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
BELMOND LTD CL A G1154H107 6,124 495,077 SH   SOLE   495,077 0 0
CHATHAM LODGING TR COM 16208T102 5,947 205,295 SH   SOLE   205,295 0 0
CUBESMART COM 229663109 3,535 160,180 SH   SOLE   160,180 0 0
EQUINIX INC COM NEW 29444U502 3,846 16,964 SH   SOLE   16,964 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 3,692 173,334 SH   SOLE   173,334 0 0
GRAMERCY PPTY TR INC COM 38489R100 6,110 885,445 SH   SOLE   885,445 0 0
GREEN BANCORP INC COM 39260X100 4,253 353,270 SH   SOLE   353,270 0 0
HFF INC CL A 40418F108 6,751 187,945 SH   SOLE   187,945 0 0
IRON MTN INC COM 462846106 5,559 143,796 SH   SOLE   143,796 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 3,308 130,740 SH   SOLE   130,740 0 0
LADDER CAP CORP CL A 505743104 7,010 357,495 SH   SOLE   357,495 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 4,966 220,016 SH   SOLE   220,016 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 4,033 229,417 SH   SOLE   229,417 0 0
PINNACLE ENTMT INC COM 723456109 4,038 181,500 SH   SOLE   181,500 0 0
SOVRAN SELF STORAGE INC COM 84610H108 2,617 30,000 SH   SOLE   30,000 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 2,175 182,886 SH   SOLE   182,886 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 2,675 162,026 SH   SOLE   162,026 0 0
TERRENO RLTY CORP COM 88146M101 3,921 190,040 SH   SOLE   190,040 0 0
TRIUMPH BANCORP INC COM 89679E300 3,964 292,554 SH   SOLE   292,554 0 0