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
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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
AMERICAN HOMES 4 RENT CL A 02665T306 62,376 1,636,300 SH   SOLE   1,636,300 0 0
APARTMENT INCOME REIT CORP COM 03750L109 65,191 1,335,603 SH   SOLE   1,335,603 0 0
BLUEROCK RESIDENTIAL GWT REI COM CL A 09627J102 1,722 135,159 SH   SOLE   135,159 0 0
CAMDEN PPTY TR SH BEN INT 133131102 66,819 453,100 SH   SOLE   453,100 0 0
FIVE STAR SENIOR LIVING INC COM NEW 33832D205 6,765 1,544,580 SH   SOLE   1,544,580 0 0
HEALTHCARE RLTY TR COM 421946104 44,298 1,487,500 SH   SOLE   1,487,500 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 14,089 475,000 SH Call SOLE   475,000 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 124,572 4,200,000 SH   SOLE   4,200,000 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 7,283 357,863 SH   SOLE   357,863 0 0
INVITATION HOMES INC COM 46187W107 66,947 1,746,600 SH   SOLE   1,746,600 0 0
ISHARES TR 20 YR TR BD ETF 464287432 50,512 350,000 SH Put SOLE   350,000 0 0
ISHARES TR IBOXX INV CP ETF 464287242 71,836 540,000 SH Put SOLE   540,000 0 0
JBG SMITH PPTYS COM 46590V100 99,876 3,373,041 SH   SOLE   3,373,041 0 0
PHYSICIANS RLTY TR COM 71943U104 43,874 2,490,000 SH   SOLE   2,490,000 0 0
RETAIL VALUE INC COM 76133Q102 24,665 936,748 SH   SOLE   936,748 0 0