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 LEASE CORP CL A 00912X302 26,368 852,773 SH   SOLE 852,773 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 18,384 1,143,283 SH   SOLE 1,143,283 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 12,602 340,410 SH   SOLE 340,410 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 164,631 5,999,665 SH   SOLE 5,999,665 0 0
BOSTON PROPERTIES INC COM 101121101 36,658 309,614 SH   SOLE 309,614 0 0
BOYD GAMING CORP COM 103304101 26,985 1,655,493 SH   SOLE 1,655,493 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 36,361 2,951,399 SH   SOLE 2,951,399 0 0
DDR CORP COM 23317H102 97,136 6,315,717 SH   SOLE 6,315,717 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 13,374 1,141,085 SH   SOLE 1,141,085 0 0
FIRST POTOMAC RLTY TR COM 33610F109 20,099 1,827,155 SH   SOLE 1,827,155 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 218,813 10,869,977 SH   SOLE 10,869,977 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 102,455 4,466,200 SH   SOLE 4,466,200 0 0
HYATT HOTELS CORP COM CL A 448579102 92,019 1,953,691 SH   SOLE 1,953,691 0 0
ISHARES TR U.S. REAL ES ETF 464287739 141,900 2,000,000 SH Call SOLE 2,000,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 58,618 645,000 SH   SOLE 645,000 0 0
KIMCO RLTY CORP COM 49446R109 15,635 640,001 SH   SOLE 640,001 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 1,158 40,800 SH   SOLE 40,800 0 0
MCDONALDS CORP COM 580135101 90,943 923,000 SH   SOLE 923,000 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 28,973 1,677,658 SH   SOLE 1,677,658 0 0
NMI HLDGS INC CL A 629209305 25,613 3,370,172 SH   SOLE 3,370,172 0 0
PARAMOUNT GROUP INC COM 69924R108 218,783 13,022,827 SH   SOLE 13,022,827 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 9,454 590,875 SH   SOLE 590,875 0 0
PENNYMAC MTG INVT TR COM 70931T103 40,251 2,601,871 SH   SOLE 2,601,871 0 0
POPULAR INC COM NEW 733174700 60,044 1,986,242 SH   SOLE 1,986,242 0 0
RETAIL PPTYS AMER INC CL A 76131V202 14,653 1,039,924 SH   SOLE 1,039,924 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 60,702 1,629,596 SH   SOLE 1,629,596 0 0
SL GREEN RLTY CORP COM 78440X101 62,452 577,400 SH   SOLE 577,400 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 115,374 1,735,470 SH   SOLE 1,735,470 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 6,648 100,000 SH Call SOLE 100,000 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 74,593 3,130,199 SH   SOLE 3,130,199 0 0
STONEGATE MTG CORP COM 86181Q300 17,862 2,512,225 SH   SOLE 2,512,225 0 0
TAUBMAN CTRS INC COM 876664103 259,451 3,755,800 SH   SOLE 3,755,800 0 0
VORNADO RLTY TR SH BEN INT 929042109 54,373 601,340 SH   SOLE 601,340 0 0
WEYERHAEUSER CO COM 962166104 64,314 2,352,369 SH   SOLE 2,352,369 0 0
WHIRLPOOL CORP COM 963320106 17,484 118,727 SH   SOLE 118,727 0 0