<SEC-DOCUMENT>0000950123-23-002718.txt : 20230214
<SEC-HEADER>0000950123-23-002718.hdr.sgml : 20230214
<ACCEPTANCE-DATETIME>20230214172352
ACCESSION NUMBER:		0000950123-23-002718
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230214
DATE AS OF CHANGE:		20230214
EFFECTIVENESS DATE:		20230214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BROOKFIELD Corp /ON/
		CENTRAL INDEX KEY:			0001001085
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-14349
		FILM NUMBER:		23631845

	BUSINESS ADDRESS:	
		STREET 1:		BROOKFIELD PLACE, 181 BAY ST, STE 100
		STREET 2:		PO BOX 762
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J2T3
		BUSINESS PHONE:		416-363-9491

	MAIL ADDRESS:	
		STREET 1:		BROOKFIELD PLACE, 181 BAY ST, STE 100
		STREET 2:		PO BOX 762
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J2T3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROOKFIELD ASSET MANAGEMENT INC.
		DATE OF NAME CHANGE:	20051116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRASCAN CORP/
		DATE OF NAME CHANGE:	20010321

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EDPERBRASCAN CORP
		DATE OF NAME CHANGE:	19970904
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
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        <credentials>
          <cik>0001001085</cik>
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      <periodOfReport>12-31-2022</periodOfReport>
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      <reportCalendarOrQuarter>12-31-2022</reportCalendarOrQuarter>
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        <name>BROOKFIELD Corp /ON/</name>
        <address>
          <ns1:street1>BROOKFIELD PLACE, 181 BAY ST, STE 100</ns1:street1>
          <ns1:street2>PO BOX 762</ns1:street2>
          <ns1:city>TORONTO</ns1:city>
          <ns1:stateOrCountry>A6</ns1:stateOrCountry>
          <ns1:zipCode>M5J2T3</ns1:zipCode>
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          <name>Oaktree Capital Management, L.P.</name>
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          <name>Oaktree Fund Advisors, LLC</name>
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      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Ronald Fisher-Dayn</name>
      <title>MANAGING DIRECTOR, LEGAL &amp; REGULATORY</title>
      <phone>212.978.1763</phone>
      <signature>/s/ Ronald Fisher-Dayn</signature>
      <city>New York</city>
      <stateOrCountry>NY</stateOrCountry>
      <signatureDate>02-14-2023</signatureDate>
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            <form13FFileNumber>028-14362</form13FFileNumber>
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            <name>Brookfield Asset Management Private Institutional Capital Adviser (Canada), LLC</name>
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            <name>Brookfield Asset Management Reinsurance Advisor LLC</name>
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          <sequenceNumber>8</sequenceNumber>
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            <crdNumber>000316590</crdNumber>
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            <name>Brookfield Renewable Energy Group LLC</name>
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      <Sole>485565</Sole>
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    <nameOfIssuer>DIGITAL RLTY TR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>253868103</cusip>
    <value>79926220</value>
    <shrsOrPrnAmt>
      <sshPrnamt>797110</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>604610</Sole>
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      <None>192500</None>
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    <nameOfIssuer>DOUGLAS EMMETT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25960P109</cusip>
    <value>467264</value>
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      <sshPrnamt>29800</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>29800</Sole>
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      <None>0</None>
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    <nameOfIssuer>DT MIDSTREAM INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>23345M107</cusip>
    <value>31124311</value>
    <shrsOrPrnAmt>
      <sshPrnamt>563234</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>552567</Sole>
      <Shared>10551</Shared>
      <None>116</None>
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    <nameOfIssuer>EMERALD HOLDING INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29103W104</cusip>
    <value>1801963</value>
    <shrsOrPrnAmt>
      <sshPrnamt>509029</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>509029</Sole>
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      <None>0</None>
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    <nameOfIssuer>ENBRIDGE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29250N105</cusip>
    <value>63312050</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1619234</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>1592225</Sole>
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      <None>3275</None>
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    <nameOfIssuer>ENERGY TRANSFER L P</nameOfIssuer>
    <titleOfClass>COM UT LTD PTN</titleOfClass>
    <cusip>29273V100</cusip>
    <value>159837254</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13465649</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>ENLINK MIDSTREAM LLC</nameOfIssuer>
    <titleOfClass>COM UNIT REP LTD</titleOfClass>
    <cusip>29336T100</cusip>
    <value>13181676</value>
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      <sshPrnamt>1071681</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>1049531</Sole>
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      <None>231</None>
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    <nameOfIssuer>ENPHASE ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29355A107</cusip>
    <value>7213536</value>
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      <sshPrnamt>27225</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>27225</Sole>
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      <None>0</None>
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    <nameOfIssuer>ENTERGY CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29364G103</cusip>
    <value>214311150</value>
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      <sshPrnamt>1904988</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>679456</Sole>
      <Shared>0</Shared>
      <None>1225532</None>
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    <nameOfIssuer>ENTERPRISE PRODS PARTNERS L</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>293792107</cusip>
    <value>98701356</value>
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      <sshPrnamt>4092096</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>4029538</Sole>
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      <None>5838</None>
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    <nameOfIssuer>EPR PPTYS</nameOfIssuer>
    <titleOfClass>PFD C CV 5.75%</titleOfClass>
    <cusip>26884U208</cusip>
    <value>1850748</value>
    <shrsOrPrnAmt>
      <sshPrnamt>102991</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>81584</Sole>
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      <None>21407</None>
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    <nameOfIssuer>EPR PPTYS</nameOfIssuer>
    <titleOfClass>COM SH BEN INT</titleOfClass>
    <cusip>26884U109</cusip>
    <value>1784156</value>
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      <sshPrnamt>47300</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>47300</Sole>
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      <None>0</None>
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    <nameOfIssuer>EPR PPTYS</nameOfIssuer>
    <titleOfClass>CONV PFD 9% SR E</titleOfClass>
    <cusip>26884U307</cusip>
    <value>373085</value>
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      <sshPrnamt>14500</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>14500</Sole>
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      <None>0</None>
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    <nameOfIssuer>EQUINIX INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29444U700</cusip>
    <value>49017860</value>
    <shrsOrPrnAmt>
      <sshPrnamt>74833</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>56893</Sole>
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      <None>17940</None>
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    <nameOfIssuer>EQUITRANS MIDSTREAM CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>294600101</cusip>
    <value>89725750</value>
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      <sshPrnamt>13391903</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>12669318</Sole>
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      <None>639280</None>
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    <nameOfIssuer>EQUITY COMWLTH</nameOfIssuer>
    <titleOfClass>6.5% CNV PFD D</titleOfClass>
    <cusip>294628201</cusip>
    <value>2367662</value>
    <shrsOrPrnAmt>
      <sshPrnamt>94508</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>74778</Sole>
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      <None>19730</None>
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    <nameOfIssuer>ESSENTIAL PPTYS RLTY TR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29670E107</cusip>
    <value>25428337</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1083440</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>788328</Sole>
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      <None>295112</None>
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    <nameOfIssuer>ESSENTIAL UTILS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29670G102</cusip>
    <value>56501294</value>
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      <sshPrnamt>1183769</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>224640</Sole>
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      <None>959129</None>
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    <nameOfIssuer>EVERSOURCE ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30040W108</cusip>
    <value>152712212</value>
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      <sshPrnamt>1821472</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>963079</Sole>
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      <None>858393</None>
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    <nameOfIssuer>EXELON CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30161N101</cusip>
    <value>17677179</value>
    <shrsOrPrnAmt>
      <sshPrnamt>408910</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>408910</Sole>
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      <None>0</None>
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    <nameOfIssuer>FEDERAL RLTY INVT TR NEW</nameOfIssuer>
    <titleOfClass>SH BEN INT NEW</titleOfClass>
    <cusip>313745101</cusip>
    <value>1340296</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13265</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>13265</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>FIRST INDL RLTY TR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>32054K103</cusip>
    <value>12031701</value>
    <shrsOrPrnAmt>
      <sshPrnamt>249310</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>249310</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>FIRSTENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>337932107</cusip>
    <value>171752436</value>
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      <sshPrnamt>4095194</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>1513634</Sole>
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      <None>2581560</None>
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    <nameOfIssuer>HEALTHPEAK PROPERTIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>42250P103</cusip>
    <value>84789974</value>
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      <sshPrnamt>3382129</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>2470729</Sole>
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      <None>911400</None>
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    <nameOfIssuer>HERSHA HOSPITALITY TR</nameOfIssuer>
    <titleOfClass>PR SHS BEN INT</titleOfClass>
    <cusip>427825500</cusip>
    <value>821243</value>
    <shrsOrPrnAmt>
      <sshPrnamt>96390</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>96390</Sole>
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      <None>0</None>
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    <nameOfIssuer>HESS MIDSTREAM LP</nameOfIssuer>
    <titleOfClass>CL A SHS</titleOfClass>
    <cusip>428103105</cusip>
    <value>4785794</value>
    <shrsOrPrnAmt>
      <sshPrnamt>159953</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>159953</Sole>
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      <None>0</None>
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    <nameOfIssuer>HIGHWOODS PPTYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>431284108</cusip>
    <value>31295966</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1118512</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>817470</Sole>
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      <None>301042</None>
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    <nameOfIssuer>HOST HOTELS &amp; RESORTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>44107P104</cusip>
    <value>25054387</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1561021</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>1133815</Sole>
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      <None>427206</None>
    </votingAuthority>
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    <nameOfIssuer>ITRON INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>465741106</cusip>
    <value>9918334</value>
    <shrsOrPrnAmt>
      <sshPrnamt>195821</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>195821</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>KIMCO RLTY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49446R109</cusip>
    <value>57846985</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2731208</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1932228</Sole>
      <Shared>0</Shared>
      <None>798980</None>
    </votingAuthority>
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    <nameOfIssuer>KINDER MORGAN INC DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49456B101</cusip>
    <value>5721181</value>
    <shrsOrPrnAmt>
      <sshPrnamt>316437</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>316437</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>KITE RLTY GROUP TR</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>49803T300</cusip>
    <value>54869456</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2606625</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>1947977</Sole>
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      <None>658648</None>
    </votingAuthority>
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    <nameOfIssuer>MAGELLAN MIDSTREAM PRTNRS LP</nameOfIssuer>
    <titleOfClass>COM UNIT RP LP</titleOfClass>
    <cusip>559080106</cusip>
    <value>63667485</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1268024</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>1249423</Sole>
      <Shared>15987</Shared>
      <None>2614</None>
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    <nameOfIssuer>MID-AMER APT CMNTYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>59522J103</cusip>
    <value>80447171</value>
    <shrsOrPrnAmt>
      <sshPrnamt>512435</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>377410</Sole>
      <Shared>0</Shared>
      <None>135025</None>
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  <infoTable>
    <nameOfIssuer>MPLX LP</nameOfIssuer>
    <titleOfClass>COM UNIT REP LTD</titleOfClass>
    <cusip>55336V100</cusip>
    <value>114018312</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3471934</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>3405234</Sole>
      <Shared>38477</Shared>
      <None>28223</None>
    </votingAuthority>
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    <nameOfIssuer>NEXTERA ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>65339F101</cusip>
    <value>98475868</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1177941</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1032861</Sole>
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      <None>145080</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NEXTERA ENERGY PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM UNIT PART IN</titleOfClass>
    <cusip>65341B106</cusip>
    <value>9600227</value>
    <shrsOrPrnAmt>
      <sshPrnamt>136970</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>AEROJET ROCKETDYNE HLDGS INC       </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>007800105</cusip>
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    <nameOfIssuer>AERSALE CORPORATION                </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00810F106</cusip>
    <value>2145792</value>
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      <sshPrnamt>132293</sshPrnamt>
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    <nameOfIssuer>ALBERTSONS COS INC                 </nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
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    <nameOfIssuer>ALCON AG                           </nameOfIssuer>
    <titleOfClass>ORD SHS</titleOfClass>
    <cusip>H01301128</cusip>
    <value>6625030</value>
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    <nameOfIssuer>ALIGHT INC                         </nameOfIssuer>
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    <cusip>01626W101</cusip>
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    <nameOfIssuer>ALTICE USA INC                     </nameOfIssuer>
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    <cusip>02156K103</cusip>
    <value>75251</value>
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    <nameOfIssuer>ALTRA INDL MOTION CORP             </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02208R106</cusip>
    <value>1965895</value>
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      <sshPrnamt>32902</sshPrnamt>
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    <nameOfIssuer>AMAZON COM INC                     </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>023135106</cusip>
    <value>2109996</value>
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      <sshPrnamt>25119</sshPrnamt>
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    <nameOfIssuer>AMBARELLA INC                      </nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G037AX101</cusip>
    <value>1432364</value>
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    <nameOfIssuer>AMC ENTMT HLDGS INC                </nameOfIssuer>
    <titleOfClass>CL A COM</titleOfClass>
    <cusip>00165C104</cusip>
    <value>407000</value>
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    <putCall>Call</putCall>
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    <nameOfIssuer>AMERICAN EXPRESS CO                </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>025816109</cusip>
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    <nameOfIssuer>AMERICAN FINL GROUP INC OHIO       </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>025932104</cusip>
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    <nameOfIssuer>AMERICAN TOWER CORP NEW            </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03027X100</cusip>
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      <None>0</None>
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    <nameOfIssuer>AMERIPRISE FINL INC                </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03076C106</cusip>
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    <nameOfIssuer>AMETEK INC                         </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>031100100</cusip>
    <value>17252346</value>
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    <nameOfIssuer>AMPHENOL CORP NEW                  </nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>032095101</cusip>
    <value>10159132</value>
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      <sshPrnamt>133427</sshPrnamt>
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    <nameOfIssuer>APELLIS PHARMACEUTICALS INC        </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03753U106</cusip>
    <value>3424546</value>
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    <nameOfIssuer>APTIV PLC                          </nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G6095L109</cusip>
    <value>1600812</value>
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    <nameOfIssuer>ARCH CAP GROUP LTD                 </nameOfIssuer>
    <titleOfClass>ORD</titleOfClass>
    <cusip>G0450A105</cusip>
    <value>320869</value>
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    <nameOfIssuer>ARES MANAGEMENT CORPORATION        </nameOfIssuer>
    <titleOfClass>CL A COM STK</titleOfClass>
    <cusip>03990B101</cusip>
    <value>2473079</value>
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    <nameOfIssuer>ARGENX SE                          </nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>04016X101</cusip>
    <value>7703508</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>ARGO GROUP INTL HLDGS LTD          </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0464B107</cusip>
    <value>2131669</value>
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      <sshPrnamt>82463</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>82463</Sole>
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      <None>0</None>
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    <nameOfIssuer>ARISTA NETWORKS INC                </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>040413106</cusip>
    <value>2063799</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17007</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>17007</Sole>
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      <None>0</None>
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    <nameOfIssuer>ARMSTRONG WORLD INDS INC NEW       </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>04247X102</cusip>
    <value>5040953</value>
    <shrsOrPrnAmt>
      <sshPrnamt>73494</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>73494</Sole>
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      <None>0</None>
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    <nameOfIssuer>ASSOCIATED BANC CORP               </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>045487105</cusip>
    <value>4953613</value>
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    <nameOfIssuer>ASSURANT INC                       </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>04621X108</cusip>
    <value>2645894</value>
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      <sshPrnamt>21157</sshPrnamt>
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    <nameOfIssuer>ASSURED GUARANTY LTD               </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0585R106</cusip>
    <value>8032163</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>ASTRAZENECA PLC                    </nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>046353108</cusip>
    <value>16822197</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>248115</Sole>
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    <nameOfIssuer>AT&amp;T INC                           </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00206R102</cusip>
    <value>2887259</value>
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    <nameOfIssuer>ATLAS AIR WORLDWIDE HLDGS IN       </nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>049164205</cusip>
    <value>3024000</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>ATLAS CORP                         </nameOfIssuer>
    <titleOfClass>SHARES</titleOfClass>
    <cusip>Y0436Q109</cusip>
    <value>4602000</value>
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    <nameOfIssuer>ATLASSIAN CORPORATION              </nameOfIssuer>
    <titleOfClass>CL </titleOfClass>
    <cusip>049468101</cusip>
    <value>2859527</value>
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    <nameOfIssuer>AUTOMATIC DATA PROCESSING IN       </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>053015103</cusip>
    <value>1149872</value>
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      <Sole>4814</Sole>
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    <nameOfIssuer>AUTOZONE INC                       </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>053332102</cusip>
    <value>3923692</value>
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      <sshPrnamt>1591</sshPrnamt>
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    <nameOfIssuer>AVANTOR INC                        </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05352A100</cusip>
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    <nameOfIssuer>FIDELITY NATL INFORMATION SV       </nameOfIssuer>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>FRONTIER COMMUNICATIONS PARE       </nameOfIssuer>
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    <nameOfIssuer>OKTA INC                           </nameOfIssuer>
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    <nameOfIssuer>OLD DOMINION FREIGHT LINE IN       </nameOfIssuer>
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    <nameOfIssuer>OLLIES BARGAIN OUTLET HLDGS        </nameOfIssuer>
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    <titleOfClass>NAMEN AKT A</titleOfClass>
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    <cusip>68373J104</cusip>
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    <nameOfIssuer>OTIS WORLDWIDE CORP                </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
    <cusip>69007J106</cusip>
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    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
    <cusip>695156109</cusip>
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    <nameOfIssuer>PACWEST BANCORP DEL                </nameOfIssuer>
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    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM CL A</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>PERKINELMER INC                    </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <cusip>78409V104</cusip>
    <value>3609983</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10778</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>10778</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SANOFI                             </nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>80105N105</cusip>
    <value>24251323</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>500750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHWAB CHARLES CORP                </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808513105</cusip>
    <value>17898985</value>
    <shrsOrPrnAmt>
      <sshPrnamt>214977</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>214977</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEAWORLD ENTMT INC                 </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81282V100</cusip>
    <value>311375</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5819</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>5819</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR              </nameOfIssuer>
    <titleOfClass>FINANCIAL</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>13001814</value>
    <shrsOrPrnAmt>
      <sshPrnamt>380170</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>380170</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR              </nameOfIssuer>
    <titleOfClass>SBI CONS STPLS</titleOfClass>
    <cusip>81369Y308</cusip>
    <value>5897874</value>
    <shrsOrPrnAmt>
      <sshPrnamt>79113</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>79113</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR              </nameOfIssuer>
    <titleOfClass>SBI HEALTHCARE</titleOfClass>
    <cusip>81369Y209</cusip>
    <value>5032020</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37041</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>37041</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR              </nameOfIssuer>
    <titleOfClass>SBI INT-INDS</titleOfClass>
    <cusip>81369Y704</cusip>
    <value>58926000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>600000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>600000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR              </nameOfIssuer>
    <titleOfClass>SBI INT-INDS</titleOfClass>
    <cusip>81369Y704</cusip>
    <value>147315000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1500000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>1500000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR              </nameOfIssuer>
    <titleOfClass>SBI INT-UTILS</titleOfClass>
    <cusip>81369Y886</cusip>
    <value>2280887</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32353</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>32353</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERVICENOW INC                     </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81762P102</cusip>
    <value>7817428</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20134</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>20134</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHAW COMMUNICATIONS INC            </nameOfIssuer>
    <titleOfClass>CL B CONV</titleOfClass>
    <cusip>82028K200</cusip>
    <value>1272146</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>44200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHAW COMMUNICATIONS INC            </nameOfIssuer>
    <titleOfClass>CL B CONV</titleOfClass>
    <cusip>82028K200</cusip>
    <value>1657819</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>57600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHERWIN WILLIAMS CO                </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>824348106</cusip>
    <value>9092824</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38313</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>38313</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHIFT4 PMTS INC                    </nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>82452J109</cusip>
    <value>4350571</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77786</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>77786</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHOCKWAVE MED INC                  </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>82489T104</cusip>
    <value>1775031</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8633</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>8633</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHOPIFY INC                        </nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>82509L107</cusip>
    <value>5077899</value>
    <shrsOrPrnAmt>
      <sshPrnamt>146295</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>146295</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIERRA WIRELESS INC                </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>826516106</cusip>
    <value>3478800</value>
    <shrsOrPrnAmt>
      <sshPrnamt>120000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>120000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIGNIFY HEALTH INC                 </nameOfIssuer>
    <titleOfClass>CL A COM</titleOfClass>
    <cusip>82671G100</cusip>
    <value>3152600</value>
    <shrsOrPrnAmt>
      <sshPrnamt>110000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>110000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SILICON MOTION TECHNOLOGY CO       </nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>82706C108</cusip>
    <value>5560284</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85556</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>85556</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SILK RD MED INC                    </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>82710M100</cusip>
    <value>1004150</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>19000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIX FLAGS ENTMT CORP NEW           </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83001A102</cusip>
    <value>4591015</value>
    <shrsOrPrnAmt>
      <sshPrnamt>197463</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>197463</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SKECHERS U S A INC                 </nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>830566105</cusip>
    <value>554495</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13218</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>13218</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SMARTSHEET INC                     </nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>83200N103</cusip>
    <value>6688445</value>
    <shrsOrPrnAmt>
      <sshPrnamt>169930</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>169930</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SNAP INC                           </nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>83304A106</cusip>
    <value>663320</value>
    <shrsOrPrnAmt>
      <sshPrnamt>74114</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>74114</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SNOWFLAKE INC                      </nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>833445109</cusip>
    <value>4995336</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34801</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>34801</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOFI TECHNOLOGIES INC              </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83406F102</cusip>
    <value>932446</value>
    <shrsOrPrnAmt>
      <sshPrnamt>202266</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>202266</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHERN CO                        </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>842587107</cusip>
    <value>2822266</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39522</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>39522</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHWEST AIRLS CO                 </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>844741108</cusip>
    <value>1969493</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58494</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>58494</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR DOW JONES INDL AVERAGE        </nameOfIssuer>
    <titleOfClass>UT SER 1</titleOfClass>
    <cusip>78467X109</cusip>
    <value>5526584</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16680</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>16680</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR                </nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>9989454</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26121</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>26121</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P MIDCAP 400 ETF TR         </nameOfIssuer>
    <titleOfClass>UTSER1 S&amp;PDCRP</titleOfClass>
    <cusip>78467Y107</cusip>
    <value>22760292</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51402</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>51402</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SER TR                        </nameOfIssuer>
    <titleOfClass>S&amp;P REGL BKG</titleOfClass>
    <cusip>78464A698</cusip>
    <value>3985626</value>
    <shrsOrPrnAmt>
      <sshPrnamt>67852</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>67852</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SER TR                        </nameOfIssuer>
    <titleOfClass>S&amp;P RETAIL ETF</titleOfClass>
    <cusip>78464A714</cusip>
    <value>685684</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11343</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>11343</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPECTRUM BRANDS HLDGS INC NE       </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84790A105</cusip>
    <value>2436800</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>40000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STATE STR CORP                     </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>857477103</cusip>
    <value>6536901</value>
    <shrsOrPrnAmt>
      <sshPrnamt>84271</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>84271</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STERIS PLC                         </nameOfIssuer>
    <titleOfClass>SHS USD</titleOfClass>
    <cusip>G8473T100</cusip>
    <value>3742558</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20264</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>20264</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STERLING CHECK CORP                </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>TAKE-TWO INTERACTIVE SOFTWAR       </nameOfIssuer>
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    <nameOfIssuer>TARGET CORP                        </nameOfIssuer>
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    <nameOfIssuer>TE CONNECTIVITY LTD                </nameOfIssuer>
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    <nameOfIssuer>TENABLE HLDGS INC                  </nameOfIssuer>
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    <nameOfIssuer>TESLA INC                          </nameOfIssuer>
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    <nameOfIssuer>TEXAS CAP BANCSHARES INC           </nameOfIssuer>
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    <nameOfIssuer>TOPGOLF CALLAWAY BRANDS CORP       </nameOfIssuer>
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    <nameOfIssuer>TRANSUNION                         </nameOfIssuer>
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    <nameOfIssuer>ZIONS BANCORPORATION N A           </nameOfIssuer>
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    <nameOfIssuer>ANNALY CAPITAL MANAGEMENT INC</nameOfIssuer>
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      <sshPrnamt>1156</sshPrnamt>
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    <nameOfIssuer>MACK-CALI REALTY CORP</nameOfIssuer>
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    <nameOfIssuer>VORNADO REALTY TRUST</nameOfIssuer>
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    <cusip>929042109</cusip>
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    <nameOfIssuer>XENIA HOTELS &amp; RESORTS INC</nameOfIssuer>
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    <cusip>984017103</cusip>
    <value>8669092</value>
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    <nameOfIssuer>CHENIERE ENERGY PARTNERS LP</nameOfIssuer>
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    <cusip>16411Q101</cusip>
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    <nameOfIssuer>AMERICAN EQUITY INVESTMENT LIF</nameOfIssuer>
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    <nameOfIssuer>BROOKFIELD ASSET MANAGEMENT LTD.</nameOfIssuer>
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    <nameOfIssuer>BROOKFIELD BUSINESS PARTNERS L</nameOfIssuer>
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    <cusip>G16234109</cusip>
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    <value>9866839</value>
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</XML>
</TEXT>
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</SEC-DOCUMENT>
