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
BLACKSTONE GROUP INC COM CL A 09260D107 5,220 100,000 SH   DFND   100,000 0 0
COVANTA HLDG CORP COM 22282E102 100,356 12,949,182 SH   DFND   12,949,182 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 68,820 2,584,300 SH   DFND   2,584,300 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 104,564 1,705,774 SH   DFND   1,705,774 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 109,359 1,784,000 SH   DFND 3 1,784,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 192 3,738 SH   DFND   3,738 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 61,954 1,206,968 SH   DFND 3 1,206,968 0 0
EXTERRAN CORP COM 30227H106 29,775 7,157,415 SH   DFND   7,157,415 0 0
GENIE ENERGY LTD CL B 372284208 1,544 193,000 SH   DFND   193,000 0 0
GRANITESHARES ETF TR XOUT US LRG CP 38747R603 2,545 78,961 SH   DFND   78,961 0 0
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 24,837 117,896 SH   DFND   117,896 0 0
ISHARES INC CORE MSCI EMKT 46434G103 16,179 306,416 SH   DFND   306,416 0 0
KKR & CO INC COM 48251W104 1,717 50,000 SH   DFND   50,000 0 0
NOVAGOLD RES INC COM NEW 66987E206 4,756 400,000 SH   DFND   400,000 0 0
PAR PACIFIC HOLDINGS INC COM NEW 69888T207 88,324 13,046,376 SH   DFND   13,046,376 0 0
PROSHARES TR ULTRASHRT S&P500 74347B383 678 42,500 SH   DFND   42,500 0 0
PROSHARES TR ULTSHRT QQQ 74347B243 236 25,000 SH   DFND   25,000 0 0
SPDR GOLD TR GOLD SHS 78463V107 6,199 35,000 SH   DFND   35,000 0 0
TRILOGY METALS INC NEW COM 89621C105 89 49,999 SH   DFND   49,999 0 0
TURQUOISE HILL RES LTD COM 900435108 423 500,000 SH   DFND   500,000 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769 54,658 320,935 SH   DFND   320,935 0 0
VANGUARD TAX-MANAGED INTL FD FTSE DEV MKT ETF 921943858 15,453 377,813 SH   DFND   377,813 0 0
VANGUARD WORLD FDS HEALTH CAR ETF 92204A504 4,153 20,359 SH   DFND   20,359 0 0
WESCO INTL INC COM 95082P105 12,116 275,245 SH   DFND   275,245 0 0