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
ADVANCED MICRO DEVICES INC COM 007903107   1,164,981 7,903 SH   DFND 2 7,903 0 0
ADVANCED MICRO DEVICES INC COM 007903107   12,880,981 87,382 SH   DFND 4 87,382 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104   7,002,993 368,191 SH   DFND 3 368,191 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104   5,364,039 282,021 SH   DFND 4 282,021 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104   3,540,991 186,172 SH   DFND 2 186,172 0 0
ALPHABET INC CAP STK CL C 02079K107   465,069 3,300 SH   DFND 2 3,300 0 0
ALPHABET INC CAP STK CL C 02079K107   6,021,657 42,728 SH   DFND 4 42,728 0 0
AMDOCS LTD SHS G02602103   3,569,740 40,616 SH   DFND 2 40,616 0 0
AMDOCS LTD SHS G02602103   37,425,935 425,827 SH   DFND 4 425,827 0 0
AMERICAN TOWER CORP NEW COM 03027X100   2,979,144 13,800 SH   DFND 3 13,800 0 0
AMERICAN TOWER CORP NEW COM 03027X100   25,905,600 120,000 SH   DFND 1 120,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100   2,050,860 9,500 SH Call DFND 4 9,500 0 0
AMERICAN TOWER CORP NEW COM 03027X100   24,351,264 112,800 SH Call DFND 1 112,800 0 0
AMERICAN TOWER CORP NEW COM 03027X100   31,725,293 146,958 SH   DFND 4 146,958 0 0
AMERICAN TOWER CORP NEW COM 03027X100   3,518,412 16,298 SH   DFND 2 16,298 0 0
APARTMENT INVT & MGMT CO CL A 03748R747   4,102,286 523,919 SH   DFND 3 523,919 0 0
APARTMENT INVT & MGMT CO CL A 03748R747   2,122,282 271,045 SH   DFND 2 271,045 0 0
APARTMENT INVT & MGMT CO CL A 03748R747   3,594,040 459,009 SH   DFND 4 459,009 0 0
APOLLO COML REAL EST FIN INC COM 03762U105   246,540 21,000 SH Put DFND 2 21,000 0 0
APOLLO COML REAL EST FIN INC COM 03762U105   913,372 77,800 SH Put DFND 4 77,800 0 0
ARBOR REALTY TRUST INC COM 038923108   821,238 54,100 SH Put DFND 2 54,100 0 0
ARBOR REALTY TRUST INC COM 038923108   2,510,772 165,400 SH Put DFND 4 165,400 0 0
ARES CAPITAL CORP COM 04010L103   552,828 27,600 SH Put DFND 2 27,600 0 0
ARES CAPITAL CORP COM 04010L103   1,892,835 94,500 SH Put DFND 4 94,500 0 0
ARISTA NETWORKS INC COM 040413106   1,412,824 5,999 SH   DFND 2 5,999 0 0
ARISTA NETWORKS INC COM 040413106   14,894,830 63,245 SH   DFND 4 63,245 0 0
AT&T INC COM 00206R102   2,443,168 145,600 SH   DFND 2 145,600 0 0
AT&T INC COM 00206R102   26,903,659 1,603,317 SH   DFND 4 1,603,317 0 0
BLACKSTONE MORTGAGE TRUST IN NOTE 5.500% 3/1 09257WAE0   2,281,250 2,500,000 PRN   DFND 3 2,500,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100   986,928 46,400 SH Put DFND 4 46,400 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100   246,732 11,600 SH Put DFND 2 11,600 0 0
BLUE OWL CAPITAL INC COM CL A 09581B103   435,420 29,500 SH Put DFND 4 29,500 0 0
BLUE OWL CAPITAL INC COM CL A 09581B103   183,024 12,400 SH Put DFND 2 12,400 0 0
BRAEMAR HOTELS & RESORTS INC NOTE 4.500% 6/0 10482BAB7   1,330,485 1,500,000 PRN   DFND 3 1,500,000 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100   716,701 15,288 SH   DFND 2 15,288 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100   736,016 15,700 SH Call DFND 2 15,700 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100   1,729,872 36,900 SH Call DFND 4 36,900 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100   1,721,059 36,712 SH   DFND 4 36,712 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108   1,559,384 4,012 SH   DFND 2 4,012 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108   17,167,996 44,170 SH   DFND 4 44,170 0 0
CIENA CORP COM NEW 171779309   1,913,825 42,520 SH   DFND 2 42,520 0 0
CIENA CORP COM NEW 171779309   20,887,701 464,068 SH   DFND 4 464,068 0 0
CROWN CASTLE INC COM 22822V101   79,483,058 690,017 SH   DFND 1 690,017 0 0
CROWN CASTLE INC COM 22822V101   8,944,619 77,651 SH   DFND 3 77,651 0 0
CROWN CASTLE INC COM 22822V101   1,854,559 16,100 SH Call DFND 2 16,100 0 0
CROWN CASTLE INC COM 22822V101   4,354,182 37,800 SH Call DFND 4 37,800 0 0
CROWN CASTLE INC COM 22822V101   8,639,250 75,000 SH Call DFND 1 75,000 0 0
CROWN CASTLE INC COM 22822V101   2,610,090 22,659 SH   DFND 2 22,659 0 0
CROWN CASTLE INC COM 22822V101   6,218,302 53,983 SH   DFND 4 53,983 0 0
CUSHMAN WAKEFIELD PLC SHS G2717B108   4,505,177 417,146 SH   DFND 4 417,146 0 0
CUSHMAN WAKEFIELD PLC SHS G2717B108   1,884,632 174,503 SH   DFND 2 174,503 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307   2,157,057 76,709 SH   DFND 3 76,709 0 0
EPR PPTYS PFD C CV 5.75% 26884U208   2,662,500 125,000 SH   DFND 3 125,000 0 0
EPR PPTYS PFD C CV 5.75% 26884U208   106,500 5,000 SH   DFND 2 5,000 0 0
EQUINIX INC COM 29444U700   966,468 1,200 SH Call DFND 1 1,200 0 0
EQUINIX INC COM 29444U700   9,069,497 11,261 SH   DFND 3 11,261 0 0
EQUINIX INC COM 29444U700   128,781,861 159,900 SH   DFND 1 159,900 0 0
EQUINIX INC COM 29444U700   6,713,731 8,336 SH   DFND 2 8,336 0 0
EQUINIX INC COM 29444U700   35,932,475 44,615 SH   DFND 4 44,615 0 0
EQUITY COMWLTH 6.5% CNV PFD D 294628201   902,092 35,897 SH   DFND 3 35,897 0 0
EQUITY COMWLTH COM SH BEN INT 294628102   2,698,099 140,526 SH   DFND 3 140,526 0 0
EQUITY COMWLTH COM SH BEN INT 294628102   1,355,405 70,594 SH   DFND 2 70,594 0 0
EQUITY COMWLTH COM SH BEN INT 294628102   2,860,032 148,960 SH   DFND 4 148,960 0 0
FIRST INDL RLTY TR INC COM 32054K103   5,936,752 112,716 SH   DFND 3 112,716 0 0
FIRST INDL RLTY TR INC COM 32054K103   7,015,960 133,206 SH   DFND 4 133,206 0 0
FIRST INDL RLTY TR INC COM 32054K103   2,933,403 55,694 SH   DFND 2 55,694 0 0
HARMONIC INC COM 413160102   1,371,704 105,192 SH   DFND 2 105,192 0 0
HARMONIC INC COM 413160102   14,349,138 1,100,394 SH   DFND 4 1,100,394 0 0
HEALTHCARE RLTY TR CL A COM 42226K105   1,583,799 91,921 SH   DFND 3 91,921 0 0
HEALTHCARE RLTY TR CL A COM 42226K105   808,190 46,906 SH   DFND 2 46,906 0 0
HEALTHCARE RLTY TR CL A COM 42226K105   1,950,281 113,191 SH   DFND 4 113,191 0 0
IMPINJ INC COM 453204109   575,112 6,388 SH   DFND 2 6,388 0 0
IMPINJ INC COM 453204109   6,341,533 70,438 SH   DFND 4 70,438 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106   556,461 118,396 SH   DFND 4 118,396 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106   833,052 177,245 SH   DFND 3 177,245 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106   422,333 89,858 SH   DFND 2 89,858 0 0
IRON MTN INC DEL COM 46284V101   419,880 6,000 SH Put DFND 2 6,000 0 0
IRON MTN INC DEL COM 46284V101   1,931,448 27,600 SH Put DFND 4 27,600 0 0
ISHARES TR PFD AND INCM SEC 464288687   233,925 7,500 SH Put DFND 2 7,500 0 0
ISHARES TR 20 YR TR BD ETF 464287432   1,769,952 17,900 SH Put DFND 4 17,900 0 0
ISHARES TR 20 YR TR BD ETF 464287432   484,512 4,900 SH Put DFND 2 4,900 0 0
ISHARES TR PFD AND INCM SEC 464288687   901,391 28,900 SH Put DFND 4 28,900 0 0
JUNIPER NETWORKS INC COM 48203R104   2,087,862 70,823 SH   DFND 2 70,823 0 0
JUNIPER NETWORKS INC COM 48203R104   21,952,606 744,661 SH   DFND 4 744,661 0 0
LAMAR ADVERTISING CO NEW CL A 512816109   1,083,843 10,198 SH   DFND 2 10,198 0 0
LAMAR ADVERTISING CO NEW CL A 512816109   11,929,292 112,244 SH   DFND 4 112,244 0 0
LIBERTY GLOBAL LTD COM CL A G61188101   7,726,698 434,817 SH   DFND 4 434,817 0 0
LIBERTY GLOBAL LTD COM CL A G61188101   3,208,267 180,544 SH   DFND 2 180,544 0 0
LUMENTUM HLDGS INC COM 55024U109   1,717,332 32,761 SH   DFND 2 32,761 0 0
LUMENTUM HLDGS INC COM 55024U109   18,867,006 359,920 SH   DFND 4 359,920 0 0
LXP INDUSTRIAL TRUST COM 529043101   7,713,207 777,541 SH   DFND 3 777,541 0 0
LXP INDUSTRIAL TRUST COM 529043101   6,848,113 690,334 SH   DFND 4 690,334 0 0
LXP INDUSTRIAL TRUST COM 529043101   3,813,030 384,378 SH   DFND 2 384,378 0 0
MARVELL TECHNOLOGY INC COM 573874104   1,745,492 28,942 SH   DFND 2 28,942 0 0
MARVELL TECHNOLOGY INC COM 573874104   18,989,629 314,867 SH   DFND 4 314,867 0 0
NETFLIX INC COM 64110L106   1,477,194 3,034 SH   DFND 2 3,034 0 0
NETFLIX INC COM 64110L106   16,073,856 33,014 SH   DFND 4 33,014 0 0
OMEGA HEALTHCARE INVS INC COM 681936100   3,111,990 101,500 SH Put DFND 4 101,500 0 0
OMEGA HEALTHCARE INVS INC COM 681936100   879,942 28,700 SH Put DFND 2 28,700 0 0
OMNICOM GROUP INC COM 681919106   1,698,451 19,633 SH   DFND 2 19,633 0 0
OMNICOM GROUP INC COM 681919106   17,598,124 203,423 SH   DFND 4 203,423 0 0
OUTFRONT MEDIA INC COM 69007J106   10,243,220 733,755 SH   DFND 3 733,755 0 0
OUTFRONT MEDIA INC COM 69007J106   1,133,552 81,200 SH Call DFND 2 81,200 0 0
OUTFRONT MEDIA INC COM 69007J106   10,044,080 719,490 SH   DFND 4 719,490 0 0
OUTFRONT MEDIA INC COM 69007J106   5,023,646 359,860 SH   DFND 2 359,860 0 0
OUTFRONT MEDIA INC COM 69007J106   2,845,048 203,800 SH Call DFND 4 203,800 0 0
OUTFRONT MEDIA INC COM 69007J106   1,814,800 130,000 SH Call DFND 3 130,000 0 0
PEBBLEBROOK HOTEL TR NOTE 1.750%12/1 70509VAA8   1,791,200 2,000,000 PRN   DFND 3 2,000,000 0 0
PROLOGIS INC. COM 74340W103   506,540 3,800 SH Call DFND 4 3,800 0 0
PROSPECT CAP CORP COM 74348T102   234,808 39,200 SH Put DFND 4 39,200 0 0
PROSPECT CAP CORP COM 74348T102   91,048 15,200 SH Put DFND 2 15,200 0 0
REALTY INCOME CORP COM 756109104   562,716 9,800 SH Put DFND 2 9,800 0 0
REALTY INCOME CORP COM 756109104   2,078,604 36,200 SH Put DFND 4 36,200 0 0
RPT REALTY 7.25 PFD D CONV 74971D200   2,976,130 52,094 SH   DFND 3 52,094 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104   6,116,973 24,112 SH   DFND 3 24,112 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104   60,124,530 237,000 SH   DFND 1 237,000 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104   7,013,514 27,646 SH   DFND 4 27,646 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104   2,978,828 11,742 SH   DFND 2 11,742 0 0
SIMON PPTY GROUP INC NEW COM 828806109   1,469,192 10,300 SH Put DFND 4 10,300 0 0
SIMON PPTY GROUP INC NEW COM 828806109   599,088 4,200 SH Put DFND 2 4,200 0 0
SL GREEN RLTY CORP COM 78440X887   677,550 15,000 SH Call DFND 2 15,000 0 0
SL GREEN RLTY CORP COM 78440X887   1,535,780 34,000 SH Call DFND 4 34,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   237,655 500 SH Put DFND 2 500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   475,310 1,000 SH Put DFND 4 1,000 0 0
STARWOOD PPTY TR INC COM 85571B105   306,892 14,600 SH Put DFND 2 14,600 0 0
STARWOOD PPTY TR INC COM 85571B105   500,276 23,800 SH Put DFND 4 23,800 0 0
SUN CMNTYS INC COM 866674104   6,655,102 49,795 SH   DFND 3 49,795 0 0
SUN CMNTYS INC COM 866674104   427,680 3,200 SH Call DFND 4 3,200 0 0
SUN CMNTYS INC COM 866674104   8,135,142 60,869 SH   DFND 4 60,869 0 0
SUN CMNTYS INC COM 866674104   3,381,479 25,301 SH   DFND 2 25,301 0 0
TELEFONAKTIEBOLAGET LM ERICS ADR B SEK 10 294821608   1,917,701 304,397 SH   DFND 2 304,397 0 0
TELEFONAKTIEBOLAGET LM ERICS ADR B SEK 10 294821608   20,261,966 3,216,185 SH   DFND 4 3,216,185 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829   2,266,225 123,500 SH Call DFND 4 123,500 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829   963,375 52,500 SH Call DFND 2 52,500 0 0
TERRENO RLTY CORP COM 88146M101   2,972,187 47,426 SH   DFND 3 47,426 0 0
TERRENO RLTY CORP COM 88146M101   1,477,633 23,578 SH   DFND 2 23,578 0 0
TERRENO RLTY CORP COM 88146M101   3,521,051 56,184 SH   DFND 4 56,184 0 0
T-MOBILE US INC COM 872590104   2,150,346 13,412 SH   DFND 2 13,412 0 0
T-MOBILE US INC COM 872590104   22,821,372 142,340 SH   DFND 4 142,340 0 0
U HAUL HOLDING COMPANY COM SER N 023586506   3,524,113 50,030 SH   DFND 4 50,030 0 0
U HAUL HOLDING COMPANY COM SER N 023586506   1,493,398 21,201 SH   DFND 2 21,201 0 0
UNITED STATES CELLULAR CORP COM 911684108   764,336 18,400 SH Call DFND 4 18,400 0 0
UNITED STATES CELLULAR CORP COM 911684108   2,118,540 51,000 SH   DFND 4 51,000 0 0
UNITED STATES CELLULAR CORP COM 911684108   2,259,776 54,400 SH Put DFND 2 54,400 0 0
UNITED STATES CELLULAR CORP COM 911684108   5,624,516 135,400 SH Put DFND 4 135,400 0 0
UNITED STATES CELLULAR CORP COM 911684108   963,728 23,200 SH   DFND 2 23,200 0 0
UNITI GROUP INC COM 91325V108   1,123,944 194,454 SH   DFND 2 194,454 0 0
UNITI GROUP INC COM 91325V108   11,577,219 2,002,979 SH   DFND 4 2,002,979 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553   680,372 7,700 SH Put DFND 4 7,700 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553   1,122,172 12,700 SH Put DFND 2 12,700 0 0
VERTIV HOLDINGS CO COM CL A 92537N108   1,512,753 31,496 SH   DFND 2 31,496 0 0
VERTIV HOLDINGS CO COM CL A 92537N108   14,776,622 307,654 SH   DFND 4 307,654 0 0
WARNER MUSIC GROUP CORP COM CL A 934550203   1,994,612 55,731 SH   DFND 2 55,731 0 0
WARNER MUSIC GROUP CORP COM CL A 934550203   20,525,458 573,497 SH   DFND 4 573,497 0 0
WHITESTONE REIT COM 966084204   1,761,329 143,314 SH   DFND 4 143,314 0 0
WHITESTONE REIT COM 966084204   2,319,111 188,699 SH   DFND 3 188,699 0 0
WHITESTONE REIT COM 966084204   1,186,698 96,558 SH   DFND 2 96,558 0 0