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
AGREE RLTY CORP COM 008492100   163,856,717 2,868,640 SH   SOLE   2,868,640 0 0
AMERICOLD REALTY TRUST INC COM 03064D108   106,205,726 4,261,867 SH   SOLE   4,261,867 0 0
APARTMENT INCOME REIT CORP COM 03750L109   65,823,541 2,027,211 SH   SOLE   2,027,211 0 0
APARTMENT INVT & MGMT CO CL A 03748R747   30,533,188 3,728,106 SH   SOLE   3,728,106 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100   1,195,458 27,331 SH   SOLE   27,331 0 0
CAMDEN PPTY TR SH BEN INT 133131102   159,053,957 1,616,402 SH   SOLE   1,616,402 0 0
COPT DEFENSE PROPERTIES SHS BEN INT 22002T108   13,673,863 565,737 SH   SOLE   565,737 0 0
D R HORTON INC COM 23331A109   108,563,673 659,761 SH   SOLE   659,761 0 0
ESSEX PPTY TR INC COM 297178105   8,384,743 34,250 SH   SOLE   34,250 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101   6,127,200 60,000 SH   SOLE   60,000 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106   7,460,922 2,383,681 SH   SOLE   2,383,681 0 0
HILTON GRAND VACATIONS INC COM 43283X105   17,830,839 377,692 SH   SOLE   377,692 0 0
INDEPENDENCE RLTY TR INC COM 45378A106   167,985,611 10,414,483 SH   SOLE   10,414,483 0 0
JBG SMITH PPTYS COM 46590V100   111,954,384 6,975,351 SH   SOLE   6,975,351 0 0
JONES LANG LASALLE INC COM 48020Q107   4,096,890 21,000 SH   SOLE   21,000 0 0
LXP INDUSTRIAL TRUST COM 529043101   67,176,567 7,447,513 SH   SOLE   7,447,513 0 0
MARRIOTT VACATIONS WORLDWIDE COM 57164Y107   15,291,519 141,943 SH   SOLE   141,943 0 0
MEDICAL PPTYS TRUST INC COM 58463J304   9,400,000 2,000,000 SH Put SOLE   2,000,000 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100   5,761,662 799,121 SH   SOLE   799,121 0 0
MERITAGE HOMES CORP COM 59001A102   32,302,537 184,102 SH   SOLE   184,102 0 0
MID-AMER APT CMNTYS INC COM 59522J103   13,079,578 99,404 SH   SOLE   99,404 0 0
NET LEASE OFFICE PROPERTIES COM 64110Y108   20,506,104 861,601 SH   SOLE   861,601 0 0
NETSTREIT CORP COM 64119V303   109,621,818 5,967,437 SH   SOLE   5,967,437 0 0
NNN REIT INC COM 637417106   113,024,947 2,644,477 SH   SOLE   2,644,477 0 0
PARAMOUNT GROUP INC COM 69924R108   15,203,695 3,241,726 SH   SOLE   3,241,726 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106   33,687,712 3,472,960 SH   SOLE   3,472,960 0 0
REXFORD INDL RLTY INC COM 76169C100   51,819,815 1,030,215 SH   SOLE   1,030,215 0 0
RITHM CAPITAL CORP COM NEW 64828T201   53,025,133 4,751,356 SH   SOLE   4,751,356 0 0
SAFEHOLD INC COM 78646V107   47,728,511 2,316,918 SH   SOLE   2,316,918 0 0
SITE CTRS CORP COM 82981J109   84,885,382 5,794,224 SH   SOLE   5,794,224 0 0
SMARTRENT INC COM CL A 83193G107   10,709,135 3,995,946 SH   SOLE   3,995,946 0 0
SMITH DOUGLAS HOMES CORP COM SHS CL A 83207R107   12,388,226 417,112 SH   SOLE   417,112 0 0
TPG RE FIN TR INC COM 87266M107   16,637,820 2,155,158 SH   SOLE   2,155,158 0 0
TRAVEL PLUS LEISURE CO COM 894164102   20,903,031 426,941 SH   SOLE   426,941 0 0
VESTA REAL ESTATE CORP ADS 92540K109   41,244,811 1,051,091 SH   SOLE   1,051,091 0 0