Long Pond Capital 13F-HR Quarterly holdings report by institutional manager

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

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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
AIR LEASE CORP	CL A	00912X302	26,368	852,773	SH		SOLE		852,773	0	0
AMERICAN HOMES 4 RENT	CL A	02665T306	18,384	1,143,283	SH		SOLE		1,143,283	0	0
APARTMENT INVT & MGMT CO	CL A	03748R101	12,602	340,410	SH		SOLE		340,410	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	164,631	5,999,665	SH		SOLE		5,999,665	0	0
BOSTON PROPERTIES INC	COM	101121101	36,658	309,614	SH		SOLE		309,614	0	0
BOYD GAMING CORP	COM	103304101	26,985	1,655,493	SH		SOLE		1,655,493	0	0
BRANDYWINE RLTY TR	SH BEN INT NEW	105368203	36,361	2,951,399	SH		SOLE		2,951,399	0	0
DDR CORP	COM	23317H102	97,136	6,315,717	SH		SOLE		6,315,717	0	0
FIDELITY NATIONAL FINANCIAL	FNFV GROUP COM	31620R402	13,374	1,141,085	SH		SOLE		1,141,085	0	0
FIRST POTOMAC RLTY TR	COM	33610F109	20,099	1,827,155	SH		SOLE		1,827,155	0	0
FOREST CITY ENTERPRISES INC	CL A	345550107	218,813	10,869,977	SH		SOLE		10,869,977	0	0
HILTON WORLDWIDE HLDGS INC	COM	43300A104	102,455	4,466,200	SH		SOLE		4,466,200	0	0
HYATT HOTELS CORP	COM CL A	448579102	92,019	1,953,691	SH		SOLE		1,953,691	0	0
ISHARES TR	U.S. REAL ES ETF	464287739	141,900	2,000,000	SH	Call	SOLE		2,000,000	0	0
KANSAS CITY SOUTHERN	COM NEW	485170302	58,618	645,000	SH		SOLE		645,000	0	0
KIMCO RLTY CORP	COM	49446R109	15,635	640,001	SH		SOLE		640,001	0	0
LASALLE HOTEL PPTYS	COM SH BEN INT	517942108	1,158	40,800	SH		SOLE		40,800	0	0
MCDONALDS CORP	COM	580135101	90,943	923,000	SH		SOLE		923,000	0	0
AMERICAN RESIDENTIAL PPTYS I	COM	02927E303	28,973	1,677,658	SH		SOLE		1,677,658	0	0
NMI HLDGS INC	CL A	629209305	25,613	3,370,172	SH		SOLE		3,370,172	0	0
PARAMOUNT GROUP INC	COM	69924R108	218,783	13,022,827	SH		SOLE		13,022,827	0	0
PENNYMAC FINL SVCS INC	CL A	70932B101	9,454	590,875	SH		SOLE		590,875	0	0
PENNYMAC MTG INVT TR	COM	70931T103	40,251	2,601,871	SH		SOLE		2,601,871	0	0
POPULAR INC	COM NEW	733174700	60,044	1,986,242	SH		SOLE		1,986,242	0	0
RETAIL PPTYS AMER INC	CL A	76131V202	14,653	1,039,924	SH		SOLE		1,039,924	0	0
SERITAGE GROWTH PPTYS	CL A	81752R100	60,702	1,629,596	SH		SOLE		1,629,596	0	0
SL GREEN RLTY CORP	COM	78440X101	62,452	577,400	SH		SOLE		577,400	0	0
STARWOOD HOTELS&RESORTS WRLD	COM	85590A401	115,374	1,735,470	SH		SOLE		1,735,470	0	0
STARWOOD HOTELS&RESORTS WRLD	COM	85590A401	6,648	100,000	SH	Call	SOLE		100,000	0	0
STARWOOD WAYPOINT RESIDENTL	COM SHS	85571W109	74,593	3,130,199	SH		SOLE		3,130,199	0	0
STONEGATE MTG CORP	COM	86181Q300	17,862	2,512,225	SH		SOLE		2,512,225	0	0
TAUBMAN CTRS INC	COM	876664103	259,451	3,755,800	SH		SOLE		3,755,800	0	0
VORNADO RLTY TR	SH BEN INT	929042109	54,373	601,340	SH		SOLE		601,340	0	0
WEYERHAEUSER CO	COM	962166104	64,314	2,352,369	SH		SOLE		2,352,369	0	0
WHIRLPOOL CORP	COM	963320106	17,484	118,727	SH		SOLE		118,727	0	0