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
BRIXMOR PPTY GROUP INC COM 11120U105   4,690 200,000 SH   DFND   200,000 0 0
CHATHAM LODGING TR COM 16208T102   2,629 260,000 SH   DFND   260,000 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301   26,345 2,741,445 SH   DFND   2,741,445 0 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107   36,697 14,917,366 SH   DFND   14,917,366 0 0
HOST HOTELS & RESORTS INC COM 44107P104   12,119 586,032 SH   DFND   586,032 0 0
KIMCO RLTY CORP COM 49446R109   5,883 300,000 SH   DFND   300,000 0 0
PARK HOTELS & RESORTS INC COM 700517105   57,017 3,260,000 SH   DFND   3,260,000 0 0
RLJ LODGING TR CUM CONV PFD A 74965L200   49 2,000 SH   DFND   2,000 0 0
RLJ LODGING TR COM 74965L101   74,516 6,304,257 SH   DFND   6,304,257 0 0
SABRA HEALTH CARE REIT INC COM 78573L106   13,293 900,000 SH   DFND   900,000 0 0
SL GREEN REALTY CORP COM 78440X887   5,513 100,000 SH   DFND   100,000 0 0
SUMMIT HOTEL PROPERTIES INC COM 866082100   32,619 5,010,631 SH   DFND   5,010,631 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101   24,377 2,188,210 SH   DFND   2,188,210 0 0
VERIS RESIDENTIAL INC COM 554489104   65,362 4,297,314 SH   DFND   4,297,314 0 0
VORNADO RLTY TR SH BEN INT 929042109   29,026 1,008,913 SH   DFND   1,008,913 0 0