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
Pacific Premier Bancorp Inc. Common 69478X105 57,143 1,351,225 SH   SOLE   1,351,225 0 0
Camden Property Trust Common 133131102 174,163 1,312,750 SH   SOLE   1,312,750 0 0
Apartment Income REIT Corp. Common 03750L109 69,732 1,470,200 SH   SOLE   1,470,200 0 0
Apartment Investment and Management Co. Common 03748R747 11,206 1,670,000 SH   SOLE   1,670,000 0 0
JBG Smith Properties Common 46590V100 25,050 795,000 SH   SOLE   795,000 0 0
MFA Financial, Inc. Common 55272X102 195,324 42,554,179 SH   SOLE   42,554,179 0 0