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

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OMB Number: 3235-0006
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADT INC DEL COM 00090Q103   823,142,954 102,000,366 SH   DFND 1 0 102,000,366 0
AEVA TECHNOLOGIES INC COM NEW 00835Q202   18,468,828 1,390,725 SH   DFND 1 0 1,390,725 0
AGREE RLTY CORP COM 008492100   21,528,326 298,880 SH   DFND 1 0 298,880 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   7,081,618 144,700 SH   DFND 1 0 144,700 0
ALPHA TEKNOVA INC COM 02080L102   247,137 65,036 SH   DFND 1 0 65,036 0
AMERICAN HEALTHCARE REIT INC COM SHS 398182303   13,238,919 281,320 SH   DFND 1 0 281,320 0
AMERICAN HOMES 4 RENT CL A 02665T306   17,554,848 546,880 SH   DFND 1 0 546,880 0
AMERICOLD REALTY TRUST INC COM 03064D108   2,928,479 227,720 SH   DFND 1 0 227,720 0
APOLLO COML REAL EST FIN INC COM 03762U105   6,442,747 665,573 SH   OTR   0 665,573 0
ASPEN INSURANCE HOLDINGS LTD ORD SHS CL A G05384501   2,798,015,962 75,418,220 SH   DFND 1 0 75,418,220 0
ATERIAN INC COM NEW 02156U200   1,583 2,276 SH   DFND 1 0 2,276 0
BLUEROCK PVT REAL ESTATE FD COM 09631P102   3,737,880 249,192 SH   DFND 1 0 249,192 0
BRAND ENGAGEMENT NETWORK INC *W EXP 03/14/202 104932116   796 18,143 SH   DFND 1 0 18,143 0
BRIXMOR PPTY GROUP INC COM 11120U105   26,857,146 1,024,300 SH   DFND 1 0 1,024,300 0
BROADSTONE NET LEASE INC COM 11135E203   6,764,225 389,420 SH   DFND 1 0 389,420 0
BXP INC COM 101121101   10,298,123 152,610 SH   DFND 1 0 152,610 0
CALIDI BIOTHERAPEUTICS INC COM 320703408   1,219 1,042 SH   DFND 1 0 1,040 0
CAMDEN PPTY TR SH BEN INT 133131102   27,926,195 253,690 SH   DFND 1 0 253,690 0
CARECLOUD INC COM 14167R100   612,744 209,844 SH   DFND 1 0 209,844 0
CARMAX INC COM 143130102   194,995,755 5,046,474 SH   DFND 1 0 5,046,474 0
CION INVT CORP COM 17259U204   611,748 63,262 SH   OTR   0 63,262 0
COMCAST CORP NEW CL A 20030N101   66,792,194 2,234,600 SH   DFND 1 0 2,234,600 0
COMMUNITY HEALTH SYS INC NEW COM 203668108   36,936,460 11,838,609 SH   DFND 1 0 11,838,609 0
CONCENTRIX CORP COM 20602D101   34,498,926 829,700 SH Put DFND 1 0 829,700 0
COUSINS PPTYS INC COM NEW 222795502   14,273,819 553,678 SH   DFND 1 0 553,678 0
DIAMONDROCK HOSPITALITY CO COM 252784301   6,045,491 674,720 SH   DFND 1 0 674,720 0
DIGITAL RLTY TR INC COM 253868103   48,037,455 310,500 SH   DFND 1 0 310,500 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107   2,194,460 452,466 SH   DFND 1 0 452,466 0
DOUGLAS EMMETT INC COM 25960P109   2,596,278 236,240 SH   DFND 1 0 236,240 0
EASTGROUP PPTYS INC COM 277276101   5,859,025 32,890 SH   DFND 1 0 32,890 0
ECHOSTAR CORP CL A 278768106   267,835,822 2,463,991 SH   DFND 1 0 2,463,991 0
ECHOSTAR CORP NOTE 3.875%11/3 278768AB2   1,584,229,016 473,175,801 PRN   DFND 1 0 473,175,799 0
EMPIRE ST RLTY TR INC CL A 292104106   3,416,219 523,960 SH   DFND 1 0 523,960 0
EQUINIX INC COM 29444U700   67,475,711 88,070 SH   DFND 1 0 88,070 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108   14,143,344 233,350 SH   DFND 1 0 233,350 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   15,217,226 241,390 SH   DFND 1 0 241,390 0
ESSEX PPTY TR INC COM 297178105   13,759,134 52,580 SH   DFND 1 0 52,580 0
EXTRA SPACE STORAGE INC COM 30225T102   38,248,218 293,720 SH   DFND 1 0 293,720 0
FALCONS BEYOND GLOBAL INC *W EXP 10/06/202 306121112   25,115 12,433 SH   DFND 1 0 12,433 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101   7,453,152 73,940 SH   DFND 1 0 73,940 0
FIGURE TECHNOLOGY SOLUTIO COM CL A 349381103   49,785,143 1,548,527 SH   DFND 1 0 1,548,527 0
FIRST INDL RLTY TR INC COM 32054K103   11,582,285 202,240 SH   DFND 1 0 202,240 0
FUBOTV INC NOTE 3.250% 2/1 35953DAB0   8,296,660 8,300,000 SH   DFND 1 0 8,300,000 0
GLOBAL BUSINESS TRAVEL GROUP COM CL A 37890B100   175,070,180 22,884,991 SH   OTR   0 22,884,990 0
GRUPO AEROMEXICO SAB DE CV SPONSORED ADS 40054J109   604,010,173 27,505,017 SH   DFND 1 0 27,505,017 0
HEALTHCARE RLTY TR CL A COM 42226K105   10,540,697 621,870 SH   DFND 1 0 621,870 0
HEALTHPEAK PROPERTIES INC COM 42250P103   8,652,809 538,110 SH   DFND 1 0 538,110 0
HILTON GRAND VACATIONS INC COM 43283X105   816,500,669 18,245,825 SH   DFND 1 0 18,245,825 0
HOST HOTELS & RESORTS INC COM 44107P104   14,220,701 802,070 SH   DFND 1 0 802,070 0
IAC INC COM NEW 44891N208   27,370,000 700,000 SH   DFND 1 0 700,000 0
INVENTRUST PPTYS CORP COM NEW 46124J201   4,529,962 160,580 SH   DFND 1 0 160,580 0
INVITATION HOMES INC COM 46187W107   16,392,209 589,860 SH   DFND 1 0 589,860 0
IRON MTN INC DEL COM 46284V101   22,026,460 265,539 SH   DFND 1 0 265,539 0
ISHARES TR CORE S&P500 ETF 464287200   377,898,522 551,725 SH   DFND 1 0 551,725 0
ISHARES TR RUSSELL 2000 ETF 464287655   205,174,360 833,500 SH Put DFND 1 0 833,500 0
JANUS DETROIT STR TR HENDRSON AAA CL 47103U845   25,290,000 500,000 SH   DFND 1 0 500,000 0
KENNAMETAL INC COM 489170100   38,088,520 1,340,673 SH   DFND 1 0 1,340,673 0
KIMCO RLTY CORP COM 49446R109   25,123,854 1,239,460 SH   DFND 1 0 1,239,460 0
KITE RLTY GROUP TR COM NEW 49803T300   18,416,870 768,330 SH   DFND 1 0 768,330 0
LAMAR ADVERTISING CO NEW CL A 512816109   3,930,309 31,050 SH   DFND 1 0 31,050 0
LINEAGE INC COM 53566V106   1,971,200 56,320 SH   DFND 1 0 56,320 0
MACERICH CO COM 554382101   10,277,236 556,730 SH   DFND 1 0 556,730 0
MANNKIND CORP COM NEW 56400P706   3,765,521 664,113 SH   DFND 1 0 664,113 0
MAXCYTE INC COM 57777K106   477,380 307,987 SH   DFND 1 0 307,987 0
MIDCAP FINANCIAL INVSTMNT CO COM NEW 03761U502   26,236,495 2,293,400 SH   DFND 1 0 2,293,400 0
MIDCAP FINANCIAL INVSTMNT CO COM NEW 03761U502   1,092,177 95,470 SH   OTR   0 95,470 0
NAMIB MINERALS *W EXP 06/05/203 G63638111   97,954 1,364,262 SH   DFND 1 0 1,364,262 0
NETSTREIT CORP COM 64119V303   7,915,421 448,720 SH   DFND 1 0 448,720 0
NVIDIA CORPORATION COM 67066G104   93,250,000 500,000 SH   DFND 1 0 500,000 0
NVIDIA CORPORATION COM 67066G104   376,730,000 2,020,000 SH Put DFND 1 0 2,020,000 0
OMEGA HEALTHCARE INVS INC COM 681936100   16,011,617 361,110 SH   DFND 1 0 361,110 0
OPTIMUM COMMUNICATIONS INC CL A 02156K103   10,072,671 6,104,649 SH   DFND 1 0 6,104,649 0
ORACLE CORP COM 68389X105   292,365,000 1,500,000 SH Put DFND 1 0 1,500,000 0
ORIGIN MATERIALS INC COM 68622D106   227,859 1,076,332 SH   DFND 1 0 1,076,332 0
PEBBLEBROOK HOTEL TR 6.3 CUM PFD SR F 70509V704   773,316 40,594 SH   DFND 1 0 40,594 0
PEBBLEBROOK HOTEL TR 6.375 PFD SER E 70509V605   2,427,854 127,246 SH   DFND 1 0 127,246 0
PHOENIX ED PARTNERS INC COM 718968100   754,509,966 24,901,319 SH   DFND 1 0 24,901,319 0
PIEDMONT REALTY TRUST INC COM CL A 720190206   4,032,557 483,520 SH   DFND 1 0 483,520 0
PROLOGIS INC. COM 74340W103   77,564,939 607,590 SH   DFND 1 0 607,590 0
PUBLIC STORAGE OPER CO COM 74460D109   36,405,255 140,290 SH   DFND 1 0 140,290 0
RACKSPACE TECHNOLOGY INC COM 750102105   125,837,378 129,609,000 SH   DFND 1 0 129,609,000 0
RAIN ENHANCEMENT TECHNOLOGIE *W EXP 12/31/202 75080J111   54,364 217,457 SH   DFND 1 0 217,457 0
RAIN ENHANCEMENT TECHNOLOGIE CL A 75080J103   139,985 23,970 SH   DFND 1 0 23,970 0
REALTY INCOME CORP COM 756109104   28,678,801 508,760 SH   DFND 1 0 508,760 0
REXFORD INDL RLTY INC COM 76169C100   9,025,245 233,090 SH   DFND 1 0 233,090 0
RLJ LODGING TR COM 74965L101   1,917,258 257,350 SH   DFND 1 0 257,350 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107   3,186,802 33,680 SH   DFND 1 0 33,680 0
SABRA HEALTH CARE REIT INC COM 78573L106   5,528,018 291,870 SH   DFND 1 0 291,870 0
SABRE CORP COM 78573M104   19,585,114 14,400,819 SH   DFND 1 0 14,400,819 0
SATELLOGIC INC *W EXP 01/25/202 80401C118   37,685 147,784 SH   DFND 1 0 147,784 0
SIGHT SCIENCES INC COM 82657M105   4,052,658 511,054 SH   DFND 1 0 511,054 0
SIMON PPTY GROUP INC NEW COM 828806109   31,283,590 169,000 SH   DFND 1 0 169,000 0
SL GREEN RLTY CORP COM 78440X887   3,029,714 66,050 SH   DFND 1 0 66,050 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   413,243,520 606,000 SH Put DFND 1 0 606,000 0
SPS COMM INC COM 78463M107   298,496 3,349 SH   DFND 1 0 3,349 0
SSGA ACTIVE TR SPDR SSGA IG PUB 78470P622   19,311,600 760,000 SH   DFND 1 0 760,000 0
STUBHUB HLDGS INC CL A 86384P109   13,619,298 1,006,600 SH Put DFND 1 0 1,006,600 0
SUNSTONE HOTEL INVS INC NEW COM 867892101   1,966,979 220,020 SH   DFND 1 0 220,020 0
UDR INC COM 902653104   32,479,773 885,490 SH   DFND 1 0 885,490 0
UNITI GROUP LLC COM SHS 912932100   67,268,472 9,596,073 SH   DFND 1 0 9,596,073 0
USA TODAY CO INC COM 36472T109   62,463,093 12,128,756 SH   DFND 1 0 12,128,756 0
VANECK ETF TRUST SEMICONDUCTR ETF 92189F676   792,286,000 2,200,000 SH Put DFND 1 0 2,200,000 0
VENTAS INC COM 92276F100   44,369,692 573,400 SH   DFND 1 0 573,400 0
VENTURE GLOBAL INC COM CL A 92333F101   14,745,733 2,162,131 SH   DFND 1 0 2,162,131 0
VICI PPTYS INC COM 925652109   15,982,564 568,370 SH   DFND 1 0 568,370 0
VORNADO RLTY TR SH BEN INT 929042109   8,884,096 266,950 SH   DFND 1 0 266,950 0
WELLTOWER INC COM 95040Q104   95,526,043 514,660 SH   DFND 1 0 514,660 0
WOLFSPEED INC COMMON STOCK 97785W106   15,030,628 863,333 SH   DFND 1 0 863,333 0
XENIA HOTELS & RESORTS INC COM 984017103   605,220 47,915 SH   DFND 1 0 47,915 0