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 |
| AMBAC FINL GROUP INC | COM NEW | 023139884 | 1,437 | 65,000 | SH | SOLE | 65,000 | 0 | 0 | ||
| AMERICAN HOMES 4 RENT | CL A | 02665T306 | 185,080 | 10,957,972 | SH | SOLE | 10,957,972 | 0 | 0 | ||
| AMERICAN RESIDENTIAL PPTYS I | COM | 02927E303 | 54,146 | 2,952,359 | SH | SOLE | 2,952,359 | 0 | 0 | ||
| APARTMENT INVT & MGMT CO | CL A | 03748R101 | 54,731 | 1,720,008 | SH | SOLE | 1,720,008 | 0 | 0 | ||
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 | 124,772 | 4,604,151 | SH | SOLE | 4,604,151 | 0 | 0 | ||
| BOYD GAMING CORP | COM | 103304101 | 25,083 | 2,468,848 | SH | SOLE | 2,468,848 | 0 | 0 | ||
| CAESARSTONE SDOT-YAM LTD | ORD SHS | M20598104 | 27,390 | 530,000 | SH | SOLE | 530,000 | 0 | 0 | ||
| CBRE GROUP INC | CL A | 12504L109 | 22,865 | 768,836 | SH | SOLE | 768,836 | 0 | 0 | ||
| CBS OUTDOOR AMERS INC | COM | 14987J106 | 59,275 | 1,979,800 | SH | SOLE | 1,979,800 | 0 | 0 | ||
| COLONY FINL INC | COM | 19624R106 | 42,298 | 1,890,000 | SH | SOLE | 1,890,000 | 0 | 0 | ||
| DIAMOND RESORTS INTL INC | COM | 25272T104 | 15,249 | 670,000 | SH | SOLE | 670,000 | 0 | 0 | ||
| ELLIE MAE INC | COM | 28849P100 | 10,001 | 306,766 | SH | SOLE | 306,766 | 0 | 0 | ||
| ESSENT GROUP LTD | COM | G3198U102 | 3,901 | 182,200 | SH | SOLE | 182,200 | 0 | 0 | ||
| FIDELITY NATIONAL FINANCIAL | FNF GROUP COM | 31620R303 | 91,900 | 3,312,900 | SH | SOLE | 3,312,900 | 0 | 0 | ||
| FOREST CITY ENTERPRISES INC | CL A | 345550107 | 80,376 | 4,109,179 | SH | SOLE | 4,109,179 | 0 | 0 | ||
| HILTON WORLDWIDE HLDGS INC | COM | 43300A104 | 98,520 | 4,000,000 | SH | SOLE | 4,000,000 | 0 | 0 | ||
| HOME PROPERTIES INC | COM | 437306103 | 6,881 | 118,142 | SH | SOLE | 118,142 | 0 | 0 | ||
| ISTAR FINL INC | COM | 45031U101 | 35,284 | 2,613,600 | SH | SOLE | 2,613,600 | 0 | 0 | ||
| LA QUINTA HLDGS INC | COM | 50420D108 | 42,553 | 2,240,821 | SH | SOLE | 2,240,821 | 0 | 0 | ||
| MELCO CROWN ENTMT LTD | ADR | 585464100 | 7,387 | 281,000 | SH | SOLE | 281,000 | 0 | 0 | ||
| MGIC INVT CORP WIS | COM | 552848103 | 36,448 | 4,666,786 | SH | SOLE | 4,666,786 | 0 | 0 | ||
| MGM RESORTS INTERNATIONAL | COM | 552953101 | 20,860 | 915,706 | SH | SOLE | 915,706 | 0 | 0 | ||
| MOHAWK INDS INC | COM | 608190104 | 58,339 | 432,717 | SH | SOLE | 432,717 | 0 | 0 | ||
| NMI HLDGS INC | CL A | 629209305 | 12,555 | 1,451,429 | SH | SOLE | 1,451,429 | 0 | 0 | ||
| OFFICE DEPOT INC | COM | 676220106 | 12,901 | 2,510,000 | SH | SOLE | 2,510,000 | 0 | 0 | ||
| PENN NATL GAMING INC | COM | 707569109 | 13,542 | 1,208,067 | SH | SOLE | 1,208,067 | 0 | 0 | ||
| PENNYMAC FINL SVCS INC | CL A | 70932B101 | 6,886 | 470,000 | SH | SOLE | 470,000 | 0 | 0 | ||
| PHH CORP | COM NEW | 693320202 | 32,865 | 1,469,800 | SH | SOLE | 1,469,800 | 0 | 0 | ||
| REALOGY HLDGS CORP | COM | 75605Y106 | 18,600 | 500,000 | SH | Call | SOLE | 0 | 0 | 500,000 | |
| SILVER BAY RLTY TR CORP | COM | 82735Q102 | 15,799 | 974,626 | SH | SOLE | 974,626 | 0 | 0 | ||
| SPIRIT RLTY CAP INC NEW | COM | 84860W102 | 77,916 | 7,102,600 | SH | SOLE | 7,102,600 | 0 | 0 | ||
| STARWOOD HOTELS&RESORTS WRLD | COM | 85590A401 | 84,275 | 1,012,800 | SH | SOLE | 1,012,800 | 0 | 0 | ||
| STARWOOD WAYPOINT RESIDENTL | COM SHS | 85571W109 | 34,928 | 1,342,862 | SH | SOLE | 1,342,862 | 0 | 0 | ||
| STONEGATE MTG CORP | COM | 86181Q300 | 23,944 | 1,843,262 | SH | SOLE | 1,843,262 | 0 | 0 | ||
| WYNDHAM WORLDWIDE CORP | COM | 98310W108 | 13,733 | 169,000 | SH | SOLE | 169,000 | 0 | 0 | ||