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
ASHFORD HOSPITALITY PRIME IN COM 044102101 10,525 725,867 SH   SOLE N/A 725,867 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 9,821 1,556,352 SH   SOLE N/A 1,556,352 0 0
BLACKROCK DEBT STRAT FD INC COM 09255R103 76 22,548 SH   SOLE N/A 22,548 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 1,996 168,465 SH   SOLE N/A 168,465 0 0
CDK GLOBAL INC COM 12508E101 7,812 164,571 SH   SOLE N/A 164,571 0 0
CLUBCORP HLDGS INC COM 18948M108 4,838 264,832 SH   SOLE N/A 264,832 0 0
COLONY CAP INC CL A 19624R106 2,616 134,292 SH   SOLE N/A 134,292 0 0
COPART INC COM 217204106 8,384 220,570 SH   SOLE N/A 220,570 0 0
COVANTA HLDG CORP COM 22282E102 14,228 918,514 SH   SOLE N/A 918,514 0 0
DAVE & BUSTERS ENTMT INC COM 238337109 12,199 292,258 SH   SOLE N/A 292,258 0 0
DOUGLAS EMMETT INC COM 25960P109 4,590 147,212 SH   SOLE N/A 147,212 0 0
EXTERRAN CORP COM 30227H106 5,428 338,180 SH   SOLE N/A 338,180 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 5,978 427,329 SH   SOLE N/A 427,329 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 30,168 1,375,627 SH   SOLE N/A 1,375,627 0 0
FORESTAR GROUP INC COM 346233109 14,493 1,324,752 SH   SOLE N/A 1,324,752 0 0
FORESTAR GROUP INC NOTE 3.750% 3/0 346232AB7 803 1,000,000 SH   SOLE N/A 1,000,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 4,257 198,933 SH   SOLE N/A 198,933 0 0
ISHARES RUSSELL 2000 ETF COM 464287655 5,631 50,000 SH Call SOLE N/A 50,000 0 0
ISTAR INC COM 45031U101 27,825 2,372,091 SH   SOLE N/A 2,372,091 0 0
KAYNE ANDERSON MLP INVT CO COM 486606106 10,138 586,339 SH   SOLE N/A 586,339 0 0
LA Z BOY INC COM 505336107 1,928 78,968 SH   SOLE N/A 78,968 0 0
LGI HOMES INC COM 50187T106 6,083 250,000 SH   SOLE N/A 250,000 0 0
LIBERTY INTERACTIVE CORP QVC GP COM SER A 53071M104 9,999 365,981 SH   SOLE N/A 365,981 0 0
LINDBLAD EXPEDITIONS HLDGS I COM 535219109 19,980 1,798,384 SH   SOLE N/A 1,798,384 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 8,422 342,787 SH   SOLE N/A 342,787 0 0
LYON WILLIAM HOMES CL A NEW 552074700 24,768 1,501,098 SH   SOLE N/A 1,501,098 0 0
M/I HOMES INC COM 55305B101 33,747 1,539,569 SH   SOLE N/A 1,539,569 0 0
MULTI PACKAGING SOLUTIONS IN COM G6331W109 9,315 536,885 SH   SOLE N/A 536,885 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 35,965 612,699 SH   SOLE N/A 612,699 0 0
NEXSTAR BROADCASTING GROUP-A COM CL A 65336K103 26,415 450,000 SH Put SOLE N/A 450,000 0 0
OCH-ZIFF CAPITAL MANAGEMENT COM 67551U105 7,052 1,131,900 SH Call SOLE N/A 1,131,900 0 0
PATRIOT NATL INC COM 70338T102 2,617 389,964 SH   SOLE N/A 389,964 0 0
PRUDENTIAL GLB SHT DUR HG YL COM 74433A109 802 56,685 SH   SOLE N/A 56,685 0 0
REALOGY HLDGS CORP COM 75605Y106 8,732 238,134 SH   SOLE N/A 238,134 0 0
SPDR S&P 500 ETF TRUST COM 78462F103 145,196 712,200 SH Call SOLE N/A 712,200 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 9,498 419,528 SH   SOLE N/A 419,528 0 0
TAUBMAN CTRS INC COM 876664103 4,697 61,225 SH   SOLE N/A 61,225 0 0
TRAVELPORT WORLDWIDE LTD SHS G9019D104 5,513 427,399 SH   SOLE N/A 427,399 0 0
TRONOX LTD SHS CL A Q9235V101 2,546 651,242 SH   SOLE N/A 651,242 0 0