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   213,414,255 3,029,301 SH   SOLE   3,029,301 0 0
AMERICOLD REALTY TRUST INC COM 03064D108   44,336,969 2,071,821 SH   SOLE   2,071,821 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100   14,781,499 442,295 SH   SOLE   442,295 0 0
CAMDEN PPTY TR SH BEN INT 133131102   132,810,101 1,144,520 SH   SOLE   1,144,520 0 0
D R HORTON INC COM 23331A109   163,452,936 1,169,024 SH   SOLE   1,169,024 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106   737,712 195,162 SH   SOLE   195,162 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   86,885,085 4,286,388 SH   SOLE   4,286,388 0 0
HILTON GRAND VACATIONS INC COM 43283X105   53,955,682 1,385,255 SH   SOLE   1,385,255 0 0
INDEPENDENCE RLTY TR INC COM 45378A106   168,742,632 8,505,173 SH   SOLE   8,505,173 0 0
INTERNATIONAL GAME TECHNOLOG SHS USD G4863A108   54,800,199 3,103,069 SH   SOLE   3,103,069 0 0
INTERNATIONAL GAME TECHNOLOG SHS USD G4863A108   35,320,000 2,000,000 SH Call SOLE   2,000,000 0 0
JBG SMITH PPTYS COM 46590V100   97,381,738 6,335,832 SH   SOLE   6,335,832 0 0
LENNAR CORP CL A 526057104   40,911,000 300,000 SH Call SOLE   300,000 0 0
LENNAR CORP CL A 526057104   125,498,856 920,282 SH   SOLE   920,282 0 0
MERITAGE HOMES CORP COM 59001A102   25,004,518 162,557 SH   SOLE   162,557 0 0
MID-AMER APT CMNTYS INC COM 59522J103   105,974,892 685,611 SH   SOLE   685,611 0 0
NET LEASE OFFICE PROPERTIES COM 64110Y108   26,890,567 861,601 SH   SOLE   861,601 0 0
NNN REIT INC COM 637417106   60,615,068 1,483,845 SH   SOLE   1,483,845 0 0
PARAMOUNT GROUP INC COM 69924R108   49,663,475 10,053,335 SH   SOLE   10,053,335 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106   100,459,267 7,941,444 SH   SOLE   7,941,444 0 0
RED ROCK RESORTS INC CL A 75700L108   68,164,835 1,474,153 SH   SOLE   1,474,153 0 0
REXFORD INDL RLTY INC COM 76169C100   58,595,068 1,515,651 SH   SOLE   1,515,651 0 0
SAFEHOLD INC COM 78646V107   14,145,793 765,465 SH   SOLE   765,465 0 0
SMARTRENT INC COM CL A 83193G107   17,615,663 10,066,093 SH   SOLE   10,066,093 0 0
SUN CMNTYS INC COM 866674104   15,247,542 123,994 SH   SOLE   123,994 0 0
TPG RE FIN TR INC COM 87266M107   62,080,821 7,303,626 SH   SOLE   7,303,626 0 0
VESTA REAL ESTATE CORP ADS 92540K109   68,177,126 2,663,169 SH   SOLE   2,663,169 0 0
WYNN RESORTS LTD COM 983134107   65,645,046 761,897 SH   SOLE   761,897 0 0