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
ALLSTATE CORP COM 020002101 10,376 150,000 SH Put OTR 35 0 0 150,000
AMERICAN EXPRESS CO COM 025816109 9,606 150,000 SH Put OTR 35 0 0 150,000
AMERICAN INTL GROUP INC COM NEW 026874784 4,450 75,000 SH Put OTR 35 0 0 75,000
AMERIS BANCORP COM 03076K108 14,679 420,004 SH   OTR 35 0 0 420,004
ASB BANCORP INC N C COM 00213T109 891 33,956 SH   OTR 34 0 0 33,956
ASB BANCORP INC N C COM 00213T109 2,778 105,823 SH   OTR 35 0 0 105,823
ASTORIA FINL CORP COM 046265104 12,556 860,000 SH   OTR 35 0 0 860,000
ATLANTIC CAP BANCSHARES INC COM 048269203 480 32,074 SH   OTR 34 0 0 32,074
ATLANTIC CAP BANCSHARES INC COM 048269203 19,742 1,317,881 SH   OTR 35 0 0 1,317,881
ATLANTIC COAST FINL CORP COM 048426100 3,411 538,908 SH   OTR 35 0 0 538,908
ATLANTIC COAST FINL CORP COM 048426100 1,001 158,121 SH   OTR 34 0 0 158,121
BANK AMER CORP COM 060505104 12,529 800,600 SH   OTR 35 0 0 800,600
BANK NEW YORK MELLON CORP COM 064058100 8,973 225,000 SH Put OTR 35 0 0 225,000
BANK OF THE OZARKS INC COM 063904106 2,515 65,500 SH   OTR 35 0 0 65,500
BANKUNITED INC COM 06652k103 6,040 200,000 SH   OTR 35 0 0 200,000
BB&T CORP COM 054937107 7,072 187,500 SH Put OTR 35 0 0 187,500
BLOCK H & R INC COM 093671105 3,472 150,000 SH Put OTR 35 0 0 150,000
BNC BANCORP COM 05566T101 1,973 81,117 SH   OTR 34 0 0 81,117
BNC BANCORP COM 05566T101 36,440 1,498,341 SH   OTR 35 0 0 1,498,341
BOSTON PRIVATE FINL HLDGS IN COM 101119105 274 21,360 SH   OTR 34 0 0 21,360
BOSTON PRIVATE FINL HLDGS IN COM 101119105 12,020 936,860 SH   OTR 35 0 0 936,860
BSB BANCORP INC MD COM 05573H108 485 20,717 SH   OTR 34 0 0 20,717
CAI INTERNATIONAL INC COM 12477x106 937 113,350 SH   OTR 35 0 0 113,350
CAMDEN NATL CORP COM 133034108 3,819 80,000 SH   OTR 35 0 0 80,000
CAPITAL ONE FINL CORP COM 14040h105 10,774 150,000 SH Put OTR 35 0 0 150,000
CAROLINA FINL CORP NEW COM 143873107 1,985 88,845 SH   OTR 35 0 0 88,845
CAROLINA FINL CORP NEW COM 143873107 316 14,150 SH   OTR 34 0 0 14,150
CITIGROUP INC COM NEW 172967424 9,446 200,000 SH   OTR 35 0 0 200,000
CITIZENS FINL GROUP INC COM 174610105 12,355 500,000 SH   OTR 35 0 0 500,000
COBIZ FINANCIAL INC COM 190897108 1,331 100,000 SH   OTR 35 0 0 100,000
COMERICA INC COM 200340107 10,647 225,000 SH Put OTR 35 0 0 225,000
COMMUNITY HEALTHCARE TR INC COM 20369C106 3,923 178,956 SH   OTR 35 0 0 178,956
CONNECTONE BANCORP INC NEW COM 20786w107 6,933 383,890 SH   OTR 35 0 0 383,890
COWEN GROUP INC NEW CL A 223622101 13,547 3,731,849 SH   OTR 35 0 0 3,731,849
DISCOVER FINL SVCS COM 254709108 5,655 100,000 SH   OTR 35 0 0 100,000
E TRADE FINANCIAL CORP COM NEW 269246401 5,824 200,000 SH   OTR 35 0 0 200,000
EQUITY BANCSHARES INC COM CL A 29460x109 462 17,827 SH   OTR 34 0 0 17,827
EQUITY BANCSHARES INC COM CL A 29460x109 7,576 292,050 SH   OTR 35 0 0 292,050
EVANS BANCORP INC COM NEW 29911Q208 1,176 43,004 SH   OTR 35 0 0 43,004
FARMERS NATL BANC CORP COM 309627107 1,183 109,785 SH   OTR 35 0 0 109,785
FB FINL CORP COM 30257x104 769 38,100 SH   OTR 34 0 0 38,100
FB FINL CORP COM 30257x104 7,505 371,884 SH   OTR 35 0 0 371,884
FEDERATED INVS INC PA CL B 314211103 2,222 75,000 SH Put OTR 35 0 0 75,000
FIDELITY SOUTHERN CORP NEW COM 316394105 10,587 575,694 SH   OTR 35 0 0 575,694
FIFTH THIRD BANCORP COM 316773100 2,046 100,000 SH   OTR 35 0 0 100,000
FIRST BANCORP N C COM 318910106 3,152 159,250 SH   OTR 35 0 0 159,250
FIRST BANCSHARES INC MS COM 318916103 6,340 331,945 SH   OTR 35 0 0 331,945
FIRST CMNTY CORP S C COM 319835104 855 54,310 SH   OTR 34 0 0 54,310
FIRST CMNTY CORP S C COM 319835104 2,656 168,631 SH   OTR 35 0 0 168,631
FIRST CONN BANCORP INC MD COM 319850103 2,587 145,411 SH   OTR 35 0 0 145,411
FIRST FNDTN INC COM 32026V104 444 17,990 SH   OTR 34 0 0 17,990
FIRST FNDTN INC COM 32026V104 17,322 702,168 SH   OTR 35 0 0 702,168
FIRST HORIZON NATL CORP COM 320517105 3,807 250,000 SH   OTR 35 0 0 250,000
FRANKLIN RES INC COM 354613101 2,668 75,000 SH Put OTR 35 0 0 75,000
FSB BANCORP INC COM 30289C102 207 16,580 SH   OTR 34 0 0 16,580
GUARANTY BANCORP DEL COM NEW 40075t607 1,710 95,800 SH   OTR 35 0 0 95,800
HARTFORD FINL SVCS GROUP INC COM 416515104 3,211 75,000 SH Put OTR 35 0 0 75,000
HOME BANCSHARES INC COM 436893200 12,018 577,500 SH   OTR 35 0 0 577,500
HOMETRUST BANCSHARES INC COM 437872104 795 42,973 SH   OTR 34 0 0 42,973
HOMETRUST BANCSHARES INC COM 437872104 9,890 534,589 SH   OTR 35 0 0 534,589
HOULIHAN LOKEY INC CL A 441593100 4,757 189,895 SH   OTR 35 0 0 189,895
ISHARES TR RUSSELL 2000 ETF 464287655 46,580 375,000 SH Put OTR 35 0 0 375,000
JPMORGAN CHASE & CO COM 46625h100 12,485 187,500 SH Put OTR 35 0 0 187,500
KEARNY FINL CORP MD COM 48716p108 1,541 113,212 SH   OTR 35 0 0 113,212
KEYCORP NEW COM 493267108 14,604 1,200,000 SH   OTR 35 0 0 1,200,000
LAZARD LTD SHS A g54050102 3,636 100,000 SH   OTR 35 0 0 100,000
LIVE OAK BANCSHARES INC COM 53803x105 3,323 230,460 SH   OTR 35 0 0 230,460
M & T BK CORP *W EXP 12/23/201 55261F112 3,384 80,000 SH   OTR 35 0 0 80,000
MANNING & NAPIER INC CL A 56382q102 1,740 245,477 SH   OTR 35 0 0 245,477
MORGAN STANLEY COM NEW 617446448 6,547 204,200 SH   OTR 35 0 0 204,200
NASDAQ INC COM 631103108 2,533 37,500 SH Put OTR 35 0 0 37,500
NEW YORK CMNTY BANCORP INC COM 649445103 14,230 1,000,000 SH   OTR 35 0 0 1,000,000
OCEANFIRST FINL CORP COM 675234108 8,818 457,850 SH   OTR 35 0 0 457,850
OLD LINE BANCSHARES INC COM 67984m100 4,522 229,211 SH   OTR 35 0 0 229,211
OLD SECOND BANCORP INC ILL COM 680277100 2,146 258,288 SH   OTR 35 0 0 258,288
OPUS BK IRVINE CALIF COM 684000102 21,959 620,840 SH   OTR 35 0 0 620,840
PARAGON COML CORP COM NEW 69911U403 272 7,495 SH   OTR 34 0 0 7,495
PARAGON COML CORP COM NEW 69911U403 3,862 106,447 SH   OTR 35 0 0 106,447
PARK STERLING CORP COM 70086Y105 7,335 903,340 SH   OTR 35 0 0 903,340
PARK STERLING CORP COM 70086Y105 264 32,505 SH   OTR 34 0 0 32,505
PERFORMANT FINL CORP COM 71377E105 1,721 583,418 SH   OTR 35 0 0 583,418
PINNACLE FINL PARTNERS INC COM 72346Q104 2,704 50,000 SH   OTR 35 0 0 50,000
PNC FINL SVCS GROUP INC COM 693475105 13,514 150,000 SH Put OTR 35 0 0 150,000
PRICE T ROWE GROUP INC COM 74144t108 2,494 37,500 SH Put OTR 35 0 0 37,500
REGIONS FINL CORP NEW COM 7591ep100 1,974 200,000 SH   OTR 35 0 0 200,000
SCHWAB CHARLES CORP NEW COM 808513105 7,104 225,000 SH Put OTR 35 0 0 225,000
SEACOAST BKG CORP FLA COM NEW 811707801 6,842 425,240 SH   OTR 35 0 0 425,240
SEACOAST BKG CORP FLA COM NEW 811707801 320 19,918 SH   OTR 34 0 0 19,918
SELECT BANCORP INC NEW COM 81617L108 340 42,536 SH   OTR 34 0 0 42,536
SELECT BANCORP INC NEW COM 81617L108 1,756 219,473 SH   OTR 35 0 0 219,473
SELECT SECTOR SPDR TR SBI INT-FINL 81369y605 5,790 300,000 SH Call OTR 35 0 0 300,000
SELECT SECTOR SPDR TR SBI INT-FINL 81369y605 20,265 1,050,000 SH Put OTR 35 0 0 1,050,000
SHORE BANCSHARES INC COM 825107105 761 64,574 SH   OTR 34 0 0 64,574
SHORE BANCSHARES INC COM 825107105 4,258 361,481 SH   OTR 35 0 0 361,481
SILVERCREST ASSET MGMT GROUP CL A 828359109 7,131 600,761 SH   OTR 35 0 0 600,761
SOUTHERN FIRST BANCSHARES IN COM 842873101 879 31,854 SH   OTR 34 0 0 31,854
SOUTHERN FIRST BANCSHARES IN COM 842873101 7,082 256,782 SH   OTR 35 0 0 256,782
SOUTHERN NATL BANCORP OF VA COM 843395104 938 71,913 SH   OTR 34 0 0 71,913
SOUTHERN NATL BANCORP OF VA COM 843395104 5,208 399,080 SH   OTR 35 0 0 399,080
SPDR S&P 500 ETF TR TR UNIT 78462f103 64,888 300,000 SH Put OTR 35 0 0 300,000
SPDR SERIES TRUST S&P REGL BKG 78464a698 11,095 262,500 SH Put OTR 35 0 0 262,500
SPDR SERIES TRUST S&P BK ETF 78464A797 5,006 150,000 SH Put OTR 35 0 0 150,000
STATE BK FINL CORP COM 856190103 10,119 443,408 SH   OTR 35 0 0 443,408
STATE BK FINL CORP COM 856190103 288 12,634 SH   OTR 34 0 0 12,634
STATE STR CORP COM 857477103 2,611 37,500 SH Put OTR 35 0 0 37,500
SUN BANCORP INC COM NEW 86663b201 976 42,338 SH   OTR 35 0 0 42,338
SUNTRUST BKS INC COM 867914103 8,760 200,000 SH   OTR 35 0 0 200,000
SYNCHRONY FINL COM 87165B103 16,100 575,000 SH   OTR 35 0 0 575,000
SYNOVUS FINL CORP COM NEW 87161C501 10,572 325,000 SH   OTR 35 0 0 325,000
TD AMERITRADE HLDG CORP COM 87236Y108 7,929 225,000 SH Put OTR 35 0 0 225,000
TRIUMPH BANCORP INC COM 89679E300 17,152 864,539 SH   OTR 35 0 0 864,539
TRIUMPH BANCORP INC COM 89679E300 1,164 58,684 SH   OTR 34 0 0 58,684
UNITED FINL BANCORP INC NEW COM 910304104 14,876 1,074,843 SH   OTR 35 0 0 1,074,843
UNITY BANCORP INC COM 913290102 1,160 90,501 SH   OTR 34 0 0 90,501
UNIVEST CORP PA COM 915271100 1,051 45,000 SH   OTR 35 0 0 45,000
US BANCORP DEL COM NEW 902973304 9,651 225,000 SH Put OTR 35 0 0 225,000
VERITEX HLDGS INC COM 923451108 2,854 164,110 SH   OTR 35 0 0 164,110
VOYA FINL INC COM 929089100 2,161 75,000 SH   OTR 35 0 0 75,000
WASHINGTONFIRST BANKSHARES I COM 940730104 2,366 96,150 SH   OTR 35 0 0 96,150
WASHINGTONFIRST BANKSHARES I COM 940730104 490 19,895 SH   OTR 34 0 0 19,895
WELLS FARGO & CO NEW COM 949746101 6,642 150,000 SH Put OTR 35 0 0 150,000
WESTERN ALLIANCE BANCORP COM 957638109 11,262 300,000 SH   OTR 35 0 0 300,000
XENITH BANKSHARES INC NEW COM 984102103 527 228,015 SH   OTR 34 0 0 228,015
XENITH BANKSHARES INC NEW COM 984102103 3,840 1,662,448 SH   OTR 35 0 0 1,662,448
XL GROUP LTD COM g98294104 5,044 150,000 SH Put OTR 35 0 0 150,000
YADKIN FINL CORP COM 984305102 730 27,768 SH   OTR 34 0 0 27,768
YADKIN FINL CORP COM 984305102 35,171 1,337,806 SH   OTR 35 0 0 1,337,806
ZIONS BANCORPORATION COM 989701107 6,978 225,000 SH Put OTR 35 0 0 225,000