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 802 5,720 SH   SOLE   5,720 0 0
AMERICAN TOWER CORP NEW COM 03027X100 3,741 17,424 SH   SOLE   17,424 0 0
AMERICOLD REALTY TRUST INC COM 03064D108 4,166 169,340 SH   SOLE   169,340 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 6,538 465,000 SH   SOLE   465,000 0 0
AVALONBAY CMNTYS INC COM 053484101 810 4,400 SH   SOLE   4,400 0 0
BOSTON PROPERTIES INC COM 101121101 3,576 47,700 SH   SOLE   47,700 0 0
CUBESMART COM 229663109 4,927 123,000 SH   SOLE   123,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 300 40,000 SH   SOLE   40,000 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 7,190 280,100 SH   SOLE   280,100 0 0
EPR PPTYS PFD C CV 5.75% 26884U208 536 31,000 SH   SOLE   31,000 0 0
EQUINIX INC COM 29444U700 569 1,000 SH   SOLE   1,000 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 4,912 73,070 SH   SOLE   73,070 0 0
FARMLAND PARTNERS INC COM 31154R109 3,235 255,360 SH   SOLE   255,360 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 723 8,020 SH   SOLE   8,020 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 4,937 111,600 SH   SOLE   111,600 0 0
ISHARES TR CONSER ALLOC ETF 464289883 7,523 230,640 SH   SOLE   230,640 0 0
ISHARES TR MODERT ALLOC ETF 464289875 673 18,380 SH   SOLE   18,380 0 0
LXP INDUSTRIAL TRUST PFD CONV SER C 529043309 10,545 217,864 SH   SOLE   217,864 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 501 12,050 SH   SOLE   12,050 0 0
OUTFRONT MEDIA INC COM 69007J106 2,066 136,000 SH   SOLE   136,000 0 0
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 2,244 80,000 SH   SOLE   80,000 0 0
POTLATCHDELTIC CORPORATION COM 737630103 2,579 62,850 SH   SOLE   62,850 0 0
PROLOGIS INC. COM 74340W103 5,133 50,520 SH   SOLE   50,520 0 0
PROSHARES TR SHORT S&P 500 NE 74347B425 230,763 13,354,343 SH   SOLE   13,354,343 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 6,223 452,270 SH   SOLE   452,270 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 10,573 430,155 SH   SOLE   430,155 0 0
RPT REALTY 7.25 PFD D CONV 74971D200 9,510 217,011 SH   SOLE   217,011 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 217,387 608,621 SH   SOLE   608,621 0 0
SPDR SER TR BLOOMBERG 1-3 MO 78468R663 345,202 3,768,576 SH   SOLE   3,768,576 0 0
SUN CMNTYS INC COM 866674104 4,331 32,000 SH   SOLE   32,000 0 0
UDR INC COM 902653104 4,590 110,035 SH   SOLE   110,035 0 0
VENTAS INC COM 92276F100 303 7,540 SH   SOLE   7,540 0 0