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
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 15,935 763,900 SH   SOLE   763,900 0 0
BERRY PLASTICS GROUP INC COM 08579W103 21,504 594,210 SH   SOLE   594,210 0 0
BROOKDALE SR LIVING INC COM 112463104 22,913 606,814 SH   SOLE   606,814 0 0
CHC GROUP LTD SHS G07021101 1,995 1,500,000 SH Call SOLE   1,500,000 0 0
CITIZENS FINL GROUP INC COM 174610105 11,973 496,178 SH   SOLE   496,178 0 0
CYRUSONE INC COM 23283R100 24,833 797,991 SH   SOLE   797,991 0 0
ECHOSTAR CORP CL A 278768106 16,850 325,785 SH   SOLE   325,785 0 0
ENDO INTL PLC SHS G30401106 10,056 112,112 SH   SOLE   112,112 0 0
FIDELITY & GTY LIFE COM 315785105 8,934 421,393 SH   SOLE   421,393 0 0
GASLOG LTD SHS G37585109 11,107 571,956 SH   SOLE   571,956 0 0
GRAHAM HLDGS CO COM 384637104 14,495 13,810 SH   SOLE   13,810 0 0
GRAND CANYON ED INC COM 38526M106 9,415 217,434 SH   SOLE   217,434 0 0
ISHARES REAL EST 50 ETF 464288521 31,728 400,000 SH Put SOLE   400,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 114,582 921,300 SH Put SOLE   921,300 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 18,781 571,895 SH   SOLE   571,895 0 0
LIBERTY INTERACTIVE CORP LBT VENT COM A 53071M880 29,701 707,000 SH   SOLE   707,000 0 0
LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 15,061 515,979 SH   SOLE   515,979 0 0
MORGANS HOTEL GROUP CO COM 61748W108 7,980 1,029,679 SH   SOLE   1,029,679 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 31,756 1,360,569 SH   SOLE   1,360,569 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 6,508 359,166 SH   SOLE   359,166 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 26,516 1,562,543 SH   SOLE   1,562,543 0 0
RUSH ENTERPRISES INC CL B 781846308 4,035 163,234 SH   SOLE   163,234 0 0
SHENANDOAH TELECOMMUNICATION COM 82312B106 17,106 548,986 SH   SOLE   548,986 0 0
SIRIUS XM HLDGS INC COM 82968B103 11,315 2,962,129 SH   SOLE   2,962,129 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 79,806 386,600 SH Put SOLE   386,600 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 16,986 657,109 SH   SOLE   657,109 0 0
ZAYO GROUP HLDGS INC COM 98919V105 16,262 581,605 SH   SOLE   581,605 0 0