The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 | 166,011 | 5,999,665 | SH | SOLE | 5,999,665 | 0 | 0 | ||
| BOYD GAMING CORP | COM | 103304101 | 51,237 | 2,784,605 | SH | SOLE | 2,784,605 | 0 | 0 | ||
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 | 13,219 | 1,175,000 | SH | SOLE | 1,175,000 | 0 | 0 | ||
| CBRE GROUP INC | CL A | 12504L109 | 82,049 | 3,098,524 | SH | SOLE | 3,098,524 | 0 | 0 | ||
| CITIZENS FINL GROUP INC | COM | 174610105 | 19,181 | 960,000 | SH | SOLE | 960,000 | 0 | 0 | ||
| COLONY STARWOOD HOMES | COM | 19625X102 | 51,661 | 1,698,253 | SH | SOLE | 1,698,253 | 0 | 0 | ||
| DIAMOND RESORTS INTL INC | COM | 25272T104 | 11,061 | 369,200 | SH | Put | SOLE | 369,200 | 0 | 0 | |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 | 108,880 | 1,580,724 | SH | SOLE | 1,580,724 | 0 | 0 | ||
| ESSEX PPTY TR INC | COM | 297178105 | 100,418 | 440,258 | SH | SOLE | 440,258 | 0 | 0 | ||
| FIDELITY NATIONAL FINANCIAL | FNFV GROUP COM | 31620R402 | 7,673 | 668,972 | SH | SOLE | 668,972 | 0 | 0 | ||
| FOREST CITY RLTY TR INC | COM CL A | 345605109 | 105,313 | 4,720,423 | SH | SOLE | 4,720,423 | 0 | 0 | ||
| HILTON WORLDWIDE HLDGS INC | COM | 43300A104 | 126,118 | 5,597,770 | SH | SOLE | 5,597,770 | 0 | 0 | ||
| HYATT HOTELS CORP | COM CL A | 448579102 | 119,546 | 2,432,768 | SH | SOLE | 2,432,768 | 0 | 0 | ||
| INTERXION HOLDING N.V | SHS | N47279109 | 10,511 | 285,000 | SH | SOLE | 285,000 | 0 | 0 | ||
| ISHARES TR | U.S. REAL ES ETF | 464287739 | 164,780 | 2,000,000 | SH | Put | SOLE | 2,000,000 | 0 | 0 | |
| ISHARES TR | US HOME CONS ETF | 464288752 | 35,116 | 1,270,000 | SH | SOLE | 1,270,000 | 0 | 0 | ||
| KEYCORP NEW | COM | 493267108 | 57,626 | 5,215,000 | SH | SOLE | 5,215,000 | 0 | 0 | ||
| LA QUINTA HLDGS INC | COM | 50420D108 | 35,226 | 3,089,999 | SH | SOLE | 3,089,999 | 0 | 0 | ||
| LENNAR CORP | CL A | 526057104 | 96,621 | 2,095,898 | SH | SOLE | 2,095,898 | 0 | 0 | ||
| MADISON SQUARE GARDEN CO NEW | CL A | 55825T103 | 84,579 | 490,283 | SH | SOLE | 490,283 | 0 | 0 | ||
| MARRIOTT INTL INC NEW | CL A | 571903202 | 122,269 | 1,839,745 | SH | SOLE | 1,839,745 | 0 | 0 | ||
| MERITAGE HOMES CORP | COM | 59001A102 | 22,423 | 597,300 | SH | SOLE | 597,300 | 0 | 0 | ||
| PARAMOUNT GROUP INC | COM | 69924R108 | 177,617 | 11,142,837 | SH | SOLE | 11,142,837 | 0 | 0 | ||
| PENNYMAC FINL SVCS INC | CL A | 70932B101 | 7,534 | 603,176 | SH | SOLE | 603,176 | 0 | 0 | ||
| POPULAR INC | COM NEW | 733174700 | 39,368 | 1,343,602 | SH | SOLE | 1,343,602 | 0 | 0 | ||
| ROYAL BK CDA MONTREAL QUE | COM | 780087102 | 29,545 | 500,000 | SH | Put | SOLE | 500,000 | 0 | 0 | |
| SILVER RUN ACQUISITION CORP | UNIT 99/99/9999T | 82811P200 | 3,992 | 400,000 | SH | SOLE | 400,000 | 0 | 0 | ||
| SPIRIT RLTY CAP INC NEW | COM | 84860W102 | 12,965 | 1,015,271 | SH | SOLE | 1,015,271 | 0 | 0 | ||
| STONEGATE MTG CORP | COM | 86181Q300 | 8,441 | 2,512,225 | SH | SOLE | 2,512,225 | 0 | 0 | ||
| TAUBMAN CTRS INC | COM | 876664103 | 265,698 | 3,580,840 | SH | SOLE | 3,580,840 | 0 | 0 | ||