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
APARTMENT INVT & MGMT CO CL A 03748R754 27,401 546,714 SH   SOLE   546,714 0 0
BOYD GAMING CORP COM 103304101 15,769 585,332 SH   SOLE   585,332 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 25,835 555,000 SH   SOLE   555,000 0 0
D R HORTON INC COM 23331A109 495,722 11,493,667 SH   SOLE   11,493,667 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 33,227 3,213,443 SH   SOLE   3,213,443 0 0
DUKE REALTY CORP COM NEW 264411505 37,067 1,172,641 SH   SOLE   1,172,641 0 0
EAGLE MATERIALS INC COM 26969P108 55,150 594,935 SH   SOLE   594,935 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 76,809 4,547,620 SH   SOLE   4,547,620 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 27,575 750,542 SH   SOLE   750,542 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 48,593 6,461,780 SH   SOLE   6,461,780 0 0
FORESTAR GROUP INC COM 346232101 75,734 3,873,873 SH   SOLE   3,873,873 0 0
HILTON GRAND VACATIONS INC COM 43283X105 250,331 7,867,092 SH   SOLE   7,867,092 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 107,121 1,095,980 SH   SOLE   1,095,980 0 0
HOST HOTELS & RESORTS INC COM 44107P104 24,597 1,350,000 SH   SOLE   1,350,000 0 0
HUDSON PAC PPTYS INC COM 444097109 174,152 5,234,514 SH   SOLE   5,234,514 0 0
HYATT HOTELS CORP COM CL A 448579102 226,191 2,971,119 SH   SOLE   2,971,119 0 0
JBG SMITH PPTYS COM 46590V100 29,840 758,504 SH   SOLE   758,504 0 0
JONES LANG LASALLE INC COM 48020Q107 72,297 513,873 SH   SOLE   513,873 0 0
LENNAR CORP CL A 526057104 75,540 1,558,812 SH   SOLE   1,558,812 0 0
LIBERTY PPTY TR SH BEN INT 531172104 37,154 742,494 SH   SOLE   742,494 0 0
LIFE STORAGE INC COM 53223X107 53,694 564,721 SH   SOLE   564,721 0 0
LYON WILLIAM HOMES CL A NEW 552074700 45,247 2,482,026 SH   SOLE   2,482,026 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 9,334 33,342 SH   SOLE   33,342 0 0
MGM RESORTS INTERNATIONAL COM 552953101 17,309 605,833 SH   SOLE   605,833 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 48,153 1,310,279 SH   SOLE   1,310,279 0 0
OWENS CORNING NEW COM 690742101 186,728 3,208,385 SH   SOLE   3,208,385 0 0
PARAMOUNT GROUP INC COM 69924R108 114,620 8,181,308 SH   SOLE   8,181,308 0 0
PENNYMAC FINL SVCS INC COM 70932M107 16,790 757,000 SH   SOLE   757,000 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 18,075 2,344,296 SH   SOLE   2,344,296 0 0
RED ROCK RESORTS INC CL A 75700L108 5,252 244,525 SH   SOLE   244,525 0 0
SL GREEN RLTY CORP COM 78440X101 91,369 1,136,853 SH   SOLE   1,136,853 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 30,942 116,390 SH   SOLE   116,390 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 263,700 900,000 SH Put SOLE   900,000 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 77,270 1,811,310 SH   SOLE   1,811,310 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 40,343 2,942,621 SH   SOLE   2,942,621 0 0
URBAN EDGE PPTYS COM 91704F104 34,713 2,003,037 SH   SOLE   2,003,037 0 0
VICI PPTYS INC COM 925652109 33,060 1,500,000 SH   SOLE   1,500,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 299,625 4,674,336 SH   SOLE   4,674,336 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 28,827 517,163 SH   SOLE   517,163 0 0