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
AGNC INVT CORP COM 00123Q104 2,087 150,000 SH   SOLE   150,000 0 0
ANNALY CAPITAL MANAGEMENT INC COM 035710409 2,706 380,000 SH   SOLE   380,000 0 0
APOLLO COML REAL EST FIN INC C COM 03762U105 1,532 170,000 SH   SOLE   170,000 0 0
ARBOR REALTY TRUST INC COM 038923108 3,728 325,000 SH   SOLE   325,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 3,258 148,300 SH   SOLE   148,300 0 0
BLUEROCK RESIDENTIAL GWT REIT COM CL A 09627J102 893 117,776 SH   SOLE   117,776 0 0
BOSTON PROPERTIES INC COM 101121101 321 4,000 SH   SOLE   4,000 0 0
CITY OFFICE REIT INC COM 178587101 338 45,000 SH   SOLE   45,000 0 0
DIGITAL RLTY TR INC COM 253868103 1,744 11,885 SH   SOLE   11,885 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 294 4,000 SH   SOLE   4,000 0 0
FIRST INDL RLTY TR INC COM 32054K103 398 10,000 SH   SOLE   10,000 0 0
GLOBAL NET LEASE INC COM NEW 379378201 646 40,635 SH   SOLE   40,635 0 0
HEALTHCARE TR AMER INC CL A NEW 42225P501 520 20,000 SH   SOLE   20,000 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 355 30,602 SH   SOLE   30,602 0 0
IRON MTN INC NEW COM 46284V101 1,206 45,000 SH   SOLE   45,000 0 0
KKR REAL ESTATE FIN TR INC COM 48251K100 556 33,614 SH   SOLE   33,614 0 0
LADDER CAP CORP CL A 505743104 748 105,000 SH   SOLE   105,000 0 0
LEXINGTON REALTY TRUST COM 529043101 496 47,500 SH   SOLE   47,500 0 0
NETSTREIT CORP COM 64119V303 249 13,650 SH   SOLE   13,650 0 0
NUVEEN PFD & INCOME OPPORTUNIT COM 67073B106 1,256 147,906 SH   SOLE   147,906 0 0
OAKTREE SPECIALTY LENDING CORP COM 67401P108 145 30,000 SH   SOLE   30,000 0 0
PLYMOUTH INDL REIT INC COM 729640102 309 25,000 SH   SOLE   25,000 0 0
PROLOGIS INC. COM 74340W103 402 4,000 SH   SOLE   4,000 0 0
QTS RLTY TR INC 6.50% CON PFD B 74736A301 707 5,000 SH   SOLE   5,000 0 0
QTS RLTY TR INC COM CL A 74736A103 1,702 27,000 SH   SOLE   27,000 0 0
READY CAPITAL CORP 7% CN SR NT 2023 75574U200 1,188 49,941 SH   SOLE   49,941 0 0
REXFORD INDL RLTY INC COM 76169C100 458 10,000 SH   SOLE   10,000 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 5,269 229,792 SH   SOLE   229,792 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 2,754 199,797 SH   SOLE   199,797 0 0
SIMON PPTY GROUP INC NEW COM 828806109 711 11,000 SH   SOLE   11,000 0 0
SL GREEN RLTY CORP COM 78440X101 374 8,063 SH   SOLE   8,063 0 0
STAG INDL INC COM 85254J102 2,807 92,066 SH   SOLE   92,066 0 0
STARWOOD PPTY TR INC COM 85571B105 1,773 117,500 SH   SOLE   117,500 0 0
TERRENO RLTY CORP COM 88146M101 970 17,714 SH   SOLE   17,714 0 0
TPG RE FIN TR INC COM 87266M107 1,607 190,000 SH   SOLE   190,000 0 0
VEREIT INC COM 92339V100 780 120,000 SH   SOLE   120,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 506 15,000 SH   SOLE   15,000 0 0
WP CAREY INC COM 92936U109 2,952 45,300 SH   SOLE   45,300 0 0