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
FTAI INFRASTRUCTURE INC COMMON STOCK 35953C106   16,388,872 2,609,693 SH   OTR 1 2,609,693 0 0
FTAI INFRASTRUCTURE INC COMMON STOCK 35953C106   15,708,239 2,501,312 SH   SOLE 0 2,501,312 0 0
FTAI AVIATION LTD SHS G3730V105   13,275,329 197,256 SH   SOLE 0 197,256 0 0
EQUINIX INC COM 29444U700   12,445,976 15,080 SH   SOLE 0 15,080 0 0
AMERICAN TOWER CORP NEW COM 03027X100   12,008,730 60,776 SH   SOLE 0 60,776 0 0
FTAI AVIATION LTD SHS G3730V105   11,911,965 176,998 SH   OTR 1 176,998 0 0
DIGITAL RLTY TR INC COM 253868103   11,424,100 79,312 SH   SOLE 0 79,312 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603   11,078,593 574,914 SH   SOLE 0 574,914 0 0
EQUINIX INC COM 29444U700   10,901,784 13,209 SH   OTR 1 13,209 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603   10,480,876 543,896 SH   OTR 1 543,896 0 0
SIMON PPTY GROUP INC NEW COM 828806109   10,111,288 64,613 SH   SOLE 0 64,613 0 0
DIGITAL RLTY TR INC COM 253868103   9,991,623 69,367 SH   OTR 1 69,367 0 0
MACERICH CO COM 554382101   9,389,833 544,970 SH   SOLE 0 544,970 0 0
MACERICH CO COM 554382101   8,704,234 505,179 SH   OTR 1 505,179 0 0
SIMON PPTY GROUP INC NEW COM 828806109   8,360,635 53,426 SH   OTR 1 53,426 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   8,236,447 63,893 SH   SOLE 0 63,893 0 0
MGM RESORTS INTERNATIONAL COM 552953101   8,119,837 171,994 SH   SOLE 0 171,994 0 0
MGM RESORTS INTERNATIONAL COM 552953101   7,877,980 166,871 SH   OTR 1 166,871 0 0
AMERICAN TOWER CORP NEW COM 03027X100   7,852,819 39,743 SH   OTR 1 39,743 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101   7,618,266 73,578 SH   OTR 1 73,578 0 0
PROLOGIS INC. COM 74340W103   7,123,750 54,706 SH   SOLE 0 54,706 0 0
NEW FORTRESS ENERGY INC COM CL A 644393100   6,944,878 227,031 SH   SOLE 0 227,031 0 0
BLACKSTONE INC COM 09260D107   5,984,954 45,558 SH   OTR 1 45,558 0 0
PROLOGIS INC. COM 74340W103   5,308,679 40,767 SH   OTR 1 40,767 0 0
BLACKSTONE INC COM 09260D107   5,286,723 40,243 SH   SOLE 0 40,243 0 0
NEW FORTRESS ENERGY INC COM CL A 644393100   4,899,570 160,169 SH   OTR 1 160,169 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   4,803,187 37,260 SH   OTR 1 37,260 0 0
REXFORD INDL RLTY INC COM 76169C100   4,556,325 90,583 SH   OTR 1 90,583 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100   4,423,820 101,139 SH   SOLE 0 101,139 0 0
AMERICOLD REALTY TRUST INC COM 03064D108   4,170,711 167,364 SH   SOLE 0 167,364 0 0
EXTRA SPACE STORAGE INC COM 30225T102   4,119,528 28,024 SH   SOLE 0 28,024 0 0
AMERICOLD REALTY TRUST INC COM 03064D108   4,096,026 164,367 SH   OTR 1 164,367 0 0
INVITATION HOMES INC COM 46187W107   3,890,286 109,247 SH   SOLE 0 109,247 0 0
REXFORD INDL RLTY INC COM 76169C100   3,839,097 76,324 SH   SOLE 0 76,324 0 0
WYNN RESORTS LTD COM 983134107   3,794,778 37,120 SH   OTR 1 37,120 0 0
WYNN RESORTS LTD COM 983134107   3,733,440 36,520 SH   SOLE 0 36,520 0 0
CADIZ INC COM NEW 127537207   3,720,088 1,282,789 SH   OTR 1 1,282,789 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100   3,530,168 80,708 SH   OTR 1 80,708 0 0
VENTAS INC COM 92276F100   3,361,462 77,204 SH   SOLE 0 77,204 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101   3,148,755 30,411 SH   SOLE 0 30,411 0 0
EXTRA SPACE STORAGE INC COM 30225T102   3,038,196 20,668 SH   OTR 1 20,668 0 0
VENTAS INC COM 92276F100   3,037,350 69,760 SH   OTR 1 69,760 0 0
INVITATION HOMES INC COM 46187W107   2,894,879 81,294 SH   OTR 1 81,294 0 0
BROOKFIELD INFRASTRUCTURE CO COM SB VTG SHS A 11275Q107   2,857,540 79,288 SH   OTR 1 79,288 0 0
CROWN CASTLE INC COM 22822V101   2,750,945 25,994 SH   SOLE 0 25,994 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104   2,689,680 12,412 SH   SOLE 0 12,412 0 0
CADIZ INC COM NEW 127537207   2,625,579 905,372 SH   SOLE 0 905,372 0 0
SUN CMNTYS INC COM 866674104   2,585,358 20,107 SH   SOLE 0 20,107 0 0
CUBESMART COM 229663109   2,426,098 53,651 SH   SOLE 0 53,651 0 0
CROWN CASTLE INC COM 22822V101   2,392,181 22,604 SH   OTR 1 22,604 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104   2,383,700 11,000 SH   OTR 1 11,000 0 0
SUN CMNTYS INC COM 866674104   2,292,067 17,826 SH   OTR 1 17,826 0 0
AMERICAN HOMES 4 RENT CL A 02665T306   2,270,466 61,731 SH   SOLE 0 61,731 0 0
BROOKFIELD INFRASTRUCTURE CO COM SB VTG SHS A 11275Q107   2,248,680 62,394 SH   SOLE 0 62,394 0 0
IRON MTN INC DEL COM 46284V101   2,045,275 25,499 SH   SOLE 0 25,499 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108   2,025,251 31,448 SH   SOLE 0 31,448 0 0
CUBESMART COM 229663109   1,745,085 38,591 SH   OTR 1 38,591 0 0
AMERICAN HOMES 4 RENT CL A 02665T306   1,685,223 45,819 SH   OTR 1 45,819 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108   1,494,724 23,210 SH   OTR 1 23,210 0 0
CBRE GROUP INC CL A 12504L109   1,204,415 12,386 SH   SOLE 0 12,386 0 0
VICI PPTYS INC COM 925652109   977,052 32,798 SH   SOLE 0 32,798 0 0
PUBLIC STORAGE COM 74460D109   748,065 2,579 SH   SOLE 0 2,579 0 0