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
AMERICAN AIRLS GROUP INC. COM 02376R102 16,000 400,660 SH   SOLE   400,660 0 0
GREAT AJAX CORP COM 38983D300 9,578 675,463 SH   SOLE   675,463 0 0
APACHE CORP COM 037411105 15,727 272,900 SH   SOLE   272,900 0 0
TOPBUILD CORP COM 89055F103 19,721 680,033 SH   SOLE   680,033 0 0
CITIGROUP INC COM 172967424 34,055 616,497 SH   SOLE   616,497 0 0
DANA HLDG CORP COM 235825205 21,446 1,042,087 SH   SOLE   1,042,087 0 0
D R HORTON INC COM 23331A109 25,888 946,200 SH   SOLE   946,200 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 27,431 748,258 SH   SOLE   748,258 0 0
GENERAL MTRS CO COM 37045V100 24,782 743,542 SH   SOLE   743,542 0 0
HARMONY MERGER CORP UNIT 99/99/9999 413247206 8,217 990,000 SH   SOLE   990,000 0 0
ISHARES US HOME CONS ETF 464288752 49 904,800 SH Put SOLE   904,800 0 0
ISHARES TR 20+ YR TR BD ETF 464287432 7,929 67,500 SH   SOLE   67,500 0 0
ISHARES TR 20+ YR TR BD ETF 464287432 1,938 1,047,900 SH Put SOLE   1,047,900 0 0
INTERNATIONAL SPEEDWAY CORP CL A 460335201 10,896 297,138 SH   SOLE   297,138 0 0
LENNAR CORP CL A 526057104 21,345 418,202 SH   SOLE   418,202 0 0
LGI HOMES INC COM 50187T106 8,965 453,221 SH   SOLE   453,221 0 0
MBIA INC COM 55262C100 496 286,400 SH Put SOLE   286,400 0 0
MONARCH CASINO & RESORT INC COM 609027107 11,744 571,199 SH   SOLE   571,199 0 0
MGM RESORTS INTERNATIONAL COM 552953101 22,263 1,219,902 SH   SOLE   1,219,902 0 0
M/I HOMES INC COM 55305B101 10,057 407,662 SH   SOLE   407,662 0 0
M/I HOMES INC NOTE 3.250% 9/1 55292PAA3 6,577 5,430,000 PRN   SOLE   5,430,000 0 0
MERITAGE HOMES CORP COM 59001A102 20,776 441,200 SH   SOLE   441,200 0 0
MERITAGE HOMES CORP NOTE 1.875% 9/1 59001AAR3 1,271 1,200,000 PRN   SOLE   1,200,000 0 0
NCI BUILDING SYS INC COM NEW 628852204 11,632 771,845 SH   SOLE   771,845 0 0
NEW HOME CO INC COM 645370107 18,769 1,089,330 SH   SOLE   1,089,330 0 0
PENN NATL GAMING INC COM 707569109 19,930 1,086,117 SH   SOLE   1,086,117 0 0
PULTE GROUP INC COM 745867101 37,215 1,846,880 SH   SOLE   1,846,880 0 0
RYLAND GROUP INC COM 783764103 47,604 1,026,610 SH   SOLE   1,026,610 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 4,463 159,893 SH   SOLE   159,893 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 3,866 248,800 SH   SOLE   248,800 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F903 1,868 735,000 SH Call SOLE   735,000 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 13,396 636,700 SH   SOLE   636,700 0 0
TEREX CORP NEW COM 880779103 6,026 259,200 SH   SOLE   259,200 0 0
TOLL BROS FIN CORP NOTE 0.500% 9/1 88947EAM2 6,225 6,000,000 PRN   SOLE   6,000,000 0 0
UTI WORLDWIDE INC NOTE 4.500% 3/0 90349LAB0 19,700 19,290,000 PRN   SOLE   19,290,000 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 14,344 588,116 SH   SOLE   588,116 0 0
LYON WILLIAM HOMES CL A NEW 552074700 22,297 868,613 SH   SOLE   868,613 0 0