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
ALTISOURCE ASSET MGMT CORP COM 02153X108 640 8,500 SH   DFND 1 8,500 0 0
AMC ENTMT HLDGS INC CL A COM 00165C104 786 25,000 SH   SOLE   25,000 0 0
AMERICAN ELEC PWR INC COM 025537101 1,163 17,321 SH   SOLE   17,321 0 0
AT&T INC COM 00206R102 1,208 29,068 SH   SOLE   29,068 0 0
AXALTA COATING SYS LTD COM G0750C108 5,529 171,700 SH   SOLE   135,700 0 0
AXAR ACQUISITION CORP *W EXP 12/31/202 05455L110 5 75,000 SH   SOLE   75,000 0 0
BANK AMER CORP COM 060505104 755 32,000 SH   SOLE   32,000 0 0
BOJANGLES INC COM 097488100 1,398 68,207 SH   SOLE   68,207 0 0
C&J ENERGY SVCS INC NEW COM 12674R100 9,263 272,037 SH   SOLE   272,037 0 0
CATERPILLAR INC DEL COM 149123101 1,179 12,713 SH   SOLE   12,713 0 0
CHESAPEAKE ENERGY CORP COM 165167107 1,188 200,000 SH   SOLE   200,000 0 0
CHUBB LIMITED COM H1467J104 1,036 7,600 SH   SOLE   7,600 0 0
CLIPPER RLTY INC COM 18885T306 9,496 740,740 SH   SOLE   740,740 0 0
COCA COLA CO COM 191216100 1,021 24,067 SH   SOLE   24,067 0 0
COEUR MNG INC COM NEW 192108504 3,798 470,000 SH   SOLE   470,000 0 0
CONOCOPHILLIPS COM 20825C104 724 14,524 SH   SOLE   14,524 0 0
CONTINENTAL RESOURCES INC COM 212015101 454 10,000 SH   SOLE   10,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 1,098 11,630 SH   SOLE   11,630 0 0
DEERE & CO COM 244199105 1,187 10,902 SH   SOLE   10,902 0 0
DOLLAR TREE INC COM 256746108 1,569 20,000 SH   SOLE   20,000 0 0
DOW CHEM CO COM 260543103 1,284 20,204 SH   SOLE   20,204 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 1,079 13,158 SH   SOLE   13,158 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 1,489 18,537 SH   SOLE   18,537 0 0
LILLY ELI & CO COM 532457108 1,187 14,107 SH   SOLE   14,107 0 0
EMERSON ELEC CO COM 291011104 1,020 17,034 SH   SOLE   17,034 0 0
ENTEGRIS INC COM 29362U104 1,170 50,000 SH   SOLE   50,000 0 0
EXXON MOBIL CORP COM 30231G102 895 10,909 SH   SOLE   10,909 0 0
FACEBOOK INC CL A 30303M102 1,754 12,345 SH   SOLE   12,345 0 0
GASTAR EXPL INC NEW COM 36729W202 31 20,000 SH   SOLE   20,000 0 0
GENERAL ELECTRIC CO COM 369604103 1,181 39,646 SH   SOLE   39,646 0 0
GENERAL MLS INC COM 370334104 1,120 18,985 SH   SOLE   18,985 0 0
GENERAL MTRS CO COM 37045V100 442 12,500 SH   DFND 1 12,500 0 0
GORES HLDGS II INC UNIT 99/99/9999 382867208 864 84,000 SH   SOLE   84,000 0 0
HELMERICH & PAYNE INC COM 423452101 2,663 40,000 SH   SOLE   40,000 0 0
HOSTESS BRANDS INC CL A 44109J106 2,381 150,000 SH   SOLE   150,000 0 0
INDEPENDENCE CONTRACT DRIL I COM 453415309 3,175 576,246 SH   SOLE   576,246 0 0
INTERXION HOLDING N.V SHS N47279109 4,656 117,700 SH   SOLE   92,200 0 0
INTEVAC INC COM 461148108 1,475 118,000 SH   SOLE   118,000 0 0
ISHARES TR MBS ETF 464288588 12,355 115,952 SH   SOLE   115,952 0 0
ISHARES TR 1-3 YR CR BD ETF 464288646 119 1,135 SH   SOLE   1,135 0 0
JOHNSON & JOHNSON COM 478160104 1,244 9,989 SH   SOLE   9,989 0 0
KIMBERLY CLARK CORP COM 494368103 1,184 8,997 SH   SOLE   8,997 0 0
KINDRED BIOSCIENCES INC COM 494577109 1,763 250,000 SH   SOLE   250,000 0 0
KRAFT HEINZ CO COM 500754106 1,405 15,471 SH   SOLE   15,471 0 0
LAMB WESTON HLDGS INC COM 513272104 2,947 70,060 SH   SOLE   55,060 0 0
LOCKHEED MARTIN CORP COM 539830109 1,354 5,061 SH   SOLE   5,061 0 0
LONESTAR RES US INC CL A VTG 54240F103 1,084 214,214 SH   SOLE   214,214 0 0
LOWES COS INC COM 548661107 2,466 30,000 SH   SOLE   30,000 0 0
MCDONALDS CORP COM 580135101 1,374 10,603 SH   SOLE   10,603 0 0
MERCK & CO INC COM 58933Y105 1,086 17,096 SH   SOLE   17,096 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 676 25,000 SH   SOLE   25,000 0 0
MICRON TECHNOLOGY INC COM 595112103 1,214 42,000 SH   SOLE   20,000 0 0
MICROSOFT CORP COM 594918104 1,317 20,000 SH   SOLE   20,000 0 0
MOBILEIRON INC COM NEW 60739U204 204 47,000 SH   SOLE   47,000 0 0
MOHAWK INDS INC COM 608190104 4,670 20,350 SH   SOLE   16,000 0 0
MONARCH CASINO & RESORT INC COM 609027107 600 20,300 SH   SOLE   20,300 0 0
NATIONAL GEN HLDGS CORP COM 636220303 146,217 6,153,928 SH   DFND 1 6,153,928 0 0
NATIONAL GEN HLDGS CORP COM 636220303 145,922 6,141,502 SH   SOLE   6,141,502 0 0
NCI BUILDING SYS INC COM NEW 628852204 721 42,040 SH   SOLE   42,040 0 0
NEWMONT MINING CORP COM 651639106 6,460 196,000 SH   SOLE   196,000 0 0
NOODLES & CO CL A 65540B105 230 40,000 SH   SOLE   40,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 1,363 12,177 SH   SOLE   12,177 0 0
NUCOR CORP COM 670346105 1,286 21,535 SH   SOLE   21,535 0 0
OMNICOM GROUP INC COM 681919106 1,111 12,885 SH   SOLE   12,885 0 0
PATTERSON UTI ENERGY INC COM 703481101 6,189 255,000 SH   SOLE   255,000 0 0
PAYCHEX INC COM 704326107 1,219 20,691 SH   SOLE   20,691 0 0
PEPSICO INC COM 713448108 2,381 21,290 SH   SOLE   21,290 0 0
PFIZER INC COM 717081103 995 29,084 SH   SOLE   29,084 0 0
PROCTER AND GAMBLE CO COM 742718109 1,049 11,676 SH   SOLE   11,676 0 0
REGAL ENTMT GROUP CL A 758766109 2,540 112,500 SH   SOLE   112,500 0 0
S&P GLOBAL INC COM 78409V104 693 5,300 SH   SOLE   5,300 0 0
SHERWIN WILLIAMS CO COM 824348106 3,666 11,820 SH   SOLE   7,000 0 0
SILVER WHEATON CORP COM 828336107 5,602 268,800 SH   SOLE   268,800 0 0
SM ENERGY CO COM 78454L100 456 19,000 SH   SOLE   19,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 8,689 36,860 SH   SOLE   36,860 0 0
STANLEY BLACK & DECKER INC COM 854502101 3,322 25,000 SH   SOLE   25,000 0 0
STATE NATL COS INC COM 85711T305 14,664 1,018,356 SH   DFND 1 1,018,356 0 0
STATE NATL COS INC COM 85711T305 6,843 475,180 SH   SOLE   475,180 0 0
SUNOCO LOGISTICS PRTNRS L P COM UNITS 86764L108 3,094 126,700 SH   SOLE   126,700 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 3,536 247,987 SH   SOLE   247,987 0 0
SYSCO CORP COM 871829107 1,307 25,165 SH   SOLE   25,165 0 0
WENDYS CO COM 95058W100 817 60,000 SH   SOLE   60,000 0 0
THRESHOLD PHARMACEUTICAL INC COM NEW 885807206 57 100,000 SH   DFND 1 100,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 1,046 9,751 SH   SOLE   9,751 0 0
U S SILICA HLDGS INC COM 90346E103 2,486 51,800 SH   SOLE   51,800 0 0
VALSPAR CORP COM 920355104 1,109 10,000 SH   SOLE   10,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 1,000 20,515 SH   SOLE   20,515 0 0
VERSUM MATLS INC COM 92532W103 3,978 129,994 SH   SOLE   95,994 0 0
WAL-MART STORES INC COM 931142103 993 13,774 SH   SOLE   13,774 0 0
DISNEY WALT CO COM DISNEY 254687106 567 5,000 SH   SOLE   5,000 0 0
WASTE MGMT INC DEL COM 94106L109 1,397 19,164 SH   SOLE   19,164 0 0
WELLTOWER INC 6.50% PFD PREPET 95040Q203 309 4,360 SH   DFND 1 4,360 0 0
WHITEWAVE FOODS CO COM 966244105 1,336 23,800 SH   SOLE   23,800 0 0
WHITING PETE CORP NEW COM 966387102 2,838 300,000 SH   SOLE   300,000 0 0
WPX ENERGY INC COM 98212B103 140 10,430 SH   DFND 1 10,430 0 0