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
AIR LEASE CORP CL A 00912X302 39,132 1,168,815 SH   SOLE 1,168,815 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 62,363 3,743,283 SH   SOLE 3,743,283 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 50,690 2,682,033 SH   SOLE 2,682,033 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 160,551 5,999,665 SH   SOLE 5,999,665 0 0
BOYD GAMING CORP COM 103304101 32,895 1,655,493 SH   SOLE 1,655,493 0 0
CATERPILLAR INC DEL COM 149123101 67,960 10,000 SH Put SOLE 10,000 0 0
COLONY CAP INC CL A 19624R106 127,701 6,555,502 SH   SOLE 6,555,502 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 20,270 1,804,985 SH   SOLE 1,804,985 0 0
FIRST POTOMAC RLTY TR COM 33610F109 20,830 1,827,155 SH   SOLE 1,827,155 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 258,582 11,791,250 SH   SOLE 11,791,250 0 0
HYATT HOTELS CORP COM CL A 448579102 100,128 2,129,468 SH   SOLE 2,129,468 0 0
KEYCORP NEW COM 493267108 25,061 1,900,000 SH   SOLE 1,900,000 0 0
LADDER CAP CORP CL A 505743104 3,863 311,056 SH   SOLE 311,056 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 75,735 3,010,127 SH   SOLE 3,010,127 0 0
MACYS INC COM 55616P104 52,470 15,000 SH Call SOLE 15,000 0 0
NMI HLDGS INC CL A 629209305 22,816 3,370,172 SH   SOLE 3,370,172 0 0
PARAMOUNT GROUP INC COM 69924R108 173,591 9,590,677 SH   SOLE 9,590,677 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 9,076 590,875 SH   SOLE 590,875 0 0
PENNYMAC MTG INVT TR COM 70931T103 32,929 2,157,889 SH   SOLE 2,157,889 0 0
POPULAR INC COM NEW 733174700 76,443 2,697,357 SH   SOLE 2,697,357 0 0
RETAIL PPTYS AMER INC CL A 76131V202 19,791 1,339,924 SH   SOLE 1,339,924 0 0
SBA COMMUNICATIONS CORP COM 78388J106 40,582 386,242 SH   SOLE 386,242 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 72,480 1,802,100 SH   SOLE 1,802,100 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 7,049 703,476 SH   SOLE 703,476 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 225,341 3,252,617 SH   SOLE 3,252,617 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 82,880 3,660,779 SH   SOLE 3,660,779 0 0
STONEGATE MTG CORP COM 86181Q300 13,692 2,512,225 SH   SOLE 2,512,225 0 0
TAUBMAN CTRS INC COM 876664103 290,205 3,782,646 SH   SOLE 3,782,646 0 0