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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALEXANDER & BALDWIN INC NEW COM 014491104   2,390,410 128,655 SH   SOLE   128,655 0 0
ALICO INC COM 016230104   327,670 12,870 SH   SOLE   12,870 0 0
APARTMENT INCOME REIT CORP COM 03750L109   3,745,853 103,792 SH   SOLE   103,792 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100   36,175,292 1,738,361 SH   SOLE   1,738,361 0 0
BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B 10482B200   1,869,420 133,530 SH   SOLE   133,530 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203   1,744,592 375,181 SH   SOLE   375,181 0 0
BRIXMOR PPTY GROUP INC COM 11120U105   3,276,086 148,913 SH   SOLE   148,913 0 0
CENTURY CMNTYS INC COM 156504300   1,048,468 13,684 SH   SOLE   13,684 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301   84,522 10,552 SH   SOLE   10,552 0 0
EPR PPTYS PFD C CV 5.75% 26884U208   6,734,656 319,178 SH   SOLE   319,178 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307   8,848,717 312,014 SH   SOLE   312,014 0 0
GAMING & LEISURE PPTYS INC COM 36467J108   3,031,851 62,564 SH   SOLE   62,564 0 0
GLOBAL NET LEASE INC COM NEW 379378201   1,057,874 102,906 SH   SOLE   102,906 0 0
HEALTHCARE RLTY TR CL A COM 42226K105   4,542,374 240,847 SH   SOLE   240,847 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   3,884,687 193,268 SH   SOLE   193,268 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500   1,119,372 183,805 SH   SOLE   183,805 0 0
HOWARD HUGHES CORP COM 44267D107   1,303,285 16,514 SH   SOLE   16,514 0 0
INDEPENDENCE RLTY TR INC COM 45378A106   1,123,427 61,659 SH   SOLE   61,659 0 0
INVENTRUST PPTYS CORP COM NEW 46124J201   1,673,045 72,301 SH   SOLE   72,301 0 0
KENNEDY-WILSON HOLDINGS INC COM 489398107   3,939,417 241,238 SH   SOLE   241,238 0 0
KITE RLTY GROUP TR COM NEW 49803T300   1,945,166 87,071 SH   SOLE   87,071 0 0
LXP INDUSTRIAL TRUST PFD CONV SER C 529043309   1,350,730 27,216 SH   SOLE   27,216 0 0
PHYSICIANS RLTY TR COM 71943U104   1,485,080 106,153 SH   SOLE   106,153 0 0
READY CAPITAL CORP 7% CN SR NT 2023 75574U200   564,070 22,455 SH   SOLE   22,455 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200   7,033,533 291,969 SH   SOLE   291,969 0 0
RPT REALTY 7.25 PFD D CONV 74971D200   14,920,892 304,508 SH   SOLE   304,508 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860   3,555,373 94,332 SH   SOLE   94,332 0 0
SL GREEN RLTY CORP COM 78440X887   20,752,740 690,607 SH   SOLE   690,607 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300   6,488,288 164,761 SH   SOLE   164,761 0 0
STAG INDL INC COM 85254J102   3,424,495 95,443 SH   SOLE   95,443 0 0
STARWOOD PPTY TR INC COM 85571B105   1,516,595 78,175 SH   SOLE   78,175 0 0
UMH PPTYS INC COM 903002103   3,498,741 218,945 SH   SOLE   218,945 0 0
URBAN EDGE PPTYS COM 91704F104   3,922,537 254,215 SH   SOLE   254,215 0 0
VERIS RESIDENTIAL INC COM 554489104   2,363,844 147,280 SH   SOLE   147,280 0 0