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
Acadia Realty Trust COM 004239109 383 24,524 SH   SOLE   24,524 0 0
Alexander & Baldwin Inc COM 014491104 2,390 133,136 SH   SOLE   133,136 0 0
Alexanders Inc COM 014752109 1,561 7,026 SH   SOLE   7,026 0 0
American Campus Communities In COM 024835100 1,767 27,409 SH   SOLE   27,409 0 0
Apartment Income Reit Corp COM 03750L109 3,128 75,200 SH   SOLE   75,200 0 0
Armada Hoffler Properties Inc COM 04208T108 434 33,783 SH   SOLE   33,783 0 0
Blackstone Mtg Tr Inc Cl A COM 09257W100 45,336 1,638,439 SH   SOLE   1,638,439 0 0
Boston Properties Inc COM 101121101 383 4,300 SH   SOLE   4,300 0 0
Braemar Hotels & Resorts Inc COM 10482B101 267 62,234 SH   SOLE   62,234 0 0
Braemar Hotels & Resorts Inc 5 CONVPFD 10482B200 2,140 133,720 SH   SOLE   0 0 133,720
Brandywine Realty Trust New COM 105368203 3,631 376,700 SH   SOLE   376,700 0 0
Brixmor Property Group Inc COM 11120U105 3,266 161,600 SH   SOLE   161,600 0 0
Brt Apartments Corp COM 055645303 253 11,757 SH   SOLE   11,757 0 0
Caretrust Reit Inc COM 14174T107 553 30,000 SH   SOLE   30,000 0 0
Catchmark Timber Tr Inc Cl A COM 14912Y202 3,975 395,146 SH   SOLE   395,146 0 0
Century Communities Inc COM 156504300 1,071 23,818 SH   SOLE   23,818 0 0
Chatham Lodging Tr COM 16208T102 417 39,899 SH   SOLE   39,899 0 0
City Office Reit Inc COM 178587101 390 30,112 SH   SOLE   30,112 0 0
Corenergy Infrastructure Tr In CONV 21870UAC0 1,514 1,905,000 PRN   SOLE   1,905,000 0 0
Crown Castle Inc Com COM 22822V101 5,696 33,826 SH   SOLE   33,826 0 0
Cto Realty Growth Inc COM 22948Q101 500 8,184 SH   SOLE   8,184 0 0
Diamondrock Hospitality Co COM 252784301 442 53,852 SH   SOLE   53,852 0 0
Digitalbridge Group Inc Cl A COM 25401T108 434 88,912 SH   SOLE   88,912 0 0
Epr Properties Conv Pfd 9 Sr CONVPFD 26884U307 4,636 154,533 SH   SOLE   0 0 154,533
Epr Properties Conv Pfd C 5.75 CONVPFD 26884U208 10,358 469,340 SH   SOLE   0 0 469,340
Expedia Group Inc New COM 30212P303 281 2,965 SH   SOLE   2,965 0 0
Forestar Group Inc COM 346232101 1,016 74,202 SH   SOLE   74,202 0 0
Gaming & Leisure Properties In COM 36467J108 9,372 204,368 SH   SOLE   204,368 0 0
Global Net Lease Inc New COM 379378201 6,165 435,350 SH   SOLE   435,350 0 0
Granite Pt Mtg Tr Inc CONV 38741LAC1 5,816 6,050,000 PRN   SOLE   6,050,000 0 0
Healthcare Tr America Inc Cl A COM 42225P501 3,685 132,027 SH   SOLE   132,027 0 0
Healthpeak Properties Inc COM 42250P103 2,962 114,323 SH   SOLE   114,323 0 0
Hersha Hospitality Tr Pr Ben COM 427825500 6,107 622,563 SH   SOLE   622,563 0 0
Highwoods Properties Inc COM 431284108 2,138 62,522 SH   SOLE   62,522 0 0
Howard Hughes Corp COM 44267D107 1,339 19,680 SH   SOLE   19,680 0 0
Independence Realty Trust Inc COM 45378A106 1,072 51,700 SH   SOLE   51,700 0 0
Inventrust Properties Corp New COM 46124J201 1,483 57,500 SH   SOLE   57,500 0 0
Istar Inc COM 45031U101 1,015 74,000 SH   SOLE   74,000 0 0
Kennedy-Wilson Holdings Inc COM 489398107 4,353 229,810 SH   SOLE   229,810 0 0
Kilroy Realty Corp COM 49427F108 480 9,180 SH   SOLE   9,180 0 0
Kite Realty Group Tr COM 49803T300 403 23,334 SH   SOLE   23,334 0 0
Ladder Cap Corp Cl A COM 505743104 2,975 282,275 SH   SOLE   282,275 0 0
Lxp Industrial Trust Conv Pfd CONVPFD 529043309 1,023 19,762 SH   SOLE   0 0 19,762
Outfront Media Inc COM 69007J106 422 24,923 SH   SOLE   24,923 0 0
Park Hotels & Resorts Inc COM 700517105 293 21,621 SH   SOLE   21,621 0 0
Pebblebrook Hotel Tr COM 70509V100 1,019 61,495 SH   SOLE   61,495 0 0
Phillips Edison & Co Inc Commo COM 71844V201 2,894 86,607 SH   SOLE   86,607 0 0
Physicians Realty Trust COM 71943U104 1,091 62,500 SH   SOLE   62,500 0 0
Piedmont Office Realty Trust I COM 720190206 1,563 119,100 SH   SOLE   119,100 0 0
Playa Hotels & Resorts Nv COM N70544106 321 46,789 SH   SOLE   46,789 0 0
Plymouth INDL REIT Inc COM 729640102 5,388 307,174 SH   SOLE   307,174 0 0
Postal Realty Trust Inc Cl A COM 73757R102 338 22,687 SH   SOLE   22,687 0 0
Rlj Lodging Tr COM 74965L101 349 31,622 SH   SOLE   31,622 0 0
Rlj Lodging Tr Cum Conv Pfd A CONVPFD 74965L200 7,167 276,383 SH   SOLE   0 0 276,383
Rpt Realty COM 74971D101 389 39,573 SH   SOLE   39,573 0 0
Rpt Realty 7.25 Pfd D Conv CONVPFD 74971D200 13,444 281,559 SH   SOLE   0 0 281,559
Ryman Hospitality Properties I COM 78377T107 1,467 19,300 SH   SOLE   19,300 0 0
Sl Green Realty Corp COM 78440X887 28,729 622,509 SH   SOLE   622,509 0 0
Spirit Realty Cap Inc COM 84860W300 1,749 46,305 SH   SOLE   46,305 0 0
Stag Industrial Inc COM 85254J102 2,640 85,500 SH   SOLE   85,500 0 0
Starwood Property Tr Inc COM 85571B105 1,291 61,800 SH   SOLE   61,800 0 0
Two Harbors Inventment Corp CONV 90187BAB7 2,934 3,285,000 PRN   SOLE   3,285,000 0 0
Umh Properties Inc COM 903002103 2,635 149,200 SH   SOLE   149,200 0 0
Urban Edge Properties COM 91704F104 2,758 181,346 SH   SOLE   181,346 0 0
Urstadt Biddle Properties Inc COM 917286205 495 30,583 SH   SOLE   30,583 0 0
Ventas Inc COM 92276F100 9,442 183,587 SH   SOLE   183,587 0 0
Veris Residential Inc COM 554489104 2,092 158,009 SH   SOLE   158,009 0 0
Vornado Realty Trust COM 929042109 1,341 46,900 SH   SOLE   46,900 0 0