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 EQ IN COM 015271109 22,451 117,500 SH   SOLE   117,500 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 146,464 3,842,184 SH   SOLE   3,842,184 0 0
APARTMENT INVT & MGMT CO CL A 03748R747 69,728 10,179,274 SH   SOLE   10,179,274 0 0
BOOKING HOLDINGS INC COM 09857L108 42,730 18,000 SH Call SOLE   18,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102 69,777 473,158 SH   SOLE   473,158 0 0
D R HORTON INC COM 23331A109 16,374 195,000 SH   SOLE   195,000 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 83,297 1,066,545 SH   SOLE   1,066,545 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 158,671 1,960,832 SH   SOLE   1,960,832 0 0
EXPEDIA GROUP INC COM NEW 30212P303 156,037 952,023 SH   SOLE   952,023 0 0
FIFTH WALL ACQUISITN CORP II CLASS A ORD SHS G34142102 14,730 1,500,000 SH   SOLE   1,500,000 0 0
FIRST INDL RLTY TR INC COM 32054K103 16,145 310,000 SH   SOLE   310,000 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 35,421 4,523,774 SH   SOLE   4,523,774 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 68,440 789,210 SH   SOLE   789,210 0 0
FORESTAR GROUP INC COM 346232101 87,223 4,681,873 SH   SOLE   4,681,873 0 0
HILTON GRAND VACATIONS INC COM 43283X105 47,406 996,546 SH   SOLE   996,546 0 0
HYATT HOTELS CORP COM CL A 448579102 50,376 653,387 SH   SOLE   653,387 0 0
INVITATION HOMES INC COM 46187W107 102,731 2,680,169 SH   SOLE   2,680,169 0 0
JBG SMITH PPTYS COM 46590V100 96,724 3,266,584 SH   SOLE   3,266,584 0 0
KILROY RLTY CORP COM 49427F108 45,114 681,383 SH   SOLE   681,383 0 0
LAS VEGAS SANDS CORP COM 517834107 156,838 4,285,204 SH   SOLE   4,285,204 0 0
LAS VEGAS SANDS CORP COM 517834107 159,210 4,350,000 SH Call SOLE   4,350,000 0 0
LEXINGTON REALTY TRUST COM 529043101 68,466 5,369,909 SH   SOLE   5,369,909 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103 149,541 804,202 SH   SOLE   804,202 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100 92,729 9,055,522 SH   SOLE   9,055,522 0 0
NETSTREIT CORP COM 64119V303 53,202 2,249,561 SH   SOLE   2,249,561 0 0
PARK HOTELS & RESORTS INC COM 700517105 8,541 446,260 SH   SOLE   446,260 0 0
PUBLIC STORAGE COM 74460D109 22,505 75,750 SH   SOLE   75,750 0 0
PULTE GROUP INC COM 745867101 32,756 713,319 SH   SOLE   713,319 0 0
RXR ACQUISITION CORP UNIT 01/01/2025 74981W206 19,700 2,000,000 SH   SOLE   2,000,000 0 0
SMARTRENT INC COM CL A 83193G107 39,529 3,036,029 SH   SOLE   3,036,029 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 175,847 3,819,439 SH   SOLE   3,819,439 0 0
STAG INDL INC COM 85254J102 87,998 2,241,984 SH   SOLE   2,241,984 0 0
TISHMAN SPEYER INNOVATION CO UNIT 02/11/2026 88825H209 13,000 1,300,000 SH   SOLE   1,300,000 0 0
TRAVEL PLUS LEISURE CO COM 894164102 80,861 1,482,878 SH   SOLE   1,482,878 0 0
VICI PPTYS INC COM 925652109 181,256 6,380,000 SH   SOLE   6,380,000 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 50,873 659,058 SH   SOLE   659,058 0 0
XENIA HOTELS & RESORTS INC COM 984017103 9,756 549,933 SH   SOLE   549,933 0 0