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
AMERISTAR CASINOS INC COM 03070Q101 4,887 185,903 SH   SOLE   185,903 0 0
APOLLO GROUP INC CL A 037604105 1,772 100,000 SH   SOLE   100,000 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 464 29,210 SH   SOLE   29,210 0 0
ARES COML REAL ESTATE CORP COM 04013V108 1,201 93,719 SH   SOLE   93,719 0 0
BARRICK GOLD CORP COM 067901108 306 19,463 SH   SOLE   19,463 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 2,521 102,075 SH   SOLE   102,075 0 0
BRISTOW GROUP INC COM 110394103 1,800 27,549 SH   SOLE   27,549 0 0
CAPITAL ONE FINL CORP COM 14040H105 26,008 414,070 SH   SOLE   414,070 0 0
CARMIKE CINEMAS INC COM 143436400 8,917 460,601 SH   SOLE   460,601 0 0
CARNIVAL CORP PAIRED CTF 143658300 3,032 88,417 SH   SOLE   88,417 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 4,534 218,064 SH   SOLE   218,064 0 0
CHIMERA INVT CORP COM 16934Q109 925 308,368 SH   SOLE   308,368 0 0
CYRUSONE INC COM 23283R100 3,246 156,489 SH   SOLE   156,489 0 0
DIRECTV COM 25490A309 1,849 30,000 SH   SOLE   30,000 0 0
EAGLE MATERIALS INC COM 26969P108 25,673 387,402 SH   SOLE   387,402 0 0
EBAY INC COM 278642103 17,509 338,541 SH   SOLE   338,541 0 0
GOODRICH PETE CORP COM NEW 382410405 16,267 1,270,832 SH   SOLE   1,270,832 0 0
GRAY TELEVISION INC COM 389375106 2,655 368,772 SH   SOLE   368,772 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 2,370 143,108 SH   SOLE   143,108 0 0
JPMORGAN CHASE & CO COM 46625H100 26,510 502,172 SH   SOLE   502,172 0 0
LIFE TIME FITNESS INC COM 53217R207 19,560 390,347 SH   SOLE   390,347 0 0
LOCKHEED MARTIN CORP COM 539830109 766 7,063 SH   SOLE   7,063 0 0
MFA FINL INC COM 55272X102 314 37,158 SH   SOLE   37,158 0 0
MASTERCARD INC CL A 57636Q104 7,088 12,338 SH   SOLE   12,338 0 0
MELCO CROWN ENTMT LTD ADR 585464100 9,245 413,448 SH   SOLE   413,448 0 0
NCR CORP NEW COM 62886E108 26,625 807,059 SH   SOLE   807,059 0 0
PENNANTPARK INVT CORP COM 708062104 2,087 188,850 SH   SOLE   188,850 0 0
PINNACLE ENTMT INC COM 723456109 23,381 1,188,664 SH   SOLE   1,188,664 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 13,582 348,162 SH   SOLE   348,162 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 4,233 144,122 SH   SOLE   144,122 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 26,999 427,272 SH   SOLE   427,272 0 0
SUSSER HLDGS CORP COM 869233106 16,315 340,756 SH   SOLE   340,756 0 0
T-MOBILE US INC COM 872590104 8,047 324,354 SH   SOLE   324,354 0 0
TELLABS INC COM 879664100 494 250,000 SH   SOLE   250,000 0 0
TIME WARNER CABLE INC COM 88732J207 4,010 35,655 SH   SOLE   35,655 0 0
U S SILICA HLDGS INC COM 90346E103 7,997 384,850 SH   SOLE   384,850 0 0
VISA INC COM CL A 92826C839 7,239 39,612 SH   SOLE   39,612 0 0
WELLS FARGO & CO NEW COM 949746101 6,091 147,583 SH   SOLE   147,583 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 27,570 481,741 SH   SOLE   481,741 0 0
NABORS INDUSTRIES LTD SHS G6359F103 17,364 1,134,153 SH   SOLE   1,134,153 0 0
TOWER GROUP INTL LTD COM G8988C105 10,188 896,728 SH   SOLE   896,728 0 0
XL GROUP PLC SHS G98290102 25,059 826,497 SH   SOLE   826,497 0 0
TRANSOCEAN LTD REG SHS H8817H100 5,923 123,515 SH   SOLE   123,515 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 2,879 86,361 SH   SOLE   86,361 0 0
TALISMAN ENERGY INC COM 87425E103 6,143 537,431 SH   SOLE   537,431 0 0