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
APARTMENT INVT & MGMT COCL A03748R7549,260274,607SH SOLE 274,60700
BEACON ROOFING SUPPLY INCCOM0736851092,11468,037SH SOLE 68,03700
BOYD GAMING CORPCOM10330410111,125362,484SH SOLE 362,48400
BROADMARK RLTY CAP INC*W EXP 11/15/20211135B11864221,664SH SOLE 221,66400
CAMDEN PPTY TRSH BEN INT1331311028,61396,800SH SOLE 96,80000
CHATHAM LODGING TRCOM16208T1021,782233,915SH SOLE 233,91500
EXTENDED STAY AMER INCUNIT 99/99/9999B30224P20016,8141,406,991SH SOLE 1,406,99100
FIRST INDL RLTY TR INCCOM32054K1038,054202,373SH SOLE 202,37300
GRANITE PT MTG TR INCCOM STK38741L1073,183448,966SH SOLE 448,96600
HILTON GRAND VACATIONS INCCOM43283X1054,072194,098SH SOLE 194,09800
HOST HOTELS & RESORTS INCCOM44107P10431,7432,941,936SH SOLE 2,941,93600
HOST HOTELS & RESORTS INCCOM44107P1041,938179,600SHCallSOLE 179,60000
HUDSON PAC PPTYS INCCOM4440971096,982318,357SH SOLE 318,35700
MID-AMER APT CMNTYS INCCOM59522J10310,53090,811SH SOLE 90,81100
NETSTREIT CORPCOM64119V30311,838648,307SH SOLE 648,30700
NEW SR INVT GROUP INCCOM6486911032,325581,283SH SOLE 581,28300
PLAYA HOTELS & RESORTS NVSHSN705441061,942463,559SH SOLE 463,55900
RETAIL OPPORTUNITY INVTS CORCOM76131N10125,7142,468,915SH SOLE 2,468,91500
RETAIL VALUE INCCOM76133Q1023,175252,572SH SOLE 252,57200
VEREIT INCCOM92339V10013,7452,114,634SH SOLE 2,114,63400
VORNADO RLTY TRSH BEN INT92904210916,557491,157SH SOLE 491,15700
WYNDHAM HOTELS & RESORTS INCCOM98311A10511,616230,026SH SOLE 230,02600