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
AMERICAN CAP LTD COM 02503Y103 8,828 557,672 SH   SOLE N/A 557,672 0 0
ARES COML REAL ESTATE CORP COM 04013V108 242 19,651 SH   SOLE N/A 19,651 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 5,898 417,100 SH Call SOLE N/A 417,100 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 14,946 1,057,007 SH   SOLE N/A 1,057,007 0 0
ASHFORD HOSPITALITY PRIME IN PFD CV SER B 044102507 598 26,500 SH   SOLE N/A 26,500 0 0
ASHFORD INC COM 044104107 224 4,482 SH   SOLE N/A 4,482 0 0
AXALTA COATING SYS LTD COM G0750C108 3,093 116,594 SH   SOLE N/A 116,594 0 0
BALL CORP COM 058498106 8,620 119,247 SH   SOLE N/A 119,247 0 0
BROOKDALE SR LIVING INC COM 112463104 5,742 371,878 SH   SOLE N/A 371,878 0 0
CLUBCORP HLDGS INC COM 18948M108 5,023 386,358 SH   SOLE N/A 386,358 0 0
COLONY CAP INC NOTE 3.875% 1/1 19624RAB2 2,853 3,000,000 PRN   SOLE N/A 3,000,000 0 0
COLONY CAP INC NOTE 5.000% 4/1 19624RAA4 954 1,000,000 PRN   SOLE N/A 1,000,000 0 0
CONTINENTAL BLDG PRODS INC COM 211171103 5,508 247,791 SH   SOLE N/A 247,791 0 0
DAVE & BUSTERS ENTMT INC COM 238337109 6,569 140,385 SH   SOLE N/A 140,385 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 4,732 212,116 SH   SOLE N/A 212,116 0 0
FORESTAR GROUP INC COM 346233109 9,368 787,891 SH   SOLE N/A 787,891 0 0
ISTAR INC NOTE 3.000%11/1 45031UBR1 7,573 7,500,000 PRN   SOLE N/A 7,500,000 0 0
KAR AUCTION SVCS INC COM 48238T109 4,222 101,150 SH   SOLE N/A 101,150 0 0
LIBERTY INTERACTIVE CORP QVC GP COM SER A 53071M104 12,838 506,032 SH   SOLE N/A 506,032 0 0
LINDBLAD EXPEDITIONS HLDGS I COM 535219109 8,898 924,037 SH   SOLE N/A 924,037 0 0
LYON WILLIAM HOMES CL A NEW 552074700 26,261 1,629,108 SH   SOLE N/A 1,629,108 0 0
M/I HOMES INC COM 55305B101 23,062 1,224,757 SH   SOLE N/A 1,224,757 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 9,402 128,412 SH   SOLE N/A 128,412 0 0
MONOGRAM RESIDENTIAL TR INC COM 60979P105 11,787 1,154,427 SH   SOLE N/A 1,154,427 0 0
MULTI PACKAGING SOLUTIONS IN COM G6331W109 5,997 449,241 SH   SOLE N/A 449,241 0 0
NEW YORK REIT INC COM 64976L109 2,089 225,820 SH   SOLE N/A 225,820 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 14,455 303,800 SH Put SOLE N/A 303,800 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 20,447 429,734 SH   SOLE N/A 429,734 0 0
OUTERWALL INC COM 690070107 4,032 96,000 SH   SOLE N/A 96,000 0 0
REALOGY HLDGS CORP COM 75605Y106 1,370 47,207 SH   SOLE N/A 47,207 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 2,927 171,881 SH   SOLE N/A 171,881 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 62,859 300,000 SH Call SOLE N/A 300,000 0 0