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
CONSOLIDATED TOMOKA LD CO COM 210226106 16,630 253,500 SH   SOLE   253,500 0 0
CORECIVIC INC COM 21871N101 8,640 500,000 SH Put SOLE   500,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 24,153 811,050 SH   SOLE   811,050 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 42,334 1,987,500 SH   SOLE   1,987,500 0 0
FIVE STAR SENIOR LIVING INC COM 33832D106 890 1,890,811 SH   SOLE   1,890,811 0 0
GENESIS HEALTHCARE INC CL A COM 37185X106 5,053 4,552,230 SH   SOLE   4,552,230 0 0
HCP INC COM 40414L109 23,694 665,000 SH   SOLE   665,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 42,093 450,000 SH Put SOLE   450,000 0 0
JBG SMITH PPTYS COM 46590V100 105,125 2,681,065 SH   SOLE   2,681,065 0 0
LIBERTY PPTY TR SH BEN INT 531172104 86,086 1,677,105 SH   SOLE   1,677,105 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 5,788 192,600 SH   SOLE   192,600 0 0
NEW SR INVT GROUP INC COM 648691103 6,651 995,688 SH   SOLE   995,688 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 18,099 433,100 SH   SOLE   433,100 0 0
QTS RLTY TR INC COM CL A 74736A103 49,107 955,210 SH   SOLE   955,210 0 0
RMR GROUP INC CL A 74967R106 6,424 141,259 SH   SOLE   141,259 0 0
SAFEHOLD INC COM 78645L100 3,830 125,560 SH   SOLE   125,560 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 109,617 2,290,372 SH   SOLE   2,290,372 0 0