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
ALEXANDERS INC COM 014752109 39,640 138,543 SH   SOLE 138,543 0 0
ALTISOURCE ASSET MGMT CORP COM 02153X108 3,228 6,057 SH   SOLE 6,057 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 22,367 1,270,125 SH   SOLE 1,270,125 0 0
BRE PROPERTIES INC CL A 05564E106 19,933 392,700 SH   SOLE 392,700 0 0
CHATHAM LODGING TR COM 16208T102 38,602 2,161,339 SH   SOLE 2,161,339 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 12,632 666,956 SH   SOLE 666,956 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 10,577 1,892,072 SH   SOLE 1,892,072 0 0
HYATT HOTELS CORP COM CL A 448579102 24,282 565,217 SH   SOLE 565,217 0 0
ISHARES RUSSELL 2000 ETF 464287655 20,256 1,900 SH Put SOLE 1,900 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 142,809 8,500 SH Put SOLE 8,500 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 14,183 1,545,000 SH   SOLE 1,545,000 0 0