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   2,129,498 111,961 SH   SOLE   111,961 0 0
ALICO INC COM 016230104   511,110 17,576 SH   SOLE   17,576 0 0
AMERICAN TOWER CORP NEW COM 03027X100   1,948,749 9,027 SH   SOLE   9,027 0 0
APARTMENT INCOME REIT CORP COM 03750L109   4,161,765 119,832 SH   SOLE   119,832 0 0
AVALONBAY CMNTYS INC COM 053484101   1,779,339 9,504 SH   SOLE   9,504 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100   38,206,152 1,796,246 SH   SOLE   1,796,246 0 0
BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B 10482B200   1,990,744 142,808 SH   SOLE   142,808 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203   1,566,891 290,165 SH   SOLE   290,165 0 0
BRIXMOR PPTY GROUP INC COM 11120U105   3,361,701 144,465 SH   SOLE   144,465 0 0
BROOKFIELD INFRASTRUCTURE CO COM SB VTG SHS A 11275Q107   1,363,219 38,640 SH   SOLE   38,640 0 0
CBRE GROUP INC CL A 12504L109   870,578 9,352 SH   SOLE   9,352 0 0
CENTURY CMNTYS INC COM 156504300   710,345 7,794 SH   SOLE   7,794 0 0
CHATHAM LODGING TR COM 16208T102   121,136 11,300 SH   SOLE   11,300 0 0
CROWN CASTLE INC COM 22822V101   2,085,169 18,102 SH   SOLE   18,102 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301   99,083 10,552 SH   SOLE   10,552 0 0
EPR PPTYS PFD C CV 5.75% 26884U208   7,025,613 329,841 SH   SOLE   329,841 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307   8,665,038 308,145 SH   SOLE   308,145 0 0
EQUINIX INC COM 29444U700   1,790,382 2,223 SH   SOLE   2,223 0 0
GLOBAL NET LEASE INC COM NEW 379378201   977,080 98,199 SH   SOLE   98,199 0 0
HEALTHCARE RLTY TR CL A COM 42226K105   5,109,126 296,525 SH   SOLE   296,525 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   4,562,593 230,434 SH   SOLE   230,434 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   1,468,893 17,170 SH   SOLE   17,170 0 0
INDEPENDENCE RLTY TR INC COM 45378A106   1,151,830 75,283 SH   SOLE   75,283 0 0
INVENTRUST PPTYS CORP COM NEW 46124J201   1,345,326 53,091 SH   SOLE   53,091 0 0
INVITATION HOMES INC COM 46187W107   1,739,746 51,004 SH   SOLE   51,004 0 0
KENNEDY-WILSON HOLDINGS INC COM 489398107   3,729,586 301,259 SH   SOLE   301,259 0 0
KITE RLTY GROUP TR COM NEW 49803T300   1,898,980 83,070 SH   SOLE   83,070 0 0
LXP INDUSTRIAL TRUST PFD CONV SER C 529043309   1,939,298 40,093 SH   SOLE   40,093 0 0
PHYSICIANS RLTY TR COM 71943U104   1,406,481 105,671 SH   SOLE   105,671 0 0
PROLOGIS INC. COM 74340W103   1,956,577 14,678 SH   SOLE   14,678 0 0
PUBLIC STORAGE COM 74460D109   2,043,805 6,701 SH   SOLE   6,701 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200   7,308,563 291,759 SH   SOLE   291,759 0 0
RPT REALTY 7.25 PFD D CONV 74971D200   2,975,273 52,079 SH   SOLE   52,079 0 0
SABRA HEALTH CARE REIT INC COM 78573L106   6,202,898 434,681 SH   SOLE   434,681 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860   5,354,820 133,670 SH   SOLE   133,670 0 0
SL GREEN RLTY CORP COM 78440X887   31,714,173 702,107 SH   SOLE   702,107 0 0
STAG INDL INC COM 85254J102   3,055,802 77,835 SH   SOLE   77,835 0 0
STARWOOD PPTY TR INC COM 85571B105   2,309,341 109,864 SH   SOLE   109,864 0 0
UMH PPTYS INC COM 903002103   3,845,917 251,039 SH   SOLE   251,039 0 0
URBAN EDGE PPTYS COM 91704F104   4,279,309 233,842 SH   SOLE   233,842 0 0
VERIS RESIDENTIAL INC COM 554489104   2,392,580 152,103 SH   SOLE   152,103 0 0
VICI PPTYS INC COM 925652109   1,814,737 56,924 SH   SOLE   56,924 0 0