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
ALLY FINL INC COM 02005N100 254,285 12,120,335 SH   DFND   12,120,335 0 0
AMBAC FINL GROUP INC COM NEW 023139884 51,538 2,129,669 SH   DFND   2,129,669 0 0
ARES COML REAL ESTATE CORP NOTE 7.000%12/1 04013VAB4 10,749 10,500,000 PRN   DFND   10,500,000 0 0
BARRICK GOLD CORP COM 067901108 56,992 5,200,000 SH   DFND   5,200,000 0 0
BOYD GAMING CORP COM 103304101 19,245 1,355,257 SH   DFND   1,355,257 0 0
BROOKDALE SR LIVING INC COM 112463104 138,344 3,663,779 SH   DFND   3,663,779 0 0
CAESARS ACQUISITION CO CL A 12768T103 4,882 717,940 SH   DFND   717,940 0 0
CAESARS ENTMT CORP COM 127686103 45,087 4,281,755 SH   DFND   4,281,755 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 27,079 3,781,985 SH   DFND   3,781,985 0 0
CANADIAN SOLAR INC COM 136635109 9,873 295,700 SH   DFND   295,700 0 0
CDK GLOBAL INC COM 12508E101 65,928 1,409,921 SH   DFND   1,409,921 0 0
CDW CORP COM 12514G108 24,951 670,014 SH   DFND   670,014 0 0
CHIMERA INVT CORP COM 16934Q109 29,409 9,366,034 SH   DFND   9,366,034 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 57,532 884,700 SH   DFND   884,700 0 0
CLEAR CHANNEL OUTDOOR HLDGS CL A 18451C109 47,540 4,697,605 SH   DFND   4,697,605 0 0
CLUBCORP HLDGS INC COM 18948M108 33,603 1,735,693 SH   DFND   1,735,693 0 0
COMCAST CORP NEW CL A 20030N101 432,644 7,661,476 SH   DFND   7,661,476 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 13,264 253,712 SH   DFND   253,712 0 0
COMMUNITY HEALTH SYS INC NEW RIGHT 01/27/2016 203668116 11 500,000 SH   DFND   500,000 0 0
CUMULUS MEDIA INC CL A 231082108 12,550 5,080,824 SH   DFND   5,080,824 0 0
DHT HOLDINGS INC DEBT 4.500%10/0 23335SAB2 28,958 26,000,000 PRN   DFND   26,000,000 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 34,320 4,916,845 SH   DFND   4,916,845 0 0
DIANA SHIPPING INC COM Y2066G104 7,454 1,218,038 SH   DFND   1,218,038 0 0
EAGLE BULK SHIPPING INC SHS NEW 2014 Y2187A127 34,995 4,735,471 SH   DFND   4,735,471 0 0
FAMILY DLR STORES INC COM 307000109 224,971 2,839,108 SH   DFND   2,839,108 0 0
FREEPORT-MCMORAN INC CL B 35671D857 13,370 705,533 SH   DFND   705,533 0 0
GILEAD SCIENCES INC COM 375558103 94,854 966,613 SH   DFND   966,613 0 0
HCA HOLDINGS INC COM 40412C101 13,946 185,380 SH   DFND   185,380 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 24,269 412,100 SH   DFND   412,100 0 0
HERBALIFE LTD NOTE 2.000% 8/1 42703MAB9 12,338 15,000,000 PRN   DFND   15,000,000 0 0
HERBALIFE LTD COM USD SHS G4412G101 6,134 143,450 SH   DFND   143,450 0 0
ICICI BK LTD ADR 45104G104 56,918 5,494,000 SH   DFND   5,494,000 0 0
INTRAWEST RESORTS HLDGS INC COM 46090K109 10,736 1,231,241 SH   DFND   1,231,241 0 0
ISHARES TR MSCI INDIA ETF 46429B598 11,131 348,000 PRN   DFND   348,000 0 0
JINKOSOLAR HLDG CO LTD SPONSORED ADR 47759T100 10,718 418,000 SH   DFND   418,000 0 0
LORILLARD INC COM 544147101 18,286 279,810 SH   DFND   279,810 0 0
MALIBU BOATS INC COM CL A 56117J100 41,127 1,761,321 SH   DFND   1,761,321 0 0
MARATHON PETE CORP COM 56585A102 22,683 221,533 SH   DFND   221,533 0 0
MEDTRONIC PLC SHS G5960L103 77,522 994,000 SH   DFND   994,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 48,895 2,325,000 SH   DFND   2,325,000 0 0
MYLAN N V SHS EURO N59465109 35,860 604,220 SH   DFND   604,220 0 0
NORTEK INC COM NEW 656559309 67,289 767,618 SH   DFND   767,618 0 0
OFFICE DEPOT INC COM 676220106 42,780 4,650,000 SH   DFND   4,650,000 0 0
PFIZER INC COM 717081103 20,039 576,000 SH   DFND   576,000 0 0
PINNACLE ENTMT INC COM 723456109 50,526 1,400,000 SH   DFND   1,400,000 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 108,414 4,685,141 SH   DFND   4,685,141 0 0
SERVICE CORP INTL COM 817565104 65,051 2,497,150 SH   DFND   2,497,150 0 0
SIMPSON MANUFACTURING CO INC COM 829073105 7,474 200,000 SH   DFND   200,000 0 0
SOLARCITY CORP COM 83416T100 80,472 1,569,276 SH   DFND   1,569,276 0 0
SOLARCITY CORP NOTE 2.750%11/0 83416TAA8 31,350 30,000,000 PRN   DFND   30,000,000 0 0
SOLAREDGE TECHNOLOGIES INC COM 83417M104 3,713 169,295 SH   DFND   169,295 0 0
SOTHEBYS COM 835898107 56,063 1,326,628 SH   DFND   1,326,628 0 0
SUNEDISON INC COM 86732Y109 119,438 4,976,584 SH   DFND   4,976,584 0 0
SUNPOWER CORP COM 867652406 4,634 148,000 SH   DFND   148,000 0 0
TATA MTRS LTD SPONSORED ADR 876568502 7,052 156,500 SH   DFND   156,500 0 0
TERRAFORM PWR INC CL A COM 88104R100 15,660 428,929 SH   DFND   428,929 0 0
TIME WARNER CABLE INC COM 88732J207 123,066 821,100 SH   DFND   821,100 0 0
TIPTREE FINL INC CL A 88822Q103 16,500 2,798,000 SH   DFND   2,798,000 0 0
VALERO ENERGY CORP NEW COM 91913Y100 9,719 152,765 SH   DFND   152,765 0 0
VITAMIN SHOPPE INC COM 92849E101 49,762 1,208,100 SH   DFND   1,208,100 0 0
VIVINT SOLAR INC COM 92854Q106 38,928 3,206,596 SH   DFND   3,206,596 0 0
WESTERN REFNG INC COM 959319104 7,746 156,835 SH   DFND   156,835 0 0
WISDOMTREE TR INDIA ERNGS FD 97717W422 10,990 482,000 PRN   DFND   482,000 0 0
WL ROSS HLDG CORP COM SHS 92939D104 39,000 3,900,000 SH   DFND   3,900,000 0 0
WL ROSS HLDG CORP *W EXP 06/11/201 92939D112 2,535 3,900,000 PRN Call DFND   3,900,000 0 0
YAHOO INC COM 984332106 49,995 1,125,118 SH   DFND   1,125,118 0 0