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
PROLOGIS INC. COM 74340W103   15,560,235 138,031 SH   OTR 1 138,031 0 0
PROLOGIS INC. COM 74340W103   15,525,043 137,719 SH   SOLE 0 137,719 0 0
REXFORD INDL RLTY INC COM 76169C100   13,890,526 254,219 SH   OTR 1 254,219 0 0
AMERICAN TOWER CORP NEW COM 03027X100   13,171,548 62,171 SH   SOLE 0 62,171 0 0
AMERICAN TOWER CORP NEW COM 03027X100   12,424,530 58,645 SH   OTR 1 58,645 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   11,728,183 80,512 SH   SOLE 0 80,512 0 0
SUN CMNTYS INC COM 866674104   11,365,640 79,480 SH   OTR 1 79,480 0 0
REXFORD INDL RLTY INC COM 76169C100   11,358,782 207,884 SH   SOLE 0 207,884 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   11,140,405 76,477 SH   OTR 1 76,477 0 0
EQUINIX INC COM 29444U700   11,014,329 16,815 SH   OTR 1 16,815 0 0
AMERICAN HOMES 4 RENT CL A 02665T306   10,228,310 339,360 SH   OTR 1 339,360 0 0
CROWN CASTLE INC COM 22822V101   10,020,812 73,878 SH   OTR 1 73,878 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603   9,812,174 896,908 SH   OTR 1 896,908 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104   9,637,338 34,381 SH   OTR 1 34,381 0 0
EQUINIX INC COM 29444U700   9,072,166 13,850 SH   SOLE 0 13,850 0 0
INVITATION HOMES INC COM 46187W107   8,941,440 301,668 SH   OTR 1 301,668 0 0
FTAI AVIATION LTD SHS G3730V105   8,603,810 502,559 SH   OTR 1 502,559 0 0
SUN CMNTYS INC COM 866674104   8,308,300 58,100 SH   SOLE 0 58,100 0 0
AMERICAN HOMES 4 RENT CL A 02665T306   8,213,662 272,517 SH   SOLE 0 272,517 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603   8,186,741 748,331 SH   SOLE 0 748,331 0 0
LIFE STORAGE INC COM 53223X107   7,649,806 77,663 SH   SOLE 0 77,663 0 0
MGM RESORTS INTERNATIONAL COM 552953101   7,611,008 226,991 SH   OTR 1 226,991 0 0
INVITATION HOMES INC COM 46187W107   7,575,865 255,596 SH   SOLE 0 255,596 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100   7,465,786 179,466 SH   OTR 1 179,466 0 0
LIFE STORAGE INC COM 53223X107   6,774,239 68,774 SH   OTR 1 68,774 0 0
TERRENO RLTY CORP COM 88146M101   6,725,674 118,264 SH   OTR 1 118,264 0 0
DIGITAL RLTY TR INC COM 253868103   6,716,486 66,984 SH   OTR 1 66,984 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106   6,465,516 179,001 SH   SOLE 0 179,001 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104   6,422,182 22,911 SH   SOLE 0 22,911 0 0
FTAI AVIATION LTD SHS G3730V105   6,346,179 370,688 SH   SOLE 0 370,688 0 0
CROWN CASTLE INC COM 22822V101   6,169,450 45,484 SH   SOLE 0 45,484 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100   5,786,810 139,106 SH   SOLE 0 139,106 0 0
VICI PPTYS INC COM 925652109   5,717,045 176,452 SH   OTR 1 176,452 0 0
AIRBNB INC COM CL A 009066101   5,355,891 62,642 SH   OTR 1 62,642 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101   5,198,140 51,289 SH   OTR 1 51,289 0 0
TERRENO RLTY CORP COM 88146M101   5,159,474 90,724 SH   SOLE 0 90,724 0 0
DIGITAL RLTY TR INC COM 253868103   5,080,480 50,668 SH   SOLE 0 50,668 0 0
EXTRA SPACE STORAGE INC COM 30225T102   4,977,628 33,820 SH   SOLE 0 33,820 0 0
WEWORK INC CL A 96209A104   4,691,285 3,280,619 SH   OTR 1 3,280,619 0 0
MGM RESORTS INTERNATIONAL COM 552953101   4,627,878 138,022 SH   SOLE 0 138,022 0 0
FTAI INFRASTRUCTURE INC COMMON STOCK 35953C106   4,603,295 1,560,439 SH   OTR 1 1,560,439 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106   4,557,874 126,187 SH   OTR 1 126,187 0 0
EXTRA SPACE STORAGE INC COM 30225T102   4,549,481 30,911 SH   OTR 1 30,911 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108   4,494,480 69,574 SH   OTR 1 69,574 0 0
VICI PPTYS INC COM 925652109   4,482,637 138,353 SH   SOLE 0 138,353 0 0
FTAI INFRASTRUCTURE INC COMMON STOCK 35953C106   4,210,311 1,427,224 SH   SOLE 0 1,427,224 0 0
AVALONBAY CMNTYS INC COM 053484101   3,695,578 22,880 SH   SOLE 0 22,880 0 0
AVALONBAY CMNTYS INC COM 053484101   3,639,853 22,535 SH   OTR 1 22,535 0 0
AIRBNB INC COM CL A 009066101   3,457,962 40,444 SH   SOLE 0 40,444 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108   3,266,822 50,570 SH   SOLE 0 50,570 0 0
WEWORK INC CL A 96209A104   2,910,395 2,035,241 SH   SOLE 0 2,035,241 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   2,805,132 111,892 SH   OTR 1 111,892 0 0
CADIZ INC COM NEW 127537207   2,713,040 1,085,216 SH   OTR 1 1,085,216 0 0
CAMDEN PPTY TR SH BEN INT 133131102   2,432,383 21,741 SH   OTR 1 21,741 0 0
CAMDEN PPTY TR SH BEN INT 133131102   2,419,069 21,622 SH   SOLE 0 21,622 0 0
MID-AMER APT CMNTYS INC COM 59522J103   2,415,919 15,389 SH   OTR 1 15,389 0 0
UDR INC COM 902653104   2,415,048 62,356 SH   OTR 1 62,356 0 0
MID-AMER APT CMNTYS INC COM 59522J103   2,387,975 15,211 SH   SOLE 0 15,211 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   2,233,762 89,101 SH   SOLE 0 89,101 0 0
UDR INC COM 902653104   1,985,184 51,257 SH   SOLE 0 51,257 0 0
COSTAR GROUP INC COM 22160N109   1,792,896 23,200 SH   SOLE 0 23,200 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101   1,537,480 15,170 SH   SOLE 0 15,170 0 0
CADIZ INC COM NEW 127537207   1,132,758 453,103 SH   SOLE 0 453,103 0 0
BROOKFIELD INFRASTRUCTURE CO COM SB VTG SHS A 11275Q107   972,306 24,995 SH   SOLE 0 24,995 0 0
BROOKFIELD RENEWABLE CORP CL A SUB VTG 11284V105   958,392 34,800 SH   SOLE 0 34,800 0 0