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
1ST CONSTITUTION BANCORP COM 31986N102 218 15,854 SH   OTR 1 2 0 14,054 0
ABBOTT LABS COM 002824100 111 19,600 SH Call OTR 1 2 0 19,600 0
ABILITY INC SHS G8789K108 84 22,000 SH   OTR 1 2 0 22,000 0
ALLIED WRLD ASSUR COM HLDG A SHS H01531104 301 7,458 SH   OTR 1 2 0 7,458 0
ALLSTATE CORP COM 020002101 513 7,418 SH   OTR 1 2 0 7,418 0
ALLSTATE CORP COM 020002101 0 3,000 SH Call OTR 1 2 0 3,000 0
AMERICAN INTL GROUP INC COM NEW 026874784 274 4,613 SH   OTR 1 2 0 4,613 0
AMERICAN INTL GROUP INC COM NEW 026874784 381 33,400 SH Call OTR 1 2 0 33,400 0
AMERIS BANCORP COM 03076K108 252 7,209 SH   OTR 1 2 0 7,209 0
ARBOR RLTY TR INC COM 038923108 1,644 221,503 SH   OTR 1 2 0 221,503 0
ARGO GROUP INTL HLDGS LTD COM G0464B107 254 4,494 SH   OTR 1 2 0 4,494 0
AT&T INC COM 00206R102 296 7,295 SH   OTR 1 2 0 7,295 0
BANK AMER CORP *W EXP 01/16/201 060505146 408 88,232 SH   OTR 1 2 0 88,232 0
BANK AMER CORP COM 060505104 14,287 912,882 SH   OTR 1 2 0 912,882 0
BANK AMER CORP COM 060505104 1,045 251,800 SH Call OTR 1 2 0 251,800 0
BANK COMM HLDGS COM 06424J103 161 22,300 SH   OTR 1 2 0 22,300 0
BANK NEW YORK MELLON CORP COM 064058100 233 35,800 SH Call OTR 1 2 0 35,800 0
BANK NEW YORK MELLON CORP COM 064058100 80 2,000 SH   OTR 1 2 0 2,000 0
BAY BANCORP INC COM 07203T106 268 48,698 SH   OTR 1 2 0 48,698 0
BB&T CORP COM 054937107 2,476 65,636 SH   OTR 1 2 0 65,636 0
BB&T CORP COM 054937107 304 52,900 SH Call OTR 1 2 0 52,900 0
BECTON DICKINSON & CO COM 075887109 251 1,394 SH   OTR 1 2 0 1,394 0
BENEFICIAL BANCORP INC COM 08171T102 913 62,072 SH   OTR 1 2 0 62,072 0
BIOSCRIP INC COM 09069N108 43 14,773 SH   OTR 1 2 0 14,773 0
BNC BANCORP COM 05566T101 531 21,841 SH   OTR 1 2 0 21,841 0
BROOKLINE BANCORP INC DEL COM 11373M107 344 28,180 SH   OTR 1 2 0 28,180 0
CAPITAL ONE FINL CORP *W EXP 11/14/201 14040H139 3,536 116,210 SH   OTR 1 2 0 116,210 0
CAPITAL ONE FINL CORP COM 14040H105 1,628 22,671 SH   OTR 1 2 0 22,671 0
CERUS CORP COM 157085101 1,814 292,156 SH   OTR 1 2 0 292,156 0
CHUBB LIMITED COM H1467J104 207 1,645 SH   OTR 1 2 0 1,645 0
CIT GROUP INC COM NEW 125581801 521 14,340 SH   OTR 1 2 0 14,340 0
CIT GROUP INC COM NEW 125581801 60 10,000 SH Call OTR 1 2 0 10,000 0
CITIGROUP INC COM NEW 172967424 1,077 22,797 SH   OTR 1 2 0 22,797 0
CITIGROUP INC COM NEW 172967424 403 51,200 SH Call OTR 1 2 0 51,200 0
CLIFTON BANCORP INC COM 186873105 198 12,961 SH   OTR 1 2 0 12,961 0
CNO FINL GROUP INC COM 12621E103 3,373 220,916 SH   OTR 1 2 0 220,916 0
COMERICA INC *W EXP 11/14/201 200340115 1,915 104,358 SH   OTR 1 2 0 104,358 0
COMERICA INC COM 200340107 537 11,350 SH   OTR 1 2 0 11,350 0
CONNECTONE BANCORP INC NEW COM 20786W107 523 28,985 SH   OTR 1 2 0 28,985 0
COWEN GROUP INC NEW CL A 223622101 2,802 772,004 SH   OTR 1 2 0 772,004 0
CROCS INC COM 227046109 212 25,492 SH   OTR 1 2 0 211,584 0
DISCOVER FINL SVCS COM 254709108 367 6,493 SH   OTR 1 2 0 6,493 0
DISCOVER FINL SVCS COM 254709108 161 22,900 SH Call OTR 1 2 0 22,900 0
EASTERN VA BANKSHARES INC COM 277196101 128 15,977 SH   OTR 1 2 0 15,977 0
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 430 6,575 SH   OTR 1 2 0 6,575 0
ENTERPRISE FINL SVCS CORP COM 293712105 1,131 36,195 SH   OTR 1 2 0 36,195 0
ESSA BANCORP INC COM 29667D104 1,270 91,826 SH   OTR 1 2 0 91,826 0
FACEBOOK INC CL A 30303M102 705 5,500 SH   OTR 1 2 0 5,500 0
FIFTH THIRD BANCORP COM 316773100 2,058 100,604 SH   OTR 1 2 0 100,604 0
FIFTH THIRD BANCORP COM 316773100 53 14,600 SH Call OTR 1 2 0 14,600 0
FIRST CMNTY CORP S C COM 319835104 213 13,500 SH   OTR 1 2 0 13,500 0
FIRST DEFIANCE FINL CORP COM 32006W106 760 17,016 SH   OTR 1 2 0 17,016 0
FIRST GTY BANCSHARES INC COM 32043P106 888 54,636 SH   OTR 1 2 0 54,636 0
FIRST NBC BK HLDG CO COM 32115D106 678 71,822 SH   OTR 1 2 0 71,822 0
FRANKLIN FINL NETWORK INC COM 35352P104 1,544 41,288 SH   OTR 1 2 0 41,288 0
GENERAL ELECTRIC CO COM 369604103 42 13,500 SH Call OTR 1 2 0 13,500 0
GENIE ENERGY LTD CL B 372284208 159 27,005 SH   OTR 1 2 0 27,005 0
GOLDMAN SACHS BDC INC SHS 38147U107 1,026 47,128 SH   OTR 1 2 0 47,128 0
GUARANTY FED BANCSHARES INC COM 40108P101 242 15,000 SH   OTR 1 2 0 15,000 0
HANCOCK HLDG CO COM 410120109 1,812 55,883 SH   OTR 1 2 0 55,883 0
HANMI FINL CORP COM NEW 410495204 472 17,914 SH   OTR 1 2 0 17,914 0
HANOVER INS GROUP INC COM 410867105 966 12,804 SH   OTR 1 2 0 12,804 0
HARTFORD FINL SVCS GROUP INC *W EXP 06/26/201 416515120 1,841 51,218 SH   OTR 1 2 0 51,218 0
HOPE BANCORP INC COM 43940T109 347 19,981 SH   OTR 1 2 0 19,981 0
HUNTINGTON BANCSHARES INC COM 446150104 361 36,607 SH   OTR 1 2 0 36,607 0
IMPAC MTG HLDGS INC COM NEW 45254P508 1,437 108,958 SH   OTR 1 2 0 108,958 0
INVENSENSE INC COM 46123D205 9 18,000 SH Call OTR 1 2 0 18,000 0
INVESTORS BANCORP INC NEW COM 46146L101 578 48,125 SH   OTR 1 2 0 48,125 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 3,557 144,419 SH   OTR 1 2 0 144,419 0
JPMORGAN CHASE & CO COM 46625H100 2,150 32,287 SH   OTR 1 2 0 32,287 0
JPMORGAN CHASE & CO COM 46625H100 1,398 107,900 SH Call OTR 1 2 0 107,900 0
KEARNY FINL CORP MD COM 48716P108 330 24,238 SH   OTR 1 2 0 24,238 0
KEYCORP NEW COM 493267108 144 54,400 SH Call OTR 1 2 0 54,400 0
KEYCORP NEW COM 493267108 2,155 177,092 SH   OTR 1 2 0 177,092 0
KKR & CO L P DEL COM UNITS 48248M102 328 23,000 SH   OTR 1 2 0 23,000 0
LEADING BRANDS INC COM NEW 52170U207 361 197,571 SH   OTR 1 2 0 197,571 0
LEGG MASON INC COM 524901105 273 8,169 SH   OTR 1 2 0 8,169 0
LENNAR CORP CL A 526057104 237 5,596 SH   OTR 1 2 0 5,596 0
LENNAR CORP CL A 526057104 21 4,900 SH Call OTR 1 2 0 4,900 0
LINCOLN NATL CORP IND COM 534187109 309 6,585 SH   OTR 1 2 0 6,585 0
LYDALL INC DEL COM 550819106 256 5,000 SH   OTR 1 2 0 5,000 0
M & T BK CORP *W EXP 12/23/201 55261F112 4,080 96,455 SH   OTR 1 2 0 96,455 0
M & T BK CORP COM 55261F104 1,401 12,065 SH   OTR 1 2 0 12,065 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 206 1,216 SH   OTR 1 2 0 1,216 0
MAIDEN HOLDINGS LTD SHS G5753U112 171 13,488 SH   OTR 1 2 0 13,488 0
MB FINANCIAL INC NEW COM 55264U108 6,151 161,686 SH   OTR 1 2 0 161,686 0
MERIDIAN BANCORP INC MD COM 58958U103 3,286 211,046 SH   OTR 1 2 0 211,046 0
METLIFE INC COM 59156R108 679 15,277 SH   OTR 1 2 0 15,277 0
METLIFE INC COM 59156R108 113 33,500 SH Call OTR 1 2 0 33,500 0
MIDSOUTH BANCORP INC COM 598039105 870 83,624 SH   OTR 1 2 0 83,624 0
MONROE CAP CORP COM 610335101 605 38,480 SH   OTR 1 2 0 38,480 0
MORGAN STANLEY COM NEW 617446448 252 46,200 SH Call OTR 1 2 0 46,200 0
MORGAN STANLEY COM NEW 617446448 827 25,809 SH   OTR 1 2 0 25,809 0
NBT BANCORP INC COM 628778102 1,611 48,997 SH   OTR 1 2 0 48,997 0
NORTHWEST BANCSHARES INC MD COM 667340103 839 53,380 SH   OTR 1 2 0 53,380 0
OLD SECOND BANCORP INC ILL COM 680277100 332 40,000 SH   OTR 1 2 0 40,000 0
ONE LIBERTY PPTYS INC COM 682406103 811 33,548 SH   OTR 1 2 0 33,548 0
PACIFIC MERCANTILE BANCORP COM 694552100 346 47,000 SH   OTR 1 2 0 47,000 0
PARAGON COML CORP COM NEW 69911U403 363 10,000 SH   OTR 1 2 0 10,000 0
PARK STERLING CORP COM 70086Y105 143 17,670 SH   OTR 1 2 0 17,670 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 2,520 112,462 SH   OTR 1 2 0 112,462 0
PFIZER INC COM 717081103 41 10,000 SH Call OTR 1 2 0 10,000 0
PFIZER INC COM 717081103 203 5,988 SH   OTR 1 2 0 5,988 0
PINNACLE FINL PARTNERS INC COM 72346Q104 1,460 27,000 SH   OTR 1 2 0 27,000 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 347 14,754 SH   OTR 1 2 0 14,754 0
PNC FINL SVCS GROUP INC COM 693475105 3,646 40,472 SH   OTR 1 2 0 40,472 0
POPULAR INC COM NEW 733174700 303 7,924 SH   OTR 1 2 0 7,924 0
PROSPERITY BANCSHARES INC COM 743606105 243 4,433 SH   OTR 1 2 0 4,433 0
PRUDENTIAL FINL INC COM 744320102 127 11,900 SH Call OTR 1 2 0 11,900 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 1,202 28,700 SH   OTR 1 2 0 28,700 0
RADIUS HEALTH INC COM NEW 750469207 406 7,500 SH   OTR 1 2 0 7,500 0
REGIONS FINL CORP NEW COM 7591EP100 1,235 125,146 SH   OTR 1 2 0 125,146 0
REGIONS FINL CORP NEW COM 7591EP100 100 35,600 SH Call OTR 1 2 0 35,600 0
RITE AID CORP COM 767754104 1,645 213,868 SH   OTR 1 2 0 213,868 0
RITE AID CORP COM 767754104 8 15,000 SH Call OTR 1 2 0 15,000 0
SEACOAST BKG CORP FLA COM NEW 811707801 2,127 132,218 SH   OTR 1 2 0 132,218 0
SEAWORLD ENTMT INC COM 81282V100 22 24,000 SH Call OTR 1 2 0 24,000 0
SEAWORLD ENTMT INC COM 81282V100 135 10,000 SH   OTR 1 2 0 10,000 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 153 23,558 SH   OTR 1 2 0 23,558 0
SKYWORKS SOLUTIONS INC COM 83088M102 277 15,100 SH Call OTR 1 2 0 15,100 0
SOUTH ST CORP COM 840441109 2,522 33,607 SH   OTR 1 2 0 33,607 0
SOUTHERN NATL BANCORP OF VA COM 843395104 5,864 449,373 SH   OTR 1 2 0 449,373 0
STATE BK FINL CORP COM 856190103 758 33,236 SH   OTR 1 2 0 33,236 0
STATE STR CORP COM 857477103 424 6,093 SH   OTR 1 2 0 6,093 0
STERLING BANCORP DEL COM 85917A100 2,512 143,558 SH   OTR 1 2 0 143,558 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 592 51,866 SH   OTR 1 2 0 51,866 0
SUNTRUST BKS INC COM 867914103 206 22,000 SH Call OTR 1 2 0 22,000 0
SUNTRUST BKS INC COM 867914103 1,059 24,187 SH   OTR 1 2 0 24,187 0
SYNOVUS FINL CORP COM NEW 87161C501 1,873 57,577 SH   OTR 1 2 0 57,577 0
TERRITORIAL BANCORP INC COM 88145X108 758 26,462 SH   OTR 1 2 0 26,462 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 397 16,527 SH   OTR 1 2 0 16,527 0
TRIANGLE CAP CORP COM 895848109 1,247 63,287 SH   OTR 1 2 0 63,287 0
UNION BANKSHARES CORP NEW COM 90539J109 506 18,909 SH   OTR 1 2 0 18,909 0
UNITED CMNTY BANCORP IND COM 90984R101 833 55,000 SH   OTR 1 2 0 55,000 0
UNITED FINL BANCORP INC NEW COM 910304104 656 47,369 SH   OTR 1 2 0 47,369 0
UNITED PARCEL SERVICE INC CL B 911312106 218 1,993 SH   OTR 1 2 0 1,993 0
US BANCORP DEL COM NEW 902973304 1,042 24,288 SH   OTR 1 2 0 24,288 0
WATERSTONE FINL INC MD COM 94188P101 315 18,556 SH   OTR 1 2 0 18,556 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 474 37,967 SH   OTR 1 2 0 37,967 0
WELLS FARGO & CO NEW COM 949746101 183 75,300 SH Call OTR 1 2 0 75,300 0
XENITH BANKSHARES INC NEW COM 984102103 1,143 494,739 SH   OTR 1 2 0 494,739 0
XL GROUP LTD COM G98294104 252 7,496 SH   OTR 1 2 0 7,496 0
YOU ON DEMAND HLDGS INC COM NEW 98741R207 38 25,000 SH   OTR 1 2 0 25,000 0
ZIONS BANCORPORATION COM 989701107 208 33,500 SH Call OTR 1 2 0 33,500 0
ZOETIS INC CL A 98978V103 158 11,700 SH Call OTR 1 2 0 11,700 0
ZOETIS INC CL A 98978V103 109 2,095 SH   OTR 1 2 0 2,095 0