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
ALLIANCEBERNSTEIN HOLDING LP UNIT LTD PARTN 01881G106 71 3,390 SH   DFND 1 3,390 0 0
AMAZON COM INC COM 023135106 30,371 109,370 SH   DFND 1 109,370 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 9,382 407,725 SH   DFND 1 407,725 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 5,896 328,000 SH   DFND 1 328,000 0 0
ANNALY CAP MGMT INC COM 035710409 312 24,743 SH   DFND 1 24,743 0 0
APOLLO GROUP INC CL A 037604105 7,749 437,300 SH   DFND 1 437,300 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 748 31,000 SH   DFND 1 31,000 0 0
APOLLO INVT CORP COM 03761U106 11,682 1,509,200 SH   DFND 1 1,509,200 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 105 6,600 SH   DFND 1 6,600 0 0
APPLE INC COM 037833100 28,190 71,090 SH   DFND 1 71,090 0 0
APPLE INC COM 037833100 18,265 736,500 SH Call DFND 1 0 0 0
ARES CAP CORP COM 04010L103 28,060 1,631,388 SH   DFND 1 1,631,388 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 354 75,000 SH   DFND 1 75,000 0 0
BGC PARTNERS INC CL A 05541T101 589 100,000 SH   DFND 1 100,000 0 0
BANCO SANTANDER SA ADR 05964H105 266 41,100 SH   DFND 1 41,100 0 0
BANK OF AMERICA CORPORATION COM 060505104 49,214 3,826,900 SH   DFND 1 3,826,900 0 0
BEST BUY INC COM 086516101 32,124 1,175,400 SH   DFND 1 1,175,400 0 0
BG MEDICINE INC COM 08861T107 911 684,236 SH   DFND 1 684,236 0 0
BLACKROCK INC COM 09247X101 386 1,500 SH   DFND 1 1,500 0 0
BLACKROCK KELSO CAPITAL CORP COM 092533108 663 70,800 SH   DFND 1 70,800 0 0
BOYD GAMING CORP COM 103304101 39,537 3,498,800 SH   DFND 1 3,498,800 0 0
BRINKER INTL INC COM 109641100 750 19,000 SH   DFND 1 19,000 0 0
CIGNA CORPORATION COM 125509109 31,708 437,400 SH   DFND 1 437,400 0 0
CAPSTEAD MTG CORP COM NO PAR 14067E506 424 35,000 SH   DFND 1 35,000 0 0
CHESAPEAKE ENERGY CORP COM 165167107 24,512 1,202,700 SH   DFND 1 1,202,700 0 0
CHESAPEAKE GRANITE WASH TR COM SH BEN INT 165185109 232 15,000 SH   DFND 1 15,000 0 0
CHIMERA INVT CORP COM 16934Q109 1,031 343,360 SH   DFND 1 343,360 0 0
CITIGROUP INC COM NEW 172967424 40,650 847,400 SH   DFND 1 847,400 0 0
COLLECTORS UNIVERSE INC COM NEW 19421R200 517 39,000 SH   DFND 1 39,000 0 0
COMPASS DIVERSIFIED HOLDINGS SH BEN INT 20451Q104 859 49,000 SH   DFND 1 49,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 53,189 2,842,800 SH   DFND 1 2,842,800 0 0
DENDREON CORP COM 24823Q107 9,911 2,405,400 SH   DFND 1 2,405,400 0 0
DONNELLEY R R & SONS CO COM 257867101 911 65,000 SH   DFND 1 65,000 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 827 18,000 SH   DFND 1 18,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 23,836 1,882,750 SH   DFND 1 1,882,750 0 0
ELLINGTON FINANCIAL LLC COM 288522303 36,472 1,598,947 SH   DFND 1 1,598,947 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 445 8,800 SH   DFND 1 8,800 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 24,708 1,597,110 SH   DFND 1 1,597,110 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 345 85,000 SH   DFND 1 85,000 0 0
GENERAL MTRS CO COM 37045V100 19,787 594,016 SH   DFND 1 594,016 0 0
GENWORTH FINL INC COM CL A 37247D106 65,561 5,745,900 SH   DFND 1 5,745,900 0 0
GOLUB CAP BDC INC COM 38173M102 419 23,900 SH   DFND 1 23,900 0 0
GROUPON INC COM CL A 399473107 58,895 6,888,300 SH   DFND 1 6,888,300 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 42,259 1,366,700 SH   DFND 1 1,366,700 0 0
HATTERAS FINL CORP COM 41902R103 8,137 330,200 SH   DFND 1 330,200 0 0
HOLLYFRONTIER CORP COM 436106108 578 13,500 SH   DFND 1 13,500 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 9,960 601,400 SH   DFND 1 601,400 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 35,665 2,286,200 SH   DFND 1 2,286,200 0 0
KKR & CO L P DEL COM UNITS 48248M102 805 40,900 SH   DFND 1 40,900 0 0
KB HOME COM 48666K109 27,903 1,421,400 SH   DFND 1 1,421,400 0 0
LENNAR CORP CL A 526057104 26,403 732,600 SH   DFND 1 732,600 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 16,019 759,900 SH   DFND 1 759,900 0 0
MGIC INVT CORP WIS COM 552848103 52,431 8,637,700 SH   DFND 1 8,637,700 0 0
MARKET LEADER INC COM 57056R103 13,478 1,259,600 SH   DFND 1 1,259,600 0 0
MCDONALDS CORP COM 580135101 842 8,500 SH   DFND 1 8,500 0 0
MCG CAPITAL CORP COM 58047P107 196 37,500 SH   DFND 1 37,500 0 0
MEDLEY CAP CORP COM 58503F106 655 48,200 SH   DFND 1 48,200 0 0
MICROSOFT CORP COM 594918104 16,054 464,700 SH   DFND 1 464,700 0 0
MORGAN STANLEY COM NEW 617446448 16,028 656,050 SH   DFND 1 656,050 0 0
NII HLDGS INC CL B NEW 62913F201 32,405 4,865,600 SH   DFND 1 4,865,600 0 0
NATIONAL CINEMEDIA INC COM 635309107 609 36,000 SH   DFND 1 36,000 0 0
NETFLIX INC COM 64110L106 46,419 219,900 SH   DFND 1 219,900 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 2,634 390,700 SH   DFND 1 390,700 0 0
NEWCASTLE INVT CORP COM 65105M108 4,674 893,600 SH   DFND 1 893,600 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 7,493 823,300 SH   DFND 1 823,300 0 0
OAKTREE CAP GROUP LLC UNIT 99/99/9999 674001201 684 13,000 SH   DFND 1 13,000 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 785 75,100 SH   DFND 1 75,100 0 0
PDL BIOPHARMA INC COM 69329Y104 590 76,400 SH   DFND 1 76,400 0 0
PANDORA MEDIA INC COM 698354107 42,306 2,299,200 SH   DFND 1 2,299,200 0 0
PENNANTPARK INVT CORP COM 708062104 872 78,860 SH   DFND 1 78,860 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 18,605 874,700 SH   DFND 1 874,700 0 0
PITNEY BOWES INC COM 724479100 787 53,600 SH   DFND 1 53,600 0 0
PULTE GROUP INC COM 745867101 46,669 2,460,100 SH   DFND 1 2,460,100 0 0
QUAD / GRAPHICS INC COM CL A 747301109 603 25,000 SH   DFND 1 25,000 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 28,569 628,700 SH   DFND 1 628,700 0 0
RADIAN GROUP INC COM 750236101 17,949 1,544,600 SH   DFND 1 1,544,600 0 0
REALOGY HLDGS CORP COM 75605Y106 128 2,644 SH   DFND 1 2,644 0 0
REDWOOD TR INC COM 758075402 595 35,000 SH   DFND 1 35,000 0 0
RESOURCE CAP CORP COM 76120W302 518 84,100 SH   DFND 1 84,100 0 0
ROUNDYS INC COM 779268101 417 50,000 SH   DFND 1 50,000 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 364 15,200 SH   DFND 1 15,200 0 0
SOLAR CAP LTD COM 83413U100 393 17,000 SH   DFND 1 17,000 0 0
SOLAR SR CAP LTD COM 83416M105 542 29,400 SH   DFND 1 29,400 0 0
SPRINT NEXTEL CORP COM SER 1 852061100 20,724 2,952,100 SH   DFND 1 2,952,100 0 0
STARWOOD PPTY TR INC COM 85571B105 495 20,000 SH   DFND 1 20,000 0 0
THL CR INC COM 872438106 608 40,000 SH   DFND 1 40,000 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 6,967 285,760 SH   DFND 1 285,760 0 0
TERADYNE INC COM 880770102 19,211 1,093,350 SH   DFND 1 1,093,350 0 0
U S AIRWAYS GROUP INC COM 90341W108 39,497 2,405,400 SH   DFND 1 2,405,400 0 0
UNITED CONTL HLDGS INC COM 910047109 51,319 1,640,100 SH   DFND 1 1,640,100 0 0
UNIVERSAL DISPLAY CORP COM 91347P105 21,822 776,300 SH   DFND 1 776,300 0 0
WESTERN ASSET HIGH INCM FD I COM 95766J102 650 70,460 SH   DFND 1 70,460 0 0
WESTERN ASSET MTG CAP CORP COM 95790D105 245 14,000 SH   DFND 1 14,000 0 0
WINDSTREAM CORP COM 97381W104 671 87,000 SH   DFND 1 87,000 0 0
ASSURED GUARANTY LTD COM G0585R106 42,210 1,913,400 SH   DFND 1 1,913,400 0 0
HERBALIFE LTD COM USD SHS G4412G101 407 9,000 SH   DFND 1 9,000 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 12,164 1,038,700 SH   DFND 1 1,038,700 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 44,115 984,050 SH   DFND 1 984,050 0 0
NXP SEMICONDUCTORS N V COM N6596X109 11,586 373,500 SH   DFND 1 373,500 0 0