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 4,042 200,000 SH   DFND   200,000 0 0
CARETRUST REIT INC COM 14174T107 922 50,000 SH   DFND   50,000 0 0
CHATHAM LODGING TR COM 16208T102 45 4,338 SH   DFND   4,338 0 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107 17,065 9,376,466 SH   DFND   9,617,698 0 0
HOST HOTELS & RESORTS INC COM 44107P104 21,545 1,374,032 SH   DFND   1,374,032 0 0
PARK HOTELS & RESORTS INC COM 700517105 13,570 1,000,000 SH   DFND   1,000,000 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 23,061 889,353 SH   DFND   920,353 0 0
RLJ LODGING TR COM 74965L101 60,069 5,445,942 SH   DFND   4,929,257 0 0
SL GREEN REALTY CORP COM 78440X887 4,615 100,000 SH   DFND   100,000 0 0
SUMMIT HOTEL PROPERTIES INC COM 866082100 364 50,000 SH   DFND   734,000 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 11,809 1,190,410 SH   DFND   1,190,410 0 0
VERIS RESIDENTIAL INC COM 554489104 59,253 4,475,314 SH   DFND   3,547,314 0 0
VORNADO RLTY TR SH BEN INT 929042109 15,725 550,000 SH   DFND   250,000 0 0