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
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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 RESIDENTIAL CORP CL B 02153W100 20,817 691,377 SH   SOLE   691,377 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 32,400 2,000,000 SH   SOLE   2,000,000 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 58,461 4,545,994 SH   SOLE   4,545,994 0 0
AMERICAN RLTY CAP PPTYS INC NOTE 3.750%12/1 02917TAB0 10,188 10,000,000 PRN   SOLE   10,000,000 0 0
AMTRUST FINL SVCS INC COM 032359309 13,477 412,273 SH   SOLE   412,273 0 0
CBS CORP NEW CL B 124857202 66,927 1,050,000 SH   SOLE   1,050,000 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 28,112 1,400,000 SH   SOLE   1,400,000 0 0
CLUBCORP HLDGS INC COM 18948M108 13,956 786,688 SH   SOLE   786,688 0 0
COBALT INTL ENERGY INC COM 19075F106 1,645 100,000 SH Call SOLE   100,000 0 0
COLE REAL ESTATE INVTS INC COM 19329V105 68,617 4,887,229 SH   SOLE   4,887,229 0 0
CROWN CASTLE INTL CORP COM 228227104 201 2,000 SH   SOLE   2,000 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 7,258 200,000 SH Call SOLE   200,000 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 65,322 1,800,000 SH   SOLE   1,800,000 0 0
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 9,075 300,000 SH   SOLE   300,000 0 0
HARBINGER GROUP INC COM 41146A106 4,148 350,000 SH   SOLE   350,000 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 77,783 1,580,000 SH   SOLE   1,580,000 0 0
INTERCONTINENTALEXCHANGE GRO COM 45866F104 33,738 150,000 SH   SOLE   150,000 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 67,456 800,000 SH   SOLE   800,000 0 0
MEADOWBROOK INS GROUP INC COM 58319P108 8,846 1,271,000 SH   SOLE   1,271,000 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 13,675 370,000 SH   SOLE   370,000 0 0
NAVIOS MARITIME ACQUIS CORP SHS Y62159101 11,936 2,712,742 SH   SOLE   2,712,742 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 36,842 5,515,228 SH   SOLE   5,515,228 0 0
NEWCASTLE INVT CORP COM 65105M108 29,561 5,150,000 SH   SOLE   5,150,000 0 0
NMI HLDGS INC CL A 629209305 9,866 775,000 SH   SOLE   775,000 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 47,075 3,500,000 SH   SOLE   3,500,000 0 0
PBF ENERGY INC CL A 69318G106 9,046 287,547 SH   SOLE   287,547 0 0
PBF ENERGY INC CL A 69318G106 7,865 250,000 SH Call SOLE   250,000 0 0
PHYSICIANS RLTY TR COM 71943U104 6,115 480,000 SH   SOLE   480,000 0 0
PINNACLE ENTMT INC COM 723456109 25,990 1,000,000 SH   SOLE   1,000,000 0 0
PREFERRED APT CMNTYS INC COM 74039L103 8,499 1,057,142 SH   SOLE   1,057,142 0 0
ROPER INDS INC NEW COM 776696106 58,939 425,000 SH   SOLE   425,000 0 0
SCORPIO BULKERS INC SHS Y7546A106 34,780 3,460,000 SH   SOLE   3,460,000 0 0
SCORPIO TANKERS INC SHS Y7542C106 54,234 4,600,000 SH   SOLE   4,600,000 0 0
SEADRILL PARTNERS LLC COMUNIT REP LB Y7545W109 17,062 550,400 SH   SOLE   550,400 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 142,862 3,880,000 SH   SOLE   3,880,000 0 0
SPECTRUM BRANDS HLDGS INC COM 84763R101 25,102 355,800 SH   SOLE   355,800 0 0
TOWER GROUP INTL LTD COM G8988C105 6,175 1,826,862 SH   SOLE   1,826,862 0 0
TRADE STR RESIDENTIAL INC COM NEW 89255N203 8,278 1,307,625 SH   SOLE   1,307,625 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 51,011 1,450,000 SH   SOLE   1,450,000 0 0
VALERO ENERGY CORP NEW COM 91913Y100 10,080 200,000 SH   SOLE   200,000 0 0
VALERO ENERGY PARTNERS LP COM UNT REP LP 91914J102 1,723 50,000 SH   SOLE   50,000 0 0
ZAIS FINL CORP COM 98886K108 1,603 100,000 SH   SOLE   100,000 0 0