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 MANAGEMENT COM 02153X108 57,141 211,634 SH   SOLE 211,634 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 14,773 885,150 SH   SOLE 885,150 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 6 125,000 SH Call SOLE 125,000 0 0
ANNALY CAP MGMT INC COM 035710409 336 570,000 SH Put SOLE 570,000 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 794 50,000 SH   SOLE 50,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 32,200 2,812,207 SH   SOLE 2,812,207 0 0
AV HOMES INC COM 00234P102 7,738 436,420 SH   SOLE 436,420 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 61,359 2,484,151 SH   SOLE 2,484,151 0 0
BRE PROPERTIES INC CL A 05564E106 14,976 299,400 SH   SOLE 299,400 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 31,497 2,977,000 SH   SOLE 2,977,000 0 0
CLEAR CHANNEL OUTDOOR HLDGS CL A 18451C109 2,921 391,501 SH   SOLE 391,501 0 0
CROWN CASTLE INTL CORP COM 228227104 32,612 450,500 SH   SOLE 450,500 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 32,951 3,535,559 SH   SOLE 3,535,559 0 0
EMERITUS CORP COM 291005106 41,510 1,790,758 SH   SOLE 1,790,758 0 0
HYATT HOTELS CORP COM CL A 448579102 48,511 1,201,950 SH   SOLE 1,201,950 0 0
MACK CALI RLTY CORP COM 554489104 5,922 241,811 SH   SOLE 241,811 0 0
MGIC INVT CORP WIS COM 552848103 14,386 2,370,000 SH   SOLE 2,370,000 0 0
MOHAWK INDS INC COM 608190104 7,706 68,500 SH   SOLE 68,500 0 0
ORIENT-EXPRESS HOTELS LTD CL A G67743107 11,663 959,157 SH   SOLE 959,157 0 0
PENNYMAC MTG INVT TR COM 70931T103 13,171 625,686 SH   SOLE 625,686 0 0
PINNACLE ENTMT INC COM 723456109 31,085 1,580,335 SH   SOLE 1,580,335 0 0
POST PPTYS INC COM 737464107 42,466 858,074 SH   SOLE 858,074 0 0
SEARS HOMETOWN & OUTLET STOR COM 812362101 21,191 484,695 SH   SOLE 484,695 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 3,531 213,200 SH   SOLE 213,200 0 0
SPIRIT RLTY CAP INC COM 84860F109 11,889 670,918 SH   SOLE 670,918 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 1,766 146,210 SH   SOLE 146,210 0 0
TAUBMAN CTRS INC COM 876664103 15,030 200,000 SH   SOLE 200,000 0 0
TWO HBRS INVT CORP COM 90187B101 7,175 700,000 SH   SOLE 700,000 0 0