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
AMBAC FINL GROUP INC COM NEW 023139884 1,437 65,000 SH   SOLE 65,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 185,080 10,957,972 SH   SOLE 10,957,972 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 54,146 2,952,359 SH   SOLE 2,952,359 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 54,731 1,720,008 SH   SOLE 1,720,008 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 124,772 4,604,151 SH   SOLE 4,604,151 0 0
BOYD GAMING CORP COM 103304101 25,083 2,468,848 SH   SOLE 2,468,848 0 0
CAESARSTONE SDOT-YAM LTD ORD SHS M20598104 27,390 530,000 SH   SOLE 530,000 0 0
CBRE GROUP INC CL A 12504L109 22,865 768,836 SH   SOLE 768,836 0 0
CBS OUTDOOR AMERS INC COM 14987J106 59,275 1,979,800 SH   SOLE 1,979,800 0 0
COLONY FINL INC COM 19624R106 42,298 1,890,000 SH   SOLE 1,890,000 0 0
DIAMOND RESORTS INTL INC COM 25272T104 15,249 670,000 SH   SOLE 670,000 0 0
ELLIE MAE INC COM 28849P100 10,001 306,766 SH   SOLE 306,766 0 0
ESSENT GROUP LTD COM G3198U102 3,901 182,200 SH   SOLE 182,200 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 91,900 3,312,900 SH   SOLE 3,312,900 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 80,376 4,109,179 SH   SOLE 4,109,179 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 98,520 4,000,000 SH   SOLE 4,000,000 0 0
HOME PROPERTIES INC COM 437306103 6,881 118,142 SH   SOLE 118,142 0 0
ISTAR FINL INC COM 45031U101 35,284 2,613,600 SH   SOLE 2,613,600 0 0
LA QUINTA HLDGS INC COM 50420D108 42,553 2,240,821 SH   SOLE 2,240,821 0 0
MELCO CROWN ENTMT LTD ADR 585464100 7,387 281,000 SH   SOLE 281,000 0 0
MGIC INVT CORP WIS COM 552848103 36,448 4,666,786 SH   SOLE 4,666,786 0 0
MGM RESORTS INTERNATIONAL COM 552953101 20,860 915,706 SH   SOLE 915,706 0 0
MOHAWK INDS INC COM 608190104 58,339 432,717 SH   SOLE 432,717 0 0
NMI HLDGS INC CL A 629209305 12,555 1,451,429 SH   SOLE 1,451,429 0 0
OFFICE DEPOT INC COM 676220106 12,901 2,510,000 SH   SOLE 2,510,000 0 0
PENN NATL GAMING INC COM 707569109 13,542 1,208,067 SH   SOLE 1,208,067 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 6,886 470,000 SH   SOLE 470,000 0 0
PHH CORP COM NEW 693320202 32,865 1,469,800 SH   SOLE 1,469,800 0 0
REALOGY HLDGS CORP COM 75605Y106 18,600 500,000 SH Call SOLE 0 0 500,000
SILVER BAY RLTY TR CORP COM 82735Q102 15,799 974,626 SH   SOLE 974,626 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 77,916 7,102,600 SH   SOLE 7,102,600 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 84,275 1,012,800 SH   SOLE 1,012,800 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 34,928 1,342,862 SH   SOLE 1,342,862 0 0
STONEGATE MTG CORP COM 86181Q300 23,944 1,843,262 SH   SOLE 1,843,262 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 13,733 169,000 SH   SOLE 169,000 0 0