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
LYON WILLIAM HOMES CL A NEW 552074700 190,289 8,594,788 SH   SOLE   8,594,788 0 0
ING U S INC COM 45685E106 295,172 8,397,509 SH   SOLE   8,397,509 0 0
TOWER GROUP INTL LTD COM G8988C105 3,518 1,040,888 SH   SOLE   1,040,888 0 0
T-MOBILE US INC COM 872590104 166,498 4,949,397 SH   SOLE   4,949,397 0 0
AT&T INC COM 00206R102 286,554 8,150,000 SH Put SOLE   8,150,000 0 0
STARWOOD PPTY TR INC COM 85571B105 235,098 8,487,293 SH   SOLE   8,487,293 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 5,252 200,000 SH   SOLE   200,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,341,616 12,680,000 SH Put SOLE   12,680,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 184,670 1,000,000 SH Call SOLE   1,000,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 191,410 1,036,500 SH   SOLE   1,036,500 0 0
SPECTRUM BRANDS HLDGS INC COM 84763R101 151,594 2,148,745 SH   SOLE   2,148,745 0 0
RESMED INC COM 761152107 39,542 839,900 SH Put SOLE   839,900 0 0
RESMED INC COM 761152107 12,018 255,272 SH   SOLE   255,272 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 262,870 19,544,216 SH   SOLE   19,544,216 0 0
NORDION INC COM 65563C105 9,150 1,077,743 SH   SOLE   1,077,743 0 0
MYRIAD GENETICS INC COM 62855J104 69,201 3,298,448 SH   SOLE   3,298,448 0 0
MENS WEARHOUSE INC COM 587118100 55,536 1,087,238 SH   SOLE   1,087,238 0 0
MADISON SQUARE GARDEN CO CL A 55826P100 287,588 4,994,578 SH   SOLE   4,994,578 0 0
LAMAR ADVERTISING CO CL A 512815101 126,922 2,429,132 SH   SOLE   2,429,132 0 0
JOURNAL COMMUNICATIONS INC CL A 481130102 13,081 1,405,086 SH   SOLE   1,405,086 0 0
JOS A BANK CLOTHIERS INC COM 480838101 11,797 215,549 SH   SOLE   215,549 0 0
ISHARES U.S. REAL ES ETF 464287739 62,459 990,000 SH Put SOLE   990,000 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 19,659 286,199 SH   SOLE   286,199 0 0
DESARROLLADORA HOMEX S A DE SPONSORED ADR 25030W100 633 540,746 SH   SOLE   540,746 0 0
HARBINGER GROUP INC COM 41146A106 7,703 650,000 SH   SOLE   650,000 0 0
HEMISPHERE MEDIA GROUP INC CL A 42365Q103 56,319 4,744,680 SH   SOLE   4,744,680 0 0
GRAMERCY PPTY TR INC COM 38489R100 5,625 1,000,000 SH   SOLE   1,000,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 661 145,200 SH Call SOLE   145,200 0 0
COLE REAL ESTATE INVTS INC COM 19329V105 265,655 18,921,270 SH   SOLE   18,921,270 0 0
CLIFFS NAT RES INC COM 18683K101 6,553 250,000 SH Put SOLE   250,000 0 0
CHEGG INC COM 163092109 426 50,000 SH   SOLE   50,000 0 0
ALTISOURCE PORTFOLIO SOLNS S REG SHS L0175J104 194,961 1,229,032 SH   SOLE   1,229,032 0 0
AMERICAN RLTY CAP PPTYS INC NOTE 3.750%12/1 02917TAB0 253,281 250,000,000 PRN   SOLE   250,000,000 0 0
AMC NETWORKS INC CL A 00164V103 219,562 3,223,637 SH   SOLE   3,223,637 0 0
ALTISOURCE ASSET MGMT CORP COM 02153X108 119,610 128,613 SH   SOLE   128,613 0 0
SEAWORLD ENTMT INC COM 81282V100 96,016 3,337,369 SH   SOLE   3,337,369 0 0