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
3M CO COM 88579Y101 1,592 7,556 SH   SOLE   7,556 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 935 33,370 SH   SOLE   33,370 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 763 4,484 SH   SOLE   4,484 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 1 40 SH   SOLE   40 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 933 7,415 SH   SOLE   7,415 0 0
ALEXANDRIA REAL ESTATE EQ IN PFD CONV SER D 015271505 2 50 SH   SOLE   50 0 0
AMBEV SA SPONSORED ADR 02319V103 0 0 SH   SOLE   0 0 0
AMERICAN ASSETS TR INC COM 024013104 921 24,700 SH   SOLE   24,700 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 1 20 SH   SOLE   20 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 6 299 SH   SOLE   299 0 0
AMGEN INC COM 031162100 766 3,696 SH   SOLE   3,696 0 0
APOGEE ENTERPRISES INC COM 037598109 183 4,432 SH   SOLE   4,432 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 8,134 465,100 SH   SOLE   465,100 0 0
APPLE INC COM 037833100 1,710 7,575 SH   SOLE   7,575 0 0
AT&T INC COM 00206R102 487 14,498 SH   SOLE   14,498 0 0
AVALONBAY CMNTYS INC COM 053484101 4 20 SH   SOLE   20 0 0
BECTON DICKINSON & CO COM 075887109 1,298 4,974 SH   SOLE   4,974 0 0
BELMOND LTD CL A G1154H107 552 30,200 SH   SOLE   30,200 0 0
BLACK KNIGHT INC COM 09215C105 282 5,427 SH   SOLE   5,427 0 0
BLACKROCK INC COM 09247X101 1,239 2,627 SH   SOLE   2,627 0 0
BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B 10482B200 47,021 2,481,315 SH   SOLE   2,481,315 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 197 12,549 SH   SOLE   12,549 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 1 80 SH   SOLE   80 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 529 4,010 SH   SOLE   4,010 0 0
BT GROUP PLC ADR 05577E101 122 8,234 SH   SOLE   8,234 0 0
CANADA GOOSE HOLDINGS INC SHS SUB VTG 135086106 249 3,860 SH   SOLE   3,860 0 0
CANTEL MEDICAL CORP COM 138098108 193 2,093 SH   SOLE   2,093 0 0
CASEYS GEN STORES INC COM 147528103 412 3,189 SH   SOLE   3,189 0 0
CATALENT INC COM 148806102 259 5,688 SH   SOLE   5,688 0 0
CECO ENVIRONMENTAL CORP COM 125141101 27 3,416 SH   SOLE   3,416 0 0
CENTERSTATE BK CORP COM 15201P109 321 11,454 SH   SOLE   11,454 0 0
CHATHAM LODGING TR COM 16208T102 16,116 771,490 SH   SOLE   771,490 0 0
CHEVRON CORP NEW COM 166764100 808 6,608 SH   SOLE   6,608 0 0
CHINA YUCHAI INTL LTD COM G21082105 1,928 111,597 SH   SOLE   111,597 0 0
CISCO SYS INC COM 17275R102 1,070 22,002 SH   SOLE   22,002 0 0
CLIPPER RLTY INC COM 18885T306 12,855 950,110 SH   SOLE   950,110 0 0
CME GROUP INC COM CL A 12572Q105 1,428 8,388 SH   SOLE   8,388 0 0
COLONY CAP INC NEW CL A COM 19626G108 6,222 1,021,700 SH   SOLE   1,021,700 0 0
COMCAST CORP NEW CL A 20030N101 1,739 49,122 SH   SOLE   49,122 0 0
CONSOLIDATED TOMOKA LD CO NOTE 4.500% 3/1 210226AB2 18,929 17,878,000 SH   SOLE   17,878,000 0 0
CORE LABORATORIES N V COM N22717107 298 2,571 SH   SOLE   2,571 0 0
CORENERGY INFRASTRUCTURE TR NOTE 7.000% 6/1 21870UAA4 12,344 10,614,000 SH   SOLE   10,614,000 0 0
COSTCO WHSL CORP NEW COM 22160K105 565 2,407 SH   SOLE   2,407 0 0
DDR CORP COM 23317H854 9,061 676,700 SH   SOLE   676,700 0 0
DIGITAL RLTY TR INC COM 253868103 880 7,830 SH   SOLE   7,830 0 0
EASTMAN CHEM CO COM 277432100 922 9,629 SH   SOLE   9,629 0 0
EATON CORP PLC SHS G29183103 887 10,229 SH   SOLE   10,229 0 0
ENSTAR GROUP LIMITED SHS G3075P101 292 1,401 SH   SOLE   1,401 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 15,458 430,340 SH   SOLE   430,340 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 6,961 248,700 SH   SOLE   248,700 0 0
EQUINIX INC COM PAR $0.001 29444U700 998 2,305 SH   SOLE   2,305 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 951 14,340 SH   SOLE   14,340 0 0
ESSEX PPTY TR INC COM 297178105 2 10 SH   SOLE   10 0 0
EVERCORE INC CLASS A 29977A105 442 4,403 SH   SOLE   4,403 0 0
EXANTAS CAP CORP COM NEW 30068N105 8,895 810,130 SH   SOLE   810,130 0 0
EXXON MOBIL CORP COM 30231G102 14 166 SH   SOLE   166 0 0
FARMLAND PARTNERS INC COM 31154R109 628 93,700 SH   SOLE   93,700 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 936 7,400 SH   SOLE   7,400 0 0
FIRST AMERN FINL CORP COM 31847R102 520 10,092 SH   SOLE   10,092 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 888 8,985 SH   SOLE   8,985 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 2 80 SH   SOLE   80 0 0
GENERAL DYNAMICS CORP COM 369550108 1,091 5,330 SH   SOLE   5,330 0 0
GENESIS HEALTHCARE INC CL A COM 37185X106 0 320 SH   SOLE   320 0 0
GENTHERM INC COM 37253A103 218 4,799 SH   SOLE   4,799 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 690 17,188 SH   SOLE   17,188 0 0
GLOBAL X FDS MSCI PAKISTAN 37950E689 381 35,940 SH   SOLE   35,940 0 0
GRUPO AEROPORTUARIO CTR NORT SPON ADR 400501102 840 14,748 SH   SOLE   14,748 0 0
GUIDEWIRE SOFTWARE INC COM 40171V100 388 3,840 SH   SOLE   3,840 0 0
HCP INC COM 40414L109 2 60 SH   SOLE   60 0 0
HFF INC CL A 40418F108 579 13,637 SH   SOLE   13,637 0 0
HOME DEPOT INC COM 437076102 872 4,210 SH   SOLE   4,210 0 0
HOWARD HUGHES CORP COM 44267D107 982 7,910 SH   SOLE   7,910 0 0
INFOSYS LTD SPONSORED ADR 456788108 3,158 310,668 SH   SOLE   310,668 0 0
INTERNATIONAL FLAVORS&FRAGRA COM 459506101 661 4,754 SH   SOLE   4,754 0 0
INTERXION HOLDING N.V SHS N47279109 944 14,025 SH   SOLE   14,025 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 1,125 29,845 SH   SOLE   29,845 0 0
ISHARES TR INTRM TR CRP ETF 464288638 1,264 23,790 SH   SOLE   23,790 0 0
ISHARES TR MBS ETF 464288588 1,069 10,340 SH   SOLE   10,340 0 0
ISHARES TR MSCI ACWI ETF 464288257 30 405 SH   SOLE   405 0 0
ISHARES TR MSCI ACWI EX US 464288240 9,581 200,910 SH   SOLE   200,910 0 0
JERNIGAN CAP INC COM 476405105 18,367 952,150 SH   SOLE   952,150 0 0
JOHN BEAN TECHNOLOGIES CORP COM 477839104 632 5,293 SH   SOLE   5,293 0 0
JOHNSON & JOHNSON COM 478160104 1,061 7,676 SH   SOLE   7,676 0 0
JPMORGAN CHASE & CO COM 46625H100 1,149 10,185 SH   SOLE   10,185 0 0
KIMCO RLTY CORP COM 49446R109 1 50 SH   SOLE   50 0 0
KITE RLTY GROUP TR COM NEW 49803T300 2 110 SH   SOLE   110 0 0
KLA-TENCOR CORP COM 482480100 1,428 14,052 SH   SOLE   14,052 0 0
LANDMARK INFRASTRUCTURE LP 7% CNV PFD UNT C 51508J405 2,520 109,335 SH   SOLE   109,335 0 0
LEXINGTON REALTY TRUST COM 529043101 5,395 650,000 SH   SOLE   650,000 0 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 15,664 316,515 SH   SOLE   316,515 0 0
LITTELFUSE INC COM 537008104 391 1,973 SH   SOLE   1,973 0 0
MACERICH CO COM 554382101 1 15 SH   SOLE   15 0 0
MACK CALI RLTY CORP COM 554489104 999 47,000 SH   SOLE   47,000 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 195 619 SH   SOLE   619 0 0
MCDONALDS CORP COM 580135101 462 2,761 SH   SOLE   2,761 0 0
MEDTRONIC PLC SHS G5960L103 928 9,431 SH   SOLE   9,431 0 0
METLIFE INC COM 59156R108 418 8,954 SH   SOLE   8,954 0 0
MICROSOFT CORP COM 594918104 2,234 19,533 SH   SOLE   19,533 0 0
MID AMER APT CMNTYS INC COM 59522J103 952 9,500 SH   SOLE   9,500 0 0
MILLER HERMAN INC COM 600544100 191 4,962 SH   SOLE   4,962 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 1,091 127,946 SH   SOLE   127,946 0 0
NEENAH INC COM 640079109 458 5,301 SH   SOLE   5,301 0 0
NEW JERSEY RES COM 646025106 20 426 SH   SOLE   426 0 0
NOVARTIS A G SPONSORED ADR 66987V109 1,929 22,392 SH   SOLE   22,392 0 0
OLLIES BARGAIN OUTLT HLDGS I COM 681116109 217 2,260 SH   SOLE   2,260 0 0
OWENS CORNING NEW COM 690742101 246 4,539 SH   SOLE   4,539 0 0
PARAMOUNT GROUP INC COM 69924R108 931 61,680 SH   SOLE   61,680 0 0
PAYCOM SOFTWARE INC COM 70432V102 220 1,414 SH   SOLE   1,414 0 0
PEPSICO INC COM 713448108 543 4,857 SH   SOLE   4,857 0 0
PFIZER INC COM 717081103 1,505 34,157 SH   SOLE   34,157 0 0
PHILLIPS 66 COM 718546104 1,198 10,629 SH   SOLE   10,629 0 0
PIMCO ETF TR ENHAN SHRT MA AC 72201R833 31 305 SH   SOLE   305 0 0
POOL CORPORATION COM 73278L105 637 3,816 SH   SOLE   3,816 0 0
PRA HEALTH SCIENCES INC COM 69354M108 494 4,480 SH   SOLE   4,480 0 0
PROCTER AND GAMBLE CO COM 742718109 599 7,197 SH   SOLE   7,197 0 0
PROLOGIS INC COM 74340W103 1,594 23,528 SH   SOLE   23,528 0 0
PRUDENTIAL PLC ADR 74435K204 719 15,654 SH   SOLE   15,654 0 0
PUBLIC STORAGE COM 74460D109 232 1,148 SH   SOLE   1,148 0 0
QIAGEN NV SHS NEW N72482123 308 8,117 SH   SOLE   8,117 0 0
QTS RLTY TR INC 6.50% CON PFD B 74736A301 7,393 70,000 SH   SOLE   70,000 0 0
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 751452608 13,228 245,770 SH   SOLE   245,770 0 0
RBC BEARINGS INC COM 75524B104 297 1,974 SH   SOLE   1,974 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 898 48,110 SH   SOLE   48,110 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 18,293 704,110 SH   SOLE   704,110 0 0
ROBERT HALF INTL INC COM 770323103 1,846 26,228 SH   SOLE   26,228 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 11,563 500,150 SH   SOLE   500,150 0 0
SCHLUMBERGER LTD COM 806857108 2,449 40,213 SH   SOLE   40,213 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 1,081 55,494 SH   SOLE   55,494 0 0
SIMON PPTY GROUP INC NEW COM 828806109 6 35 SH   SOLE   35 0 0
SL GREEN RLTY CORP COM 78440X101 1,248 12,790 SH   SOLE   12,790 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 193,133 664,325 SH   SOLE   652,198 0 12,127
STAG INDL INC COM 85254J102 11,275 410,000 SH   SOLE   410,000 0 0
STARBUCKS CORP COM 855244109 725 12,765 SH   SOLE   12,765 0 0
STERLING BANCORP DEL COM 85917A100 304 13,811 SH   SOLE   13,811 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 3,450 78,127 SH   SOLE   78,127 0 0
TAUBMAN CTRS INC COM 876664103 8,707 145,535 SH   SOLE   145,535 0 0
TERRENO RLTY CORP COM 88146M101 2 50 SH   SOLE   50 0 0
TEXAS INSTRS INC COM 882508104 1,373 12,801 SH   SOLE   12,801 0 0
UBS GROUP AG SHS H42097107 2 152 SH   SOLE   152 0 0
UNILEVER PLC SPON ADR NEW 904767704 2,132 38,770 SH   SOLE   38,770 0 0
UNITED TECHNOLOGIES CORP COM 913017109 1,366 9,770 SH   SOLE   9,770 0 0
URSTADT BIDDLE PPTYS INC CL A 917286205 2 110 SH   SOLE   110 0 0
URSTADT BIDDLE PPTYS INC PFD-G CV 6.75% 917286809 11,394 450,080 SH   SOLE   450,080 0 0
US BANCORP DEL COM NEW 902973304 1,226 23,224 SH   SOLE   23,224 0 0
VEEVA SYS INC CL A COM 922475108 566 5,205 SH   SOLE   5,205 0 0
VENTAS INC COM 92276F100 888 16,340 SH   SOLE   16,340 0 0
VIRTU FINL INC CL A 928254101 427 20,887 SH   SOLE   20,887 0 0
VORNADO RLTY TR SH BEN INT 929042109 1 20 SH   SOLE   20 0 0
WALMART INC COM 931142103 830 8,839 SH   SOLE   8,839 0 0
WELLTOWER INC COM 95040Q104 1 20 SH   SOLE   20 0 0
WEX INC COM 96208T104 540 2,690 SH   SOLE   2,690 0 0
WEYERHAEUSER CO COM 962166104 568 17,600 SH   SOLE   17,600 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 7,211 388,119 SH   SOLE   388,119 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 2,098 100,000 SH   SOLE   100,000 0 0
WORLDPAY INC CL A 981558109 648 6,406 SH   SOLE   6,406 0 0
WPP PLC NEW ADR 92937A102 1,410 19,248 SH   SOLE   19,248 0 0