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
AMC ENTMT HLDGS INC CL A COM 00165C104 7,271 277,721 SH   SOLE N/A 277,721 0 0
AMERICAN CAP LTD COM 02503Y103 11,589 793,239 SH   SOLE N/A 793,239 0 0
AR CAP ACQUISITION CORP UNIT 99/99/9999 00191R208 7,047 714,000 SH   SOLE N/A 714,000 0 0
AXALTA COATING SYS LTD COM G0750C108 11,470 440,799 SH   SOLE N/A 440,799 0 0
CADIZ INC COM NEW 127537207 476 42,530 SH   SOLE N/A 42,530 0 0
CARROLS RESTAURANT GROUP INC COM 14574X104 3,662 479,915 SH   SOLE N/A 479,915 0 0
CLUBCORP HLDGS INC COM 18948M108 1,164 64,892 SH   SOLE N/A 64,892 0 0
COLONY FINL INC COM 19624R106 1,692 71,019 SH   SOLE N/A 71,019 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 2,035 80,276 SH   SOLE N/A 80,276 0 0
DAVE & BUSTERS ENTMT INC COM 238337109 7,874 288,428 SH   SOLE N/A 288,428 0 0
DIAMOND RESORTS INTL INC COM 25272T104 5,243 187,929 SH   SOLE N/A 187,929 0 0
DIANA SHIPPING INC COM Y2066G104 540 80,416 SH   SOLE N/A 80,416 0 0
DOMINION DIAMOND CORP COM 257287102 5,203 289,708 SH   SOLE N/A 289,708 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 2,092 81,486 SH   SOLE N/A 81,486 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 4,882 252,848 SH   SOLE N/A 252,848 0 0
FIFTH STR SR FLOATNG RATE CO COM 31679F101 1,004 98,248 SH   SOLE N/A 98,248 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 2,054 96,444 SH   SOLE N/A 96,444 0 0
FORESTAR GROUP INC COM 346233109 13,314 864,541 SH   SOLE N/A 864,541 0 0
INSTALLED BLDG PRODS INC COM 45780R101 4,198 235,555 SH   SOLE N/A 235,555 0 0
JAKKS PAC INC COM 47012E106 926 136,247 SH   SOLE N/A 136,247 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 3,072 104,804 SH   SOLE N/A 104,804 0 0
LADDER CAP CORP CL A 505743104 2,890 147,386 SH   SOLE N/A 147,386 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 4,357 81,228 SH   SOLE N/A 81,228 0 0
LEXINGTON REALTY TRUST COM 529043101 1,827 166,435 SH   SOLE N/A 166,435 0 0
LGI HOMES INC COM 50187T106 9,500 636,753 SH   SOLE N/A 636,753 0 0
M/I HOMES INC COM 55305B101 7,396 322,137 SH   SOLE N/A 322,137 0 0
MACQUARIE INFRASTR CO LLC MEMBERSHIP INT 55608B105 7,841 110,302 SH   SOLE N/A 110,302 0 0
MASONITE INTL CORP NEW COM 575385109 5,298 86,210 SH   SOLE N/A 86,210 0 0
MORGANS HOTEL GROUP CO COM 61748W108 1,766 225,315 SH   SOLE N/A 225,315 0 0
OUTERWALL INC COM 690070107 9,516 126,513 SH   SOLE N/A 126,513 0 0
PINNACLE ENTMT INC COM 723456109 4,043 181,704 SH   SOLE N/A 181,704 0 0
RCS CAP CORP COM CL A 74937W102 3,497 285,717 SH   SOLE N/A 285,717 0 0
RENTECH INC COM 760112102 2,379 1,887,701 SH   SOLE N/A 1,887,701 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 4,263 59,091 SH   SOLE N/A 59,091 0 0
SERVICE CORP INTL COM 817565104 5,822 256,464 SH   SOLE N/A 256,464 0 0
SOTHEBYS COM 835898107 3,780 87,545 SH   SOLE N/A 87,545 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 5,312 201,441 SH   SOLE N/A 201,441 0 0
TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 3,382 120,640 SH   SOLE N/A 120,640 0 0
THOR INDS INC COM 885160101 988 17,687 SH   SOLE N/A 17,687 0 0
VECTOR GROUP LTD FRNT 1/1 92240MAY4 1,071 756,000 SH   SOLE N/A 756,000 0 0
WESTLAKE CHEM CORP COM 960413102 696 11,386 SH   SOLE N/A 11,386 0 0
WILLIAMS COS INC DEL COM 969457100 2,881 64,103 SH   SOLE N/A 64,103 0 0
WINNEBAGO INDS INC COM 974637100 893 41,056 SH   SOLE N/A 41,056 0 0