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

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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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 5,009,440 94,786 SH SOLE 94,786 0 0
AMERICOLD REALTY TRUST INC COM 03064D108 42,213,136 2,685,314 SH SOLE 2,685,314 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 21,989,710 245,750 SH SOLE 245,750 0 0
CAMDEN PPTY TR SH BEN INT 133131102 20,898,776 182,538 SH SOLE 182,538 0 0
CHURCHILL DOWNS INC COM 171484108 35,714,279 398,419 SH SOLE 398,419 0 0
COMPASS INC CL A 20464U100 44,318,557 3,594,368 SH SOLE 3,594,368 0 0
EQUITY LIFESTYLE PROPERTIES COM 29472R108 19,737,426 306,244 SH SOLE 306,244 0 0
FERGUSON ENTERPRISES INC COMMON STOCK NEW 31488V107 24,563,655 103,500 SH SOLE 103,500 0 0
FORTUNE BRANDS INNOVATIONS I COM 34964C106 1,647,000 30,000 SH SOLE 30,000 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 5,502,282 257,116 SH SOLE 257,116 0 0
HILTON GRAND VACATIONS INC COM 43283X105 62,117,052 1,186,119 SH SOLE 1,186,119 0 0
HOME DEPOT INC COM 437076102 10,404,060 29,500 SH SOLE 29,500 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 85,573,736 5,127,246 SH SOLE 5,127,246 0 0
JANUS LIVING INC CL A-1 471024109 73,820,271 2,568,555 SH SOLE 2,568,555 0 0
JBG SMITH PPTYS COM 46590V100 59,032,359 4,024,019 SH SOLE 4,024,019 0 0
KKR REAL ESTATE FIN TR INC COM 48251K100 39,762,295 5,813,201 SH SOLE 5,813,201 0 0
LOUISIANA PAC CORP COM 546347105 7,394,040 94,000 SH SOLE 94,000 0 0
LOWES COS INC COM 548661107 9,756,683 44,250 SH SOLE 44,250 0 0
M/I HOMES INC COM 55305B101 8,880,432 55,230 SH SOLE 55,230 0 0
MID-AMER APT CMNTYS INC COM 59522J103 5,627,487 40,503 SH SOLE 40,503 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 12,636,704 452,604 SH SOLE 452,604 0 0
POOL CORP COM 73278L105 28,452,760 132,400 SH SOLE 132,400 0 0
SBA COMMUNICATIONS CORP CL A 78410G104 86,465,400 490,000 SH Call SOLE 490,000 0 0
SBA COMMUNICATIONS CORP CL A 78410G104 158,587,249 898,715 SH SOLE 898,715 0 0
SIX FLAGS ENTERTAINMENT CORP COM 83001C108 20,861,114 979,395 SH SOLE 979,395 0 0
SMARTRENT INC COM CL A 83193G107 6,676,079 5,610,150 SH SOLE 5,610,150 0 0
SMARTSTOP SELF STORAG REIT I COMMON STOCK 83192D402 14,457,268 444,839 SH SOLE 444,839 0 0
TPG RE FIN TR INC COM 87266M107 58,833,584 7,029,102 SH SOLE 7,029,102 0 0
UNITED PARKS & RESORTS INC COM 81282V100 37,089,636 776,909 SH SOLE 776,909 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 2,526,300 30,000 SH SOLE 30,000 0 0
WYNN RESORTS LTD COM 983134107 29,776,435 306,689 SH SOLE 306,689 0 0