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   1,984,113 111,844 SH   SOLE   111,844 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   1,017,446 10,430 SH   SOLE   10,430 0 0
AMERICAN TOWER CORP NEW COM 03027X100   2,937,311 16,015 SH   SOLE   16,015 0 0
AVALONBAY CMNTYS INC COM 053484101   2,083,996 9,474 SH   SOLE   9,474 0 0
BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B 10482B200   1,745,219 126,925 SH   SOLE   126,925 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203   1,346,901 240,518 SH   SOLE   240,518 0 0
BRIXMOR PPTY GROUP INC COM 11120U105   2,210,106 79,386 SH   SOLE   79,386 0 0
BROOKFIELD INFRASTRUCTURE CO COM SUB VTG A 11276H106   1,091,113 27,271 SH   SOLE   27,271 0 0
COMMUNITY HEALTHCARE TR INC COM 20369C106   1,571,532 81,808 SH   SOLE   81,808 0 0
CROWN CASTLE INC COM 22822V101   1,512,152 16,661 SH   SOLE   16,661 0 0
CTO RLTY GROWTH INC NEW COM 22948Q101   1,348,409 68,412 SH   SOLE   68,412 0 0
DIGITAL RLTY TR INC COM 253868103   1,346,289 7,592 SH   SOLE   7,592 0 0
ELME COMMUNITIES SH BEN INT 939653101   1,265,623 82,883 SH   SOLE   82,883 0 0
EPR PPTYS PFD C CV 5.75% 26884U208   3,364,608 161,760 SH   SOLE   161,760 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307   7,422,898 272,600 SH   SOLE   272,600 0 0
EQUINIX INC COM 29444U700   3,473,607 3,684 SH   SOLE   3,684 0 0
HEALTHCARE RLTY TR CL A COM 42226K105   2,404,256 141,844 SH   SOLE   141,844 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   2,440,001 120,375 SH   SOLE   120,375 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   1,924,154 25,015 SH   SOLE   25,015 0 0
KENNEDY-WILSON HOLDINGS INC COM 489398107   1,836,552 183,839 SH   SOLE   183,839 0 0
KITE RLTY GROUP TR COM NEW 49803T300   2,960,248 117,284 SH   SOLE   117,284 0 0
LXP INDUSTRIAL TRUST PFD CONV SER C 529043309   2,007,915 41,188 SH   SOLE   41,188 0 0
PROLOGIS INC. COM 74340W103   1,536,455 14,536 SH   SOLE   14,536 0 0
PUBLIC STORAGE OPER CO COM 74460D109   1,912,823 6,388 SH   SOLE   6,388 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200   7,053,190 287,182 SH   SOLE   287,182 0 0
STAG INDL INC COM 85254J102   480,379 14,204 SH   SOLE   14,204 0 0
STARWOOD PPTY TR INC COM 85571B105   3,201,584 168,949 SH   SOLE   168,949 0 0
UMH PPTYS INC COM 903002103   2,482,078 131,466 SH   SOLE   131,466 0 0
URBAN EDGE PPTYS COM 91704F104   2,364,333 109,969 SH   SOLE   109,969 0 0
VERIS RESIDENTIAL INC COM 554489104   1,676,038 100,784 SH   SOLE   100,784 0 0
VERTIV HOLDINGS CO COM CL A 92537N108   1,001,699 8,817 SH   SOLE   8,817 0 0
VICI PPTYS INC COM 925652109   2,791,570 95,569 SH   SOLE   95,569 0 0