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
ADVANCE AUTO PARTS INC COM 00751Y106 18,975 150,000 SH   DFND 01 02 150,000 0 0
AEROPOSTALE COM 007865108 4,518 900,000 SH   DFND 01 02 900,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 1,830 50,000 SH   DFND 01 02 50,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 27,572 1,650,000 SH   DFND 01 02 1,650,000 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 28,040 2,000,000 SH   DFND 01 02 2,000,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 11,666 142,500 SH   DFND 01 02 142,500 0 0
ANADARKO PETE CORP COM 032511107 33,904 400,000 SH   DFND 01 02 400,000 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 5,295 310,000 SH   DFND 01 02 310,000 0 0
ASHLAND INC NEW COM 044209104 154,194 1,550,000 SH   DFND 01 02 1,550,000 0 0
ASSURED GUARANTY LTD COM G0585R106 711 700,000 SH Call DFND 01 02 0 0 0
ASSURED GUARANTY LTD COM G0585R106 45,196 1,785,000 SH   DFND 01 02 1,785,000 0 0
BARCLAYS BANK PLC ADR PFD SR 5 06739H362 3,029 116,456 PRN   DFND 01 02 0 0 116,456
BARCLAYS BK PLC ADR 2 PREF 2 06739F390 1,409 55,737 PRN   DFND 01 02 0 0 55,737
BARRICK GOLD CORP COM 067901108 5,349 300,000 SH   DFND 01 02 300,000 0 0
BIG LOTS INC COM 089302103 75,740 2,000,000 SH   DFND 01 02 2,000,000 0 0
BOEING CO COM 097023105 25,098 200,000 SH   DFND 01 02 200,000 0 0
CAPITAL BK FINL CORP CL A COM 139794101 2,692 107,213 SH   DFND 01 02 107,213 0 0
CF INDS HLDGS INC COM 125269100 20,851 80,000 SH   DFND 01 02 80,000 0 0
CIT GROUP INC COM NEW 125581801 2,451 50,000 SH   DFND 01 02 50,000 0 0
CNH INDL N V SHS N20944109 33,390 2,904,674 SH   DFND 01 02 2,904,674 0 0
CON-WAY INC COM 205944101 44,161 1,075,000 SH   DFND 01 02 1,075,000 0 0
CROWN CASTLE INTL CORP CNV PFD STK SR A 228227500 3,540 35,000 PRN   DFND 01 02 0 0 35,000
CROWN CASTLE INTL CORP COM 228227104 6 50,000 SH Put DFND 01 02 50,000 0 0
CROWN CASTLE INTL CORP COM 228227104 1,348 1,325,000 SH Call DFND 01 02 0 0 0
CROWN CASTLE INTL CORP COM 228227104 45,559 617,500 SH   DFND 01 02 617,500 0 0
CROWN HOLDINGS INC COM 228368106 17,896 400,000 SH   DFND 01 02 400,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 29,453 850,000 SH   DFND 01 02 850,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 739 300,000 SH Call DFND 01 02 0 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 23 850,000 SH Call DFND 01 02 0 0 0
DINEEQUITY INC COM 254423106 27,325 350,000 SH   DFND 01 02 350,000 0 0
DOLLAR GEN CORP NEW COM 256677105 22,192 400,000 SH   DFND 01 02 400,000 0 0
E M C CORP MASS COM 268648102 27,410 1,000,000 SH   DFND 01 02 1,000,000 0 0
EBAY INC COM 278642103 33,144 600,000 SH   DFND 01 02 600,000 0 0
EBAY INC COM 278642103 17 200,000 SH Call DFND 01 02 0 0 0
ELDORADO GOLD CORP NEW COM 284902103 4,604 825,000 SH   DFND 01 02 825,000 0 0
FAMILY DLR STORES INC COM 307000109 1,870 1,000,000 SH Call DFND 01 02 0 0 0
FOREST LABS INC COM 345838106 32,295 350,000 SH   DFND 01 02 350,000 0 0
FOSSIL GROUP INC COM 34988V106 26,237 225,000 SH   DFND 01 02 225,000 0 0
GAP INC DEL COM 364760108 4,006 100,000 SH   DFND 01 02 100,000 0 0
GENERAL ELECTRIC CO COM 369604103 23,301 900,000 SH   DFND 01 02 900,000 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 13,457 772,934 SH   DFND 01 02 772,934 0 0
GENERAL MTRS CO COM 37045V100 455,408 13,230,900 SH   DFND 01 02 13,230,900 0 0
GENERAL MTRS CO COM 37045V100 270 500,000 SH Call DFND 01 02 0 0 0
HD SUPPLY HLDGS INC COM 40416M105 22,228 850,000 SH   DFND 01 02 850,000 0 0
KINROSS GOLD CORP COM NO PAR 496902404 4,140 1,000,000 SH   DFND 01 02 1,000,000 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 45,365 1,090,500 SH   DFND 01 02 1,090,500 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 218 396,500 SH Call DFND 01 02 0 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 42,359 1,040,500 SH   DFND 01 02 1,040,500 0 0
MCDONALDS CORP COM 580135101 39,212 400,000 SH   DFND 01 02 400,000 0 0
MENS WEARHOUSE INC COM 587118100 45,307 925,000 SH   DFND 01 02 925,000 0 0
MFA FINL INC COM 55272X102 20,538 2,650,000 SH   DFND 01 02 2,650,000 0 0
MICRON TECHNOLOGY INC COM 595112103 60,333 2,550,000 SH   DFND 01 02 2,550,000 0 0
MICROSOFT CORP COM 594918104 43,040 1,050,000 SH   DFND 01 02 1,050,000 0 0
MICROSOFT CORP COM 594918104 204 150,000 SH Call DFND 01 02 0 0 0
NATIONAL BK HLDGS CORP CL A 633707104 26,145 1,302,671 SH   DFND 01 02 1,302,671 0 0
NCR CORP NEW COM 62886E108 7,310 200,000 SH   DFND 01 02 200,000 0 0
NEWMONT MINING CORP COM 651639106 4,688 200,000 SH   DFND 01 02 200,000 0 0
OWENS CORNING NEW COM 690742101 4,317 100,000 SH   DFND 01 02 100,000 0 0
PAN AMERICAN SILVER CORP COM 697900108 4,183 325,000 SH   DFND 01 02 325,000 0 0
PENNEY J C INC COM 708160106 78 250,000 SH Call DFND 01 02 0 0 0
PROGENICS PHARMACEUTICALS IN COM 743187106 3,215 785,982 SH   DFND 01 02 785,982 0 0
RIVERBED TECHNOLOGY INC COM 768573107 5,913 300,000 SH   DFND 01 02 300,000 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PFD SER P 780097762 4,335 195,283 PRN   DFND 01 02 0 0 195,283
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 871 38,515 PRN   DFND 01 02 0 0 38,515
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 1,719 77,952 PRN   DFND 01 02 0 0 77,952
SBA COMMUNICATIONS CORP COM 78388J106 726 350,000 SH Call DFND 01 02 0 0 0
SIGNET JEWELERS LIMITED SHS G81276100 10,586 100,000 SH   DFND 01 02 100,000 0 0
SILVER WHEATON CORP COM 828336107 4,540 200,000 SH   DFND 01 02 200,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 3,802 10,600,000 SH Put DFND 01 02 0 0 10,600,000
STARWOOD PPTY TR INC COM 85571B105 31,257 1,325,000 SH   DFND 01 02 1,325,000 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 7,917 275,000 SH   DFND 01 02 275,000 0 0
SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 3,460 400,000 SH   DFND 01 02 400,000 0 0
SUNEDISON INC COM 86732Y109 16,014 850,000 SH   DFND 01 02 850,000 0 0
TALMER BANCORP INC COM 87482X101 44,238 3,021,744 SH   DFND 01 02 3,021,744 0 0
TARGET CORP COM 87612E106 6,051 100,000 SH   DFND 01 02 100,000 0 0
TEREX CORP NEW COM 880779103 8,860 200,000 SH   DFND 01 02 200,000 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 51,920 2,000,000 SH   DFND 01 02 2,000,000 0 0
TIME WARNER CABLE INC COM 88732J207 264,072 1,925,000 SH   DFND 01 02 1,925,000 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 62,240 2,000,000 SH   DFND 01 02 2,000,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 1,251 26,300 SH   DFND 01 02 26,300 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 451 3,600,000 SH Call DFND 01 02 0 0 0
VIOLIN MEMORY INC COM 92763A101 4,800 1,200,000 SH   DFND 01 02 1,200,000 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 2,008 54,545 SH   DFND 01 02 54,545 0 0
WPX ENERGY INC COM 98212B103 248,814 13,800,000 SH   DFND 01 02 13,800,000 0 0
YAMANA GOLD INC COM 98462Y100 6,585 750,000 SH   DFND 01 02 750,000 0 0