Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NCLH	NORWEGIAN CRUISE LINE HLDGS	36,103,782	$1.996B	54.8%	$33.28	+44.7%	—	G66721104
—	EP ENERGY CORP	112,596,207	$509M	14.0%	$19.57	—	—	268785102
—	CAESARS ENTMT CORP	26,495,304	$180M	5.0%	$13.70	—	—	127686103
—	CAESARS ACQUISITION CO	27,995,124	$171M	4.7%	$12.06	—	—	12768T103
SPY	SPDR S&P 500 ETF TR	760,000	$156M	4.3%	—	—	PUT	78462F103
—	ISTAR INC	59,500,000	$61.43M	1.7%	$1.16	—	—	45031UBR1
XLF	SELECT SECTOR SPDR TR	2,300,000	$51.75M	1.4%	—	—	PUT	81369Y605
HYG	ISHARES TR	625,000	$51.06M	1.4%	—	—	PUT	464288513
—	APOLLO INVT CORP	8,563,896	$47.53M	1.3%	$5.24	—	—	03761U106
—	AMERICAN EQTY INVT LIFE HLD	2,578,289	$43.31M	1.2%	$16.80	—	—	025676206
IBM	INTERNATIONAL BUSINESS MACHS	285,800	$43.28M	1.2%	—	—	PUT	459200101
—	WINTHROP RLTY TR	2,765,344	$36.31M	1.0%	$14.92	—	—	976391300
—	WALTER INVT MGMT CORP	60,962,000	$35.93M	1.0%	$0.81	—	—	93317WAA0
—	BANK OF NOVA SCOTIA	30,000,000	$30.01M	0.8%	$1.00	—	—	064159HB5
ARI	APOLLO COML REAL EST FIN INC	1,301,746	$21.22M	0.6%	$16.71	—	—	03762U105
—	CEMEX SAB DE CV	18,250,000	$19.03M	0.5%	$1.00	—	—	151290BC6
—	BROOKDALE SR LIVING INC	19,000,000	$18.12M	0.5%	$1.00	—	—	112463AA2
—	ROYAL DUTCH SHELL PLC	350,000	$16.96M	0.5%	—	—	PUT	780259206
AMD	ADVANCED MICRO DEVICES INC	5,000,000	$14.25M	0.4%	—	—	PUT	007903107
CNQ	CANADIAN NAT RES LTD	400,000	$10.8M	0.3%	—	—	PUT	136385101
—	ISTAR INC	1,100,338	$10.63M	0.3%	$10.72	—	—	45031U101
GATX	GATX CORP	200,000	$9.5M	0.3%	—	—	PUT	361448103
SRE	SEMPRA ENERGY	80,000	$8.324M	0.2%	—	—	PUT	816851109
—	DCP MIDSTREAM PARTNERS LP	300,000	$8.169M	0.2%	—	—	PUT	23311P100
—	AMERICAN RAILCAR INDS INC	200,000	$8.146M	0.2%	—	—	PUT	02916P103
SEDG	SOLAREDGE TECHNOLOGIES INC	300,000	$7.542M	0.2%	—	—	PUT	83417M104
—	APOLLO RESIDENTIAL MTG INC	520,558	$6.985M	0.2%	$13.65	—	—	03763V102
—	STAPLES INC	600,000	$6.618M	0.2%	$12.67	—	—	855030102
—	GENCO SHIPPING & TRADING LTD	10,240,593	$6.553M	0.2%	$3.91	—	—	Y2685T115
—	SUNEDISON INC	9,155,800	$4.945M	0.1%	—	—	PUT	86732Y109
FCX	FREEPORT-MCMORAN INC	470,000	$4.859M	0.1%	—	—	PUT	35671D857
WDC	WESTERN DIGITAL CORP	100,000	$4.724M	0.1%	—	—	PUT	958102105
LNWO	SCIENTIFIC GAMES CORP	398,400	$3.756M	0.1%	—	—	CALL	80874P109
—	SOLARCITY CORP	150,000	$3.687M	0.1%	—	—	PUT	83416T100
—	TIME WARNER INC	50,000	$3.627M	0.1%	—	—	CALL	887317303
—	UNITED STATES STL CORP NEW	210,000	$3.37M	0.1%	—	—	PUT	912909108
BNS	BANK N S HALIFAX	65,000	$3.175M	0.1%	—	—	PUT	064149107
—	CALPINE CORP	200,000	$3.034M	0.1%	$15.17	—	—	131347304
—	MANITOWOC INC	600,000	$2.598M	0.1%	—	—	PUT	563571108
NMIH	NMI HLDGS INC	500,000	$2.525M	0.1%	$5.21	0.0%	—	629209305
—	PATTERN ENERGY GROUP INC	100,000	$1.907M	0.1%	—	—	PUT	70338P100
—	APOLLO SR FLOATING RATE FD I	105,236	$1.6M	0.0%	$16.56	—	—	037636107
—	RADIO ONE INC	1,000,000	$1.42M	0.0%	$1.77	—	—	75040P405
—	CENVEO CORP	2,250,000	$1.147M	0.0%	$0.95	—	—	15671BAJ0
CF	CF INDS HLDGS INC	35,000	$1.096M	0.0%	$24.71	0.0%	—	125269100
—	RELM WIRELESS CORP	188,971	$854K	0.0%	$3.00	—	—	759525108
—	VALEANT PHARMACEUTICALS INTL	30,000	$789K	0.0%	—	—	CALL	91911K102
CC	CHEMOURS CO	110,700	$774K	0.0%	$3.64	0.0%	—	163851108
TECK	TECK RESOURCES LTD	90,000	$684K	0.0%	—	—	PUT	878742204
—	ARES DYNAMIC CR ALLOCATION F	50,000	$669K	0.0%	$13.36	—	—	04014F102
—	J G WENTWORTH CO	500,000	$610K	0.0%	$1.45	—	—	46618D108
RUN	SUNRUN INC	50,000	$324K	0.0%	—	—	PUT	86771W105
—	CUMULUS MEDIA INC	600,000	$278K	0.0%	$0.47	—	—	231082108
—	TRONOX LTD	40,000	$255K	0.0%	$6.38	—	—	Q9235V101
—	WALTER INVT MGMT CORP	25,000	$191K	0.0%	$14.24	—	—	93317W102
LEA	LEAR CORP	1,505	$167K	0.0%	$94.96	-7.1%	—	521865204
—	BBX CAP CORP	5,873	$93,000	0.0%	$15.84	—	—	05540P100
—	SUNEDISON INC	2,000,000	$75,000	0.0%	$0.04	—	—	86732YAH2
—	APOLLO TACTICAL INCOME FD IN	5,236	$71,000	0.0%	$13.94	—	—	037638103