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
AIR PRODS & CHEMS INC COM 009158106 23,132 217,055 SH   SOLE   217,055 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 5,322 280,839 SH   SOLE   280,839 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 25,700 528,488 SH   SOLE   528,488 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 15,571 320,200 SH Call SOLE   320,200 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 10,389 841,908 SH   SOLE   841,908 0 0
ASSURED GUARANTY LTD COM G0585R106 7,166 382,212 SH   SOLE   382,212 0 0
BANK OF AMERICA CORPORATION COM 060505104 708 51,323 SH   SOLE   51,323 0 0
BANK OF AMERICA CORPORATION COM 060505104 54,824 3,972,700 SH Call SOLE   3,972,700 0 0
BANK OF AMERICA CORPORATION *W EXP 10/28/201 060505153 1,597 2,022,220 SH   SOLE   2,022,220 0 0
BEAM INC COM 073730103 8,171 126,388 SH   SOLE   126,388 0 0
BIGLARI HLDGS INC COM 08986R101 2,924 7,086 SH   SOLE   7,086 0 0
BRE PROPERTIES INC CL A 05564E106 511 10,069 SH   SOLE   10,069 0 0
CAESARS ENTMT CORP COM 127686103 701 35,634 SH   SOLE   35,634 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 2,953 570,032 SH   SOLE   570,032 0 0
CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 27,517 204,194 SH   SOLE   204,194 0 0
CITIGROUP INC *W EXP 01/04/201 172967226 893 1,193,670 SH   SOLE   1,193,670 0 0
COPART INC COM 217204106 19,572 615,678 SH   SOLE   615,678 0 0
CSX CORP COM 126408103 30,253 1,175,339 SH   SOLE   1,175,339 0 0
ECHOSTAR CORP CL A 278768106 4,524 102,958 SH   SOLE   102,958 0 0
EMMIS COMMUNICATIONS CORP CL A 291525103 1,549 575,810 SH   SOLE   575,810 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 639 29,993 SH   SOLE   29,993 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 1,563 64,674 SH   SOLE   64,674 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 12,632 776,429 SH   SOLE   776,429 0 0
GENERAL MTRS CO COM 37045V100 30,542 849,089 SH   SOLE   849,089 0 0
GENERAL MTRS CO COM 37045V100 3,845 106,900 SH Call SOLE   106,900 0 0
ISTAR FINL INC COM 45031U101 19,829 1,646,909 SH   SOLE   1,646,909 0 0
ISTAR FINL INC COM 45031U101 6,213 516,000 SH Call SOLE   516,000 0 0
ISTAR FINL INC NOTE 3.000%11/1 45031UBR1 5,810 4,660,000 PRN   SOLE   4,660,000 0 0
KINDER MORGAN INC DEL *W EXP 05/25/201 49456B119 9,099 1,830,807 SH   SOLE   1,830,807 0 0
NUSTAR GP HOLDINGS LLC UNIT RESTG LLC 67059L102 3,395 151,289 SH   SOLE   151,289 0 0
PRIMERICA INC COM 74164M108 13,803 342,160 SH   SOLE   342,160 0 0
REIS INC COM 75936P105 3,693 228,636 SH   SOLE   228,636 0 0
RITCHIE BROS AUCTIONEERS COM 767744105 5,491 272,094 SH   SOLE   272,094 0 0
SEARS HLDGS CORP COM 812350106 9,250 155,481 SH   SOLE   155,481 0 0
SEARS HLDGS CORP COM 812350106 230,743 3,878,700 SH Call SOLE   3,878,700 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 76,142 453,200 SH Put SOLE   453,200 0 0
STATE AUTO FINL CORP COM 855707105 9,346 446,337 SH   SOLE   446,337 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 3,698 426,020 SH   SOLE   426,020 0 0
TIME WARNER INC COM NEW 887317303 9,991 151,811 SH   SOLE   151,811 0 0
TJX COS INC NEW COM 872540109 5,639 99,995 SH   SOLE   99,995 0 0
UNION PAC CORP COM 907818108 16,473 106,044 SH   SOLE   106,044 0 0
WESTERN UN CO COM 959802109 8,985 481,500 SH Call SOLE   481,500 0 0