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 22,164 269,400 SH   DFND 1 269,400 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 3,033 180,000 SH   DFND 1 180,000 0 0
AMAZON COM INC COM 023135106 55,527 127,915 SH   DFND 1 127,915 0 0
AMAZON COM INC COM 023135106 143,414 934,900 SH Call DFND 1 0 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 96,021 2,404,425 SH   DFND 1 2,404,425 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 1,501 81,700 SH   DFND 1 81,700 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 832 52,000 SH   DFND 1 52,000 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 3,944 485,000 SH   DFND 1 485,000 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 2,658 120,000 SH   DFND 1 120,000 0 0
APPLE INC COM 037833100 59,481 474,230 SH   DFND 1 474,230 0 0
APPLE INC COM 037833100 95,004 3,045,000 SH Call DFND 1 0 0 0
BGC PARTNERS INC CL A 05541T101 1,719 196,400 SH   DFND 1 196,400 0 0
BANK AMER CORP COM 060505104 69,446 4,080,225 SH   DFND 1 4,080,225 0 0
BEST BUY INC COM 086516101 7,031 215,600 SH   DFND 1 215,600 0 0
BOYD GAMING CORP COM 103304101 55,415 3,706,675 SH   DFND 1 3,706,675 0 0
CIGNA CORPORATION COM 125509109 67,785 418,425 SH   DFND 1 418,425 0 0
CYS INVTS INC COM 12673A108 964 124,700 SH   DFND 1 124,700 0 0
CAPSTEAD MTG CORP COM NO PAR 14067E506 1,166 105,000 SH   DFND 1 105,000 0 0
CHESAPEAKE ENERGY CORP COM 165167107 10,686 956,650 SH   DFND 1 956,650 0 0
CHIMERA INVT CORP COM NEW 16934Q208 1,511 110,200 SH   DFND 1 110,200 0 0
CITIGROUP INC COM NEW 172967424 59,759 1,081,800 SH   DFND 1 1,081,800 0 0
COMMUNICATIONS SALES&LEAS IN COM 20341J104 839 33,940 SH   DFND 1 33,940 0 0
COMPASS DIVERSIFIED HOLDINGS SH BEN INT 20451Q104 1,476 90,000 SH   DFND 1 90,000 0 0
COUPONS COM INC COM 22265J102 33,996 3,150,675 SH   DFND 1 3,150,675 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 98,766 2,404,225 SH   DFND 1 2,404,225 0 0
DONNELLEY R R & SONS CO COM 257867101 773 44,300 SH   DFND 1 44,300 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 30,249 1,009,975 SH   DFND 1 1,009,975 0 0
EBAY INC COM 278642103 19,911 330,525 SH   DFND 1 330,525 0 0
ELLINGTON FINANCIAL LLC COM 288522303 907 49,000 SH   DFND 1 49,000 0 0
ENDURANCE INTL GROUP HLDGS I COM 29272B105 78,123 3,781,350 SH   DFND 1 3,781,350 0 0
FIFTH STREET FINANCE CORP COM 31678A103 3,144 480,000 SH   DFND 1 480,000 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 3,296 451,400 SH   DFND 1 451,400 0 0
FORTRESS TRANS INFRST INVS L COM REP LTD LIAB 34960P101 3,626 200,000 SH   DFND 1 200,000 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 1,609 325,000 SH   DFND 1 325,000 0 0
FRONTIER COMMUNICATIONS CORP PFD CONV SER-A 35906A207 2,798 28,000 SH   DFND 1 28,000 0 0
GAMESTOP CORP NEW CL A 36467W109 68,279 1,589,350 SH   DFND 1 1,589,350 0 0
GENERAL MTRS CO COM 37045V100 36,793 1,103,900 SH   DFND 1 1,103,900 0 0
GENWORTH FINL INC COM CL A 37247D106 78,342 10,348,925 SH   DFND 1 10,348,925 0 0
GILEAD SCIENCES INC COM 375558103 63,118 539,100 SH   DFND 1 539,100 0 0
GREEN BRICK PARTNERS INC COM 392709101 18,892 1,725,225 SH   DFND 1 1,725,225 0 0
GROUPON INC COM CL A 399473107 27,772 5,521,100 SH   DFND 1 5,521,100 0 0
HCI GROUP INC COM 40416E103 1,459 33,000 SH   DFND 1 33,000 0 0
HATTERAS FINL CORP COM 41902R103 2,157 132,300 SH   DFND 1 132,300 0 0
HERBALIFE LTD NOTE 2.000% 8/1 42703MAB9 2,654 3,000,000 PRN   DFND 1 3,000,000 0 0
INTREXON CORP COM 46122T102 143,675 2,944,150 SH   DFND 1 2,944,150 0 0
IRIDIUM COMMUNICATIONS INC PERP PFD CNV B 46269C409 871 2,600 SH   DFND 1 2,600 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 62,046 2,506,875 SH   DFND 1 2,506,875 0 0
JD COM INC SPON ADR CL A 47215P106 25,610 751,025 SH   DFND 1 751,025 0 0
KKR & CO L P DEL COM UNITS 48248M102 2,251 98,500 SH   DFND 1 98,500 0 0
KB HOME COM 48666K109 46,968 2,829,350 SH   DFND 1 2,829,350 0 0
LENNAR CORP CL A 526057104 93,388 1,829,700 SH   DFND 1 1,829,700 0 0
LINNCO LLC COM SHS LTD INT 535782106 741 78,400 SH   DFND 1 78,400 0 0
MGIC INVT CORP WIS COM 552848103 99,733 8,763,825 SH   DFND 1 8,763,825 0 0
MVC CAPITAL INC COM 553829102 1,455 142,600 SH   DFND 1 142,600 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 26,191 1,558,950 SH   DFND 1 1,558,950 0 0
NETFLIX INC COM 64110L106 79,057 120,340 SH   DFND 1 120,340 0 0
NEW MEDIA INVT GROUP INC COM 64704V106 5,078 283,200 SH   DFND 1 283,200 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,191 143,750 SH   DFND 1 143,750 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 3,131 196,900 SH   DFND 1 196,900 0 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 1,758 104,300 SH   DFND 1 104,300 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 809 15,200 SH   DFND 1 15,200 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 1,749 143,100 SH   DFND 1 143,100 0 0
PANDORA MEDIA INC COM 698354107 69,021 4,441,450 SH   DFND 1 4,441,450 0 0
PENNYMAC MTG INVT TR COM 70931T103 2,441 140,000 SH   DFND 1 140,000 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 28,206 1,556,575 SH   DFND 1 1,556,575 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 92,204 3,604,500 SH   DFND 1 3,604,500 0 0
PRICELINE GRP INC COM NEW 741503403 41,283 35,855 SH   DFND 1 35,855 0 0
PULTE GROUP INC COM 745867101 84,467 4,191,900 SH   DFND 1 4,191,900 0 0
QUAD / GRAPHICS INC COM CL A 747301109 539 29,100 SH   DFND 1 29,100 0 0
QIWI PLC SPON ADR REP B 74735M108 1,425 50,800 SH   DFND 1 50,800 0 0
QUALCOMM INC COM 747525103 53,514 854,440 SH   DFND 1 854,440 0 0
RADIAN GROUP INC COM 750236101 31,740 1,691,875 SH   DFND 1 1,691,875 0 0
SPRINGLEAF HLDGS INC COM 85172J101 34,299 747,075 SH   DFND 1 747,075 0 0
STARWOOD PPTY TR INC COM 85571B105 3,132 145,200 SH   DFND 1 145,200 0 0
STONEMOR PARTNERS L P COM UNITS 86183Q100 1,809 60,000 SH   DFND 1 60,000 0 0
TRI POINTE HOMES INC COM 87265H109 18,295 1,195,750 SH   DFND 1 1,195,750 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 39,244 1,927,500 SH   DFND 1 1,927,500 0 0
TRIANGLE CAP CORP COM 895848109 4,014 171,213 SH   DFND 1 171,213 0 0
TRIPLEPOINT VENTR GRW BDC CO COM 89677Y100 1,541 114,266 SH   DFND 1 114,266 0 0
TWITTER INC COM 90184L102 17,342 478,775 SH   DFND 1 478,775 0 0
TWITTER INC COM 90184L102 9,669 1,137,500 SH Call DFND 1 0 0 0
UNITED CONTL HLDGS INC COM 910047109 89,236 1,683,375 SH   DFND 1 1,683,375 0 0
WINDSTREAM HLDGS INC COM NEW 97382A200 181 28,283 SH   DFND 1 28,283 0 0
ZIOPHARM ONCOLOGY INC COM 98973P101 41,731 3,477,547 SH   DFND 1 3,477,547 0 0
ZULILY INC CL A 989774104 56,379 4,323,500 SH   DFND 1 4,323,500 0 0
ABENGOA YIELD PLC ORD SHS G00349103 3,289 105,000 SH   DFND 1 105,000 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 43,909 924,400 SH   DFND 1 924,400 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 1,435 32,600 SH   DFND 1 32,600 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 87,294 6,007,825 SH   DFND 1 6,007,825 0 0
NXP SEMICONDUCTORS N V COM N6596X109 94,177 959,025 SH   DFND 1 959,025 0 0
NORDIC AMERN OFFSHORE LTD SHS Y6366T112 652 80,000 SH   DFND 1 80,000 0 0