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 808 1,000,000 PRN   DFND 1 1,000,000 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 2,222 25,000 SH   DFND 1 25,000 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 1,848 77,000 SH   DFND 1 77,000 0 0
AMAZON COM INC COM 023135106 40,792 126,510 SH   DFND 1 126,510 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 81,118 2,286,275 SH   DFND 1 2,286,275 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 1,227 57,700 SH   DFND 1 57,700 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 471 25,000 SH   DFND 1 25,000 0 0
ANNALY CAP MGMT INC COM 035710409 621 58,100 SH   DFND 1 58,100 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 2,265 95,000 SH   DFND 1 95,000 0 0
APOLLO INVT CORP COM 03761U106 1,483 181,400 SH   DFND 1 181,400 0 0
APPLE INC COM 037833100 57,397 569,690 SH   DFND 1 569,690 0 0
APPLE INC COM 037833100 140,730 4,770,500 SH Call DFND 1 0 0 0
ARES CAP CORP COM 04010L103 1,339 82,800 SH   DFND 1 82,800 0 0
BGC PARTNERS INC CL A 05541T101 1,460 196,400 SH   DFND 1 196,400 0 0
BANCO SANTANDER SA ADR 05964H105 977 102,800 SH   DFND 1 102,800 0 0
BANK AMER CORP COM 060505104 69,686 4,087,125 SH   DFND 1 4,087,125 0 0
BEST BUY INC COM 086516101 40,257 1,198,475 SH   DFND 1 1,198,475 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 741 39,600 SH   DFND 1 39,600 0 0
BOYD GAMING CORP COM 103304101 39,082 3,846,575 SH   DFND 1 3,846,575 0 0
CIGNA CORPORATION COM 125509109 43,532 480,000 SH   DFND 1 480,000 0 0
CYS INVTS INC COM 12673A108 1,028 124,700 SH   DFND 1 124,700 0 0
CAPSTEAD MTG CORP COM NO PAR 14067E506 1,286 105,000 SH   DFND 1 105,000 0 0
CENTURYLINK INC COM 156700106 1,145 28,000 SH   DFND 1 28,000 0 0
CHESAPEAKE ENERGY CORP COM 165167107 43,343 1,885,275 SH   DFND 1 1,885,275 0 0
CHIMERA INVT CORP COM 16934Q109 1,218 400,400 SH   DFND 1 400,400 0 0
CISCO SYS INC COM 17275R102 15,425 612,800 SH   DFND 1 612,800 0 0
CITIGROUP INC COM NEW 172967424 56,061 1,081,825 SH   DFND 1 1,081,825 0 0
COLLECTORS UNIVERSE INC COM NEW 19421R200 583 26,500 SH   DFND 1 26,500 0 0
COMPASS DIVERSIFIED HOLDINGS SH BEN INT 20451Q104 1,576 90,000 SH   DFND 1 90,000 0 0
COUPONS COM INC COM 22265J102 25,560 2,137,100 SH   DFND 1 2,137,100 0 0
COVANTA HLDG CORP COM 22282E102 1,486 70,000 SH   DFND 1 70,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 91,350 2,526,950 SH   DFND 1 2,526,950 0 0
DINEEQUITY INC COM 254423106 1,143 14,000 SH   DFND 1 14,000 0 0
DONNELLEY R R & SONS CO COM 257867101 730 44,300 SH   DFND 1 44,300 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 42,551 1,883,600 SH   DFND 1 1,883,600 0 0
EBAY INC COM 278642103 60,968 1,076,600 SH   DFND 1 1,076,600 0 0
ELLINGTON FINANCIAL LLC COM 288522303 37,085 1,668,972 SH   DFND 1 1,668,972 0 0
ELLINGTON RESIDENTIAL MTG RE COM SHS BEN INT 288578107 1,456 89,875 SH   DFND 1 89,875 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 653 10,200 SH   DFND 1 10,200 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 22,918 1,549,550 SH   DFND 1 1,549,550 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 1,386 201,400 SH   DFND 1 201,400 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 645 99,000 SH   DFND 1 99,000 0 0
GAMESTOP CORP NEW CL A 36467W109 65,712 1,594,950 SH   DFND 1 1,594,950 0 0
GENERAL ELECTRIC CO COM 369604103 897 35,000 SH   DFND 1 35,000 0 0
GENERAL MTRS CO COM 37045V100 35,131 1,099,900 SH   DFND 1 1,099,900 0 0
GENWORTH FINL INC COM CL A 37247D106 72,619 5,543,400 SH   DFND 1 5,543,400 0 0
GILEAD SCIENCES INC COM 375558103 73,480 690,275 SH   DFND 1 690,275 0 0
GROUPON INC COM CL A 399473107 35,879 5,371,100 SH   DFND 1 5,371,100 0 0
HCI GROUP INC COM 40416E103 1,188 33,000 SH   DFND 1 33,000 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 53,426 1,434,250 SH   DFND 1 1,434,250 0 0
HATTERAS FINL CORP COM 41902R103 419 23,300 SH   DFND 1 23,300 0 0
HERCULES TECH GROWTH CAP INC COM 427096508 992 68,600 SH   DFND 1 68,600 0 0
HI-CRUSH PARTNERS LP COM UNIT LTD 428337109 1,238 24,000 SH   DFND 1 24,000 0 0
HOLLYFRONTIER CORP COM 436106108 691 15,800 SH   DFND 1 15,800 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 10,234 53,910 SH   DFND 1 53,910 0 0
INTREXON CORP COM 46122T102 53,655 2,887,750 SH   DFND 1 2,887,750 0 0
IRIDIUM COMMUNICATIONS INC PERP PFD CNV B 46269C409 883 2,600 SH   DFND 1 2,600 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 50,546 2,513,450 SH   DFND 1 2,513,450 0 0
KKR & CO L P DEL COM UNITS 48248M102 1,417 63,500 SH   DFND 1 63,500 0 0
KB HOME COM 48666K109 30,637 2,050,625 SH   DFND 1 2,050,625 0 0
LENNAR CORP CL A 526057104 43,049 1,108,650 SH   DFND 1 1,108,650 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 32,957 720,675 SH   DFND 1 720,675 0 0
LINNCO LLC COMSHS LTD INT 535782106 1,170 40,400 SH   DFND 1 40,400 0 0
MGIC INVT CORP WIS COM 552848103 68,608 8,784,550 SH   DFND 1 8,784,550 0 0
MVC CAPITAL INC COM 553829102 1,266 117,600 SH   DFND 1 117,600 0 0
MCDONALDS CORP COM 580135101 1,034 10,900 SH   DFND 1 10,900 0 0
MEDLEY CAP CORP COM 58503F106 388 32,800 SH   DFND 1 32,800 0 0
MICROSOFT CORP COM 594918104 34,584 745,975 SH   DFND 1 745,975 0 0
NATIONAL CINEMEDIA INC COM 635309107 526 36,200 SH   DFND 1 36,200 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 42,163 1,231,375 SH   DFND 1 1,231,375 0 0
NETFLIX INC COM 64110L106 67,714 150,080 SH   DFND 1 150,080 0 0
NEW MEDIA INVT GROUP INC COM 64704V106 4,710 283,200 SH   DFND 1 283,200 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 511 87,500 SH   DFND 1 87,500 0 0
NEWCASTLE INVT CORP NEW COM NEW 65105M504 47,441 3,741,379 SH   DFND 1 3,741,379 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 38,752 2,193,074 SH   DFND 1 2,193,074 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 37,945 2,059,974 SH   DFND 1 2,059,974 0 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 25,805 1,201,325 SH   DFND 1 1,201,325 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 777 15,200 SH   DFND 1 15,200 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 1,265 118,100 SH   DFND 1 118,100 0 0
PANDORA MEDIA INC COM 698354107 49,111 2,032,725 SH   DFND 1 2,032,725 0 0
PENNYMAC MTG INVT TR COM 70931T103 1,940 90,500 SH   DFND 1 90,500 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 22,818 1,557,475 SH   DFND 1 1,557,475 0 0
PHILIP MORRIS INTL INC COM 718172109 1,060 12,700 SH   DFND 1 12,700 0 0
PITNEY BOWES INC COM 724479100 653 26,100 SH   DFND 1 26,100 0 0
PULTE GROUP INC COM 745867101 57,467 3,254,050 SH   DFND 1 3,254,050 0 0
QUAD / GRAPHICS INC COM CL A 747301109 561 29,100 SH   DFND 1 29,100 0 0
QIWI PLC SPON ADR REP B 74735M108 1,605 50,800 SH   DFND 1 50,800 0 0
QUALCOMM INC COM 747525103 77,706 1,039,265 SH   DFND 1 1,039,265 0 0
RADIAN GROUP INC COM 750236101 24,127 1,691,875 SH   DFND 1 1,691,875 0 0
REDWOOD TR INC COM 758075402 677 40,800 SH   DFND 1 40,800 0 0
RESOURCE CAP CORP COM 76120W302 734 150,600 SH   DFND 1 150,600 0 0
RHINO RESOURCE PARTNERS LP COM UNIT REPST 76218Y103 978 81,750 SH   DFND 1 81,750 0 0
SPRINGLEAF HLDGS INC COM 85172J101 20,203 632,700 SH   DFND 1 632,700 0 0
STARWOOD PPTY TR INC COM 85571B105 3,189 145,200 SH   DFND 1 145,200 0 0
STONECASTLE FINL CORP COM 861780104 674 26,775 SH   DFND 1 26,775 0 0
STONEMOR PARTNERS L P COM UNITS 86183Q100 1,548 60,000 SH   DFND 1 60,000 0 0
SUPERVALU INC COM 868536103 26,677 2,983,975 SH   DFND 1 2,983,975 0 0
TAL INTL GROUP INC COM 874083108 966 23,400 SH   DFND 1 23,400 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 30,187 1,861,060 SH   DFND 1 1,861,060 0 0
TRIANGLE CAP CORP COM 895848109 1,459 57,600 SH   DFND 1 57,600 0 0
TRIPLEPOINT VENTR GRW BDC CO COM 89677Y100 1,314 89,900 SH   DFND 1 89,900 0 0
UNITED CONTL HLDGS INC COM 910047109 81,759 1,747,350 SH   DFND 1 1,747,350 0 0
UNIVERSAL DISPLAY CORP COM 91347P105 27,659 847,375 SH   DFND 1 847,375 0 0
WINDSTREAM HLDGS INC COM 97382A101 1,830 169,700 SH   DFND 1 169,700 0 0
ZULILY INC CL A 989774104 22,459 592,725 SH   DFND 1 592,725 0 0
ABENGOA YIELD PLC ORD SHS G00349103 1,779 50,000 SH   DFND 1 50,000 0 0
ASSURED GUARANTY LTD COM G0585R106 46,513 2,098,950 SH   DFND 1 2,098,950 0 0
BLUE CAP REINS HLDGS LTD COM G1190F107 445 25,100 SH   DFND 1 25,100 0 0
HERBALIFE LTD COM USD SHS G4412G101 784 17,900 SH   DFND 1 17,900 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 2,437 115,000 SH   DFND 1 115,000 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 59,623 1,041,075 SH   DFND 1 1,041,075 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 1,276 32,600 SH   DFND 1 32,600 0 0
NXP SEMICONDUCTORS N V COM N6596X109 46,307 676,700 SH   DFND 1 676,700 0 0
NORDIC AMERN OFFSHORE LTD SHS Y6366T112 1,410 80,000 SH   DFND 1 80,000 0 0