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
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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
AGNC INVT CORP COM 00123Q104   2,697,210 260,600 SH   SOLE   260,600 0 0
AMERICAN HOMES 4 RENT CL A 02665T306   34,979,309 1,160,561 SH   SOLE   1,160,561 0 0
APARTMENT INCOME REIT CORP COM 03750L109   29,846,578 869,909 SH   SOLE   869,909 0 0
APARTMENT INVT & MGMT CO CL A 03748R747   41,369,806 5,810,366 SH   SOLE   5,810,366 0 0
AVALONBAY CMNTYS INC COM 053484101   124,018,932 767,824 SH   SOLE   767,824 0 0
BROADSTONE NET LEASE INC COM 11135E203   11,934,126 736,220 SH   SOLE   736,220 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   21,777,732 759,600 SH   SOLE   759,600 0 0
CAMDEN PPTY TR SH BEN INT 133131102   106,093,566 948,280 SH   SOLE   948,280 0 0
D R HORTON INC COM 23331A109   54,053,426 606,388 SH   SOLE   606,388 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   63,361,457 1,073,923 SH   SOLE   1,073,923 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107   18,301,038 779,763 SH   SOLE   779,763 0 0
FIRST INDL RLTY TR INC COM 32054K103   32,666,663 676,889 SH   SOLE   676,889 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106   7,286,830 3,127,395 SH   SOLE   3,127,395 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106   51,237,502 655,882 SH   SOLE   655,882 0 0
FORESTAR GROUP INC COM 346232101   72,147,663 4,681,873 SH   SOLE   4,681,873 0 0
HILTON GRAND VACATIONS INC COM 43283X105   17,685,890 458,897 SH   SOLE   458,897 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   22,113,000 175,000 SH   SOLE   175,000 0 0
INDEPENDENCE RLTY TR INC COM 45378A106   88,304,823 5,237,534 SH   SOLE   5,237,534 0 0
JBG SMITH PPTYS COM 46590V100   161,761,150 8,522,716 SH   SOLE   8,522,716 0 0
KILROY RLTY CORP COM 49427F108   47,878,990 1,238,143 SH   SOLE   1,238,143 0 0
LIFE STORAGE INC COM 53223X107   69,057,956 701,096 SH   SOLE   701,096 0 0
LXP INDUSTRIAL TRUST COM 529043101   83,330,258 8,316,393 SH   SOLE   8,316,393 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103   41,005,971 223,673 SH   SOLE   223,673 0 0
MARRIOTT VACATIONS WORLDWIDE COM 57164Y107   44,651,713 331,761 SH   SOLE   331,761 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100   25,450,225 2,213,063 SH   SOLE   2,213,063 0 0
MERITAGE HOMES CORP COM 59001A102   23,751,919 257,613 SH   SOLE   257,613 0 0
PROLOGIS INC. COM 74340W103   11,273,000 100,000 SH   SOLE   100,000 0 0
RLJ LODGING TR COM 74965L101   6,225,162 587,834 SH   SOLE   587,834 0 0
SAFEHOLD INC COM 78645L100   26,145,028 913,523 SH   SOLE   913,523 0 0
SHERWIN WILLIAMS CO COM 824348106   22,047,957 92,900 SH   SOLE   92,900 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102   18,063,367 776,919 SH   SOLE   776,919 0 0
SMARTRENT INC COM CL A 83193G107   3,676,004 1,512,759 SH   SOLE   1,512,759 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300   92,295,280 2,311,427 SH   SOLE   2,311,427 0 0
STAG INDL INC COM 85254J102   48,757,050 1,509,039 SH   SOLE   1,509,039 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101   9,080,970 940,059 SH   SOLE   940,059 0 0
TRAVEL PLUS LEISURE CO COM 894164102   16,359,106 449,426 SH   SOLE   449,426 0 0
U HAUL HOLDING COMPANY COM 023586100   10,241,208 170,148 SH   SOLE   170,148 0 0
UDR INC COM 902653104   73,432,506 1,896,011 SH   SOLE   1,896,011 0 0