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 | 1,695,341 | 88,299 | SH | SOLE | 88,299 | 0 | 0 | ||
| AMERICAN TOWER CORP NEW | COM | 03027X100 | 1,892,573 | 8,138 | SH | SOLE | 8,138 | 0 | 0 | ||
| AVALONBAY CMNTYS INC | COM | 053484101 | 1,954,945 | 8,679 | SH | SOLE | 8,679 | 0 | 0 | ||
| BRAEMAR HOTELS & RESORTS INC | 5.5 CUM CV PFD B | 10482B200 | 2,070,114 | 142,865 | SH | SOLE | 142,865 | 0 | 0 | ||
| BRANDYWINE RLTY TR | SH BEN INT NEW | 105368203 | 2,730,690 | 501,965 | SH | SOLE | 501,965 | 0 | 0 | ||
| BRIXMOR PPTY GROUP INC | COM | 11120U105 | 2,711,168 | 97,314 | SH | SOLE | 97,314 | 0 | 0 | ||
| BROOKFIELD INFRASTRUCTURE CO | COM SB VTG SHS A | 11275Q107 | 1,965,164 | 45,249 | SH | SOLE | 45,249 | 0 | 0 | ||
| COMMUNITY HEALTHCARE TR INC | COM | 20369C106 | 630,168 | 34,720 | SH | SOLE | 34,720 | 0 | 0 | ||
| CROWN CASTLE INC | COM | 22822V101 | 2,013,626 | 16,974 | SH | SOLE | 16,974 | 0 | 0 | ||
| CTO RLTY GROWTH INC NEW | COM | 22948Q101 | 385,158 | 20,250 | SH | SOLE | 20,250 | 0 | 0 | ||
| ELME COMMUNITIES | SH BEN INT | 939653101 | 405,326 | 23,043 | SH | SOLE | 23,043 | 0 | 0 | ||
| EPR PPTYS | CONV PFD 9% SR E | 26884U307 | 9,363,223 | 305,688 | SH | SOLE | 305,688 | 0 | 0 | ||
| EPR PPTYS | PFD C CV 5.75% | 26884U208 | 4,844,347 | 216,169 | SH | SOLE | 216,169 | 0 | 0 | ||
| EQUINIX INC | COM | 29444U700 | 1,967,876 | 2,217 | SH | SOLE | 2,217 | 0 | 0 | ||
| HEALTHCARE RLTY TR | CL A COM | 42226K105 | 5,210,575 | 287,084 | SH | SOLE | 287,084 | 0 | 0 | ||
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 | 3,705,489 | 162,024 | SH | SOLE | 162,024 | 0 | 0 | ||
| HOWARD HUGHES HOLDINGS INC | COM | 44267T102 | 2,190,417 | 28,289 | SH | SOLE | 28,289 | 0 | 0 | ||
| INDEPENDENCE RLTY TR INC | COM | 45378A106 | 1,276,535 | 62,270 | SH | SOLE | 62,270 | 0 | 0 | ||
| INVITATION HOMES INC | COM | 46187W107 | 273,159 | 7,747 | SH | SOLE | 7,747 | 0 | 0 | ||
| KENNEDY-WILSON HOLDINGS INC | COM | 489398107 | 3,211,539 | 290,637 | SH | SOLE | 290,637 | 0 | 0 | ||
| KIMCO RLTY CORP | DP CV CL N 7.25% | 49446R687 | 3,109,910 | 50,650 | SH | SOLE | 50,650 | 0 | 0 | ||
| KITE RLTY GROUP TR | COM NEW | 49803T300 | 3,484,884 | 131,208 | SH | SOLE | 131,208 | 0 | 0 | ||
| LXP INDUSTRIAL TRUST | PFD CONV SER C | 529043309 | 2,299,670 | 43,390 | SH | SOLE | 43,390 | 0 | 0 | ||
| PROLOGIS INC. | COM | 74340W103 | 1,839,647 | 14,568 | SH | SOLE | 14,568 | 0 | 0 | ||
| PUBLIC STORAGE OPER CO | COM | 74460D109 | 2,110,446 | 5,800 | SH | SOLE | 5,800 | 0 | 0 | ||
| RLJ LODGING TR | CUM CONV PFD A | 74965L200 | 7,682,725 | 294,583 | SH | SOLE | 294,583 | 0 | 0 | ||
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 | 2,554,454 | 57,185 | SH | SOLE | 57,185 | 0 | 0 | ||
| STAG INDL INC | COM | 85254J102 | 1,710,500 | 43,758 | SH | SOLE | 43,758 | 0 | 0 | ||
| STARWOOD PPTY TR INC | COM | 85571B105 | 3,185,374 | 156,299 | SH | SOLE | 156,299 | 0 | 0 | ||
| UMH PPTYS INC | COM | 903002103 | 3,286,680 | 167,091 | SH | SOLE | 167,091 | 0 | 0 | ||
| URBAN EDGE PPTYS | COM | 91704F104 | 2,840,335 | 132,788 | SH | SOLE | 132,788 | 0 | 0 | ||
| VERIS RESIDENTIAL INC | COM | 554489104 | 2,054,293 | 115,022 | SH | SOLE | 115,022 | 0 | 0 | ||
| VICI PPTYS INC | COM | 925652109 | 3,190,032 | 95,768 | SH | SOLE | 95,768 | 0 | 0 | ||