The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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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 |
| ASHFORD HOSPITALITY TR INC | COM SHS | 044103109 | 24,110 | 2,849,864 | SH | DFND | 1 | 2,456,027 | 0 | 393,837 | |
| AMERICAN RLTY CAP PPTYS INC | COM | 02917T104 | 32,139 | 3,953,196 | SH | DFND | 1 | 3,392,452 | 0 | 560,744 | |
| STARWOOD HOTELS&RESORTS WRLD | COM | 85590A401 | 17,678 | 218,000 | SH | DFND | 1 | 180,481 | 0 | 37,519 | |
| ISHARES TR | U.S REAL ES ETF | 464287909 | 13,159 | 600,000 | SH | Call | DFND | 1 | 496,600 | 0 | 103,400 |
| NORTHSTAR RLTY FIN CORP | COM NEW | 66704R704 | 15,261 | 959,789 | SH | DFND | 1 | 795,361 | 0 | 164,428 | |
| NEW YORK REIT INC | COM | 64976L109 | 44,351 | 4,457,404 | SH | DFND | 1 | 3,788,628 | 0 | 668,776 | |