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
ALLY FINL INC COM 02005N100 14,367 767,476 SH   SOLE   767,476 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 12,068 1,891,521 SH   SOLE   1,891,521 0 0
CENTRAL EUROPEAN MEDIA ENTRP CL A NEW G20045202 4,282 1,679,165 SH   SOLE   1,679,165 0 0
CENTURY CMNTYS INC COM 156504300 7,270 425,869 SH   SOLE   425,869 0 0
COLONY CAP INC CL A 19624R106 8,677 517,420 SH   SOLE   517,420 0 0
FRONTLINE LTD SHS NEW G3682E192 7,595 897,379 SH   SOLE   897,379 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 26,043 1,449,228 SH   SOLE   1,449,228 0 0
GRAMERCY PPTY TR COM 385002100 8,450 1,000,000 SH   SOLE   1,000,000 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 12,150 1,223,537 SH   SOLE   1,223,537 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 4,984 700,000 SH   SOLE   700,000 0 0
JRJR33 INC COM 46645Q106 1,013 1,013,280 SH   SOLE   1,013,280 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 23,180 400,000 SH   SOLE   400,000 0 0
LIBERTY GLOBAL PLC LILAC SHS CL C G5480U153 7,576 200,000 SH   SOLE   200,000 0 0
NATIONAL GEN HLDGS CORP COM 636220303 10,795 500,000 SH   SOLE   500,000 0 0
NEW SR INVT GROUP INC COM 648691103 2,380 231,070 SH   SOLE   231,070 0 0
OVERSEAS SHIPHOLDING GROUP I COM CL A 69036R301 19,114 10,167,053 SH   SOLE   10,167,053 0 0
STARZ COM SER A 85571Q102 9,216 350,000 SH Call SOLE   350,000 0 0
STATE NATL COS INC COM 85711T305 4,570 362,734 SH   SOLE   362,734 0 0