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
ACTIVISION BLIZZARD INC COM 00507V109 1,051 29,100 SH   DFND 1 29,100 0 0
ADVANCE AUTO PARTS INC COM 00751Y106 3,805 22,500 SH   SOLE   22,500 0 0
ALTISOURCE ASSET MGMT CORP COM 02153X108 455 8,500 SH   DFND 1 8,500 0 0
AMERICAN ELEC PWR INC COM 025537101 1,091 17,321 SH   DFND 1 17,321 0 0
APACHE CORP COM 037411105 112 1,764 SH   DFND 1 1,764 0 0
APACHE CORP COM 037411105 112 1,765 SH   SOLE   1,765 0 0
AT&T INC COM 00206R102 1,236 29,068 SH   DFND 1 29,068 0 0
AXALTA COATING SYS LTD COM G0750C108 979 36,000 SH   DFND 1 36,000 0 0
AXAR ACQUISITION CORP *W EXP 12/31/202 05455L110 6 75,000 SH   SOLE   75,000 0 0
BANK AMER CORP COM 060505104 707 32,000 SH   DFND 1 32,000 0 0
BASIC ENERGY SVCS INC NEW COM NEW 06985P209 1,735 49,073 SH   DFND 1 49,073 0 0
BASIC ENERGY SVCS INC NEW COM NEW 06985P209 1,735 49,072 SH   SOLE   49,072 0 0
BOJANGLES INC COM 097488100 1,272 68,207 SH   SOLE   68,207 0 0
BOOT BARN HLDGS INC COM 099406100 563 45,000 SH   SOLE   45,000 0 0
BRISTOL MYERS SQIBB CO COM 110122108 468 8,000 SH   DFND 1 8,000 0 0
CATERPILLAR INC DEL COM 149123101 1,179 12,713 SH   DFND 1 12,713 0 0
CHESAPEAKE ENRGY CORP COM 165167107 88 12,500 SH   DFND 1 12,500 0 0
CHESAPEAKE ENRGY CORP COM 165167107 88 12,500 SH   SOLE   12,500 0 0
CHUBB LIMITED COM H1467J104 1,004 7,600 SH   DFND 1 7,600 0 0
CHUBB LIMITED COM H1467J104 4,624 35,000 SH   SOLE   35,000 0 0
COACH INC COM 189754104 1,156 33,000 SH   SOLE   33,000 0 0
COCA COLA CO COM 191216100 998 24,067 SH   DFND 1 24,067 0 0
COEUR MNG INC COM 192108504 954 105,000 SH   DFND 1 105,000 0 0
COEUR MNG INC COM 192108504 954 105,000 SH   SOLE   105,000 0 0
CONOCOPHILLIPS COM 20825C104 728 14,524 SH   DFND 1 14,524 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 1,009 11,630 SH   DFND 1 11,630 0 0
DEERE & CO COM 244199105 1,123 10,902 SH   DFND 1 10,902 0 0
DOW CHEM CO COM 260543103 1,156 20,204 SH   DFND 1 20,204 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 1,021 13,158 SH   DFND 1 13,158 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 1,361 18,537 SH   DFND 1 18,537 0 0
EARTHSTONE ENERGY INC COM NEW 27032D205 710 51,669 SH   DFND 1 51,669 0 0
EARTHSTONE ENERGY INC COM NEW 27032D205 710 51,671 SH   SOLE   51,671 0 0
LILLY ELI & CO COM 532457108 1,038 14,107 SH   DFND 1 14,107 0 0
EMERSON ELEC CO COM 291011104 950 17,034 SH   DFND 1 17,034 0 0
ENTEGRIS INC COM 29362U104 1,121 62,600 SH   SOLE   62,600 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 338 12,500 SH   DFND 1 12,500 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 338 12,500 SH   SOLE   12,500 0 0
EXTRACTION OIL AND GAS INC COM 30227M105 952 47,500 SH   DFND 1 47,500 0 0
EXTRACTION OIL AND GAS INC COM 30227M105 952 47,500 SH   SOLE   47,500 0 0
EXXON MOBIL CORP COM 30231G102 985 10,909 SH   DFND 1 10,909 0 0
FACEBOOK CL A 30303M102 1,420 12,345 SH   DFND 1 12,345 0 0
FERRO CORP COM 315405100 358 25,000 SH   SOLE   25,000 0 0
GASTAR EXPL INC NEW COM 36729W202 16 10,000 SH   DFND 1 10,000 0 0
GASTAR EXPL INC NEW COM 36729W202 16 10,000 SH   SOLE   10,000 0 0
GENERAL ELECTRIC CO COM 369604103 1,253 39,646 SH   DFND 1 39,646 0 0
GENERAL MLS INC COM 370334104 1,173 18,985 SH   DFND 1 18,985 0 0
GENERAL MTRS CO COM 37045V100 436 12,500 SH   DFND 1 12,500 0 0
GENTEX CORP COM 371901109 492 25,000 SH   SOLE   25,000 0 0
HCP INC COM 40414L109 695 23,370 SH   DFND 1 23,370 0 0
HEADWATERS INC COM 42210P102 706 30,000 SH   DFND 1 30,000 0 0
HOSTESS BRANDS INC CL A 44109J106 4,550 350,000 SH   SOLE   350,000 0 0
ICHOR HOLDINGS SHS G4740B105 253 23,368 SH   SOLE   23,368 0 0
INDEPENDENCE CONTRACT DRIL I COM 453415309 1,249 186,483 SH   DFND 1 186,483 0 0
INDEPENDENCE CONTRACT DRIL I COM 453415309 1,249 186,483 SH   SOLE   186,483 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102 4,257 303,200 SH   DFND 1 303,200 0 0
INTEVAC INC COM 461148108 1,817 212,544 SH   SOLE   212,544 0 0
JOHNSON & JOHNSON COM 478160104 1,151 9,989 SH   DFND 1 9,989 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 424 5,000 SH   DFND 1 5,000 0 0
KIMBERLY CLARK CORP COM 494368103 1,027 8,997 SH   DFND 1 8,997 0 0
KINDER MORGAN INC DEL COM 49456B101 777 37,500 SH   DFND 1 37,500 0 0
KINDER MORGAN INC DEL COM 49456B101 777 37,500 SH   SOLE   37,500 0 0
KRAFT HEINZ CO COM 500754106 1,351 15,471 SH   DFND 1 15,471 0 0
LAM RESEARCH CORP COM 512807108 2,115 20,000 SH   SOLE   20,000 0 0
LAREDO PETROLEUM INC COM 516806106 1,823 128,905 SH   DFND 1 128,905 0 0
LAREDO PETROLEUM INC COM 516806106 1,823 128,905 SH   SOLE   128,905 0 0
LOCKHEED MARTIN CORP COM 539830109 1,265 5,061 SH   DFND 1 5,061 0 0
LONESTAR RES US INC CL A VTG 54240F103 1,388 162,500 SH   DFND 1 162,500 0 0
LONESTAR RES US INC CL A VTG 54240F103 1,388 162,500 SH   SOLE   162,500 0 0
MCDONALDS CORP COM 580135101 1,291 10,603 SH   DFND 1 10,603 0 0
MERCK & CO INC COM 58933Y105 1,006 17,096 SH   DFND 1 17,096 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 633 25,000 SH   DFND 1 25,000 0 0
MICRON TECHNOLOGY INC COM 595112103 964 44,000 SH   DFND 1 44,000 0 0
MICRON TECHNOLOGY INC COM 595112103 1,644 75,000 SH   SOLE   75,000 0 0
MICROSOFT CORP COM 594918104 2,672 42,999 SH   DFND 1 42,999 0 0
MOBILEIRON INC COM NEW 60739U204 312 83,155 SH   SOLE   83,155 0 0
MONARCH CASINO & RESORT INC COM 609027107 523 20,300 SH   SOLE   20,300 0 0
NATIONAL GEN HLDGS CORP COM 636220303 307,263 12,295,430 SH   DFND 1 12,295,430 0 0
NEWMONT MINING CORP COM 651639106 1,465 43,001 SH   DFND 1 43,001 0 0
NEWMONT MINING CORP COM 651639106 1,465 42,999 SH   SOLE   42,999 0 0
NORFOLK SOUTHERN CORP COM 655844108 1,316 12,177 SH   DFND 1 12,177 0 0
NUCOR CORP COM 670346105 1,282 21,535 SH   DFND 1 21,535 0 0
OMNICOM GROUP INC COM 681919106 1,097 12,885 SH   DFND 1 12,885 0 0
OVERSEAS SHIPHOLDING GROUP I CL A NEW 69036R863 948 247,412 SH   DFND 1 247,412 0 0
PAYCHEX INC COM 704326107 1,260 20,691 SH   DFND 1 20,691 0 0
PEPSICO INC COM 713448108 2,228 21,290 SH   DFND 1 21,290 0 0
PFIZER INC COM 717081103 945 29,084 SH   DFND 1 29,084 0 0
PROCTER AND GAMBLE CO COM 742718109 982 11,676 SH   DFND 1 11,676 0 0
PVH CORP COM 693656100 271 3,000 SH   SOLE   3,000 0 0
RED LION HOTELS CORP COM 756764106 167 20,000 SH   SOLE   20,000 0 0
REGAL ENTMT GROUP CL A 758766109 2,318 112,500 SH   SOLE   112,500 0 0
S&P GLOBAL INC COM 78409V104 570 5,300 SH   DFND 1 5,300 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 698 30,000 SH   SOLE   30,000 0 0
SHERWIN WILLIAMS CO COM 824348106 1,295 4,820 SH   DFND 1 4,820 0 0
SILVER WHEATON CORP COM 828336107 1,140 58,999 SH   DFND 1 58,999 0 0
SILVER WHEATON CORP COM 828336107 1,140 59,001 SH   SOLE   59,001 0 0
SM ENERGY CO COM 78454L100 1,190 34,500 SH   DFND 1 34,500 0 0
SM ENERGY CO COM 78454L100 1,190 34,500 SH   SOLE   34,500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 9,183 41,080 SH   DFND 1 41,080 0 0
STATE NATL COS INC COM 85711T305 21,457 1,548,099 SH   DFND 1 1,548,099 0 0
STATE NATL COS INC COM 85711T305 6,586 475,180 SH   SOLE   475,180 0 0
SUNOCO LOGISTICS PRTNRS L P COM UNITS 86764L108 1,261 52,500 SH   DFND 1 52,500 0 0
SUNOCO LOGISTICS PRTNRS L P COM UNITS 86764L108 1,261 52,500 SH   SOLE   52,500 0 0
SUPERIOR ENGERY SVCS INC COM 868157108 1,488 88,150 SH   DFND 1 88,150 0 0
SUPERIOR ENGERY SVCS INC COM 868157108 1,488 88,150 SH   SOLE   88,150 0 0
SYSCO CORP COM 871829107 1,393 25,165 SH   DFND 1 25,165 0 0
WENDYS CO COM 95058W100 1,352 100,000 SH   DFND 1 100,000 0 0
WENDYS CO COM 95058W100 338 25,000 SH   SOLE   25,000 0 0
THRESHOLD PHARMACEUTICAL INC COM NEW 885807206 44 100,000 SH   DFND 1 100,000 0 0
TRACTOR SUPPLY CO COM 892356106 1,137 15,000 SH   SOLE   15,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 1,118 9,751 SH   DFND 1 9,751 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 1,095 20,515 SH   DFND 1 20,515 0 0
VERSUM MATLS INC COM 92532W103 477 17,000 SH   DFND 1 17,000 0 0
VERSUM MATLS INC COM 92532W103 3,509 125,000 SH   SOLE   125,000 0 0
WAL-MART STORES INC COM 931142103 952 13,774 SH   DFND 1 13,774 0 0
DISNEY WALT CO COM DISNEY 254687106 521 5,000 SH   DFND 1 5,000 0 0
WASTE MGMT INC DEL COM 94106L109 1,359 19,164 SH   DFND 1 19,164 0 0
WHITEWAVE FOODS CO COM 966244105 1,323 23,800 SH   SOLE   23,800 0 0
WHITING PETE CORP NEW COM 966387102 451 37,500 SH   DFND 1 37,500 0 0
WHITING PETE CORP NEW COM 966387102 451 37,500 SH   SOLE   37,500 0 0
WPX ENERGY INC COM 98212B103 152 10,430 SH   DFND 1 10,430 0 0