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 2,226 29,579 SH   SOLE N/A 29,579 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 9,171 601,357 SH   SOLE N/A 601,357 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 10,371 166,117 SH   SOLE N/A 166,117 0 0
ARES CAP CORP COM 04010L103 4,627 266,218 SH   SOLE N/A 266,218 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 5,327 502,061 SH   SOLE N/A 502,061 0 0
ASHFORD HOSPITALITY PRIME IN PFD CV SER B 044102507 521 26,500 SH   SOLE N/A 26,500 0 0
BALL CORP COM 058498106 6,963 93,763 SH   SOLE N/A 93,763 0 0
CIM COML TR CORP COM 125525105 1,366 84,846 SH   SOLE N/A 84,846 0 0
CLUBCORP HLDGS INC COM 18948M108 1,607 100,153 SH   SOLE N/A 100,153 0 0
COMMERCEHUB INC COM SER A 20084V108 83 5,388 SH   SOLE N/A 5,388 0 0
COMMERCEHUB INC COM SER C 20084V306 10,746 691,960 SH   SOLE N/A 691,960 0 0
CONTINENTAL BLDG PRODS INC COM 211171103 4,285 174,892 SH   SOLE N/A 174,892 0 0
DOLLAR GEN CORP NEW COM 256677105 2,629 37,705 SH   SOLE N/A 37,705 0 0
FELCOR LODGING TR INC COM 31430F101 6,806 906,284 SH   SOLE N/A 906,284 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 5,770 148,184 SH   SOLE N/A 148,184 0 0
FORESTAR GROUP INC NOTE 3.750% 3/0 346232AB7 993 1,000,000 PRN   SOLE N/A 1,000,000 0 0
FORTERRA INC COM 34960W106 9,064 464,839 SH   SOLE N/A 464,839 0 0
FOUNDATION BLDG MATLS INC COM 350392106 14,766 924,621 SH   SOLE N/A 924,621 0 0
HILTON GRAND VACATIONS INC COM 43283X105 7,701 268,719 SH   SOLE N/A 268,719 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 945 6,871 SH   SOLE N/A 6,871 0 0
L BRANDS INC COM 501797104 2,553 54,200 SH Call SOLE N/A 54,200 0 0
LIBERTY EXPEDIA HOLDINGS SER A COM 53046P109 5,462 120,100 SH   SOLE N/A 120,100 0 0
LINDBLAD EXPEDITIONS HLDGS I COM 535219109 5,161 575,973 SH   SOLE N/A 575,973 0 0
LULULEMON ATHLETICA INC COM 550021109 2,842 54,800 SH Put SOLE N/A 54,800 0 0
LYON WILLIAM HOMES CL A NEW 552074700 8,087 392,215 SH   SOLE N/A 392,215 0 0
M/I HOMES INC COM 55305B101 7,259 296,294 SH   SOLE N/A 296,294 0 0
MONOGRAM RESIDENTIAL TR INC COM 60979P105 4,229 424,134 SH   SOLE N/A 424,134 0 0
NEXEO SOLUTIONS INC COM SHS 65342H102 1,992 224,780 SH   SOLE N/A 224,780 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103 14,612 208,303 SH   SOLE N/A 208,303 0 0
OFFICE DEPOT INC COM 676220106 3,028 649,074 SH   SOLE N/A 649,074 0 0
PHH CORP COM NEW 693320202 2,655 208,526 SH   SOLE N/A 208,526 0 0
SEALED AIR CORP NEW COM 81211K100 11,492 263,697 SH   SOLE N/A 263,697 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 7,472 84,957 SH   SOLE N/A 84,957 0 0
SERVICE CORP INTL COM 817565104 4,297 139,166 SH   SOLE N/A 139,166 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 4,398 108,592 SH   SOLE N/A 108,592 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 261,433 1,109,000 SH Call SOLE N/A 1,109,000 0 0
SPDR SERIES TRUST S&P RETAIL ETF 78464A714 7,013 166,026 SH   SOLE N/A 166,026 0 0
TARGET CORP COM 87612E106 2,715 49,188 SH   SOLE N/A 49,188 0 0
TIME INC NEW COM 887228104 6,849 353,960 SH   SOLE N/A 353,960 0 0
TRAVELPORT WORLDWIDE LTD SHS G9019D104 8,293 704,548 SH   SOLE N/A 704,548 0 0