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
AERCAP HOLDINGS NV SHS N00985106 36,445 795,921 SH   DFND 1, 2, 3 795,921 0 0
AIR PRODS & CHEMS INC COM 009158106 7,526 55,000 SH   DFND 1, 2, 3 55,000 0 0
ALLERGAN PLC SHS G0177J108 33,134 109,186 SH   DFND 1, 2, 3 109,186 0 0
ALPHA NAT RES INC NOTE 3.750%12/1 02076XAE2 183 2,000,000 PRN   DFND 1, 2, 3 2,000,000 0 0
ALTERA CORP COM 021441100 12,019 234,743 SH   DFND 1, 2, 3 234,743 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 7,480 121,000 SH   DFND 1, 2, 3 121,000 0 0
ASSURED GUARANTY LTD COM G0585R106 4,558 190,000 SH   DFND 1, 2, 3 190,000 0 0
AUTONATION INC COM 05329W102 25,960 412,197 SH   DFND 1, 2, 3 412,197 0 0
AVIS BUDGET GROUP COM 053774105 13,735 311,600 SH   DFND 1, 2, 3 311,600 0 0
AXALTA COATING SYS LTD COM G0750C108 15,909 480,925 SH   DFND 1, 2, 3 480,925 0 0
AXIALL CORP COM 05463D100 5,263 146,000 SH   DFND 1, 2, 3 146,000 0 0
BAKER HUGHES INC COM 057224107 37,562 608,788 SH   DFND 1, 2, 3 608,788 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 4,997 179,622 SH   DFND 1, 2, 3 179,622 0 0
BOSTON SCIENTIFIC CORP COM 101137107 25,046 1,415,000 SH   DFND 1, 2, 3 1,415,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 9,281 134,000 SH   DFND 1, 2, 3 134,000 0 0
CIGNA CORPORATION COM 125509109 25,944 160,147 SH   DFND 1, 2, 3 160,147 0 0
COLONY CAP INC CL A 19624R106 40,608 1,792,840 SH   DFND 1, 2, 3 1,792,840 0 0
DANAHER CORP DEL COM 235851102 4,151 48,500 SH   DFND 1, 2, 3 48,500 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 47,356 1,152,766 SH   DFND 1, 2, 3 1,152,766 0 0
DOW CHEM CO COM 260543103 9,927 194,000 SH   DFND 1, 2, 3 194,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 41,673 1,391,413 SH   DFND 1, 2, 3 1,391,413 0 0
ENDO INTL PLC SHS G30401106 10,163 127,600 SH   DFND 1, 2, 3 127,600 0 0
EOG RES INC COM 26875P101 9,455 108,000 SH   DFND 1, 2, 3 108,000 0 0
FEDEX CORP COM 31428X106 6,816 40,000 SH   DFND 1, 2, 3 40,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 9,336 44,717 SH   DFND 1, 2, 3 44,717 0 0
GOOGLE INC CL C 38259P706 15,907 30,561 SH   DFND 1, 2, 3 30,561 0 0
GULFPORT ENERGY CORP COM NEW 402635304 16,136 400,900 SH   DFND 1, 2, 3 400,900 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 18,790 452,000 SH   DFND 1, 2, 3 452,000 0 0
HCA HOLDINGS INC COM 40412C101 2,658 29,300 SH   DFND 1, 2, 3 29,300 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 13,844 764,000 SH   DFND 1, 2, 3 764,000 0 0
HMS HLDGS CORP COM 40425J101 2,346 136,625 SH   DFND 1, 2, 3 136,625 0 0
HOME DEPOT INC COM 437076102 6,323 56,900 SH   DFND 1, 2, 3 56,900 0 0
ICONIX BRAND GROUP INC COM 451055107 4,784 191,600 SH   DFND 1, 2, 3 191,600 0 0
ISHARES TR 20+ YR TR BD ETF 464287432 9,456 80,500 SH   DFND 1, 2, 3 80,500 0 0
KAR AUCTION SVCS INC COM 48238T109 27,100 724,597 SH   DFND 1, 2, 3 724,597 0 0
LEAR CORP COM NEW 521865204 22,037 196,300 SH   DFND 1, 2, 3 196,300 0 0
LENDINGCLUB CORP COM 52603A109 2,655 180,000 SH   DFND 1, 2, 3 180,000 0 0
LENNOX INTL INC COM 526107107 2,154 20,000 SH   DFND 1, 2, 3 20,000 0 0
MAGNA INTL INC COM 559222401 21,724 387,300 SH   DFND 1, 2, 3 387,300 0 0
MASTERCARD INC CL A 57636Q104 23,445 250,800 SH   DFND 1, 2, 3 250,800 0 0
MEDTRONIC PLC SHS G5960L103 19,822 267,500 SH   DFND 1, 2, 3 267,500 0 0
METHANEX CORP COM 59151K108 8,830 158,646 SH   DFND 1, 2, 3 158,646 0 0
MFA FINL INC COM 55272X102 2,254 305,000 SH   DFND 1, 2, 3 305,000 0 0
MGIC INVT CORP WIS COM 552848103 28,395 2,495,203 SH   DFND 1, 2, 3 2,495,203 0 0
MOSAIC CO NEW COM 61945C103 7,023 149,900 SH   DFND 1, 2, 3 149,900 0 0
PBF ENERGY INC CL A 69318G106 1,705 60,000 SH   DFND 1, 2, 3 60,000 0 0
PHILLIPS 66 COM 718546104 33,811 419,700 SH   DFND 1, 2, 3 419,700 0 0
PPG INDS INC COM 693506107 17,323 151,000 SH   DFND 1, 2, 3 151,000 0 0
RADIAN GROUP INC COM 750236101 22,953 1,223,500 SH   DFND 1, 2, 3 1,223,500 0 0
RESMED INC COM 761152107 4,228 75,000 SH   DFND 1, 2, 3 75,000 0 0
RESOURCE AMERICA INC CL A 761195205 807 96,000 SH   DFND 1, 2, 3 96,000 0 0
SOUTHWEST AIRLS CO COM 844741108 23,825 720,000 SH   DFND 1, 2, 3 720,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 37,442 333,200 SH   DFND 1, 2, 3 333,200 0 0
SPIRIT AIRLS INC COM 848577102 6,123 98,600 SH   DFND 1, 2, 3 98,600 0 0
SS&C TECHNOLOGIES HLDGS INC COM 78467J100 3,875 62,000 SH   DFND 1, 2, 3 62,000 0 0
STARWOOD PPTY TR INC COM 85571B105 18,827 872,852 SH   DFND 1, 2, 3 872,852 0 0
SUNEDISON INC COM 86732Y109 15,721 525,595 SH   DFND 1, 2, 3 525,595 0 0
TEEKAY CORPORATION COM Y8564W103 4,492 104,913 SH   DFND 1, 2, 3 104,913 0 0
TESLA MTRS INC COM 88160R101 5,365 20,000 SH   DFND 1, 2, 3 20,000 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 9,382 72,300 SH   DFND 1, 2, 3 72,300 0 0
U S G CORP COM NEW 903293405 14,308 514,865 SH   DFND 1, 2, 3 514,865 0 0
VALERO ENERGY CORP NEW COM 91913Y100 17,716 283,000 SH   DFND 1, 2, 3 283,000 0 0
VCA INC COM 918194101 11,265 207,064 SH   DFND 1, 2, 3 207,064 0 0
VISA INC COM CL A 92826C839 9,018 134,300 SH   DFND 1, 2, 3 134,300 0 0
VISTEON CORP COM NEW 92839U206 30,965 294,960 SH   DFND 1, 2, 3 294,960 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 4,644 55,000 SH   DFND 1, 2, 3 55,000 0 0
WHITING PETE CORP NEW COM 966387102 12,432 370,000 SH   DFND 1, 2, 3 370,000 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 18,190 318,000 SH   DFND 1, 2, 3 318,000 0 0
GRACE W R & CO DEL NEW COM 38388F108 27,161 270,800 SH   DFND 1, 2, 3 270,800 0 0
YAHOO INC COM 984332106 25,545 650,155 SH   DFND 1, 2, 3 650,155 0 0
YUM BRANDS INC COM 988498101 3,153 35,000 SH   DFND 1, 2, 3 35,000 0 0