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
Estimated average burden
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 CAP MTG INVT CORP COM 02504A104 3,670 250,000 SH   SOLE   250,000 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 8,232 505,000 SH   SOLE   505,000 0 0
AVALONBAY CMNTYS INC COM 053484101 1,122 5,900 SH   SOLE   5,900 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 27,100 1,008,939 SH   SOLE   1,008,939 0 0
COLONY CAP INC CL A 19624R106 9,475 565,000 SH   SOLE   565,000 0 0
COLONY STARWOOD HOMES COM 19625X102 2,042 82,500 SH   SOLE   82,500 0 0
CYRUSONE INC COM 23283R100 205 4,500 SH   SOLE   4,500 0 0
EMPIRE ST RLTY TR INC CL A 292104106 1,227 70,000 SH   SOLE   70,000 0 0
EQUITY ONE COM 294752100 573 20,000 SH   SOLE   20,000 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 2,373 112,500 SH   SOLE   112,500 0 0
HOWARD HUGHES CORP COM 44267D107 2,012 19,000 SH   SOLE   19,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,225 5,900 SH   SOLE   5,900 0 0
SL GREEN RLTY CORP COM 78440X101 484 5,000 SH   SOLE   5,000 0 0
STARWOOD PPTY TR INC COM 85571B105 28,490 1,505,000 SH   SOLE   1,505,000 0 0
STORE CAP CORP COM 862121100 776 30,000 SH   SOLE   30,000 0 0
TRI POINTE GROUP INC COM 87265H109 284 24,100 SH   SOLE   24,100 0 0
TWO HBRS INVT CORP COM 90187B101 4,169 525,000 SH   SOLE   525,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 425 4,500 SH   SOLE   4,500 0 0