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 39,747 118,165 SH   DFND 1 118,165 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 90,814 2,481,250 SH   DFND 1 2,481,250 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 203 9,400 SH   DFND 1 9,400 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 1,127 60,000 SH   DFND 1 60,000 0 0
ANNALY CAP MGMT INC COM 035710409 272 24,743 SH   DFND 1 24,743 0 0
APOLLO ED GROUP INC CL A 037604105 29,278 855,075 SH   DFND 1 855,075 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 986 31,000 SH   DFND 1 31,000 0 0
APOLLO INVT CORP COM 03761U106 10,298 1,239,200 SH   DFND 1 1,239,200 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 110 6,600 SH   DFND 1 6,600 0 0
APPLE INC COM 037833100 42,543 79,260 SH   DFND 1 79,260 0 0
ARES CAP CORP COM 04010L103 30,178 1,712,700 SH   DFND 1 1,712,700 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 309 75,000 SH   DFND 1 75,000 0 0
BGC PARTNERS INC CL A 05541T101 654 100,000 SH   DFND 1 100,000 0 0
BANCO SANTANDER SA ADR 05964H105 394 41,100 SH   DFND 1 41,100 0 0
BANK OF AMERICA CORPORATION COM 060505104 68,878 4,004,525 SH   DFND 1 4,004,525 0 0
BEST BUY INC COM 086516101 31,108 1,177,850 SH   DFND 1 1,177,850 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 456 34,000 SH   DFND 1 34,000 0 0
BOYD GAMING CORP COM 103304101 49,912 3,781,175 SH   DFND 1 3,781,175 0 0
CIGNA CORPORATION COM 125509109 39,454 471,200 SH   DFND 1 471,200 0 0
CYS INVTS INC COM 12673A108 884 107,000 SH   DFND 1 107,000 0 0
CAPSTEAD MTG CORP COM NO PAR 14067E506 444 35,000 SH   DFND 1 35,000 0 0
CHESAPEAKE ENERGY CORP COM 165167107 47,720 1,862,575 SH   DFND 1 1,862,575 0 0
CHIMERA INVT CORP COM 16934Q109 1,051 343,360 SH   DFND 1 343,360 0 0
CISCO SYS INC COM 17275R102 6,167 275,100 SH   DFND 1 275,100 0 0
CITIGROUP INC COM NEW 172967424 50,484 1,060,575 SH   DFND 1 1,060,575 0 0
COLLECTORS UNIVERSE INC COM NEW 19421R200 429 22,753 SH   DFND 1 22,753 0 0
COMPASS DIVERSIFIED HOLDINGS SH BEN INT 20451Q104 767 40,543 SH   DFND 1 40,543 0 0
COUPONS COM INC COM 22265J102 13,124 532,400 SH   DFND 1 532,400 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 94,166 2,717,625 SH   DFND 1 2,717,625 0 0
DENDREON CORP COM 24823Q107 7,278 2,434,000 SH   DFND 1 2,434,000 0 0
DINEEQUITY INC COM 254423106 937 12,000 SH   DFND 1 12,000 0 0
DOLLAR FINL CORP NOTE 3.000% 4/0 256664AC7 655 700,000 PRN   DFND 1 700,000 0 0
DONNELLEY R R & SONS CO COM 257867101 681 38,000 SH   DFND 1 38,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 46,699 2,028,600 SH   DFND 1 2,028,600 0 0
EBAY INC COM 278642103 58,748 1,063,500 SH   DFND 1 1,063,500 0 0
ELLINGTON FINANCIAL LLC COM 288522303 40,184 1,686,972 SH   DFND 1 1,686,972 0 0
ELLINGTON RESIDENTIAL MTG RE COM SHS BEN INT 288578107 1,354 80,000 SH   DFND 1 80,000 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 474 8,800 SH   DFND 1 8,800 0 0
FIFTH STREET FINANCE CORP COM 31678A103 407 43,000 SH   DFND 1 43,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 26,792 1,717,435 SH   DFND 1 1,717,435 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 485 85,000 SH   DFND 1 85,000 0 0
GAMESTOP CORP NEW CL A 36467W109 49,764 1,210,800 SH   DFND 1 1,210,800 0 0
GENERAL MTRS CO COM 37045V100 38,298 1,112,641 SH   DFND 1 1,112,641 0 0
GENWORTH FINL INC COM CL A 37247D106 102,305 5,770,150 SH   DFND 1 5,770,150 0 0
GROUPON INC COM CL A 399473107 41,428 5,284,100 SH   DFND 1 5,284,100 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 51,928 1,472,275 SH   DFND 1 1,472,275 0 0
HATTERAS FINL CORP COM 41902R103 377 20,000 SH   DFND 1 20,000 0 0
HOLLYFRONTIER CORP COM 436106108 643 13,500 SH   DFND 1 13,500 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 25,306 354,475 SH   DFND 1 354,475 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 4,563 23,700 SH   DFND 1 23,700 0 0
INTREXON CORP COM 46122T102 43,409 1,651,125 SH   DFND 1 1,651,125 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 49,752 2,462,950 SH   DFND 1 2,462,950 0 0
KKR & CO L P DEL COM UNITS 48248M102 935 40,900 SH   DFND 1 40,900 0 0
KB HOME COM 48666K109 34,308 2,019,250 SH   DFND 1 2,019,250 0 0
LENNAR CORP CL A 526057104 43,069 1,087,050 SH   DFND 1 1,087,050 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 32,058 819,050 SH   DFND 1 819,050 0 0
LINNCO LLC COMSHS LTD INT 535782106 569 21,000 SH   DFND 1 21,000 0 0
MGIC INVT CORP WIS COM 552848103 75,494 8,860,750 SH   DFND 1 8,860,750 0 0
MVC CAPITAL INC COM 553829102 786 58,000 SH   DFND 1 58,000 0 0
MEDLEY CAP CORP COM 58503F106 384 28,200 SH   DFND 1 28,200 0 0
MICROSOFT CORP COM 594918104 30,189 736,475 SH   DFND 1 736,475 0 0
MILLENNIAL MEDIA INC COM 60040N105 18,809 2,718,000 SH   DFND 1 2,718,000 0 0
MORGAN STANLEY COM NEW 617446448 22,045 707,225 SH   DFND 1 707,225 0 0
NII HLDGS INC CL B NEW 62913F201 9,328 7,837,875 SH   DFND 1 7,837,875 0 0
NATIONAL CINEMEDIA INC COM 635309107 465 31,000 SH   DFND 1 31,000 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 32,602 1,004,350 SH   DFND 1 1,004,350 0 0
NETFLIX INC COM 64110L106 51,803 147,155 SH   DFND 1 147,155 0 0
NEW MEDIA INVT GROUP INC COM 64704V106 14,283 950,875 SH   DFND 1 950,875 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 486 75,000 SH   DFND 1 75,000 0 0
NEWCASTLE INVT CORP COM 65105M108 53,890 11,465,775 SH   DFND 1 11,465,775 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 85,858 5,319,575 SH   DFND 1 5,319,575 0 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 24,673 1,150,775 SH   DFND 1 1,150,775 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 757 13,000 SH   DFND 1 13,000 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 1,033 75,000 SH   DFND 1 75,000 0 0
PANDORA MEDIA INC COM 698354107 60,905 2,008,725 SH   DFND 1 2,008,725 0 0
PENNYMAC MTG INVT TR COM 70931T103 837 35,000 SH   DFND 1 35,000 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 25,584 1,537,475 SH   DFND 1 1,537,475 0 0
PITNEY BOWES INC COM 724479100 585 22,500 SH   DFND 1 22,500 0 0
PULTE GROUP INC COM 745867101 61,545 3,207,100 SH   DFND 1 3,207,100 0 0
QUAD / GRAPHICS INC COM CL A 747301109 587 25,000 SH   DFND 1 25,000 0 0
QIWI PLC SPON ADR REP B 74735M108 901 26,000 SH   DFND 1 26,000 0 0
QUALCOMM INC COM 747525103 83,727 1,061,715 SH   DFND 1 1,061,715 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 43,934 676,625 SH   DFND 1 676,625 0 0
RADIAN GROUP INC COM 750236101 25,103 1,670,175 SH   DFND 1 1,670,175 0 0
REDWOOD TR INC COM 758075402 710 35,000 SH   DFND 1 35,000 0 0
RESOURCE CAP CORP COM 76120W302 720 129,100 SH   DFND 1 129,100 0 0
RHINO RESOURCE PARTNERS LP COM UNIT REPST 76218Y103 998 73,000 SH   DFND 1 73,000 0 0
SPRINGLEAF HLDGS INC COM 85172J101 15,802 628,300 SH   DFND 1 628,300 0 0
STARWOOD PPTY TR INC COM 85571B105 472 20,000 SH   DFND 1 20,000 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 116 4,000 SH   DFND 1 4,000 0 0
STONECASTLE FINL CORP COM 861780104 590 24,000 SH   DFND 1 24,000 0 0
SUPERVALU INC COM 868536103 20,193 2,952,075 SH   DFND 1 2,952,075 0 0
TAL INTL GROUP INC COM 874083108 879 20,500 SH   DFND 1 20,500 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 41,498 1,765,835 SH   DFND 1 1,765,835 0 0
TERADYNE INC COM 880770102 23,462 1,179,550 SH   DFND 1 1,179,550 0 0
TOWER GROUP INC NOTE 5.000% 9/1 891777AC8 115 120,000 PRN   DFND 1 120,000 0 0
TRIPLEPOINT VENTR GRW BDC CO COM 89677Y100 975 60,000 SH   DFND 1 60,000 0 0
UNITED CONTL HLDGS INC COM 910047109 76,263 1,708,775 SH   DFND 1 1,708,775 0 0
UNIVERSAL DISPLAY CORP COM 91347P105 26,699 836,675 SH   DFND 1 836,675 0 0
WESTERN ASSET MTG CAP CORP COM 95790D105 241 15,358 SH   DFND 1 15,358 0 0
WINDSTREAM HLDGS INC COM 97382A101 1,006 122,000 SH   DFND 1 122,000 0 0
ZULILY INC CL A 989774104 27,685 551,600 SH   DFND 1 551,600 0 0
ASSURED GUARANTY LTD COM G0585R106 52,242 2,063,250 SH   DFND 1 2,063,250 0 0
BLUE CAP REINS HLDGS LTD COM G1190F107 374 21,500 SH   DFND 1 21,500 0 0
ESSENT GROUP LTD COM G3198U102 10,184 453,425 SH   DFND 1 453,425 0 0
HERBALIFE LTD COM USD SHS G4412G101 877 15,300 SH   DFND 1 15,300 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 17,645 1,120,275 SH   DFND 1 1,120,275 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 60,437 1,076,150 SH   DFND 1 1,076,150 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 755 20,000 SH   DFND 1 20,000 0 0
NXP SEMICONDUCTORS N V COM N6596X109 30,685 521,750 SH   DFND 1 521,750 0 0