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
ALEXANDRIA REAL ESTA PFD CONV SER D 015271505 6,836 180,472 SH   SOLE   0 0 180,472
EPR PPTYS PFD C CNV 5.75% 26884U208 21,766 692,081 SH   SOLE   0 0 692,081
PREFERRED APT CMNTYS COM 74039L103 3,729 251,618 SH   SOLE   251,618 0 0
SUN CMNTYS INC COM 866674104 8,761 73,921 SH   SOLE   73,921 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 3,884 154,369 SH   SOLE   0 0 154,369
FIRST INDUSTRIAL REA COM 32054K103 3,210 90,770 SH   SOLE   90,770 0 0
BRAEMAR HOTELS & RES 5.5 CUM CV PFD B 10482B200 5,883 296,476 SH   SOLE   0 0 296,476
DIGITAL RLTY TR INC COM 253868103 8,358 70,234 SH   SOLE   70,234 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 4,802 126,742 SH   SOLE   0 0 126,742
QTS RLTY TR INC 6.50% CON PFD B 74736A301 9,541 87,836 SH   SOLE   0 0 87,836
TPG RE FIN TR INC COM 87266M107 8,067 411,586 SH   SOLE   411,586 0 0
CROWN CASTLE INTL CO 6.875% CON PFD A 22822V309 8,627 7,281 SH   SOLE   0 0 7,281
LEXINGTON REALTY TRU PFD CONV SER C 529043309 3,007 56,093 SH   SOLE   0 0 56,093
GLOBAL NET LEASE INC COM NEW 379378201 1,582 83,701 SH   SOLE   83,701 0 0
ISHARES TR PFD AND INCM SEC 464288687 13,619 372,623 SH   SOLE   0 0 372,623
URSTADT BIDDLE PPTYS PFD-G CV 6.75% 917286809 516 20,000 SH   SOLE   0 0 20,000
BLACKSTONE MTG TR IN COM CL A 09257W100 3,591 103,900 SH   SOLE   103,900 0 0
NEW YORK CMNTY CAP T UNIT 11/01/2051 64944P307 462 9,577 SH   SOLE   0 0 9,577
WELLS FARGO CO NEW PERP PFD CNV A 949746804 2,232 1,716 SH   SOLE   0 0 1,716
BANK AMER CORP 7.25%CNV PFD L 060505682 2,242 1,720 SH   SOLE   0 0 1,720
VIRTUS INVT PARTNERS PFD CV SER D 92828Q208 637 7,326 SH   SOLE   0 0 7,326
EL PASO ENERGY CAP T PFD CV TR SECS 283678209 286 5,335 SH   SOLE   0 0 5,335
RAYONIER ADVANCED MA PFD CV SER A 75508B203 633 6,400 SH   SOLE   0 0 6,400
READY CAP CORP 7% CN SR NT 2023 75574U200 528 20,167 SH   SOLE   0 0 20,167
CHESAPEAKE ENERGY CO PFD CONV 165167842 232 4,218 SH   SOLE   0 0 4,218
CAPITALA FIN CORP 5.75% NT CV 22 14054R403 443 17,786 SH   SOLE   0 0 17,786