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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADT INC DEL COM 00090Q103   670,142,405 102,000,366 SH   DFND 1 0 102,000,366 0
AEVA TECHNOLOGIES INC COM NEW 00835Q202   18,301,941 1,390,725 SH   DFND 1 0 1,390,725 0
AGREE RLTY CORP COM 008492100   23,805,758 315,810 SH   DFND 1 0 315,810 0
ALPHA TEKNOVA INC COM 02080L102   187,954 65,036 SH   DFND 1 0 65,036 0
AMERICAN HEALTHCARE REIT INC COM SHS 398182303   13,267,051 281,320 SH   DFND 1 0 281,320 0
AMERICAN HOMES 4 RENT CL A 02665T306   25,800,034 924,070 SH   DFND 1 0 924,070 0
AMERICOLD REALTY TRUST INC COM 03064D108   2,609,671 227,720 SH   DFND 1 0 227,720 0
APOLLO COML REAL ESTATE FIN COM 03762U105   7,028,451 665,573 SH   OTR   0 665,573 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101   36,037,803 330,319 SH   DFND 1 0 330,319 0
ATERIAN INC COM NEW 02156U200   1,304 2,276 SH   DFND 1 0 2,276 0
BLUEROCK PVT REAL ESTATE FD COM 09631P102   2,069,540 124,596 SH   DFND 1 0 124,596 0
BRAND ENGAGEMENT NETWORK INC *W EXP 03/14/202 104932116   4,717 18,143 SH   DFND 1 0 18,143 0
BRIXMOR PPTY GROUP INC COM 11120U105   29,499,840 1,024,300 SH   DFND 1 0 1,024,300 0
BUILDERS FIRSTSOURCE INC COM 12008R107   23,678,602 287,606 SH   DFND 1 0 287,606 0
BXP INC COM 101121101   7,287,279 140,410 SH   DFND 1 0 140,410 0
CALIDI BIOTHERAPEUTICS INC COM 320703408   249 1,042 SH   DFND 1 0 1,040 0
CAMDEN PPTY TR SH BEN INT 133131102   23,966,741 245,410 SH   DFND 1 0 245,410 0
CARECLOUD INC COM 14167R100   765,931 209,844 SH   DFND 1 0 209,844 0
CARMAX INC COM 143130102   172,338,331 4,144,741 SH   DFND 1 0 4,144,741 0
CHURCHILL DOWNS INC COM 171484108   42,847,293 476,982 SH   DFND 1 0 476,982 0
CION INVT CORP COM 17259U204   432,715 63,262 SH   OTR   0 63,262 0
COMCAST CORP NEW CL A 20030N101   124,477,143 4,335,672 SH   DFND 1 0 4,335,672 0
COMMUNITY HEALTH SYS INC NEW COM 203668108   33,778,589 11,489,316 SH   DFND 1 0 11,489,316 0
CONCENTRIX CORP COM 20602D101   22,700,592 829,700 SH Put DFND 1 0 829,700 0
COUSINS PPTYS INC COM NEW 222795502   11,372,188 503,863 SH   DFND 1 0 503,863 0
ECHOSTAR CORP CL A 278768106   220,614,318 1,884,465 SH   DFND 1 0 1,884,465 0
ECHOSTAR CORP NOTE 3.875%11/3 278768AB2   827,147,802 230,885,639 PRN   DFND 1 0 230,885,636 0
EPR PPTYS COM SH BEN INT 26884U109   4,327,036 86,610 SH   DFND 1 0 86,610 0
EQUITY LIFESTYLE PROPERTIES COM 29472R108   16,521,326 264,680 SH   DFND 1 0 264,680 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   13,173,888 222,720 SH   DFND 1 0 222,720 0
ESSEX PPTY TR INC COM 297178105   11,630,520 48,060 SH   DFND 1 0 48,060 0
EXTRA SPACE STORAGE INC COM 30225T102   37,570,056 286,510 SH   DFND 1 0 286,510 0
FALCONS BEYOND GLOBAL INC *W EXP 10/06/202 306121112   23,498 12,433 SH   DFND 1 0 12,433 0
FIRST INDL RLTY TR INC COM 32054K103   12,087,758 208,950 SH   DFND 1 0 208,950 0
GAMING & LEISURE P COM 36467J108   2,810,840 63,350 SH   DFND 1 0 63,350 0
GLOBAL BUSINESS TRAVEL GROUP COM CL A 37890B100   127,698,249 22,884,991 SH   OTR   0 22,884,990 0
GRUPO AEROMEXICO SAB DE CV SPONSORED ADS 40054J109   385,345,288 27,505,017 SH   DFND 1 0 27,505,017 0
HEALTHCARE RLTY TR CL A COM 42226K105   11,505,305 677,181 SH   DFND 1 0 677,181 0
HILTON GRAND VACATIONS INC COM 43283X105   713,776,674 18,245,825 SH   DFND 1 0 18,245,825 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   4,895,688 16,100 SH   DFND 1 0 16,100 0
HOST HOTELS & RESORTS INC COM 44107P104   15,367,661 802,070 SH   DFND 1 0 802,070 0
HYATT HOTELS CORP COM CL A 448579102   4,313,700 30,000 SH   DFND 1 0 30,000 0
INVITATION HOMES INC COM 46187W107   50,164,869 2,018,707 SH   DFND 1 0 2,018,707 0
IRON MTN INC DEL COM 46284V101   27,122,153 265,539 SH   DFND 1 0 265,539 0
ISHARES TR RUSSELL 2000 ETF 464287655   322,400,000 1,300,000 SH Put DFND 1 0 1,300,000 0
JAMES HARDIE INDS PLC ORD SHS G4253H101   22,254,330 1,174,991 SH   DFND 1 0 1,174,991 0
JANUS DETROIT STR TR HENDRSON AAA CL 47103U845   25,185,000 500,000 SH   DFND 1 0 500,000 0
JPMORGAN CHASE & CO COM 46625H100   327,988,400 1,115,000 SH Put DFND 1 0 1,115,000 0
KIMCO REALTY CORP COM 49446R109   27,913,470 1,242,255 SH   DFND 1 0 1,242,255 0
KITE REALTY GROUP TRUST COM NEW 49803T300   18,862,502 768,330 SH   DFND 1 0 768,330 0
LINEAGE INC COM 53566V106   6,790,067 207,267 SH   DFND 1 0 207,267 0
MACERICH CO COM 554382101   11,522,196 609,640 SH   DFND 1 0 609,640 0
MANNKIND CORP COM NEW 56400P706   1,185,839 484,016 SH   DFND 1 0 484,016 0
MARRIOTT INTL INC NEW CL A 571903202   4,677,101 14,300 SH   DFND 1 0 14,300 0
MASTERBRAND INC COMMON STOCK 57638P104   21,923,600 2,638,219 SH   DFND 1 0 2,638,219 0
MAXCYTE INC COM 57777K106   216,361 307,987 SH   DFND 1 0 307,987 0
MIDCAP FINANCIAL INVSTMNT CO COM NEW 03761U502   25,326,828 2,253,277 SH   DFND 1 0 2,253,277 0
MIDCAP FINANCIAL INVSTMNT CO COM NEW 03761U502   1,073,083 95,470 SH   OTR   0 95,470 0
MOHAWK INDS INC COM 608190104   23,833,917 242,067 SH   DFND 1 0 242,067 0
NAMIB MINERALS *W EXP 06/05/203 G63638111   184,175 1,364,262 SH   DFND 1 0 1,364,262 0
NVIDIA CORPORATION COM 67066G104   174,400,000 1,000,000 SH   DFND 1 0 1,000,000 0
NVIDIA CORPORATION COM 67066G104   174,400,000 1,000,000 SH Put DFND 1 0 1,000,000 0
OMEGA HEALTHCARE INVS INC COM 681936100   15,647,158 357,078 SH   DFND 1 0 357,078 0
OPTIMUM COMMUNICATIONS INC CL A 02156K103   7,936,044 6,104,649 SH   DFND 1 0 6,104,649 0
OWENS CORNING NEW COM 690742101   26,037,732 240,600 SH   DFND 1 0 240,600 0
PHOENIX ED PARTNERS INC COM 718968100   783,395,527 24,901,319 SH   DFND 1 0 24,901,319 0
PUBLIC STORAGE OPER CO COM 74460D109   39,001,302 143,980 SH   DFND 1 0 143,980 0
RACKSPACE TECHNOLOGY INC COM 750102105   127,016,820 129,609,000 SH   DFND 1 0 129,609,000 0
RAIN ENHANCEMENT TECHNOLOGIE *W EXP 12/31/202 75080J111   45,449 217,457 SH   DFND 1 0 217,457 0
RAIN ENHANCEMENT TECHNOLOGIE CL A 75080J103   60,884 23,970 SH   DFND 1 0 23,970 0
REALTY INCOME CORP COM 756109104   31,125,937 508,760 SH   DFND 1 0 508,760 0
SABRE CORP COM 78573M104   20,881,188 14,400,819 SH   DFND 1 0 14,400,819 0
SATELLOGIC INC *W EXP 01/25/202 80401C118   177,341 147,784 SH   DFND 1 0 147,784 0
SIGHT SCIENCES INC COM 82657M105   1,262,950 335,000 SH   DFND 1 0 335,000 0
SIMON PPTY GROUP INC NEW COM 828806109   31,523,570 169,000 SH   DFND 1 0 169,000 0
SPS COMM INC COM 78463M107   186,439 3,349 SH   DFND 1 0 3,349 0
SSGA ACTIVE TR ST STR SHORT DUR 78470P580   10,883,600 434,996 SH   DFND 1 0 434,996 0
SSGA ACTIVE TR STATE STREET IG 78470P622   19,931,700 790,000 SH   DFND 1 0 790,000 0
TPG INC COM CL A 872657101   102,543,692 2,531,318 SH   DFND 1 0 2,531,318 0
UDR INC COM 902653104   25,474,511 754,130 SH   DFND 1 0 754,130 0
UNITI GROUP LLC COM SHS 912932100   86,968,677 9,271,714 SH   DFND 1 0 9,271,714 0
USA TODAY CO INC COM 36472T109   85,507,730 12,128,756 SH   DFND 1 0 12,128,756 0
VANECK ETF TRUST SEMICONDUCTR ETF 92189F676   766,800,000 2,000,000 SH Put DFND 1 0 2,000,000 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   352,867,019 590,523 SH   DFND 1 0 590,523 0
VENTAS INC COM 92276F100   47,538,714 581,300 SH   DFND 1 0 581,300 0
VICI PPTYS INC COM 925652109   46,436,214 1,699,715 SH   DFND 1 0 1,699,715 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105   4,780,386 58,850 SH   DFND 1 0 58,850 0