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
AMERICAN AIRLS GROUP INC. COM 02376R102 11,815 304,273 SH   SOLE   304,273 0 0
GREAT AJAX CORP COM 38983D300 11,916 963,310 SH   SOLE   963,310 0 0
APACHE CORP COM 037411105 11,666 297,900 SH   SOLE   297,900 0 0
TOPBUILD CORP COM 89055F103 15,638 504,941 SH   SOLE   504,941 0 0
CITIGROUP INC COM 172967424 23,961 482,997 SH   SOLE   482,997 0 0
DANA HLDG CORP COM 235825205 24,152 1,520,887 SH   SOLE   1,520,887 0 0
D R HORTON INC COM 23331A109 24,273 826,742 SH   SOLE   826,742 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 25,951 873,758 SH   SOLE   873,758 0 0
GENERAL MTRS CO COM 37045V100 19,859 661,542 SH   SOLE   661,542 0 0
HARMONY MERGER CORP UNIT 99/99/9999 413247206 8,244 810,000 SH   SOLE   810,000 0 0
HARMONY MERGER CORP COM 413247107 2 180,000 SH   SOLE   180,000 0 0
ISHARES TR 20+ YR TR BD ETF 464287432 47 2,640,300 SH Put SOLE   2,640,300 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 6,187 3,050,000 SH Put SOLE   3,050,000 0 0
INTERNATIONAL SPEEDWAY CORP CL A 460335201 3,435 108,292 SH   SOLE   108,292 0 0
LENNAR CORP CL A 526057104 22,101 459,202 SH   SOLE   459,202 0 0
LGI HOMES INC COM 50187T106 15,079 554,593 SH   SOLE   554,593 0 0
MBIA INC COM 55262C100 54 207,400 SH Put SOLE   207,400 0 0
MONARCH CASINO & RESORT INC COM 609027107 12,314 685,245 SH   SOLE   685,245 0 0
MGM RESORTS INTERNATIONAL COM 552953101 11,308 612,902 SH   SOLE   612,902 0 0
M/I HOMES INC COM 55305B101 4,380 185,736 SH   SOLE   185,736 0 0
M/I HOMES INC NOTE 3.250% 9/1 55292PAA3 6,037 5,430,000 PRN   SOLE   5,430,000 0 0
MERITAGE HOMES CORP COM 59001A102 4,951 135,562 SH   SOLE   135,562 0 0
MERITAGE HOMES CORP NOTE 1.875% 9/1 59001AAR3 1,198 1,200,000 PRN   SOLE   1,200,000 0 0
NCI BUILDING SYS INC COM NEW 628852204 6,206 587,145 SH   SOLE   587,145 0 0
NEW HOME CO INC COM 645370107 17,234 1,330,807 SH   SOLE   1,330,807 0 0
PENN NATL GAMING INC COM 707569109 19,860 1,183,549 SH   SOLE   1,183,549 0 0
PULTE GROUP INC COM 745867101 32,710 1,733,425 SH   SOLE   1,733,452 0 0
RYLAND GROUP INC COM 783764103 38,444 941,566 SH   SOLE   941,566 0 0
SPIRIT AIRLS INC COM 848577102 3,075 65,000 SH   SOLE   65,000 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 3,956 156,252 SH   SOLE   156,252 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 18,924 1,498,300 SH   SOLE   1,498,300 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 5,352 286,817 SH   SOLE   286,817 0 0
TOLL BROS FIN CORP NOTE 0.500% 9/1 88947EAM2 6,165 6,000,000 PRN   SOLE   6,000,000 0 0
UNIVERSAL FST PRODS INC COM 913543104 11,670 202,331 SH   SOLE   202,331 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 1,321 90,000 SH   SOLE   90,000 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 21,549 952,248 SH   SOLE   952,248 0 0
LYON WILLIAM HOMES CL A NEW 552074700 23,302 1,131,188 SH   SOLE   1,131,188 0 0