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
Acadia Realty Trust COM SH BEN INT 004239109 5,058 167,588 SH   SOLE   167,588 0 0
Alexandria Real Estate Equities Inc Com 015271109 8,207 74,100 SH   SOLE   74,100 0 0
ARMOUR Residential REIT Inc COM NEW 042315507 1,438 63,000 SH   SOLE   63,000 0 0
Ashford Hospitality Prime Inc Com 044102101 3,606 338,236 SH   SOLE   338,236 0 0
Brixmor Property Group Inc Com 11120U105 5,059 236,300 SH   SOLE   236,300 0 0
Brookfield Asset Management Inc CL A LTD VT SH 112585104 7,190 197,790 SH   SOLE   197,790 0 0
Camden Property Trust SH BEN INT 133131102 3,557 44,166 SH   SOLE   44,166 0 0
CatchMark Timber Trust Inc CL A 14912Y202 6,436 572,569 SH   SOLE   572,569 0 0
Chatham Lodging Trust Com 16208T102 3,745 193,431 SH   SOLE   193,431 0 0
Cherry Hill Mortgage Investment Corp Com 164651101 2,220 128,600 SH   SOLE   128,600 0 0
Chesapeake Lodging Trust SH BEN INT 165240102 3,278 141,700 SH   SOLE   141,700 0 0
ClubCorp Holdings Inc Com 18948M108 11,344 720,246 SH   SOLE   720,246 0 0
Colony NorthStar Inc CL A COM 19625W104 24,654 1,900,872 SH   SOLE   1,900,872 0 0
CoreCivic Inc Com 21871N101 13,091 421,871 SH   SOLE   421,871 0 0
CyrusOne Inc Com 23283R100 10,697 209,918 SH   SOLE   209,918 0 0
Education Realty Trust Inc COM NEW 28140H203 2,965 72,700 SH   SOLE   72,700 0 0
Ellington Financial LLC Com 288522303 11,078 706,512 SH   SOLE   706,512 0 0
Ellington Residential Mortgage REIT COM SHS BEN INT 288578107 2,013 136,831 SH   SOLE   136,831 0 0
Equity Residential SH BEN INT 29476L107 9,976 160,539 SH   SOLE   160,539 0 0
Extended Stay America Inc UNIT 99/99/9999B 30224P200 4,589 291,200 SH   SOLE   291,200 0 0
Extra Space Storage Inc Com 30225T102 12,023 159,161 SH   SOLE   159,161 0 0
First Potomac Realty Trust Com 33610F109 2,596 252,780 SH   SOLE   252,780 0 0
Four Corners Property Trust Inc Com 35086T109 3,109 138,992 SH   SOLE   138,992 0 0
Gaming and Leisure Properties Inc Com 36467J108 6,220 186,623 SH   SOLE   186,623 0 0
Hannon Armstrong Sustainable Infrastructure Com 41068X100 1,597 80,700 SH   SOLE   80,700 0 0
Healthcare Trust of America Inc CL A NEW 42225P501 1,900 60,000 SH   SOLE   60,000 0 0
Jernigan Capital Inc Com 476405105 3,722 164,025 SH   SOLE   164,025 0 0
La Quinta Holdings Inc Com 50420D108 4,562 342,515 SH   SOLE   342,515 0 0
Mid-America Apartment Communities Inc Com 59522J103 9,826 96,548 SH   SOLE   96,548 0 0
Nationstar Mortgage Holdings Inc Com 63861C109 2,556 161,391 SH   SOLE   161,391 0 0
New Senior Investment Group Inc Com 648691103 5,192 510,569 SH   SOLE   510,569 0 0
New York REIT Inc Com 64976L109 11,903 1,218,343 SH   SOLE   1,218,343 0 0
NorthStar Realty Europe Corp Com 66706L101 6,227 542,380 SH   SOLE   542,380 0 0
Park Hotels & Resorts Inc Com 700517105 9,308 361,053 SH   SOLE   361,053 0 0
PennyMac Mortgage Investment Trust Com 70931T103 2,430 136,983 SH   SOLE   136,983 0 0
Physicians Realty Trust Com 71943U104 4,119 207,800 SH   SOLE   207,800 0 0
Rayonier Inc Com 754907103 4,813 170,000 SH   SOLE   170,000 0 0
Regency Centers Corp Com 758849103 9,748 146,698 SH   SOLE   146,698 0 0
Select Income REIT COM SH BEN INT 81618T100 9,582 370,535 SH   SOLE   370,535 0 0
STORE Capital Corp Com 862121100 5,265 219,300 SH   SOLE   219,300 0 0
VEREIT Inc Com 92339V100 1,704 200,000 SH   SOLE   200,000 0 0
Welltower Inc Com 95040Q104 3,792 53,301 SH   SOLE   53,301 0 0
Western Asset Mortgage Capital Corp Com 95790D105 1,014 104,020 SH   SOLE   104,020 0 0