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
SPDR S&P 500 ETF TR TR UNIT 78462F103 91,627 297,146 SH   SOLE   294,237 0 2,909
RETAIL OPPORTUNITY INVTS COR COM 76131N101 477 42,100 SH   SOLE   42,100 0 0
AMERICAN ASSETS TR INC COM 024013104 279 10,025 SH   SOLE   10,025 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 26,100 249,786 SH   SOLE   247,306 0 2,480
ACADIA RLTY TR COM SH BEN INT 004239109 433 33,370 SH   SOLE   33,370 0 0
JERNIGAN CAP INC COM 476405105 7,305 534,000 SH   SOLE   534,000 0 0
EXANTAS CAP CORP COM NEW 30068N105 2,147 810,000 SH   SOLE   810,000 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 616 7,220 SH   SOLE   7,220 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 495 37,700 SH   SOLE   37,700 0 0
CHATHAM LODGING TR COM 16208T102 4,850 792,500 SH   SOLE   792,500 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 12,260 560,110 SH   SOLE   560,110 0 0
KIMCO RLTY CORP COM 49446R109 502 39,100 SH   SOLE   39,100 0 0
HOWARD HUGHES CORP COM 44267D107 401 7,720 SH   SOLE   7,720 0 0
CLIPPER RLTY INC COM 18885T306 7,890 973,985 SH   SOLE   973,985 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 813 5,015 SH   SOLE   5,015 0 0
AVALONBAY CMNTYS INC COM 053484101 4,502 29,110 SH   SOLE   29,110 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 2,708 148,700 SH   SOLE   148,700 0 0
VENTAS INC COM 92276F100 265 7,240 SH   SOLE   7,240 0 0
MACK CALI RLTY CORP COM 554489104 3,442 225,100 SH   SOLE   225,100 0 0
WELLTOWER INC COM 95040Q104 6,469 125,000 SH   SOLE   125,000 0 0
BROOKFIELD PROPERTY PARTRS L UNIT LTD PARTN G16249107 5,561 562,300 SH   SOLE   562,300 0 0
FARMLAND PARTNERS INC COM 31154R109 618 90,200 SH   SOLE   90,200 0 0
SPDR SER TR SPDR BLOOMBERG 78468R663 195,736 2,138,491 SH   SOLE   2,116,514 0 21,977
WP CAREY INC COM 92936U109 3,044 45,000 SH   SOLE   45,000 0 0
PARAMOUNT GROUP INC COM 69924R108 475 61,680 SH   SOLE   61,680 0 0
QTS RLTY TR INC 6.50% CON PFD B 74736A301 9,023 63,500 SH   SOLE   63,500 0 0
SUMMIT HOTEL PPTYS INC COM 866082100 296 49,890 SH   SOLE   49,890 0 0
MACERICH CO COM 554382101 1,892 210,965 SH   SOLE   210,965 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 13,381 248,028 SH   SOLE   248,028 0 0
EQUINIX INC COM 29444U700 843 1,200 SH   SOLE   1,200 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 115,978 468,408 SH   SOLE   463,789 0 4,619
SABRA HEALTH CARE REIT INC COM 78573L106 11,400 790,000 SH   SOLE   790,000 0 0
STAG INDL INC COM 85254J102 6,157 210,000 SH   SOLE   210,000 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 7,302 325,100 SH   SOLE   325,100 0 0
SL GREEN RLTY CORP COM 78440X101 420 8,520 SH   SOLE   8,520 0 0