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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
APARTMENT INVT & MGMT CO CL A 03748R747   18,025,181 2,048,316 SH   SOLE   2,048,316 0 0
AVALONBAY CMNTYS INC COM 053484101   11,058,296 51,525 SH   SOLE   51,525 0 0
BLACKSTONE INC COM 09260D107   6,122,783 43,803 SH   SOLE   43,803 0 0
BLACKSTONE INC COM 09260D107   1,677,360 12,000 SH Call SOLE   0 0 0
BOYD GAMING CORP COM 103304101   1,579,920 24,000 SH Call SOLE   0 0 0
BROOKDALE SR LIVING INC COM 112463104   13,033,896 2,082,092 SH   SOLE   2,082,092 0 0
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105   3,704,487 76,460 SH   SOLE   76,460 0 0
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105   1,816,875 37,500 SH Call SOLE   0 0 0
CAMDEN PPTY TR SH BEN INT 133131102   20,606,082 168,488 SH   SOLE   168,488 0 0
CBRE GROUP INC CL A 12504L109   15,373,189 117,550 SH   SOLE   117,550 0 0
CBRE GROUP INC CL A 12504L109   4,904,250 37,500 SH Call SOLE   0 0 0
CHATHAM LODGING TR COM 16208T102   2,518,580 353,237 SH   SOLE   353,237 0 0
CHURCHILL DOWNS INC COM 171484108   17,762,981 159,926 SH   SOLE   159,926 0 0
COHEN & STEERS INC COM 19247A100   15,861,974 197,657 SH   SOLE   197,657 0 0
COSTAR GROUP INC COM 22160N109   22,419,396 282,966 SH   SOLE   282,966 0 0
COSTAR GROUP INC COM 22160N109   3,343,506 42,200 SH Call SOLE   0 0 0
DOUGLAS EMMETT INC COM 25960P109   25,216,992 1,576,062 SH   SOLE   1,576,062 0 0
DOUGLAS EMMETT INC COM 25960P109   1,652,800 103,300 SH Call SOLE   0 0 0
ESSEX PPTY TR INC COM 297178105   39,807,501 129,848 SH   SOLE   129,848 0 0
EXPEDIA GROUP INC COM NEW 30212P303   1,681,000 10,000 SH Call SOLE   10,000 0 0
FIRST INDL RLTY TR INC COM 32054K103   22,674,801 420,215 SH   SOLE   0 0 0
GOLDEN ENTMT INC COM 381013101   410,734 15,564 SH   SOLE   15,564 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   17,882,017 78,585 SH   SOLE   78,585 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   4,801,305 21,100 SH Call SOLE   0 0 0
HUDSON PAC PPTYS INC COM 444097109   4,597,979 1,558,637 SH   SOLE   1,558,637 0 0
HYATT HOTELS CORP COM CL A 448579102   6,501,565 53,074 SH   SOLE   53,074 0 0
HYATT HOTELS CORP COM CL A 448579102   4,201,750 34,300 SH Call SOLE   0 0 0
ISHARES TR IBOXX HI YD ETF 464288513   7,415,660 94,000 SH Put SOLE   94,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432   5,097,680 56,000 SH Put SOLE   56,000 0 0
MURPHY USA INC COM 626755102   11,975,457 25,490 SH   SOLE   25,490 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102   11,559,165 292,415 SH   SOLE   292,415 0 0
PROLOGIS INC. COM 74340W103   10,106,710 90,408 SH   SOLE   90,408 0 0
PROLOGIS INC. COM 74340W103   3,197,194 28,600 SH Call SOLE   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   10,628,410 19,000 SH Put SOLE   19,000 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553   8,474,544 93,600 SH Put SOLE   93,600 0 0
VENTAS INC COM 92276F100   22,250,461 323,596 SH   SOLE   323,596 0 0