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
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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
ALEXANDER & BALDWIN INC NEW COM 014491104 9,018 383,764 SH   SOLE   383,764 0 0
ALTISOURCE ASSET MGMT CORP COM 02153X108 7,451 106,820 SH   SOLE   106,820 0 0
APOLLO COML REAL EST FIN INC NOTE 5.500% 3/1 03762UAA3 3,212 3,000,000 SH   SOLE   3,000,000 0 0
ASHFORD INC COM 044104107 1,291 19,917 SH   SOLE   19,917 0 0
BLACKSTONE MTG TR INC NOTE 5.250%12/0 09257WAA8 2,311 2,000,000 SH   SOLE   2,000,000 0 0
BLUELINX HLDGS INC COM NEW 09624H208 5,502 146,604 SH   SOLE   146,604 0 0
BRAEMAR HOTELS & RESORTS INC COM 10482B101 2,096 183,500 SH Call SOLE   183,500 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 1,675 96,100 SH Call SOLE   96,100 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 571 30,000 SH Call SOLE   30,000 0 0
CAESARS ENTMT CORP NOTE 5.000%10/0 127686AA1 6,780 4,000,000 PRN   SOLE   4,000,000 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 12,549 2,658,737 SH   SOLE   2,658,737 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 2,326 102,400 SH Call SOLE   102,400 0 0
DDR CORP EXDISTRIBUSTION 23317H110 6,801 450,400 SH   SOLE   450,400 0 0
DDR CORP COM 23317H854 2,738 185,300 SH Put SOLE   185,300 0 0
DILLARDS INC CL A 254067101 2,835 30,000 SH Call SOLE   30,000 0 0
DILLARDS INC CL A 254067101 10,584 112,000 SH   SOLE   112,000 0 0
EDUCATION RLTY TR INC COM NEW 28140H203 1,762 42,465 SH   SOLE   42,465 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,959 56,083 SH   SOLE   56,083 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 2,282 105,618 SH   SOLE   105,618 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 1,081 50,000 SH Call SOLE   50,000 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 3,434 103,000 SH Put SOLE   103,000 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 793 34,779 SH   SOLE   34,779 0 0
FRONT YD RESIDENTIAL CORP COM 35904G107 4,439 426,000 SH   SOLE   426,000 0 0
FRONT YD RESIDENTIAL CORP COM 35904G107 140 13,400 SH Call SOLE   13,400 0 0
GGP INC COM 36174X101 14,783 723,599 SH   SOLE   723,599 0 0
GGP INC COM 36174X101 4,924 241,000 SH Put SOLE   241,000 0 0
HILTON GRAND VACATIONS INC COM 43283X105 3,470 100,000 SH Call SOLE   100,000 0 0
HUDSON PAC PPTYS INC COM 444097109 3,543 100,000 SH Put SOLE   100,000 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 2,563 70,000 SH   SOLE   70,000 0 0
IRON MTN INC NEW COM 46284V101 3,501 100,000 SH Put SOLE   100,000 0 0
ISHARES TR US HOME CONS ETF 464288752 3,815 100,000 SH Put SOLE   100,000 0 0
ISHARES TR US HOME CONS ETF 464288752 572 15,000 SH   SOLE   15,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 8,058 100,000 SH Put SOLE   100,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 2,659 33,000 SH   SOLE   33,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 12,172 100,000 SH Call SOLE   100,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 6,086 50,000 SH Put SOLE   50,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 5,782 47,500 SH Put SOLE   47,500 0 0
LGI HOMES INC NOTE 4.250%11/1 50187TAB2 2,689 1,000,000 PRN   SOLE   1,000,000 0 0
LIFE STORAGE INC COM 53223X107 10,587 108,800 SH Call SOLE   108,800 0 0
NATIONAL HEALTH INVS INC NOTE 3.250% 4/0 63633DAE4 4,570 4,000,000 PRN   SOLE   4,000,000 0 0
NEW YORK REIT INC COM NEW 64976L208 3,954 216,784 SH   SOLE   216,784 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 3,103 100,100 SH Put SOLE   100,100 0 0
REALTY INCOME CORP COM 756109104 2,690 50,000 SH Put SOLE   50,000 0 0
REALTY INCOME CORP COM 756109104 5,460 101,500 SH Put SOLE   101,500 0 0
RETAIL VALUE INC COM 76133Q102 1,400 44,800 SH   SOLE   44,800 0 0
SEARS HLDGS CORP COM 812350106 119 50,000 SH Put SOLE   50,000 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 4,752 112,000 SH Put SOLE   112,000 0 0
STARWOOD PPTY TR INC NOTE 4.000% 1/1 85571BAB1 3,927 3,500,000 PRN   SOLE   3,500,000 0 0
STARWOOD WAYPOINT RESIDENTL NOTE 3.000% 7/0 85571WAB5 12,065 9,500,000 PRN   SOLE   9,500,000 0 0
TAUBMAN CTRS INC COM 876664103 3,408 58,000 SH Call SOLE   58,000 0 0
TAUBMAN CTRS INC COM 876664103 5,876 100,000 SH Call SOLE   100,000 0 0
UNITI GROUP INC COM 91325V108 2,003 100,000 SH Call SOLE   100,000 0 0
UNITI GROUP INC COM 91325V108 4,006 200,000 SH Call SOLE   200,000 0 0
UNITI GROUP INC COM 91325V108 801 40,000 SH   SOLE   40,000 0 0
URBAN EDGE PPTYS COM 91704F104 4,809 210,258 SH   SOLE   210,258 0 0
VORNADO RLTY TR SH BEN INT 929042109 7,392 100,000 SH Call SOLE   100,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 7,392 100,000 SH Call SOLE   100,000 0 0
WHEELER REAL ESTATE INVT TR COM NEW 963025705 501 123,925 SH   SOLE   123,925 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 3,108 167,457 SH   SOLE   167,457 0 0