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
ALEXANDERS INC COM 014752109 27,262 82,526 SH   SOLE   82,526 0 0
APARTMENT INVT & MGMT CO CL A 03748R754 112,794 2,183,814 SH   SOLE   2,183,814 0 0
BOYD GAMING CORP COM 103304101 5,442 181,774 SH   SOLE   181,774 0 0
CARETRUST REIT INC COM 14174T107 21,450 1,039,727 SH   SOLE   1,039,727 0 0
CYRUSONE INC COM 23283R100 73,780 1,127,616 SH   SOLE   1,127,616 0 0
D R HORTON INC COM 23331A109 461,995 8,758,195 SH   SOLE   8,758,195 0 0
EPR PPTYS COM SH BEN INT 26884U109 17,599 249,130 SH   SOLE   249,130 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 99,809 6,716,600 SH   SOLE   6,716,600 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 14,136 340,533 SH   SOLE   340,533 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 43,693 6,286,780 SH   SOLE   6,286,780 0 0
FORESTAR GROUP INC COM 346232101 97,617 4,681,873 SH   SOLE   4,681,873 0 0
HEALTHPEAK PPTYS INC COM 42250P103 57,646 1,672,358 SH   SOLE   1,672,358 0 0
HILTON GRAND VACATIONS INC COM 43283X105 85,454 2,484,858 SH   SOLE   2,484,858 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 148,292 1,337,048 SH   SOLE   1,337,048 0 0
HUDSON PAC PPTYS INC COM 444097109 109,966 2,920,732 SH   SOLE   2,920,732 0 0
HYATT HOTELS CORP COM CL A 448579102 264,064 2,943,526 SH   SOLE   2,943,526 0 0
ISHARES TR IBOXX HI YD ETF 464288513 246,232 2,800,000 SH Put SOLE   2,800,000 0 0
ISTAR INC COM 45031U101 15,785 1,087,864 SH   SOLE   1,087,864 0 0
JBG SMITH PPTYS COM 46590V100 106,986 2,682,038 SH   SOLE   2,682,038 0 0
KILROY RLTY CORP COM 49427F108 50,584 602,912 SH   SOLE   602,912 0 0
LENNAR CORP CL A 526057104 79,286 1,421,155 SH   SOLE   1,421,155 0 0
LOWES COS INC COM 548661107 87,425 730,000 SH   SOLE   730,000 0 0
LYON WILLIAM HOMES CL A NEW 552074700 22,736 1,137,924 SH   SOLE   1,137,924 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 225,395 766,153 SH   SOLE   766,153 0 0
OWENS CORNING NEW COM 690742101 210,558 3,233,385 SH   SOLE   3,233,385 0 0
PARAMOUNT GROUP INC COM 69924R108 142,409 10,230,562 SH   SOLE   10,230,562 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 56,552 2,109,376 SH   SOLE   2,109,376 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 19,692 2,344,296 SH   SOLE   2,344,296 0 0
RED ROCK RESORTS INC CL A 75700L108 59,535 2,485,783 SH   SOLE   2,485,783 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 186,314 8,730,752 SH   SOLE   8,730,752 0 0
SENIOR HSG PPTYS TR SH BEN INT 81721M109 17,682 2,095,000 SH   SOLE   2,095,000 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 161,623 566,899 SH   SOLE   566,899 0 0
VENTAS INC COM 92276F100 239,503 4,147,962 SH   SOLE   4,147,962 0 0
VORNADO RLTY TR SH BEN INT 929042109 271,808 4,087,342 SH   SOLE   4,087,342 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 74,342 1,183,601 SH   SOLE   1,183,601 0 0