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
AERCAP HOLDINGS NV SHS N00985106 8,769 191,500 SH   SOLE   191,500 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 20,947 1,243,146 SH   SOLE   1,243,146 0 0
BERRY PLASTICS GROUP INC COM 08579W103 15,937 491,884 SH   SOLE   491,884 0 0
BROOKDALE SR LIVING INC COM 112463104 15,222 438,664 SH   SOLE   438,664 0 0
CITIZENS FINL GROUP INC COM 174610105 11,907 435,978 SH   SOLE   435,978 0 0
CYRUSONE INC COM 23283R100 25,882 878,831 SH   SOLE   878,831 0 0
ECHOSTAR CORP CL A 278768106 9,641 198,042 SH   SOLE   198,042 0 0
ENDO INTL PLC SHS G30401106 8,711 109,362 SH   SOLE   109,362 0 0
FIDELITY & GTY LIFE COM 315785105 10,759 455,322 SH   SOLE   455,322 0 0
GASLOG LTD SHS G37585109 8,004 401,182 SH   SOLE   401,182 0 0
GRAHAM HLDGS CO COM 384637104 9,769 15,040 SH   SOLE   15,040 0 0
GRAND CANYON ED INC COM 38526M106 10,092 238,027 SH   SOLE   238,027 0 0
INFRAREIT INC COM 45685L100 7,708 271,800 SH   SOLE   271,800 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 64,640 517,700 SH Put SOLE   517,700 0 0
ISHARES TR U.S. REAL ES ETF 464287739 17,775 249,300 SH Put SOLE   249,300 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 11,023 476,766 SH   SOLE   476,766 0 0
LIBERTY BROADBANK CORP COM SER A 530307107 8,920 175,000 SH   SOLE   175,000 0 0
LIBERTY INTERACTIVE CORP QVC GP COM SER A 53071M104 8,433 303,909 SH   SOLE   303,909 0 0
MORGANS HOTEL GROUP CO COM 61748W108 4,550 675,083 SH   SOLE   675,083 0 0
NEW SR INVT GROUP INC COM 648691103 7,784 582,229 SH   SOLE   582,229 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 15,376 831,601 SH   SOLE   831,601 0 0
ORION ENGINEERED CARBONS S A COM L72967109 4,113 222,800 SH   SOLE   222,800 0 0
PBF ENERGY INC CL A 69318G106 4,263 150,000 SH   SOLE   150,000 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 18,250 1,007,157 SH   SOLE   1,007,157 0 0
RUSH ENTERPRISES INC CL B 781846308 1,255 52,275 SH   SOLE   52,275 0 0
SHENANDOAH TELECOMMUNICATION COM 82312B106 8,846 258,427 SH   SOLE   258,427 0 0
SIRIUS XM HLDGS INC COM 82968B103 12,847 3,444,129 SH   SOLE   3,444,129 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 41,170 200,000 SH Put SOLE   200,000 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 7,689 323,612 SH   SOLE   323,612 0 0