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
ANNALY CAP MGMT INC COM 035710409 1,413 150,000 SH   SOLE   150,000 0 0
APOLLO COML REAL EST FIN INC C COM 03762U105 1,463 80,000 SH   SOLE   80,000 0 0
ARBOR RLTY TR INC COM 038923108 6,518 454,185 SH   SOLE   454,185 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 3,164 85,000 SH   SOLE   85,000 0 0
BLUEROCK RESIDENTIAL GRW REIT COM CL A 09627J102 1,617 134,221 SH   SOLE   134,221 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 938 43,400 SH   SOLE   43,400 0 0
CHIMERA INVT CORP COM NEW 16934Q208 1,131 55,000 SH   SOLE   55,000 0 0
CITY OFFICE REIT INC COM 178587101 676 50,000 SH   SOLE   50,000 0 0
COLONY CAP INC NEW CL A COM 19626G108 2,328 490,000 SH   SOLE   490,000 0 0
EXANTAS CAP CORP COM NEW 30068N105 2,729 231,047 SH   SOLE   231,047 0 0
GLOBAL MED REIT INC COM NEW 37954A204 926 70,000 SH   SOLE   70,000 0 0
GLOBAL NET LEASE INC COM NEW 379378201 339 16,713 SH   SOLE   16,713 0 0
GRANITE PT MTG TR INC COM 38741L107 2,933 159,570 SH   SOLE   159,570 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 898 61,723 SH   SOLE   61,723 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 1,291 91,720 SH   SOLE   91,720 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 243 3,200 SH   SOLE   3,200 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 500 30,000 SH   SOLE   30,000 0 0
KIMCO RLTY CORP COM 49446R109 1,760 85,000 SH   SOLE   85,000 0 0
KKR REAL ESTATE FIN TR INC COM 48251K100 981 48,033 SH   SOLE   48,033 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 3,544 220,000 SH   SOLE   220,000 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 3,619 135,000 SH   SOLE   135,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 1,560 70,000 SH   SOLE   70,000 0 0
READY CAP CORP COM 75574U101 1,727 111,996 SH   SOLE   111,996 0 0
RLJ LODGING TR COM 74965L101 1,329 75,000 SH   SOLE   75,000 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 2,597 121,700 SH   SOLE   121,700 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 984 20,000 SH   SOLE   20,000 0 0
STAG INDL INC COM 85254J102 2,131 67,500 SH   SOLE   67,500 0 0
STARWOOD PPTY TR INC COM 85571B105 4,201 169,006 SH   SOLE   169,006 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 2,366 170,000 SH   SOLE   170,000 0 0
TPG RE FIN TR INC COM 87266M107 3,345 165,000 SH   SOLE   165,000 0 0
TWO HBRS INVT CORP COM NEW 90187B408 1,462 100,000 SH   SOLE   100,000 0 0
VENTAS INC COM 92276F100 4,082 70,692 SH   SOLE   70,692 0 0
VEREIT INC COM 92339V100 4,158 450,000 SH   SOLE   450,000 0 0
BROOKFIELD REAL ASSETS INCOME SHS BEN INT 112830104 2,349 110,000 SH   SOLE   110,000 0 0
COHEN & STEERS LTD DUR PFD INC COM 19248C105 556 21,200 SH   SOLE   21,200 0 0
COHEN & STEERS SLT PFD INCM FD COM 19248Y107 492 15,624 SH   SOLE   15,624 0 0
NUVEEN PFD & INCM OPPORTNYS FD COM 67073B106 4,253 406,553 SH   SOLE   406,553 0 0
OAKTREE SPECIALTY LENDING CO COM 67401P108 1,638 300,000 SH   SOLE   300,000 0 0
QTS RLTY TR INC 6.50% CON PFD B 74736A301 1,303 10,085 SH   SOLE   10,085 0 0
READY CAP CORP 7% CN SR NT 2023 75574U200 1,338 49,941 SH   SOLE   49,941 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200 5,753 200,400 SH   SOLE   200,400 0 0