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
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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
APARTMENT INVT & MGMT CO CL A 03748R101 260,038 5,928,827 SH   SOLE   5,928,827 0 0
ATHENE HLDG LTD CL A G0684D107 16,152 300,000 SH   SOLE   300,000 0 0
BOSTON PROPERTIES INC COM 101121101 48,987 398,659 SH   SOLE   398,659 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 2,242 102,996 SH   SOLE   102,996 0 0
CORELOGIC INC COM 21871D103 10,499 227,156 SH   SOLE   227,156 0 0
D R HORTON INC COM 23331A109 474,677 11,887,740 SH   SOLE   11,887,740 0 0
D R HORTON INC COM 23331A109 173,843 4,353,700 SH Call SOLE   4,353,700 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 65,652 995,780 SH   SOLE   995,780 0 0
FORESTAR GROUP INC COM 346232101 1,190 75,000 SH   SOLE   75,000 0 0
FORESTAR GROUP INC COM 346233109 32,157 2,054,736 SH   SOLE   2,054,736 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 23,842 343,300 SH   SOLE   343,300 0 0
HYATT HOTELS CORP COM CL A 448579102 187,567 3,035,548 SH   SOLE   3,035,548 0 0
JBG SMITH PPTYS COM 46590V100 17,041 498,121 SH   SOLE   498,121 0 0
KILROY RLTY CORP COM 49427F108 58,103 816,965 SH   SOLE   816,965 0 0
LA QUINTA HLDGS INC COM 50420D108 20,294 1,159,672 SH   SOLE   1,159,672 0 0
MACERICH CO COM 554382101 97,967 1,782,192 SH   SOLE   1,782,192 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 67,499 315,268 SH   SOLE   315,268 0 0
NEW YORK REIT INC COM 64976L109 88,123 11,225,919 SH   SOLE   11,225,919 0 0
PARAMOUNT GROUP INC COM 69924R108 233,699 14,606,205 SH   SOLE   14,606,205 0 0
QUALITY CARE PPTYS INC COM 747545101 16,736 1,079,713 SH   SOLE   1,079,713 0 0
RETAIL PPTYS AMER INC CL A 76131V202 155,060 11,809,601 SH   SOLE   11,809,601 0 0
SL GREEN RLTY CORP COM 78440X101 277,625 2,740,082 SH   SOLE   2,740,082 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 128,460 14,989,473 SH   SOLE   14,989,473 0 0
TAUBMAN CTRS INC COM 876664103 150,534 3,028,855 SH   SOLE   3,028,855 0 0
VEREIT INC COM 92339V100 22,960 2,769,550 SH   SOLE   2,769,550 0 0
VORNADO RLTY TR SH BEN INT 929042109 64,360 837,150 SH   SOLE   837,150 0 0
WELLS FARGO CO NEW COM 949746101 77,210 1,400,000 SH Call SOLE   1,400,000 0 0