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 11,560 13,805 SH   DFND 1 13,805 0 0
AMAZON COM INC COM 023135106 207,067 247,300 SH Call DFND 1 0 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 73,647 2,011,650 SH   DFND 1 2,011,650 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 1,290 66,000 SH   DFND 1 66,000 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 3,197 178,000 SH   DFND 1 178,000 0 0
APPLE INC COM 037833100 970 8,580 SH   DFND 1 8,580 0 0
APPLE INC COM 037833100 400,728 3,544,700 SH Call DFND 1 0 0 0
ARLINGTON ASSET INVT CORP CL A NEW 041356205 2,367 160,000 SH   DFND 1 160,000 0 0
BGC PARTNERS INC CL A 05541T101 1,981 226,400 SH   DFND 1 226,400 0 0
BANK AMER CORP COM 060505104 61,063 3,901,775 SH   DFND 1 3,901,775 0 0
BLUCORA INC NOTE 4.250% 4/0 095229AB6 1,919 2,000,000 PRN   DFND 1 2,000,000 0 0
CIGNA CORPORATION COM 125509109 707 5,420 SH   DFND 1 5,420 0 0
CYS INVTS INC COM 12673A108 2,006 230,000 SH   DFND 1 230,000 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 1,340 86,000 SH   DFND 1 86,000 0 0
CHIMERA INVT CORP COM NEW 16934Q208 3,350 210,000 SH   DFND 1 210,000 0 0
CITIGROUP INC COM NEW 172967424 47,495 1,005,600 SH   DFND 1 1,005,600 0 0
COMMUNICATIONS SALES&LEAS IN COM 20341J104 1,067 33,940 SH   DFND 1 33,940 0 0
COMPASS DIVERSIFIED HOLDINGS SH BEN INT 20451Q104 1,565 90,000 SH   DFND 1 90,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 79,230 2,012,950 SH   DFND 1 2,012,950 0 0
ENDURANCE INTL GROUP HLDGS I COM 29272B105 53,948 6,165,375 SH   DFND 1 6,165,375 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 3,345 677,000 SH   DFND 1 677,000 0 0
FORTRESS TRANS INFRST INVS L COM REP LTD LIAB 34960P101 4,917 393,000 SH   DFND 1 393,000 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 1,352 325,000 SH   DFND 1 325,000 0 0
FRONTIER COMMUNICATIONS CORP PFD CONV SER-A 35906A207 2,350 28,000 SH   DFND 1 28,000 0 0
GEO GROUP INC NEW COM 36162J106 2,188 92,000 SH   DFND 1 92,000 0 0
GAMESTOP CORP NEW CL A 36467W109 32,008 1,160,125 SH   DFND 1 1,160,125 0 0
GENWORTH FINL INC COM CL A 37247D106 77,834 15,692,250 SH   DFND 1 15,692,250 0 0
GILEAD SCIENCES INC COM 375558103 37,230 470,550 SH   DFND 1 470,550 0 0
INTREXON CORP COM 46122T102 86,160 3,074,925 SH   DFND 1 3,074,925 0 0
JMP GROUP LLC COM 46629U107 1,656 300,000 SH   DFND 1 300,000 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 57,494 2,334,275 SH   DFND 1 2,334,275 0 0
JD COM INC SPON ADR CL A 47215P106 27,069 1,037,500 SH   DFND 1 1,037,500 0 0
LENNAR CORP CL A 526057104 68,361 1,614,550 SH   DFND 1 1,614,550 0 0
MGIC INVT CORP WIS COM 552848103 65,064 8,132,900 SH   DFND 1 8,132,900 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 1,956 75,000 SH   DFND 1 75,000 0 0
MVC CAPITAL INC COM 553829102 1,183 142,600 SH   DFND 1 142,600 0 0
MEDLEY CAP CORP COM 58503F106 2,006 262,834 SH   DFND 1 262,834 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 35,550 2,400,350 SH   DFND 1 2,400,350 0 0
NEW MEDIA INVT GROUP INC COM 64704V106 3,984 257,000 SH   DFND 1 257,000 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 3,077 222,750 SH   DFND 1 222,750 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 3,312 251,450 SH   DFND 1 251,450 0 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 824 139,400 SH   DFND 1 139,400 0 0
ONEMAIN HLDGS INC COM 68268W103 87,600 2,830,350 SH   DFND 1 2,830,350 0 0
PANDORA MEDIA INC COM 698354107 78,738 5,494,625 SH   DFND 1 5,494,625 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 24,793 1,457,550 SH   DFND 1 1,457,550 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 58,726 7,241,175 SH   DFND 1 7,241,175 0 0
PULTE GROUP INC COM 745867101 77,939 3,889,150 SH   DFND 1 3,889,150 0 0
QUOTIENT TECHNOLOGY INC COM 749119103 83,622 6,282,625 SH   DFND 1 6,282,625 0 0
RADIAN GROUP INC COM 750236101 21,490 1,585,975 SH   DFND 1 1,585,975 0 0
STARWOOD PPTY TR INC COM 85571B105 3,270 145,200 SH   DFND 1 145,200 0 0
TRI POINTE GROUP INC COM 87265H109 26,725 2,027,650 SH   DFND 1 2,027,650 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 39,187 2,226,525 SH   DFND 1 2,226,525 0 0
TRIANGLE CAP CORP COM 895848109 3,631 184,278 SH   DFND 1 184,278 0 0
TRIPLEPOINT VENTURE GROWTH B COM 89677Y100 1,301 122,711 SH   DFND 1 122,711 0 0
TWITTER INC COM 90184L102 42,391 1,839,049 SH   DFND 1 1,839,049 0 0
TWITTER INC COM 90184L102 77,679 3,370,000 SH Call DFND 1 0 0 0
UNITED CONTL HLDGS INC COM 910047109 70,521 1,344,025 SH   DFND 1 1,344,025 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 56,254 2,291,400 SH   DFND 1 2,291,400 0 0
VEREIT INC COM 92339V100 3,993 385,000 SH   DFND 1 385,000 0 0
ZIOPHARM ONCOLOGY INC COM 98973P101 28,184 5,005,921 SH   DFND 1 5,005,921 0 0
ENDO INTL PLC SHS G30401106 35,332 1,753,425 SH   DFND 1 1,753,425 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 31,306 812,075 SH   DFND 1 812,075 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 31,739 4,959,125 SH   DFND 1 4,959,125 0 0
NXP SEMICONDUCTORS N V COM N6596X109 82,111 804,925 SH   DFND 1 804,925 0 0