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
AMAZON COM INC COM 023135106 37,785 116,340 SH   DFND 1 116,340 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 95,362 2,219,775 SH   DFND 1 2,219,775 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 1,351 57,700 SH   DFND 1 57,700 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 501 25,000 SH   DFND 1 25,000 0 0
ANNALY CAP MGMT INC COM 035710409 665 58,100 SH   DFND 1 58,100 0 0
APOLLO ED GROUP INC CL A 037604105 26,356 843,375 SH   DFND 1 843,375 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 1,772 63,900 SH   DFND 1 63,900 0 0
APOLLO INVT CORP COM 03761U106 1,562 181,400 SH   DFND 1 181,400 0 0
APPLE INC COM 037833100 51,316 552,190 SH   DFND 1 552,190 0 0
APPLE INC COM 037833100 117,942 5,373,200 SH Call DFND 1 0 0 0
ARES CAP CORP COM 04010L103 1,479 82,800 SH   DFND 1 82,800 0 0
BGC PARTNERS INC CL A 05541T101 1,462 196,400 SH   DFND 1 196,400 0 0
BANCO SANTANDER SA ADR 05964H105 1,072 102,800 SH   DFND 1 102,800 0 0
BANK OF AMERICA CORPORATION COM 060505104 60,905 3,962,525 SH   DFND 1 3,962,525 0 0
BEST BUY INC COM 086516101 36,012 1,161,275 SH   DFND 1 1,161,275 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 733 39,600 SH   DFND 1 39,600 0 0
BOYD GAMING CORP COM 103304101 45,165 3,723,375 SH   DFND 1 3,723,375 0 0
CIGNA CORPORATION COM 125509109 42,813 465,500 SH   DFND 1 465,500 0 0
CYS INVTS INC COM 12673A108 1,125 124,700 SH   DFND 1 124,700 0 0
CAPSTEAD MTG CORP COM NO PAR 14067E506 1,026 78,000 SH   DFND 1 78,000 0 0
CENTURYLINK INC COM 156700106 1,014 28,000 SH   DFND 1 28,000 0 0
CHESAPEAKE ENERGY CORP COM 165167107 56,982 1,833,375 SH   DFND 1 1,833,375 0 0
CHIMERA INVT CORP COM 16934Q109 1,278 400,400 SH   DFND 1 400,400 0 0
CISCO SYS INC COM 17275R102 14,863 598,100 SH   DFND 1 598,100 0 0
CITIGROUP INC COM NEW 172967424 49,395 1,048,725 SH   DFND 1 1,048,725 0 0
COLLECTORS UNIVERSE INC COM NEW 19421R200 520 26,500 SH   DFND 1 26,500 0 0
COMPASS DIVERSIFIED HOLDINGS SH BEN INT 20451Q104 1,634 90,000 SH   DFND 1 90,000 0 0
COUPONS COM INC COM 22265J102 15,339 583,000 SH   DFND 1 583,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 94,979 2,452,950 SH   DFND 1 2,452,950 0 0
DINEEQUITY INC COM 254423106 1,113 14,000 SH   DFND 1 14,000 0 0
DONNELLEY R R & SONS CO COM 257867101 752 44,300 SH   DFND 1 44,300 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 38,883 1,828,900 SH   DFND 1 1,828,900 0 0
EBAY INC COM 278642103 52,508 1,048,900 SH   DFND 1 1,048,900 0 0
ELLINGTON FINANCIAL LLC COM 288522303 40,656 1,693,972 SH   DFND 1 1,693,972 0 0
ELLINGTON RESIDENTIAL MTG RE COM SHS BEN INT 288578107 1,531 89,875 SH   DFND 1 89,875 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 592 10,200 SH   DFND 1 10,200 0 0
FIFTH STREET FINANCE CORP COM 31678A103 493 50,100 SH   DFND 1 50,100 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 26,132 1,515,750 SH   DFND 1 1,515,750 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 1,499 201,400 SH   DFND 1 201,400 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 579 99,000 SH   DFND 1 99,000 0 0
GAMESTOP CORP NEW CL A 36467W109 62,747 1,550,450 SH   DFND 1 1,550,450 0 0
GENERAL ELECTRIC CO COM 369604103 920 35,000 SH   DFND 1 35,000 0 0
GENERAL MTRS CO COM 37045V100 39,012 1,074,700 SH   DFND 1 1,074,700 0 0
GENWORTH FINL INC COM CL A 37247D106 93,479 5,372,300 SH   DFND 1 5,372,300 0 0
GILEAD SCIENCES INC COM 375558103 55,556 670,075 SH   DFND 1 670,075 0 0
GROUPON INC COM CL A 399473107 34,505 5,212,200 SH   DFND 1 5,212,200 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 50,054 1,397,750 SH   DFND 1 1,397,750 0 0
HATTERAS FINL CORP COM 41902R103 462 23,300 SH   DFND 1 23,300 0 0
HERCULES TECH GROWTH CAP INC COM 427096508 834 51,600 SH   DFND 1 51,600 0 0
HI-CRUSH PARTNERS LP COM UNIT LTD 428337109 1,574 24,000 SH   DFND 1 24,000 0 0
HOLLYFRONTIER CORP COM 436106108 691 15,800 SH   DFND 1 15,800 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 24,098 348,075 SH   DFND 1 348,075 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 9,514 52,485 SH   DFND 1 52,485 0 0
INTREXON CORP COM 46122T102 70,398 2,801,325 SH   DFND 1 2,801,325 0 0
IRIDIUM COMMUNICATIONS INC PERP PFD CNV B 46269C409 859 2,600 SH   DFND 1 2,600 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 47,099 2,436,550 SH   DFND 1 2,436,550 0 0
KKR & CO L P DEL COM UNITS 48248M102 1,545 63,500 SH   DFND 1 63,500 0 0
KB HOME COM 48666K109 37,129 1,987,625 SH   DFND 1 1,987,625 0 0
LENNAR CORP CL A 526057104 45,001 1,071,950 SH   DFND 1 1,071,950 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 34,234 779,625 SH   DFND 1 779,625 0 0
LINNCO LLC COMSHS LTD INT 535782106 764 24,400 SH   DFND 1 24,400 0 0
MGIC INVT CORP WIS COM 552848103 78,711 8,518,450 SH   DFND 1 8,518,450 0 0
MVC CAPITAL INC COM 553829102 876 67,600 SH   DFND 1 67,600 0 0
MCDONALDS CORP COM 580135101 1,099 10,900 SH   DFND 1 10,900 0 0
MEDLEY CAP CORP COM 58503F106 429 32,800 SH   DFND 1 32,800 0 0
MICROSOFT CORP COM 594918104 30,311 726,875 SH   DFND 1 726,875 0 0
MILLENNIAL MEDIA INC COM 60040N105 15,083 3,022,525 SH   DFND 1 3,022,525 0 0
MORGAN STANLEY COM NEW 617446448 20,701 640,275 SH   DFND 1 640,275 0 0
NATIONAL CINEMEDIA INC COM 635309107 634 36,200 SH   DFND 1 36,200 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 41,244 1,136,175 SH   DFND 1 1,136,175 0 0
NETFLIX INC COM 64110L106 64,022 145,305 SH   DFND 1 145,305 0 0
NEW MEDIA INVT GROUP INC COM 64704V106 2,989 211,807 SH   DFND 1 211,807 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 552 87,500 SH   DFND 1 87,500 0 0
NEWCASTLE INVT CORP COM 65105M108 52,916 11,047,050 SH   DFND 1 11,047,050 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 69,737 4,012,450 SH   DFND 1 4,012,450 0 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 24,791 1,166,625 SH   DFND 1 1,166,625 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 760 15,200 SH   DFND 1 15,200 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 1,634 118,100 SH   DFND 1 118,100 0 0
PANDORA MEDIA INC COM 698354107 58,441 1,981,025 SH   DFND 1 1,981,025 0 0
PENNYMAC MTG INVT TR COM 70931T103 1,683 76,700 SH   DFND 1 76,700 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 22,954 1,511,075 SH   DFND 1 1,511,075 0 0
PHILIP MORRIS INTL INC COM 718172109 1,071 12,700 SH   DFND 1 12,700 0 0
PITNEY BOWES INC COM 724479100 721 26,100 SH   DFND 1 26,100 0 0
PULTE GROUP INC COM 745867101 63,594 3,154,450 SH   DFND 1 3,154,450 0 0
QUAD / GRAPHICS INC COM CL A 747301109 651 29,100 SH   DFND 1 29,100 0 0
QIWI PLC SPON ADR REP B 74735M108 1,686 41,800 SH   DFND 1 41,800 0 0
QUALCOMM INC COM 747525103 79,972 1,009,740 SH   DFND 1 1,009,740 0 0
RADIAN GROUP INC COM 750236101 24,346 1,643,875 SH   DFND 1 1,643,875 0 0
REDWOOD TR INC COM 758075402 795 40,800 SH   DFND 1 40,800 0 0
RESOURCE CAP CORP COM 76120W302 848 150,600 SH   DFND 1 150,600 0 0
RHINO RESOURCE PARTNERS LP COM UNIT REPST 76218Y103 1,151 81,750 SH   DFND 1 81,750 0 0
SPRINGLEAF HLDGS INC COM 85172J101 15,970 615,400 SH   DFND 1 615,400 0 0
STARWOOD PPTY TR INC COM 85571B105 1,954 82,200 SH   DFND 1 82,200 0 0
STONECASTLE FINL CORP COM 861780104 680 26,775 SH   DFND 1 26,775 0 0
SUPERVALU INC COM 868536103 23,900 2,907,475 SH   DFND 1 2,907,475 0 0
TAL INTL GROUP INC COM 874083108 1,039 23,400 SH   DFND 1 23,400 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 39,035 1,741,035 SH   DFND 1 1,741,035 0 0
TERADYNE INC COM 880770102 22,735 1,159,925 SH   DFND 1 1,159,925 0 0
TRIANGLE CAP CORP COM 895848109 627 22,100 SH   DFND 1 22,100 0 0
TRIPLEPOINT VENTR GRW BDC CO COM 89677Y100 1,473 89,900 SH   DFND 1 89,900 0 0
TWITTER INC COM 90184L102 9,563 233,400 SH   DFND 1 233,400 0 0
UNITED CONTL HLDGS INC COM 910047109 69,353 1,688,650 SH   DFND 1 1,688,650 0 0
UNIVERSAL DISPLAY CORP COM 91347P105 26,485 825,075 SH   DFND 1 825,075 0 0
WINDSTREAM HLDGS INC COM 97382A101 1,691 169,700 SH   DFND 1 169,700 0 0
ZULILY INC CL A 989774104 22,261 543,600 SH   DFND 1 543,600 0 0
ABENGOA YIELD PLC ORD SHS G00349103 1,891 50,000 SH   DFND 1 50,000 0 0
ASSURED GUARANTY LTD COM G0585R106 49,788 2,032,150 SH   DFND 1 2,032,150 0 0
BLUE CAP REINS HLDGS LTD COM G1190F107 495 25,100 SH   DFND 1 25,100 0 0
HERBALIFE LTD COM USD SHS G4412G101 1,156 17,900 SH   DFND 1 17,900 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 15,776 1,100,900 SH   DFND 1 1,100,900 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 1,742 76,600 SH   DFND 1 76,600 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 57,308 1,008,575 SH   DFND 1 1,008,575 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 1,247 32,600 SH   DFND 1 32,600 0 0
NXP SEMICONDUCTORS N V COM N6596X109 39,487 596,650 SH   DFND 1 596,650 0 0