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 74,564 3,281,847 SH   SOLE   3,281,847 0 0
AMERICOLD RLTY TR COM 03064D108 30,510 1,000,000 SH   SOLE   1,000,000 0 0
BELMOND LTD CL A G1154H107 44,586 1,788,467 SH   SOLE   1,788,467 0 0
CAESARS ENTMT CORP COM 127686103 12,715 1,463,154 SH   SOLE   1,463,154 0 0
CAVCO INDS INC DEL COM 149568107 10,063 85,623 SH   SOLE   85,623 0 0
CENTURY CMNTYS INC COM 156504300 58,299 2,432,176 SH   SOLE   2,432,176 0 0
CUSHMAN WAKEFIELD PLC SHS G2717B108 13,350 750,000 SH   SOLE   750,000 0 0
D R HORTON INC COM 23331A109 510,617 12,339,713 SH   SOLE   12,339,713 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 31,011 2,863,443 SH   SOLE   2,863,443 0 0
EAGLE MATERIALS INC COM 26969P108 45,517 539,935 SH   SOLE   539,935 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 7,336 97,395 SH   SOLE   97,395 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 9,008 461,500 SH   SOLE   461,500 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 27,979 1,558,713 SH   SOLE   1,558,713 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 40,821 5,661,780 SH   SOLE   5,661,780 0 0
FORESTAR GROUP INC COM 346232101 66,979 3,873,873 SH   SOLE   3,873,873 0 0
HILTON GRAND VACATIONS INC COM 43283X105 181,000 5,867,092 SH   SOLE   5,867,092 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 229,657 2,763,291 SH   SOLE   2,763,291 0 0
HUDSON PAC PPTYS INC COM 444097109 215,114 6,249,674 SH   SOLE   6,249,674 0 0
HYATT HOTELS CORP COM CL A 448579102 180,470 2,486,840 SH   SOLE   2,486,840 0 0
JBG SMITH PPTYS COM 46590V100 81,642 1,974,417 SH   SOLE   1,974,417 0 0
KB HOME COM 48666K109 13,697 566,680 SH   SOLE   566,680 0 0
LENNAR CORP CL A 526057104 114,264 2,327,633 SH   SOLE   2,327,633 0 0
LOWES COS INC COM 548661107 92,124 841,548 SH   SOLE   841,548 0 0
LYON WILLIAM HOMES CL A NEW 552074700 36,842 2,397,026 SH   SOLE   2,397,026 0 0
MACK CALI RLTY CORP COM 554489104 9,984 449,751 SH   SOLE   449,751 0 0
MGM RESORTS INTERNATIONAL COM 552953101 36,165 1,409,400 SH   SOLE   1,409,400 0 0
MID AMER APT CMNTYS INC COM 59522J103 656 6,003 SH   SOLE   6,003 0 0
OWENS CORNING NEW COM 690742101 151,179 3,208,385 SH   SOLE   3,208,385 0 0
PARAMOUNT GROUP INC COM 69924R108 89,089 6,278,285 SH   SOLE   6,278,285 0 0
PENNYMAC FINL SVCS INC COM 70932M107 16,836 757,000 SH   SOLE   757,000 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 10,725 1,405,596 SH   SOLE   1,405,596 0 0
SL GREEN RLTY CORP COM 78440X101 49,115 546,211 SH   SOLE   546,211 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 12,778 321,614 SH   SOLE   321,614 0 0
TOLL BROTHERS INC COM 889478103 4,553 125,779 SH   SOLE   125,779 0 0
VORNADO RLTY TR SH BEN INT 929042109 186,375 2,763,566 SH   SOLE   2,763,566 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 146,874 2,938,063 SH   SOLE   2,938,063 0 0
WYNN RESORTS LTD COM 983134107 26,658 223,415 SH   SOLE   223,415 0 0