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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
AMERICAN TOWER CORP NEW COM 03027X100   217,896,250 1,325,000 SH Call SOLE   1,325,000 0 0
APARTMENT INCOME REIT CORP COM 03750L109   16,035,163 522,318 SH   SOLE   522,318 0 0
APARTMENT INVT & MGMT CO CL A 03748R747   28,234,552 4,152,140 SH   SOLE   4,152,140 0 0
CAMDEN PPTY TR SH BEN INT 133131102   167,527,757 1,771,281 SH   SOLE   1,771,281 0 0
CBRE GROUP INC CL A 12504L109   31,893,413 431,809 SH   SOLE   431,809 0 0
CUBESMART COM 229663109   60,738,459 1,592,931 SH   SOLE   1,592,931 0 0
D R HORTON INC COM 23331A109   55,626,794 517,603 SH   SOLE   517,603 0 0
EXTRA SPACE STORAGE INC COM 30225T102   132,973,262 1,093,710 SH   SOLE   1,093,710 0 0
FIRST AMERN FINL CORP COM 31847R102   4,525,414 80,110 SH   SOLE   80,110 0 0
FIRST INDL RLTY TR INC COM 32054K103   59,373,570 1,247,606 SH   SOLE   1,247,606 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106   7,249,865 2,441,032 SH   SOLE   2,441,032 0 0
FORESTAR GROUP INC COM 346232101   46,694,482 1,733,277 SH   SOLE   1,733,277 0 0
HILTON GRAND VACATIONS INC COM 43283X105   55,785,211 1,370,644 SH   SOLE   1,370,644 0 0
INDEPENDENCE RLTY TR INC COM 45378A106   125,882,081 8,946,843 SH   SOLE   8,946,843 0 0
JBG SMITH PPTYS COM 46590V100   110,771,640 7,660,556 SH   SOLE   7,660,556 0 0
JONES LANG LASALLE INC COM 48020Q107   64,347,867 455,786 SH   SOLE   455,786 0 0
LAS VEGAS SANDS CORP COM 517834107   25,212,000 550,000 SH Call SOLE   550,000 0 0
LOUISIANA PAC CORP COM 546347105   44,742,281 809,522 SH   SOLE   809,522 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103   16,173,057 91,736 SH   SOLE   91,736 0 0
MARRIOTT VACATIONS WORLDWIDE COM 57164Y107   72,072,514 716,213 SH   SOLE   716,213 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100   34,981,138 3,537,021 SH   SOLE   3,537,021 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106   27,820,829 3,842,656 SH   SOLE   3,842,656 0 0
REXFORD INDL RLTY INC COM 76169C100   110,648,770 2,242,123 SH   SOLE   2,242,123 0 0
SAFEHOLD INC COM 78646V107   82,196,520 4,617,782 SH   SOLE   4,617,782 0 0
SMARTRENT INC COM CL A 83193G107   8,898,330 3,409,322 SH   SOLE   3,409,322 0 0
SPHERE ENTERTAINMENT CO CL A 55826T102   35,408,203 952,858 SH   SOLE   952,858 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300   77,275,015 2,304,653 SH   SOLE   2,304,653 0 0
TRAVEL PLUS LEISURE CO COM 894164102   30,570,048 832,291 SH   SOLE   832,291 0 0