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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AKAMAI TECHNOLOGIES INC COM 00971T101   3,518 32,848 SH   DFND   32,848 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   2,264 13,954 SH   DFND   13,954 0 0
AMERICAN HOMES 4 RENT CL A 02665T306   3,657 135,970 SH   DFND   135,970 0 0
AMERICAN TOWER CORP NEW COM 03027X100   1,532 5,925 SH   DFND   5,925 0 0
BOSTON PPTYS LTD Partnership COM 101121101   1,851 20,480 SH   DFND   20,480 0 0
BROADCOM INC COM 11135F101   3,641 11,538 SH   DFND   11,538 0 0
CENTURY CMNTYS INC COM 156504300   460 15,000 SH   DFND   15,000 0 0
D R HORTON INC COM 23331A109   5,015 90,440 SH   DFND   90,440 0 0
DUKE REALTY CORP COM NEW 264411505   7,038 198,865 SH   DFND   198,865 0 0
ENPHASE ENERGY INC COM 29355A107   4,177 87,800 SH   DFND   87,800 0 0
EQUINIX INC COM 29444U700   2,992 4,261 SH   DFND   4,261 0 0
ESSENT GROUP LTD COM G3198U102   4,800 132,332 SH   DFND   132,332 0 0
HIGHWOODS PPTYS INC COM 431284108   1,250 33,500 SH   DFND   33,500 0 0
HUDSON PAC PPTYS INC COM 444097109   2,129 84,633 SH   DFND   84,633 0 0
INVITATION HOMES INC COM 46187W107   3,961 143,886 SH   DFND   143,886 0 0
KB HOME COM 48666K109   844 27,500 SH   DFND   27,500 0 0
LENNAR CORP CL A 526057104   1,386 22,500 SH   DFND   22,500 0 0
MARTIN MARIETTA MATLS INC COM 573284106   1,976 9,564 SH   DFND   9,564 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105   1,786 50,935 SH   DFND   50,935 0 0
MGIC INVT CORP WIS COM 552848103   6,748 597,177 SH   DFND   597,177 0 0
MICROSOFT CORP COM 594918104   10,400 51,102 SH   DFND   51,102 0 0
NMI HLDGS INC CL A 629209305   1,573 97,805 SH   DFND   97,805 0 0
PENNYMAC MTG INVT TR COM 70931T103   3,506 200,000 SH   DFND   200,000 0 0
PROLOGIS INC COM 74340W103   16,671 178,621 SH   DFND   178,621 0 0
PULTE GROUP INC COM 745867101   1,361 40,000 SH   DFND   40,000 0 0
RADIAN GROUP INC COM 750236101   2,658 171,365 SH   DFND   171,365 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104   1,560 5,235 SH   DFND   5,235 0 0
SHERWIN WILLIAMS CO COM 824348106   6,810 11,786 SH   DFND   11,786 0 0
STAG INDL INC COM 85254J102   1,803 61,500 SH   DFND   61,500 0 0
TARGET CORP COM 87612E106   1,943 16,200 SH   DFND   16,200 0 0
TOLL BROTHERS INC COM 889478103   1,385 42,500 SH   DFND   42,500 0 0
VULCAN MATLS CO COM 929160109   4,374 37,754 SH   DFND   37,754 0 0
BOEING CO COM 097023105   10,796 58,900 SH Put DFND   58,900 0 0
FACEBOOK INC CL A 30303M102   13,579 59,800 SH Put DFND   59,800 0 0
ISHARES TR RUSSELL 2000 ETF 464287655   107,385 750,000 SH Call DFND   750,000 0 0