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
ACADIA RLTY TR COM SH BEN INT 004239109 5,768 457,016 SH   SOLE   457,016 0 0
APARTMENT INCOME REIT CORP COM 03750L109 62,679 1,622,956 SH   SOLE   1,622,956 0 0
APARTMENT INVT & MGMT CO CL A 03748R747 78,545 10,759,559 SH   SOLE   10,759,559 0 0
AVALONBAY CMNTYS INC COM 053484101 39,745 215,782 SH   SOLE   215,782 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100 7,038 218,164 SH   SOLE   218,164 0 0
CAMDEN PPTY TR SH BEN INT 133131102 45,486 380,793 SH   SOLE   380,793 0 0
D R HORTON INC COM 23331A109 109,904 1,631,837 SH   SOLE   1,631,837 0 0
EXPEDIA GROUP INC COM NEW 30212P303 46,773 499,234 SH   SOLE   499,234 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 1,289 14,299 SH   SOLE   14,299 0 0
FIRST INDL RLTY TR INC COM 32054K103 13,910 310,411 SH   SOLE   310,411 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 11,771 4,527,395 SH   SOLE   4,527,395 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 19,735 314,500 SH   SOLE   314,500 0 0
FORESTAR GROUP INC COM 346232101 52,390 4,681,873 SH   SOLE   4,681,873 0 0
FRANKLIN BSP RLTY TR INC COMMON STOCK 35243J101 1,895 175,913 SH   SOLE   175,913 0 0
HILTON GRAND VACATIONS INC COM 43283X105 25,850 785,945 SH   SOLE   785,945 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 42,820 355,000 SH   SOLE   355,000 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 171,324 10,240,518 SH   SOLE   10,240,518 0 0
JBG SMITH PPTYS COM 46590V100 160,182 8,621,200 SH   SOLE   8,621,200 0 0
KILROY RLTY CORP COM 49427F108 105,008 2,493,651 SH   SOLE   2,493,651 0 0
LAS VEGAS SANDS CORP COM 517834107 33,299 887,500 SH   SOLE   887,500 0 0
LAS VEGAS SANDS CORP COM 517834107 28,140 750,000 SH Call SOLE   750,000 0 0
LXP INDUSTRIAL TRUST COM 529043101 95,611 10,437,865 SH   SOLE   10,437,865 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103 40,387 295,527 SH   SOLE   295,527 0 0
MARRIOTT VACATIONS WORLDWIDE COM 57164Y107 58,903 483,367 SH   SOLE   483,367 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100 71,804 10,830,196 SH   SOLE   10,830,196 0 0
RADIUS GLOBAL INFRASTRCTRE I COM CL A 750481103 38,118 4,046,547 SH   SOLE   4,046,547 0 0
RED ROCK RESORTS INC CL A 75700L108 25,039 730,843 SH   SOLE   730,843 0 0
SAFEHOLD INC COM 78645L100 45,675 1,726,191 SH   SOLE   1,726,191 0 0
SHERWIN WILLIAMS CO COM 824348106 31,736 155,000 SH   SOLE   155,000 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 83,488 4,716,813 SH   SOLE   4,716,813 0 0
SMARTRENT INC COM CL A 83193G107 27,021 11,903,445 SH   SOLE   11,903,445 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 53,732 1,485,950 SH   SOLE   1,485,950 0 0
STAG INDL INC COM 85254J102 73,105 2,571,388 SH   SOLE   2,571,388 0 0