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
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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 8,068 691,360 SH   SOLE N/A 691,360 0 0
BALL CORP COM 058498106 7,643 107,217 SH   SOLE N/A 107,217 0 0
CLUBCORP HLDGS INC COM 18948M108 4,561 324,879 SH   SOLE N/A 324,879 0 0
COLONY CAP INC CL A 19624R106 3,653 217,857 SH   SOLE N/A 217,857 0 0
COLONY CAP INC NOTE 3.875% 1/1 19624RAB2 1,806 2,000,000 PRN   SOLE N/A 2,000,000 0 0
COLONY STARWOOD HOMES COM 19625X102 7,725 312,111 SH   SOLE N/A 312,111 0 0
DAVE & BUSTERS ENTMT INC COM 238337109 27,730 715,058 SH   SOLE N/A 715,058 0 0
DOUGLAS EMMETT INC COM 25960P109 4,433 147,212 SH   SOLE N/A 147,212 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 18,728 888,009 SH   SOLE N/A 888,009 0 0
FORESTAR GROUP INC COM 346233109 11,551 885,789 SH   SOLE N/A 885,789 0 0
FORESTAR GROUP INC NOTE 3.750% 3/0 346232AB7 864 1,000,000 PRN   SOLE N/A 1,000,000 0 0
ISTAR INC NOTE 3.000%11/1 45031UBR1 7,841 7,500,000 PRN   SOLE N/A 7,500,000 0 0
KAR AUCTION SVCS INC COM 48238T109 9,098 238,535 SH   SOLE N/A 238,535 0 0
LA Z BOY INC COM 505336107 260 9,711 SH   SOLE N/A 9,711 0 0
LGI HOMES INC COM 50187T106 3,464 143,100 SH   SOLE N/A 143,100 0 0
LIBERTY INTERACTIVE CORP QVC GP COM SER A 53071M104 11,532 456,716 SH   SOLE N/A 456,716 0 0
LINDBLAD EXPEDITIONS HLDGS I COM 535219109 9,314 936,973 SH   SOLE N/A 936,973 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 9,643 432,231 SH   SOLE N/A 432,231 0 0
LYON WILLIAM HOMES CL A NEW 552074700 22,208 1,532,671 SH   SOLE N/A 1,532,671 0 0
M/I HOMES INC COM 55305B101 23,553 1,262,880 SH   SOLE N/A 1,262,880 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 3,086 45,765 SH   SOLE N/A 45,765 0 0
MEDIA GEN INC NEW COM 58441K100 3,854 236,278 SH   SOLE N/A 236,278 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 27,093 611,984 SH   SOLE N/A 611,984 0 0
RETAILMENOT INC COM SER 1 76132B106 1,354 169,059 SH   SOLE N/A 169,059 0 0
SEAWORLD ENTMT INC COM 81282V100 7,462 354,308 SH   SOLE N/A 354,308 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 36,994 180,000 SH Call SOLE N/A 180,000 0 0
STEWART INFORMATION SVCS COR COM 860372101 2,039 56,200 SH   SOLE N/A 56,200 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 670 25,469 SH   SOLE N/A 25,469 0 0