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 ASSET MGMT CORP COM 02153X108 737 1,092 SH   SOLE N/A 1,092 0 0
ALTISOURCE PORTFOLIO SOLNS S REG SHS L0175J104 3,287 32,610 SH   SOLE N/A 32,610 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 634 17,386 SH   SOLE N/A 17,386 0 0
AMERICAN CAP LTD COM 02503Y103 11,075 782,115 SH   SOLE N/A 782,115 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 3,891 322,697 SH   SOLE N/A 322,697 0 0
AMERICAN RLTY CAP PPTYS INC. COM 02917T104 7,384 612,300 SH Call SOLE N/A 612,300 0 0
ASSURED GUARANTY LTD COM G0585R106 3,257 146,989 SH   SOLE N/A 146,989 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 822 58,412 SH   SOLE N/A 58,412 0 0
CADIZ INC COM NEW 127537207 442 42,530 SH   SOLE N/A 42,530 0 0
CALLAWAY GOLF CO COM 131193104 1,985 274,119 SH   SOLE N/A 274,119 0 0
CARROLS RESTAURANT GROUP INC COM 14574X104 3,199 449,915 SH   SOLE N/A 449,915 0 0
CHATHAM LODGING TR COM 16208T102 1,303 56,440 SH   SOLE N/A 56,440 0 0
CLUBCORP HLDGS INC COM 18948M108 4,695 236,745 SH   SOLE N/A 236,745 0 0
COLONY FINL INC COM 19624R106 5,568 248,788 SH   SOLE N/A 248,788 0 0
COVANTA HLDG CORP COM 22282E102 7,157 337,297 SH   SOLE N/A 337,297 0 0
DIAMOND RESORTS INTL INC COM 25272T104 10,148 445,887 SH   SOLE N/A 445,887 0 0
DOMINION DIAMOND CORP COM 257287102 10,221 717,782 SH   SOLE N/A 717,782 0 0
EQUITY ONE COM 294752100 3,019 139,572 SH   SOLE N/A 139,572 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 6,003 252,848 SH   SOLE N/A 252,848 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 1,886 96,444 SH   SOLE N/A 96,444 0 0
FORESTAR GROUP INC COM 346233109 9,022 509,131 SH   SOLE N/A 509,131 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 4,252 172,623 SH   SOLE N/A 172,623 0 0
INSTALLED BLDG PRODS INC COM 45780R101 5,065 360,464 SH   SOLE N/A 360,464 0 0
J G WENTWORTH CO CL A 46618D108 3,207 258,820 SH   SOLE N/A 258,820 0 0
LADDER CAP CORP CL A 505743104 4,114 217,698 SH   SOLE N/A 217,698 0 0
LAMAR ADVERTISING CO CL A 512815101 6,250 126,905 SH   SOLE N/A 126,905 0 0
LEXINGTON REALTY TRUST COM 529043101 1,629 166,435 SH   SOLE N/A 166,435 0 0
LGI HOMES INC COM 50187T106 6,314 343,917 SH   SOLE N/A 343,917 0 0
M D C HLDGS INC COM 552676108 2,205 87,081 SH   SOLE N/A 87,081 0 0
M/I HOMES INC COM 55305B101 11,387 574,507 SH   SOLE N/A 574,507 0 0
MACQUARIE INFRASTR CO LLC MEMBERSHIP INT 55608B105 5,408 81,079 SH   SOLE N/A 81,079 0 0
MASONITE INTL CORP NEW COM 575385109 4,234 76,462 SH   SOLE N/A 76,462 0 0
MORGANS HOTEL GROUP CO COM 61748W108 3,465 429,358 SH   SOLE N/A 429,358 0 0
NATIONAL CINEMEDIA INC COM 635309107 2,671 184,058 SH   SOLE N/A 184,058 0 0
NGP CAP RES CO COM 62912R107 1,006 162,715 SH   SOLE N/A 162,715 0 0
OUTERWALL INC COM 690070107 3,534 62,994 SH   SOLE N/A 62,994 0 0
RCS CAP CORP COM CL A 74937W102 8,973 398,457 SH   SOLE N/A 398,457 0 0
RENTECH INC COM 760112102 3,228 1,887,701 SH   SOLE N/A 1,887,701 0 0
RYERSON HLDG CORP COM 783754104 140 10,941 SH   SOLE N/A 10,941 0 0
SERVICE CORP INTL COM 817565104 6,405 303,000 SH   SOLE N/A 303,000 0 0
SKYWEST INC COM 830879102 4,097 526,628 SH   SOLE N/A 526,628 0 0
SOTHEBYS COM 835898107 3,562 99,720 SH   SOLE N/A 99,720 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 4,681 179,978 SH   SOLE N/A 179,978 0 0
SUNEDISON INC COM 86732Y109 3,056 161,844 SH   SOLE N/A 161,844 0 0
TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 7,435 322,283 SH   SOLE N/A 322,283 0 0
VECTOR GROUP LTD FRNT 1/1 92240MAY4 3,354 2,300,000 SH   SOLE N/A 2,300,000 0 0