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 190,137 11,164,804 SH   SOLE 11,164,804 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 56,008 3,187,734 SH   SOLE 3,187,734 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 2,831 121,960 SH   SOLE 121,960 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 134,734 4,623,671 SH   SOLE 4,623,671 0 0
BOYD GAMING CORP COM 103304101 24,088 1,884,813 SH   SOLE 1,884,813 0 0
CAESARS ENTMT CORP COM 127686103 19,486 1,241,958 SH   SOLE 1,241,958 0 0
CAESARSTONE SDOT-YAM LTD ORD SHS M20598104 18,335 306,500 SH   SOLE 306,500 0 0
CBRE GROUP INC CL A 12504L109 34,433 1,005,336 SH   SOLE 1,005,336 0 0
D R HORTON INC COM 23331A109 7,713 305,000 SH   SOLE 305,000 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 105,181 3,053,154 SH   SOLE 3,053,154 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 11,962 760,000 SH   SOLE 760,000 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 75,405 3,540,130 SH   SOLE 3,540,130 0 0
GRAMERCY PPTY TR INC COM 38489R100 48,327 7,003,942 SH   SOLE 7,003,942 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 148,404 5,688,138 SH   SOLE 5,688,138 0 0
LENNAR CORP CL A 526057104 15,158 338,265 SH   SOLE 338,265 0 0
MACK CALI RLTY CORP COM 554489104 74,812 3,925,065 SH   SOLE 3,925,065 0 0
MARTIN MARIETTA MATLS INC COM 573284106 13,238 120,000 SH   SOLE 120,000 0 0
MELCO CROWN ENTMT LTD ADR 585464100 51,206 2,016,000 SH   SOLE 2,016,000 0 0
MGIC INVT CORP WIS COM 552848103 35,191 3,775,809 SH   SOLE 3,775,809 0 0
MGM RESORTS INTERNATIONAL COM 552953101 38,948 1,821,706 SH   SOLE 1,821,706 0 0
MOHAWK INDS INC COM 608190104 56,277 362,237 SH   SOLE 362,237 0 0
NMI HLDGS INC CL A 629209305 24,522 2,685,900 SH   SOLE 2,685,900 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 18,153 804,300 SH   SOLE 804,300 0 0
OFFICE DEPOT INC COM 676220106 14,777 1,723,288 SH   SOLE 1,723,288 0 0
PARAMOUNT GROUP INC COM 69924R108 61,142 3,288,956 SH   SOLE 3,288,956 0 0
PENN NATL GAMING INC COM 707569109 17,033 1,240,600 SH   SOLE 1,240,600 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 10,222 590,875 SH   SOLE 590,875 0 0
PHH CORP COM NEW 693320202 40,610 1,694,900 SH   SOLE 1,694,900 0 0
PINNACLE ENTMT INC COM 723456109 18,261 820,741 SH   SOLE 820,741 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 20,445 1,234,626 SH   SOLE 1,234,626 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 75,320 6,334,700 SH   SOLE 6,334,700 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 126,353 1,558,563 SH   SOLE 1,558,563 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 56,263 2,133,597 SH   SOLE 2,133,597 0 0
STONEGATE MTG CORP COM 86181Q300 28,245 2,361,628 SH   SOLE 2,361,628 0 0