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 38,936 1,004,553 SH   SOLE 1, 2, 3 1,004,553 0 0
AETNA INC NEW COM 00817Y108 19,381 172,502 SH   SOLE 1, 2, 3 172,502 0 0
AIR METHODS CORP COM PAR $.06 009128307 1,116 30,818 SH   SOLE 1, 2, 3 30,818 0 0
ALLERGAN PLC SHS G0177J108 8,458 31,558 SH   SOLE 1, 2, 3 31,558 0 0
ALPHABET INC CAP STK CL C 02079K107 42,984 57,700 SH   SOLE 1, 2, 3 57,700 0 0
ANTHEM INC COM 036752103 35,410 254,763 SH   SOLE 1, 2, 3 254,763 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 5,686 423,685 SH   SOLE 1, 2, 3 423,685 0 0
ASBURY AUTOMOTIVE GROUP INC COM 043436104 20,121 336,252 SH   SOLE 1, 2, 3 336,252 0 0
ASSURED GUARANTY LTD COM G0585R106 26,568 1,050,124 SH   SOLE 1, 2, 3 1,050,124 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 17,836 664,038 SH   SOLE 1, 2, 3 664,038 0 0
BOSTON SCIENTIFIC CORP COM 101137107 33,331 1,772,000 SH   SOLE 1, 2, 3 1,772,000 0 0
CALPINE CORP COM NEW 131347304 8,545 563,258 SH   SOLE 1, 2, 3 563,258 0 0
CF INDS HLDGS INC COM 125269100 14,887 475,000 SH   SOLE 1, 2, 3 475,000 0 0
CHEVRON CORP NEW COM 166764100 6,640 69,600 SH   SOLE 1, 2, 3 69,600 0 0
CHUBB LIMITED COM H1467J104 15,156 127,200 SH   SOLE 1, 2, 3 127,200 0 0
COLONY CAP INC CL A 19624R106 37,842 2,256,502 SH   SOLE 1, 2, 3 2,256,502 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 3,156 71,300 SH   SOLE 1, 2, 3 71,300 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 48,012 986,268 SH   SOLE 1, 2, 3 986,268 0 0
DIAMOND RESORTS INTL INC COM 25272T104 10,087 415,090 SH   SOLE 1, 2, 3 415,090 0 0
DYNEGY INC NEW DEL COM 26817R108 15,455 1,075,470 SH   SOLE 1, 2, 3 1,075,470 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 11,706 478,000 SH   SOLE 1, 2, 3 478,000 0 0
FEDEX CORP COM 31428X106 11,181 68,712 SH   SOLE 1, 2, 3 68,712 0 0
GENER8 MARITIME INC COM Y26889108 1,736 245,888 SH   SOLE 1, 2, 3 245,888 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 32,024 204,000 SH   SOLE 1, 2, 3 204,000 0 0
GULFPORT ENERGY CORP COM NEW 402635304 2,012 71,000 SH   SOLE 1, 2, 3 71,000 0 0
LAM RESEARCH CORP COM 512807108 7,186 87,000 SH   SOLE 1, 2, 3 87,000 0 0
MAGNA INTL INC COM 559222401 31,107 724,100 SH   SOLE 1, 2, 3 724,100 0 0
MFA FINL INC COM 55272X102 9,104 1,329,000 SH   SOLE 1, 2, 3 1,329,000 0 0
MGIC INVT CORP WIS COM 552848103 25,723 3,353,725 SH   SOLE 1, 2, 3 3,353,725 0 0
PBF ENERGY INC CL A 69318G106 12,756 384,202 SH   SOLE 1, 2, 3 384,202 0 0
PDC ENERGY INC COM 69327R101 11,456 192,704 SH   SOLE 1, 2, 3 192,704 0 0
PPG INDS INC COM 693506107 50,518 453,116 SH   SOLE 1, 2, 3 453,116 0 0
PROSHARES TR PSHS ULTSH 20YRS 74347B201 3,981 108,000 SH   SOLE 1, 2, 3 108,000 0 0
SILVER RUN ACQUISITION CORP UNIT 99/99/9999T 82811P200 12,580 1,215,500 SH   SOLE 1, 2, 3 1,215,500 0 0
SOUTHWEST AIRLS CO COM 844741108 9,961 222,349 SH   SOLE 1, 2, 3 222,349 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 63,290 538,000 SH   SOLE 1, 2, 3 538,000 0 0
STARWOOD PPTY TR INC COM 85571B105 21,047 1,111,852 SH   SOLE 1, 2, 3 1,111,852 0 0
STEEL DYNAMICS INC COM 858119100 2,251 100,000 SH   SOLE 1, 2, 3 100,000 0 0
SUNEDISON INC NOTE 2.000%10/0 86732YAC3 175 4,000,000 PRN   SOLE 1, 2, 3 4,000,000 0 0
TEEKAY OFFSHORE PARTNERS L P PARTNERSHIP UN Y8565J101 5,969 1,052,706 SH   SOLE 1, 2, 3 1,052,706 0 0
TRAVELPORT WORLDWIDE LTD SHS G9019D104 10,203 746,922 SH   SOLE 1, 2, 3 746,922 0 0
UNITED CONTL HLDGS INC COM 910047109 8,919 149,000 SH   SOLE 1, 2, 3 149,000 0 0
VALERO ENERGY CORP NEW COM 91913Y100 14,053 219,100 SH   SOLE 1, 2, 3 219,100 0 0
VIRGIN AMER INC COM VTG 92765X208 4,110 106,600 SH   SOLE 1, 2, 3 106,600 0 0
WESTLAKE CHEM CORP COM 960413102 6,236 134,680 SH   SOLE 1, 2, 3 134,680 0 0
YAHOO INC COM 984332106 15,825 429,920 SH   SOLE 1, 2, 3 429,920 0 0