The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 MANAGEMENT | COM | 02153X108 | 57,141 | 211,634 | SH | SOLE | 57,141 | 0 | 0 | ||
| ALTISOURCE RESIDENTIAL CORP | CL B | 02153W100 | 14,773 | 885,150 | SH | SOLE | 885,150 | 0 | 0 | ||
| AMERICAN RLTY CAP PPTYS INC | COM | 02917T104 | 6 | 125,000 | SH | Call | SOLE | 125,000 | 0 | 0 | |
| ANNALY CAP MGMT INC | COM | 035710409 | 336 | 570,000 | SH | Put | SOLE | 570,000 | 0 | 0 | |
| APOLLO COML REAL EST FIN INC | COM | 03762U105 | 794 | 50,000 | SH | SOLE | 50,000 | 0 | 0 | ||
| ASHFORD HOSPITALITY TR INC | COM SHS | 044103109 | 32,200 | 2,812,207 | SH | SOLE | 2,812,207 | 0 | 0 | ||
| AV HOMES INC | COM | 00234P102 | 7,738 | 436,420 | SH | SOLE | 436,420 | 0 | 0 | ||
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 | 61,359 | 2,484,151 | SH | SOLE | 2,484,151 | 0 | 0 | ||
| BRE PROPERTIES INC | CL A | 05564E106 | 14,976 | 299,400 | SH | SOLE | 299,400 | 0 | 0 | ||
| CEMEX SAB DE CV | SPON ADR NEW | 151290889 | 31,497 | 2,977,000 | SH | SOLE | 2,977,000 | 0 | 0 | ||
| CLEAR CHANNEL OUTDOOR HLDGS | CL A | 18451C109 | 2,921 | 391,501 | SH | SOLE | 391,501 | 0 | 0 | ||
| CROWN CASTLE INTL CORP | COM | 228227104 | 32,612 | 450,500 | SH | SOLE | 450,500 | 0 | 0 | ||
| DIAMONDROCK HOSPITALITY CO | COM | 252784301 | 32,951 | 3,535,559 | SH | SOLE | 3,535,559 | 0 | 0 | ||
| EMERITUS CORP | COM | 291005106 | 41,510 | 1,790,758 | SH | SOLE | 1,790,758 | 0 | 0 | ||
| HYATT HOTELS CORP | COM CL A | 448579102 | 48,511 | 1,201,950 | SH | SOLE | 1,201,950 | 0 | 0 | ||
| MACK CALI RLTY CORP | COM | 554489104 | 5,922 | 241,811 | SH | SOLE | 241,811 | 0 | 0 | ||
| MGIC INVT CORP WIS | COM | 552848103 | 14,386 | 2,370,000 | SH | SOLE | 2,370,000 | 0 | 0 | ||
| MOHAWK INDS INC | COM | 608190104 | 7,706 | 68,500 | SH | SOLE | 68,500 | 0 | 0 | ||
| ORIENT-EXPRESS HOTELS LTD | CL A | G67743107 | 11,663 | 959,157 | SH | SOLE | 959,157 | 0 | 0 | ||
| PENNYMAC MTG INVT TR | COM | 70931T103 | 13,171 | 625,686 | SH | SOLE | 625,686 | 0 | 0 | ||
| PINNACLE ENTMT INC | COM | 723456109 | 31,085 | 1,580,335 | SH | SOLE | 1,580,335 | 0 | 0 | ||
| POST PPTYS INC | COM | 737464107 | 42,466 | 858,074 | SH | SOLE | 858,074 | 0 | 0 | ||
| SEARS HOMETOWN & OUTLET STOR | COM | 812362101 | 21,191 | 484,695 | SH | SOLE | 484,695 | 0 | 0 | ||
| SILVER BAY RLTY TR CORP | COM | 82735Q102 | 3,531 | 213,200 | SH | SOLE | 213,200 | 0 | 0 | ||
| SPIRIT RLTY CAP INC | COM | 84860F109 | 11,889 | 670,918 | SH | SOLE | 670,918 | 0 | 0 | ||
| SUNSTONE HOTEL INVS INC NEW | COM | 867892101 | 1,766 | 146,210 | SH | SOLE | 146,210 | 0 | 0 | ||
| TAUBMAN CTRS INC | COM | 876664103 | 15,030 | 200,000 | SH | SOLE | 200,000 | 0 | 0 | ||
| TWO HBRS INVT CORP | COM | 90187B101 | 7,175 | 700,000 | SH | SOLE | 700,000 | 0 | 0 | ||