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
ALEXANDRIA REAL ESTATE Stock 015271109 90 403 SH   SOLE   0 0 403
AMERICAN FINANCE TRUST 7.375 PFD C Preferred 02607T505 48 1,800 SH   SOLE   0 0 1,800
ARBOR REALTY TRUST INC CUM CONV 6.25 PFD E Preferred 038923868 51 2,000 SH   SOLE   0 0 2,000
ARMADA HOFFLER PROPERTIES INC 6.75 CUM PFD A Preferred 04208T207 35 1,285 SH   SOLE   0 0 1,285
CENTERSPACE 6.625 PREFERRED C Preferred 15202L206 47 1,800 SH   SOLE   0 0 1,800
DIGITALBRIDGE GROUP INC 7.15 PFD I Preferred 25401T405 52 2,000 SH   SOLE   0 0 2,000
EPR PROPERTIES 5.75 PFD SER G Preferred 26884U505 34 1,350 SH   SOLE   0 0 1,350
HEALTHCARE TRUST INC 7.375 CUM CONV PFD A Preferred 42226B204 46 1,800 SH   SOLE   0 0 1,800
ISTAR FINANCIAL INC 7 1/2 PFD SHS SERIES I Preferred 45031U804 36 1,400 SH   SOLE   0 0 1,400
LEXINGTON REALTY TRUST 6.5 CUM CONV PFD SERIES C Preferred 529043309 50 800 SH   SOLE   0 0 800
LUMENT FINANCE COMPANY 7.875 PFD A Preferred 55025L207 40 1,500 SH   SOLE   0 0 1,500
MID AMER APT CMNTYS INC 8.5 PFD SER I Preferred 59522J889 69 1,100 SH   SOLE   0 0 1,100
RLJ LODGING TRUST USD 1.95 CONV PFD A Preferred 74965L200 43 1,500 SH   SOLE   0 0 1,500
RPT REALTY 7.25 PFD D Preferred 74971D200 59 1,000 SH   SOLE   0 0 1,000
SPIRIT REALTY CAPITAL PFD A 6 Preferred 84860W201 35 1,350 SH   SOLE   0 0 1,350
UMH PROPERTIES INC 6.75 PFD C Preferred 903002400 39 1,500 SH   SOLE   0 0 1,500