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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,274 5,715 SH   SOLE   5,715 0 0
AMERICAN ASSETS TR INC COM 024013104 714 19,025 SH   SOLE   19,025 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 6,015 105,000 SH   SOLE   105,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 7,488 25,600 SH   SOLE   25,600 0 0
AMERICOLD RLTY TR COM 03064D108 4,703 143,439 SH   SOLE   143,439 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 4,441 275,000 SH   SOLE   275,000 0 0
AVALONBAY CMNTYS INC COM 053484101 1,215 4,810 SH   SOLE   4,810 0 0
BOSTON PROPERTIES INC COM 101121101 5,128 44,520 SH   SOLE   44,520 0 0
CATCHMARK TIMBER TR INC CL A 14912Y202 3,194 366,685 SH   SOLE   366,685 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 6,262 30,000 SH   SOLE   30,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 3,806 396,000 SH   SOLE   396,000 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 10,014 280,110 SH   SOLE   280,110 0 0
EPR PPTYS PFD C CV 5.75% 26884U208 793 31,000 SH   SOLE   31,000 0 0
EQUINIX INC COM 29444U700 848 1,003 SH   SOLE   1,003 0 0
FARMLAND PARTNERS INC COM 31154R109 7,595 635,542 SH   SOLE   635,542 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 1,230 9,020 SH   SOLE   9,020 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 1,144 2,875 SH   SOLE   2,875 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 542,993 6,347,827 SH   SOLE   6,347,827 0 0
ISHARES TR CONSER ALLOC ETF 464289883 16,884 421,984 SH   SOLE   421,984 0 0
LXP INDUSTRIAL TRUST PFD CONV SER C 529043309 13,605 218,560 SH   SOLE   218,560 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 401 5,800 SH   SOLE   5,800 0 0
POTLATCHDELTIC CORPORATION COM 737630103 3,999 66,400 SH   SOLE   66,400 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 5,237 267,200 SH   SOLE   267,200 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 12,227 425,140 SH   SOLE   425,140 0 0
RPT REALTY 7.25 PFD D CONV 74971D200 13,612 231,070 SH   SOLE   231,070 0 0
SL GREEN RLTY CORP COM 78440X804 4,520 63,039 SH   SOLE   63,039 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 342,278 720,647 SH   SOLE   720,647 0 0
UDR INC COM 902653104 5,999 100,000 SH   SOLE   100,000 0 0
VENTAS INC COM 92276F100 384 7,520 SH   SOLE   7,520 0 0
VICI PPTYS INC COM 925652109 301 10,000 SH   SOLE   10,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 3,558 85,000 SH   SOLE   85,000 0 0
WP CAREY INC COM 92936U109 5,957 72,600 SH   SOLE   72,600 0 0