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
BOYD GAMING CORP COM 103304101 8,319 398,049 SH   SOLE   398,049 0 0
BROADMARK RLTY CAP INC *W EXP 11/15/202 11135B118 70 221,664 SH   SOLE   221,664 0 0
CAMDEN PPTY TR SH BEN INT 133131102 8,456 92,700 SH   SOLE   92,700 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 26,689 2,385,056 SH   SOLE   2,385,056 0 0
FIRST INDL RLTY TR INC COM 32054K103 8,857 230,400 SH   SOLE   230,400 0 0
GRANITE PT MTG TR INC COM STK 38741L107 2,379 331,334 SH   SOLE   331,334 0 0
HILTON GRAND VACATIONS INC COM 43283X105 10,092 516,236 SH   SOLE   516,236 0 0
HOST HOTELS & RESORTS INC COM 44107P104 26,692 2,473,818 SH   SOLE   2,473,818 0 0
HUDSON PAC PPTYS INC COM 444097109 11,942 474,623 SH   SOLE   474,623 0 0
MACK CALI RLTY CORP COM 554489104 9,267 606,058 SH   SOLE   606,058 0 0
MID-AMER APT CMNTYS INC COM 59522J103 1,755 15,301 SH   SOLE   15,301 0 0
NEW SR INVT GROUP INC COM 648691103 535 147,783 SH   SOLE   147,783 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 4,324 1,194,360 SH   SOLE   1,194,360 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 19,800 1,747,587 SH   SOLE   1,747,587 0 0
RETAIL VALUE INC COM 76133Q102 2,943 238,072 SH   SOLE   238,072 0 0
VEREIT INC COM 92339V100 13,159 2,046,534 SH   SOLE   2,046,534 0 0
VORNADO RLTY TR SH BEN INT 929042109 17,407 455,557 SH   SOLE   455,557 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 19,884 466,552 SH   SOLE   466,552 0 0