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
ALTISOURCE ASSET MGMT CORP COM 02153X108 3,197 2,975 SH   SOLE N/A 2,975 0 0
ALTISOURCE PORTFOLIO SOLNS S REG SHS L0175J104 3,485 28,647 SH   SOLE N/A 28,647 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 2,589 69,308 SH   SOLE N/A 69,308 0 0
AMERICAN CAP LTD COM 02503Y103 2,805 177,644 SH   SOLE N/A 177,644 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 4,311 307,499 SH   SOLE N/A 307,499 0 0
AMERICAN WOODMARK CORP COM 030506109 2,216 65,822 SH   SOLE N/A 65,822 0 0
ARAMARK HLDGS CORP COM 03852U106 4,208 145,496 SH   SOLE N/A 145,496 0 0
ASSURED GUARANTY LTD COM G0585R106 4,350 171,805 SH   SOLE N/A 171,805 0 0
BED BATH & BEYOND INC COM 075896100 3,498 50,849 SH   SOLE N/A 50,849 0 0
BOSTON PROPERTIES INC COM 101121101 6,096 53,229 SH   SOLE N/A 53,229 0 0
CADIZ INC COM NEW 127537207 245 34,689 SH   SOLE N/A 34,689 0 0
CBL & ASSOC PPTYS INC COM 124830100 3,483 196,205 SH   SOLE N/A 196,205 0 0
CLUBCORP HLDGS INC COM 18948M108 3,936 208,240 SH   SOLE N/A 208,240 0 0
COLONY FINL INC COM 19624R106 8,591 391,395 SH   SOLE N/A 391,395 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 1,456 55,344 SH   SOLE N/A 55,344 0 0
COVANTA HLDG CORP COM 22282E102 8,991 498,096 SH   SOLE N/A 498,096 0 0
DILLARDS INC CL A 254067101 3,506 37,944 SH   SOLE N/A 37,944 0 0
DOMINION DIAMOND CORP COM 257287102 6,352 473,350 SH   SOLE N/A 473,350 0 0
FORESTAR GROUP INC COM 346233109 6,845 384,540 SH   SOLE N/A 384,540 0 0
HAWAIIAN HOLDINGS INC COM 419879101 4,179 299,366 SH   SOLE N/A 299,366 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 3,770 141,519 SH   SOLE N/A 141,519 0 0
HUDSON PAC PPTYS INC COM 444097109 3,110 134,812 SH   SOLE N/A 134,812 0 0
INSTALLED BLDG PRODS INC COM 45780R101 2,891 207,232 SH   SOLE N/A 207,232 0 0
ISLE OF CAPRI CASINOS INC COM 464592104 2,854 372,036 SH   SOLE N/A 372,036 0 0
JGWPT HLDGS INC CL A 46617M109 6,402 350,600 SH   SOLE N/A 350,600 0 0
LADDER CAP CORP CL A 505743104 6,244 330,711 SH   SOLE N/A 330,711 0 0
LAMAR ADVERTISING CO CL A 512815101 9,856 193,298 SH   SOLE N/A 193,298 0 0
LGI HOMES INC COM 50187T106 3,692 214,004 SH   SOLE N/A 214,004 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 2,587 118,950 SH   SOLE N/A 118,950 0 0
M/I HOMES INC COM 55305B101 3,456 154,143 SH   SOLE N/A 154,143 0 0
MCDONALDS CORP COM 580135101 18,979 193,600 SH Call SOLE N/A 193,600 0 0
NATIONAL CINEMEDIA INC COM 635309107 1,287 85,833 SH   SOLE N/A 85,833 0 0
NEW HOME CO INC COM 645370107 3,128 219,636 SH   SOLE N/A 219,636 0 0
OHR PHARMACEUTICAL INC COM NEW 67778H200 658 48,367 SH   SOLE N/A 48,367 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 2,782 167,160 SH   SOLE N/A 167,160 0 0
PENNYMAC MTG INVT TR COM 70931T103 7,993 334,415 SH   SOLE N/A 334,415 0 0
PEPSICO INC COM 713448108 11,332 136,200 SH Call SOLE N/A 136,200 0 0
PHH CORP COM NEW 693320202 2,339 90,516 SH   SOLE N/A 90,516 0 0
PROSHARES TR PSHS SHRT S&P500 74347R503 17,435 706,741 SH   SOLE N/A 706,741 0 0
RENTECH INC COM 760112102 1,276 671,379 SH   SOLE N/A 671,379 0 0
SERVICE CORP INTL COM 817565104 11,915 599,348 SH   SOLE N/A 599,348 0 0
SESA GOA LTD SPONSORED ADR 78413F103 2,375 191,207 SH   SOLE N/A 191,207 0 0
TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 6,793 309,765 SH   SOLE N/A 309,765 0 0
VECTOR GROUP LTD FRNT 1/1 92240MAY4 4,400 3,200,000 SH   SOLE N/A 3,200,000 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 2,714 137,344 SH   SOLE N/A 137,344 0 0