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
AMERICAN CAP LTD COM 02503Y103 10,254 693,276 SH   SOLE N/A 693,276 0 0
AMERICAN REALTY CAPITAL PROP COM 02917T104 756 76,800 SH Call SOLE N/A 76,800 0 0
AR CAP ACQUISITION CORP UNIT 99/99/9999 00191R208 5,075 510,000 SH   SOLE N/A 510,000 0 0
AXALTA COATING SYS LTD COM G0750C108 11,130 402,967 SH   SOLE N/A 402,967 0 0
CADIZ INC COM NEW 127537207 436 42,530 SH   SOLE N/A 42,530 0 0
CITIZENS FINL GROUP INC COM 174610105 723 29,980 SH   SOLE N/A 29,980 0 0
CLUBCORP HLDGS INC COM 18948M108 5,860 302,685 SH   SOLE N/A 302,685 0 0
COLONY FINL INC COM 19624R106 548 21,140 SH   SOLE N/A 21,140 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 2,581 95,539 SH   SOLE N/A 95,539 0 0
COVANTA HLDG CORP COM 22282E102 4,097 182,658 SH   SOLE N/A 182,658 0 0
DAVE & BUSTERS ENTMT INC COM 238337109 11,683 383,551 SH   SOLE N/A 383,551 0 0
ENPRO INDS INC COM 29355X107 7,183 108,919 SH   SOLE N/A 108,919 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 5,085 191,538 SH   SOLE N/A 191,538 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 5,185 317,930 SH   SOLE N/A 317,930 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 1,301 89,630 SH   SOLE N/A 89,630 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 8,943 350,437 SH   SOLE N/A 350,437 0 0
FORESTAR GROUP INC COM 346233109 12,305 780,309 SH   SOLE N/A 780,309 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 5,096 138,205 SH   SOLE N/A 138,205 0 0
GLOBAL CASH ACCESS HLDGS INC COM 378967103 4,780 627,351 SH   SOLE N/A 627,351 0 0
INTERNATIONAL SPEEDWAY CORP CL A 460335201 5,448 167,058 SH   SOLE N/A 167,058 0 0
JAKKS PAC INC COM 47012E106 1,388 202,862 SH   SOLE N/A 202,862 0 0
LADDER CAP CORP CL A 505743104 2,728 147,386 SH   SOLE N/A 147,386 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 5,529 93,277 SH   SOLE N/A 93,277 0 0
LEVY ACQUISITION CORP COM 52748T104 2,665 202,665 SH   SOLE N/A 202,665 0 0
LGI HOMES INC COM 50187T106 11,531 692,112 SH   SOLE N/A 692,112 0 0
M/I HOMES INC COM 55305B101 16,908 709,236 SH   SOLE N/A 709,236 0 0
MACQUARIE INFRASTR CO LLC MEMBERSHIP INT 55608B105 7,365 89,495 SH   SOLE N/A 89,495 0 0
MASONITE INTL CORP NEW COM 575385109 5,226 77,703 SH   SOLE N/A 77,703 0 0
MORGANS HOTEL GROUP CO COM 61748W108 1,746 225,315 SH   SOLE N/A 225,315 0 0
OUTERWALL INC COM 690070107 10,998 166,336 SH   SOLE N/A 166,336 0 0
PATRIOT NATL INC COM 70338T102 3,810 300,000 SH   SOLE N/A 300,000 0 0
RCS CAP CORP COM CL A 74937W102 3,574 335,924 SH   SOLE N/A 335,924 0 0
RCS CAPITAL CORP COM CL A 74937W102 2,410 226,500 SH Put SOLE N/A 226,500 0 0
RENTECH INC COM 760112102 2,479 2,213,286 SH   SOLE N/A 2,213,286 0 0
REXFORD INDL RLTY INC COM 76169C100 2,213 139,950 SH   SOLE N/A 139,950 0 0
SERVICE CORP INTL COM 817565104 10,379 398,409 SH   SOLE N/A 398,409 0 0
SPDR S&P 500 ETF TRUST TR UNIT 78462F103 50,183 243,100 SH Call SOLE N/A 243,100 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 7,511 290,580 SH   SOLE N/A 290,580 0 0
TAUBMAN CTRS INC COM 876664103 2,758 35,756 SH   SOLE N/A 35,756 0 0
WESTLAKE CHEM CORP COM 960413102 796 11,065 SH   SOLE N/A 11,065 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 1,146 47,968 SH   SOLE N/A 47,968 0 0
WILLIAMS COS INC DEL COM 969457100 3,810 75,307 SH   SOLE N/A 75,307 0 0
WINNEBAGO INDS INC COM 974637100 7,264 341,677 SH   SOLE N/A 341,677 0 0