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
AERCAP HOLDINGS NV SHS N00985106 4,009 96,340 SH   OTR 35 0 0 96,340
AFLAC INC COM 001055102 10,440 150,000 SH Put OTR 35 0 0 150,000
AMERICAN EXPRESS CO COM 025816109 11,112 150,000 SH Put OTR 35 0 0 150,000
AMERICAN INTL GROUP INC COM NEW 026874784 9,796 150,000 SH Put OTR 35 0 0 150,000
AMERIS BANCORP COM 03076K108 17,440 400,000 SH   OTR 35 0 0 400,000
ASB BANCORP INC N C COM 00213T109 998 33,561 SH   OTR 34 0 0 33,561
ASB BANCORP INC N C COM 00213T109 3,148 105,823 SH   OTR 35 0 0 105,823
ASTORIA FINL CORP COM 046265104 14,640 785,000 SH   OTR 35 0 0 785,000
ATLANTIC CAP BANCSHARES INC COM 048269203 616 32,421 SH   OTR 34 0 0 32,421
ATLANTIC CAP BANCSHARES INC COM 048269203 27,008 1,421,463 SH   OTR 35 0 0 1,421,463
ATLANTIC COAST FINL CORP COM 048426100 1,081 158,994 SH   OTR 34 0 0 158,994
ATLANTIC COAST FINL CORP COM 048426100 3,665 538,908 SH   OTR 35 0 0 538,908
BANCORP 34 INC COM 05970v106 401 31,884 SH   OTR 34 0 0 31,884
BANK AMER CORP COM 060505104 13,762 622,700 SH   OTR 35 0 0 622,700
BANK NEW YORK MELLON CORP COM 064058100 3,553 75,000 SH Put OTR 35 0 0 75,000
BANKUNITED INC COM 06652k103 14,494 384,552 SH   OTR 35 0 0 384,552
BB&T CORP COM 054937107 7,052 150,000 SH Put OTR 35 0 0 150,000
BNC BANCORP COM 05566T101 1,296 40,640 SH   OTR 34 0 0 40,640
BNC BANCORP COM 05566T101 50,237 1,574,841 SH   OTR 35 0 0 1,574,841
BOSTON PRIVATE FINL HLDGS IN COM 101119105 358 21,661 SH   OTR 34 0 0 21,661
BOSTON PRIVATE FINL HLDGS IN COM 101119105 15,505 936,860 SH   OTR 35 0 0 936,860
BSB BANCORP INC MD COM 05573H108 603 20,839 SH   OTR 34 0 0 20,839
CAI INTERNATIONAL INC COM 12477x106 707 81,490 SH   OTR 35 0 0 81,490
CAMDEN NATL CORP COM 133034108 5,334 120,000 SH   OTR 35 0 0 120,000
CAPITAL BK FINL CORP CL A COM 139794101 8,831 225,000 SH   OTR 35 0 0 225,000
CAPITAL ONE FINL CORP COM 14040h105 19,629 225,000 SH Put OTR 35 0 0 225,000
CITIGROUP INC COM NEW 172967424 8,914 150,000 SH   OTR 35 0 0 150,000
CITIZENS FINL GROUP INC COM 174610105 17,815 500,000 SH   OTR 35 0 0 500,000
COBIZ FINANCIAL INC COM 190897108 1,740 103,000 SH   OTR 35 0 0 103,000
COMMUNITY HEALTHCARE TR INC COM 20369C106 3,385 146,978 SH   OTR 35 0 0 146,978
CONNECTONE BANCORP INC NEW COM 20786w107 1,780 68,590 SH   OTR 35 0 0 68,590
COWEN GROUP INC NEW CL A NEW 223622606 17,041 1,099,407 SH   OTR 35 0 0 1,099,407
DISCOVER FINL SVCS COM 254709108 7,209 100,000 SH   OTR 35 0 0 100,000
E TRADE FINANCIAL CORP COM NEW 269246401 6,930 200,000 SH   OTR 35 0 0 200,000
EQUITY BANCSHARES INC COM CL A 29460x109 599 17,808 SH   OTR 34 0 0 17,808
EQUITY BANCSHARES INC COM CL A 29460x109 9,825 292,050 SH   OTR 35 0 0 292,050
EVANS BANCORP INC COM NEW 29911Q208 1,357 43,004 SH   OTR 35 0 0 43,004
FB FINL CORP COM 30257x104 967 37,245 SH   OTR 34 0 0 37,245
FB FINL CORP COM 30257x104 11,721 451,694 SH   OTR 35 0 0 451,694
FIDELITY SOUTHERN CORP NEW COM 316394105 10,583 447,101 SH   OTR 35 0 0 447,101
FIFTH THIRD BANCORP COM 316773100 6,068 225,000 SH Put OTR 35 0 0 225,000
FIRST BANCORP N C COM 318910106 4,322 159,250 SH   OTR 35 0 0 159,250
FIRST BANCSHARES INC MS COM 318916103 9,881 359,304 SH   OTR 35 0 0 359,304
FIRST CMNTY CORP S C COM 319835104 986 54,640 SH   OTR 34 0 0 54,640
FIRST CMNTY CORP S C COM 319835104 3,044 168,631 SH   OTR 35 0 0 168,631
FIRST CONN BANCORP INC MD COM 319850103 3,294 145,411 SH   OTR 35 0 0 145,411
FIRST FNDTN INC COM 32026V104 510 17,903 SH   OTR 34 0 0 17,903
FIRST FNDTN INC COM 32026V104 20,144 706,798 SH   OTR 35 0 0 706,798
FIRST HORIZON NATL CORP COM 320517105 3,482 174,000 SH   OTR 35 0 0 174,000
FIRST REP BK SAN FRANCISCO C COM 33616C100 3,455 37,500 SH Put OTR 35 0 0 37,500
FSB BANCORP INC COM 30289C102 237 16,695 SH   OTR 34 0 0 16,695
GUARANTY BANCORP DEL COM NEW 40075T607 1,544 63,785 SH   OTR 34 0 0 63,785
GUARANTY BANCORP DEL COM NEW 40075T607 14,850 613,621 SH   OTR 35 0 0 613,621
HARTFORD FINL SVCS GROUP INC COM 416515104 3,574 75,000 SH Put OTR 35 0 0 75,000
HOME BANCSHARES INC COM 436893200 11,108 400,000 SH   OTR 35 0 0 400,000
HOMETRUST BANCSHARES INC COM 437872104 12,757 492,539 SH   OTR 35 0 0 492,539
HOULIHAN LOKEY INC CL A 441593100 5,910 189,895 SH   OTR 35 0 0 189,895
IBERIABANK CORP COM 450828108 8,375 100,000 SH   OTR 35 0 0 100,000
INDEPENDENT BK GROUP INC COM 45384b106 1,039 16,650 SH   OTR 35 0 0 16,650
ISHARES TR MSCI EMG MKT ETF 464287234 13,129 375,000 SH Put OTR 35 0 0 375,000
ISHARES TR RUSSELL 2000 ETF 464287655 40,456 300,000 SH Put OTR 35 0 0 300,000
JPMORGAN CHASE & CO COM 46625h100 12,944 150,000 SH Put OTR 35 0 0 150,000
KEARNY FINL CORP MD COM 48716p108 1,760 113,212 SH   OTR 35 0 0 113,212
LAKELAND BANCORP INC COM 511637100 12,675 650,000 SH   OTR 35 0 0 650,000
LIVE OAK BANCSHARES INC COM 53803x105 2,933 158,560 SH   OTR 35 0 0 158,560
M & T BK CORP *W EXP 12/23/201 55261F112 6,360 80,000 SH   OTR 35 0 0 80,000
MANNING & NAPIER INC CL A 56382q102 1,853 245,477 SH   OTR 35 0 0 245,477
MORGAN STANLEY COM NEW 617446448 7,994 189,200 SH   OTR 35 0 0 189,200
NEW YORK CMNTY BANCORP INC COM 649445103 5,775 362,956 SH   OTR 35 0 0 362,956
OCEANFIRST FINL CORP COM 675234108 17,383 578,860 SH   OTR 35 0 0 578,860
OLD LINE BANCSHARES INC COM 67984m100 5,496 229,211 SH   OTR 35 0 0 229,211
OLD SECOND BANCORP INC ILL COM 680277100 3,130 283,288 SH   OTR 35 0 0 283,288
OPUS BK IRVINE CALIF COM 684000102 27,989 931,420 SH   OTR 35 0 0 931,420
PARAGON COML CORP COM NEW 69911U403 4,654 106,447 SH   OTR 35 0 0 106,447
PARAGON COML CORP COM NEW 69911U403 330 7,548 SH   OTR 34 0 0 7,548
PARK STERLING CORP COM 70086Y105 353 32,725 SH   OTR 34 0 0 32,725
PARK STERLING CORP COM 70086Y105 21,970 2,036,176 SH   OTR 35 0 0 2,036,176
PERFORMANT FINL CORP COM 71377e105 1,371 583,418 SH   OTR 35 0 0 583,418
PNC FINL SVCS GROUP INC COM 693475105 4,386 37,500 SH Put OTR 35 0 0 37,500
PRINCIPAL FINL GROUP INC COM 74251V102 4,339 75,000 SH Put OTR 35 0 0 75,000
PROGRESSIVE CORP OHIO COM 743315103 2,662 75,000 SH Put OTR 35 0 0 75,000
RENASANT CORP COM 75970E107 5,146 121,880 SH   OTR 35 0 0 121,880
SCHWAB CHARLES CORP NEW COM 808513105 2,960 75,000 SH Put OTR 35 0 0 75,000
SEACOAST BKG CORP FLA COM NEW 811707801 445 20,186 SH   OTR 34 0 0 20,186
SEACOAST BKG CORP FLA COM NEW 811707801 11,513 521,900 SH   OTR 35 0 0 521,900
SELECT BANCORP INC NEW COM 81617L108 421 42,741 SH   OTR 34 0 0 42,741
SELECT SECTOR SPDR TR SBI INT-FINL 81369y605 17,435 750,000 SH Put OTR 35 0 0 750,000
SHORE BANCSHARES INC COM 825107105 3,345 219,321 SH   OTR 35 0 0 219,321
SILVERCREST ASSET MGMT GROUP CL A 828359109 7,900 600,761 SH   OTR 35 0 0 600,761
SOUTHERN FIRST BANCSHARES IN COM 842873101 1,133 31,465 SH   OTR 34 0 0 31,465
SOUTHERN FIRST BANCSHARES IN COM 842873101 9,244 256,782 SH   OTR 35 0 0 256,782
SOUTHERN NATL BANCORP OF VA COM 843395104 1,165 71,311 SH   OTR 34 0 0 71,311
SOUTHERN NATL BANCORP OF VA COM 843395104 4,441 271,776 SH   OTR 35 0 0 271,776
SPDR S&P 500 ETF TR TR UNIT 78462f103 50,295 225,000 SH Put OTR 35 0 0 225,000
SPDR SERIES TRUST S&P REGL BKG 78464a698 16,672 300,000 SH Put OTR 35 0 0 300,000
SPDR SERIES TRUST S&P BK ETF 78464A797 6,520 150,000 SH Put OTR 35 0 0 150,000
STATE BK FINL CORP COM 856190103 334 12,437 SH   OTR 34 0 0 12,437
STATE BK FINL CORP COM 856190103 12,735 474,142 SH   OTR 35 0 0 474,142
SUN BANCORP INC COM NEW 86663b201 1,101 42,338 SH   OTR 35 0 0 42,338
SYNCHRONY FINL COM 87165b103 16,321 450,000 SH   OTR 35 0 0 450,000
SYNOVUS FINL CORP COM NEW 87161C501 13,351 325,000 SH   OTR 35 0 0 325,000
TD AMERITRADE HLDG CORP COM 87236Y108 6,540 150,000 SH Put OTR 35 0 0 150,000
TRIUMPH BANCORP INC COM 89679E300 22,608 864,539 SH   OTR 35 0 0 864,539
TRIUMPH BANCORP INC COM 89679E300 1,562 59,741 SH   OTR 34 0 0 59,741
UNITED BANKSHARES INC WEST V COM 909907107 14,439 312,184 SH   OTR 35 0 0 312,184
UNITED FINL BANCORP INC NEW COM 910304104 21,293 1,172,513 SH   OTR 35 0 0 1,172,513
UNIVEST CORP PA COM 915271100 1,390 45,000 SH   OTR 35 0 0 45,000
US BANCORP DEL COM NEW 902973304 7,706 150,000 SH Put OTR 35 0 0 150,000
VALLEY NATL BANCORP COM 919794107 6,943 596,500 SH   OTR 35 0 0 596,500
VERITEX HLDGS INC COM 923451108 478 17,880 SH   OTR 34 0 0 17,880
VERITEX HLDGS INC COM 923451108 8,624 322,860 SH   OTR 35 0 0 322,860
WASHINGTONFIRST BANKSHARES I COM 940730104 2,927 100,957 SH   OTR 35 0 0 100,957
WELLS FARGO & CO NEW COM 949746101 8,266 150,000 SH Put OTR 35 0 0 150,000
WESTERN ALLIANCE BANCORP COM 957638109 14,613 300,000 SH   OTR 35 0 0 300,000
XENITH BANKSHARES INC NEW COM NEW 984102202 12,516 443,814 SH   OTR 35 0 0 443,814
XENITH BANKSHARES INC NEW COM NEW 984102202 748 26,534 SH   OTR 34 0 0 26,534