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 1,901 111,100 SH   DFND 1 111,100 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 1,937 116,500 SH   DFND 1 116,500 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 2,012 66,900 SH   DFND 1 66,900 0 0
CHIMERA INVT CORP COM NEW 16934Q208 1,991 116,975 SH   DFND 1 116,975 0 0
COLONY CAP INC CL A 19624R106 1,997 98,600 SH   DFND 1 98,600 0 0
DCP MIDSTREAM PARTNERS LP COM UT LTD PTN 23311P100 2,549 66,400 SH   DFND 1 66,400 0 0
ENABLE MIDSTREAM PARTNERS LP COM UNIT RP IN 292480100 2,454 156,000 SH   DFND 1 156,000 0 0
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 2,666 144,700 SH   DFND 1 144,700 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 2,550 94,300 SH   DFND 1 94,300 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 7,954 229,150 SH   DFND 1,2 229,150 0 0
ISHARES TR U.S. PFD STK ETF 464288687 4,868 130,800 SH   DFND 1 130,800 0 0
MFA FINL INC COM 55272X102 2,016 264,100 SH   DFND 1 264,100 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 11,257 662,522 SH   DFND 1,2 662,522 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,010 127,800 SH   DFND 1 127,800 0 0
ONEOK PARTNERS LP UNIT LTD PARTN 68268N103 2,375 55,200 SH   DFND 1 55,200 0 0
PENNYMAC MTG INVT TR COM 70931T103 2,017 123,200 SH   DFND 1 123,200 0 0
REDWOOD TR INC COM 758075402 1,996 131,200 SH   DFND 1 131,200 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 13,203 120,447 SH   DFND 1 120,447 0 0
SKY SOLAR HLDGS LTD SPONSORED ADR 83084J103 1,187 531,846 SH   DFND 1,2 531,846 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 2,513 54,800 SH   DFND 1 54,800 0 0
STARWOOD PPTY TR INC COM 85571B105 2,034 92,629 SH   DFND 1 92,629 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 37,732 2,434,309 SH   DFND 1,2 2,434,309 0 0
SUMMIT MIDSTREAM PARTNERS LP COM UNIT LTD 866142102 2,128 84,600 SH   DFND 1 84,600 0 0
SUNOCO LOGISTICS PRTNRS L P COM UNITS 86764L108 2,515 104,700 SH   DFND 1 104,700 0 0
TWO HBRS INVT CORP COM 90187B101 2,011 230,533 SH   DFND 1 230,533 0 0
VANECK VECTORS ETF TR JR GOLD MINERS E 92189F791 3,051 96,700 SH   DFND 1 96,700 0 0
WILLIAMS PARTNERS L P NEW COM UNIT LTD PAR 96949L105 2,625 69,000 SH   DFND 1 69,000 0 0
THIRD PT REINS LTD COM G8827U100 34,267 2,966,787 SH   DFND 1,2 2,966,787 0 0
THIRD PT REINS LTD COM G8827U100 7,023 608,000 SH   DFND 1 608,000 0 0