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
CAESARS ACQUISITION CO CL A 12768T103 7,609 1,071,663 SH   DFND 1 1,071,663 0 0
CAESARS ACQUISITION CO CL A 12768T103 8,907 1,254,472 SH   SOLE   1,254,472 0 0
CAESARS ENTMT CORP COM 127686103 423 71,628 SH   DFND 1 71,628 0 0
CAESARS ENTMT CORP COM 127686103 482 81,732 SH   SOLE   81,732 0 0
CALPINE CORP COM NEW 131347304 13,178 902,600 SH Put DFND 1 902,600 0 0
CALPINE CORP COM NEW 131347304 16,022 1,097,400 SH Put SOLE   1,097,400 0 0
CHC GROUP LTD SHS G07021101 235 391,661 SH   DFND 1 391,661 0 0
CHC GROUP LTD SHS G07021101 266 442,758 SH   SOLE   442,758 0 0
CHENIERE ENERGY PTNRS LP HLD COM REP LLC IN 16411W108 20,940 1,101,535 SH   DFND 1 1,101,535 0 0
CHENIERE ENERGY PTNRS LP HLD COM REP LLC IN 16411W108 27,064 1,423,668 SH   SOLE   1,423,668 0 0
CHIMERA INVT CORP COM NEW 16934Q208 2,778 207,800 SH   SOLE   207,800 0 0
CIVEO CORP CDA COM 17878Y108 1,443 975,157 SH   DFND 1 975,157 0 0
CIVEO CORP CDA COM 17878Y108 1,588 1,073,027 SH   SOLE   1,073,027 0 0
CREDIT SUISSE NASSAU BRH INVRS VIX STERM 22542D795 1,218 50,000 SH   SOLE   50,000 0 0
DIREXION SHS ETF TR DLY RUSSIA BUL14 25459Y140 118 8,672 SH   DFND 1 8,672 0 0
DIREXION SHS ETF TR DLY RUSSIA BUL14 25459Y140 561 41,328 SH   SOLE   41,328 0 0
DIREXION SHS ETF TR DLY RUSSIA BUL14 25459Y140 121 8,900 SH Call DFND 1 8,900 0 0
DIREXION SHS ETF TR DLY RUSSIA BUL14 25459Y140 574 42,300 SH Call SOLE   42,300 0 0
ISHARES MSCI BRZ CAP ETF 464286400 1,332 60,700 SH Call DFND 1 60,700 0 0
ISHARES MSCI BRZ CAP ETF 464286400 6,350 289,300 SH Call SOLE   289,300 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 570 17,400 SH Call DFND 1 17,400 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 2,708 82,600 SH Call SOLE   82,600 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 137 20,753 SH   DFND 1 20,753 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 525 79,247 SH   SOLE   79,247 0 0
LADDER CAP CORP CL A 505743104 1,913 133,563 SH   SOLE   133,563 0 0
LINNCO LLC COM SHS LTD INT 535782106 722 266,257 SH   DFND 1 266,257 0 0
LINNCO LLC COM SHS LTD INT 535782106 736 271,749 SH   SOLE   271,749 0 0
NABORS INDUSTRIES LTD SHS G6359F103 699 73,957 SH   DFND 1 73,957 0 0
NABORS INDUSTRIES LTD SHS G6359F103 739 78,214 SH   SOLE   78,214 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,812 214,635 SH   SOLE   214,635 0 0
NMI HLDGS INC CL A 629209305 5,974 786,095 SH   DFND 1 786,095 0 0
NMI HLDGS INC CL A 629209305 7,116 936,255 SH   SOLE   936,255 0 0
PARAGON OFFSHORE PLC SHS G6S01W108 59 245,078 SH   DFND 1 245,078 0 0
PARAGON OFFSHORE PLC SHS G6S01W108 61 254,319 SH   SOLE   254,319 0 0
PENNYMAC MTG INVT TR COM 70931T103 1,547 100,000 SH   SOLE   100,000 0 0
PIONEER NAT RES CO COM 723787107 8,243 67,765 SH   DFND 1 67,765 0 0
PIONEER NAT RES CO COM 723787107 8,354 68,682 SH   SOLE   68,682 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 22,660 1,000,000 SH Call SOLE   1,000,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 143,693 750,000 SH Put SOLE   750,000 0 0
SPRINT CORP COM SER 1 85207U105 3,292 857,400 SH Put DFND 1 857,400 0 0
SPRINT CORP COM SER 1 85207U105 2,468 642,600 SH Put SOLE   642,600 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 605 41,565 SH   DFND 1 41,565 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 2,884 198,101 SH   SOLE   198,101 0 0
VALE S A ADR 91912E105 68 16,175 SH   DFND 1 16,175 0 0
VALE S A ADR 91912E105 352 83,825 SH   SOLE   83,825 0 0
W & T OFFSHORE INC COM 92922P106 1,610 536,814 SH   DFND 1 536,814 0 0
W & T OFFSHORE INC COM 92922P106 1,808 602,546 SH   SOLE   602,546 0 0