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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ARBOR RLTY TR INC COM 038923108 2,095 250,000 SH   SOLE   250,000 0 0
ASHFORD HOSPITALITY PRIME IN PFD CV SER B 044102507 3,611 183,584 SH   SOLE   183,584 0 0
CITY OFFICE REIT INC COM 178587101 7,456 613,653 SH   SOLE   613,653 0 0
GLOBAL NET LEASE INC COM NEW 379378201 2,297 95,381 SH   SOLE   95,381 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 2,883 129,876 SH   SOLE   129,876 0 0
LADDER CAP CORP CL A 505743104 25 1,780 SH   SOLE   1,780 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 5,377 3,108,170 SH   SOLE   3,108,170 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 5,885 244,600 SH   SOLE   244,600 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 8,319 319,864 SH   SOLE   319,864 0 0
WHITESTONE REIT COM 966084204 2,511 181,447 SH   SOLE   181,447 0 0
AGNC INVT CORP COM 00123Q104 2,188 110,000 SH   SOLE   110,000 0 0
ALPINE GLOBAL PREMIER PPTYS COM SBI 02083A103 1,517 265,239 SH   SOLE   265,239 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 3,685 195,897 SH   SOLE   195,897 0 0
ARC LOGISTICS PARTNERS LP COM UT REP LPN 03879N101 516 36,200 SH   SOLE   36,200 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 5,941 482,611 SH   SOLE   482,611 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 4,209 326,000 SH   SOLE   326,000 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 901 25,174 SH   SOLE   25,174 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 198 10,000 SH   SOLE   10,000 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 9,096 373,098 SH   SOLE   373,098 0 0
GLOBAL MED REIT INC COM NEW 37954A204 454 50,000 SH   SOLE   50,000 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 9,920 1,058,695 SH   SOLE   1,058,695 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 558 36,200 SH   SOLE   36,200 0 0
LANDMARK INFRASTRUCTURE LP COM UNIT LTD 51508J108 640 42,789 SH   SOLE   42,789 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 1,612 20,000 SH   SOLE   20,000 0 0
MEDEQUITIES RLTY TR INC COM 58409L306 449 40,010 SH   SOLE   40,010 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 4,670 275,000 SH   SOLE   275,000 0 0
NEW YORK REIT INC COM 64976L109 5,681 586,293 SH   SOLE   586,293 0 0
NUVEEN PFD INCOME OPPRTNY FD COM 67073B106 981 100,000 SH   SOLE   100,000 0 0
PATTERN ENERGY GROUP INC CL A 70338P100 2,013 100,000 SH   SOLE   100,000 0 0
PROSHARES TR PSHS ULTSH 20YRS 74347B201 978 25,000 SH   SOLE   25,000 0 0
RESOURCE CAP CORP NOTE 6.000%12/0 76120WAA2 3,045 3,000,000 SH   SOLE   3,000,000 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 6,469 250,823 SH   SOLE   250,823 0 0
STARWOOD PPTY TR INC COM 85571B105 2,258 100,000 SH   SOLE   100,000 0 0
UNITI GROUP INC COM 91325V108 3,415 132,123 SH   SOLE   132,123 0 0
VEREIT INC COM 92339V100 3,014 355,000 SH   SOLE   355,000 0 0
UMH PPTYS INC CV RED PFD-A 903002202 464 17,936 SH   SOLE   17,936 0 0
CONDOR HOSPITALITY TR INC COM NEW 20676Y403 668 63,000 SH   SOLE   63,000 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 293 27,599 SH   SOLE   27,599 0 0
RITE AID CORP COM 767754104 64 15,000 SH   SOLE   15,000 0 0
DIREXION SHS ETF TR DLY R/E BULL3X 25459W755 60 2,800 SH   SOLE   2,800 0 0
MONOGRAM RESIDENTIAL TR INC COM 60979P105 249 25,000 SH   SOLE   25,000 0 0
PARAMOUNT GROUP INC COM 69924R108 162 10,000 SH   SOLE   10,000 0 0