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
ACADIA RLTY TR COM SH BEN INT 004239109 865 33,370 SH   SOLE   33,370 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,087 6,727 SH   SOLE   6,727 0 0
ALPINE INCOME PPTY TR INC COM 02083X103 1,124 59,042 SH   SOLE   59,042 0 0
AMERICAN ASSETS TR INC COM 024013104 460 10,025 SH   SOLE   10,025 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 9,556 588,080 SH   SOLE   588,080 0 0
AVALONBAY CMNTYS INC COM 053484101 862 4,110 SH   SOLE   4,110 0 0
BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B 10482B200 9,637 507,203 SH   SOLE   507,203 0 0
BROOKFIELD PROPERTY PARTRS L UNIT LTD PARTN G16249107 7,772 425,150 SH   SOLE   425,150 0 0
CHATHAM LODGING TR COM 16208T102 14,140 770,990 SH   SOLE   770,990 0 0
CLIPPER RLTY INC COM 18885T306 10,303 972,017 SH   SOLE   972,017 0 0
COLONY CAP INC NEW CL A COM 19626G108 7,743 1,629,983 SH   SOLE   1,629,983 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 788 37,700 SH   SOLE   37,700 0 0
CONSOLIDATED TOMOKA LD CO NOTE 4.500% 3/1 210226AB2 13,020 12,780,000 SH   SOLE   12,780,000 0 0
DIGITAL RLTY TR INC COM 253868103 838 7,000 SH   SOLE   7,000 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 7,809 248,700 SH   SOLE   248,700 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 11,079 290,110 SH   SOLE   290,110 0 0
EQUINIX INC COM 29444U700 700 1,200 SH   SOLE   1,200 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 966 11,940 SH   SOLE   11,940 0 0
EXANTAS CAP CORP COM NEW 30068N105 9,566 810,000 SH   SOLE   810,000 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 7,729 520,150 SH   SOLE   520,150 0 0
FARMLAND PARTNERS INC COM 31154R109 611 90,200 SH   SOLE   90,200 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 930 7,220 SH   SOLE   7,220 0 0
HEALTHPEAK PPTYS INC COM 42250P103 8,504 246,700 SH   SOLE   246,700 0 0
HOWARD HUGHES CORP COM 44267D107 979 7,720 SH   SOLE   7,720 0 0
INTERXION HOLDING N.V SHS N47279109 1,008 12,025 SH   SOLE   12,025 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 70,068 329,559 SH   SOLE   326,362 0 3,197
ISHARES TR RUS 1000 ETF 464287622 666 3,731 SH   SOLE   3,731 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 66,047 398,663 SH   SOLE   394,712 0 3,951
JERNIGAN CAP INC COM 476405105 10,221 534,000 SH   SOLE   534,000 0 0
KIMCO RLTY CORP COM 49446R109 810 39,100 SH   SOLE   39,100 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 16,536 290,060 SH   SOLE   290,060 0 0
MACERICH CO COM 554382101 4,384 162,850 SH   SOLE   162,850 0 0
PARAMOUNT GROUP INC COM 69924R108 859 61,680 SH   SOLE   61,680 0 0
PROLOGIS INC COM 74340W103 583 6,540 SH   SOLE   6,540 0 0
QTS RLTY TR INC 6.50% CON PFD B 74736A301 8,202 63,500 SH   SOLE   63,500 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 744 42,100 SH   SOLE   42,100 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 16,081 560,110 SH   SOLE   560,110 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 11,204 525,000 SH   SOLE   525,000 0 0
SL GREEN RLTY CORP COM 78440X101 783 8,520 SH   SOLE   8,520 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 200,155 621,871 SH   SOLE   615,728 0 6,143
SPDR SERIES TRUST SPDR BLOOMBERG 78468R663 91,642 1,002,312 SH   SOLE   992,500 0 9,812
STAG INDL INC COM 85254J102 6,630 210,000 SH   SOLE   210,000 0 0
SUMMIT HOTEL PPTYS INC COM 866082100 340 27,590 SH   SOLE   27,590 0 0
TAUBMAN CTRS INC COM 876664103 8,440 271,500 SH   SOLE   271,500 0 0
UDR INC COM 902653104 1,168 25,000 SH   SOLE   25,000 0 0
VENTAS INC COM 92276F100 418 7,240 SH   SOLE   7,240 0 0
WEYERHAEUSER CO COM 962166104 11,551 382,500 SH   SOLE   382,500 0 0