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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
BRIXMOR PPTY GROUP INC COM 11120U105   4,534 200,000 SH   DFND   200,000 0 0
CARETRUST REIT INC COM 14174T107   929 50,000 SH   DFND   50,000 0 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107   6,065 9,376,466 SH   DFND   9,376,466 0 0
HOST HOTELS & RESORTS INC COM 44107P104   22,053 1,374,032 SH   DFND   1,374,032 0 0
PARK HOTELS & RESORTS INC COM 700517105   25,643 2,175,000 SH   DFND   2,175,000 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200   11,122 467,511 SH   DFND   467,511 0 0
RLJ LODGING TR COM 74965L101   48,759 4,604,257 SH   DFND   4,604,257 0 0
SL GREEN REALTY CORP COM 78440X887   3,372 100,000 SH   DFND   100,000 0 0
SUMMIT HOTEL PROPERTIES INC COM 866082100   4,536 628,296 SH   DFND   628,296 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101   11,478 1,188,210 SH   DFND   1,188,210 0 0
VERIS RESIDENTIAL INC COM 554489104   74,828 4,697,314 SH   DFND   4,697,314 0 0
VORNADO RLTY TR SH BEN INT 929042109   11,446 550,000 SH   DFND   550,000 0 0