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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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
APOLLO COML REAL EST FIN INC COM 03762U105 7,581 440,000 SH   SOLE   440,000 0 0
AVALONBAY CMNTYS INC COM 053484101 1,565 8,500 SH   SOLE   8,500 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 30,582 1,142,835 SH   SOLE   1,142,835 0 0
COLONY CAP INC CL A 19624R106 9,083 466,250 SH   SOLE   466,250 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 2,374 108,250 SH   SOLE   108,250 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 642 30,000 SH   SOLE   30,000 0 0
HOWARD HUGHES CORP COM 44267D107 2,207 19,500 SH   SOLE   19,500 0 0
ISHARES TR U.S. REAL ES ETF 464287739 920 12,250 SH   SOLE   12,250 0 0
NEW YORK REIT INC COM 64976L109 995 86,500 SH   SOLE   86,500 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 13,253 778,230 SH   SOLE   778,230 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 1,006 25,000 SH   SOLE   25,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 2,421 12,450 SH   SOLE   12,450 0 0
STARWOOD PPTY TR INC COM 85571B105 32,279 1,570,000 SH   SOLE   1,570,000 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 2,360 104,250 SH   SOLE   104,250 0 0
TAUBMAN CTRS INC COM 876664103 1,381 18,000 SH   SOLE   18,000 0 0
TWO HBRS INVT CORP COM 90187B101 5,873 725,000 SH   SOLE   725,000 0 0