL FINL INC COM 744320102 436 19,300 SH Call OTR 1 2 0 19,300 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 1,281 32,600 SH   OTR 1 2 0 32,600 0
REGIONS FINL CORP NEW COM 7591EP100 194 109,100 SH Call OTR 1 2 0 109,100 0
REGIONS FINL CORP NEW COM 7591EP100 965 93,159 SH   OTR 1 2 0 93,159 0
RITE AID CORP COM 767754104 5,118 612,895 SH   OTR 1 2 0 612,895 0
ROSS STORES INC COM 778296103 135 10,000 SH Call OTR 1 2 0 10,000 0
SEACOAST BKG CORP FLA COM NEW 811707801 2,158 136,564 SH   OTR 1 2 0 136,564 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 94 19,558 SH   OTR 1 2 0 19,558 0
SKYWORKS SOLUTIONS INC COM 83088M102 258 4,300 SH Call OTR 1 2 0 4,300 0
SOUTH ST CORP COM 840441109 2,571 33,836 SH   OTR 1 2 0 33,836 0
SOUTHCOAST FINANCIAL CORP COM 84129R100 622 73,079 SH   OTR 1 2 0 73,079 0
SOUTHERN NATL BANCORP OF VA COM 843395104 2,689 242,733 SH   OTR 1 2 0 242,733 0
STATE BK FINL CORP COM 856190103 721 33,236 SH   OTR 1 2 0 33,236 0
STATE STR CORP COM 857477103 470 6,100 SH   OTR 1 2 0 6,100 0
STERLING BANCORP DEL COM 85917A100 1,077 73,277 SH   OTR 1 2 0 73,277 0
SUNTRUST BKS INC COM 867914103 1,145 26,620 SH   OTR 1 2 0 26,620 0
SUNTRUST BKS INC COM 867914103 241 22,000 SH Call OTR 1 2 0 22,000 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 240 22,854 SH   OTR 1 2 0 22,854 0
SUSQUEHANNA BANCSHARES INC P COM 869099101 415 29,373 SH   OTR 1 2 0 29,373 0
SYNOVUS FINL CORP COM NEW 87161C501 2,535 82,277 SH   OTR 1 2 0 82,277 0
TRAVELERS COMPANIES INC COM 89417E109 215 21,600 SH Call OTR 1 2 0 21,600 0
UNITED CMNTY BANCORP IND COM 90984R101 760 55,000 SH   OTR 1 2 0 55,000 0
UNITED FINL BANCORP INC NEW COM 910304104 658 48,926 SH   OTR 1 2 0 48,926 0
US BANCORP DEL COM NEW 902973304 1,076 24,800 SH   OTR 1 2 0 24,800 0
WATERSTONE FINL INC MD COM 94188P101 245 18,561 SH   OTR 1 2 0 18,561 0
WELLS FARGO & CO NEW COM 949746101 316 5,619 SH   OTR 1 2 0 5,619 0
WELLS FARGO & CO NEW COM 949746101 926 75,700 SH Call OTR 1 2 0 75,700 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 594 26,400 SH   OTR 1 2 0 26,400 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 390 53,333 SH   OTR 1 2 0 53,333 0
XL GROUP PLC SHS G98290102 446 12,000 SH   OTR 1 2 0 12,000 0
YOU ON DEMAND HLDGS INC COM NEW 98741R207 53 25,432 SH   OTR 1 2 0 25,432 0
ZIONS BANCORPORATION COM 989701107 149 20,000 SH Call OTR 1 2 0 20,000 0