ALLERGAN PLC SHS G0177J108 1721 9000 SH DFND 9000 0 0 ALLERGAN PLC SHS G0177J108 2638 13800 SH Put DFND 13800 0 0 ALPS ETF TR ALERIAN MLP 00162Q866 9903 1165000 SH DFND 1165000 0 0 ARCH CAP GROUP LTD ORD G0450A105 1844 43000 SH DFND 43000 0 0 BAUSCH HEALTH COS INC COM 071734107 359 12000 SH Put DFND 12000 0 0 BMC STK HLDGS INC COM 05591B109 459 16000 SH DFND 16000 0 0 BUILDERS FIRSTSOURCE INC COM 12008R107 1525 60000 SH DFND 60000 0 0 CALIFORNIA RES CORP COM NEW 13057Q206 1355 150000 SH Put DFND 150000 0 0 CAMDEN PPTY TR SH BEN INT 133131102 17135 161500 SH DFND 161500 0 0 CENTURY CMNTYS INC COM 156504300 2247 82174 SH DFND 82174 0 0 D R HORTON INC COM 23331A109 18551 351679 SH DFND 351679 0 0 ESSENT GROUP LTD COM G3198U102 1924 37000 SH DFND 37000 0 0 FORD MTR CO DEL COM 345370860 17452 1876600 SH Put DFND 1876600 0 0 GENERAL ELECTRIC CO COM 369604103 10481 939200 SH Put DFND 939200 0 0 HOME DEPOT INC COM 437076102 1638 7500 SH DFND 7500 0 0 INVESCO QQQ TR UNIT SER 1 46090E103 7229 34000 SH Call DFND 34000 0 0 INVITATION HOMES INC COM 46187W107 1588 53000 SH DFND 53000 0 0 ISHARES TR IBOXX HI YD ETF 464288513 54847 623688 SH DFND 623688 0 0 ISHARES TR IBOXX INV CP ETF 464287242 4599 35941 SH DFND 35941 0 0 ISHARES TR MSCI EMG MKT ETF 464287234 222555 4960000 SH DFND 4960000 0 0 ISHARES TR US HOME CONS ETF 464288752 4160 93650 SH DFND 93650 0 0 ISHARES TR IBOXX HI YD ETF 464288513 3632 41300 SH Put DFND 41300 0 0 ISHARES TR RUSSELL 2000 ETF 464287655 12955 78200 SH Call DFND 78200 0 0 ISHARES TR RUSSELL 2000 ETF 464287655 4970 30000 SH Put DFND 30000 0 0 KB HOME COM 48666K109 13547 395297 SH DFND 395297 0 0 KB HOME COM 48666K109 343 10000 SH Put DFND 10000 0 0 LENNAR CORP CL A 526057104 10276 184196 SH DFND 184196 0 0 LGI HOMES INC COM 50187T106 1421 20120 SH DFND 20120 0 0 LYON WILLIAM HOMES CL A NEW 552074700 2199 110067 SH DFND 110067 0 0 M D C HLDGS INC COM 552676108 6843 179331 SH DFND 179331 0 0 MASCO CORP COM 574599106 6704 139690 SH DFND 139690 0 0 MERITAGE HOMES CORP COM 59001A102 7823 128016 SH DFND 128016 0 0 MGIC INVT CORP WIS COM 552848103 1913 135000 SH DFND 135000 0 0 MID AMER APT CMNTYS INC COM 59522J103 22258 168800 SH DFND 168800 0 0 NMI HLDGS INC CL A 629209305 995 30000 SH DFND 30000 0 0 OWENS CORNING NEW COM 690742101 456 7000 SH DFND 7000 0 0 PENNEY J C CORP INC COM 708160106 417 372400 SH Put DFND 372400 0 0 PULTE GROUP INC COM 745867101 13848 356896 SH DFND 356896 0 0 RADIAN GROUP INC COM 750236101 1635 65000 SH DFND 65000 0 0 REALOGY HLDGS CORP COM 75605Y106 2960 305753 SH DFND 305753 0 0 SELECT SECTOR SPDR TR ENERGY 81369Y506 15010 250000 SH DFND 250000 0 0 SELECT SECTOR SPDR TR ENERGY 81369Y506 6004 100000 SH Call DFND 100000 0 0 SIMON PPTY GROUP INC NEW COM 828806109 9087 61000 SH DFND 61000 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 250729 779000 SH DFND 779000 0 0 SPDR SERIES TRUST S&P HOMEBUILD 78464A888 3345 73500 SH DFND 73500 0 0 SPDR SERIES TRUST S&P REGL BKG 78464A698 2825 48500 SH Call DFND 48500 0 0 TAYLOR MORRISON HOME CORP COM 87724P106 5971 273146 SH DFND 273146 0 0 TESLA INC COM 88160R101 14642 35000 SH Put DFND 35000 0 0 TOLL BROTHERS INC COM 889478103 8674 219549 SH DFND 219549 0 0 TRI POINTE GROUP INC COM 87265H109 2715 174279 SH DFND 174279 0 0 WALGREENS BOOTS ALLIANCE INC COM 931427108 884 15000 SH Call DFND 15000 0 0