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 1,910 105,254 SH   OTR 1 2 0 105,254 0
ABILITY INC SHS G8789K108 19 27,000 SH   OTR 1 2 0 27,000 0
ALCENTRA CAP CORP COM 01374T102 506 47,292 SH   OTR 1 2 0 47,292 0
ALLSTATE CORP COM 020002101 682 7,423 SH   OTR 1 2 0 7,423 0
ALLSTATE CORP COM 020002101 93 4,000 SH Call OTR 1 2 0 4,000 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 760 37,997 SH   OTR 1 2 0 37,997 0
AMERICAN INTL GROUP INC COM NEW 026874784 283 4,613 SH   OTR 1 2 0 4,613 0
AMERICAN INTL GROUP INC COM NEW 026874784 166 11,300 SH Call OTR 1 2 0 11,300 0
AMERIS BANCORP COM 03076K108 282 5,869 SH   OTR 1 2 0 5,869 0
APPLE INC COM 037833100 265 1,722 SH   OTR 1 2 0 1,722 0
ARALEZ PHARMACEUTICALS INC COM 03852X100 243 106,293 SH   OTR 1 2 0 106,293 0
ARBOR RLTY TR INC COM 038923108 1,960 239,059 SH   OTR 1 2 0 239,059 0
AT&T INC COM 00206R102 529 13,500 SH   OTR 1 2 0 13,500 0
AT&T INC COM 00206R102 47 10,000 SH Call OTR 1 2 0 10,000 0
ATLANTIC COAST FINL CORP COM 048426100 1,640 186,180 SH   OTR 1 2 0 186,180 0
BANC OF CALIFORNIA INC COM 05990K106 745 35,900 SH   OTR 1 2 0 35,900 0
BANK AMER CORP *W EXP 01/16/201 060505146 3,303 249,437 SH   OTR 1 2 0 249,437 0
BANK AMER CORP COM 060505104 39,066 1,541,660 SH   OTR 1 2 0 1,541,660 0
BANK AMER CORP COM 060505104 1,826 155,100 SH Call OTR 1 2 0 155,100 0
BANK COMM HLDGS COM 06424J103 256 22,300 SH   OTR 1 2 0 22,300 0
BANK NEW YORK MELLON CORP COM 064058100 584 40,800 SH Call OTR 1 2 0 40,800 0
BANK NEW YORK MELLON CORP COM 064058100 106 2,005 SH   OTR 1 2 0 2,005 0
BAY BANCORP INC COM 07203T106 439 38,698 SH   OTR 1 2 0 38,698 0
BB&T CORP COM 054937107 2,980 63,504 SH   OTR 1 2 0 63,504 0
BB&T CORP COM 054937107 693 55,700 SH Call OTR 1 2 0 55,700 0
BECTON DICKINSON & CO COM 075887109 273 1,394 SH   OTR 1 2 0 1,394 0
BENEFICIAL BANCORP INC COM 08171T102 1,031 62,077 SH   OTR 1 2 0 62,077 0
BIOSCRIP INC COM 09069N108 66 24,075 SH   OTR 1 2 0 24,075 0
BRISTOL MYERS SQUIBB CO COM 110122108 115 5,000 SH Call OTR 1 2 0 5,000 0
BRISTOL MYERS SQUIBB CO COM 110122108 178 2,788 SH   OTR 1 2 0 2,788 0
BROOKLINE BANCORP INC DEL COM 11373M107 437 28,180 SH   OTR 1 2 0 28,180 0
CAPITAL ONE FINL CORP *W EXP 11/14/201 14040H139 5,082 119,210 SH   OTR 1 2 0 119,210 0
CAPITAL ONE FINL CORP COM 14040H105 1,919 22,673 SH   OTR 1 2 0 22,673 0
CB FINL SVCS INC COM 12479G101 851 29,273 SH   OTR 1 2 0 29,273 0
CERUS CORP COM 157085101 993 363,639 SH   OTR 1 2 0 363,639 0
CHEMICAL FINL CORP COM 163731102 577 11,050 SH   OTR 1 2 0 11,050 0
CHUBB LIMITED COM H1467J104 235 1,647 SH   OTR 1 2 0 1,647 0
CIT GROUP INC COM NEW 125581801 704 14,340 SH   OTR 1 2 0 14,340 0
CIT GROUP INC COM NEW 125581801 103 7,000 SH Call OTR 1 2 0 7,000 0
CITIGROUP INC COM NEW 172967424 1,787 63,500 SH Call OTR 1 2 0 63,500 0
CITIGROUP INC COM NEW 172967424 1,659 22,799 SH   OTR 1 2 0 22,799 0
CITIZENS FINL GROUP INC COM 174610105 449 11,852 SH   OTR 1 2 0 11,852 0
CITIZENS FIRST CORP COM 17462Q107 238 10,000 SH   OTR 1 2 0 10,000 0
CLIFTON BANCORP INC COM 186873105 217 12,961 SH   OTR 1 2 0 12,961 0
CNO FINL GROUP INC COM 12621E103 4,748 203,416 SH   OTR 1 2 0 203,416 0
COMERICA INC *W EXP 11/14/201 200340115 5,423 115,363 SH   OTR 1 2 0 115,363 0
COMERICA INC COM 200340107 1,605 21,050 SH   OTR 1 2 0 21,050 0
CONNECTONE BANCORP INC NEW COM 20786W107 713 28,985 SH   OTR 1 2 0 28,985 0
COWEN INC CL A NEW 223622606 5,946 334,027 SH   OTR 1 2 0 334,027 0
CROCS INC COM 227046109 247 25,492 SH   OTR 1 2 0 25,492 0
DISCOVER FINL SVCS COM 254709108 419 6,493 SH   OTR 1 2 0 6,493 0
DISCOVER FINL SVCS COM 254709108 214 14,600 SH Call OTR 1 2 0 14,600 0
ENTERPRISE FINL SVCS CORP COM 293712105 1,158 27,350 SH   OTR 1 2 0 27,350 0
ESSA BANCORP INC COM 29667D104 1,285 81,826 SH   OTR 1 2 0 81,826 0
FACEBOOK INC CL A 30303M102 940 5,500 SH   OTR 1 2 0 5,500 0
FAUQUIER BANKSHARES INC VA COM 312059108 929 46,781 SH   OTR 1 2 0 46,781 0
FIDELITY SOUTHERN CORP NEW COM 316394105 251 10,622 SH   OTR 1 2 0 10,622 0
FIDUS INVT CORP COM 316500107 331 20,600 SH   OTR 1 2 0 20,600 0
FIFTH THIRD BANCORP COM 316773100 2,815 100,609 SH   OTR 1 2 0 100,609 0
FIFTH THIRD BANCORP COM 316773100 123 14,600 SH Call OTR 1 2 0 14,600 0
FIRST CMNTY CORP S C COM 319835104 276 13,500 SH   OTR 1 2 0 13,500 0
FIRST DEFIANCE FINL CORP COM 32006W106 893 17,016 SH   OTR 1 2 0 17,016 0
FIRST GTY BANCSHARES INC COM 32043P106 1,495 55,476 SH   OTR 1 2 0 55,476 0
FNB CORP PA COM 302520101 283 20,197 SH   OTR 1 2 0 20,197 0
FRANKLIN FINL NETWORK INC COM 35352P104 2,846 79,819 SH   OTR 1 2 0 79,819 0
GENERAL ELECTRIC CO COM 369604103 26 27,000 SH Call OTR 1 2 0 27,000 0
GENIE ENERGY LTD CL B 372284208 176 26,880 SH   OTR 1 2 0 26,880 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 4 10,000 SH Call OTR 1 2 0 10,000 0
GOLDMAN SACHS BDC INC SHS 38147U107 1,144 50,128 SH   OTR 1 2 0 50,128 0
GUARANTY FED BANCSHARES INC COM 40108P101 321 15,000 SH   OTR 1 2 0 15,000 0
HANCOCK HLDG CO COM 410120109 2,894 59,742 SH   OTR 1 2 0 59,742 0
HANESBRANDS INC COM 410345102 246 10,000 SH   OTR 1 2 0 10,000 0
HANESBRANDS INC COM 410345102 47 5,000 SH Call OTR 1 2 0 5,000 0
HANMI FINL CORP COM NEW 410495204 554 17,914 SH   OTR 1 2 0 17,914 0
HANOVER INS GROUP INC COM 410867105 1,241 12,804 SH   OTR 1 2 0 12,804 0
HARTFORD FINL SVCS GROUP INC *W EXP 06/26/201 416515120 2,664 53,218 SH   OTR 1 2 0 53,218 0
HERCULES CAPITAL INC COM 427096508 194 15,000 SH   OTR 1 2 0 15,000 0
HOMESTREET INC COM 43785V102 208 7,688 SH   OTR 1 2 0 7,688 0
HOMETOWN BANKSHARES CORP COM 43787N108 270 24,960 SH   OTR 1 2 0 24,960 0
HOMETRUST BANCSHARES INC COM 437872104 257 10,000 SH   OTR 1 2 0 10,000 0
HOPE BANCORP INC COM 43940T109 354 19,981 SH   OTR 1 2 0 19,981 0
HUNTINGTON BANCSHARES INC COM 446150104 511 36,612 SH   OTR 1 2 0 36,612 0
IMPAC MTG HLDGS INC COM NEW 45254P508 2,135 163,492 SH   OTR 1 2 0 163,492 0
INVESTORS BANCORP INC NEW COM 46146L101 602 44,125 SH   OTR 1 2 0 44,125 0
ISHARES TR US REGNL BKS ETF 464288778 221 4,683 SH   OTR 1 2 0 4,683 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 9,152 169,298 SH   OTR 1 2 0 169,298 0
JPMORGAN CHASE & CO COM 46625H100 3,084 32,289 SH   OTR 1 2 0 32,289 0
JPMORGAN CHASE & CO COM 46625H100 2,776 86,300 SH Call OTR 1 2 0 86,300 0
KEYCORP NEW COM 493267108 3,333 177,092 SH   OTR 1 2 0 177,092 0
KEYCORP NEW COM 493267108 306 49,400 SH Call OTR 1 2 0 49,400 0
KINGSTONE COS INC COM 496719105 1,091 66,904 SH   OTR 1 2 0 66,904 0
KKR & CO L P DEL COM UNITS 48248M102 468 23,000 SH   OTR 1 2 0 23,000 0
LEADING BRANDS INC COM NEW 52170U207 163 197,571 SH   OTR 1 2 0 197,571 0
LEGG MASON INC COM 524901105 321 8,169 SH   OTR 1 2 0 8,169 0
LENNAR CORP CL A 526057104 295 5,593 SH   OTR 1 2 0 5,593 0
LENNAR CORP CL A 526057104 41 4,900 SH Call OTR 1 2 0 4,900 0
LINCOLN NATL CORP IND COM 534187109 484 6,587 SH   OTR 1 2 0 6,587 0
LYDALL INC DEL COM 550819106 287 5,000 SH   OTR 1 2 0 5,000 0
M & T BK CORP *W EXP 12/23/201 55261F112 8,251 96,457 SH   OTR 1 2 0 96,457 0
M & T BK CORP COM 55261F104 1,943 12,065 SH   OTR 1 2 0 12,065 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 281 1,316 SH   OTR 1 2 0 1,316 0
MAIDEN HOLDINGS LTD SHS G5753U112 306 38,493 SH   OTR 1 2 0 38,493 0
MB FINANCIAL INC NEW COM 55264U108 6,986 155,186 SH   OTR 1 2 0 155,186 0
MERIDIAN BANCORP INC MD COM 58958U103 3,936 211,051 SH   OTR 1 2 0 211,051 0
METLIFE INC COM 59156R108 794 15,279 SH   OTR 1 2 0 15,279 0
METLIFE INC COM 59156R108 447 43,500 SH Call OTR 1 2 0 43,500 0
MIDSOUTH BANCORP INC COM 598039105 1,718 142,570 SH   OTR 1 2 0 142,570 0
MONROE CAP CORP COM 610335101 750 52,438 SH   OTR 1 2 0 52,438 0
MORGAN STANLEY COM NEW 617446448 813 16,879 SH   OTR 1 2 0 16,879 0
MORGAN STANLEY COM NEW 617446448 940 49,800 SH Call OTR 1 2 0 49,800 0
NBT BANCORP INC COM 628778102 1,469 39,997 SH   OTR 1 2 0 39,997 0
NORTHWEST BANCSHARES INC MD COM 667340103 466 26,995 SH   OTR 1 2 0 26,995 0
OHR PHARMACEUTICAL INC COM NEW 67778H200 26 35,715 SH   OTR 1 2 0 35,715 0
OLD SECOND BANCORP INC ILL COM 680277100 269 20,000 SH   OTR 1 2 0 20,000 0
ONE LIBERTY PPTYS INC COM 682406103 817 33,548 SH   OTR 1 2 0 33,548 0
PACIFIC MERCANTILE BANCORP COM 694552100 430 47,000 SH   OTR 1 2 0 47,000 0
PARAGON COML CORP COM NEW 69911U403 423 7,500 SH   OTR 1 2 0 7,500 0
PARK STERLING CORP COM 70086Y105 124 10,000 SH   OTR 1 2 0 10,000 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 3,795 112,472 SH   OTR 1 2 0 112,472 0
PFIZER INC COM 717081103 214 5,988 SH   OTR 1 2 0 5,988 0
PFIZER INC COM 717081103 44 10,000 SH Call OTR 1 2 0 10,000 0
PINNACLE FINL PARTNERS INC COM 72346Q104 2,573 38,436 SH   OTR 1 2 0 38,436 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 994 14,754 SH   OTR 1 2 0 14,754 0
PNC FINL SVCS GROUP INC COM 693475105 5,455 40,474 SH   OTR 1 2 0 40,474 0
POPULAR INC COM NEW 733174700 824 22,924 SH   OTR 1 2 0 22,924 0
PROSPERITY BANCSHARES INC COM 743606105 357 5,435 SH   OTR 1 2 0 5,435 0
PRUDENTIAL FINL INC COM 744320102 325 11,900 SH Call OTR 1 2 0 11,900 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 393 8,500 SH   OTR 1 2 0 8,500 0
RADIUS HEALTH INC COM NEW 750469207 289 7,500 SH   OTR 1 2 0 7,500 0
REGIONS FINL CORP NEW COM 7591EP100 2,557 167,893 SH   OTR 1 2 0 167,893 0
REGIONS FINL CORP NEW COM 7591EP100 253 35,600 SH Call OTR 1 2 0 35,600 0
RITE AID CORP COM 767754104 0 15,000 SH Call OTR 1 2 0 15,000 0
RITE AID CORP COM 767754104 1,602 817,434 SH   OTR 1 2 0 817,434 0
SAFEGUARD SCIENTIFICS INC COM NEW 786449207 169 12,623 SH   OTR 1 2 0 12,623 0
SEACOAST BKG CORP FLA COM NEW 811707801 3,326 139,223 SH   OTR 1 2 0 139,223 0
SEAWORLD ENTMT INC COM 81282V100 233 17,900 SH   OTR 1 2 0 17,900 0
SEAWORLD ENTMT INC COM 81282V100 5 24,000 SH Call OTR 1 2 0 24,000 0
SEVEN STARS CLOUD GROUP INC COM 81789Y102 46 17,300 SH   OTR 1 2 0 17,300 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 385 55,000 SH   OTR 1 2 0 55,000 0
SMARTFINANCIAL INC COM NEW 83190L208 401 16,655 SH   OTR 1 2 0 16,655 0
SOUTH ST CORP COM 840441109 3,026 33,609 SH   OTR 1 2 0 33,609 0
SOUTHERN NATL BANCORP OF VA COM 843395104 8,083 475,759 SH   OTR 1 2 0 475,759 0
STATE BK FINL CORP COM 856190103 952 33,236 SH   OTR 1 2 0 33,236 0
STATE STR CORP COM 857477103 582 6,088 SH   OTR 1 2 0 6,088 0
STERLING BANCORP DEL COM 85917A100 3,539 143,563 SH   OTR 1 2 0 143,563 0
SUMMIT ST BK SANTA ROSA CALI COM 866264203 239 19,200 SH   OTR 1 2 0 19,200 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 1,691 64,293 SH   OTR 1 2 0 64,293 0
SUNTRUST BKS INC COM 867914103 1,446 24,187 SH   OTR 1 2 0 24,187 0
SUNTRUST BKS INC COM 867914103 187 10,400 SH Call OTR 1 2 0 10,400 0
SYNOVUS FINL CORP COM NEW 87161C501 2,384 51,762 SH   OTR 1 2 0 51,762 0
TERRITORIAL BANCORP INC COM 88145X108 903 28,633 SH   OTR 1 2 0 28,633 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 507 15,129 SH   OTR 1 2 0 15,129 0
TRIANGLE CAP CORP COM 895848109 1,084 75,887 SH   OTR 1 2 0 75,887 0
UNION BANKSHARES CORP NEW COM 90539J109 667 18,909 SH   OTR 1 2 0 18,909 0
UNITED CMNTY BANCORP IND COM 90984R101 1,067 55,005 SH   OTR 1 2 0 55,005 0
UNITED FINL BANCORP INC NEW COM 910304104 866 47,369 SH   OTR 1 2 0 47,369 0
UNITED PARCEL SERVICE INC CL B 911312106 239 1,993 SH   OTR 1 2 0 1,993 0
US BANCORP DEL COM NEW 902973304 1,302 24,288 SH   OTR 1 2 0 24,288 0
WATERSTONE FINL INC MD COM 94188P101 362 18,556 SH   OTR 1 2 0 18,556 0
WELLS FARGO CO NEW *W EXP 10/28/201 949746119 818 37,967 SH   OTR 1 2 0 37,967 0
WELLS FARGO CO NEW COM 949746101 628 64,900 SH Call OTR 1 2 0 64,900 0
XENITH BANKSHARES INC NEW COM NEW 984102202 1,080 33,230 SH   OTR 1 2 0 33,230 0
XL GROUP LTD COM G98294104 296 7,496 SH   OTR 1 2 0 7,496 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 431 28,379 SH   OTR 1 2 0 28,379 0
ZIONS BANCORPORATION COM 989701107 265 17,000 SH Call OTR 1 2 0 17,000 0