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
ALEXANDERS INC COM 014752109 4,769 13,689 SH   SOLE   13,689 0 0
APARTMENT INVT & MGMT CO CL A 03748R754 54,905 1,053,032 SH   SOLE   1,053,032 0 0
BOYD GAMING CORP COM 103304101 27,550 1,150,332 SH   SOLE   1,150,332 0 0
D R HORTON INC COM 23331A109 477,928 9,067,128 SH   SOLE   9,067,128 0 0
EAGLE MATERIALS INC COM 26969P108 79,726 885,746 SH   SOLE   885,746 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 129,700 8,859,268 SH   SOLE   8,859,268 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 13,471 340,533 SH   SOLE   340,533 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 48,463 6,461,780 SH   SOLE   6,461,780 0 0
FORESTAR GROUP INC COM 346232101 85,585 4,681,873 SH   SOLE   4,681,873 0 0
HILTON GRAND VACATIONS INC COM 43283X105 251,747 7,867,092 SH   SOLE   7,867,092 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 135,744 1,457,888 SH   SOLE   1,457,888 0 0
HOST HOTELS & RESORTS INC COM 44107P104 88,594 5,123,976 SH   SOLE   5,123,976 0 0
HUDSON PAC PPTYS INC COM 444097109 89,723 2,681,496 SH   SOLE   2,681,496 0 0
HYATT HOTELS CORP COM CL A 448579102 218,882 2,971,119 SH   SOLE   2,971,119 0 0
JBG SMITH PPTYS COM 46590V100 45,214 1,153,127 SH   SOLE   1,153,127 0 0
JONES LANG LASALLE INC COM 48020Q107 44,439 319,566 SH   SOLE   319,566 0 0
KILROY RLTY CORP COM 49427F108 53,736 689,901 SH   SOLE   689,901 0 0
LAS VEGAS SANDS CORP COM 517834107 77,398 1,340,000 SH   SOLE   1,340,000 0 0
LENNAR CORP CL A 526057104 151,624 2,714,845 SH   SOLE   2,714,845 0 0
LIBERTY PPTY TR SH BEN INT 531172104 98,861 1,925,997 SH   SOLE   1,925,997 0 0
LYON WILLIAM HOMES CL A NEW 552074700 64,907 3,187,943 SH   SOLE   3,187,943 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 155,998 591,977 SH   SOLE   591,977 0 0
MGM RESORTS INTERNATIONAL COM 552953101 25,225 910,000 SH   SOLE   910,000 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 13,791 330,000 SH   SOLE   330,000 0 0
OWENS CORNING NEW COM 690742101 204,350 3,233,385 SH   SOLE   3,233,385 0 0
PARAMOUNT GROUP INC COM 69924R108 120,125 8,998,096 SH   SOLE   8,998,096 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 18,356 2,344,296 SH   SOLE   2,344,296 0 0
RED ROCK RESORTS INC CL A 75700L108 61,159 3,012,040 SH   SOLE   3,012,040 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 73,357 3,194,989 SH   SOLE   3,194,989 0 0
SL GREEN RLTY CORP COM 78440X101 95,390 1,166,853 SH   SOLE   1,166,853 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 169,815 630,859 SH   SOLE   630,859 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 237,416 800,000 SH Put SOLE   800,000 0 0
VEREIT INC COM 92339V100 51,345 5,250,000 SH   SOLE   5,250,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 335,021 5,261,838 SH   SOLE   5,261,838 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 27,435 530,245 SH   SOLE   530,245 0 0