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
AGNC INVT CORP COM 00123Q104 5,323 250,000 SH   DFND 1 250,000 0 0
AMERICAN CAP SR FLOATING LTD COM 02504D108 3,342 260,078 SH   DFND 1 260,078 0 0
ARES CAP CORP COM 04010L103 45,045 2,750,000 SH   DFND 1 2,750,000 0 0
CYS INVTS INC COM 12673A108 2,140 254,400 SH   DFND 1 254,400 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 207 5,000 SH Put DFND 1 5,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 282 2,000 SH Put DFND 1 2,000 0 0
KCAP FINL INC COM 48668E101 4,863 1,377,559 SH   DFND 1 1,377,559 0 0
NAVIOS MARITIME HLDGS INC SPN ADR RP PFD G 63938Y100 1,876 123,146 SH   DFND 1 123,146 0 0
NAVIOS MARITIME HLDGS INC SPON ADR PFD H 63938Y308 2,882 186,750 SH   DFND 1 186,750 0 0
NAVIOS MARITIME PARTNERS L P UNIT LPI Y62267102 6,201 3,900,000 SH   DFND 1 3,900,000 0 0
PEABODY ENERGY CORP NEW COM 704551100 6,900 282,197 SH   DFND 1 282,197 0 0
PENNANTPARK FLOATING RATE CA COM 70806A106 7,055 500,000 SH   DFND 1 500,000 0 0
PENNANTPARK INVT CORP COM 708062104 2,217 300,000 SH   DFND 1 300,000 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 275 2,000 SH Put DFND 1 2,000 0 0
STONECASTLE FINL CORP COM 861780104 3,062 150,106 SH   DFND 1 150,106 0 0
THL CR INC COM 872438106 672 67,529 SH   DFND 1 67,529 0 0
TRANSOCEAN LTD REG SHS H8817H100 823 100,000 SH   DFND 1 100,000 0 0
ULTRA PETROLEUM CORP COM NEW 903914208 3,255 300,000 SH   DFND 1 300,000 0 0