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 27,506 1,150,410 SH   DFND 1 1,150,410 0 0
ALTISOURCE ASSET MGMT CORP COM 02153X108 158,566 219,298 SH   DFND 1 219,298 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 129,901 4,990,427 SH   DFND 1 4,990,427 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 188,331 15,030,425 SH   DFND 1 15,030,425 0 0
AVIS BUDGET GROUP COM 053774105 119,380 2,000,000 SH   DFND 1 2,000,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 192,336 2,682,510 SH   DFND 1 2,682,510 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 42,752 1,624,324 SH   DFND 1 1,624,324 0 0
FAMOUS DAVES AMER INC COM 307068106 18,199 634,105 SH   DFND 1 634,105 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 236,894 8,451,446 SH   DFND 1 8,451,446 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 56,060 2,000,000 SH Call DFND 1 0 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 96,930 4,160,087 SH   DFND 1 4,160,087 0 0
MICRON TECHNOLOGY INC COM 595112103 200,234 6,076,895 SH   DFND 1 6,076,895 0 0
PFSWEB INC COM NEW 717098206 648 78,084 SH   DFND 1 78,084 0 0
RCS CAP CORP COM CL A 74937W102 64,879 3,055,990 SH   DFND 1 3,055,990 0 0
SHUTTERFLY INC COM 82568P304 126,030 2,926,837 SH   DFND 1 2,926,837 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 196,147 5,820,373 SH   DFND 1 5,820,373 0 0