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
ALTISOURCE ASSET MGMT CORP COM 02153X108 112,801 211,634 SH   SOLE 211,634 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 65,473 2,599,151 SH   SOLE 2,599,151 0 0
CROWN CASTLE INTL CORP COM 228227104 50,938 697,500 SH   SOLE 697,500 0 0
EDUCATION RLTY TR INC COM 28140H104 21,206 2,330,352 SH   SOLE 2,330,352 0 0
EMERITUS CORP COM 291005106 48,859 2,636,740 SH   SOLE 2,636,740 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 6,902 202,000 SH   SOLE 202,000 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 17,046 900,000 SH   SOLE 900,000 0 0
HUDSON PAC PPTYS INC COM 444097109 2,772 142,500 SH   SOLE 142,500 0 0
HYATT HOTELS CORP COM CL A 448579102 59,489 1,384,758 SH   SOLE 1,384,758 0 0
OWENS CORNING NEW COM 690742101 30,662 807,314 SH   SOLE 807,314 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 4,505 239,778 SH   SOLE 239,778 0 0
PENNYMAC MTG INVT TR COM 70931T103 17,169 757,000 SH   SOLE 757,000 0 0
PINNACLE ENTMT INC COM 723456109 13,369 533,696 SH   SOLE 533,696 0 0
PLY GEM HLDGS INC COM 72941W100 14,090 1,007,881 SH   SOLE 1,007,881 0 0
POST PPTYS INC COM 737464107 8,234 182,900 SH   SOLE 182,900 0 0
REALOGY HLDGS CORP COM 75605Y106 64,929 1,509,277 SH   SOLE 1,509,277 0 0
SEARS HOMETOWN & OUTLET STOR COM 812362101 19,057 600,215 SH   SOLE 600,215 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 11,901 759,944 SH   SOLE 759,944 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 2,176 237,000 SH   SOLE 237,000 0 0
STARWOOD PPTY TR INC COM 85571B105 41,730 1,740,929 SH   SOLE 1,740,929 0 0
TAUBMAN CTRS INC COM 876664103 20,146 299,300 SH   SOLE 299,300 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 9,762 386,299 SH   SOLE 386,299 0 0