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 3,513 79,357 SH   SOLE   79,357 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 9,812 827,353 SH   SOLE   827,353 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 3,389 315,000 SH Call SOLE   315,000 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 3,389 315,000 SH Call SOLE   315,000 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 1,790 166,400 SH Call SOLE   166,400 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 725 67,400 SH Call SOLE   67,400 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 12 1,000 SH   SOLE   1,000 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 973 100,000 SH   SOLE   100,000 0 0
ASHFORD INC COM 044104107 1,226 13,186 SH   SOLE   13,186 0 0
BLUELINX HLDGS INC COM NEW 09624H208 3,014 308,779 SH   SOLE   308,779 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 1,513 81,059 SH   SOLE   81,059 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 1,505 80,641 SH   SOLE   80,641 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 3,903 100,000 SH Call SOLE   100,000 0 0
CAESARS ENTMT CORP NOTE 5.000%10/0 127686AA1 11,636 6,000,000 PRN   SOLE   6,000,000 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 11,054 1,818,107 SH   SOLE   1,818,107 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 10,809 1,777,827 SH   SOLE   1,777,827 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 2,089 100,000 SH Call SOLE   100,000 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 1,263 55,039 SH   SOLE   55,039 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 917 39,961 SH   SOLE   39,961 0 0
DDR CORP COM 23317H102 8,019 895,000 SH   SOLE   895,000 0 0
DDR CORP COM 23317H102 5,421 605,000 SH   SOLE   605,000 0 0
DDR CORP COM 23317H102 3,590 500,000 SH Call SOLE   500,000 0 0
DDR CORP COM 23317H102 2,154 300,000 SH Put SOLE   300,000 0 0
DDR CORP COM 23317H102 1,436 200,000 SH Call SOLE   200,000 0 0
DDR CORP COM 23317H102 718 100,000 SH Put SOLE   100,000 0 0
DDR CORP COM 23317H102 65 9,100 SH Call SOLE   9,100 0 0
DILLARDS INC CL A 254067101 3,183 53,000 SH   SOLE   53,000 0 0
DILLARDS INC CL A 254067101 6,635 102,500 SH Call SOLE   102,500 0 0
DILLARDS INC CL A 254067101 5,632 87,000 SH Call SOLE   87,000 0 0
DILLARDS INC CL A 254067101 1,702 26,300 SH Call SOLE   26,300 0 0
DILLARDS INC CL A 254067101 518 8,000 SH Call SOLE   8,000 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 2,269 61,583 PRN   SOLE   61,583 0 0
FIVE STAR SENIOR LIVING INC COM 33832D106 166 110,385 SH   SOLE   110,385 0 0
GGP INC COM 36174X101 5,588 250,000 SH Call SOLE   250,000 0 0
GGP INC COM 36174X101 1,991 85,120 SH   SOLE   85,120 0 0
GGP INC COM 36174X101 1,118 50,000 SH Call SOLE   50,000 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 793 24,535 SH   SOLE   24,535 0 0
INVITATION HOMES INC PUT 46187W107 12,841 610,000 SH Put SOLE   610,000 0 0
INVITATION HOMES INC COM 46187W107 521 22,100 SH   SOLE   22,100 0 0
IRON MTN INC NEW COM 46284V101 3,404 101,500 SH Put SOLE   101,500 0 0
IRON MTN INC NEW COM 46284V101 1,110 29,426 SH   SOLE   29,426 0 0
ISHARES TR U.S. REAL ES ETF 464287739 11,109 150,000 SH Put SOLE   150,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 7,406 100,000 SH Put SOLE   100,000 0 0
KITE RLTY GROUP TR COM NEW 49803T300 1,797 91,675 SH   SOLE   91,675 0 0
KITE RLTY GROUP TR COM NEW 49803T300 163 8,325 SH   SOLE   8,325 0 0
LGI HOMES INC COM 50187T106 4,172 65,000 SH Put SOLE   65,000 0 0
LIFE STORAGE INC COM 53223X107 10,758 120,785 SH   SOLE   120,785 0 0
LIFE STORAGE INC COM 53223X107 9 100 SH   SOLE   100 0 0
NATIONAL HEALTH INVS INC NOTE 3.250% 4/0 63633DAE4 4,513 4,000,000 PRN   SOLE   4,000,000 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 8,794 325,566 SH   SOLE   325,566 0 0
SEARS HLDGS CORP COM 812350106 477 210,000 SH Put SOLE   210,000 0 0
SEARS HLDGS CORP COM 812350106 356 156,800 SH Put SOLE   156,800 0 0
SEARS HLDGS CORP COM 812350106 114 50,000 SH Put SOLE   50,000 0 0
SEARS HLDGS CORP COM 812350106 114 50,000 SH Put SOLE   50,000 0 0
SEARS HLDGS CORP COM 812350106 84 37,000 SH Put SOLE   37,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 2,791 100,000 SH   SOLE   100,000 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 3,921 100,000 SH Put SOLE   100,000 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 3,921 100,000 SH Put SOLE   100,000 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 411 10,146 SH   SOLE   10,146 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 2,352 274,131 SH   SOLE   274,131 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 1,718 200,269 SH   SOLE   200,269 0 0
STARWOOD PPTY TR INC NOTE 4.000% 1/1 85571BAB1 2,211 2,000,000 PRN   SOLE   2,000,000 0 0
STARWOOD WAYPOINT RESIDENTL NOTE 3.000% 7/0 85571WAB5 10,976 8,500,000 PRN   SOLE   8,500,000 0 0
TAUBMAN CTRS INC COM 876664103 8,947 151,800 SH Call SOLE   151,800 0 0
TAUBMAN CTRS INC COM 876664103 5,894 100,000 SH Call SOLE   100,000 0 0
TAUBMAN CTRS INC COM 876664103 660 11,200 SH Call SOLE   11,200 0 0
UNITI GROUP INC COM 91325V108 358 20,145 SH   SOLE   20,145 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 1,102 54,841 SH   SOLE   54,841 0 0
WHEELER REAL ESTATE INVT TR COM NEW 963025705 451 45,217 SH   SOLE   45,217 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 436 19,932 SH   SOLE   19,932 0 0