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    <cusip>31680Q104</cusip>
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    <cusip>00507W107</cusip>
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    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
    <cusip>000899104</cusip>
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    <titleOfClass>COM</titleOfClass>
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    <cusip>00737L103</cusip>
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    <titleOfClass>COM</titleOfClass>
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    <cusip>007903107</cusip>
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    <nameOfIssuer>RADIAN GROUP INC</nameOfIssuer>
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    <value>2226</value>
    <shrsOrPrnAmt>
      <sshPrnamt>75963</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>75963</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SANTANDER CONSUMER USA HDG I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>80283M101</cusip>
    <value>7755</value>
    <shrsOrPrnAmt>
      <sshPrnamt>406238</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>406238</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SAREPTA THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>803607100</cusip>
    <value>4766</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36055</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>36055</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHNEIDER NATIONAL INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>80689H102</cusip>
    <value>4548</value>
    <shrsOrPrnAmt>
      <sshPrnamt>165305</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>165305</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHNITZER STL INDS</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>806882106</cusip>
    <value>917</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27218</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>27218</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHWAB CHARLES CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808513105</cusip>
    <value>28867</value>
    <shrsOrPrnAmt>
      <sshPrnamt>564919</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>564919</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCIENTIFIC GAMES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>80874P109</cusip>
    <value>659</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13406</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>13406</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCORPIO BULKERS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y7546A122</cusip>
    <value>271</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38187</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>38187</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCRIPPS E W CO OHIO</nameOfIssuer>
    <titleOfClass>CL A NEW</titleOfClass>
    <cusip>811054402</cusip>
    <value>147</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10956</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>10956</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEA LTD</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>81141R100</cusip>
    <value>198</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13229</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>13229</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEABRIDGE GOLD INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>811916105</cusip>
    <value>340</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30488</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>30488</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEACHANGE INTL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>811699107</cusip>
    <value>95</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>27800</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEACOR HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>811904101</cusip>
    <value>654</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11425</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>11425</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEALED AIR CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81211K100</cusip>
    <value>6113</value>
    <shrsOrPrnAmt>
      <sshPrnamt>143998</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>143998</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEARS HLDGS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>812350106</cusip>
    <value>58</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24602</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>24602</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEATTLE GENETICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>812578102</cusip>
    <value>761</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11466</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>11466</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEAWORLD ENTMT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81282V100</cusip>
    <value>8403</value>
    <shrsOrPrnAmt>
      <sshPrnamt>385113</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>385113</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEI INVESTMENTS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>784117103</cusip>
    <value>792</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12661</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>12661</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT ENERGY SVCS INC</nameOfIssuer>
    <titleOfClass>CL A COM</titleOfClass>
    <cusip>81617J301</cusip>
    <value>197</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13533</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>13533</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT INCOME REIT</nameOfIssuer>
    <titleOfClass>COM SH BEN INT</titleOfClass>
    <cusip>81618T100</cusip>
    <value>571</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25408</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>25408</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI MATERIALS</titleOfClass>
    <cusip>81369Y100</cusip>
    <value>2303</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39667</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>39667</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI HEALTHCARE</titleOfClass>
    <cusip>81369Y209</cusip>
    <value>4931</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59079</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>59079</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-FINL</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>2052</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77180</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>77180</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-UTILS</titleOfClass>
    <cusip>81369Y886</cusip>
    <value>2408</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46334</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>46334</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEMPRA ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>816851109</cusip>
    <value>1429</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12311</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>12311</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SENDGRID INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>816883102</cusip>
    <value>916</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34556</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>34556</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SENECA FOODS CORP NEW</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>817070501</cusip>
    <value>326</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12057</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>12057</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SENIOR HSG PPTYS TR</nameOfIssuer>
    <titleOfClass>SH BEN INT</titleOfClass>
    <cusip>81721M109</cusip>
    <value>3158</value>
    <shrsOrPrnAmt>
      <sshPrnamt>174556</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>174556</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SENSATA TECHNOLOGIES HLDNG P</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G8060N102</cusip>
    <value>229</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4805</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>4805</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SENSEONICS HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81727U105</cusip>
    <value>788</value>
    <shrsOrPrnAmt>
      <sshPrnamt>191635</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>191635</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERES THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81750R102</cusip>
    <value>118</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13681</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>13681</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERVICEMASTER GLOBAL HLDGS I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81761R109</cusip>
    <value>980</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16483</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>16483</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERVICENOW INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81762P102</cusip>
    <value>510</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2959</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>2959</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERVICESOURCE INTL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81763U100</cusip>
    <value>658</value>
    <shrsOrPrnAmt>
      <sshPrnamt>167119</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>167119</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHAKE SHACK INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>819047101</cusip>
    <value>3891</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58797</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>58797</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHOE CARNIVAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>824889109</cusip>
    <value>294</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9057</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>9057</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHUTTERSTOCK INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>825690100</cusip>
    <value>600</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12638</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>12638</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIBANYE STILLWATER</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>825724206</cusip>
    <value>736</value>
    <shrsOrPrnAmt>
      <sshPrnamt>304095</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>304095</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>SIENTRA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>82621J105</cusip>
    <value>446</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22844</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>22844</Shared>
      <None>0</None>
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    <nameOfIssuer>SIGMA DESIGNS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>826565103</cusip>
    <value>175</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28708</sshPrnamt>
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      <Shared>28708</Shared>
      <None>0</None>
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    <nameOfIssuer>SILGAN HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>827048109</cusip>
    <value>1409</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52513</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>52513</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SILICON MOTION TECHNOLOGY CO</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>82706C108</cusip>
    <value>303</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5732</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>5732</Shared>
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    <nameOfIssuer>SIMON PPTY GROUP INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>828806109</cusip>
    <value>3359</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19736</sshPrnamt>
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      <Shared>19736</Shared>
      <None>0</None>
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    <nameOfIssuer>SIRIUS XM HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>82968B103</cusip>
    <value>28009</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4137195</sshPrnamt>
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      <Sole>0</Sole>
      <Shared>4137195</Shared>
      <None>0</None>
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    <nameOfIssuer>SKECHERS U S A INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>830566105</cusip>
    <value>2610</value>
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      <sshPrnamt>86983</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>86983</Shared>
      <None>0</None>
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    <nameOfIssuer>SKYWORKS SOLUTIONS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83088M102</cusip>
    <value>1227</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12700</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>12700</Shared>
      <None>0</None>
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    <nameOfIssuer>SL GREEN RLTY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78440X101</cusip>
    <value>6107</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60747</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>60747</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SLEEP NUMBER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83125X103</cusip>
    <value>414</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14257</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>14257</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SLM CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78442P106</cusip>
    <value>264</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23026</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>23026</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SM ENERGY CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78454L100</cusip>
    <value>2730</value>
    <shrsOrPrnAmt>
      <sshPrnamt>106273</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>106273</Shared>
      <None>0</None>
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    <nameOfIssuer>SMART &amp; FINAL STORES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83190B101</cusip>
    <value>134</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24110</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>24110</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SMART GLOBAL HLDGS INC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G8232Y101</cusip>
    <value>2090</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65570</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>65570</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SMITH A O</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>831865209</cusip>
    <value>13119</value>
    <shrsOrPrnAmt>
      <sshPrnamt>221791</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>221791</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SMUCKER J M CO</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>832696405</cusip>
    <value>5484</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51027</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>51027</Shared>
      <None>0</None>
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    <nameOfIssuer>SNAP INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>83304A106</cusip>
    <value>3750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>286500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>286500</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SOLAREDGE TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83417M104</cusip>
    <value>5481</value>
    <shrsOrPrnAmt>
      <sshPrnamt>114539</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>114539</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SOLARIS OILFIELD INFRSTR INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>83418M103</cusip>
    <value>187</value>
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      <sshPrnamt>13100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>13100</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SONIC CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>835451105</cusip>
    <value>2907</value>
    <shrsOrPrnAmt>
      <sshPrnamt>84467</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>84467</Shared>
      <None>0</None>
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    <nameOfIssuer>SOTHEBYS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>835898107</cusip>
    <value>324</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5958</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>5958</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SOTHERLY HOTELS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83600C103</cusip>
    <value>77</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>11100</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SOUTH JERSEY INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>838518108</cusip>
    <value>934</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27906</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>27906</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SOUTHERN CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>842587107</cusip>
    <value>240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5174</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>5174</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SOUTHWEST AIRLS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>844741108</cusip>
    <value>2803</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55098</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>55098</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SP PLUS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78469C103</cusip>
    <value>309</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8306</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>8306</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SPARTAN MTRS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>846819100</cusip>
    <value>1031</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68292</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>68292</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SPDR DOW JONES INDL AVRG ETF</nameOfIssuer>
    <titleOfClass>UT SER 1</titleOfClass>
    <cusip>78467X109</cusip>
    <value>33363</value>
    <shrsOrPrnAmt>
      <sshPrnamt>137447</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>137447</Shared>
      <None>0</None>
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    <nameOfIssuer>SPDR GOLD TRUST</nameOfIssuer>
    <titleOfClass>GOLD SHS</titleOfClass>
    <cusip>78463V107</cusip>
    <value>6130</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51664</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>51664</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>15625</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57596</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>57596</Shared>
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  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>S&amp;P REGL BKG</titleOfClass>
    <cusip>78464A698</cusip>
    <value>659</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>0</Sole>
      <Shared>10804</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>S&amp;P RETAIL ETF</titleOfClass>
    <cusip>78464A714</cusip>
    <value>6358</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130930</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
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      <Shared>130930</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>S&amp;P OILGAS EXP</titleOfClass>
    <cusip>78464A730</cusip>
    <value>483</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11223</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>11223</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>S&amp;P HOMEBUILD</titleOfClass>
    <cusip>78464A888</cusip>
    <value>264</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6681</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>6681</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SPECTRUM PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84763A108</cusip>
    <value>2065</value>
    <shrsOrPrnAmt>
      <sshPrnamt>98507</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>98507</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SPIRIT AEROSYSTEMS HLDGS INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>848574109</cusip>
    <value>1561</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18171</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>18171</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SPIRIT MTA REIT</nameOfIssuer>
    <titleOfClass>COM SHS BEN IN</titleOfClass>
    <cusip>84861U105</cusip>
    <value>428</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41528</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>41528</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SPIRIT RLTY CAP INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84860W102</cusip>
    <value>3988</value>
    <shrsOrPrnAmt>
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