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
EPR PPTYS PFD C CNV 5.75% 26884U208 15,164 456,896 SH   SOLE   0 0 456,896
PREFERRED APT CMNTYS COM 74039L103 3,384 234,187 SH   SOLE   234,187 0 0
SUN CMNTYS INC COM 866674104 10,646 71,716 SH   SOLE   71,716 0 0
BRAEMAR HOTELS & RES 5.5 CUM CV PFD B 10482B200 5,443 261,019 SH   SOLE   0 0 261,019
QTS RLTY TR INC 6.50% CON PFD B 74736A301 9,262 76,240 SH   SOLE   0 0 76,240
TPG RE FIN TR INC COM 87266M107 9,234 465,444 SH   SOLE   465,444 0 0
CROWN CASTLE INTL CO 6.875% CON PFD A 22822V309 7,942 6,292 SH   SOLE   0 0 6,292
LEXINGTON REALTY TRU PFD CONV SER C 529043309 2,523 43,903 SH   SOLE   0 0 43,903
GLOBAL NET LEASE INC COM NEW 379378201 5,587 286,522 SH   SOLE   286,522 0 0
PLYMOUTH INDL REIT I COM 729640102 9,314 508,380 SH   SOLE   508,380 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 7,494 249,370 SH   SOLE   249,370 0 0
LAMAR ADVERTISING CO CL A 512816109 6,515 79,514 SH   SOLE   0 0 79,514
ALEXANDRIA REAL ESTA COM 015271109 6,965 45,216 SH   SOLE   45,216 0 0
ARBOR RLTY TR INC COM 038923108 4,228 322,523 SH   SOLE   322,523 0 0
BLACKSTONE MTG TR IN COM CL A 09257W100 2,733 76,238 SH   SOLE   76,238 0 0
VIRTUS INVT PARTNERS PFD CV SER D 92828Q208 367 3,804 SH   SOLE   0 0 3,804
NEW YORK CMNTY CAP T UNIT 11/01/2051 64944P307 296 5,888 SH   SOLE   0 0 5,888
CAPITALA FIN CORP 5.75% NT CV 22 14054R403 394 16,040 SH   SOLE   0 0 16,040
EL PASO ENERGY CAP T PFD CV TR SECS 283678209 958 18,504 SH   SOLE   0 0 18,504
EQUITY COMWLTH CUM PFD S D 6.5% 294628201 540 19,227 SH   SOLE   0 0 19,227
AMERICAN ELEC PWR CO UNIT 03/15/2022 025537127 1,755 31,953 SH   SOLE   0 0 31,953
DANAHER CORPORATION 4.75 MND CV PFD 235851300 702 609 SH   SOLE   0 0 609
SL GREEN RLTY CORP COM 78440X101 19,906 243,495 SH   SOLE   243,495 0 0