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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 21,284 239,551 SH   DFND   239,551 0 0
ALLY FINL INC COM 02005N100 257,060 11,108,910 SH   DFND   11,108,910 0 0
AMBAC FINL GROUP INC COM NEW 023139884 47,727 2,159,575 SH   DFND   2,159,575 0 0
ANADARKO PETE CORP COM 032511107 8,044 79,300 SH   DFND   79,300 0 0
APOLLO COML REAL EST FIN INC NOTE 5.500% 3/1 03762UAA3 4,956 5,000,000 PRN   DFND   5,000,000 0 0
APPLE INC COM 037833100 34,755 344,966 SH   DFND   344,966 0 0
ARES COML REAL ESTATE CORP NOTE 7.000%12/1 04013VAB4 10,749 10,500,000 PRN   DFND   10,500,000 0 0
BARRICK GOLD CORP COM 067901108 25,571 1,744,300 SH   DFND   1,744,300 0 0
BERRY PLASTICS GROUP INC COM 08579W103 32,327 1,280,795 SH   DFND   1,280,795 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 268 8,515 SH   DFND   8,515 0 0
BOYD GAMING CORP COM 103304101 28,514 2,806,500 SH   DFND   2,806,500 0 0
BROOKDALE SR LIVING INC COM 112463104 73,016 2,266,166 SH   DFND   2,266,166 0 0
CAESARS ACQUISITION CO CL A 12768T103 6,796 717,645 SH   DFND   717,645 0 0
CAESARS ENTMT CORP COM 127686103 42,481 3,376,903 SH   DFND   3,376,903 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 6,639 1,037,401 SH   DFND   1,037,401 0 0
CBS CORP NEW CL B 124857202 56,140 1,049,345 SH   DFND   1,049,345 0 0
CDW CORP COM 12514G108 19,727 635,344 SH   DFND   635,344 0 0
CENTRAL EUROPEAN MEDIA NOTE 5.000%11/1 153443AH9 6,825 7,000,000 PRN   DFND   7,000,000 0 0
CHIMERA INVT CORP COM 16934Q109 36,004 11,843,368 SH   DFND   11,843,368 0 0
CLEAR CHANNEL OUTDOOR HLDGS CL A 18451C109 43,883 6,510,804 SH   DFND   6,510,804 0 0
CLUBCORP HLDGS INC COM 18948M108 24,215 1,221,108 SH   DFND   1,221,108 0 0
COMCAST CORP NEW CL A 20030N101 198,559 3,692,053 SH   DFND   3,692,053 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 14,208 259,310 SH   DFND   259,310 0 0
COMMUNITY HEALTH SYS INC NEW RIGHT 01/27/2016 203668116 18 500,000 SH   DFND   500,000 0 0
COVIDIEN PLC SHS G2554F113 2,090 24,160 SH   DFND   24,160 0 0
CUMULUS MEDIA INC CL A 231082108 48,482 12,030,193 SH   DFND   12,030,193 0 0
DARDEN RESTAURANTS INC COM 237194105 5,439 105,689 SH   DFND   105,689 0 0
DEVON ENERGY CORP NEW COM 25179M103 24,460 358,755 SH   DFND   358,755 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 43,633 7,083,289 SH   DFND   7,083,289 0 0
DIANA SHIPPING INC COM Y2066G104 30,685 3,432,300 SH   DFND   3,432,300 0 0
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 12,442 329,160 SH   DFND   329,160 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 12,197 327,160 SH   DFND   327,160 0 0
DISH NETWORK CORP CL A 25470M109 52,050 805,975 SH   DFND   805,975 0 0
EAGLE BULK SHIPPING INC SHS NEW Y2187A119 81 88,032 SH   DFND   88,032 0 0
EP ENERGY CORP CL A 268785102 83,632 4,784,457 SH   DFND   4,784,457 0 0
EQT CORP COM 26884L109 89,248 974,963 SH   DFND   974,963 0 0
FOREST CITY ENTERPRISES INC NOTE 3.625% 8/1 345550AR8 2,573 2,500,000 PRN   DFND   2,500,000 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 88 12,815 SH   DFND   12,815 0 0
FREEPORT-MCMORAN INC CL B 35671D857 3,337 102,217 SH   DFND   102,217 0 0
GRAPHIC PACKAGING HLDG CO COM 388689101 9,432 758,825 SH   DFND   758,825 0 0
HCA HOLDINGS INC COM 40412C101 13,067 185,300 SH   DFND   185,300 0 0
HEADWATERS INC COM 42210P102 21,011 1,675,479 SH   DFND   1,675,479 0 0
HERBALIFE LTD COM USD SHS G4412G101 5,628 128,650 SH   DFND   128,650 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 9,009 534,031 SH   DFND   534,031 0 0
INTRAWEST RESORTS HLDGS INC COM 46090K109 12,025 1,243,541 SH   DFND   1,243,541 0 0
LORILLARD INC COM 544147101 15,674 261,625 SH   DFND   261,625 0 0
MALIBU BOATS INC COM CL A 56117J100 32,620 1,761,321 SH   DFND   1,761,321 0 0
MARATHON PETE CORP COM 56585A102 68,933 814,136 SH   DFND   814,136 0 0
MICHAELS COS INC COM 59408Q106 10,589 605,751 SH   DFND   605,751 0 0
MOELIS & CO CL A 60786M105 2,715 83,681 SH   DFND   83,681 0 0
MYLAN INC COM 628530107 31,843 700,000 SH   DFND   700,000 0 0
NORTEK INC COM NEW 656559309 87,770 1,178,118 SH   DFND   1,178,118 0 0
PBF ENERGY INC CL A 69318G106 17,789 741,200 SH   DFND   741,200 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 1,596 108,958 SH   DFND   108,958 0 0
PENNYMAC MTG INVT TR COM 70931T103 3,555 165,889 SH   DFND   165,889 0 0
PETSMART INC COM 716768106 98,932 1,411,500 SH   DFND   1,411,500 0 0
PHILIP MORRIS INTL INC COM 718172109 1,534 18,394 SH   DFND   18,394 0 0
PINNACLE ENTMT INC COM 723456109 52,824 2,105,390 SH   DFND   2,105,390 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 10,409 170,000 PRN   DFND   170,000 0 0
RESOURCE CAP CORP NOTE 6.000%12/0 76120WAA2 10,849 11,000,000 PRN   DFND   11,000,000 0 0
ROCKWOOD HLDGS INC COM 774415103 52,991 693,150 SH   DFND   693,150 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 52,054 2,922,728 SH   DFND   2,922,728 0 0
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 25,127 321,770 SH   DFND   321,770 0 0
SERVICE CORP INTL COM 817565104 48,737 2,305,438 SH   DFND   2,305,438 0 0
SMART & FINAL STORES INC COM 83190B101 4,875 337,825 SH   DFND   337,825 0 0
SOLARCITY CORP COM 83416T100 22,124 371,200 SH   DFND   371,200 0 0
SOLARCITY CORP NOTE 2.750%11/0 83416TAA8 29,875 25,000,000 PRN   DFND   25,000,000 0 0
SOTHEBYS COM 835898107 43,560 1,219,490 SH   DFND   1,219,490 0 0
SPIRIT RLTY CAP INC NEW NOTE 2.875% 5/1 84860WAA0 4,825 5,000,000 PRN   DFND   5,000,000 0 0
SPIRIT RLTY CAP INC NEW NOTE 3.750% 5/1 84860WAB8 4,853 5,000,000 PRN   DFND   5,000,000 0 0
STARZ COM SER A 85571Q102 25,751 778,440 SH   DFND   778,440 0 0
TESORO CORP COM 881609101 22,651 371,450 SH   DFND   371,450 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 43,175 1,647,900 SH   DFND   1,647,900 0 0
TIME WARNER INC COM NEW 887317303 74,449 989,885 SH   DFND   989,885 0 0
TIPTREE FINL INC CL A 88822Q103 16,500 2,798,000 SH   DFND   2,798,000 0 0
VALERO ENERGY CORP NEW COM 91913Y100 35,378 764,600 SH   DFND   764,600 0 0
VIVUS INC COM 928551100 1,429 370,300 SH   DFND   370,300 0 0
WESTERN REFNG INC COM 959319104 23,200 552,510 SH   DFND   552,510 0 0
WL ROSS HLDG CORP COM SHS 92939D104 38,571 3,900,000 SH   DFND   3,900,000 0 0