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
AMERICAN EXPRESS CO COM 025816109 1,595 13,191 SH   DFND   13,191 0 0
AMERICAN TOWER CORP NEW COM 03027X100 9,504 42,340 SH   DFND   42,340 0 0
AMERICOLD REALTY TRUST COM 03064D108 3,136 84,000 SH   DFND   84,000 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 1,937 150,000 SH   DFND   150,000 0 0
ARCH CAP GROUP LTD ORD G0450A105 5,331 147,800 SH   DFND   147,800 0 0
BOEING CO COM 097023105 1,543 7,206 SH   DFND   7,206 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 2,878 70,512 SH   DFND   70,512 0 0
CARTERS INC COM 146229109 1,533 16,299 SH   DFND   16,299 0 0
CENTURY CMNTYS INC COM 156504300 1,285 29,357 SH   DFND   29,357 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 9,384 58,948 SH   DFND   58,948 0 0
CUBESMART COM 229663109 1,311 39,000 SH   DFND   39,000 0 0
DIGITAL RLTY TR INC COM 253868103 11,916 85,410 SH   DFND   85,410 0 0
DOMINION ENERGY INC COM 25746U109 13,724 182,500 SH   DFND   182,500 0 0
D R HORTON INC COM 23331A109 8,699 126,222 SH   DFND   126,222 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 11,655 127,298 SH   DFND   127,298 0 0
DUKE REALTY CORP COM NEW 264411505 6,531 163,403 SH   DFND   163,403 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 1,570 41,412 SH   DFND   41,412 0 0
EQUINIX INC COM 29444U700 17,075 23,908 SH   DFND   23,908 0 0
ESSENT GROUP LTD COM G3198U102 5,453 126,226 SH   DFND   126,226 0 0
EXTRA SPACE STORAGE INC COM 30225T102 1,680 14,500 SH   DFND   14,500 0 0
FORESTAR GROUP INC COM 346232101 361 17,877 SH   DFND   17,877 0 0
HUNTSMAN CORP COM 447011107 1,551 61,692 SH   DFND   61,692 0 0
KB HOME COM 48666K109 3,488 104,064 SH   DFND   104,064 0 0
LENNAR CORP CL A 526057104 5,465 71,694 SH   DFND   71,694 0 0
LGI HOMES INC COM 50187T106 751 7,095 SH   DFND   7,095 0 0
LIFE STORAGE INC COM 53223X107 915 11,500 SH   DFND   11,500 0 0
MARRIOTT INTL INC NEW CL A 571903202 1,594 12,080 SH   DFND   12,080 0 0
MARTIN MARIETTA MATLS INC COM 573284106 1,671 5,884 SH   DFND   5,884 0 0
MASCO CORP COM 574599106 1,789 32,572 SH   DFND   32,572 0 0
MERITAGE HOMES CORP COM 59001A102 2,739 33,067 SH   DFND   33,067 0 0
M/I HOMES INC COM 55305B101 550 12,415 SH   DFND   12,415 0 0
MGIC INVT CORP WIS COM 552848103 10,080 644,113 SH   DFND   644,113 0 0
MICROSOFT CORP COM 594918104 104,537 470,000 SH   DFND   470,000 0 0
NMI HLDGS INC CL A 629209305 2,324 102,615 SH   DFND   102,615 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107 1,640 25,000 SH   DFND   25,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 3,782 215,000 SH   DFND   215,000 0 0
PPG INDS INC COM 693506107 1,566 10,856 SH   DFND   10,856 0 0
PROLOGIS INC. COM 74340W103 18,306 183,688 SH   DFND   183,688 0 0
PUBLIC STORAGE COM 74460D109 2,309 10,000 SH   DFND   10,000 0 0
PULTE GROUP INC COM 745867101 5,715 132,540 SH   DFND   132,540 0 0
RADIAN GROUP INC COM 750236101 4,294 212,033 SH   DFND   212,033 0 0
REDWOOD TR INC COM 758075402 768 87,500 SH   DFND   87,500 0 0
RLJ LODGING TR COM 74965L101 1,556 110,000 SH   DFND   110,000 0 0
ROYAL CARIBBEAN GROUP COM V7780T103 1,626 21,764 SH   DFND   21,764 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 8,504 30,143 SH   DFND   30,143 0 0
SOUTHWEST AIRLS CO COM 844741108 1,574 33,767 SH   DFND   33,767 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 703,904 1,882,700 SH   DFND   1,882,700 0 0
SYNCHRONY FINANCIAL COM 87165B103 1,594 45,928 SH   DFND   45,928 0 0
SYSCO CORP COM 871829107 1,589 21,397 SH   DFND   21,397 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 3,946 153,851 SH   DFND   153,851 0 0
TOLL BROTHERS INC COM 889478103 5,298 121,887 SH   DFND   121,887 0 0
DISNEY WALT CO COM 254687106 1,592 8,789 SH   DFND   8,789 0 0
VULCAN MATLS CO COM 929160109 1,677 11,310 SH   DFND   11,310 0 0
DUKE ENERGY COPR NEW COM NEW 26441C204 2,930 32,000 SH Call DFND   0 0 0
NOVAVAX INC COM NEW 670002401 2,788 25,000 SH Call DFND   0 0 0
PENNYMAC MTG INVT TR COM 70931T103 644 36,600 SH Call DFND   0 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 1,354 4,800 SH Call DFND   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 299,104 800,000 SH Call DFND   0 0 0
TESLA INC COM 88160R101 9,174 13,000 SH Put DFND   13,000 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 144,020 3,800,000 SH Call DFND   0 0 0