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 35,409 113,255 SH   DFND 1 113,255 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 9,526 421,850 SH   DFND 1 421,850 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 6,714 339,600 SH   DFND 1 339,600 0 0
ANNALY CAP MGMT INC COM 035710409 287 24,743 SH   DFND 1 24,743 0 0
APOLLO GROUP INC CL A 037604105 17,070 820,275 SH   DFND 1 820,275 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 877 31,000 SH   DFND 1 31,000 0 0
APOLLO INVT CORP COM 03761U106 12,581 1,543,475 SH   DFND 1 1,543,475 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 101 6,600 SH   DFND 1 6,600 0 0
APPLE INC COM 037833100 35,576 74,620 SH   DFND 1 74,620 0 0
APPLE INC COM 037833100 39,196 754,500 SH Call DFND 1 0 0 0
ARES CAP CORP COM 04010L103 28,857 1,668,963 SH   DFND 1 1,668,963 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 315 75,000 SH   DFND 1 75,000 0 0
BGC PARTNERS INC CL A 05541T101 565 100,000 SH   DFND 1 100,000 0 0
BANCO SANTANDER SA ADR 05964H105 336 41,100 SH   DFND 1 41,100 0 0
BANK OF AMERICA CORPORATION COM 060505104 54,688 3,962,875 SH   DFND 1 3,962,875 0 0
BEST BUY INC COM 086516101 42,451 1,132,025 SH   DFND 1 1,132,025 0 0
BG MEDICINE INC COM 08861T107 630 684,236 SH   DFND 1 684,236 0 0
BLACKROCK INC COM 09247X101 406 1,500 SH   DFND 1 1,500 0 0
BLACKROCK KELSO CAPITAL CORP COM 092533108 406 42,800 SH   DFND 1 42,800 0 0
BOYD GAMING CORP COM 103304101 51,269 3,623,200 SH   DFND 1 3,623,200 0 0
BRINKER INTL INC COM 109641100 771 19,000 SH   DFND 1 19,000 0 0
CIGNA CORPORATION COM 125509109 34,807 452,850 SH   DFND 1 452,850 0 0
CYS INVTS INC COM 12673A108 870 107,000 SH   DFND 1 107,000 0 0
CAPSTEAD MTG CORP COM NO PAR 14067E506 412 35,000 SH   DFND 1 35,000 0 0
CHESAPEAKE ENERGY CORP COM 165167107 32,234 1,245,500 SH   DFND 1 1,245,500 0 0
CHESAPEAKE GRANITE WASH TR COM SH BEN INT 165185109 201 15,000 SH   DFND 1 15,000 0 0
CHIMERA INVT CORP COM 16934Q109 1,044 343,360 SH   DFND 1 343,360 0 0
CITIGROUP INC COM NEW 172967424 42,568 877,500 SH   DFND 1 877,500 0 0
COLLECTORS UNIVERSE INC COM NEW 19421R200 573 39,000 SH   DFND 1 39,000 0 0
COMPASS DIVERSIFIED HOLDINGS SH BEN INT 20451Q104 874 49,000 SH   DFND 1 49,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 64,101 2,717,275 SH   DFND 1 2,717,275 0 0
DENDREON CORP COM 24823Q107 7,132 2,434,000 SH   DFND 1 2,434,000 0 0
DONNELLEY R R & SONS CO COM 257867101 742 47,000 SH   DFND 1 47,000 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 807 18,000 SH   DFND 1 18,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 32,170 1,949,675 SH   DFND 1 1,949,675 0 0
ELLINGTON FINANCIAL LLC COM 288522303 36,772 1,636,472 SH   DFND 1 1,636,472 0 0
ELLINGTON RESIDENTIAL MTG RE COM SHS BEN INT 288578107 1,153 75,000 SH   DFND 1 75,000 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 459 8,800 SH   DFND 1 8,800 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 27,901 1,653,860 SH   DFND 1 1,653,860 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 356 85,000 SH   DFND 1 85,000 0 0
GENERAL MTRS CO COM 37045V100 22,125 615,091 SH   DFND 1 615,091 0 0
GENWORTH FINL INC COM CL A 37247D106 73,907 5,773,975 SH   DFND 1 5,773,975 0 0
GOLUB CAP BDC INC COM 38173M102 415 23,900 SH   DFND 1 23,900 0 0
GROUPON INC COM CL A 399473107 62,007 5,530,900 SH   DFND 1 5,530,900 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 44,043 1,415,250 SH   DFND 1 1,415,250 0 0
HATTERAS FINL CORP COM 41902R103 6,385 341,250 SH   DFND 1 341,250 0 0
HOLLYFRONTIER CORP COM 436106108 569 13,500 SH   DFND 1 13,500 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 18,561 339,500 SH   DFND 1 339,500 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 9,585 622,750 SH   DFND 1 622,750 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 39,679 2,367,475 SH   DFND 1 2,367,475 0 0
KKR & CO L P DEL COM UNITS 48248M102 842 40,900 SH   DFND 1 40,900 0 0
KB HOME COM 48666K109 32,618 1,810,050 SH   DFND 1 1,810,050 0 0
LENNAR CORP CL A 526057104 32,883 928,875 SH   DFND 1 928,875 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 21,003 786,900 SH   DFND 1 786,900 0 0
MGIC INVT CORP WIS COM 552848103 64,293 8,831,425 SH   DFND 1 8,831,425 0 0
MCDONALDS CORP COM 580135101 549 5,700 SH   DFND 1 5,700 0 0
MCG CAPITAL CORP COM 58047P107 189 37,500 SH   DFND 1 37,500 0 0
MEDLEY CAP CORP COM 58503F106 665 48,200 SH   DFND 1 48,200 0 0
MICROSOFT CORP COM 594918104 16,011 481,075 SH   DFND 1 481,075 0 0
MORGAN STANLEY COM NEW 617446448 18,310 679,375 SH   DFND 1 679,375 0 0
NII HLDGS INC CL B NEW 62913F201 30,584 5,038,475 SH   DFND 1 5,038,475 0 0
NATIONAL CINEMEDIA INC COM 635309107 679 36,000 SH   DFND 1 36,000 0 0
NETFLIX INC COM 64110L106 63,002 203,750 SH   DFND 1 203,750 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 2,661 401,900 SH   DFND 1 401,900 0 0
NEWCASTLE INVT CORP COM 65105M108 12,618 2,245,175 SH   DFND 1 2,245,175 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 7,879 848,925 SH   DFND 1 848,925 0 0
OAKTREE CAP GROUP LLC UNIT 99/99/9999 674001201 681 13,000 SH   DFND 1 13,000 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 826 75,100 SH   DFND 1 75,100 0 0
PDL BIOPHARMA INC COM 69329Y104 609 76,400 SH   DFND 1 76,400 0 0
PANDORA MEDIA INC COM 698354107 48,366 1,924,600 SH   DFND 1 1,924,600 0 0
PENNANTPARK INVT CORP COM 708062104 619 54,860 SH   DFND 1 54,860 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 17,017 905,625 SH   DFND 1 905,625 0 0
PITNEY BOWES INC COM 724479100 812 44,600 SH   DFND 1 44,600 0 0
PULTE GROUP INC COM 745867101 49,511 3,000,650 SH   DFND 1 3,000,650 0 0
QUAD / GRAPHICS INC COM CL A 747301109 759 25,000 SH   DFND 1 25,000 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 37,758 651,000 SH   DFND 1 651,000 0 0
RADIAN GROUP INC COM 750236101 22,282 1,599,500 SH   DFND 1 1,599,500 0 0
REDWOOD TR INC COM 758075402 690 35,000 SH   DFND 1 35,000 0 0
RESOURCE CAP CORP COM 76120W302 500 84,100 SH   DFND 1 84,100 0 0
ROUNDYS INC COM 779268101 430 50,000 SH   DFND 1 50,000 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 357 15,200 SH   DFND 1 15,200 0 0
SOLAR CAP LTD COM 83413U100 378 17,000 SH   DFND 1 17,000 0 0
SOLAR SR CAP LTD COM 83416M105 532 29,400 SH   DFND 1 29,400 0 0
SPRINT CORP COM SER 1 85207U105 4,977 800,218 SH   DFND 1 800,218 0 0
STARWOOD PPTY TR INC COM 85571B105 480 20,000 SH   DFND 1 20,000 0 0
THL CR INC COM 872438106 625 40,000 SH   DFND 1 40,000 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 13,736 606,410 SH   DFND 1 606,410 0 0
TERADYNE INC COM 880770102 18,705 1,132,250 SH   DFND 1 1,132,250 0 0
U S AIRWAYS GROUP INC COM 90341W108 47,229 2,490,975 SH   DFND 1 2,490,975 0 0
UNITED CONTL HLDGS INC COM 910047109 50,413 1,641,575 SH   DFND 1 1,641,575 0 0
UNIVERSAL DISPLAY CORP COM 91347P105 25,749 803,875 SH   DFND 1 803,875 0 0
WESTERN ASSET MTG CAP CORP COM 95790D105 224 14,000 SH   DFND 1 14,000 0 0
WINDSTREAM HLDGS INC COM 97382A101 696 87,000 SH   DFND 1 87,000 0 0
ASSURED GUARANTY LTD COM G0585R106 37,152 1,981,425 SH   DFND 1 1,981,425 0 0
HERBALIFE LTD COM USD SHS G4412G101 628 9,000 SH   DFND 1 9,000 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 12,370 1,075,600 SH   DFND 1 1,075,600 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 45,301 1,035,200 SH   DFND 1 1,035,200 0 0
NXP SEMICONDUCTORS N V COM N6596X109 14,381 386,475 SH   DFND 1 386,475 0 0