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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
BRIXMOR PPTY GROUP INC COM 11120U105   4,618 200,000 SH   DFND   200,000 0 0
CHATHAM LODGING TR COM 16208T102   5,069 595,000 SH   DFND   595,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301   23,165 2,741,445 SH   DFND   2,741,445 0 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107   45,498 14,917,366 SH   DFND   14,917,366 0 0
HOST HOTELS & RESORTS INC COM 44107P104   10,537 586,032 SH   DFND   586,032 0 0
KIMCO RLTY CORP COM 49446R109   6,957 357,500 SH   DFND   357,500 0 0
PARK HOTELS & RESORTS INC COM 700517105   51,363 3,428,750 SH   DFND   3,428,750 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200   50 2,000 SH   DFND   2,000 0 0
RLJ LODGING TR COM 74965L101   60,710 6,304,257 SH   DFND   6,304,257 0 0
SABRA HEALTH CARE REIT INC COM 78573L106   13,860 900,000 SH   DFND   900,000 0 0
SL GREEN REALTY CORP COM 78440X887   5,664 100,000 SH   DFND   100,000 0 0
SUMMIT HOTEL PROPERTIES INC COM 866082100   30,014 5,010,631 SH   DFND   5,010,631 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101   22,889 2,188,210 SH   DFND   2,188,210 0 0
VERIS RESIDENTIAL INC COM 554489104   64,460 4,297,314 SH   DFND   4,297,314 0 0
VORNADO RLTY TR SH BEN INT 929042109   26,524 1,008,913 SH   DFND   1,008,913 0 0