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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   2,977,830 41,000 SH Call SOLE   0 0 0
APARTMENT INVT & MGMT CO CL A 03748R747   16,649,676 1,924,818 SH   SOLE   1,924,818 0 0
APARTMENT INVT & MGMT CO CL A 03748R747   2,497,255 288,700 SH Call SOLE   0 0 0
APOLLO GLOBAL MGMT INC COM 03769M106   2,950,896 20,800 SH Call SOLE   0 0 0
AVALONBAY CMNTYS INC COM 053484101   4,863,650 23,900 SH Call SOLE   0 0 0
BLACKSTONE INC COM 09260D107   10,526,244 70,372 SH   SOLE   70,372 0 0
BLACKSTONE INC COM 09260D107   1,196,640 8,000 SH Call SOLE   0 0 0
BLUE OWL CAPITAL INC COM CL A 09581B103   3,982,233 207,300 SH Call SOLE   0 0 0
BROOKDALE SR LIVING INC COM 112463104   10,871,889 1,562,053 SH   SOLE   1,562,053 0 0
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105   2,968,370 53,697 SH   SOLE   53,697 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   1,669,950 27,000 SH Call SOLE   0 0 0
BXP INC COM 101121101   4,102,176 60,800 SH Call SOLE   0 0 0
CAMDEN PPTY TR SH BEN INT 133131102   2,718,534 24,124 SH   SOLE   24,124 0 0
CAMDEN PPTY TR SH BEN INT 133131102   3,098,975 27,500 SH Call SOLE   0 0 0
CBRE GROUP INC CL A 12504L109   9,003,971 64,259 SH   SOLE   64,259 0 0
CBRE GROUP INC CL A 12504L109   2,438,088 17,400 SH Call SOLE   0 0 0
CHOICE HOTELS INTL INC COM 169905106   532,896 4,200 SH Call SOLE   0 0 0
COHEN & STEERS INC COM 19247A100   14,848,772 197,064 SH   SOLE   197,064 0 0
COMPASS INC CL A 20464U100   76,346 12,157 SH   SOLE   12,157 0 0
COMPASS INC CL A 20464U100   1,004,800 160,000 SH Call SOLE   0 0 0
COSTAR GROUP INC COM 22160N109   22,202,460 276,150 SH   SOLE   276,150 0 0
COSTAR GROUP INC COM 22160N109   1,181,880 14,700 SH Call SOLE   0 0 0
DOUGLAS EMMETT INC COM 25960P109   20,581,383 1,368,443 SH   SOLE   1,368,443 0 0
DOUGLAS EMMETT INC COM 25960P109   2,406,400 160,000 SH Call SOLE   0 0 0
EQUINIX INC COM 29444U700   4,143,603 5,209 SH   SOLE   5,209 0 0
EQUINIX INC COM 29444U700   4,852,367 6,100 SH Call SOLE   0 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   5,297,965 78,500 SH Call SOLE   0 0 0
ESSEX PPTY TR INC COM 297178105   26,514,904 93,560 SH   SOLE   93,560 0 0
ESSEX PPTY TR INC COM 297178105   2,805,660 9,900 SH Call SOLE   0 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   2,276,300 130,000 SH Call SOLE   0 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   13,709,585 51,474 SH   SOLE   51,474 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   1,891,014 7,100 SH Call SOLE   0 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   14,260,185 211,262 SH   SOLE   211,262 0 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   519,750 7,700 SH Call SOLE   0 0 0
HUDSON PAC PPTYS INC COM 444097109   15,919,726 5,810,119 SH   SOLE   5,810,119 0 0
HUDSON PAC PPTYS INC COM 444097109   1,644,000 600,000 SH Call SOLE   0 0 0
HYATT HOTELS CORP COM CL A 448579102   7,864,250 56,314 SH   SOLE   56,314 0 0
HYATT HOTELS CORP COM CL A 448579102   1,075,305 7,700 SH Call SOLE   0 0 0
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   13,339,716 73,400 SH Put SOLE   73,400 0 0
INVESCO QQQ TR UNIT SER 1 46090E103   10,481,160 19,000 SH Put SOLE   19,000 0 0
INVITATION HOMES INC COM 46187W107   544,480 16,600 SH Call SOLE   0 0 0
JONES LANG LASALLE INC COM 48020Q107   2,481,066 9,700 SH Call SOLE   0 0 0
KILROY RLTY CORP COM 49427F108   2,278,184 66,400 SH Call SOLE   0 0 0
KIMCO RLTY CORP COM 49446R109   1,051,000 50,000 SH Call SOLE   0 0 0
KKR & CO INC COM 48251W104   598,635 4,500 SH Call SOLE   0 0 0
MACERICH CO COM 554382101   538,794 33,300 SH Call SOLE   0 0 0
MID-AMER APT CMNTYS INC COM 59522J103   5,328,360 36,000 SH Call SOLE   0 0 0
MURPHY USA INC COM 626755102   528,840 1,300 SH Call SOLE   0 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102   14,983,704 449,691 SH   SOLE   449,691 0 0
NNN REIT INC COM 637417106   539,750 12,500 SH Call SOLE   0 0 0
OMEGA HEALTHCARE INVS INC COM 681936100   2,107,375 57,500 SH Call SOLE   0 0 0
PROLOGIS INC. COM 74340W103   3,910,464 37,200 SH Call SOLE   0 0 0
PUBLIC STORAGE OPER CO COM 74460D109   2,112,624 7,200 SH Call SOLE   0 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107   3,256,110 33,000 SH Call SOLE   0 0 0
SIMON PPTY GROUP INC NEW COM 828806109   3,761,784 23,400 SH Call SOLE   0 0 0
SIX FLAGS ENTERTAINMENT CORP COM 83001C108   608,600 20,000 SH Call SOLE   0 0 0
SL GREEN RLTY CORP COM 78440X887   2,389,340 38,600 SH Call SOLE   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   11,430,225 18,500 SH Put SOLE   18,500 0 0
SUN CMNTYS INC COM 866674104   2,200,926 17,400 SH Call SOLE   0 0 0
TANGER INC COM 875465106   2,140,600 70,000 SH Call SOLE   0 0 0
TRAVEL PLUS LEISURE CO COM 894164102   15,219,273 294,890 SH   SOLE   294,890 0 0
TRAVEL PLUS LEISURE CO COM 894164102   1,176,708 22,800 SH Call SOLE   0 0 0
UDR INC COM 902653104   1,090,161 26,700 SH Call SOLE   0 0 0
VAIL RESORTS INC COM 91879Q109   1,665,578 10,600 SH Call SOLE   0 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553   13,715,240 154,000 SH Put SOLE   154,000 0 0
VENTAS INC COM 92276F100   2,197,620 34,800 SH Call SOLE   0 0 0
VICI PPTYS INC COM 925652109   1,085,580 33,300 SH Call SOLE   0 0 0
VORNADO RLTY TR SH BEN INT 929042109   3,651,920 95,500 SH Call SOLE   0 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104   513,800 20,000 SH Call SOLE   0 0 0
WP CAREY INC COM 92936U109   1,122,840 18,000 SH Call SOLE   0 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105   503,502 6,200 SH Call SOLE   0 0 0