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 179,890 4,124,975 SH   SOLE   4,124,975 0 0
AMERICOLD RLTY TR COM 03064D108 128,703 3,925,082 SH   SOLE   3,925,082 0 0
APARTMENT INVT & MGMT CO CL A 03748R747 72,983 9,453,811 SH   SOLE   9,453,811 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 10,138 627,755 SH   SOLE   627,755 0 0
BOOKING HOLDINGS INC COM 09857L108 11,216 4,675 SH   SOLE   4,675 0 0
CHATHAM LODGING TR COM 16208T102 5,201 379,110 SH   SOLE   379,110 0 0
CLAROS MTG TR INC COMMON STOCK 18270D106 13,091 798,741 SH   SOLE   798,741 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 93,493 1,066,545 SH   SOLE   1,066,545 0 0
EXPEDIA GROUP INC COM NEW 30212P303 45,180 250,000 SH Call SOLE   250,000 0 0
EXPEDIA GROUP INC COM NEW 30212P303 152,734 845,142 SH   SOLE   845,142 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 29,585 4,523,774 SH   SOLE   4,523,774 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 31,998 411,756 SH   SOLE   411,756 0 0
FORESTAR GROUP INC COM 346232101 101,831 4,681,873 SH   SOLE   4,681,873 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 65,396 1,343,935 SH   SOLE   1,343,935 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 44,483 1,232,546 SH   SOLE   1,232,546 0 0
HILTON GRAND VACATIONS INC COM 43283X105 28,528 547,465 SH   SOLE   547,465 0 0
HYATT HOTELS CORP COM CL A 448579102 55,292 576,557 SH   SOLE   576,557 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 85,236 3,299,884 SH   SOLE   3,299,884 0 0
INVITATION HOMES INC COM 46187W107 70,807 1,561,681 SH   SOLE   1,561,681 0 0
ISHARES TR 20 YR TR BD ETF 464287432 111,143 750,000 SH Put SOLE   750,000 0 0
ISTAR INC COM 45031U101 16,980 657,378 SH   SOLE   657,378 0 0
JBG SMITH PPTYS COM 46590V100 171,188 5,962,657 SH   SOLE   5,962,657 0 0
LAS VEGAS SANDS CORP COM 517834107 163,015 4,330,887 SH   SOLE   4,330,887 0 0
LAS VEGAS SANDS CORP COM 517834107 137,386 3,650,000 SH Call SOLE   3,650,000 0 0
LATCH INC COM 51818V106 3,478 459,424 SH   SOLE   459,424 0 0
MADISON SQUARE GRDN SPRT COR CL A 55825T103 97,947 563,787 SH   SOLE   563,787 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100 69,174 6,795,114 SH   SOLE   6,795,114 0 0
NETSTREIT CORP COM 64119V303 47,373 2,068,681 SH   SOLE   2,068,681 0 0
PARAMOUNT GROUP INC COM 69924R108 2,367 283,852 SH   SOLE   283,852 0 0
PARK HOTELS & RESORTS INC COM 700517105 5,664 300,000 SH   SOLE   300,000 0 0
PROCORE TECHNOLOGIES INC COM 74275K108 21,081 263,611 SH   SOLE   263,611 0 0
RED ROCK RESORTS INC CL A 75700L108 42,791 777,885 SH   SOLE   777,885 0 0
RLJ LODGING TR COM 74965L101 10,806 775,713 SH   SOLE   775,713 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 63,657 1,495,000 SH   SOLE   1,495,000 0 0
SMARTRENT INC COM CL A 83193G107 12,751 1,317,228 SH   SOLE   1,317,228 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 168,649 3,499,664 SH   SOLE   3,499,664 0 0
STAG INDL INC COM 85254J102 83,155 1,733,845 SH   SOLE   1,733,845 0 0
TISHMAN SPEYER INNOVATION CO UNIT 02/11/2026 88825H209 12,805 1,300,000 SH   SOLE   1,300,000 0 0
TRAVEL PLUS LEISURE CO COM 894164102 92,608 1,675,552 SH   SOLE   1,675,552 0 0
VERIS RESIDENTIAL INC COM 554489104 4,593 249,892 SH   SOLE   249,892 0 0
VICI PPTYS INC COM 925652109 207,383 6,887,500 SH   SOLE   6,887,500 0 0
WEWORK INC CL A 96209A104 21,500 2,500,000 SH   SOLE   2,500,000 0 0
XENIA HOTELS & RESORTS INC COM 984017103 7,519 415,211 SH   SOLE   415,211 0 0