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 2,645 167,900 SH   DFND 1 167,900 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 3,619 167,204 SH   DFND 1 167,204 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 2,479 151,400 SH   DFND 1 151,400 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 2,554 86,700 SH   DFND 1 86,700 0 0
CHIMERA INVT CORP COM NEW 16934Q208 2,495 156,375 SH   DFND 1 156,375 0 0
COLONY CAP INC CL A 19624R106 2,826 155,000 SH   DFND 1 155,000 0 0
COLONY STARWOOD HOMES COM 19625X102 3,565 124,200 SH   DFND 1 124,200 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 8,710 229,150 SH   DFND 1,2 229,150 0 0
ISHARES TR U.S. PFD STK ETF 464288687 4,863 123,100 SH   DFND 1 123,100 0 0
MFA FINL INC COM 55272X102 2,562 342,400 SH   DFND 1 342,400 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 12,390 662,522 SH   DFND 1,2 662,522 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,439 176,600 SH   DFND 1 176,600 0 0
PENNYMAC MTG INVT TR COM 70931T103 2,598 166,700 SH   DFND 1 166,700 0 0
PIMCO ETF TR 25YR+ ZERO U S 72201R882 4,422 32,700 SH   DFND 1 32,700 0 0
REDWOOD TR INC COM 758075402 2,453 173,200 SH   DFND 1 173,200 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 12,540 99,808 SH   DFND 1 99,808 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 7,744 183,200 SH   DFND 1 183,200 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 3,549 202,400 SH   DFND 1 202,400 0 0
SKY SOLAR HLDGS LTD SPONSORED ADR 83084J103 1,591 531,846 SH   DFND 1,2 531,846 0 0
STARWOOD PPTY TR INC COM 85571B105 2,604 115,629 SH   DFND 1 115,629 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 34,933 2,434,309 SH   DFND 1,2 2,434,309 0 0
TWO HBRS INVT CORP COM 90187B101 2,324 272,433 SH   DFND 1 272,433 0 0
VANECK VECTORS ETF TR JR GOLD MINERS E 92189F791 1,046 23,600 SH   DFND 1 23,600 0 0
THIRD PT REINS LTD COM G8827U100 39,326 3,277,088 SH   DFND 1,2 3,277,088 0 0
THIRD PT REINS LTD COM G8827U100 7,296 608,000 SH   DFND 1 608,000 0 0