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 HOMES 4 RENT CL A 02665T306 243,504 14,713,240 SH   SOLE 14,713,240 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 56,712 3,152,427 SH   SOLE 3,152,427 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 133,176 4,694,271 SH   SOLE 4,694,271 0 0
BOYD GAMING CORP COM 103304101 50,773 3,575,536 SH   SOLE 3,575,536 0 0
CAESARS ENTMT CORP COM 127686103 22,632 2,149,273 SH   SOLE 2,149,273 0 0
CAMDEN PPTY TR SH BEN INT 133131102 36,844 471,568 SH   SOLE 471,568 0 0
CITIZENS FINL GROUP INC COM 174610105 117,213 4,857,574 SH   SOLE 4,857,574 0 0
D R HORTON INC COM 23331A109 40,909 1,436,422 SH   SOLE 1,436,422 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 36,869 1,388,671 SH   SOLE 1,388,671 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 57,930 1,575,903 SH   SOLE 1,575,903 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 20,208 1,433,185 SH   SOLE 1,433,185 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 30,106 1,179,713 SH   SOLE 1,179,713 0 0
GRAMERCY PPTY TR INC COM NEW 38489R605 50,729 1,807,234 SH   SOLE 1,807,234 0 0
MACERICH CO COM 554382101 67,042 795,000 SH Call SOLE 795,000 0 0
MACK CALI RLTY CORP COM 554489104 39,354 2,041,199 SH   SOLE 2,041,199 0 0
MACYS INC COM 55616P104 47,165 726,624 SH   SOLE 726,624 0 0
MCDONALDS CORP COM 580135101 97,440 1,000,000 SH Call SOLE 1,000,000 0 0
MCDONALDS CORP COM 580135101 118,877 1,220,000 SH   SOLE 1,220,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 32,922 1,565,498 SH   SOLE 1,565,498 0 0
MOHAWK INDS INC COM 608190104 46,500 250,337 SH   SOLE 250,337 0 0
NMI HLDGS INC CL A 629209305 21,837 2,915,537 SH   SOLE 2,915,537 0 0
PARAMOUNT GROUP INC COM 69924R108 84,655 4,386,266 SH   SOLE 4,386,266 0 0
PARKWAY PPTYS INC COM 70159Q104 269 15,500 SH   SOLE 15,500 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 10,027 590,875 SH   SOLE 590,875 0 0
PHH CORP COM NEW 693320202 34,769 1,438,522 SH   SOLE 1,438,522 0 0
POST PPTYS INC COM 737464107 33,714 592,199 SH   SOLE 592,199 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 22,440 1,388,626 SH   SOLE 1,388,626 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 114,138 9,448,517 SH   SOLE 9,448,517 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 236,371 2,830,791 SH   SOLE 2,830,791 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 29,225 350,000 SH Call SOLE 350,000 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 77,132 2,983,821 SH   SOLE 2,983,821 0 0
STONEGATE MTG CORP COM 86181Q300 27,081 2,502,898 SH   SOLE 2,502,898 0 0
SUMMIT MATLS INC CL A 86614U100 5,538 250,000 SH   SOLE 250,000 0 0
TAUBMAN CTRS INC COM 876664103 118,910 1,541,685 SH   SOLE 1,541,685 0 0