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
AMERICAN HOMES 4 RENT CL A 02665T306 127,519 5,825,425 SH   SOLE   5,825,425 0 0
APARTMENT INVT & MGMT CO CL A 03748R101 180,543 4,091,171 SH   SOLE   4,091,171 0 0
AVALONBAY CMNTYS INC COM 053484101 26,921 148,609 SH   SOLE   148,609 0 0
BELMOND LTD CL A G1154H107 32,640 1,788,467 SH   SOLE   1,788,467 0 0
CAESARS ENTMT CORP COM 127686103 247,514 24,147,681 SH   SOLE   24,147,681 0 0
CENTURY CMNTYS INC COM 156504300 34,591 1,317,769 SH   SOLE   1,317,769 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 55,677 2,355,224 SH   SOLE   2,355,224 0 0
D R HORTON INC COM 23331A109 561,130 13,303,230 SH   SOLE   13,303,230 0 0
D R HORTON INC COM 23331A109 64,033 1,518,100 SH Call SOLE   1,518,100 0 0
EMPIRE ST RLTY TR INC CL A 292104106 39,770 2,394,333 SH   SOLE   2,394,333 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 42,570 3,000,000 SH   SOLE   3,000,000 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 38,076 4,046,380 SH   SOLE   4,046,380 0 0
FORESTAR GROUP INC COM 346232101 76,688 3,617,373 SH   SOLE   3,617,373 0 0
HILTON GRAND VACATIONS INC COM 43283X105 81,266 2,455,169 SH   SOLE   2,455,169 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 412,766 5,109,756 SH   SOLE   5,109,756 0 0
HUDSON PAC PPTYS INC COM 444097109 37,246 1,138,340 SH   SOLE   1,138,340 0 0
HYATT HOTELS CORP COM CL A 448579102 26,531 333,347 SH   SOLE   333,347 0 0
JBG SMITH PPTYS COM 46590V100 81,377 2,209,533 SH   SOLE   2,209,533 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 83,392 2,410,871 SH   SOLE   2,410,871 0 0
LENNAR CORP CL A 526057104 223,840 4,794,176 SH   SOLE   4,794,176 0 0
LENNAR CORP CL B 526057302 2,859 74,258 SH   SOLE   74,258 0 0
LYON WILLIAM HOMES CL A NEW 552074700 21,057 1,325,187 SH   SOLE   1,325,187 0 0
MACERICH CO COM 554382101 20,739 375,100 SH   SOLE   375,100 0 0
MERITAGE HOMES CORP COM 59001A102 28,048 702,963 SH   SOLE   702,963 0 0
MGM RESORTS INTERNATIONAL COM 552953101 94,119 3,372,216 SH   SOLE   3,372,216 0 0
MOHAWK INDS INC COM 608190104 51,180 291,871 SH   SOLE   291,871 0 0
MOHAWK INDS INC COM 608190104 87,675 500,000 SH Call SOLE   500,000 0 0
PARAMOUNT GROUP INC COM 69924R108 146,445 9,704,767 SH   SOLE   9,704,767 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 27,823 765,000 SH   SOLE   765,000 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 13,063 625,000 SH   SOLE   625,000 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 4,343 451,029 SH   SOLE   451,029 0 0
REXFORD INDL RLTY INC COM 76169C100 85,188 2,665,467 SH   SOLE   2,665,467 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 48,795 184,550 SH   SOLE   184,550 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 188,968 650,000 SH Put SOLE   650,000 0 0
TAUBMAN CTRS INC COM 876664103 25,792 431,094 SH   SOLE   431,094 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 99,346 5,506,993 SH   SOLE   5,506,993 0 0
VORNADO RLTY TR SH BEN INT 929042109 211,568 2,898,192 SH   SOLE   2,898,192 0 0
VULCAN MATLS CO COM 929160109 39,254 353,001 SH   SOLE   353,001 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 166,113 2,989,252 SH   SOLE   2,989,252 0 0