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 1,968 105,254 SH   OTR 1 2 0 105,254 0
ABBOTT LABS COM 002824100 72 19,600 SH Call OTR 1 2 0 19,600 0
ABILITY INC SHS G8789K108 61 22,000 SH   OTR 1 2 0 22,000 0
ALCENTRA CAP CORP COM 01374T102 184 15,375 SH   OTR 1 2 0 15,375 0
ALLIED WRLD ASSUR COM HLDG A SHS H01531104 401 7,458 SH   OTR 1 2 0 7,458 0
ALLSTATE CORP COM 020002101 550 7,418 SH   OTR 1 2 0 7,418 0
ALLSTATE CORP COM 020002101 326 22,100 SH Call OTR 1 2 0 22,100 0
AMERICAN INTL GROUP INC COM NEW 026874784 301 4,613 SH   OTR 1 2 0 4,613 0
AMERICAN INTL GROUP INC COM NEW 026874784 208 11,300 SH Call OTR 1 2 0 11,300 0
AMERIS BANCORP COM 03076K108 256 5,869 SH   OTR 1 2 0 5,869 0
ARBOR RLTY TR INC COM 038923108 1,671 224,059 SH   OTR 1 2 0 224,059 0
AT&T INC COM 00206R102 310 7,295 SH   OTR 1 2 0 7,295 0
BANK AMER CORP *W EXP 01/16/201 060505146 1,667 167,532 SH   OTR 1 2 0 167,532 0
BANK AMER CORP COM 060505104 20,975 949,100 SH   OTR 1 2 0 949,100 0
BANK AMER CORP COM 060505104 2,157 213,400 SH Call OTR 1 2 0 213,400 0
BANK COMM HLDGS COM 06424J103 212 22,300 SH   OTR 1 2 0 22,300 0
BANK NEW YORK MELLON CORP COM 064058100 95 2,000 SH   OTR 1 2 0 2,000 0
BANK NEW YORK MELLON CORP COM 064058100 454 40,800 SH Call OTR 1 2 0 40,800 0
BAY BANCORP INC COM 07203T106 321 48,698 SH   OTR 1 2 0 48,698 0
BB&T CORP COM 054937107 3,086 65,636 SH   OTR 1 2 0 65,636 0
BB&T CORP COM 054937107 778 58,700 SH Call OTR 1 2 0 58,700 0
BECTON DICKINSON & CO COM 075887109 231 1,394 SH   OTR 1 2 0 1,394 0
BENEFICIAL BANCORP INC COM 08171T102 1,143 62,072 SH   OTR 1 2 0 62,072 0
BIOSCRIP INC COM 09069N108 15 14,773 SH   OTR 1 2 0 14,773 0
BNC BANCORP COM 05566T101 697 21,841 SH   OTR 1 2 0 21,841 0
BRISTOL MYERS SQUIBB CO COM 110122108 163 2,786 SH   OTR 1 2 0 2,786 0
BRISTOL MYERS SQUIBB CO COM 110122108 110 6,000 SH Call OTR 1 2 0 6,000 0
BROOKLINE BANCORP INC DEL COM 11373M107 462 28,180 SH   OTR 1 2 0 28,180 0
CAPITAL ONE FINL CORP *W EXP 11/14/201 14040H139 5,251 116,210 SH   OTR 1 2 0 116,210 0
CAPITAL ONE FINL CORP COM 14040H105 1,978 22,671 SH   OTR 1 2 0 22,671 0
CB FINL SVCS INC COM 12479G101 421 16,268 SH   OTR 1 2 0 16,268 0
CERUS CORP COM 157085101 1,350 310,190 SH   OTR 1 2 0 310,190 0
CHUBB LIMITED COM H1467J104 217 1,645 SH   OTR 1 2 0 1,645 0
CIT GROUP INC COM NEW 125581801 612 14,340 SH   OTR 1 2 0 14,340 0
CIT GROUP INC COM NEW 125581801 99 10,000 SH Call OTR 1 2 0 10,000 0
CITIGROUP INC COM NEW 172967424 1,354 22,797 SH   OTR 1 2 0 22,797 0
CITIGROUP INC COM NEW 172967424 939 51,200 SH Call OTR 1 2 0 51,200 0
CITIZENS FINL GROUP INC COM 174610105 688 19,305 SH   OTR 1 2 0 19,305 0
CLIFTON BANCORP INC COM 186873105 219 12,961 SH   OTR 1 2 0 12,961 0
CNO FINL GROUP INC COM 12621E103 4,221 220,416 SH   OTR 1 2 0 220,416 0
COMERICA INC *W EXP 11/14/201 200340115 4,470 115,358 SH   OTR 1 2 0 115,358 0
COMERICA INC COM 200340107 1,434 21,050 SH   OTR 1 2 0 21,050 0
CONNECTONE BANCORP INC NEW COM 20786W107 752 28,985 SH   OTR 1 2 0 28,985 0
COWEN GROUP INC NEW CL A NEW 223622606 4,739 305,763 SH   OTR 1 2 0 305,763 0
CROCS INC COM 227046109 175 25,492 SH   OTR 1 2 0 25,492 0
DISCOVER FINL SVCS COM 254709108 468 6,493 SH   OTR 1 2 0 6,493 0
DISCOVER FINL SVCS COM 254709108 353 14,600 SH Call OTR 1 2 0 14,600 0
EASTERN VA BANKSHARES INC COM 277196101 167 15,977 SH   OTR 1 2 0 15,977 0
ENTERPRISE FINL SVCS CORP COM 293712105 1,176 27,345 SH   OTR 1 2 0 27,345 0
ESSA BANCORP INC COM 29667D104 1,444 91,826 SH   OTR 1 2 0 91,826 0
FACEBOOK INC CL A 30303M102 633 5,500 SH   OTR 1 2 0 5,500 0
FAUQUIER BANKSHARES INC VA COM 312059108 756 46,781 SH   OTR 1 2 0 46,781 0
FIDELITY SOUTHERN CORP NEW COM 316394105 251 10,617 SH   OTR 1 2 0 10,617 0
FIDUS INVT CORP COM 316500107 321 20,400 SH   OTR 1 2 0 20,400 0
FIFTH THIRD BANCORP COM 316773100 2,713 100,604 SH   OTR 1 2 0 100,604 0
FIFTH THIRD BANCORP COM 316773100 140 14,600 SH Call OTR 1 2 0 14,600 0
FIRST CMNTY CORP S C COM 319835104 244 13,500 SH   OTR 1 2 0 13,500 0
FIRST DEFIANCE FINL CORP COM 32006W106 863 17,016 SH   OTR 1 2 0 17,016 0
FIRST GTY BANCSHARES INC COM 32043P106 1,332 55,676 SH   OTR 1 2 0 55,676 0
FIRST NBC BK HLDG CO COM 32115D106 916 125,533 SH   OTR 1 2 0 125,533 0
FRANKLIN FINL NETWORK INC COM 35352P104 2,433 58,133 SH   OTR 1 2 0 58,133 0
GENERAL ELECTRIC CO COM 369604103 61 13,500 SH Call OTR 1 2 0 13,500 0
GENIE ENERGY LTD CL B 372284208 155 26,880 SH   OTR 1 2 0 26,880 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 8 10,000 SH Call OTR 1 2 0 10,000 0
GOLDMAN SACHS BDC INC SHS 38147U107 1,179 50,128 SH   OTR 1 2 0 50,128 0
GOLDMAN SACHS BDC INC SHS 38147U107 426 5,600 SH Call OTR 1 2 0 5,600 0
GUARANTY FED BANCSHARES INC COM 40108P101 318 15,000 SH   OTR 1 2 0 15,000 0
HANCOCK HLDG CO COM 410120109 2,575 59,740 SH   OTR 1 2 0 59,740 0
HANMI FINL CORP COM NEW 410495204 625 17,914 SH   OTR 1 2 0 17,914 0
HANOVER INS GROUP INC COM 410867105 1,165 12,804 SH   OTR 1 2 0 12,804 0
HARTFORD FINL SVCS GROUP INC *W EXP 06/26/201 416515120 2,112 51,218 SH   OTR 1 2 0 51,218 0
HERCULES CAPITAL INC COM 427096508 212 15,000 SH   OTR 1 2 0 15,000 0
HOMESTREET INC COM 43785V102 209 6,600 SH   OTR 1 2 0 6,600 0
HOMETOWN BANKSHARES CORP COM 43787N108 231 24,960 SH   OTR 1 2 0 24,960 0
HOPE BANCORP INC COM 43940T109 437 19,981 SH   OTR 1 2 0 19,981 0
HUNTINGTON BANCSHARES INC COM 446150104 484 36,607 SH   OTR 1 2 0 36,607 0
IMPAC MTG HLDGS INC COM NEW 45254P508 2,206 157,293 SH   OTR 1 2 0 157,293 0
INVESTORS BANCORP INC NEW COM 46146L101 671 48,125 SH   OTR 1 2 0 48,125 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 6,667 150,593 SH   OTR 1 2 0 150,593 0
JPMORGAN CHASE & CO COM 46625H100 3,249 110,000 SH Call OTR 1 2 0 110,000 0
JPMORGAN CHASE & CO COM 46625H100 2,786 32,287 SH   OTR 1 2 0 32,287 0
KEARNY FINL CORP MD COM 48716P108 377 24,238 SH   OTR 1 2 0 24,238 0
KEYCORP NEW COM 493267108 3,235 177,092 SH   OTR 1 2 0 177,092 0
KEYCORP NEW COM 493267108 397 54,400 SH Call OTR 1 2 0 54,400 0
KKR & CO L P DEL COM UNITS 48248M102 354 23,000 SH   OTR 1 2 0 23,000 0
LEADING BRANDS INC COM NEW 52170U207 301 197,571 SH   OTR 1 2 0 197,571 0
LEGG MASON INC COM 524901105 244 8,169 SH   OTR 1 2 0 8,169 0
LEGG MASON INC COM 524901105 51 5,000 SH Call OTR 1 2 0 5,000 0
LENNAR CORP CL A 526057104 17 4,900 SH Call OTR 1 2 0 4,900 0
LENNAR CORP CL A 526057104 240 5,593 SH   OTR 1 2 0 5,593 0
LINCOLN NATL CORP IND COM 534187109 436 6,585 SH   OTR 1 2 0 6,585 0
LYDALL INC DEL COM 550819106 309 5,000 SH   OTR 1 2 0 5,000 0
M & T BK CORP *W EXP 12/23/201 55261F112 7,668 96,455 SH   OTR 1 2 0 96,455 0
M & T BK CORP COM 55261F104 1,887 12,065 SH   OTR 1 2 0 12,065 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 209 1,216 SH   OTR 1 2 0 1,216 0
MAIDEN HOLDINGS LTD SHS G5753U112 235 13,488 SH   OTR 1 2 0 13,488 0
MB FINANCIAL INC NEW COM 55264U108 7,377 156,186 SH   OTR 1 2 0 156,186 0
MERIDIAN BANCORP INC MD COM 58958U103 3,988 211,046 SH   OTR 1 2 0 211,046 0
METLIFE INC COM 59156R108 343 33,500 SH Call OTR 1 2 0 33,500 0
METLIFE INC COM 59156R108 823 15,277 SH   OTR 1 2 0 15,277 0
MIDSOUTH BANCORP INC COM 598039105 1,612 118,536 SH   OTR 1 2 0 118,536 0
MONROE CAP CORP COM 610335101 789 51,304 SH   OTR 1 2 0 51,304 0
MORGAN STANLEY COM NEW 617446448 1,090 25,809 SH   OTR 1 2 0 25,809 0
MORGAN STANLEY COM NEW 617446448 652 46,200 SH Call OTR 1 2 0 46,200 0
NBT BANCORP INC COM 628778102 2,052 48,997 SH   OTR 1 2 0 48,997 0
NORTHWEST BANCSHARES INC MD COM 667340103 963 53,380 SH   OTR 1 2 0 53,380 0
OLD SECOND BANCORP INC ILL COM 680277100 442 40,000 SH   OTR 1 2 0 40,000 0
ONE LIBERTY PPTYS INC COM 682406103 843 33,548 SH   OTR 1 2 0 33,548 0
PACIFIC MERCANTILE BANCORP COM 694552100 343 47,000 SH   OTR 1 2 0 47,000 0
PARAGON COML CORP COM NEW 69911U403 437 10,000 SH   OTR 1 2 0 10,000 0
PARK STERLING CORP COM 70086Y105 191 17,670 SH   OTR 1 2 0 17,670 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 3,473 112,462 SH   OTR 1 2 0 112,462 0
PFIZER INC COM 717081103 194 5,988 SH   OTR 1 2 0 5,988 0
PFIZER INC COM 717081103 31 10,000 SH Call OTR 1 2 0 10,000 0
PINNACLE FINL PARTNERS INC COM 72346Q104 1,871 27,000 SH   OTR 1 2 0 27,000 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 728 14,754 SH   OTR 1 2 0 14,754 0
PNC FINL SVCS GROUP INC COM 693475105 4,734 40,472 SH   OTR 1 2 0 40,472 0
POPULAR INC COM NEW 733174700 698 15,924 SH   OTR 1 2 0 15,924 0
PROSPERITY BANCSHARES INC COM 743606105 318 4,433 SH   OTR 1 2 0 4,433 0
PRUDENTIAL FINL INC COM 744320102 336 11,900 SH Call OTR 1 2 0 11,900 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 1,259 28,700 SH   OTR 1 2 0 28,700 0
RADIUS HEALTH INC COM NEW 750469207 285 7,500 SH   OTR 1 2 0 7,500 0
REGIONS FINL CORP NEW COM 7591EP100 2,411 167,888 SH   OTR 1 2 0 167,888 0
REGIONS FINL CORP NEW COM 7591EP100 215 35,600 SH Call OTR 1 2 0 35,600 0
RITE AID CORP COM 767754104 4,589 556,868 SH   OTR 1 2 0 556,868 0
RITE AID CORP COM 767754104 41 15,000 SH Call OTR 1 2 0 15,000 0
SEACOAST BKG CORP FLA COM NEW 811707801 2,895 131,218 SH   OTR 1 2 0 131,218 0
SEAWORLD ENTMT INC COM 81282V100 189 10,000 SH   OTR 1 2 0 10,000 0
SEAWORLD ENTMT INC COM 81282V100 78 24,000 SH Call OTR 1 2 0 24,000 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 423 53,558 SH   OTR 1 2 0 53,558 0
SKYWORKS SOLUTIONS INC COM 83088M102 250 15,100 SH Call OTR 1 2 0 15,100 0
SMARTFINANCIAL INC COM NEW 83190L208 278 15,000 SH   OTR 1 2 0 15,000 0
SOUTH ST CORP COM 840441109 2,937 33,607 SH   OTR 1 2 0 33,607 0
SOUTHERN NATL BANCORP OF VA COM 843395104 7,343 449,373 SH   OTR 1 2 0 449,373 0
STATE BK FINL CORP COM 856190103 893 33,236 SH   OTR 1 2 0 33,236 0
STATE STR CORP COM 857477103 473 6,088 SH   OTR 1 2 0 6,088 0
STERLING BANCORP DEL COM 85917A100 3,359 143,558 SH   OTR 1 2 0 143,558 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 325 16,500 SH Call OTR 1 2 0 16,500 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 1,213 57,188 SH   OTR 1 2 0 57,188 0
SUNTRUST BKS INC COM 867914103 1,327 24,187 SH   OTR 1 2 0 24,187 0
SYNOVUS FINL CORP COM NEW 87161C501 2,365 57,577 SH   OTR 1 2 0 57,577 0
TERRITORIAL BANCORP INC COM 88145X108 869 26,457 SH   OTR 1 2 0 26,457 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 550 16,527 SH   OTR 1 2 0 16,527 0
TRIANGLE CAP CORP COM 895848109 1,392 75,887 SH   OTR 1 2 0 75,887 0
UNION BANKSHARES CORP NEW COM 90539J109 676 18,909 SH   OTR 1 2 0 18,909 0
UNITED CMNTY BANCORP IND COM 90984R101 919 55,000 SH   OTR 1 2 0 55,000 0
UNITED FINL BANCORP INC NEW COM 910304104 860 47,369 SH   OTR 1 2 0 47,369 0
UNITED PARCEL SERVICE INC CL B 911312106 228 1,993 SH   OTR 1 2 0 1,993 0
US BANCORP DEL COM NEW 902973304 1,248 24,288 SH   OTR 1 2 0 24,288 0
VANGUARD WORLD FDS ENERGY ETF 92204A306 209 2,000 SH   OTR 1 2 0 2,000 0
WATERSTONE FINL INC MD COM 94188P101 341 18,556 SH   OTR 1 2 0 18,556 0
WECAST NETWORK INC COM 94850Q106 31 25,000 SH   OTR 1 2 0 25,000 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 809 37,967 SH   OTR 1 2 0 37,967 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 773 75,300 SH Call OTR 1 2 0 75,300 0
XENITH BANKSHARES INC NEW COM NEW 984102202 1,395 49,466 SH   OTR 1 2 0 49,466 0
XL GROUP LTD COM G98294104 279 7,496 SH   OTR 1 2 0 7,496 0
YADKIN FINL CORP COM 984305102 257 7,500 SH   OTR 1 2 0 7,500 0
ZIONS BANCORPORATION COM 989701107 530 33,500 SH Call OTR 1 2 0 33,500 0
ZOETIS INC CL A 98978V103 159 11,700 SH Call OTR 1 2 0 11,700 0
ZOETIS INC CL A 98978V103 112 2,095 SH   OTR 1 2 0 2,095 0