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
AGREE RLTY CORP COM 008492100   30,618,125 486,388 SH   SOLE   486,388 0 0
APARTMENT INCOME REIT CORP COM 03750L109   49,267,422 1,418,584 SH   SOLE   1,418,584 0 0
APARTMENT INVT & MGMT CO CL A 03748R747   32,511,256 4,152,140 SH   SOLE   4,152,140 0 0
CAMDEN PPTY TR SH BEN INT 133131102   199,511,837 2,009,385 SH   SOLE   2,009,385 0 0
CBRE GROUP INC CL A 12504L109   32,342,259 347,430 SH   SOLE   347,430 0 0
D R HORTON INC COM 23331A109   18,615,270 122,485 SH   SOLE   122,485 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   16,513,200 270,000 SH   SOLE   270,000 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107   21,922,684 857,695 SH   SOLE   857,695 0 0
FIRST INDL RLTY TR INC COM 32054K103   14,730,166 279,669 SH   SOLE   279,669 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106   7,317,901 2,383,681 SH   SOLE   2,383,681 0 0
FORESTAR GROUP INC COM 346232101   29,750,070 899,609 SH   SOLE   899,609 0 0
HILTON GRAND VACATIONS INC COM 43283X105   31,605,267 786,592 SH   SOLE   786,592 0 0
INDEPENDENCE RLTY TR INC COM 45378A106   52,297,205 3,418,118 SH   SOLE   3,418,118 0 0
JBG SMITH PPTYS COM 46590V100   119,553,526 7,028,426 SH   SOLE   7,028,426 0 0
LXP INDUSTRIAL TRUST COM 529043101   30,868,679 3,111,762 SH   SOLE   3,111,762 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103   24,502,683 134,756 SH   SOLE   134,756 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100   31,260,106 3,524,251 SH   SOLE   3,524,251 0 0
MID-AMER APT CMNTYS INC COM 59522J103   115,423,826 858,425 SH   SOLE   858,425 0 0
NET LEASE OFFICE PROPERTIES COM 64110Y108   20,077,818 1,086,462 SH   SOLE   1,086,462 0 0
NETSTREIT CORP COM 64119V303   31,772,982 1,779,999 SH   SOLE   1,779,999 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106   36,982,193 4,275,398 SH   SOLE   4,275,398 0 0
REXFORD INDL RLTY INC COM 76169C100   24,305,718 433,257 SH   SOLE   433,257 0 0
SAFEHOLD INC COM 78646V107   58,279,010 2,490,556 SH   SOLE   2,490,556 0 0
SITE CTRS CORP COM 82981J109   15,675,618 1,150,082 SH   SOLE   1,150,082 0 0
SMARTRENT INC COM CL A 83193G107   10,111,694 3,169,810 SH   SOLE   3,169,810 0 0
SPHERE ENTERTAINMENT CO CL A 55826T102   15,242,403 448,834 SH   SOLE   448,834 0 0
TRAVEL PLUS LEISURE CO COM 894164102   23,928,592 612,141 SH   SOLE   612,141 0 0
UDR INC COM 902653104   12,182,346 318,160 SH   SOLE   318,160 0 0
VESTA REAL ESTATE CORP ADS 92540K109   19,581,036 494,221 SH   SOLE   494,221 0 0
VICI PPTYS INC COM 925652109   54,326,708 1,704,100 SH   SOLE   1,704,100 0 0
WP CAREY INC COM 92936U109   62,735,237 967,987 SH   SOLE   967,987 0 0