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
APPLE INC COM 037833100 24,741 227,000 SH   SOLE NONE 227,000 0 0
ARBOR REALTY TRUST INC COM 038923108 474 70,000 SH   SOLE NONE 70,000 0 0
AERCAP HOLDINGS NV COM N00985106 189,698 4,894,172 SH   SOLE NONE 4,894,172 0 0
ALLERGAN PLC SHS G0177J108 150,436 561,265 SH   SOLE NONE 561,265 0 0
AMERICAN INTERNATIONAL GROUP I COM 026874784 189,895 3,513,326 SH   SOLE NONE 3,513,326 0 0
ASHLAND INC COM 044209104 131,690 1,197,621 SH   SOLE NONE 1,197,621 0 0
ALTISOURCE PORTFOLIO SOLUTIONS REG SHS L0175J104 48,100 1,991,703 SH   SOLE NONE 1,991,703 0 0
AUTOZONE INC COM 053332102 10,357 13,000 SH   SOLE NONE 13,000 0 0
BALL CORP COM 058498106 41,113 576,700 SH   SOLE NONE 576,700 0 0
FCB FINANCIAL HOLDINGS INC CL A 30255G103 15,270 459,101 SH   SOLE NONE 459,101 0 0
FCB FINANCIAL HOLDINGS INC CL A 30255G103 7,889 237,206 SH   SOLE NONE 237,206 0 0
CHIMERA INVESTMENT CORP COM 16934Q208 131,942 9,708,754 SH   SOLE NONE 9,708,754 0 0
CITY OFFICE REIT INC COM 178587101 1,140 100,000 SH   SOLE NONE 100,000 0 0
COACH INC COM 189754104 4,715 117,600 SH   SOLE NONE 117,600 0 0
DELTA AIR LINES INC COM 247361702 45,146 927,400 SH   SOLE NONE 927,400 0 0
DISH NETWORK CORP CL A 25470M109 51,163 1,105,987 SH   SOLE NONE 1,105,987 0 0
DOW CHEMICAL CO/THE COM 260543103 112,227 2,206,579 SH   SOLE NONE 2,206,579 0 0
ELECTRONIC ARTS INC COM 285512109 20,759 314,000 SH   SOLE NONE 314,000 0 0
ELLINGTON FINANCIAL LLC COM 288522303 21,340 1,225,000 SH   SOLE NONE 1,225,000 0 0
EASTMAN CHEMICAL CO COM 277432100 58,205 805,835 SH   SOLE NONE 805,835 0 0
E*TRADE FINANCIAL CORP COM 269246401 60,525 2,471,408 SH   SOLE NONE 2,471,408 0 0
ENERGY TRANSFER PARTNERS LP UNIT LTD PARTN 29273R109 43,874 1,356,654 SH   SOLE NONE 1,356,654 0 0
FACEBOOK INC CL A 30303M102 52,406 459,300 SH   SOLE NONE 459,300 0 0
FIRST DATA CORP COM CL A 32008D106 1,486 114,800 SH   SOLE NONE 114,800 0 0
FIRST DATA CORP COM CL A 32008D106 198,494 15,416,663 SH   SOLE NONE 15,416,663 0 0
FIDELITY NATIONAL INFORMATION COM 31620M106 3,633 57,378 SH   SOLE NONE 57,378 0 0
FNF GROUP COM 31620R303 8,458 249,500 SH   SOLE NONE 249,500 0 0
GILEAD SCIENCES INC COM 375558103 47,491 516,989 SH   SOLE NONE 516,989 0 0
GAMING AND LEISURE PROPERTIES COM 36467J108 27,000 900,000 SH   SOLE NONE 900,000 0 0
ALPHABET INC CAP STK CL A 02079K305 211,017 276,599 SH   SOLE NONE 276,599 0 0
GULFPORT ENERGY CORP COM 402635304 5,920 208,900 SH   SOLE NONE 208,900 0 0
HRG GROUP INC COM 40434J100 63,836 4,582,646 SH   SOLE NONE 4,582,646 0 0
HRG GROUP INC COM 40434J100 80,878 5,806,000 SH   SOLE NONE 5,806,000 0 0
ICONIX BRAND GROUP INC COM 451055107 11,928 1,481,800 SH   SOLE NONE 1,481,800 0 0
LORAL SPACE & COMMUNICATIONS I COM 543881106 50,878 1,448,277 SH   SOLE NONE 1,448,277 0 0
LOWE'S COS INC COM 548661107 7,166 94,600 SH   SOLE NONE 94,600 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 1,170 49,573 SH   SOLE NONE 49,573 0 0
MGM RESORTS INTERNATIONAL COM 552953101 65,059 3,034,490 SH   SOLE NONE 3,034,490 0 0
MICROSOFT CORP COM 594918104 96,979 1,755,920 SH   SOLE NONE 1,755,920 0 0
MOTOROLA SOLUTIONS INC COM 620076307 104,126 1,375,505 SH   SOLE NONE 1,375,505 0 0
MVC CAPITAL INC COM 553829102 895 120,000 SH   SOLE NONE 120,000 0 0
NORDIC AMERICAN OFFSHORE LTD SHS Y6366T112 7,168 1,600,000 SH   SOLE NONE 1,600,000 0 0
NAVIENT CORP COM 63938C108 168,551 14,081,117 SH   SOLE NONE 14,081,117 0 0
NEW MEDIA INVESTMENT GROUP INC COM 64704V106 53,289 3,202,441 SH   SOLE NONE 3,202,441 0 0
NORTHSTAR REALTY FINANCE CORP COM 66704R803 656 50,000 SH   SOLE NONE 50,000 0 0
NEW RESIDENTIAL INVESTMENT COR COM 64828T201 76,132 6,546,161 SH   SOLE NONE 6,546,161 0 0
ONEMAIN HOLDINGS INC COM 68268W103 86,544 3,155,079 SH   SOLE NONE 3,155,079 0 0
PBF LOGISTICS LP UNIT LTD PTNR 69318Q104 1,130 60,000 SH   SOLE NONE 60,000 0 0
PENNYMAC FINANCIAL SERVICES IN CL A 70932B101 29,338 2,494,697 SH   SOLE NONE 2,494,697 0 0
PENNYMAC MORTGAGE INVESTMENT T COM 70931T103 682 50,000 SH   SOLE NONE 50,000 0 0
PVH CORP COM 693656100 6,310 63,700 SH   SOLE NONE 63,700 0 0
PAYPAL HOLDINGS INC COM 70450Y103 50,018 1,295,800 SH   SOLE NONE 1,295,800 0 0
RESOURCE AMERICA INC CL A 761195205 4,496 779,187 SH   SOLE NONE 779,187 0 0
REALOGY HOLDINGS CORP COM 75605Y106 80,722 2,235,450 SH   SOLE NONE 2,235,450 0 0
ROLLINS INC COM 775711104 2,034 75,000 SH   SOLE NONE 75,000 0 0
SIRIUS XM HOLDINGS INC COM 82968B103 83,278 21,082,935 SH   SOLE NONE 21,082,935 0 0
US SILICA HOLDINGS INC COM 90346E103 2,272 100,000 SH   SOLE NONE 100,000 0 0
SILVER WHEATON CORP COM 828336107 8,290 500,000 SH   SOLE NONE 500,000 0 0
NEW SENIOR INVESTMENT GROUP IN COM 648691103 46,511 4,515,641 SH   SOLE NONE 4,515,641 0 0
SPARK ENERGY INC CL A COM 846511103 900 50,000 SH   SOLE NONE 50,000 0 0
SYNCHRONY FINANCIAL COM 87165B103 61,238 2,136,700 SH   SOLE NONE 2,136,700 0 0
THL CREDIT INC COM 872438106 352 32,516 SH   SOLE NONE 32,516 0 0
TRIBUNE MEDIA CO CL A 896047503 152,274 3,970,628 SH   SOLE NONE 3,970,628 0 0
TARGA RESOURCES CORP COM 87612G101 81,111 2,716,393 SH   SOLE NONE 2,716,393 0 0
TRANSCANADA CORP COM 89353D107 8,677 225,000 SH   SOLE NONE 225,000 0 0
TRINSEO SA SHS L9340P101 3,677 99,900 SH   SOLE NONE 99,900 0 0
UNITED CONTINENTAL HOLDINGS IN COM 910047109 118,201 1,974,628 SH   SOLE NONE 1,974,628 0 0
UNITEDHEALTH GROUP INC COM 91324P102 64,386 499,500 SH   SOLE NONE 499,500 0 0
VWR CORP COM 91843L103 3,900 150,000 SH   SOLE NONE 150,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 95,570 1,134,500 SH   SOLE NONE 1,134,500 0 0
WILLIAMS PARTNERS LP COM UNIT LTD PAR 96949L105 24,368 1,191,600 SH   SOLE NONE 1,191,600 0 0
INDUSTRIAL SELECT SECTOR SPDR SBI INT-INDS 81369Y704 11,094 200,000 SH   SOLE NONE 200,000 0 0
CONSUMER STAPLES SELECT SECTOR SBI CONS STPLS 81369Y308 30,244 570,000 SH   SOLE NONE 570,000 0 0