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
AG MTG INVT TR INC COM 001228105 2,333 178,500 SH   DFND 1 178,500 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 4,088 257,104 SH   DFND 1 257,104 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 2,320 142,300 SH   DFND 1 142,300 0 0
ASBURY AUTOMOTIVE GROUP INC COM 043436104 17,789 297,260 SH   DFND 1,2 297,260 0 0
BLACKROCK CORPOR HI YLD FD I COM 09255P107 3,458 346,800 SH   DFND 1 346,800 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 2,329 86,700 SH   DFND 1 86,700 0 0
CHIMERA INVT CORP COM NEW 16934Q208 2,344 172,475 SH   DFND 1 172,475 0 0
COLONY CAP INC CL A 19624R106 2,340 139,500 SH   DFND 1 139,500 0 0
COLONY STARWOOD HOMES COM 19625X102 4,017 162,300 SH   DFND 1 162,300 0 0
FIRST TR ENERGY INFRASTRCTR COM 33738C103 3,453 223,870 SH   DFND 1 223,870 0 0
FIRST TR HIGH INCOME L/S FD COM 33738E109 3,410 233,200 SH   DFND 1 233,200 0 0
FIRST TR ENERGY INCOME & GRW COM 33738G104 2,267 97,188 SH   DFND 1 97,188 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 7,738 229,150 SH   DFND 1,2 229,150 0 0
ISHARES TR U.S. PFD STK ETF 464288687 4,622 118,400 SH   DFND 1 118,400 0 0
MFA FINL INC COM 55272X102 2,346 342,400 SH   DFND 1 342,400 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57061R544 2,251 80,800 SH   DFND 1 80,800 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 11,210 662,522 SH   DFND 1,2 662,522 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,258 194,100 SH   DFND 1 194,100 0 0
PENNYMAC MTG INVT TR COM 70931T103 2,307 169,100 SH   DFND 1 169,100 0 0
PIMCO ETF TR 25YR+ ZERO U S 72201R882 4,675 37,600 SH   DFND 1 37,600 0 0
PRUDENTIAL GLB SHT DUR HG YL COM 74433A109 3,532 237,300 SH   DFND 1 237,300 0 0
PRUDENTIAL SHT DURATION HG Y COM 74442F107 3,502 227,400 SH   DFND 1 227,400 0 0
REACHLOCAL INC COM 75525F104 191 106,692 SH   DFND 1,2 106,692 0 0
REDWOOD TR INC COM 758075402 2,266 173,200 SH   DFND 1 173,200 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 7,031 59,763 SH   DFND 1 59,763 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 4,139 278,700 SH   DFND 1 278,700 0 0
SKY SOLAR HLDGS LTD SPONSORED ADR 83084J103 1,577 697,522 SH   DFND 1,2 697,522 0 0
STARWOOD PPTY TR INC COM 85571B105 2,360 124,629 SH   DFND 1 124,629 0 0
TWO HBRS INVT CORP COM 90187B101 2,356 296,633 SH   DFND 1 296,633 0 0
WELLS FARGO INCOME OPPORTUNI WF INC OPPTY FD 94987B105 3,455 456,400 SH   DFND 1 456,400 0 0
THIRD PT REINS LTD COM G8827U100 6,156 541,400 SH   DFND 1 541,400 0 0