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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERICAN HOMES 4 RENT CL A 02665T306   90,049,779 2,863,268 SH   SOLE   2,863,268 0 0
APARTMENT INCOME REIT CORP COM 03750L109   17,993,988 502,485 SH   SOLE   502,485 0 0
APARTMENT INVT & MGMT CO CL A 03748R747   40,295,408 5,239,975 SH   SOLE   5,239,975 0 0
AVALONBAY CMNTYS INC COM 053484101   117,984,674 702,039 SH   SOLE   702,039 0 0
BRIXMOR PPTY GROUP INC COM 11120U105   14,109,523 655,647 SH   SOLE   655,647 0 0
CAMDEN PPTY TR SH BEN INT 133131102   147,203,118 1,404,074 SH   SOLE   1,404,074 0 0
CBRE GROUP INC CL A 12504L109   70,045,477 962,031 SH   SOLE   962,031 0 0
D R HORTON INC COM 23331A109   58,433,567 598,153 SH   SOLE   598,153 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301   4,327,323 532,266 SH   SOLE   532,266 0 0
DOUGLAS EMMETT INC COM 25960P109   386,299 31,330 SH   SOLE   31,330 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   73,299,180 1,221,653 SH   SOLE   1,221,653 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107   44,848,361 1,804,763 SH   SOLE   1,804,763 0 0
FIRST INDL RLTY TR INC COM 32054K103   36,010,495 676,889 SH   SOLE   676,889 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106   6,805,397 2,883,643 SH   SOLE   2,883,643 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106   54,260,775 570,026 SH   SOLE   570,026 0 0
FORESTAR GROUP INC COM 346232101   72,849,944 4,681,873 SH   SOLE   4,681,873 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103   116,893,011 5,320,574 SH   SOLE   5,320,574 0 0
HILTON GRAND VACATIONS INC COM 43283X105   14,987,083 337,319 SH   SOLE   337,319 0 0
INDEPENDENCE RLTY TR INC COM 45378A106   77,529,031 4,836,496 SH   SOLE   4,836,496 0 0
INVENTRUST PPTYS CORP COM NEW 46124J201   6,892,142 294,536 SH   SOLE   294,536 0 0
JBG SMITH PPTYS COM 46590V100   128,965,617 8,563,454 SH   SOLE   8,563,454 0 0
JONES LANG LASALLE INC COM 48020Q107   2,251,603 15,476 SH   SOLE   15,476 0 0
LIFE STORAGE INC COM 53223X107   14,490,295 110,537 SH   SOLE   110,537 0 0
LXP INDUSTRIAL TRUST COM 529043101   90,350,169 8,763,353 SH   SOLE   8,763,353 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103   19,226,434 98,673 SH   SOLE   98,673 0 0
MARRIOTT VACATIONS WORLDWIDE COM 57164Y107   53,358,573 395,659 SH   SOLE   395,659 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100   22,952,992 1,803,063 SH   SOLE   1,803,063 0 0
MERITAGE HOMES CORP COM 59001A102   10,825,287 92,714 SH   SOLE   92,714 0 0
MID-AMER APT CMNTYS INC COM 59522J103   99,428,122 658,290 SH   SOLE   658,290 0 0
OPENDOOR TECHNOLOGIES INC COM 683712103   2,024,000 1,150,000 SH   SOLE   1,150,000 0 0
PARAMOUNT GROUP INC COM 69924R108   7,785,311 1,707,305 SH   SOLE   1,707,305 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101   7,229,744 517,890 SH   SOLE   517,890 0 0
RLJ LODGING TR COM 74965L101   7,777,220 733,700 SH   SOLE   733,700 0 0
SAFEHOLD INC COM 78646V107   95,727,374 3,259,359 SH   SOLE   3,259,359 0 0
SMARTRENT INC COM CL A 83193G107   969,000 380,000 SH   SOLE   380,000 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300   137,945,363 3,462,484 SH   SOLE   3,462,484 0 0
STAG INDL INC COM 85254J102   44,907,515 1,327,839 SH   SOLE   1,327,839 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101   8,893,897 900,192 SH   SOLE   900,192 0 0
VERIS RESIDENTIAL INC COM 554489104   42,493,376 2,902,553 SH   SOLE   2,902,553 0 0