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 4,360 522,836 SH   SOLE   4,360 0 0
CBL & ASSOC PPTYS INC COM 124830100 1,575 186,700 SH   SOLE   1,575 0 0
CITY OFFICE REIT INC COM 178587101 6,977 549,396 SH   SOLE   6,977 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 1,739 91,337 SH   SOLE   1,739 0 0
LADDER CAP CORP CL A 505743104 24 1,780 SH   SOLE   24 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 96 44,000 SH   SOLE   96 0 0
UMH PPTYS INC CV RED PFD-A 903002202 466 17,936 SH   SOLE   466 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 5,467 244,100 SH   SOLE   5,467 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 7,438 322,689 SH   SOLE   7,438 0 0
WHITESTONE REIT COM 966084204 3,317 270,776 SH   SOLE   3,317 0 0
ALPINE GLOBAL PREMIER PPTYS COM SBI 02083A103 2,479 391,039 SH   SOLE   2,479 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 4,205 226,706 SH   SOLE   4,205 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 5,707 442,713 SH   SOLE   5,707 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 3,281 232,883 SH   SOLE   3,281 0 0
CONDOR HOSPITALITY TR INC COM NEW 20676Y403 674 63,000 SH   SOLE   674 0 0
CORENERGY INFRASTRUCTURE TR DEP SHS REPSTG 21870U304 5,623 224,650 SH   SOLE   5,623 0 0
DDR CORP COM 23317H102 3,184 351,030 SH   SOLE   3,184 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 13,641 488,900 SH   SOLE   13,641 0 0
ISTAR INC COM 45031U101 36 3,000 SH   SOLE   36 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 7,988 809,401 SH   SOLE   7,988 0 0
MONOGRAM RESIDENTIAL TR INC COM 60979P105 194 20,000 SH   SOLE   194 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 1,206 77,500 SH   SOLE   1,206 0 0
NEW YORK REIT INC COM 64976L109 3,723 430,793 SH   SOLE   3,723 0 0
PARAMOUNT GROUP INC COM 69924R108 160 10,000 SH   SOLE   160 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 5,095 212,071 SH   SOLE   5,095 0 0
STARWOOD PPTY TR INC COM 85571B105 1,570 70,134 SH   SOLE   1,570 0 0
VEREIT INC COM 92339V100 4,351 534,500 SH   SOLE   4,351 0 0
RESOURCE CAP CORP NOTE 8.000% 1/1 76120WAB0 5,181 5,000,000 SH   SOLE   5,181 0 0
WHEELER REAL ESTATE INVT TR COM NEW 963025705 2,437 238,730 SH   SOLE   2,437 0 0
RESOURCE CAP CORP COM NEW 76120W708 1,631 160,330 SH   SOLE   1,631 0 0
UNITI GROUP INC COM 91325V108 3,771 150,000 SH   SOLE   3,771 0 0
NUVEEN PFD INCOME OPPRTNY FD COM 67073B106 1,456 140,000 SH   SOLE   1,456 0 0
ASHFORD HOSPITALITY PRIME IN PFD CV SER B 044102507 2,592 130,000 SH   SOLE   2,592 0 0
PATTERN ENERGY GROUP INC CL A 70338P100 3,035 127,315 SH   SOLE   3,035 0 0
GLOBAL NET LEASE INC COM NEW 379378201 2,677 120,381 SH   SOLE   2,677 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 842 113,672 SH   SOLE   842 0 0
JERNIGAN CAP INC COM 476405105 2,272 103,264 SH   SOLE   2,272 0 0
GLOBAL MED REIT INC COM NEW 37954A204 894 100,000 SH   SOLE   894 0 0
KITE RLTY GROUP TR COM NEW 49803T300 1,893 100,000 SH   SOLE   1,893 0 0
LANDMARK INFRASTRUCTURE LP COM UNIT LTD 51508J108 1,357 84,813 SH   SOLE   1,357 0 0
ARMADA HOFFLER PPTYS INC COM 04208T108 907 70,000 SH   SOLE   907 0 0
PREFERRED APT CMNTYS INC COM 74039L103 866 55,000 SH   SOLE   866 0 0
AGNC INVT CORP COM 00123Q104 1,103 51,797 SH   SOLE   1,103 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 1,568 20,000 SH   SOLE   1,568 0 0