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 46,936 117,695 SH   DFND 1 117,695 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 62,366 2,469,925 SH   DFND 1 2,469,925 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 8,532 442,250 SH   DFND 1 442,250 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 6,235 357,050 SH   DFND 1 357,050 0 0
ANNALY CAP MGMT INC COM 035710409 247 24,743 SH   DFND 1 24,743 0 0
APOLLO ED GROUP INC CL A 037604105 23,371 855,425 SH   DFND 1 855,425 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 980 31,000 SH   DFND 1 31,000 0 0
APOLLO INVT CORP COM 03761U106 9,995 1,178,650 SH   DFND 1 1,178,650 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 108 6,600 SH   DFND 1 6,600 0 0
APPLE INC COM 037833100 43,951 78,340 SH   DFND 1 78,340 0 0
APPLE INC COM 037833100 53,850 582,800 SH Call DFND 1 0 0 0
ARES CAP CORP COM 04010L103 28,342 1,594,963 SH   DFND 1 1,594,963 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 301 75,000 SH   DFND 1 75,000 0 0
BGC PARTNERS INC CL A 05541T101 605 100,000 SH   DFND 1 100,000 0 0
BANCO SANTANDER SA ADR 05964H105 373 41,100 SH   DFND 1 41,100 0 0
BANK OF AMERICA CORPORATION COM 060505104 62,270 3,999,325 SH   DFND 1 3,999,325 0 0
BEST BUY INC COM 086516101 46,933 1,176,850 SH   DFND 1 1,176,850 0 0
BLACKROCK INC COM 09247X101 475 1,500 SH   DFND 1 1,500 0 0
BOYD GAMING CORP COM 103304101 42,414 3,766,725 SH   DFND 1 3,766,725 0 0
BRINKER INTL INC COM 109641100 881 19,000 SH   DFND 1 19,000 0 0
CIGNA CORPORATION COM 125509109 41,193 470,875 SH   DFND 1 470,875 0 0
CYS INVTS INC COM 12673A108 793 107,000 SH   DFND 1 107,000 0 0
CAPSTEAD MTG CORP COM NO PAR 14067E506 423 35,000 SH   DFND 1 35,000 0 0
CHESAPEAKE ENERGY CORP COM 165167107 35,171 1,295,875 SH   DFND 1 1,295,875 0 0
CHESAPEAKE GRANITE WASH TR COM SH BEN INT 165185109 159 15,000 SH   DFND 1 15,000 0 0
CHIMERA INVT CORP COM 16934Q109 1,065 343,360 SH   DFND 1 343,360 0 0
CITIGROUP INC COM NEW 172967424 47,526 912,025 SH   DFND 1 912,025 0 0
COLLECTORS UNIVERSE INC COM NEW 19421R200 669 39,000 SH   DFND 1 39,000 0 0
COMPASS DIVERSIFIED HOLDINGS SH BEN INT 20451Q104 962 49,000 SH   DFND 1 49,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 74,296 2,704,600 SH   DFND 1 2,704,600 0 0
DENDREON CORP COM 24823Q107 7,278 2,434,000 SH   DFND 1 2,434,000 0 0
DONNELLEY R R & SONS CO COM 257867101 761 37,500 SH   DFND 1 37,500 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 780 16,000 SH   DFND 1 16,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 39,823 2,027,625 SH   DFND 1 2,027,625 0 0
EASTMAN KODAK CO *W EXP 09/03/201 277461133 16 773 SH   DFND 1 773 0 0
EASTMAN KODAK CO *W EXP 09/03/201 277461141 15 773 SH   DFND 1 773 0 0
EBAY INC COM 278642103 58,163 1,060,100 SH   DFND 1 1,060,100 0 0
ELLINGTON FINANCIAL LLC COM 288522303 35,785 1,578,522 SH   DFND 1 1,578,522 0 0
ELLINGTON RESIDENTIAL MTG RE COM SHS BEN INT 288578107 1,154 75,000 SH   DFND 1 75,000 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 504 8,800 SH   DFND 1 8,800 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 26,563 1,721,485 SH   DFND 1 1,721,485 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 396 85,000 SH   DFND 1 85,000 0 0
GENERAL MTRS CO COM 37045V100 30,976 757,891 SH   DFND 1 757,891 0 0
GENWORTH FINL INC COM CL A 37247D106 89,465 5,760,775 SH   DFND 1 5,760,775 0 0
GOLUB CAP BDC INC COM 38173M102 457 23,900 SH   DFND 1 23,900 0 0
GROUPON INC COM CL A 399473107 61,719 5,245,900 SH   DFND 1 5,245,900 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 53,284 1,470,700 SH   DFND 1 1,470,700 0 0
HATTERAS FINL CORP COM 41902R103 5,845 357,650 SH   DFND 1 357,650 0 0
HOLLYFRONTIER CORP COM 436106108 671 13,500 SH   DFND 1 13,500 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 24,306 354,050 SH   DFND 1 354,050 0 0
INTREXON CORP COM 46122T102 27,918 1,173,000 SH   DFND 1 1,173,000 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 7,860 535,400 SH   DFND 1 535,400 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 47,716 2,460,850 SH   DFND 1 2,460,850 0 0
KKR & CO L P DEL COM UNITS 48248M102 996 40,900 SH   DFND 1 40,900 0 0
KB HOME COM 48666K109 35,532 1,943,725 SH   DFND 1 1,943,725 0 0
LENNAR CORP CL A 526057104 42,852 1,083,200 SH   DFND 1 1,083,200 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 27,183 819,500 SH   DFND 1 819,500 0 0
LINNCO LLC COMSHS LTD INT 535782106 648 21,000 SH   DFND 1 21,000 0 0
MGIC INVT CORP WIS COM 552848103 74,438 8,819,550 SH   DFND 1 8,819,550 0 0
MVC CAPITAL INC COM 553829102 783 58,000 SH   DFND 1 58,000 0 0
MCDONALDS CORP COM 580135101 554 5,700 SH   DFND 1 5,700 0 0
MCG CAPITAL CORP COM 58047P107 165 37,500 SH   DFND 1 37,500 0 0
MEDLEY CAP CORP COM 58503F106 668 48,200 SH   DFND 1 48,200 0 0
MICROSOFT CORP COM 594918104 27,560 736,675 SH   DFND 1 736,675 0 0
MORGAN STANLEY COM NEW 617446448 22,201 707,925 SH   DFND 1 707,925 0 0
NII HLDGS INC CL B NEW 62913F201 21,449 7,799,575 SH   DFND 1 7,799,575 0 0
NATIONAL CINEMEDIA INC COM 635309107 619 31,000 SH   DFND 1 31,000 0 0
NETFLIX INC COM 64110L106 64,983 176,500 SH   DFND 1 176,500 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 501 75,000 SH   DFND 1 75,000 0 0
NEWCASTLE INVT CORP COM 65105M108 65,966 11,492,200 SH   DFND 1 11,492,200 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 72,264 5,372,750 SH   DFND 1 5,372,750 0 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 31,461 1,139,875 SH   DFND 1 1,139,875 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 765 13,000 SH   DFND 1 13,000 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 1,112 75,100 SH   DFND 1 75,100 0 0
PDL BIOPHARMA INC COM 69329Y104 645 76,400 SH   DFND 1 76,400 0 0
PANDORA MEDIA INC COM 698354107 53,210 2,000,350 SH   DFND 1 2,000,350 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 16,588 945,175 SH   DFND 1 945,175 0 0
PITNEY BOWES INC COM 724479100 525 22,500 SH   DFND 1 22,500 0 0
PULTE GROUP INC COM 745867101 63,508 3,117,675 SH   DFND 1 3,117,675 0 0
QUAD / GRAPHICS INC COM CL A 747301109 681 25,000 SH   DFND 1 25,000 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 36,889 677,475 SH   DFND 1 677,475 0 0
RADIAN GROUP INC COM 750236101 23,529 1,666,300 SH   DFND 1 1,666,300 0 0
REDWOOD TR INC COM 758075402 678 35,000 SH   DFND 1 35,000 0 0
RESOURCE CAP CORP COM 76120W302 766 129,100 SH   DFND 1 129,100 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 365 15,200 SH   DFND 1 15,200 0 0
SPRINGLEAF HLDGS INC COM 85172J101 14,458 571,900 SH   DFND 1 571,900 0 0
SPRINT CORP COM SER 1 85207U105 9,043 841,118 SH   DFND 1 841,118 0 0
STARWOOD PPTY TR INC COM 85571B105 554 20,000 SH   DFND 1 20,000 0 0
STONECASTLE FINL CORP COM 861780104 590 24,000 SH   DFND 1 24,000 0 0
THL CR INC COM 872438106 660 40,000 SH   DFND 1 40,000 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 26,291 1,171,060 SH   DFND 1 1,171,060 0 0
TERADYNE INC COM 880770102 20,856 1,183,600 SH   DFND 1 1,183,600 0 0
UNITED CONTL HLDGS INC COM 910047109 64,519 1,705,475 SH   DFND 1 1,705,475 0 0
UNIVERSAL DISPLAY CORP COM 91347P105 28,760 837,000 SH   DFND 1 837,000 0 0
WESTERN ASSET MTG CAP CORP COM 95790D105 209 14,000 SH   DFND 1 14,000 0 0
WINDSTREAM HLDGS INC COM 97382A101 974 122,000 SH   DFND 1 122,000 0 0
ZULILY INC CL A 989774104 22,896 552,625 SH   DFND 1 552,625 0 0
ASSURED GUARANTY LTD COM G0585R106 48,586 2,059,575 SH   DFND 1 2,059,575 0 0
BLUE CAP REINS HLDGS LTD COM G1190F107 395 21,500 SH   DFND 1 21,500 0 0
ESSENT GROUP LTD COM G3198U102 10,922 453,925 SH   DFND 1 453,925 0 0
HERBALIFE LTD COM USD SHS G4412G101 709 9,000 SH   DFND 1 9,000 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 16,150 1,123,025 SH   DFND 1 1,123,025 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 60,370 1,074,950 SH   DFND 1 1,074,950 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 806 20,000 SH   DFND 1 20,000 0 0
NXP SEMICONDUCTORS N V COM N6596X109 24,082 524,300 SH   DFND 1 524,300 0 0