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

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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
BRIXMOR PPTY GROUP INC COM 11120U105 5,162 200,000 SH   DFND   200,000 0 0
CHATHAM LODGING TR COM 16208T102 60 4,338 SH   DFND   4,338 0 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107 30,777 9,617,698 SH   DFND   9,617,698 0 0
HOST HOTELS & RESORTS INC COM 44107P104 26,697 1,374,032 SH   DFND   1,374,032 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 25,356 920,353 SH   DFND   920,353 0 0
RLJ LODGING TR COM 74965L101 69,404 4,929,257 SH   DFND   4,929,257 0 0
SUMMIT HOTEL PROPERTIES INC COM 866082100 7,311 734,000 SH   DFND   734,000 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 14,023 1,190,410 SH   DFND   1,190,410 0 0
VERIS RESIDENTIAL INC COM 554489104 61,688 3,547,314 SH   DFND   3,547,314 0 0
VORNADO RLTY TR SH BEN INT 929042109 11,330 250,000 SH   DFND   250,000 0 0