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
AMERICAN HOMES 4 RENT CL A 02665T306 103,240 2,657,396 SH   SOLE   2,657,396 0 0
APARTMENT INVT & MGMT CO CL A 03748R747 58,563 8,727,694 SH   SOLE   8,727,694 0 0
AVALONBAY CMNTYS INC COM 053484101 8,348 40,000 SH   SOLE   40,000 0 0
BALLYS CORPORATION COM 05875B106 115,773 2,139,594 SH   SOLE   2,139,594 0 0
BOOKING HOLDINGS INC COM 09857L108 98,580 45,053 SH   SOLE   45,053 0 0
BOWX ACQUISITION CORP CL A 103085106 15,425 1,341,306 SH   SOLE   1,341,306 0 0
CAMDEN PPTY TR SH BEN INT 133131102 115,240 868,620 SH   SOLE   868,620 0 0
CBRE ACQUISITION HLDGS INC UNIT 99/99/9999 12510J205 4,980 500,000 SH   SOLE   500,000 0 0
COMPASS INC CL A 20464U100 3,285 250,000 SH   SOLE   250,000 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 101,163 1,361,362 SH   SOLE   1,361,362 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 150,984 1,960,832 SH   SOLE   1,960,832 0 0
EXPEDIA GROUP INC COM NEW 30212P303 133,591 816,023 SH   SOLE   816,023 0 0
EXPEDIA GROUP INC COM NEW 30212P303 31,923 195,000 SH Call SOLE   195,000 0 0
FIFTH WALL ACQUISITION CORP COM CL A 316790104 29,306 2,379,707 SH   SOLE   2,379,707 0 0
FIFTH WALL ACQUISITN CORP II CLASS A ORD SHS G34142102 14,925 1,500,000 SH   SOLE   1,500,000 0 0
FIRST INDL RLTY TR INC COM 32054K103 53,684 1,027,830 SH   SOLE   1,027,830 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 36,552 4,523,774 SH   SOLE   4,523,774 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 121,848 1,441,820 SH   SOLE   1,441,820 0 0
FORESTAR GROUP INC COM 346232101 97,898 4,681,873 SH   SOLE   4,681,873 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 12,972 280,000 SH   SOLE   280,000 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108 69,392 884,093 SH   SOLE   884,093 0 0
HILTON GRAND VACATIONS INC COM 43283X105 45,949 1,110,148 SH   SOLE   1,110,148 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 51,867 430,004 SH   SOLE   430,004 0 0
INVITATION HOMES INC COM 46187W107 77,812 2,086,681 SH   SOLE   2,086,681 0 0
JBG SMITH PPTYS COM 46590V100 15,081 478,604 SH   SOLE   478,604 0 0
KILROY RLTY CORP COM 49427F108 44,983 645,941 SH   SOLE   645,941 0 0
LAS VEGAS SANDS CORP COM 517834107 185,732 3,525,000 SH Call SOLE   3,525,000 0 0
LAS VEGAS SANDS CORP COM 517834107 183,360 3,479,972 SH   SOLE   3,479,972 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103 156,610 907,513 SH   SOLE   907,513 0 0
MASTERCARD INCORPORATED CL A 57636Q104 34,643 95,000 SH Call SOLE   95,000 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100 79,809 4,816,457 SH   SOLE   4,816,457 0 0
NETSTREIT CORP COM 64119V303 83,220 3,608,860 SH   SOLE   3,608,860 0 0
RXR ACQUISITION CORP UNIT 01/01/2025 74981W206 19,940 2,000,000 SH   SOLE   2,000,000 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 34,260 107,500 SH   SOLE   107,500 0 0
SIMON PROPERTY GRP ACQ HOLDI UNIT 99/99/9999 82880R202 34,394 3,415,498 SH   SOLE   3,415,498 0 0
SPDR DOW JONES INDL AVERAGE UT SER 1 78467X109 50,649 146,830 SH   SOLE   146,830 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 124,022 2,592,426 SH   SOLE   2,592,426 0 0
STAG INDL INC COM 85254J102 50,193 1,340,974 SH   SOLE   1,340,974 0 0