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
ABRAXAS PETE CORP COM 003830106 417 206,330 SH   SOLE 0 206,330 0 0
ADVISORY BRD CO COM 00762W107 2,783 59,463 SH   SOLE 0 59,463 0 0
ALLY FINL INC COM 02005N100 17,093 840,799 SH   SOLE 0 840,799 0 0
AMTRUST FINL SVCS INC COM 032359309 669 36,218 SH   SOLE 0 36,218 0 0
AON PLC SHS CL A G0408V102 29,673 250,005 SH   SOLE 0 250,005 0 0
ARAMARK COM 03852U106 14,777 400,800 SH   SOLE 0 400,800 0 0
AXALTA COATING SYS LTD COM G0750C108 21,616 671,308 SH   SOLE 0 671,308 0 0
BALL CORP COM 058498106 17,682 238,109 SH   SOLE 0 238,109 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 4,505 27,028 SH   SOLE 0 27,028 0 0
BWX TECHNOLOGIES INC COM 05605H100 3,653 76,734 SH   SOLE 0 76,734 0 0
CAPITAL ONE FINL CORP COM 14040H105 240 2,773 SH   SOLE 0 2,773 0 0
CITIGROUP INC COM NEW 172967424 5,544 92,670 SH   SOLE 0 92,670 0 0
CLEARWATER PAPER CORP COM 18538R103 10,151 181,266 SH   SOLE 0 181,266 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 24,980 1,934,948 SH   SOLE 0 1,934,948 0 0
COMMSCOPE HLDG CO INC COM 20337X109 10,606 254,290 SH   SOLE 0 254,290 0 0
CONSOL ENERGY INC COM 20854P109 385 22,939 SH   SOLE 0 22,939 0 0
CVS HEALTH CORP COM 126650100 1,001 12,749 SH   SOLE 0 12,749 0 0
DISCOVER FINL SVCS COM 254709108 2,171 31,745 SH   SOLE 0 31,745 0 0
EAGLE PHARMACEUTICALS INC COM 269796108 1,145 13,804 SH   SOLE 0 13,804 0 0
ECHOSTAR CORP CL A 278768106 714 12,534 SH   SOLE 0 12,534 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 2,505 35,838 SH   SOLE 0 35,838 0 0
ENZO BIOCHEM INC COM 294100102 466 55,691 SH   SOLE 0 55,691 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 4,658 292,202 SH   SOLE 0 292,202 0 0
FERROGLOBE PLC SHS G33856108 16,803 1,626,649 SH   SOLE 0 1,626,649 0 0
FIAT CHRYSLER AUTOMOBILES NV SHS N31738102 3,585 328,012 SH   SOLE 0 328,012 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 602 25,354 SH   SOLE 0 25,354 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 513 23,551 SH   SOLE 0 23,551 0 0
FORTIVE CORP COM 34959J108 834 13,848 SH   SOLE 0 13,848 0 0
GENERAL MTRS CO COM 37045V100 293 8,290 SH   SOLE 0 8,290 0 0
GRAY TELEVISION INC COM 389375106 9,292 640,855 SH   SOLE 0 640,855 0 0
HD SUPPLY HLDGS INC COM 40416M105 20,707 503,522 SH   SOLE 0 503,522 0 0
IAC INTERACTIVECORP COM 44919P508 29,483 399,933 SH   SOLE 0 399,933 0 0
IHS MARKIT LTD SHS G47567105 10,322 246,054 SH   SOLE 0 246,054 0 0
ILG INC COM 44967H101 27,464 1,310,301 SH   SOLE 0 1,310,301 0 0
INSTALLED BLDG PRODS INC COM 45780R101 11,622 220,316 SH   SOLE 0 220,316 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 930 6,766 SH   SOLE 0 6,766 0 0
ISHARES TR RUS 2000 GRW ETF 464287648 2,491 15,408 SH   SOLE 0 15,408 0 0
KAR AUCTION SVCS INC COM 48238T109 15,205 348,185 SH   SOLE 0 348,185 0 0
KRATON CORPORATION COM 50077C106 4,632 149,806 SH   SOLE 0 149,806 0 0
LIBERTY EXPEDIA HOLDINGS SER A COM 53046P109 1,631 35,852 SH   SOLE 0 35,852 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 2,813 78,424 SH   SOLE 0 78,424 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 5,311 151,556 SH   SOLE 0 151,556 0 0
LIBERTY MEDIA CORP DELAWARE COM A SIRIUSXM 531229409 721 18,528 SH   SOLE 0 18,528 0 0
LIBERTY INTERACTIVE CORP LBT VEN COM A NE 53071M856 2,392 53,773 SH   SOLE 0 53,773 0 0
LOEWS CORP COM 540424108 418 8,947 SH   SOLE 0 8,947 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 3,975 19,903 SH   SOLE 0 19,903 0 0
MARRIOTT INTL INC NEW CL A 571903202 346 3,677 SH   SOLE 0 3,677 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 3,351 356,452 SH   SOLE 0 356,452 0 0
MEDALLION FINL CORP COM 583928106 273 137,804 SH   SOLE 0 137,804 0 0
METLIFE INC COM 59156R108 1,419 26,859 SH   SOLE 0 26,859 0 0
NATIONAL GEN HLDGS CORP COM 636220303 3,332 140,254 SH   SOLE 0 140,254 0 0
NOMAD HLDGS LTD USD ORD SHS G6564A105 10,915 953,276 SH   SOLE 0 953,276 0 0
OFS CAP CORP COM 67103B100 531 37,404 SH   SOLE 0 37,404 0 0
OLIN CORP COM PAR $1 680665205 10,813 328,976 SH   SOLE 0 328,976 0 0
ORBITAL ATK INC COM 68557N103 32,257 329,150 SH   SOLE 0 329,150 0 0
PENTAIR PLC SHS G7S00T104 8,119 129,327 SH   SOLE 0 129,327 0 0
PHILLIPS 66 COM 718546104 679 8,574 SH   SOLE 0 8,574 0 0
QUINTILES IMS HOLDINGS INC COM 74876Y101 34,184 424,491 SH   SOLE 0 424,491 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 23,007 372,102 SH   SOLE 0 372,102 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 25,297 624,609 SH   SOLE 0 624,609 0 0
SIRIUS XM HLDGS INC COM 82968B103 1,996 387,598 SH   SOLE 0 387,598 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 6,141 103,224 SH   SOLE 0 103,224 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,163 9,797 SH   SOLE 0 9,797 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 10,894 46,212 SH   SOLE 0 46,212 0 0
SPX CORP COM 784635104 1,157 47,697 SH   SOLE 0 47,697 0 0
STATE STR CORP COM 857477103 1,816 22,808 SH   SOLE 0 22,808 0 0
TESORO CORP COM 881609101 3,553 43,826 SH   SOLE 0 43,826 0 0
TOWER SEMICONDUCTOR LTD SHS NEW M87915274 1,693 73,453 SH   SOLE 0 73,453 0 0
VOYA FINL INC COM 929089100 26,998 711,227 SH   SOLE 0 711,227 0 0
VWR CORP COM 91843L103 14,293 506,841 SH   SOLE 0 506,841 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 3,807 45,845 SH   SOLE 0 45,845 0 0
WILLIS TOWERS WATSON PUB LTD SHS G96629103 5,941 45,390 SH   SOLE 0 45,390 0 0
XENIA HOTELS & RESORTS INC COM 984017103 368 21,542 SH   SOLE 0 21,542 0 0