The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| ALEXANDER & BALDWIN INC NEW | COM | 014491104 | 2,390,410 | 128,655 | SH | SOLE | 128,655 | 0 | 0 | ||
| ALICO INC | COM | 016230104 | 327,670 | 12,870 | SH | SOLE | 12,870 | 0 | 0 | ||
| APARTMENT INCOME REIT CORP | COM | 03750L109 | 3,745,853 | 103,792 | SH | SOLE | 103,792 | 0 | 0 | ||
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 | 36,175,292 | 1,738,361 | SH | SOLE | 1,738,361 | 0 | 0 | ||
| BRAEMAR HOTELS & RESORTS INC | 5.5 CUM CV PFD B | 10482B200 | 1,869,420 | 133,530 | SH | SOLE | 133,530 | 0 | 0 | ||
| BRANDYWINE RLTY TR | SH BEN INT NEW | 105368203 | 1,744,592 | 375,181 | SH | SOLE | 375,181 | 0 | 0 | ||
| BRIXMOR PPTY GROUP INC | COM | 11120U105 | 3,276,086 | 148,913 | SH | SOLE | 148,913 | 0 | 0 | ||
| CENTURY CMNTYS INC | COM | 156504300 | 1,048,468 | 13,684 | SH | SOLE | 13,684 | 0 | 0 | ||
| DIAMONDROCK HOSPITALITY CO | COM | 252784301 | 84,522 | 10,552 | SH | SOLE | 10,552 | 0 | 0 | ||
| EPR PPTYS | PFD C CV 5.75% | 26884U208 | 6,734,656 | 319,178 | SH | SOLE | 319,178 | 0 | 0 | ||
| EPR PPTYS | CONV PFD 9% SR E | 26884U307 | 8,848,717 | 312,014 | SH | SOLE | 312,014 | 0 | 0 | ||
| GAMING & LEISURE PPTYS INC | COM | 36467J108 | 3,031,851 | 62,564 | SH | SOLE | 62,564 | 0 | 0 | ||
| GLOBAL NET LEASE INC | COM NEW | 379378201 | 1,057,874 | 102,906 | SH | SOLE | 102,906 | 0 | 0 | ||
| HEALTHCARE RLTY TR | CL A COM | 42226K105 | 4,542,374 | 240,847 | SH | SOLE | 240,847 | 0 | 0 | ||
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 | 3,884,687 | 193,268 | SH | SOLE | 193,268 | 0 | 0 | ||
| HERSHA HOSPITALITY TR | PR SHS BEN INT | 427825500 | 1,119,372 | 183,805 | SH | SOLE | 183,805 | 0 | 0 | ||
| HOWARD HUGHES CORP | COM | 44267D107 | 1,303,285 | 16,514 | SH | SOLE | 16,514 | 0 | 0 | ||
| INDEPENDENCE RLTY TR INC | COM | 45378A106 | 1,123,427 | 61,659 | SH | SOLE | 61,659 | 0 | 0 | ||
| INVENTRUST PPTYS CORP | COM NEW | 46124J201 | 1,673,045 | 72,301 | SH | SOLE | 72,301 | 0 | 0 | ||
| KENNEDY-WILSON HOLDINGS INC | COM | 489398107 | 3,939,417 | 241,238 | SH | SOLE | 241,238 | 0 | 0 | ||
| KITE RLTY GROUP TR | COM NEW | 49803T300 | 1,945,166 | 87,071 | SH | SOLE | 87,071 | 0 | 0 | ||
| LXP INDUSTRIAL TRUST | PFD CONV SER C | 529043309 | 1,350,730 | 27,216 | SH | SOLE | 27,216 | 0 | 0 | ||
| PHYSICIANS RLTY TR | COM | 71943U104 | 1,485,080 | 106,153 | SH | SOLE | 106,153 | 0 | 0 | ||
| READY CAPITAL CORP | 7% CN SR NT 2023 | 75574U200 | 564,070 | 22,455 | SH | SOLE | 22,455 | 0 | 0 | ||
| RLJ LODGING TR | CUM CONV PFD A | 74965L200 | 7,033,533 | 291,969 | SH | SOLE | 291,969 | 0 | 0 | ||
| RPT REALTY | 7.25 PFD D CONV | 74971D200 | 14,920,892 | 304,508 | SH | SOLE | 304,508 | 0 | 0 | ||
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 | 3,555,373 | 94,332 | SH | SOLE | 94,332 | 0 | 0 | ||
| SL GREEN RLTY CORP | COM | 78440X887 | 20,752,740 | 690,607 | SH | SOLE | 690,607 | 0 | 0 | ||
| SPIRIT RLTY CAP INC NEW | COM NEW | 84860W300 | 6,488,288 | 164,761 | SH | SOLE | 164,761 | 0 | 0 | ||
| STAG INDL INC | COM | 85254J102 | 3,424,495 | 95,443 | SH | SOLE | 95,443 | 0 | 0 | ||
| STARWOOD PPTY TR INC | COM | 85571B105 | 1,516,595 | 78,175 | SH | SOLE | 78,175 | 0 | 0 | ||
| UMH PPTYS INC | COM | 903002103 | 3,498,741 | 218,945 | SH | SOLE | 218,945 | 0 | 0 | ||
| URBAN EDGE PPTYS | COM | 91704F104 | 3,922,537 | 254,215 | SH | SOLE | 254,215 | 0 | 0 | ||
| VERIS RESIDENTIAL INC | COM | 554489104 | 2,363,844 | 147,280 | SH | SOLE | 147,280 | 0 | 0 | ||