The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 | 2,425 | 167,900 | SH | DFND | 1 | 167,900 | 0 | 0 | |
| AMERICAN HOMES 4 RENT | CL A | 02665T306 | 3,599 | 175,704 | SH | DFND | 1 | 175,704 | 0 | 0 | |
| APOLLO COML REAL EST FIN INC | COM | 03762U105 | 2,433 | 151,400 | SH | DFND | 1 | 151,400 | 0 | 0 | |
| ASBURY AUTOMOTIVE GROUP INC | COM | 043436104 | 15,272 | 289,560 | SH | DFND | 1,2 | 289,560 | 0 | 0 | |
| BLACKROCK CORPOR HI YLD FD I | COM | 09255P107 | 2,409 | 230,700 | SH | DFND | 1 | 230,700 | 0 | 0 | |
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 | 2,399 | 86,700 | SH | DFND | 1 | 86,700 | 0 | 0 | |
| CHIMERA INVT CORP | COM NEW | 16934Q208 | 2,456 | 156,375 | SH | DFND | 1 | 156,375 | 0 | 0 | |
| COLONY CAP INC | CL A | 19624R106 | 2,380 | 155,000 | SH | DFND | 1 | 155,000 | 0 | 0 | |
| COLONY STARWOOD HOMES | COM | 19625X102 | 3,675 | 120,800 | SH | DFND | 1 | 120,800 | 0 | 0 | |
| FIRST TR HIGH INCOME L/S FD | COM | 33738E109 | 2,418 | 163,000 | SH | DFND | 1 | 163,000 | 0 | 0 | |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 | 7,842 | 229,150 | SH | DFND | 1,2 | 229,150 | 0 | 0 | |
| ISHARES TR | U.S. PFD STK ETF | 464288687 | 4,723 | 118,400 | SH | DFND | 1 | 118,400 | 0 | 0 | |
| MFA FINL INC | COM | 55272X102 | 2,490 | 342,400 | SH | DFND | 1 | 342,400 | 0 | 0 | |
| MORGAN STANLEY CHINA A SH FD | COM | 617468103 | 11,833 | 662,522 | SH | DFND | 1,2 | 662,522 | 0 | 0 | |
| NEW RESIDENTIAL INVT CORP | COM NEW | 64828T201 | 2,445 | 176,600 | SH | DFND | 1 | 176,600 | 0 | 0 | |
| PENNYMAC MTG INVT TR | COM | 70931T103 | 2,476 | 152,500 | SH | DFND | 1 | 152,500 | 0 | 0 | |
| PIMCO ETF TR | 25YR+ ZERO U S | 72201R882 | 4,635 | 34,200 | SH | DFND | 1 | 34,200 | 0 | 0 | |
| PRUDENTIAL GLB SHT DUR HG YL | COM | 74433A109 | 2,426 | 161,600 | SH | DFND | 1 | 161,600 | 0 | 0 | |
| PRUDENTIAL SHT DURATION HG Y | COM | 74442F107 | 2,420 | 153,200 | SH | DFND | 1 | 153,200 | 0 | 0 | |
| REACHLOCAL INC | COM | 75525F104 | 486 | 106,692 | SH | DFND | 1,2 | 106,692 | 0 | 0 | |
| REDWOOD TR INC | COM | 758075402 | 2,392 | 173,200 | SH | DFND | 1 | 173,200 | 0 | 0 | |
| SPDR GOLD TRUST | GOLD SHS | 78463V107 | 9,495 | 75,077 | SH | DFND | 1 | 75,077 | 0 | 0 | |
| SILVER BAY RLTY TR CORP | COM | 82735Q102 | 3,653 | 214,500 | SH | DFND | 1 | 214,500 | 0 | 0 | |
| SKY SOLAR HLDGS LTD | SPONSORED ADR | 83084J103 | 1,548 | 531,846 | SH | DFND | 27 | 531,846 | 0 | 0 | |
| STARWOOD PPTY TR INC | COM | 85571B105 | 2,396 | 115,629 | SH | DFND | 1 | 115,629 | 0 | 0 | |
| STEEL PARTNERS HLDGS L P | LTD PRTRSHIP U | 85814R107 | 35,689 | 2,434,309 | SH | DFND | 1,2 | 2,434,309 | 0 | 0 | |
| TWO HBRS INVT CORP | COM | 90187B101 | 2,333 | 272,433 | SH | DFND | 1 | 272,433 | 0 | 0 | |
| VANECK VECTORS ETF TR | JR GOLD MINERS E | 92189F791 | 1,189 | 27,900 | SH | DFND | 1 | 27,900 | 0 | 0 | |
| WELLS FARGO INCOME OPPORTUNI | WF INC OPPTY FD | 94987B105 | 2,412 | 305,300 | SH | DFND | 1 | 305,300 | 0 | 0 | |
| THIRD PT REINS LTD | COM | G8827U100 | 50,263 | 4,288,588 | SH | DFND | 1,2 | 4,288,588 | 0 | 0 | |
| THIRD PT REINS LTD | COM | G8827U100 | 6,346 | 541,400 | SH | DFND | 1 | 541,400 | 0 | 0 | |