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
ABRAXAS PETE CORP COM 003830106 386 150,000 SH   SOLE 0 150,000 0 0
ALLY FINL INC COM 02005N100 19,437 1,021,920 SH   SOLE 0 1,021,920 0 0
AMTRUST FINL SVCS INC COM 032359309 1,766 64,514 SH   SOLE 0 64,514 0 0
AON PLC SHS CL A G0408V102 32,865 294,673 SH   SOLE 0 294,673 0 0
ARAMARK COM 03852U106 15,968 447,042 SH   SOLE 0 447,042 0 0
AXALTA COATING SYS LTD COM G0750C108 19,621 721,352 SH   SOLE 0 721,352 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 5,252 3,224 SH   SOLE 0 3,224 0 0
BWX TECHNOLOGIES INC COM 05605H100 6,644 167,345 SH   SOLE 0 167,345 0 0
CALPINE CORP COM NEW 131347304 3,408 298,190 SH   SOLE 0 298,190 0 0
CAPITAL ONE FINL CORP COM 14040H105 228 2,613 SH   SOLE 0 2,613 0 0
CITIGROUP INC COM NEW 172967424 6,666 122,159 SH   SOLE 0 122,159 0 0
CLEARWATER PAPER CORP COM 18538R103 13,428 201,847 SH   SOLE 0 201,847 0 0
COLONY CAP INC CL A 19624R106 2,695 133,081 SH   SOLE 0 133,081 0 0
COMMERCEHUB INC COM SER C 20084V306 296 19,692 SH   SOLE 0 19,692 0 0
COMMSCOPE HLDG CO INC COM 20337X109 11,001 295,715 SH   SOLE 0 295,715 0 0
CONSOL ENERGY INC COM 20854P109 1,771 97,167 SH   SOLE 0 97,167 0 0
CVS HEALTH CORP COM 126650100 2,180 27,629 SH   SOLE 0 27,629 0 0
DISCOVER FINL SVCS COM 254709108 3,462 48,017 SH   SOLE 0 48,017 0 0
EAGLE PHARMACEUTICALS INC COM 269796108 1,442 18,175 SH   SOLE 0 18,175 0 0
ECHOSTAR CORP CL A 278768106 848 16,503 SH   SOLE 0 16,503 0 0
ENCORE CAP GROUP INC COM 292554102 644 22,463 SH   SOLE 0 22,463 0 0
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 2,603 28,172 SH   SOLE 0 28,172 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 3,205 42,558 SH   SOLE 0 42,558 0 0
ENZO BIOCHEM INC COM 294100102 565 81,446 SH   SOLE 0 81,446 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 407 13,466 SH   SOLE 0 13,466 0 0
FERROGLOBE PLC SHS G33856108 12,403 1,145,258 SH   SOLE 0 1,145,258 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 2,730 229,370 SH   SOLE 0 229,370 0 0
FIESTA RESTAURANT GROUP INC COM 31660B101 2,728 91,404 SH   SOLE 0 91,404 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,404 60,402 SH   SOLE 0 60,402 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 646 31,007 SH   SOLE 0 31,007 0 0
FORTIVE CORP COM 34959J108 931 17,355 SH   SOLE 0 17,355 0 0
GENERAL MTRS CO COM 37045V100 309 8,860 SH   SOLE 0 8,860 0 0
GRAY TELEVISION INC COM 389375106 8,009 738,134 SH   SOLE 0 738,134 0 0
HD SUPPLY HLDGS INC COM 40416M105 22,435 527,768 SH   SOLE 0 527,768 0 0
IAC INTERACTIVECORP COM 44919P508 28,276 436,420 SH   SOLE 0 436,420 0 0
INSTALLED BLDG PRODS INC COM 45780R101 10,786 261,171 SH   SOLE 0 261,171 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 1,266 9,389 SH   SOLE 0 9,389 0 0
ISHARES TR RUS 2000 GRW ETF 464287648 2,372 15,408 SH   SOLE 0 15,408 0 0
KAR AUCTION SVCS INC COM 48238T109 22,451 526,779 SH   SOLE 0 526,779 0 0
KRATON CORPORATION COM 50077C106 555 19,485 SH   SOLE 0 19,485 0 0
LIBERTY EXPEDIA HOLDINGS SER A COM 53046P109 1,503 37,893 SH   SOLE 0 37,893 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 2,568 83,960 SH   SOLE 0 83,960 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 4,624 155,706 SH   SOLE 0 155,706 0 0
LIBERTY INTERACTIVE CORP QVC GP COM SER A 53071M104 15,991 800,367 SH   SOLE 0 800,367 0 0
LIBERTY GLOBAL PLC LILAC SHS CL A G5480U138 235 10,704 SH   SOLE 0 10,704 0 0
LIBERTY GLOBAL PLC LILAC SHS CL C G5480U153 395 18,636 SH   SOLE 0 18,636 0 0
LIBERTY MEDIA CORP DELAWARE COM A SIRIUSXM 531229409 696 20,168 SH   SOLE 0 20,168 0 0
LIBERTY INTERACTIVE CORP LBT VENT COM A 53071M880 2,131 57,808 SH   SOLE 0 57,808 0 0
LOEWS CORP COM 540424108 449 9,587 SH   SOLE 0 9,587 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 203 2,367 SH   SOLE 0 2,367 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 3,619 21,103 SH   SOLE 0 21,103 0 0
MARRIOTT INTL INC NEW CL A 571903202 287 3,466 SH   SOLE 0 3,466 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 164 25,000 SH   SOLE 0 25,000 0 0
METLIFE INC COM 59156R108 1,561 28,960 SH   SOLE 0 28,960 0 0
NATIONAL GEN HLDGS CORP COM 636220303 3,751 150,115 SH   SOLE 0 150,115 0 0
NEWS CORP NEW CL A 65249B109 2,070 180,642 SH   SOLE 0 180,642 0 0
NOMAD HLDGS LTD USD ORD SHS G6564A105 8,613 900,030 SH   SOLE 0 900,030 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 18,257 1,223,676 SH   SOLE 0 1,223,676 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 8,403 554,627 SH   SOLE 0 554,627 0 0
OFS CAP CORP COM 67103B100 569 41,380 SH   SOLE 0 41,380 0 0
OLIN CORP COM PAR $1 680665205 12,170 475,196 SH   SOLE 0 475,196 0 0
ORBITAL ATK INC COM 68557N103 32,873 374,709 SH   SOLE 0 374,709 0 0
PENTAIR PLC SHS G7S00T104 7,563 134,880 SH   SOLE 0 134,880 0 0
PHILLIPS 66 COM 718546104 807 9,337 SH   SOLE 0 9,337 0 0
QUINTILES IMS HOLDINGS INC COM 74876Y101 37,105 487,900 SH   SOLE 0 487,900 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 258 8,402 SH   SOLE 0 8,402 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 26,620 422,466 SH   SOLE 0 422,466 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 23,369 700,723 SH   SOLE 0 700,723 0 0
SIRIUS XM HLDGS INC COM 82968B103 1,725 387,598 SH   SOLE 0 387,598 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 6,423 107,126 SH   SOLE 0 107,126 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,198 10,926 SH   SOLE 0 10,926 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 11,187 50,048 SH   SOLE 0 50,048 0 0
STATE STR CORP COM 857477103 1,866 24,008 SH   SOLE 0 24,008 0 0
TESORO CORP COM 881609101 3,895 44,538 SH   SOLE 0 44,538 0 0
TOWER SEMICONDUCTOR LTD SHS NEW M87915274 1,514 79,551 SH   SOLE 0 79,551 0 0
VISTA OUTDOOR INC COM 928377100 12,158 329,479 SH   SOLE 0 329,479 0 0
VOYA FINL INC COM 929089100 29,293 746,889 SH   SOLE 0 746,889 0 0
VWR CORP COM 91843L103 14,792 590,955 SH   SOLE 0 590,955 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 4,787 57,836 SH   SOLE 0 57,836 0 0
WILLIS TOWERS WATSON PUB LTD SHS G96629103 5,711 46,706 SH   SOLE 0 46,706 0 0
XENIA HOTELS & RESORTS INC COM 984017103 396 20,372 SH   SOLE 0 20,372 0 0