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
APARTMENT INVT & MGMT CO CL A 03748R747   35,376,233 4,152,140 SH   SOLE   4,152,140 0 0
CAMDEN PPTY TR SH BEN INT 133131102   173,301,879 1,591,824 SH   SOLE   1,591,824 0 0
CBRE GROUP INC CL A 12504L109   128,850,367 1,596,461 SH   SOLE   1,596,461 0 0
D R HORTON INC COM 23331A109   53,785,641 441,989 SH   SOLE   441,989 0 0
FIRST INDL RLTY TR INC COM 32054K103   27,572,727 523,798 SH   SOLE   523,798 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106   8,333,728 2,883,643 SH   SOLE   2,883,643 0 0
FORESTAR GROUP INC COM 346232101   81,187,351 3,600,326 SH   SOLE   3,600,326 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   116,299,123 5,786,026 SH   SOLE   5,786,026 0 0
HILTON GRAND VACATIONS INC COM 43283X105   26,391,007 580,788 SH   SOLE   580,788 0 0
INDEPENDENCE RLTY TR INC COM 45378A106   75,354,021 4,135,786 SH   SOLE   4,135,786 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106   3,319,355 1,005,865 SH   SOLE   1,005,865 0 0
JBG SMITH PPTYS COM 46590V100   120,864,343 8,036,193 SH   SOLE   8,036,193 0 0
JONES LANG LASALLE INC COM 48020Q107   78,504,816 503,882 SH   SOLE   503,882 0 0
LOUISIANA PAC CORP COM 546347105   13,533,890 180,500 SH   SOLE   180,500 0 0
LXP INDUSTRIAL TRUST COM 529043101   43,017,887 4,412,091 SH   SOLE   4,412,091 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103   13,953,498 74,201 SH   SOLE   74,201 0 0
MARRIOTT VACATIONS WORLDWIDE COM 57164Y107   84,338,952 687,247 SH   SOLE   687,247 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100   35,954,335 2,944,663 SH   SOLE   2,944,663 0 0
MERITAGE HOMES CORP COM 59001A102   20,202,340 142,000 SH   SOLE   142,000 0 0
PARAMOUNT GROUP INC COM 69924R108   2,749,900 620,745 SH   SOLE   620,745 0 0
PENN ENTERTAINMENT INC COM 707569109   74,532,866 3,101,659 SH   SOLE   3,101,659 0 0
REXFORD INDL RLTY INC COM 76169C100   72,655,200 1,391,329 SH   SOLE   1,391,329 0 0
RLJ LODGING TR COM 74965L101   7,535,099 733,700 SH   SOLE   733,700 0 0
SAFEHOLD INC COM 78646V107   98,135,296 4,135,495 SH   SOLE   4,135,495 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300   137,073,471 3,480,789 SH   SOLE   3,480,789 0 0
TRAVEL PLUS LEISURE CO COM 894164102   25,445,141 630,767 SH   SOLE   630,767 0 0
VERIS RESIDENTIAL INC COM 554489104   50,489,111 3,145,739 SH   SOLE   3,145,739 0 0
VESTA REAL ESTATE CORPORATIO ADS 92540K109   10,149,300 315,000 SH   SOLE   315,000 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105   77,106,965 1,124,500 SH   SOLE   1,124,500 0 0