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 |
| ALLERGAN PLC | SHS | G0177J108 | 1,721 | 9,000 | SH | DFND | 9,000 | 0 | 0 | ||
| ALLERGAN PLC | SHS | G0177J108 | 2,638 | 13,800 | SH | Put | DFND | 13,800 | 0 | 0 | |
| ALPS ETF TR | ALERIAN MLP | 00162Q866 | 9,903 | 1,165,000 | SH | DFND | 1,165,000 | 0 | 0 | ||
| ARCH CAP GROUP LTD | ORD | G0450A105 | 1,844 | 43,000 | SH | DFND | 43,000 | 0 | 0 | ||
| BAUSCH HEALTH COS INC | COM | 071734107 | 359 | 12,000 | SH | Put | DFND | 12,000 | 0 | 0 | |
| BMC STK HLDGS INC | COM | 05591B109 | 459 | 16,000 | SH | DFND | 16,000 | 0 | 0 | ||
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 | 1,525 | 60,000 | SH | DFND | 60,000 | 0 | 0 | ||
| CALIFORNIA RES CORP | COM NEW | 13057Q206 | 1,355 | 150,000 | SH | Put | DFND | 150,000 | 0 | 0 | |
| CAMDEN PPTY TR | SH BEN INT | 133131102 | 17,135 | 161,500 | SH | DFND | 161,500 | 0 | 0 | ||
| CENTURY CMNTYS INC | COM | 156504300 | 2,247 | 82,174 | SH | DFND | 82,174 | 0 | 0 | ||
| D R HORTON INC | COM | 23331A109 | 18,551 | 351,679 | SH | DFND | 351,679 | 0 | 0 | ||
| ESSENT GROUP LTD | COM | G3198U102 | 1,924 | 37,000 | SH | DFND | 37,000 | 0 | 0 | ||
| FORD MTR CO DEL | COM | 345370860 | 17,452 | 1,876,600 | SH | Put | DFND | 1,876,600 | 0 | 0 | |
| GENERAL ELECTRIC CO | COM | 369604103 | 10,481 | 939,200 | SH | Put | DFND | 939,200 | 0 | 0 | |
| HOME DEPOT INC | COM | 437076102 | 1,638 | 7,500 | SH | DFND | 7,500 | 0 | 0 | ||
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | 7,229 | 34,000 | SH | Call | DFND | 34,000 | 0 | 0 | |
| INVITATION HOMES INC | COM | 46187W107 | 1,588 | 53,000 | SH | DFND | 53,000 | 0 | 0 | ||
| ISHARES TR | IBOXX HI YD ETF | 464288513 | 54,847 | 623,688 | SH | DFND | 623,688 | 0 | 0 | ||
| ISHARES TR | IBOXX INV CP ETF | 464287242 | 4,599 | 35,941 | SH | DFND | 35,941 | 0 | 0 | ||
| ISHARES TR | MSCI EMG MKT ETF | 464287234 | 222,555 | 4,960,000 | SH | DFND | 4,960,000 | 0 | 0 | ||
| ISHARES TR | US HOME CONS ETF | 464288752 | 4,160 | 93,650 | SH | DFND | 93,650 | 0 | 0 | ||
| ISHARES TR | IBOXX HI YD ETF | 464288513 | 3,632 | 41,300 | SH | Put | DFND | 41,300 | 0 | 0 | |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | 12,955 | 78,200 | SH | Call | DFND | 78,200 | 0 | 0 | |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | 4,970 | 30,000 | SH | Put | DFND | 30,000 | 0 | 0 | |
| KB HOME | COM | 48666K109 | 13,547 | 395,297 | SH | DFND | 395,297 | 0 | 0 | ||
| KB HOME | COM | 48666K109 | 343 | 10,000 | SH | Put | DFND | 10,000 | 0 | 0 | |
| LENNAR CORP | CL A | 526057104 | 10,276 | 184,196 | SH | DFND | 184,196 | 0 | 0 | ||
| LGI HOMES INC | COM | 50187T106 | 1,421 | 20,120 | SH | DFND | 20,120 | 0 | 0 | ||
| LYON WILLIAM HOMES | CL A NEW | 552074700 | 2,199 | 110,067 | SH | DFND | 110,067 | 0 | 0 | ||
| M D C HLDGS INC | COM | 552676108 | 6,843 | 179,331 | SH | DFND | 179,331 | 0 | 0 | ||
| MASCO CORP | COM | 574599106 | 6,704 | 139,690 | SH | DFND | 139,690 | 0 | 0 | ||
| MERITAGE HOMES CORP | COM | 59001A102 | 7,823 | 128,016 | SH | DFND | 128,016 | 0 | 0 | ||
| MGIC INVT CORP WIS | COM | 552848103 | 1,913 | 135,000 | SH | DFND | 135,000 | 0 | 0 | ||
| MID AMER APT CMNTYS INC | COM | 59522J103 | 22,258 | 168,800 | SH | DFND | 168,800 | 0 | 0 | ||
| NMI HLDGS INC | CL A | 629209305 | 995 | 30,000 | SH | DFND | 30,000 | 0 | 0 | ||
| OWENS CORNING NEW | COM | 690742101 | 456 | 7,000 | SH | DFND | 7,000 | 0 | 0 | ||
| PENNEY J C CORP INC | COM | 708160106 | 417 | 372,400 | SH | Put | DFND | 372,400 | 0 | 0 | |
| PULTE GROUP INC | COM | 745867101 | 13,848 | 356,896 | SH | DFND | 356,896 | 0 | 0 | ||
| RADIAN GROUP INC | COM | 750236101 | 1,635 | 65,000 | SH | DFND | 65,000 | 0 | 0 | ||
| REALOGY HLDGS CORP | COM | 75605Y106 | 2,960 | 305,753 | SH | DFND | 305,753 | 0 | 0 | ||
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 | 15,010 | 250,000 | SH | DFND | 250,000 | 0 | 0 | ||
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 | 6,004 | 100,000 | SH | Call | DFND | 100,000 | 0 | 0 | |
| SIMON PPTY GROUP INC NEW | COM | 828806109 | 9,087 | 61,000 | SH | DFND | 61,000 | 0 | 0 | ||
| SPDR S&P 500 ETF TR | TR UNIT | 78462F103 | 250,729 | 779,000 | SH | DFND | 779,000 | 0 | 0 | ||
| SPDR SERIES TRUST | S&P HOMEBUILD | 78464A888 | 3,345 | 73,500 | SH | DFND | 73,500 | 0 | 0 | ||
| SPDR SERIES TRUST | S&P REGL BKG | 78464A698 | 2,825 | 48,500 | SH | Call | DFND | 48,500 | 0 | 0 | |
| TAYLOR MORRISON HOME CORP | COM | 87724P106 | 5,971 | 273,146 | SH | DFND | 273,146 | 0 | 0 | ||
| TESLA INC | COM | 88160R101 | 14,642 | 35,000 | SH | Put | DFND | 35,000 | 0 | 0 | |
| TOLL BROTHERS INC | COM | 889478103 | 8,674 | 219,549 | SH | DFND | 219,549 | 0 | 0 | ||
| TRI POINTE GROUP INC | COM | 87265H109 | 2,715 | 174,279 | SH | DFND | 174,279 | 0 | 0 | ||
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 | 884 | 15,000 | SH | Call | DFND | 15,000 | 0 | 0 | |