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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
BRIXMOR PPTY GROUP INC COM 11120U105   4,400 200,000 SH   DFND   200,000 0 0
CARETRUST REIT INC COM 14174T107   993 50,000 SH   DFND   50,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301   3,605 450,000 SH   DFND   450,000 0 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107   33,564 14,917,366 SH   DFND   14,917,366 0 0
HOST HOTELS & RESORTS INC COM 44107P104   23,125 1,374,032 SH   DFND   1,374,032 0 0
PARK HOTELS & RESORTS INC COM 700517105   33,653 2,625,000 SH   DFND   2,625,000 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200   12,620 523,881 SH   DFND   523,881 0 0
RLJ LODGING TR COM 74965L101   64,745 6,304,257 SH   DFND   6,304,257 0 0
SABRA HEALTH CARE REIT INC COM 78573L106   17,655 1,500,000 SH   DFND   1,500,000 0 0
SL GREEN REALTY CORP COM 78440X887   7,697 256,142 SH   DFND   256,142 0 0
SUMMIT HOTEL PROPERTIES INC COM 866082100   20,519 3,151,931 SH   DFND   3,151,931 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101   12,025 1,188,210 SH   DFND   1,188,210 0 0
VERIS RESIDENTIAL INC COM 554489104   75,392 4,697,314 SH   DFND   4,697,314 0 0
VORNADO RLTY TR SH BEN INT 929042109   18,302 1,008,913 SH   DFND   1,008,913 0 0