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
ACTIVISION BLIZZARD INC COM 00507V109 1,364 20,500 SH   DFND 2 20,500 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 6,920 275,803 SH   DFND 2 275,803 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 5,915 235,750 SH   DFND 3 235,750 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 6,203 247,216 SH   DFND 4 247,216 0 0
ALEXANDERS INC COM 014752109 911 3,500 SH   DFND 2 3,500 0 0
ALEXANDERS INC COM 014752109 2,642 10,150 SH   DFND 3 10,150 0 0
ALEXANDERS INC COM 014752109 520 2,000 SH   DFND 4 2,000 0 0
AMDOCS LTD SHS G02602103 3,669 49,031 SH   DFND 2 49,031 0 0
AMERICAN TOWER CORP NEW COM 03027X100 7,431 25,400 SH   DFND 4 25,400 0 0
AMERICAN TOWER CORP NEW COM 03027X100 81,023 277,000 SH   DFND 1 277,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 10,721 36,650 SH   DFND 2 36,650 0 0
AMERICAN TOWER CORP NEW COM 03027X100 9,243 31,600 SH   DFND 3 31,600 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 589 45,300 SH Put DFND 2 45,300 0 0
APOLLO INVT CORP COM NEW 03761U502 512 40,000 SH Put DFND 2 40,000 0 0
ARES CAPITAL CORP COM 04010L103 3,047 143,800 SH Put DFND 2 143,800 0 0
ARISTA NETWORKS INC COM 040413106 1,354 9,416 SH   DFND 2 9,416 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 1,225 40,000 SH Put DFND 2 40,000 0 0
BRAEMAR HOTELS & RESORTS INC COM 10482B101 102 20,000 SH Call DFND 2 20,000 0 0
BROADCOM INC COM 11135F101 2,262 3,400 SH   DFND 2 3,400 0 0
CIENA CORP COM NEW 171779309 1,601 20,800 SH   DFND 2 20,800 0 0
COMMSCOPE HLDG CO INC COM 20337X109 612 55,400 SH   DFND 2 55,400 0 0
CORECIVIC INC COM 21871N101 150 15,000 SH Call DFND 2 15,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 10,854 52,000 SH   DFND 3 52,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 10,353 49,600 SH   DFND 2 49,600 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 83,913 402,000 SH   DFND 1 402,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 7,181 34,400 SH   DFND 4 34,400 0 0
DISH NETWORK CORPORATION CL A 25470M109 727 22,419 SH   DFND 2 22,419 0 0
DISNEY WALT CO COM 254687106 1,162 7,500 SH   DFND 2 7,500 0 0
DYCOM INDS INC COM 267475101 1,351 14,413 SH   DFND 2 14,413 0 0
EQUINIX INC COM 29444U700 59,209 70,000 SH   DFND 1 70,000 0 0
EQUINIX INC COM 29444U700 6,682 7,900 SH   DFND 2 7,900 0 0
EQUINIX INC COM 29444U700 7,528 8,900 SH   DFND 3 8,900 0 0
EQUINIX INC COM 29444U700 5,963 7,050 SH   DFND 4 7,050 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 4,471 51,000 SH   DFND 4 51,000 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 4,996 57,000 SH   DFND 2 57,000 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 4,909 56,000 SH   DFND 3 56,000 0 0
ERICSSON ADR B SEK 10 294821608 1,993 183,384 SH   DFND 2 183,384 0 0
EXPEDIA GROUP INC COM NEW 30212P303 2,296 12,700 SH   DFND 4 12,700 0 0
EXPEDIA GROUP INC COM NEW 30212P303 3,163 17,500 SH   DFND 2 17,500 0 0
FOX CORP CL A COM 35137L105 1,255 34,000 SH   DFND 2 34,000 0 0
FS KKR CAP CORP COM 302635206 1,571 75,000 SH Put DFND 2 75,000 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108 719 15,250 SH   DFND 2 15,250 0 0
GRANITE PT MTG TR INC NOTE 6.375%10/0 38741LAC1 1,024 1,000,000 PRN   DFND 3 1,000,000 0 0
HERCULES CAPITAL INC COM 427096508 498 30,000 SH Put DFND 2 30,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 295 17,000 SH   DFND 4 17,000 0 0
INDUS REALTY TRUST INC COM 45580R103 8,577 105,800 SH   DFND 2 105,800 0 0
INDUS REALTY TRUST INC COM 45580R103 15,797 194,875 SH   DFND 3 194,875 0 0
INDUS REALTY TRUST INC COM 45580R103 3,487 43,016 SH   DFND 4 43,016 0 0
KITE RLTY GROUP TR COM NEW 49803T300 3,125 143,500 SH   DFND 4 143,500 0 0
KITE RLTY GROUP TR COM NEW 49803T300 2,439 112,000 SH   DFND 3 112,000 0 0
KITE RLTY GROUP TR COM NEW 49803T300 3,289 151,000 SH   DFND 2 151,000 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 1,917 15,800 SH   DFND 2 15,800 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 1,311 115,000 SH   DFND 2 115,000 0 0
MACERICH CO COM 554382101 346 20,000 SH Call DFND 2 20,000 0 0
MACOM TECH SOLUTIONS HLDGS I COM 55405Y100 783 10,000 SH   DFND 2 10,000 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 14,216 348,000 SH   DFND 2 348,000 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 15,319 375,000 SH   DFND 3 375,000 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 13,583 332,500 SH   DFND 4 332,500 0 0
NETFLIX INC COM 64110L106 1,145 1,900 SH   DFND 2 1,900 0 0
ORION OFFICE REIT INC COM 68629Y103 203 10,900 SH   DFND 4 10,900 0 0
ORION OFFICE REIT INC COM 68629Y103 360 19,288 SH   DFND 2 19,288 0 0
ORION OFFICE REIT INC COM 68629Y103 405 21,700 SH   DFND 3 21,700 0 0
PARK HOTELS & RESORTS INC COM 700517105 3,210 170,000 SH   DFND 4 170,000 0 0
PARK HOTELS & RESORTS INC COM 700517105 4,390 232,500 SH   DFND 2 232,500 0 0
PARK HOTELS & RESORTS INC COM 700517105 4,097 217,000 SH   DFND 3 217,000 0 0
PROLOGIS INC. COM 74340W103 1,667 9,900 SH   DFND 2 9,900 0 0
PROLOGIS INC. COM 74340W103 2,525 15,000 SH   DFND 3 15,000 0 0
PROLOGIS INC. COM 74340W103 758 4,500 SH   DFND 4 4,500 0 0
REXFORD INDL RLTY INC COM 76169C100 9,936 122,500 SH   DFND 2 122,500 0 0
REXFORD INDL RLTY INC COM 76169C100 7,381 91,000 SH   DFND 3 91,000 0 0
REXFORD INDL RLTY INC COM 76169C100 8,314 102,500 SH   DFND 4 102,500 0 0
RPT REALTY 7.25 PFD D CONV 74971D200 2,887 49,000 SH   DFND 3 49,000 0 0
STARWOOD PPTY TR INC COM 85571B105 204 8,400 SH Put DFND 2 8,400 0 0
STARWOOD WAYPOINT HOMES NOTE 3.500% 1/1 19625XAB8 4,781 2,400,000 PRN   DFND 3 2,400,000 0 0
SUN CMNTYS INC COM 866674104 7,287 34,700 SH   DFND 4 34,700 0 0
SUN CMNTYS INC COM 866674104 6,089 29,000 SH   DFND 3 29,000 0 0
SUN CMNTYS INC COM 866674104 8,084 38,500 SH   DFND 2 38,500 0 0
SWITCH INC CL A 87105L104 71,600 2,500,000 SH   DFND 1 2,500,000 0 0
SWITCH INC CL A 87105L104 9,122 318,500 SH   DFND 2 318,500 0 0
SWITCH INC CL A 87105L104 7,447 260,000 SH   DFND 4 260,000 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 289 15,000 SH Call DFND 2 15,000 0 0
TERRENO RLTY CORP COM 88146M101 5,092 59,700 SH   DFND 2 59,700 0 0
TERRENO RLTY CORP COM 88146M101 5,117 60,000 SH   DFND 3 60,000 0 0
TERRENO RLTY CORP COM 88146M101 4,546 53,300 SH   DFND 4 53,300 0 0
T-MOBILE US INC COM 872590104 1,150 9,916 SH   DFND 2 9,916 0 0
TPG RE FIN TR INC COM 87266M107 2,508 203,603 SH   DFND 3 203,603 0 0
TPG RE FIN TR INC COM 87266M107 1,507 122,300 SH   DFND 4 122,300 0 0
TPG RE FIN TR INC COM 87266M107 2,562 207,950 SH   DFND 2 207,950 0 0
UNITI GROUP INC COM 91325V108 1,226 87,500 SH   DFND 2 87,500 0 0
UNITI GROUP INC COM 91325V108 24,518 1,750,000 SH   DFND 1 1,750,000 0 0
VIAVI SOLUTIONS INC COM 925550105 1,772 100,577 SH   DFND 2 100,577 0 0
VICI PPTYS INC COM 925652109 301 10,000 SH   DFND 2 10,000 0 0
VICI PPTYS INC COM 925652109 6,625 220,000 SH Call DFND 2 220,000 0 0
VICI PPTYS INC COM 925652109 3,463 115,000 SH Call DFND 4 115,000 0 0
VNET GROUP INC SPONSORED ADS A 90138A103 11,965 1,325,000 SH   DFND 1 1,325,000 0 0
VNET GROUP INC SPONSORED ADS A 90138A103 2,799 310,000 SH Call DFND 2 310,000 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 6,360 426,000 SH   DFND 2 426,000 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 5,613 376,000 SH   DFND 4 376,000 0 0
WARNER MUSIC GROUP CORP COM CL A 934550203 1,641 38,000 SH   DFND 2 38,000 0 0