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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 247,697 5,336 SH SOLE 5,336 0 0
AMERICAN TOWER CORP COM 03027X100 4,859,162 28,156 SH SOLE 28,156 0 0
APOLLO COML REAL ESTATE FIN COM 03762U105 1,004,583 95,131 SH SOLE 95,131 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 650,592 22,590 SH SOLE 22,590 0 0
CBRE GROUP INC CL A 12504L109 710,081 5,242 SH SOLE 5,242 0 0
CHIRON REAL ESTATE INC COM NEW 37954A303 232,982 7,043 SH SOLE 7,043 0 0
COMMUNITY HEALTHCARE TR INC COM 20369C106 925,370 58,236 SH SOLE 58,236 0 0
CROWN CASTLE INC COM 22822V101 1,777,924 21,866 SH SOLE 21,866 0 0
CTO RLTY GROWTH INC NEW COM 22948Q101 373,684 20,210 SH SOLE 20,210 0 0
DIGITAL RLTY TR INC COM 253868103 1,955,819 10,853 SH SOLE 10,853 0 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107 712,180 107,256 SH SOLE 107,256 0 0
EASTGROUP PPTYS INC COM 277276101 560,082 3,026 SH SOLE 3,026 0 0
EPR PPTYS PFD C CV 5.75% 26884U208 631,949 27,950 SH SOLE 27,950 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 5,255,862 173,004 SH SOLE 173,004 0 0
EQUINIX INC COM 29444U700 6,069,646 6,192 SH SOLE 6,192 0 0
EQUITY LIFESTYLE PROPERTIES COM 29472R108 2,854,030 45,723 SH SOLE 45,723 0 0
ESSEX PPTY TR INC COM 297178105 1,416,184 5,852 SH SOLE 5,852 0 0
EXPEDIA GROUP INC COM NEW 30212P303 506,342 2,193 SH SOLE 2,193 0 0
EXTRA SPACE STORAGE INC COM 30225T102 203,120 1,549 SH SOLE 1,549 0 0
FTAI AVIATION LTD SHS G3730V105 881,020 3,596 SH SOLE 3,596 0 0
GAMING & LEISURE P COM 36467J108 2,374,638 53,519 SH SOLE 53,519 0 0
HOST HOTELS & RESORTS INC COM 44107P104 221,394 11,555 SH SOLE 11,555 0 0
IRON MTN INC DEL COM 46284V101 1,260,816 12,344 SH SOLE 12,344 0 0
KITE REALTY GROUP TRUST COM NEW 49803T300 203,593 8,293 SH SOLE 8,293 0 0
LINEAGE INC COM 53566V106 493,169 15,054 SH SOLE 15,054 0 0
LXP INDUSTRIAL TRUST PFD CONV SER C 529043309 1,415,788 30,778 SH SOLE 30,778 0 0
MACERICH CO COM 554382101 925,004 48,942 SH SOLE 48,942 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 1,018,070 23,233 SH SOLE 23,233 0 0
PEBBLEBROOK HOTEL TR 6.375 PFD SER E 70509V605 4,385,220 228,278 SH SOLE 228,278 0 0
PEBBLEBROOK HOTEL TR 6.3 CUM PFD SR F 70509V704 2,165,189 112,186 SH SOLE 112,186 0 0
PENNYMAC MTG INVT TR COM 70931T103 775,192 66,483 SH SOLE 66,483 0 0
PROLOGIS INC. COM 74340W103 3,099,357 23,448 SH SOLE 23,448 0 0
PUBLIC STORAGE OPER CO COM 74460D109 1,863,925 6,881 SH SOLE 6,881 0 0
REALTY INCOME CORP COM 756109104 1,791,656 29,285 SH SOLE 29,285 0 0
RITHM PPTY TR INC 9.875 FXD-FLT C 38983D862 2,440,645 99,012 SH SOLE 99,012 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 6,935,208 287,768 SH SOLE 287,768 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,839,372 9,861 SH SOLE 9,861 0 0
SL GREEN RLTY CORP COM 78440X887 1,066,421 28,869 SH SOLE 28,869 0 0
UMH PPTYS INC COM 903002103 449,668 31,162 SH SOLE 31,162 0 0
VENTAS INC COM 92276F100 1,305,372 15,962 SH SOLE 15,962 0 0
VERTIV HOLDINGS CO COM CL A 92537N108 1,829,485 7,301 SH SOLE 7,301 0 0
VICI PPTYS INC COM 925652109 1,609,394 58,909 SH SOLE 58,909 0 0
WELLTOWER INC COM 95040Q104 2,451,802 12,401 SH SOLE 12,401 0 0
WEYERHAEUSER CO COM NEW 962166104 631,638 25,855 SH SOLE 25,855 0 0