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
AT&T INC COM 00206R102 1 1 SH   DFND 1 1 0 0
AETNA INC NEW COM 00817Y108 8,423 45,900 SH   DFND 1 45,900 0 0
ALBEMARLE CORP COM 012653101 717 7,600 SH   DFND 1 7,600 0 0
ALTA MESA RES INC CL A 02133L109 1,269 186,200 SH   DFND 1 186,200 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 2,252 59,300 SH   DFND 1 59,300 0 0
ANADARKO PETE CORP COM 032511107 1,348 18,400 SH   DFND 1 18,400 0 0
ANTERO MIDSTREAM PARTNERS LP UNT LTD PARTN 03673L103 2,622 88,800 SH   DFND 1 88,800 0 0
APERGY CORP COM 03755L104 1,266 30,300 SH   DFND 1 30,300 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 1,951 61,200 SH   DFND 1 61,200 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 1,986 108,600 SH   DFND 1 108,600 0 0
ATHENAHEALTH INC COM 04685W103 1,401 8,800 SH   DFND 1 8,800 0 0
BB&T CORP COM 054937107 1,231 24,400 SH   DFND 1 24,400 0 0
BANC OF CALIFORNIA INC COM 05990K106 390 19,900 SH   DFND 1 19,900 0 0
BANNER CORP COM NEW 06652V208 409 6,800 SH   DFND 1 6,800 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 1,937 60,200 SH   DFND 1 60,200 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 1,968 62,600 SH   DFND 1 62,600 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 1,847 86,700 SH   DFND 1 86,700 0 0
CAVIUM INC COM 14964U108 3,331 38,500 SH   DFND 1 38,500 0 0
CHIMERA INVT CORP COM NEW 16934Q208 2,068 113,075 SH   DFND 1 113,075 0 0
CITIZENS FINL GROUP INC COM 174610105 1,257 32,300 SH   DFND 1 32,300 0 0
COMERICA INC COM 200340107 1,237 13,600 SH   DFND 1 13,600 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 391 15,700 SH   DFND 1 15,700 0 0
CONTINENTAL RESOURCES INC COM 212015101 1,341 20,700 SH   DFND 1 20,700 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 2,364 47,700 SH   DFND 1 47,700 0 0
DEVON ENERGY CORP NEW COM 25179M103 1,539 35,000 SH   DFND 1 35,000 0 0
DIME CMNTY BANCSHARES COM 253922108 379 19,400 SH   DFND 1 19,400 0 0
EQT MIDSTREAM PARTNERS LP UNIT LTD PARTN 26885B100 2,064 40,000 SH   DFND 1 40,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 1,218 19,900 SH   DFND 1 19,900 0 0
ENERGEN CORP COM 29265N108 1,544 21,200 SH   DFND 1 21,200 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 5,490 71,100 SH   DFND 1 71,100 0 0
F M C CORP COM NEW 302491303 803 9,000 SH   DFND 1 9,000 0 0
FB FINL CORP COM 30257X104 404 9,900 SH   DFND 1 9,900 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 1,307 13,500 SH   DFND 1 13,500 0 0
FREEPORT-MCMORAN INC CL B 35671D857 681 39,400 SH   DFND 1 39,400 0 0
GLOBAL X FDS MSCI GREECE ETF 37950E366 6,284 688,200 SH   DFND 1 688,200 0 0
GRANITE PT MTG TR INC COM 38741L107 2,086 113,658 SH   DFND 1 113,658 0 0
GULFPORT ENERGY CORP COM NEW 402635304 1,570 124,900 SH   DFND 1 124,900 0 0
HANMI FINL CORP COM NEW 410495204 437 15,400 SH   DFND 1 15,400 0 0
HESS MIDSTREAM PARTNERS LP UNIT LTD PR INT 428104103 3,123 158,500 SH   DFND 1 158,500 0 0
HOPE BANCORP INC COM 43940T109 455 25,500 SH   DFND 1 25,500 0 0
HUNTINGTON BANCSHARES INC COM 446150104 1,342 90,900 SH   DFND 1 90,900 0 0
ISHARES INC MSCI JAPN SMCETF 464286582 5,101 65,400 SH   DFND 1 65,400 0 0
KKR & CO L P DEL COM UNITS 48248M102 1,255 50,500 SH   DFND 1 50,500 0 0
KEYCORP NEW COM 493267108 1,327 67,900 SH   DFND 1 67,900 0 0
M & T BK CORP COM 55261F104 1,260 7,400 SH   DFND 1 7,400 0 0
MFA FINL INC COM 55272X102 2,034 268,300 SH   DFND 1 268,300 0 0
MPLX LP COM UNIT REP LTD 55336V100 2,383 69,800 SH   DFND 1 69,800 0 0
MARATHON OIL CORP COM 565849106 1,306 62,600 SH   DFND 1 62,600 0 0
MERCANTILE BANK CORP COM 587376104 414 11,200 SH   DFND 1 11,200 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,059 117,700 SH   DFND 1 117,700 0 0
NEWFIELD EXPL CO COM 651290108 1,425 47,100 SH   DFND 1 47,100 0 0
NOBLE ENERGY INC COM 655044105 1,264 35,800 SH   DFND 1 35,800 0 0
NOBLE MIDSTREAM PARTNERS LP COM UNIT REPST 65506L105 2,293 44,900 SH   DFND 1 44,900 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 411 23,600 SH   DFND 1 23,600 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 1,911 47,000 SH   DFND 1 47,000 0 0
OASIS PETE INC NEW COM 674215108 1,309 100,900 SH   DFND 1 100,900 0 0
PACIFIC PREMIER BANCORP COM 69478X105 416 10,900 SH   DFND 1 10,900 0 0
PACWEST BANCORP DEL COM 695263103 401 8,100 SH   DFND 1 8,100 0 0
PENNYMAC MTG INVT TR COM 70931T103 2,122 111,700 SH   DFND 1 111,700 0 0
REDWOOD TR INC COM 758075402 2,105 127,800 SH   DFND 1 127,800 0 0
REGIONS FINL CORP NEW COM 7591EP100 1,252 70,400 SH   DFND 1 70,400 0 0
RENASANT CORP COM 75970E107 383 8,400 SH   DFND 1 8,400 0 0
ROCKWELL COLLINS INC COM 774341101 3,219 23,900 SH   DFND 1 23,900 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 271 100,000 SH Put DFND 1 0 0 0
SELECT ENERGY SVCS INC CL A COM 81617J301 1,164 80,100 SH   DFND 1 80,100 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 389 9,300 SH   DFND 1 9,300 0 0
SHELL MIDSTREAM PARTNERS L P UNIT LTD INT 822634101 2,285 103,000 SH   DFND 1 103,000 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 2,283 32,587 SH   DFND 1,2 32,587 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 635 13,200 SH   DFND 1 13,200 0 0
SOUTHERN COPPER CORP COM 84265V105 628 13,400 SH   DFND 1 13,400 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 430 24,100 SH   DFND 1 24,100 0 0
SOUTHWEST AIRLS CO COM 844741108 2,509 49,300 SH   DFND 1 49,300 0 0
STARWOOD PPTY TR INC COM 85571B105 2,055 94,629 SH   DFND 1 94,629 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 39,955 2,371,189 SH   DFND 1,2 2,371,189 0 0
SUNTRUST BKS INC COM 867914103 1,314 19,900 SH   DFND 1 19,900 0 0
TPG PACE ENERGY HLDGS CORP CL A 872656103 1,320 121,400 SH   DFND 1 121,400 0 0
TELLURIAN INC NEW COM 87968A104 492 59,100 SH   DFND 1 59,100 0 0
TEMPUR SEALY INTL INC COM 88023U101 18,388 382,679 SH   DFND 1,2 382,679 0 0
UNITED CONTL HLDGS INC COM 910047109 2,594 37,200 SH   DFND 1 37,200 0 0
VALE S A ADR 91912E105 691 53,900 SH   DFND 1 53,900 0 0
VALERO ENERGY PARTNERS LP COM UNT REP LP 91914J102 2,324 61,026 SH   DFND 1 61,026 0 0
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 2,222 45,900 SH   DFND 1 45,900 0 0
WILDHORSE RESOURCE DEV CORP COM 96812T102 1,380 54,400 SH   DFND 1 54,400 0 0
WPX ENERGY INC COM 98212B103 1,324 73,400 SH   DFND 1 73,400 0 0
ZIONS BANCORPORATION COM 989701107 1,228 23,300 SH   DFND 1 23,300 0 0
THIRD PT REINS LTD COM G8827U100 5,825 465,971 SH   DFND 1,2 465,971 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 1,270 43,100 SH   DFND 1 43,100 0 0
XL GROUP LTD COM G98294104 2,871 51,300 SH   DFND 1 51,300 0 0
ORBOTECH LTD ORD M75253100 3,128 50,600 SH   DFND 1 50,600 0 0
NXP SEMICONDUCTORS N V COM N6596X109 6,961 63,700 SH   DFND 1 63,700 0 0