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 24,806 420,650 SH   DFND 1 420,650 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 2,506 180,000 SH   DFND 1 180,000 0 0
AMAZON COM INC COM 023135106 65,479 127,915 SH   DFND 1 127,915 0 0
AMAZON COM INC COM 023135106 476,160 930,200 SH Call DFND 1 0 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 93,364 2,404,425 SH   DFND 1 2,404,425 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 2,338 125,000 SH   DFND 1 125,000 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 767 52,000 SH   DFND 1 52,000 0 0
ANGIES LIST INC COM 034754101 15,608 3,096,775 SH   DFND 1 3,096,775 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 2,320 135,000 SH   DFND 1 135,000 0 0
APPLE INC COM 037833100 50,797 460,530 SH   DFND 1 460,530 0 0
APPLE INC COM 037833100 335,632 3,042,900 SH Call DFND 1 0 0 0
BGC PARTNERS INC CL A 05541T101 1,862 226,400 SH   DFND 1 226,400 0 0
BANK AMER CORP COM 060505104 63,570 4,080,225 SH   DFND 1 4,080,225 0 0
BOYD GAMING CORP COM 103304101 60,419 3,706,675 SH   DFND 1 3,706,675 0 0
CIGNA CORPORATION COM 125509109 40,388 299,120 SH   DFND 1 299,120 0 0
CYS INVTS INC COM 12673A108 1,815 250,000 SH   DFND 1 250,000 0 0
CAPSTEAD MTG CORP COM NO PAR 14067E506 1,039 105,000 SH   DFND 1 105,000 0 0
CHIMERA INVT CORP COM NEW 16934Q208 2,407 180,000 SH   DFND 1 180,000 0 0
CITIGROUP INC COM NEW 172967424 53,669 1,081,800 SH   DFND 1 1,081,800 0 0
COMMUNICATIONS SALES&LEAS IN COM 20341J104 608 33,940 SH   DFND 1 33,940 0 0
COMPASS DIVERSIFIED HOLDINGS SH BEN INT 20451Q104 1,451 90,000 SH   DFND 1 90,000 0 0
COUPONS COM INC COM 22265J102 35,026 3,891,750 SH   DFND 1 3,891,750 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 107,878 2,404,225 SH   DFND 1 2,404,225 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 26,593 1,009,975 SH   DFND 1 1,009,975 0 0
ELLINGTON FINANCIAL LLC COM 288522303 877 49,000 SH   DFND 1 49,000 0 0
ENDURANCE INTL GROUP HLDGS I COM 29272B105 51,835 3,879,825 SH   DFND 1 3,879,825 0 0
FIFTH STREET FINANCE CORP COM 31678A103 2,962 480,000 SH   DFND 1 480,000 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 2,775 500,000 SH   DFND 1 500,000 0 0
FORTRESS TRANS INFRST INVS L COM REP LTD LIAB 34960P101 2,566 200,000 SH   DFND 1 200,000 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 1,544 325,000 SH   DFND 1 325,000 0 0
FRONTIER COMMUNICATIONS CORP PFD CONV SER-A 35906A207 2,609 28,000 SH   DFND 1 28,000 0 0
GAMESTOP CORP NEW CL A 36467W109 64,142 1,556,450 SH   DFND 1 1,556,450 0 0
GENERAL MTRS CO COM 37045V100 36,774 1,224,975 SH   DFND 1 1,224,975 0 0
GENWORTH FINL INC COM CL A 37247D106 55,554 12,024,525 SH   DFND 1 12,024,525 0 0
GILEAD SCIENCES INC COM 375558103 52,935 539,100 SH   DFND 1 539,100 0 0
GREEN BRICK PARTNERS INC COM 392709101 18,998 1,754,148 SH   DFND 1 1,754,148 0 0
GROUPON INC COM CL A 399473107 27,869 8,548,700 SH   DFND 1 8,548,700 0 0
HCI GROUP INC COM 40416E103 1,280 33,000 SH   DFND 1 33,000 0 0
HATTERAS FINL CORP COM 41902R103 3,030 200,000 SH   DFND 1 200,000 0 0
INTREXON CORP COM 46122T102 93,624 2,944,150 SH   DFND 1 2,944,150 0 0
IRIDIUM COMMUNICATIONS INC PERP PFD CNV B 46269C409 634 2,600 SH   DFND 1 2,600 0 0
JMP GROUP LLC COM 46629U107 1,863 300,000 SH   DFND 1 300,000 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 49,912 2,506,875 SH   DFND 1 2,506,875 0 0
JD COM INC SPON ADR CL A 47215P106 28,098 1,078,175 SH   DFND 1 1,078,175 0 0
KKR & CO L P DEL COM UNITS 48248M102 2,014 120,000 SH   DFND 1 120,000 0 0
KB HOME COM 48666K109 41,612 3,070,975 SH   DFND 1 3,070,975 0 0
LENNAR CORP CL A 526057104 92,349 1,918,725 SH   DFND 1 1,918,725 0 0
MGIC INVT CORP WIS COM 552848103 81,154 8,763,825 SH   DFND 1 8,763,825 0 0
MVC CAPITAL INC COM 553829102 1,171 142,600 SH   DFND 1 142,600 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 25,664 1,850,300 SH   DFND 1 1,850,300 0 0
NETFLIX INC COM 64110L106 78,173 757,050 SH   DFND 1 757,050 0 0
NEW MEDIA INVT GROUP INC COM 64704V106 4,638 300,000 SH   DFND 1 300,000 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,277 173,750 SH   DFND 1 173,750 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 2,803 226,900 SH   DFND 1 226,900 0 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 1,045 104,300 SH   DFND 1 104,300 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 753 15,200 SH   DFND 1 15,200 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 1,250 143,100 SH   DFND 1 143,100 0 0
PANDORA MEDIA INC COM 698354107 99,829 4,678,000 SH   DFND 1 4,678,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 2,166 140,000 SH   DFND 1 140,000 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 24,906 1,556,575 SH   DFND 1 1,556,575 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 50,516 3,993,350 SH   DFND 1 3,993,350 0 0
PRICELINE GRP INC COM NEW 741503403 44,348 35,855 SH   DFND 1 35,855 0 0
PULTE GROUP INC COM 745867101 83,580 4,429,225 SH   DFND 1 4,429,225 0 0
QUALCOMM INC COM 747525103 38,605 718,490 SH   DFND 1 718,490 0 0
RADIAN GROUP INC COM 750236101 26,918 1,691,875 SH   DFND 1 1,691,875 0 0
SPRINGLEAF HLDGS INC COM 85172J101 32,663 747,075 SH   DFND 1 747,075 0 0
STARWOOD PPTY TR INC COM 85571B105 2,980 145,200 SH   DFND 1 145,200 0 0
STONEMOR PARTNERS L P COM UNITS 86183Q100 1,637 60,000 SH   DFND 1 60,000 0 0
TRI POINTE GROUP INC COM 87265H109 25,140 1,920,475 SH   DFND 1 1,920,475 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 39,898 2,138,150 SH   DFND 1 2,138,150 0 0
TRIANGLE CAP CORP COM 895848109 2,822 171,213 SH   DFND 1 171,213 0 0
TRIPLEPOINT VENTURE GROWTH B COM 89677Y100 1,159 114,266 SH   DFND 1 114,266 0 0
TWITTER INC COM 90184L102 16,724 620,775 SH   DFND 1 620,775 0 0
TWITTER INC COM 90184L102 322,189 11,959,500 SH Call DFND 1 0 0 0
UNITED CONTL HLDGS INC COM 910047109 89,304 1,683,375 SH   DFND 1 1,683,375 0 0
VEREIT INC COM 92339V100 3,745 485,000 SH   DFND 1 485,000 0 0
ZIOPHARM ONCOLOGY INC COM 98973P101 35,622 3,953,597 SH   DFND 1 3,953,597 0 0
ZULILY INC CL A 989774104 39,290 2,258,000 SH   DFND 1 2,258,000 0 0
ABENGOA YIELD PLC ORD SHS G00349103 1,738 105,000 SH   DFND 1 105,000 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 29,404 656,325 SH   DFND 1 656,325 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 1,470 32,600 SH   DFND 1 32,600 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 79,332 6,005,400 SH   DFND 1 6,005,400 0 0
NXP SEMICONDUCTORS N V COM N6596X109 83,479 958,750 SH   DFND 1 958,750 0 0