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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
BOYD GAMING CORPCOM1033041018,319398,049SH SOLE 398,04900
BROADMARK RLTY CAP INC*W EXP 11/15/20211135B11870221,664SH SOLE 221,66400
CAMDEN PPTY TRSH BEN INT1331311028,45692,700SH SOLE 92,70000
EXTENDED STAY AMER INCUNIT 99/99/9999B30224P20026,6892,385,056SH SOLE 2,385,05600
FIRST INDL RLTY TR INCCOM32054K1038,857230,400SH SOLE 230,40000
GRANITE PT MTG TR INCCOM STK38741L1072,379331,334SH SOLE 331,33400
HILTON GRAND VACATIONS INCCOM43283X10510,092516,236SH SOLE 516,23600
HOST HOTELS & RESORTS INCCOM44107P10426,6922,473,818SH SOLE 2,473,81800
HUDSON PAC PPTYS INCCOM44409710911,942474,623SH SOLE 474,62300
MACK CALI RLTY CORPCOM5544891049,267606,058SH SOLE 606,05800
MID-AMER APT CMNTYS INCCOM59522J1031,75515,301SH SOLE 15,30100
NEW SR INVT GROUP INCCOM648691103535147,783SH SOLE 147,78300
PLAYA HOTELS & RESORTS NVSHSN705441064,3241,194,360SH SOLE 1,194,36000
RETAIL OPPORTUNITY INVTS CORCOM76131N10119,8001,747,587SH SOLE 1,747,58700
RETAIL VALUE INCCOM76133Q1022,943238,072SH SOLE 238,07200
VEREIT INCCOM92339V10013,1592,046,534SH SOLE 2,046,53400
VORNADO RLTY TRSH BEN INT92904210917,407455,557SH SOLE 455,55700
WYNDHAM HOTELS & RESORTS INCCOM98311A10519,884466,552SH SOLE 466,55200