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

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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
AVALONBAY CMNTYS INC COM 053484101 7,493 50,915 SH   SOLE   50,915 0 0
BOSTON PROPERTIES INC COM 101121101 7,826 84,856 SH   SOLE   84,856 0 0
BROADMARK RLTY CAP INC COM 11135B100 12,294 1,634,827 SH   SOLE   1,634,827 0 0
BROADMARK RLTY CAP INC *W EXP 11/15/202 11135B118 49 221,664 SH   SOLE   221,664 0 0
CYRUSONE INC COM 23283R100 10,562 171,044 SH   SOLE   171,044 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 703 138,371 SH   SOLE   138,371 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 16,911 2,313,357 SH   SOLE   2,313,357 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 113 15,500 SH Call SOLE   15,500 0 0
HILTON GRAND VACATIONS INC COM 43283X105 6,966 441,736 SH   SOLE   441,736 0 0
HOST HOTELS & RESORTS INC COM 44107P104 21,504 1,947,813 SH   SOLE   1,947,813 0 0
HOST HOTELS & RESORTS INC COM 44107P104 901 81,600 SH Call SOLE   81,600 0 0
HUDSON PAC PPTYS INC COM 444097109 10,099 398,214 SH   SOLE   398,214 0 0
ISHARES TR U.S. REAL ES ETF 464287739 953 13,700 SH Call SOLE   13,700 0 0
MACK CALI RLTY CORP COM 554489104 7,913 519,574 SH   SOLE   519,574 0 0
MID AMER APT CMNTYS INC COM 59522J103 6,190 60,084 SH   SOLE   60,084 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 4,360 400,342 SH   SOLE   400,342 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 1,825 1,042,862 SH   SOLE   1,042,862 0 0
PROLOGIS INC. COM 74340W103 5,314 66,121 SH   SOLE   66,121 0 0
RETAIL VALUE INC COM 76133Q102 2,670 217,929 SH   SOLE   217,929 0 0
VENTAS INC COM 92276F100 1,663 62,043 SH   SOLE   62,043 0 0
VICI PPTYS INC COM 925652109 8,835 530,951 SH   SOLE   530,951 0 0
VORNADO RLTY TR SH BEN INT 929042109 15,729 434,382 SH   SOLE   434,382 0 0
VORNADO RLTY TR SH BEN INT 929042109 355 9,800 SH Call SOLE   9,800 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 18,564 589,158 SH   SOLE   589,158 0 0