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 7,366 264,958 SH   SOLE   264,958 0 0
ARMOUR Residential REIT, Inc. COM NEW 042315507 1,575 63,000 SH   SOLE   63,000 0 0
Ashford Hospitality Prime, Inc. COM 044102101 3,480 338,236 SH   SOLE   338,236 0 0
Brixmor Property Group, Inc. COM 11120U105 8,480 474,300 SH   SOLE   474,300 0 0
Camden Property Trust SH BEN INT 133131102 4,763 55,696 SH   SOLE   55,696 0 0
CatchMark Timber Trust, Inc. Class A CL A 14912Y202 5,931 521,668 SH   SOLE   521,668 0 0
Chatham Lodging Trust Com 16208T102 4,127 205,431 SH   SOLE   205,431 0 0
Chesapeake Lodging Trust SH BEN INT 165240102 3,737 152,700 SH   SOLE   152,700 0 0
ClubCorp Holdings, Inc. COM 18948M108 14,119 1,077,767 SH   SOLE   1,077,767 0 0
Colony NorthStar, Inc. Class A CL A COM 19625W104 21,099 1,497,432 SH   SOLE   1,497,432 0 0
CoreCivic, Inc. COM 21871N101 16,708 605,787 SH   SOLE   605,787 0 0
Crown Castle International Corp COM 22822V101 4,846 48,376 SH   SOLE   48,376 0 0
Education Realty Trust, Inc. COM NEW 28140H203 4,185 108,000 SH   SOLE   108,000 0 0
Ellington Financial LLC COM 288522303 11,128 686,512 SH   SOLE   686,512 0 0
Ellington Residential Mortgage REIT COM SHS BEN INT 288578107 2,006 136,831 SH   SOLE   136,831 0 0
Extra Space Storage Inc. COM 30225T102 13,093 167,861 SH   SOLE   167,861 0 0
First Potomac Realty Trust COM 33610F109 1,737 156,353 SH   SOLE   156,353 0 0
GEO Group Inc COM 36162J106 4,261 144,115 SH   SOLE   144,115 0 0
Interxion Holding N.V. SHS N47279109 7,984 174,405 SH   SOLE   174,405 0 0
Invitation Homes, Inc. COM 46187W107 8,819 407,731 SH   SOLE   407,731 0 0
Jernigan Capital, Inc. COM 476405105 10,889 494,961 SH   SOLE   494,961 0 0
Kennedy-Wilson Holdings, Inc. COM 489398107 13,916 730,519 SH   SOLE   730,519 0 0
La Quinta Holdings, Inc. COM 50420D108 5,354 362,515 SH   SOLE   362,515 0 0
Mid-America Apartment Communities, Inc. COM 59522J103 5,801 55,048 SH   SOLE   55,048 0 0
Nationstar Mortgage Holdings Inc. COM 63861C109 2,832 158,302 SH   SOLE   158,302 0 0
New Senior Investment Group Inc COM 648691103 5,131 510,569 SH   SOLE   510,569 0 0
New York REIT, Inc. COM 64976L109 14,933 1,728,343 SH   SOLE   1,728,343 0 0
NorthStar Realty Europe Corp. COM 66706L101 7,482 590,025 SH   SOLE   590,025 0 0
Park Hotels & Resorts, Inc. COM 700517105 5,346 198,295 SH   SOLE   198,295 0 0
PennyMac Mortgage Investment Trust COM 70931T103 2,505 136,983 SH   SOLE   136,983 0 0
Physicians Realty Trust COM 71943U104 3,021 150,000 SH   SOLE   150,000 0 0
Rayonier Inc. COM 754907103 4,447 154,580 SH   SOLE   154,580 0 0
Regency Centers Corporation COM 758849103 9,611 153,430 SH   SOLE   153,430 0 0
Select Income REIT COM SH BEN INT 81618T100 9,625 400,535 SH   SOLE   400,535 0 0
STORE Capital Corporation COM 862121100 9,862 439,300 SH   SOLE   439,300 0 0
Sun Communities, Inc. COM 866674104 8,986 102,473 SH   SOLE   102,473 0 0
VEREIT, Inc. Class A COM 92339V100 1,954 240,000 SH   SOLE   240,000 0 0
Western Asset Mortgage Capital Corporation COM 95790D105 1,071 104,020 SH   SOLE   104,020 0 0