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
ALASKA COMMUNICATIONS SYS GR NOTE 6.250% 5/0 01167PAE1 951 1,000,000 PRN   DFND 1 1,000,000 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 52,864 508,600 SH   DFND 1 508,600 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 1,494 77,000 SH   DFND 1 77,000 0 0
AMAZON COM INC COM 023135106 40,012 128,925 SH   DFND 1 128,925 0 0
AMAZON COM INC COM 023135106 79,428 1,194,400 SH Call DFND 1 0 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 128,778 2,401,225 SH   DFND 1 2,401,225 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 1,784 81,700 SH   DFND 1 81,700 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 980 52,000 SH   DFND 1 52,000 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 3,213 355,000 SH   DFND 1 355,000 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 2,241 95,000 SH   DFND 1 95,000 0 0
APPLE INC COM 037833100 52,960 479,790 SH   DFND 1 479,790 0 0
APPLE INC COM 037833100 76,361 3,222,000 SH Call DFND 1 0 0 0
ARES CAP CORP COM 04010L103 1,293 82,800 SH   DFND 1 82,800 0 0
BGC PARTNERS INC CL A 05541T101 1,798 196,400 SH   DFND 1 196,400 0 0
BANCO SANTANDER SA ADR 05964H105 875 105,034 SH   DFND 1 105,034 0 0
BANK AMER CORP COM 060505104 72,928 4,076,425 SH   DFND 1 4,076,425 0 0
BEST BUY INC COM 086516101 46,612 1,195,775 SH   DFND 1 1,195,775 0 0
BOYD GAMING CORP COM 103304101 48,973 3,831,975 SH   DFND 1 3,831,975 0 0
CIGNA CORPORATION COM 125509109 49,284 478,900 SH   DFND 1 478,900 0 0
CYS INVTS INC COM 12673A108 1,088 124,700 SH   DFND 1 124,700 0 0
CAPSTEAD MTG CORP COM NO PAR 14067E506 1,290 105,000 SH   DFND 1 105,000 0 0
CHESAPEAKE ENERGY CORP COM 165167107 36,933 1,887,200 SH   DFND 1 1,887,200 0 0
CHIMERA INVT CORP COM 16934Q109 1,753 551,000 SH   DFND 1 551,000 0 0
CITIGROUP INC COM NEW 172967424 58,384 1,078,975 SH   DFND 1 1,078,975 0 0
COMPASS DIVERSIFIED HOLDINGS SH BEN INT 20451Q104 1,463 90,000 SH   DFND 1 90,000 0 0
COUPONS COM INC COM 22265J102 43,159 2,431,450 SH   DFND 1 2,431,450 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 118,117 2,401,225 SH   DFND 1 2,401,225 0 0
DONNELLEY R R & SONS CO COM 257867101 745 44,300 SH   DFND 1 44,300 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 45,658 1,882,400 SH   DFND 1 1,882,400 0 0
EBAY INC COM 278642103 47,157 840,275 SH   DFND 1 840,275 0 0
ELLINGTON FINANCIAL LLC COM 288522303 979 49,000 SH   DFND 1 49,000 0 0
ENDURANCE INTL GROUP HLDGS I COM 29272B105 43,024 2,334,450 SH   DFND 1 2,334,450 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 1,616 201,400 SH   DFND 1 201,400 0 0
GAMESTOP CORP NEW CL A 36467W109 53,910 1,594,950 SH   DFND 1 1,594,950 0 0
GENERAL MTRS CO COM 37045V100 38,398 1,099,900 SH   DFND 1 1,099,900 0 0
GENWORTH FINL INC COM CL A 37247D106 88,138 10,369,125 SH   DFND 1 10,369,125 0 0
GILEAD SCIENCES INC COM 375558103 64,915 688,675 SH   DFND 1 688,675 0 0
GROUPON INC COM CL A 399473107 44,366 5,371,100 SH   DFND 1 5,371,100 0 0
HCI GROUP INC COM 40416E103 1,427 33,000 SH   DFND 1 33,000 0 0
HATTERAS FINL CORP COM 41902R103 2,439 132,300 SH   DFND 1 132,300 0 0
HI-CRUSH PARTNERS LP COM UNIT LTD 428337109 745 24,000 SH   DFND 1 24,000 0 0
HOLLYFRONTIER CORP COM 436106108 593 15,800 SH   DFND 1 15,800 0 0
INTREXON CORP COM 46122T102 80,981 2,941,550 SH   DFND 1 2,941,550 0 0
IRIDIUM COMMUNICATIONS INC PERP PFD CNV B 46269C409 952 2,600 SH   DFND 1 2,600 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 52,143 2,506,875 SH   DFND 1 2,506,875 0 0
KKR & CO L P DEL COM UNITS 48248M102 1,474 63,500 SH   DFND 1 63,500 0 0
KB HOME COM 48666K109 44,935 2,715,050 SH   DFND 1 2,715,050 0 0
LENNAR CORP CL A 526057104 82,195 1,834,300 SH   DFND 1 1,834,300 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 35,553 719,975 SH   DFND 1 719,975 0 0
LINNCO LLC COMSHS LTD INT 535782106 814 78,400 SH   DFND 1 78,400 0 0
MGIC INVT CORP WIS COM 552848103 81,623 8,757,825 SH   DFND 1 8,757,825 0 0
MVC CAPITAL INC COM 553829102 1,402 142,600 SH   DFND 1 142,600 0 0
MCDONALDS CORP COM 580135101 1,022 10,900 SH   DFND 1 10,900 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 40,615 1,440,750 SH   DFND 1 1,440,750 0 0
NETFLIX INC COM 64110L106 51,153 149,740 SH   DFND 1 149,740 0 0
NEW MEDIA INVT GROUP INC COM 64704V106 6,693 283,200 SH   DFND 1 283,200 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 559 43,750 SH   DFND 1 43,750 0 0
NEW SR INVT GROUP INC COM 648691103 592 35,966 SH   DFND 1 35,966 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 2,776 157,900 SH   DFND 1 157,900 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 395 17,500 SH   DFND 1 17,500 0 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 11,444 715,200 SH   DFND 1 715,200 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 788 15,200 SH   DFND 1 15,200 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 1,380 118,100 SH   DFND 1 118,100 0 0
OXFORD LANE CAP CORP COM 691543102 972 65,000 SH   DFND 1 65,000 0 0
PANDORA MEDIA INC COM 698354107 43,059 2,414,950 SH   DFND 1 2,414,950 0 0
PENNYMAC MTG INVT TR COM 70931T103 1,909 90,500 SH   DFND 1 90,500 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 26,929 1,556,575 SH   DFND 1 1,556,575 0 0
PHILIP MORRIS INTL INC COM 718172109 1,035 12,700 SH   DFND 1 12,700 0 0
PITNEY BOWES INC COM 724479100 637 26,100 SH   DFND 1 26,100 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 83,632 3,601,700 SH   DFND 1 3,601,700 0 0
PRICELINE GRP INC COM NEW 741503403 52,256 45,830 SH   DFND 1 45,830 0 0
PULTE GROUP INC COM 745867101 88,048 4,102,850 SH   DFND 1 4,102,850 0 0
QUAD / GRAPHICS INC COM CL A 747301109 669 29,100 SH   DFND 1 29,100 0 0
QIWI PLC SPON ADR REP B 74735M108 1,026 50,800 SH   DFND 1 50,800 0 0
QUALCOMM INC COM 747525103 77,073 1,036,890 SH   DFND 1 1,036,890 0 0
RADIAN GROUP INC COM 750236101 28,289 1,691,875 SH   DFND 1 1,691,875 0 0
REDWOOD TR INC COM 758075402 804 40,800 SH   DFND 1 40,800 0 0
RESOURCE CAP CORP COM 76120W302 760 150,600 SH   DFND 1 150,600 0 0
SPRINGLEAF HLDGS INC COM 85172J101 22,885 632,700 SH   DFND 1 632,700 0 0
STARWOOD PPTY TR INC COM 85571B105 3,375 145,200 SH   DFND 1 145,200 0 0
STONEMOR PARTNERS L P COM UNITS 86183Q100 1,547 60,000 SH   DFND 1 60,000 0 0
TAL INTL GROUP INC COM 874083108 1,020 23,400 SH   DFND 1 23,400 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 35,821 1,896,260 SH   DFND 1 1,896,260 0 0
TRIANGLE CAP CORP COM 895848109 3,474 171,213 SH   DFND 1 171,213 0 0
TRIPLEPOINT VENTR GRW BDC CO COM 89677Y100 1,634 110,000 SH   DFND 1 110,000 0 0
UNITED CONTL HLDGS INC COM 910047109 116,431 1,740,625 SH   DFND 1 1,740,625 0 0
WINDSTREAM HLDGS INC COM 97382A101 1,399 169,700 SH   DFND 1 169,700 0 0
ZULILY INC CL A 989774104 23,784 1,016,400 SH   DFND 1 1,016,400 0 0
ABENGOA YIELD PLC ORD SHS G00349103 2,869 105,000 SH   DFND 1 105,000 0 0
BLUE CAP REINS HLDGS LTD COM G1190F107 446 25,100 SH   DFND 1 25,100 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 3,280 168,000 SH   DFND 1 168,000 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 68,973 1,037,175 SH   DFND 1 1,037,175 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 1,355 32,600 SH   DFND 1 32,600 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 69,292 5,983,725 SH   DFND 1 5,983,725 0 0
NXP SEMICONDUCTORS N V COM N6596X109 83,622 1,094,525 SH   DFND 1 1,094,525 0 0
NORDIC AMERN OFFSHORE LTD SHS Y6366T112 983 80,000 SH   DFND 1 80,000 0 0