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 ASSETS TR INC COM 024013104 564 19,000 SH   SOLE   19,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 5,220 20,424 SH   SOLE   20,424 0 0
AMERICOLD REALTY TRUST INC COM 03064D108 4,636 154,340 SH   SOLE   154,340 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 4,422 301,412 SH   SOLE   301,412 0 0
BOSTON PROPERTIES INC COM 101121101 5,570 62,600 SH   SOLE   62,600 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 1,314 65,000 SH   SOLE   65,000 0 0
CUBESMART COM 229663109 4,400 103,000 SH   SOLE   103,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 1,278 155,679 SH   SOLE   155,679 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 8,403 280,100 SH   SOLE   280,100 0 0
EPR PPTYS PFD C CV 5.75% 26884U208 684 31,000 SH   SOLE   31,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 5,272 73,000 SH   SOLE   73,000 0 0
FARMLAND PARTNERS INC COM 31154R109 3,524 255,360 SH   SOLE   255,360 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 3,536 77,100 SH   SOLE   77,100 0 0
ISHARES TR CONSER ALLOC ETF 464289883 7,293 210,968 SH   SOLE   210,968 0 0
LXP INDUSTRIAL TRUST PFD CONV SER C 529043309 11,333 219,000 SH   SOLE   219,000 0 0
MACERICH CO COM 554382101 439 50,350 SH   SOLE   50,350 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 603 12,050 SH   SOLE   12,050 0 0
POTLATCHDELTIC CORPORATION COM 737630103 3,736 84,550 SH   SOLE   84,550 0 0
PROLOGIS INC. COM 74340W103 5,941 50,500 SH   SOLE   50,500 0 0
PROSHARES TR SHORT S&P 500 NE 74347B425 89,871 5,446,756 SH   SOLE   5,446,756 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 5,606 355,270 SH   SOLE   355,270 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 11,154 430,155 SH   SOLE   430,155 0 0
RPT REALTY 7.25 PFD D CONV 74971D200 10,549 220,918 SH   SOLE   220,918 0 0
SPDR DOW JONES INDL AVERAGE UT SER 1 78467X109 67,451 219,123 SH   SOLE   219,123 0 0
SPDR SER TR BLOOMBERG 1-3 MO 78468R663 645,043 7,050,427 SH   SOLE   7,050,427 0 0
SUN CMNTYS INC COM 866674104 2,677 16,800 SH   SOLE   16,800 0 0
UDR INC COM 902653104 5,987 130,035 SH   SOLE   130,035 0 0