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 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
BRIXMOR PPTY GROUP INC COM 11120U105 6,620 400,000 SH   DFND   400,000 0 0
CHATHAM LODGING TR COM 16208T102 2,367 219,220 SH   DFND   219,220 0 0
COREPOINT LODGING INC COM 21872L104 15,558 2,261,347 SH   DFND   2,261,347 0 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107 25,477 6,183,836 SH   DFND   6,183,836 0 0
HOST HOTELS & RESORTS INC COM 44107P104 17,559 1,200,202 SH   DFND   1,200,202 0 0
KIMCO RLTY CORP COM 49446R109 3,753 250,000 SH   DFND   250,000 0 0
KITE RLTY GROUP TR COM NEW 49803T300 29,938 2,001,199 SH   DFND   2,001,199 0 0
MACK CALI RLTY CORP COM 554489104 38,345 3,077,423 SH   DFND   3,077,423 0 0
PARK HOTELS RESORTS INC COM 700517105 4,998 291,434 SH   DFND   291,434 0 0
RLJ LODGING TR COM 74965L101 83,131 5,875,000 SH   DFND   5,875,000 0 0
VEREIT INC COM 92339V308 25,161 665,802 SH   DFND   665,802 0 0