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
ALTISOURCE ASSET MGMT CORP COM 02153X108 117,846 126,716 SH   SOLE   126,716 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 78,288 4,832,586 SH   SOLE   4,832,586 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 26,234 1,012,500 SH   SOLE   1,012,500 0 0
AVALONBAY CMNTYS INC COM 053484101 24,947 211,000 SH   SOLE   211,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 78,518 2,894,151 SH   SOLE   2,894,151 0 0
BROOKDALE SR LIVING INC COM 112463104 9,785 360,000 SH   SOLE   360,000 0 0
CBRE GROUP INC CL A 12504L109 71,724 2,727,133 SH   SOLE   2,727,133 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 20,203 1,707,819 SH   SOLE   1,707,819 0 0
CROWN CASTLE INTL CORP COM 228227104 24,048 327,500 SH   SOLE   327,500 0 0
D R HORTON INC COM 23331A109 20,461 916,708 SH   SOLE   916,708 0 0
EDUCATION RLTY TR INC COM 28140H104 26,728 3,030,352 SH   SOLE   3,030,352 0 0
EMERITUS CORP COM 291005106 57,898 2,676,740 SH   SOLE   2,676,740 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 10,848 299,416 SH   SOLE   299,416 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 24,379 470,000 SH   SOLE   470,000 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 20,070 1,050,764 SH   SOLE   1,050,764 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 33,375 1,500,000 SH   SOLE   1,500,000 0 0
HYATT HOTELS CORP COM CL A 448579102 64,207 1,298,151 SH   SOLE   1,298,151 0 0
LENNAR CORP CL A 526057104 24,638 622,812 SH   SOLE   622,812 0 0
MACK CALI RLTY CORP COM 554489104 51,307 2,388,606 SH   SOLE   2,388,606 0 0
MFA FINL INC COM 55272X102 34,353 4,865,797 SH   SOLE   4,865,797 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 45,556 3,387,057 SH   SOLE   3,387,057 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 6,738 355,000 SH   SOLE   355,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 213 9,290 SH   SOLE   9,290 0 0
PHH CORP COM NEW 693320202 16,300 669,417 SH   SOLE   669,417 0 0
PINNACLE ENTMT INC COM 723456109 10,606 408,088 SH   SOLE   408,088 0 0
PLY GEM HLDGS INC COM 72941W100 14,308 793,570 SH   SOLE   793,570 0 0
POST PPTYS INC COM 737464107 15,546 343,700 SH   SOLE   343,700 0 0
REALOGY HLDGS CORP COM 75605Y106 15,185 306,957 SH   SOLE   306,957 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 19,556 1,222,996 SH   SOLE   1,222,996 0 0
STONEGATE MTG CORP COM 86181Q300 11,571 700,000 SH   SOLE   700,000 0 0
TAUBMAN CTRS INC COM 876664103 64,400 1,007,514 SH   SOLE   1,007,514 0 0