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 3,288 144,900 SH   SOLE   144,900 0 0
ALTISOURCE ASSET MGMT CORP COM 02153X108 6,652 111,143 SH   SOLE   111,143 0 0
APOLLO COML REAL EST FIN INC NOTE 5.500% 3/1 03762UAA3 3,260 3,000,000 SH   SOLE   3,000,000 0 0
BLUELINX HLDGS INC COM NEW 09624H208 2,755 87,500 SH Put SOLE   87,500 0 0
BLUELINX HLDGS INC COM NEW 09624H208 5,439 172,706 SH   SOLE   172,706 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 1,781 40,000 SH   SOLE   40,000 0 0
BROOKFIELD PROPERTY REIT INC CL A 11282X103 13,118 626,737 SH   SOLE   626,737 0 0
CAESARS ENTMT CORP NOTE 5.000%10/0 127686AA1 4,893 3,000,000 PRN   SOLE   3,000,000 0 0
CAPITAL SR LIVING CORP COM 140475104 4,128 437,241 SH   SOLE   437,241 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 6,295 266,292 SH   SOLE   266,292 0 0
CORECIVIC INC COM 21871N101 2,433 100,000 SH Put SOLE   100,000 0 0
CORECIVIC INC COM 21871N101 1,251 51,411 SH   SOLE   51,411 0 0
CUBESMART COM 229663109 3,994 140,000 SH Call SOLE   140,000 0 0
DIGITAL RLTY TR INC COM 253868103 1,687 15,000 SH Call SOLE   15,000 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 2,015 56,083 SH   SOLE   56,083 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 3,271 161,700 SH Call SOLE   161,700 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 2,090 103,335 SH   SOLE   103,335 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 5,138 200,004 SH   SOLE   200,004 0 0
FRONT YD RESIDENTIAL CORP COM 35904G107 6,671 614,881 SH   SOLE   614,881 0 0
GETTY RLTY CORP NEW COM 374297109 2,936 102,800 SH Put SOLE   102,800 0 0
GETTY RLTY CORP NEW COM 374297109 1,571 55,000 SH   SOLE   55,000 0 0
GLOBAL NET LEASE INC COM NEW 379378201 4,191 201,000 SH Put SOLE   201,000 0 0
GLOBAL NET LEASE INC COM NEW 379378201 1,105 53,007 SH   SOLE   53,007 0 0
HILTON GRAND VACATIONS INC COM 43283X105 3,724 112,500 SH Call SOLE   112,500 0 0
IRON MTN INC NEW COM 46284V101 374 10,827 SH   SOLE   10,827 0 0
IRON MTN INC NEW COM 46284V101 3,452 100,000 SH Put SOLE   100,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 8,002 100,000 SH Call SOLE   100,000 0 0
ISHARES TR US HOME CONS ETF 464288752 3,534 100,000 SH Put SOLE   100,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 12,003 150,000 SH Put SOLE   150,000 0 0
ISHARES TR US HOME CONS ETF 464288752 1,237 35,000 SH   SOLE   35,000 0 0
KITE RLTY GROUP TR COM NEW 49803T300 500 30,000 SH   SOLE   30,000 0 0
LGI HOMES INC NOTE 4.250%11/1 50187TAB2 2,205 1,000,000 PRN   SOLE   1,000,000 0 0
NATIONAL HEALTH INVS INC NOTE 3.250% 4/0 63633DAE4 4,541 4,000,000 PRN   SOLE   4,000,000 0 0
NEW YORK REIT INC COM NEW 64976L208 4,324 238,357 SH   SOLE   238,357 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 6,557 200,100 SH Put SOLE   200,100 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 1,058 32,300 SH   SOLE   32,300 0 0
REALTY INCOME CORP COM 756109104 8,334 146,500 SH Put SOLE   146,500 0 0
REALTY INCOME CORP COM 756109104 569 10,000 SH   SOLE   10,000 0 0
RETAIL VALUE INC COM 76133Q102 5,035 154,025 SH   SOLE   154,025 0 0
SEARS HLDGS CORP COM 812350106 365 377,100 SH Put SOLE   377,100 0 0
SEARS HLDGS CORP COM 812350106 15 15,300 SH   SOLE   15,300 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 2,194 100,000 SH   SOLE   100,000 0 0
SELECT INTERIOR CONCEPTS INC CL A 816120307 426 40,000 SH   SOLE   40,000 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 5,319 112,000 SH Put SOLE   112,000 0 0
STARWOOD WAYPOINT RESIDENTL NOTE 3.000% 7/0 85571WAB5 2,500 2,000,000 PRN   SOLE   2,000,000 0 0
UNITI GROUP INC COM 91325V108 605 30,000 SH   SOLE   30,000 0 0
UNITI GROUP INC COM 91325V108 2,045 101,500 SH Call SOLE   101,500 0 0
WEYERHAEUSER CO COM 962166104 3,388 105,000 SH Put SOLE   105,000 0 0
WEYERHAEUSER CO COM 962166104 2,687 83,263 SH   SOLE   83,263 0 0
WHEELER REAL ESTATE INVT TR COM NEW 963025705 417 97,444 SH   SOLE   97,444 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 3,182 151,822 SH   SOLE   151,822 0 0