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
BRIDGE INVESTMENT GROUP CL A ORD COM CL A 10806B100 19,831 1,367,626 SH   SOLE   1,367,626 0 0
BROOKDALE SENIOR LIVING ORD COM 112463104 10,929 2,559,500 SH   SOLE   2,559,500 0 0
CIVEO ORD COM NEW 17878Y207 24,061 957,470 SH   SOLE   957,470 0 0
CLEAR CHANNEL OUTDOOR HLDG ORD COM 18453H106 4,473 3,265,157 SH   SOLE   3,265,157 0 0
DIGITALBRIDGE GROUP CL A ORD CL A COM 25401T108 28,782 2,300,750 SH   SOLE   2,300,750 0 0
GMS ORD COM 36251C103 2,279 56,962 SH   SOLE   56,962 0 0
GRIFFON ORD COM 398433102 19,954 675,954 SH   SOLE   675,954 0 0
HILTON GRAND VACATIONS ORD COM 43283X105 15,030 456,990 SH   SOLE   456,990 0 0
INDUS REALTY TRUST ORD COM 45580R103 54,941 1,049,088 SH   SOLE   1,049,088 0 0
P10 CL A ORD COM CL A 69376K106 23,694 2,252,249 SH   SOLE   2,252,249 0 0
RADIUS GLOBAL INFRASTRUCT CL A ORD COM CL A 750481103 42,486 4,510,241 SH   SOLE   4,510,241 0 0
RUSH STREET INTERACTIVE CL A ORD COM 782011100 6,196 1,683,741 SH   SOLE   1,683,741 0 0
SONIDA SENIOR LIVING ORD COM 140475203 48,484 2,985,481 SH   SOLE   2,985,481 0 0
TARGET HOSPITALITY ORD COM 87615L107 46,132 3,655,503 SH   SOLE   3,655,503 0 0
WALKER & DUNLOP ORD COM 93148P102 19,425 232,000 SH   SOLE   232,000 0 0
WHITESTONE REIT ORD COM 966084204 18,806 2,222,955 SH   SOLE   2,222,955 0 0
ARES CAPITAL CORP PUT 04010L953 5,064 300,000 SH Put SOLE   300,000 0 0
GRIFFON CORP CALL 398433902 2,952 100,000 SH Call SOLE   100,000 0 0
HERCULES CAPITAL INC PUT 427096958 2,316 200,000 SH Put SOLE   200,000 0 0
MEDICAL PPTYS TRUST INC PUT 58463J954 24,313 2,050,000 SH Put SOLE   2,050,000 0 0