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
Expires: July 31, 2015
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
AGNC INVT CORP COM 00123Q104 349,395 38,019 SH SOLE 38,019 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,257,661 17,316 SH SOLE 17,316 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 408,673 11,330 SH SOLE 11,330 0 0
AMERICAN TOWER CORP NEW COM 03027X100 7,257,634 32,837 SH SOLE 32,837 0 0
AMERICOLD REALTY TRUST INC COM 03064D108 167,364 10,064 SH SOLE 10,064 0 0
ANNALY CAPITAL MANAGEMENT IN COM NEW 035710839 448,443 23,828 SH SOLE 23,828 0 0
AVALONBAY CMNTYS INC COM 053484101 937,728 4,608 SH SOLE 4,608 0 0
BLACKSTONE INC COM 09260D107 515,004 3,443 SH SOLE 3,443 0 0
CADIZ INC COM NEW 127537207 2,928,866 979,554 SH SOLE 979,554 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100 2,387,599 84,100 SH SOLE 84,100 0 0
CBRE GROUP INC CL A 12504L109 1,497,603 10,688 SH SOLE 10,688 0 0
COSTAR GROUP INC COM 22160N109 1,219,748 15,171 SH SOLE 15,171 0 0
CROWN CASTLE INC COM 22822V101 2,126,511 20,700 SH SOLE 20,700 0 0
CUBESMART COM 229663109 362,738 8,535 SH SOLE 8,535 0 0
DIGITAL RLTY TR INC COM 253868103 4,278,233 24,541 SH SOLE 24,541 0 0
EQUINIX INC COM 29444U700 6,085,346 7,650 SH SOLE 7,650 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 433,047 7,022 SH SOLE 7,022 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 781,332 11,577 SH SOLE 11,577 0 0
EXTRA SPACE STORAGE INC COM 30225T102 2,182,702 14,804 SH SOLE 14,804 0 0
FTAI AVIATION LTD SHS G3730V105 5,440,012 47,288 SH SOLE 47,288 0 0
FTAI INFRASTRUCTURE INC COMMON STOCK 35953C106 10,900,508 1,766,695 SH SOLE 1,766,695 0 0
GE VERNOVA INC COM 36828A101 1,594,329 3,013 SH SOLE 3,013 0 0
INVITATION HOMES INC COM 46187W107 1,501,387 45,774 SH SOLE 45,774 0 0
IRON MTN INC DEL COM 46284V101 2,355,930 22,969 SH SOLE 22,969 0 0
KIRBY CORP COM 497266106 817,459 7,208 SH SOLE 7,208 0 0
MACERICH CO COM 554382101 3,492,356 215,844 SH SOLE 215,844 0 0
MGM RESORTS INTERNATIONAL COM 552953101 2,025,296 58,892 SH SOLE 58,892 0 0
NEW FORTRESS ENERGY INC COM CL A 644393100 2,395,324 721,483 SH SOLE 721,483 0 0
PROLOGIS INC. COM 74340W103 4,655,344 44,286 SH SOLE 44,286 0 0
PUBLIC STORAGE OPER CO COM 74460D109 1,239,700 4,225 SH SOLE 4,225 0 0
REXFORD INDL RLTY INC COM 76169C100 1,491,770 41,939 SH SOLE 41,939 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 1,204,964 5,131 SH SOLE 5,131 0 0
SIMON PPTY GROUP INC NEW COM 828806109 3,625,299 22,551 SH SOLE 22,551 0 0
SUN CMNTYS INC COM 866674104 1,214,683 9,603 SH SOLE 9,603 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 13,569,657 230,855 SH SOLE 0 0 230,855
VENTAS INC COM 92276F100 2,734,584 43,303 SH SOLE 43,303 0 0
VICI PPTYS INC COM 925652109 1,179,598 36,184 SH SOLE 36,184 0 0
WELLTOWER INC COM 95040Q104 1,436,761 9,346 SH SOLE 9,346 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 570,112 22,192 SH SOLE 22,192 0 0
ZILLOW GROUP INC CL C CAP STK 98954M200 476,900 6,808 SH SOLE 6,808 0 0