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 1,858 105,254 SH   OTR 1 2 0 105,254 0
ABILITY INC SHS G8789K108 35 27,000 SH   OTR 1 2 0 27,000 0
ALCENTRA CAP CORP COM 01374T102 643 47,292 SH   OTR 1 2 0 47,292 0
ALLIED WRLD ASSUR COM HLDG A SHS H01531104 395 7,458 SH   OTR 1 2 0 7,458 0
ALLSTATE CORP COM 020002101 656 7,418 SH   OTR 1 2 0 7,418 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 663 31,449 SH   OTR 1 2 0 31,449 0
AMERICAN INTL GROUP INC COM NEW 026874784 288 4,613 SH   OTR 1 2 0 4,613 0
AMERICAN INTL GROUP INC COM NEW 026874784 171 11,300 SH Call OTR 1 2 0 11,300 0
AMERIS BANCORP COM 03076K108 283 5,869 SH   OTR 1 2 0 5,869 0
APPLE INC COM 037833100 248 1,720 SH   OTR 1 2 0 1,720 0
ARALEZ PHARMACEUTICALS INC COM 03852X100 144 106,293 SH   OTR 1 2 0 106,293 0
ARBOR RLTY TR INC COM 038923108 1,994 239,059 SH   OTR 1 2 0 239,059 0
AT&T INC COM 00206R102 275 7,295 SH   OTR 1 2 0 7,295 0
ATLANTIC COAST FINL CORP COM 048426100 1,220 155,595 SH   OTR 1 2 0 155,595 0
BANC OF CALIFORNIA INC COM 05990K106 772 35,900 SH   OTR 1 2 0 35,900 0
BANK AMER CORP *W EXP 01/16/201 060505146 2,878 239,032 SH   OTR 1 2 0 239,032 0
BANK AMER CORP COM 060505104 35,489 1,462,860 SH   OTR 1 2 0 1,462,860 0
BANK AMER CORP COM 060505104 1,834 155,100 SH Call OTR 1 2 0 155,100 0
BANK COMM HLDGS COM 06424J103 246 22,300 SH   OTR 1 2 0 22,300 0
BANK NEW YORK MELLON CORP COM 064058100 102 2,000 SH   OTR 1 2 0 2,000 0
BANK NEW YORK MELLON CORP COM 064058100 561 40,800 SH Call OTR 1 2 0 40,800 0
BAY BANCORP INC COM 07203T106 370 48,698 SH   OTR 1 2 0 48,698 0
BB&T CORP COM 054937107 2,883 63,499 SH   OTR 1 2 0 63,499 0
BB&T CORP COM 054937107 591 55,700 SH Call OTR 1 2 0 55,700 0
BECTON DICKINSON & CO COM 075887109 272 1,394 SH   OTR 1 2 0 1,394 0
BENEFICIAL BANCORP INC COM 08171T102 931 62,072 SH   OTR 1 2 0 62,072 0
BIOSCRIP INC COM 09069N108 65 24,075 SH   OTR 1 2 0 24,075 0
BRISTOL MYERS SQUIBB CO COM 110122108 155 2,786 SH   OTR 1 2 0 2,786 0
BRISTOL MYERS SQUIBB CO COM 110122108 83 5,000 SH Call OTR 1 2 0 5,000 0
BROOKLINE BANCORP INC DEL COM 11373M107 411 28,180 SH   OTR 1 2 0 28,180 0
CAPITAL ONE FINL CORP *W EXP 11/14/201 14040H139 4,946 119,210 SH   OTR 1 2 0 119,210 0
CAPITAL ONE FINL CORP COM 14040H105 1,873 22,671 SH   OTR 1 2 0 22,671 0
CB FINL SVCS INC COM 12479G101 760 29,273 SH   OTR 1 2 0 29,273 0
CERUS CORP COM 157085101 912 363,019 SH   OTR 1 2 0 363,019 0
CHEMICAL FINL CORP COM 163731102 478 9,878 SH   OTR 1 2 0 9,878 0
CHUBB LIMITED COM H1467J104 239 1,645 SH   OTR 1 2 0 1,645 0
CIT GROUP INC COM NEW 125581801 699 14,340 SH   OTR 1 2 0 14,340 0
CITIGROUP INC COM NEW 172967424 1,525 22,797 SH   OTR 1 2 0 22,797 0
CITIGROUP INC COM NEW 172967424 1,511 61,200 SH Call OTR 1 2 0 61,200 0
CITIZENS FINL GROUP INC COM 174610105 423 11,850 SH   OTR 1 2 0 11,850 0
CLIFTON BANCORP INC COM 186873105 214 12,961 SH   OTR 1 2 0 12,961 0
CNO FINL GROUP INC COM 12621E103 4,247 203,416 SH   OTR 1 2 0 203,416 0
COMERICA INC *W EXP 11/14/201 200340115 5,085 115,358 SH   OTR 1 2 0 115,358 0
COMERICA INC COM 200340107 1,542 21,050 SH   OTR 1 2 0 21,050 0
CONNECTONE BANCORP INC NEW COM 20786W107 654 28,985 SH   OTR 1 2 0 28,985 0
COWEN INC CL A NEW 223622606 5,433 334,357 SH   OTR 1 2 0 334,357 0
CROCS INC COM 227046109 197 25,492 SH   OTR 1 2 0 25,492 0
DISCOVER FINL SVCS COM 254709108 404 6,493 SH   OTR 1 2 0 6,493 0
DISCOVER FINL SVCS COM 254709108 202 14,600 SH Call OTR 1 2 0 14,600 0
ENTERPRISE FINL SVCS CORP COM 293712105 1,116 27,345 SH   OTR 1 2 0 27,345 0
ESSA BANCORP INC COM 29667D104 1,204 81,826 SH   OTR 1 2 0 81,826 0
FACEBOOK INC CL A 30303M102 830 5,500 SH   OTR 1 2 0 5,500 0
FAUQUIER BANKSHARES INC VA COM 312059108 889 46,781 SH   OTR 1 2 0 46,781 0
FIDELITY SOUTHERN CORP NEW COM 316394105 243 10,617 SH   OTR 1 2 0 10,617 0
FIDUS INVT CORP COM 316500107 346 20,600 SH   OTR 1 2 0 20,600 0
FIFTH THIRD BANCORP COM 316773100 2,612 100,604 SH   OTR 1 2 0 100,604 0
FIFTH THIRD BANCORP COM 316773100 99 14,600 SH Call OTR 1 2 0 14,600 0
FIRST CMNTY CORP S C COM 319835104 284 13,500 SH   OTR 1 2 0 13,500 0
FIRST DEFIANCE FINL CORP COM 32006W106 896 17,016 SH   OTR 1 2 0 17,016 0
FIRST GTY BANCSHARES INC COM 32043P106 1,511 55,476 SH   OTR 1 2 0 55,476 0
FNB CORP PA COM 302520101 235 16,600 SH   OTR 1 2 0 16,600 0
FRANKLIN FINL NETWORK INC COM 35352P104 2,398 58,133 SH   OTR 1 2 0 58,133 0
GENERAL ELECTRIC CO COM 369604103 16 13,500 SH Call OTR 1 2 0 13,500 0
GENIE ENERGY LTD CL B 372284208 205 26,880 SH   OTR 1 2 0 26,880 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 20 10,000 SH Call OTR 1 2 0 10,000 0
GOLDMAN SACHS BDC INC SHS 38147U107 1,129 50,128 SH   OTR 1 2 0 50,128 0
GUARANTY FED BANCSHARES INC COM 40108P101 303 15,000 SH   OTR 1 2 0 15,000 0
HANCOCK HLDG CO COM 410120109 2,927 59,740 SH   OTR 1 2 0 59,740 0
HANESBRANDS INC COM 410345102 40 5,000 SH Call OTR 1 2 0 5,000 0
HANESBRANDS INC COM 410345102 232 10,000 SH   OTR 1 2 0 10,000 0
HANMI FINL CORP COM NEW 410495204 510 17,914 SH   OTR 1 2 0 17,914 0
HANOVER INS GROUP INC COM 410867105 1,135 12,804 SH   OTR 1 2 0 12,804 0
HARTFORD FINL SVCS GROUP INC *W EXP 06/26/201 416515120 2,497 53,218 SH   OTR 1 2 0 53,218 0
HERCULES CAPITAL INC COM 427096508 199 15,000 SH   OTR 1 2 0 15,000 0
HOMESTREET INC COM 43785V102 213 7,688 SH   OTR 1 2 0 7,688 0
HOMETOWN BANKSHARES CORP COM 43787N108 268 24,960 SH   OTR 1 2 0 24,960 0
HOMETRUST BANCSHARES INC COM 437872104 244 10,000 SH   OTR 1 2 0 10,000 0
HOPE BANCORP INC COM 43940T109 373 19,981 SH   OTR 1 2 0 19,981 0
HUNTINGTON BANCSHARES INC COM 446150104 495 36,607 SH   OTR 1 2 0 36,607 0
IMPAC MTG HLDGS INC COM NEW 45254P508 2,473 163,487 SH   OTR 1 2 0 163,487 0
INVESTORS BANCORP INC NEW COM 46146L101 590 44,125 SH   OTR 1 2 0 44,125 0
ISHARES TR US REGNL BKS ETF 464288778 213 4,683 SH   OTR 1 2 0 4,683 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 8,514 169,293 SH   OTR 1 2 0 169,293 0
JPMORGAN CHASE & CO COM 46625H100 2,951 32,287 SH   OTR 1 2 0 32,287 0
JPMORGAN CHASE & CO COM 46625H100 2,839 86,300 SH Call OTR 1 2 0 86,300 0
KEARNY FINL CORP MD COM 48716P108 360 24,238 SH   OTR 1 2 0 24,238 0
KEYCORP NEW COM 493267108 3,319 177,092 SH   OTR 1 2 0 177,092 0
KEYCORP NEW COM 493267108 350 49,400 SH Call OTR 1 2 0 49,400 0
KINGSTONE COS INC COM 496719105 1,022 66,800 SH   OTR 1 2 0 66,800 0
KKR & CO L P DEL COM UNITS 48248M102 428 23,000 SH   OTR 1 2 0 23,000 0
LEADING BRANDS INC COM NEW 52170U207 332 197,571 SH   OTR 1 2 0 197,571 0
LEGG MASON INC COM 524901105 312 8,169 SH   OTR 1 2 0 8,169 0
LENNAR CORP CL A 526057104 49 4,900 SH Call OTR 1 2 0 4,900 0
LENNAR CORP CL A 526057104 298 5,593 SH   OTR 1 2 0 5,593 0
LINCOLN NATL CORP IND COM 534187109 445 6,585 SH   OTR 1 2 0 6,585 0
LYDALL INC DEL COM 550819106 259 5,000 SH   OTR 1 2 0 5,000 0
M & T BK CORP *W EXP 12/23/201 55261F112 8,494 96,455 SH   OTR 1 2 0 96,455 0
M & T BK CORP COM 55261F104 1,954 12,065 SH   OTR 1 2 0 12,065 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 259 1,316 SH   OTR 1 2 0 1,316 0
MAIDEN HOLDINGS LTD SHS G5753U112 194 17,488 SH   OTR 1 2 0 17,488 0
MB FINANCIAL INC NEW COM 55264U108 6,834 155,186 SH   OTR 1 2 0 155,186 0
METLIFE INC COM 59156R108 498 43,500 SH Call OTR 1 2 0 43,500 0
METLIFE INC COM 59156R108 839 15,277 SH   OTR 1 2 0 15,277 0
MIDSOUTH BANCORP INC COM 598039105 1,492 126,965 SH   OTR 1 2 0 126,965 0
MONROE CAP CORP COM 610335101 799 52,438 SH   OTR 1 2 0 52,438 0
MORGAN STANLEY COM NEW 617446448 752 16,879 SH   OTR 1 2 0 16,879 0
MORGAN STANLEY COM NEW 617446448 733 46,200 SH Call OTR 1 2 0 46,200 0
NBT BANCORP INC COM 628778102 1,478 39,997 SH   OTR 1 2 0 39,997 0
NORTHWEST BANCSHARES INC MD COM 667340103 421 26,995 SH   OTR 1 2 0 26,995 0
OHR PHARMACEUTICAL INC COM NEW 67778H200 23 35,715 SH   OTR 1 2 0 35,715 0
OLD SECOND BANCORP INC ILL COM 680277100 231 20,000 SH   OTR 1 2 0 20,000 0
ONE LIBERTY PPTYS INC COM 682406103 786 33,548 SH   OTR 1 2 0 33,548 0
PACIFIC MERCANTILE BANCORP COM 694552100 414 47,000 SH   OTR 1 2 0 47,000 0
PARAGON COML CORP COM NEW 69911U403 394 7,500 SH   OTR 1 2 0 7,500 0
PARK STERLING CORP COM 70086Y105 119 10,000 SH   OTR 1 2 0 10,000 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 3,519 112,462 SH   OTR 1 2 0 112,462 0
PFIZER INC COM 717081103 201 5,988 SH   OTR 1 2 0 5,988 0
PFIZER INC COM 717081103 30 10,000 SH Call OTR 1 2 0 10,000 0
PINNACLE FINL PARTNERS INC COM 72346Q104 2,413 38,429 SH   OTR 1 2 0 38,429 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 850 14,754 SH   OTR 1 2 0 14,754 0
PNC FINL SVCS GROUP INC COM 693475105 5,054 40,472 SH   OTR 1 2 0 40,472 0
POPULAR INC COM NEW 733174700 456 10,924 SH   OTR 1 2 0 10,924 0
PROSPERITY BANCSHARES INC COM 743606105 285 4,433 SH   OTR 1 2 0 4,433 0
PRUDENTIAL FINL INC COM 744320102 352 11,900 SH Call OTR 1 2 0 11,900 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 456 10,600 SH   OTR 1 2 0 10,600 0
RADIUS HEALTH INC COM NEW 750469207 339 7,500 SH   OTR 1 2 0 7,500 0
REGIONS FINL CORP NEW COM 7591EP100 2,458 167,888 SH   OTR 1 2 0 167,888 0
REGIONS FINL CORP NEW COM 7591EP100 235 35,600 SH Call OTR 1 2 0 35,600 0
RITE AID CORP COM 767754104 2,229 755,434 SH   OTR 1 2 0 755,434 0
RITE AID CORP COM 767754104 2 15,000 SH Call OTR 1 2 0 15,000 0
SAFEGUARD SCIENTIFICS INC COM NEW 786449207 225 18,900 SH   OTR 1 2 0 18,900 0
SEACOAST BKG CORP FLA COM NEW 811707801 3,162 131,218 SH   OTR 1 2 0 131,218 0
SEAWORLD ENTMT INC COM 81282V100 32 24,000 SH Call OTR 1 2 0 24,000 0
SEAWORLD ENTMT INC COM 81282V100 163 10,000 SH   OTR 1 2 0 10,000 0
SOUTH ST CORP COM 840441109 2,880 33,607 SH   OTR 1 2 0 33,607 0
SOUTHERN NATL BANCORP OF VA COM 843395104 8,127 461,754 SH   OTR 1 2 0 461,754 0
STATE BK FINL CORP COM 856190103 901 33,236 SH   OTR 1 2 0 33,236 0
STATE STR CORP COM 857477103 546 6,088 SH   OTR 1 2 0 6,088 0
STERLING BANCORP DEL COM 85917A100 3,338 143,558 SH   OTR 1 2 0 143,558 0
SUMMIT ST BK SANTA ROSA CALI COM 866264203 250 19,200 SH   OTR 1 2 0 19,200 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 1,484 64,288 SH   OTR 1 2 0 64,288 0
SUNTRUST BKS INC COM 867914103 174 10,400 SH Call OTR 1 2 0 10,400 0
SUNTRUST BKS INC COM 867914103 1,372 24,187 SH   OTR 1 2 0 24,187 0
SYNOVUS FINL CORP COM NEW 87161C501 2,290 51,762 SH   OTR 1 2 0 51,762 0
TERRITORIAL BANCORP INC COM 88145X108 893 28,631 SH   OTR 1 2 0 28,631 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 466 15,129 SH   OTR 1 2 0 15,129 0
TRIANGLE CAP CORP COM 895848109 1,337 75,887 SH   OTR 1 2 0 75,887 0
U S SILICA HLDGS INC COM 90346E103 167 4,700 SH   OTR 1 2 0 4,700 0
U S SILICA HLDGS INC COM 90346E103 56 5,000 SH Call OTR 1 2 0 5,000 0
UNION BANKSHARES CORP NEW COM 90539J109 641 18,909 SH   OTR 1 2 0 18,909 0
UNITED CMNTY BANCORP IND COM 90984R101 1,042 55,000 SH   OTR 1 2 0 55,000 0
UNITED FINL BANCORP INC NEW COM 910304104 791 47,369 SH   OTR 1 2 0 47,369 0
UNITED PARCEL SERVICE INC CL B 911312106 220 1,993 SH   OTR 1 2 0 1,993 0
US BANCORP DEL COM NEW 902973304 1,261 24,288 SH   OTR 1 2 0 24,288 0
WATERSTONE FINL INC MD COM 94188P101 350 18,556 SH   OTR 1 2 0 18,556 0
WECAST NETWORK INC COM 94850Q106 31 17,300 SH   OTR 1 2 0 17,300 0
WELLS FARGO CO NEW *W EXP 10/28/201 949746119 843 37,967 SH   OTR 1 2 0 37,967 0
WELLS FARGO CO NEW COM 949746101 656 64,900 SH Call OTR 1 2 0 64,900 0
XENITH BANKSHARES INC NEW COM NEW 984102202 1,032 33,230 SH   OTR 1 2 0 33,230 0
XL GROUP LTD COM G98294104 328 7,496 SH   OTR 1 2 0 7,496 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 365 28,374 SH   OTR 1 2 0 28,374 0
ZIONS BANCORPORATION COM 989701107 241 17,000 SH Call OTR 1 2 0 17,000 0