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 9,315 550,848 SH   SOLE N/A 550,848 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 8,155 137,435 SH   SOLE N/A 137,435 0 0
ARES CAP CORP COM 04010L103 4,222 272,412 SH   SOLE N/A 272,412 0 0
ARES COML REAL ESTATE CORP COM 04013V108 632 50,154 SH   SOLE N/A 50,154 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 12,581 892,287 SH   SOLE N/A 892,287 0 0
ASHFORD HOSPITALITY PRIME IN PFD CV SER B 044102507 623 26,500 SH   SOLE N/A 26,500 0 0
ASHFORD INC COM 044104107 212 4,482 SH   SOLE N/A 4,482 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 9,415 380,240 SH   SOLE N/A 380,240 0 0
BOYD GAMING CORP COM 103304101 973 49,204 SH   SOLE N/A 49,204 0 0
BROOKDALE SR LIVING INC COM 112463104 5,307 304,131 SH   SOLE N/A 304,131 0 0
CF INDS HLDGS INC COM 125269100 7,485 307,382 SH   SOLE N/A 307,382 0 0
CIM COML TR CORP COM 125525105 1,302 84,760 SH   SOLE N/A 84,760 0 0
CLUBCORP HLDGS INC COM 18948M108 1,769 122,253 SH   SOLE N/A 122,253 0 0
COLONY CAP INC NOTE 3.875% 1/1 19624RAB2 2,943 3,000,000 PRN   SOLE N/A 3,000,000 0 0
COLONY CAP INC NOTE 5.000% 4/1 19624RAA4 995 1,000,000 PRN   SOLE N/A 1,000,000 0 0
COMMERCEHUB INC COM SER C 20084V306 12,094 760,145 SH   SOLE N/A 760,145 0 0
CONTINENTAL BLDG PRODS INC COM 211171103 4,937 235,227 SH   SOLE N/A 235,227 0 0
DAVE & BUSTERS ENTMT INC COM 238337109 13,357 340,922 SH   SOLE N/A 340,922 0 0
EXPEDIA INC DEL COM NEW 30212P303 9,762 83,637 SH   SOLE N/A 83,637 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 129 9,105 SH   SOLE N/A 9,105 0 0
FORESTAR GROUP INC COM 346233109 10,731 916,370 SH   SOLE N/A 916,370 0 0
FORESTAR GROUP INC NOTE 3.750% 3/0 346232AB7 944 1,000,000 PRN   SOLE N/A 1,000,000 0 0
ISTAR INC NOTE 3.000%11/1 45031UBR1 7,569 7,500,000 PRN   SOLE N/A 7,500,000 0 0
LANDS END INC NEW COM 51509F105 635 43,800 SH Put SOLE N/A 43,800 0 0
LANDS END INC NEW COM 51509F105 1,144 78,883 SH   SOLE N/A 78,883 0 0
LIBERTY INTERACTIVE CORP QVC GP COM SER A 53071M104 2,323 116,105 SH   SOLE N/A 116,105 0 0
LINDBLAD EXPEDITIONS HLDGS I COM 535219109 7,346 816,212 SH   SOLE N/A 816,212 0 0
LYON WILLIAM HOMES CL A NEW 552074700 29,556 1,593,338 SH   SOLE N/A 1,593,338 0 0
M/I HOMES INC COM 55305B101 12,688 538,294 SH   SOLE N/A 538,294 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 9,402 112,954 SH   SOLE N/A 112,954 0 0
MACYS INC COM 55616P104 2,700 72,876 SH   SOLE N/A 72,876 0 0
MONOGRAM RESIDENTIAL TR INC COM 60979P105 6,006 564,484 SH   SOLE N/A 564,484 0 0
MULTI PACKAGING SOLUTIONS IN COM G6331W109 4,793 332,624 SH   SOLE N/A 332,624 0 0
NEW YORK REIT INC COM 64976L109 10,840 1,184,740 SH   SOLE N/A 1,184,740 0 0
NEXSTAR BROADCASTING GROUP I CL A 65336K103 29,846 517,179 SH   SOLE N/A 517,179 0 0
OFFICE DEPOT INC COM 676220106 5,137 1,438,934 SH   SOLE N/A 1,438,934 0 0
PERFORMANCE SPORTS GROUP LTD COM 71377G100 604 148,697 SH   SOLE N/A 148,697 0 0
REALOGY HLDGS CORP COM 75605Y106 2,221 85,900 SH   SOLE N/A 85,900 0 0
SERVICEMASTER GLOBAL HLDGS I COM 81761R109 12,895 382,858 SH   SOLE N/A 382,858 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 32,550 420,000 SH Call SOLE N/A 420,000 0 0
TRAVELPORT WORLDWIDE LTD SHS G9019D104 4,303 286,268 SH   SOLE N/A 286,268 0 0
XENIA HOTELS & RESORTS INC COM 984017103 3,544 233,436 SH   SOLE N/A 233,436 0 0