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
ADVANCED DRAIN SYS INC DEL COM 00790R104 1,617 70,350 SH   SOLE   70,350 0 0
AERCAP HOLDINGS NV SHS N00985106 3,494 90,000 SH   SOLE   90,000 0 0
ALLY FINL INC COM 02005N100 10,629 450,000 SH   SOLE   450,000 0 0
ARAMARK COM 03852U106 8,438 270,872 SH   SOLE   270,872 0 0
AVOLON HLDGS LTD COM G52237107 1,457 73,600 SH   SOLE   73,600 0 0
BANK NEW YORK MELLON CORP COM 064058100 5,964 147,000 SH   SOLE   147,000 0 0
BLOOMIN BRANDS INC COM 094235108 1,884 76,100 SH   SOLE   76,100 0 0
BURLINGTON STORES INC COM 122017106 331 7,014 SH   SOLE   7,014 0 0
CAPITAL ONE FINL CORP COM 14040H105 6,505 78,800 SH   SOLE   78,800 0 0
CDW CORP COM 12514G108 5,001 142,200 SH   SOLE   142,200 0 0
COLONY FINL INC COM 19624R106 3,106 130,400 SH   SOLE   130,400 0 0
DILLARDS INC CL A 254067101 4,056 32,400 SH   SOLE   32,400 0 0
DISCOVER FINL SVCS COM 254709108 5,003 76,400 SH   SOLE   76,400 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 3,907 161,100 SH   SOLE   161,100 0 0
ESSENT GROUP LTD COM G3198U102 1,748 68,000 SH   SOLE   68,000 0 0
EVERCORE PARTNERS INC CLASS A 29977A105 2,168 41,400 SH   SOLE   41,400 0 0
FEDERATED INVS INC PA CL B 314211103 5,012 152,200 SH   SOLE   152,200 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 6,735 195,500 SH   SOLE   195,500 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 6,705 314,800 SH   SOLE   314,800 0 0
FXCM INC COM CL A 302693106 1,576 95,100 SH   SOLE   95,100 0 0
GRAMERCY PPTY TR INC COM 38489R100 11,996 1,738,500 SH   SOLE   1,738,500 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 7,021 168,400 SH   SOLE   168,400 0 0
INVESCO LTD SHS G491BT108 3,181 80,500 SH   SOLE   80,500 0 0
LA QUINTA HLDGS INC COM 50420D108 5,182 234,923 SH   SOLE   234,923 0 0
LEGG MASON INC COM 524901105 5,881 110,200 SH   SOLE   110,200 0 0
LIFE TIME FITNESS INC COM 53217R207 9,172 162,000 SH   SOLE   162,000 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 11,573 906,244 SH   SOLE   906,244 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 6,391 283,158 SH   SOLE   283,158 0 0
PARAMOUNT GROUP INC COM 69924R108 5,696 306,400 SH   SOLE   306,400 0 0
RADIAN GROUP INC COM 750236101 3,399 203,300 SH   SOLE   203,300 0 0
SABRE CORP COM 78573M104 1,956 96,500 SH   SOLE   96,500 0 0
STIFEL FINL CORP COM 860630102 3,133 61,400 SH   SOLE   61,400 0 0
SVB FINL GROUP COM 78486Q101 3,273 28,200 SH   SOLE   28,200 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 4,864 135,944 SH   SOLE   135,944 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 4,540 83,556 SH   SOLE   83,556 0 0
TRAVELPORT WORLDWIDE LTD SHS G9019D104 1,157 64,300 SH   SOLE   64,300 0 0
VECTOR GROUP LTD COM 92240M108 12,356 579,833 SH   SOLE   579,833 0 0