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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALEXANDER & BALDWIN INC NEW COM 014491104   2,152,398 128,655 SH   SOLE   128,655 0 0
ALICO INC COM 016230104   390,924 15,662 SH   SOLE   15,662 0 0
AMERICAN TOWER CORP NEW COM 03027X100   950,357 5,779 SH   SOLE   5,779 0 0
APARTMENT INCOME REIT CORP COM 03750L109   4,006,964 130,520 SH   SOLE   130,520 0 0
AVALONBAY CMNTYS INC COM 053484101   995,749 5,798 SH   SOLE   5,798 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100   38,305,882 1,761,190 SH   SOLE   1,761,190 0 0
BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B 10482B200   1,595,683 133,530 SH   SOLE   133,530 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203   1,703,322 375,181 SH   SOLE   375,181 0 0
BRIXMOR PPTY GROUP INC COM 11120U105   3,001,983 144,465 SH   SOLE   144,465 0 0
CENTURY CMNTYS INC COM 156504300   739,856 11,079 SH   SOLE   11,079 0 0
CHATHAM LODGING TR COM 16208T102   108,141 11,300 SH   SOLE   11,300 0 0
CROWN CASTLE INC COM 22822V101   984,169 10,694 SH   SOLE   10,694 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301   84,733 10,552 SH   SOLE   10,552 0 0
EPR PPTYS PFD C CV 5.75% 26884U208   5,981,429 320,205 SH   SOLE   320,205 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307   7,938,460 309,854 SH   SOLE   309,854 0 0
EQUINIX INC COM 29444U700   1,016,764 1,400 SH   SOLE   1,400 0 0
GLOBAL NET LEASE INC COM NEW 379378201   1,007,878 104,878 SH   SOLE   104,878 0 0
HEALTHCARE RLTY TR CL A COM 42226K105   4,566,707 299,064 SH   SOLE   299,064 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   3,985,497 217,075 SH   SOLE   217,075 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500   1,146,028 116,230 SH   SOLE   116,230 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   1,272,812 17,170 SH   SOLE   17,170 0 0
INDEPENDENCE RLTY TR INC COM 45378A106   954,832 67,863 SH   SOLE   67,863 0 0
INVENTRUST PPTYS CORP COM NEW 46124J201   1,721,487 72,301 SH   SOLE   72,301 0 0
INVITATION HOMES INC COM 46187W107   980,584 30,943 SH   SOLE   30,943 0 0
KENNEDY-WILSON HOLDINGS INC COM 489398107   3,603,547 244,474 SH   SOLE   244,474 0 0
KITE RLTY GROUP TR COM NEW 49803T300   1,779,359 83,070 SH   SOLE   83,070 0 0
LXP INDUSTRIAL TRUST PFD CONV SER C 529043309   1,488,797 33,033 SH   SOLE   33,033 0 0
PHYSICIANS RLTY TR COM 71943U104   1,294,005 106,153 SH   SOLE   106,153 0 0
PROLOGIS INC. COM 74340W103   968,597 8,632 SH   SOLE   8,632 0 0
PUBLIC STORAGE COM 74460D109   1,087,020 4,125 SH   SOLE   4,125 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200   7,021,855 291,969 SH   SOLE   291,969 0 0
RPT REALTY 7.25 PFD D CONV 74971D200   3,122,957 61,403 SH   SOLE   61,403 0 0
SABRA HEALTH CARE REIT INC COM 78573L106   7,076,111 507,612 SH   SOLE   507,612 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860   4,009,664 117,689 SH   SOLE   117,689 0 0
SL GREEN RLTY CORP COM 78440X887   26,188,591 702,107 SH   SOLE   702,107 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300   5,540,598 165,243 SH   SOLE   165,243 0 0
STAG INDL INC COM 85254J102   3,293,738 95,443 SH   SOLE   95,443 0 0
STARWOOD PPTY TR INC COM 85571B105   1,512,686 78,175 SH   SOLE   78,175 0 0
UMH PPTYS INC COM 903002103   3,519,567 251,039 SH   SOLE   251,039 0 0
URBAN EDGE PPTYS COM 91704F104   3,715,276 243,465 SH   SOLE   243,465 0 0
VERIS RESIDENTIAL INC COM 554489104   1,913,604 115,976 SH   SOLE   115,976 0 0
VICI PPTYS INC COM 925652109   1,009,828 34,702 SH   SOLE   34,702 0 0
WELLTOWER INC COM 95040Q104   1,031,455 12,591 SH   SOLE   12,591 0 0