Long Pond Capital Activity Q4 2011-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORP NEWcall	$217,896,250	–	1,325,000	–	12.44%	–
CPT	Buy	CAMDEN PPTY TRsh ben int	$167,527,757	-3.3%	1,771,281	+11.3%	9.56%	-6.4%
EXR	New	EXTRA SPACE STORAGE INC	$132,973,262	–	1,093,710	–	7.59%	–
IRT	Buy	INDEPENDENCE RLTY TR INC	$125,882,081	+67.1%	8,946,843	+116.3%	7.19%	+61.8%
JBGS	Sell	JBG SMITH PPTYS	$110,771,640	-8.4%	7,660,556	-4.7%	6.32%	-11.3%
REXR	Buy	REXFORD INDL RLTY INC	$110,648,770	+52.3%	2,242,123	+61.1%	6.32%	+47.5%
	Buy	SAFEHOLD INC	$82,196,520	-16.2%	4,617,782	+11.7%	4.69%	-18.9%
SRC	Sell	SPIRIT RLTY CAP INC NEW	$77,275,015	-43.6%	2,304,653	-33.8%	4.41%	-45.4%
VAC	Buy	MARRIOTT VACATIONS WORLDWIDE	$72,072,514	-14.5%	716,213	+4.2%	4.12%	-17.3%
JLL	Sell	JONES LANG LASALLE INC	$64,347,867	-18.0%	455,786	-9.5%	3.67%	-20.6%
CUBE	New	CUBESMART	$60,738,459	–	1,592,931	–	3.47%	–
FR	Buy	FIRST INDL RLTY TR INC	$59,373,570	+115.3%	1,247,606	+138.2%	3.39%	+108.5%
HGV	Buy	HILTON GRAND VACATIONS INC	$55,785,211	+111.4%	1,370,644	+136.0%	3.18%	+104.7%
DHI	Buy	D R HORTON INC	$55,626,794	+3.4%	517,603	+17.1%	3.18%	+0.2%
FOR	Sell	FORESTAR GROUP INC	$46,694,482	-42.5%	1,733,277	-51.9%	2.67%	-44.3%
LPX	Buy	LOUISIANA PAC CORP	$44,742,281	+230.6%	809,522	+348.5%	2.55%	+220.1%
MSGE	New	SPHERE ENTERTAINMENT COcl a	$35,408,203	–	952,858	–	2.02%	–
MLCO	Buy	MELCO RESORTS AND ENTMNT LTDadr	$34,981,138	-2.7%	3,537,021	+20.1%	2.00%	-5.8%
CBRE	Sell	CBRE GROUP INCcl a	$31,893,413	-75.2%	431,809	-73.0%	1.82%	-76.0%
TNL	Buy	TRAVEL PLUS LEISURE CO	$30,570,048	+20.1%	832,291	+31.9%	1.74%	+16.3%
PLYA	New	PLAYA HOTELS & RESORTS NV	$27,820,829	–	3,842,656	–	1.59%	–
LVS	New	LAS VEGAS SANDS CORPcall	$25,212,000	–	550,000	–	1.44%	–
MSGS	Buy	MADISON SQUARE GRDN SPRT CORcl a	$16,173,057	+15.9%	91,736	+23.6%	0.92%	+12.2%
AIRC	New	APARTMENT INCOME REIT CORP	$16,035,163	–	522,318	–	0.92%	–
	New	SMARTRENT INC	$8,898,330	–	3,409,322	–	0.51%	–
FPH	Sell	FIVE POINT HOLDINGS LLC	$7,249,865	-13.0%	2,441,032	-15.3%	0.41%	-15.7%
FAF	New	FIRST AMERN FINL CORP	$4,525,414	–	80,110	–	0.26%	–
PGRE	Exit	PARAMOUNT GROUP INC	$0	–	-620,745	–	-0.16%	–
ILPT	Exit	INDUSTRIAL LOGISTICS PPTYS T	$0	–	-1,005,865	–	-0.20%	–
RLJ	Exit	RLJ LODGING TR	$0	–	-733,700	–	-0.44%	–
	Exit	VESTA REAL ESTATE CORPORATIOads	$0	–	-315,000	–	-0.60%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-142,000	–	-1.19%	–
LXP	Exit	LXP INDUSTRIAL TRUST	$0	–	-4,412,091	–	-2.54%	–
CLI	Exit	VERIS RESIDENTIAL INC	$0	–	-3,145,739	–	-2.98%	–
PENN	Exit	PENN ENTERTAINMENT INC	$0	–	-3,101,659	–	-4.40%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-1,124,500	–	-4.55%	–
PEAK	Exit	HEALTHPEAK PROPERTIES INC	$0	–	-5,786,026	–	-6.86%	–

Q2 2023

			Value		Shares		↓ Weighting
CPT	New	CAMDEN PPTY TRsh ben int	$173,301,879	–	1,591,824	–	10.22%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$137,073,471	–	3,480,789	–	8.08%	–
CBRE	New	CBRE GROUP INCcl a	$128,850,367	–	1,596,461	–	7.60%	–
JBGS	New	JBG SMITH PPTYS	$120,864,343	–	8,036,193	–	7.13%	–
PEAK	New	HEALTHPEAK PROPERTIES INC	$116,299,123	–	5,786,026	–	6.86%	–
	New	SAFEHOLD INC	$98,135,296	–	4,135,495	–	5.79%	–
VAC	New	MARRIOTT VACATIONS WORLDWIDE	$84,338,952	–	687,247	–	4.97%	–
FOR	New	FORESTAR GROUP INC	$81,187,351	–	3,600,326	–	4.79%	–
JLL	New	JONES LANG LASALLE INC	$78,504,816	–	503,882	–	4.63%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$77,106,965	–	1,124,500	–	4.55%	–
IRT	New	INDEPENDENCE RLTY TR INC	$75,354,021	–	4,135,786	–	4.44%	–
PENN	New	PENN ENTERTAINMENT INC	$74,532,866	–	3,101,659	–	4.40%	–
REXR	New	REXFORD INDL RLTY INC	$72,655,200	–	1,391,329	–	4.28%	–
DHI	New	D R HORTON INC	$53,785,641	–	441,989	–	3.17%	–
CLI	New	VERIS RESIDENTIAL INC	$50,489,111	–	3,145,739	–	2.98%	–
LXP	New	LXP INDUSTRIAL TRUST	$43,017,887	–	4,412,091	–	2.54%	–
MLCO	New	MELCO RESORTS AND ENTMNT LTDadr	$35,954,335	–	2,944,663	–	2.12%	–
AIV	New	APARTMENT INVT & MGMT COcl a	$35,376,233	–	4,152,140	–	2.09%	–
FR	New	FIRST INDL RLTY TR INC	$27,572,727	–	523,798	–	1.63%	–
HGV	New	HILTON GRAND VACATIONS INC	$26,391,007	–	580,788	–	1.56%	–
TNL	New	TRAVEL PLUS LEISURE CO	$25,445,141	–	630,767	–	1.50%	–
MTH	New	MERITAGE HOMES CORP	$20,202,340	–	142,000	–	1.19%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$13,953,498	–	74,201	–	0.82%	–
LPX	New	LOUISIANA PAC CORP	$13,533,890	–	180,500	–	0.80%	–
	New	VESTA REAL ESTATE CORPORATIOads	$10,149,300	–	315,000	–	0.60%	–
FPH	New	FIVE POINT HOLDINGS LLC	$8,333,728	–	2,883,643	–	0.49%	–
RLJ	New	RLJ LODGING TR	$7,535,099	–	733,700	–	0.44%	–
ILPT	New	INDUSTRIAL LOGISTICS PPTYS T	$3,319,355	–	1,005,865	–	0.20%	–
PGRE	New	PARAMOUNT GROUP INC	$2,749,900	–	620,745	–	0.16%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	FEDERAL RLTY INVT TR NEWsh ben int new	$0	–	-14,299	–	-0.08%	–
	Exit	FRANKLIN BSP RLTY TR INC	$0	–	-175,913	–	-0.11%	–
AKR	Exit	ACADIA RLTY TR	$0	–	-457,016	–	-0.34%	–
CZR	Exit	CAESARS ENTERTAINMENT INC NE	$0	–	-218,164	–	-0.41%	–
FPH	Exit	FIVE POINT HOLDINGS LLC	$0	–	-4,527,395	–	-0.69%	–
FR	Exit	FIRST INDL RLTY TR INC	$0	–	-310,411	–	-0.81%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-314,500	–	-1.16%	–
RRR	Exit	RED ROCK RESORTS INCcl a	$0	–	-730,843	–	-1.47%	–
HGV	Exit	HILTON GRAND VACATIONS INC	$0	–	-785,945	–	-1.51%	–
	Exit	SMARTRENT INC	$0	–	-11,903,445	–	-1.58%	–
LVS	Exit	LAS VEGAS SANDS CORPcall	$0	–	-750,000	–	-1.65%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-155,000	–	-1.86%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-887,500	–	-1.95%	–
RADI	Exit	RADIUS GLOBAL INFRASTRCTRE I	$0	–	-4,046,547	–	-2.23%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-215,782	–	-2.33%	–
MSGS	Exit	MADISON SQUARE GRDN SPRT CORcl a	$0	–	-295,527	–	-2.36%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-355,000	–	-2.51%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-380,793	–	-2.66%	–
SAFE	Exit	SAFEHOLD INC	$0	–	-1,726,191	–	-2.67%	–
EXPE	Exit	EXPEDIA GROUP INC	$0	–	-499,234	–	-2.74%	–
FOR	Exit	FORESTAR GROUP INC	$0	–	-4,681,873	–	-3.07%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-1,485,950	–	-3.15%	–
VAC	Exit	MARRIOTT VACATIONS WORLDWIDE	$0	–	-483,367	–	-3.45%	–
AIRC	Exit	APARTMENT INCOME REIT CORP	$0	–	-1,622,956	–	-3.67%	–
MLCO	Exit	MELCO RESORTS AND ENTMNT LTDadr	$0	–	-10,830,196	–	-4.20%	–
STAG	Exit	STAG INDL INC	$0	–	-2,571,388	–	-4.28%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-10,759,559	–	-4.60%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-4,716,813	–	-4.89%	–
LXP	Exit	LXP INDUSTRIAL TRUST	$0	–	-10,437,865	–	-5.60%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-2,493,651	–	-6.15%	–
DHI	Exit	D R HORTON INC	$0	–	-1,631,837	–	-6.43%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-8,621,200	–	-9.38%	–
IRT	Exit	INDEPENDENCE RLTY TR INC	$0	–	-10,240,518	–	-10.03%	–

Q3 2022

			Value		Shares		↓ Weighting
IRT	Buy	INDEPENDENCE RLTY TR INC	$171,324,000	+108.8%	10,240,518	+158.7%	10.03%	+146.9%
DHI	Sell	D R HORTON INC	$109,904,000	-19.9%	1,631,837	-21.3%	6.43%	-5.3%
KRC	Buy	KILROY RLTY CORP	$105,008,000	+108.4%	2,493,651	+158.9%	6.15%	+146.4%
LXP	Buy	LXP INDUSTRIAL TRUST	$95,611,000	-1.9%	10,437,865	+15.1%	5.60%	+16.0%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$83,488,000	+392.3%	4,716,813	+503.5%	4.89%	+481.9%
STAG	Sell	STAG INDL INC	$73,105,000	-17.7%	2,571,388	-10.6%	4.28%	-2.7%
MLCO	Buy	MELCO RESORTS AND ENTMNT LTDadr	$71,804,000	+81.1%	10,830,196	+57.1%	4.20%	+114.2%
AIRC	Buy	APARTMENT INCOME REIT CORP	$62,679,000	-3.4%	1,622,956	+4.1%	3.67%	+14.2%
VAC	Buy	MARRIOTT VACATIONS WORLDWIDE	$58,903,000	+34.4%	483,367	+28.1%	3.45%	+58.8%
SRC	Sell	SPIRIT RLTY CAP INC NEW	$53,732,000	-31.8%	1,485,950	-28.8%	3.15%	-19.4%
EXPE	Buy	EXPEDIA GROUP INC	$46,773,000	+7.2%	499,234	+8.5%	2.74%	+26.7%
SAFE	Buy	SAFEHOLD INC	$45,675,000	+33.9%	1,726,191	+79.0%	2.67%	+58.3%
CPT	Buy	CAMDEN PPTY TRsh ben int	$45,486,000	+46.7%	380,793	+65.2%	2.66%	+73.5%
HLT	Sell	HILTON WORLDWIDE HLDGS INC	$42,820,000	-57.0%	355,000	-60.3%	2.51%	-49.2%
MSGS	Buy	MADISON SQUARE GRDN SPRT CORcl a	$40,387,000	+12.0%	295,527	+23.8%	2.36%	+32.4%
AVB	Sell	AVALONBAY CMNTYS INC	$39,745,000	-45.9%	215,782	-43.0%	2.33%	-36.1%
RADI	Buy	RADIUS GLOBAL INFRASTRCTRE I	$38,118,000	-15.0%	4,046,547	+37.7%	2.23%	+0.5%
LVS	Sell	LAS VEGAS SANDS CORP	$33,299,000	-53.8%	887,500	-58.7%	1.95%	-45.5%
SHW	New	SHERWIN WILLIAMS CO	$31,736,000	–	155,000	–	1.86%	–
LVS	Sell	LAS VEGAS SANDS CORPcall	$28,140,000	-52.1%	750,000	-57.1%	1.65%	-43.4%
	Buy	SMARTRENT INC	$27,021,000	-19.7%	11,903,445	+59.9%	1.58%	-5.0%
HGV	Buy	HILTON GRAND VACATIONS INC	$25,850,000	+35.5%	785,945	+47.2%	1.51%	+60.1%
RRR	Sell	RED ROCK RESORTS INCcl a	$25,039,000	-8.7%	730,843	-11.1%	1.47%	+8.0%
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$19,735,000	–	314,500	–	1.16%	–
FR	New	FIRST INDL RLTY TR INC	$13,910,000	–	310,411	–	0.81%	–
CZR	New	CAESARS ENTERTAINMENT INC NE	$7,038,000	–	218,164	–	0.41%	–
AKR	New	ACADIA RLTY TR	$5,768,000	–	457,016	–	0.34%	–
	New	FRANKLIN BSP RLTY TR INC	$1,895,000	–	175,913	–	0.11%	–
	New	FEDERAL RLTY INVT TR NEWsh ben int new	$1,289,000	–	14,299	–	0.08%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-115,819	–	-0.06%	–
XHR	Exit	XENIA HOTELS & RESORTS INC	$0	–	-222,900	–	-0.16%	–
NTST	Exit	NETSTREIT CORP	$0	–	-204,816	–	-0.19%	–
UDR	Exit	UDR INC	$0	–	-153,501	–	-0.35%	–
ROIC	Exit	RETAIL OPPORTUNITY INVTS COR	$0	–	-457,162	–	-0.36%	–
SHO	Exit	SUNSTONE HOTEL INVS INC NEW	$0	–	-1,511,108	–	-0.74%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-389,664	–	-0.96%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-928,923	–	-1.33%	–
PK	Exit	PARK HOTELS & RESORTS INC	$0	–	-2,040,936	–	-1.37%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-1,281,715	–	-1.93%	–
COLD	Exit	AMERICOLD REALTY TRUST INC	$0	–	-1,301,381	–	-1.94%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-1,665,479	–	-2.92%	–
H	Exit	HYATT HOTELS CORP	$0	–	-927,345	–	-3.39%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-1,024,126	–	-3.66%	–

Q2 2022

			Value		Shares		↓ Weighting
JBGS	New	JBG SMITH PPTYS	$203,805,000	–	8,621,200	–	10.09%	–
DHI	New	D R HORTON INC	$137,224,000	–	2,073,176	–	6.80%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$99,652,000	–	894,219	–	4.93%	–
LXP	New	LXP INDUSTRIAL TRUST	$97,424,000	–	9,071,090	–	4.82%	–
STAG	New	STAG INDL INC	$88,828,000	–	2,876,542	–	4.40%	–
IRT	New	INDEPENDENCE RLTY TR INC	$82,059,000	–	3,958,483	–	4.06%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$78,825,000	–	2,086,429	–	3.90%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$73,962,000	–	1,024,126	–	3.66%	–
AVB	New	AVALONBAY CMNTYS INC	$73,521,000	–	378,489	–	3.64%	–
LVS	New	LAS VEGAS SANDS CORP	$72,152,000	–	2,148,009	–	3.57%	–
AIV	New	APARTMENT INVT & MGMT COcl a	$68,861,000	–	10,759,559	–	3.41%	–
H	New	HYATT HOTELS CORP	$68,540,000	–	927,345	–	3.39%	–
AIRC	New	APARTMENT INCOME REIT CORP	$64,886,000	–	1,559,757	–	3.21%	–
FOR	New	FORESTAR GROUP INC	$64,095,000	–	4,681,873	–	3.17%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$59,025,000	–	1,665,479	–	2.92%	–
LVS	New	LAS VEGAS SANDS CORPcall	$58,783,000	–	1,750,000	–	2.91%	–
KRC	New	KILROY RLTY CORP	$50,394,000	–	963,007	–	2.50%	–
RADI	New	RADIUS GLOBAL INFRASTRCTRE I	$44,858,000	–	2,939,590	–	2.22%	–
VAC	New	MARRIOTT VACATIONS WORLDWIDE	$43,842,000	–	377,294	–	2.17%	–
EXPE	New	EXPEDIA GROUP INC	$43,644,000	–	460,234	–	2.16%	–
MLCO	New	MELCO RESORTS AND ENTMNT LTDadr	$39,640,000	–	6,893,901	–	1.96%	–
COLD	New	AMERICOLD REALTY TRUST INC	$39,093,000	–	1,301,381	–	1.94%	–
PENN	New	PENN NATL GAMING INC	$38,990,000	–	1,281,715	–	1.93%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$36,049,000	–	238,735	–	1.78%	–
SAFE	New	SAFEHOLD INC	$34,106,000	–	964,261	–	1.69%	–
	New	SMARTRENT INC	$33,646,000	–	7,443,720	–	1.67%	–
CPT	New	CAMDEN PPTY TRsh ben int	$31,000,000	–	230,516	–	1.54%	–
PK	New	PARK HOTELS & RESORTS INC	$27,696,000	–	2,040,936	–	1.37%	–
RRR	New	RED ROCK RESORTS INCcl a	$27,421,000	–	821,970	–	1.36%	–
MGM	New	MGM RESORTS INTERNATIONAL	$26,892,000	–	928,923	–	1.33%	–
BYD	New	BOYD GAMING CORP	$19,386,000	–	389,664	–	0.96%	–
HGV	New	HILTON GRAND VACATIONS INC	$19,080,000	–	533,992	–	0.94%	–
FPH	New	FIVE POINT HOLDINGS LLC	$17,702,000	–	4,527,395	–	0.88%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$16,959,000	–	781,522	–	0.84%	–
SHO	New	SUNSTONE HOTEL INVS INC NEW	$14,990,000	–	1,511,108	–	0.74%	–
ROIC	New	RETAIL OPPORTUNITY INVTS COR	$7,214,000	–	457,162	–	0.36%	–
UDR	New	UDR INC	$7,067,000	–	153,501	–	0.35%	–
NTST	New	NETSTREIT CORP	$3,865,000	–	204,816	–	0.19%	–
XHR	New	XENIA HOTELS & RESORTS INC	$3,239,000	–	222,900	–	0.16%	–
CLDT	New	CHATHAM LODGING TR	$1,210,000	–	115,819	–	0.06%	–

Q4 2021

			Value		Shares		↓ Weighting
PK	Exit	PARK HOTELS & RESORTS INC	$0	–	-446,260	–	-0.31%	–
XHR	Exit	XENIA HOTELS & RESORTS INC	$0	–	-549,933	–	-0.36%	–
TSIBU	Exit	TISHMAN SPEYER INNOVATION COunit 02/11/2026	$0	–	-1,300,000	–	-0.48%	–
FWAC	Exit	FIFTH WALL ACQUISITN CORP II	$0	–	-1,500,000	–	-0.54%	–
FR	Exit	FIRST INDL RLTY TR INC	$0	–	-310,000	–	-0.59%	–
DHI	Exit	D R HORTON INC	$0	–	-195,000	–	-0.60%	–
RXRAU	Exit	RXR ACQUISITION CORPunit 01/01/2025	$0	–	-2,000,000	–	-0.72%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-117,500	–	-0.82%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-75,750	–	-0.82%	–
PHM	Exit	PULTE GROUP INC	$0	–	-713,319	–	-1.20%	–
FPH	Exit	FIVE POINT HOLDINGS LLC	$0	–	-4,523,774	–	-1.30%	–
	Exit	SMARTRENT INC	$0	–	-3,036,029	–	-1.45%	–
BKNG	Exit	BOOKING HOLDINGS INCcall	$0	–	-18,000	–	-1.56%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-681,383	–	-1.65%	–
HGV	Exit	HILTON GRAND VACATIONS INC	$0	–	-996,546	–	-1.74%	–
H	Exit	HYATT HOTELS CORP	$0	–	-653,387	–	-1.84%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-659,058	–	-1.86%	–
NTST	Exit	NETSTREIT CORP	$0	–	-2,249,561	–	-1.95%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-789,210	–	-2.50%	–
LXP	Exit	LEXINGTON REALTY TRUST	$0	–	-5,369,909	–	-2.51%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-10,179,274	–	-2.55%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-473,158	–	-2.55%	–
TNL	Exit	TRAVEL PLUS LEISURE CO	$0	–	-1,482,878	–	-2.96%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-1,066,545	–	-3.05%	–
FOR	Exit	FORESTAR GROUP INC	$0	–	-4,681,873	–	-3.19%	–
STAG	Exit	STAG INDL INC	$0	–	-2,241,984	–	-3.22%	–
MLCO	Exit	MELCO RESORTS AND ENTMNT LTDadr	$0	–	-9,055,522	–	-3.39%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-3,266,584	–	-3.54%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-2,680,169	–	-3.76%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-3,842,184	–	-5.36%	–
MSGS	Exit	MADISON SQUARE GRDN SPRT CORcl a	$0	–	-804,202	–	-5.47%	–
EXPE	Exit	EXPEDIA GROUP INC	$0	–	-952,023	–	-5.71%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-4,285,204	–	-5.74%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-1,960,832	–	-5.81%	–
LVS	Exit	LAS VEGAS SANDS CORPcall	$0	–	-4,350,000	–	-5.83%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-3,819,439	–	-6.44%	–
VICI	Exit	VICI PPTYS INC	$0	–	-6,380,000	–	-6.63%	–

Q3 2021

			Value		Shares		↓ Weighting
VICI	New	VICI PPTYS INC	$181,256,000	–	6,380,000	–	6.63%	–
SRC	Buy	SPIRIT RLTY CAP INC NEW	$175,847,000	+41.8%	3,819,439	+47.3%	6.44%	+60.7%
LVS	Buy	LAS VEGAS SANDS CORPcall	$159,210,000	-14.3%	4,350,000	+23.4%	5.83%	-2.8%
EQR	Sell	EQUITY RESIDENTIALsh ben int	$158,671,000	+0.3%	1,960,832	-4.5%	5.81%	+13.7%
LVS	Buy	LAS VEGAS SANDS CORP	$156,838,000	-14.5%	4,285,204	+23.1%	5.74%	-3.1%
EXPE	Buy	EXPEDIA GROUP INC	$156,037,000	+16.8%	952,023	+16.7%	5.71%	+32.4%
MSGS	Sell	MADISON SQUARE GRDN SPRT CORcl a	$149,541,000	-4.5%	804,202	-11.4%	5.47%	+8.2%
AMH	Buy	AMERICAN HOMES 4 RENTcl a	$146,464,000	+41.9%	3,842,184	+44.6%	5.36%	+60.8%
INVH	Buy	INVITATION HOMES INC	$102,731,000	+32.0%	2,680,169	+28.4%	3.76%	+49.6%
JBGS	Buy	JBG SMITH PPTYS	$96,724,000	+541.4%	3,266,584	+582.5%	3.54%	+626.9%
MLCO	Buy	MELCO RESORTS AND ENTMNT LTDadr	$92,729,000	+16.2%	9,055,522	+88.0%	3.39%	+31.7%
STAG	Buy	STAG INDL INC	$87,998,000	+75.3%	2,241,984	+67.2%	3.22%	+98.6%
ELS	Sell	EQUITY LIFESTYLE PPTYS INC	$83,297,000	-17.7%	1,066,545	-21.7%	3.05%	-6.7%
TNL	New	TRAVEL PLUS LEISURE CO	$80,861,000	–	1,482,878	–	2.96%	–
CPT	Sell	CAMDEN PPTY TRsh ben int	$69,777,000	-39.5%	473,158	-45.5%	2.55%	-31.4%
AIV	Buy	APARTMENT INVT & MGMT COcl a	$69,728,000	+19.1%	10,179,274	+16.6%	2.55%	+35.0%
LXP	New	LEXINGTON REALTY TRUST	$68,466,000	–	5,369,909	–	2.51%	–
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$68,440,000	-43.8%	789,210	-45.3%	2.50%	-36.3%
NTST	Sell	NETSTREIT CORP	$53,202,000	-36.1%	2,249,561	-37.7%	1.95%	-27.5%
WH	Sell	WYNDHAM HOTELS & RESORTS INC	$50,873,000	-66.8%	659,058	-68.9%	1.86%	-62.3%
H	New	HYATT HOTELS CORP	$50,376,000	–	653,387	–	1.84%	–
HGV	Sell	HILTON GRAND VACATIONS INC	$47,406,000	+3.2%	996,546	-10.2%	1.74%	+16.9%
KRC	Buy	KILROY RLTY CORP	$45,114,000	+0.3%	681,383	+5.5%	1.65%	+13.7%
BKNG	New	BOOKING HOLDINGS INCcall	$42,730,000	–	18,000	–	1.56%	–
	New	SMARTRENT INC	$39,529,000	–	3,036,029	–	1.45%	–
PHM	New	PULTE GROUP INC	$32,756,000	–	713,319	–	1.20%	–
PSA	New	PUBLIC STORAGE	$22,505,000	–	75,750	–	0.82%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$22,451,000	–	117,500	–	0.82%	–
DHI	New	D R HORTON INC	$16,374,000	–	195,000	–	0.60%	–
FR	Sell	FIRST INDL RLTY TR INC	$16,145,000	-69.9%	310,000	-69.8%	0.59%	-65.9%
TSIBU	Sell	TISHMAN SPEYER INNOVATION COunit 02/11/2026	$13,000,000	-50.4%	1,300,000	-50.0%	0.48%	-43.8%
XHR	New	XENIA HOTELS & RESORTS INC	$9,756,000	–	549,933	–	0.36%	–
PK	New	PARK HOTELS & RESORTS INC	$8,541,000	–	446,260	–	0.31%	–
COMP	Exit	COMPASS INCcl a	$0	–	-250,000	–	-0.11%	–
CBAHU	Exit	CBRE ACQUISITION HLDGS INCunit 99/99/9999	$0	–	-500,000	–	-0.16%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-280,000	–	-0.42%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-73,387	–	-0.50%	–
BOWX	Exit	BOWX ACQUISITION CORPcl a	$0	–	-1,341,306	–	-0.50%	–
VNET	Exit	21VIANET GROUP INCsponsored ads a	$0	–	-1,160,010	–	-0.86%	–
FWAA	Exit	FIFTH WALL ACQUISITION CORP	$0	–	-2,379,707	–	-0.95%	–
EXPE	Exit	EXPEDIA GROUP INCcall	$0	–	-195,000	–	-1.03%	–
SBAC	Exit	SBA COMMUNICATIONS CORP NEWcl a	$0	–	-107,500	–	-1.11%	–
SPGSU	Exit	SIMON PROPERTY GRP ACQ HOLDIunit 99/99/9999	$0	–	-3,415,498	–	-1.11%	–
MA	Exit	MASTERCARD INCORPORATEDcall	$0	–	-95,000	–	-1.12%	–
DIA	Exit	SPDR DOW JONES INDL AVERAGEut ser 1	$0	–	-146,830	–	-1.64%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-430,004	–	-1.68%	–
GDS	Exit	GDS HLDGS LTDsponsored ads	$0	–	-884,093	–	-2.24%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-45,053	–	-3.18%	–
BALY	Exit	BALLYS CORPORATION	$0	–	-2,139,594	–	-3.74%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-1,322,648	–	-7.32%	–

Q2 2021

			Value		Shares		↓ Weighting
SUI	New	SUN CMNTYS INC	$226,702,000	–	1,322,648	–	7.32%	–
LVS	New	LAS VEGAS SANDS CORPcall	$185,732,000	–	3,525,000	–	6.00%	–
LVS	New	LAS VEGAS SANDS CORP	$183,360,000	–	3,479,972	–	5.92%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$158,135,000	–	2,053,707	–	5.11%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$156,610,000	–	907,513	–	5.06%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$153,130,000	–	2,118,280	–	4.94%	–
EXPE	New	EXPEDIA GROUP INC	$133,591,000	–	816,023	–	4.31%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$124,022,000	–	2,592,426	–	4.00%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$121,848,000	–	1,441,820	–	3.93%	–
BALY	New	BALLYS CORPORATION	$115,773,000	–	2,139,594	–	3.74%	–
CPT	New	CAMDEN PPTY TRsh ben int	$115,240,000	–	868,620	–	3.72%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$103,240,000	–	2,657,396	–	3.33%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$101,163,000	–	1,361,362	–	3.27%	–
BKNG	New	BOOKING HOLDINGS INC	$98,580,000	–	45,053	–	3.18%	–
FOR	New	FORESTAR GROUP INC	$97,898,000	–	4,681,873	–	3.16%	–
NTST	New	NETSTREIT CORP	$83,220,000	–	3,608,860	–	2.69%	–
MLCO	New	MELCO RESORTS AND ENTMNT LTDadr	$79,809,000	–	4,816,457	–	2.58%	–
INVH	New	INVITATION HOMES INC	$77,812,000	–	2,086,681	–	2.51%	–
GDS	New	GDS HLDGS LTDsponsored ads	$69,392,000	–	884,093	–	2.24%	–
AIV	New	APARTMENT INVT & MGMT COcl a	$58,563,000	–	8,727,694	–	1.89%	–
FR	New	FIRST INDL RLTY TR INC	$53,684,000	–	1,027,830	–	1.73%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$51,867,000	–	430,004	–	1.68%	–
DIA	New	SPDR DOW JONES INDL AVERAGEut ser 1	$50,649,000	–	146,830	–	1.64%	–
STAG	New	STAG INDL INC	$50,193,000	–	1,340,974	–	1.62%	–
HGV	New	HILTON GRAND VACATIONS INC	$45,949,000	–	1,110,148	–	1.48%	–
KRC	New	KILROY RLTY CORP	$44,983,000	–	645,941	–	1.45%	–
FPH	New	FIVE POINT HOLDINGS LLC	$36,552,000	–	4,523,774	–	1.18%	–
MA	New	MASTERCARD INCORPORATEDcall	$34,643,000	–	95,000	–	1.12%	–
SPGSU	New	SIMON PROPERTY GRP ACQ HOLDIunit 99/99/9999	$34,394,000	–	3,415,498	–	1.11%	–
SBAC	New	SBA COMMUNICATIONS CORP NEWcl a	$34,260,000	–	107,500	–	1.11%	–
EXPE	New	EXPEDIA GROUP INCcall	$31,923,000	–	195,000	–	1.03%	–
FWAA	New	FIFTH WALL ACQUISITION CORP	$29,306,000	–	2,379,707	–	0.95%	–
VNET	New	21VIANET GROUP INCsponsored ads a	$26,622,000	–	1,160,010	–	0.86%	–
TSIBU	New	TISHMAN SPEYER INNOVATION COunit 02/11/2026	$26,222,000	–	2,600,000	–	0.85%	–
RXRAU	New	RXR ACQUISITION CORPunit 01/01/2025	$19,940,000	–	2,000,000	–	0.64%	–
BOWX	New	BOWX ACQUISITION CORPcl a	$15,425,000	–	1,341,306	–	0.50%	–
AVB	New	AVALONBAY CMNTYS INC	$15,315,000	–	73,387	–	0.50%	–
JBGS	New	JBG SMITH PPTYS	$15,081,000	–	478,604	–	0.49%	–
FWAC	New	FIFTH WALL ACQUISITN CORP II	$14,925,000	–	1,500,000	–	0.48%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$12,972,000	–	280,000	–	0.42%	–
CBAHU	New	CBRE ACQUISITION HLDGS INCunit 99/99/9999	$4,980,000	–	500,000	–	0.16%	–
COMP	New	COMPASS INCcl a	$3,285,000	–	250,000	–	0.11%	–

Q4 2020

			Value		Shares		↓ Weighting
RLJ	Exit	RLJ LODGING TR	$0	–	-316,970	–	-0.10%	–
MAC	Exit	MACERICH CO	$0	–	-801,263	–	-0.21%	–
AZEK	Exit	AZEK CO INCcl a	$0	–	-250,000	–	-0.33%	–
XHR	Exit	XENIA HOTELS & RESORTS INC	$0	–	-1,059,221	–	-0.36%	–
MSGE	Exit	MADISON SQUARE GRDN ENTERTNMcl a	$0	–	-261,743	–	-0.69%	–
STAY	Exit	EXTENDED STAY AMER INCunit 99/99/9999b	$0	–	-1,586,406	–	-0.73%	–
FPH	Exit	FIVE POINT HOLDINGS LLC	$0	–	-6,286,780	–	-1.00%	–
AVB	Exit	AVALONBAY CMNTYS INCcall	$0	–	-200,000	–	-1.14%	–
UDR	Exit	UDR INC	$0	–	-1,070,027	–	-1.34%	–
MGP	Exit	MGM GROWTH PPTYS LLC	$0	–	-1,279,757	–	-1.37%	–
RHP	Exit	RYMAN HOSPITALITY PPTYS INC	$0	–	-983,137	–	-1.39%	–
H	Exit	HYATT HOTELS CORP	$0	–	-688,075	–	-1.41%	–
IYR	Exit	ISHARES TRcall	$0	–	-475,000	–	-1.45%	–
HGV	Exit	HILTON GRAND VACATIONS INC	$0	–	-1,981,245	–	-1.59%	–
NTST	Exit	NETSTREIT CORP	$0	–	-2,708,860	–	-1.90%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-1,016,027	–	-2.02%	–
EXPE	Exit	EXPEDIA GROUP INC	$0	–	-669,422	–	-2.35%	–
LVS	Exit	LAS VEGAS SANDS CORPcall	$0	–	-1,325,000	–	-2.37%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-1,244,805	–	-2.41%	–
HPP	Exit	HUDSON PAC PPTYS INC	$0	–	-2,945,846	–	-2.48%	–
PGRE	Exit	PARAMOUNT GROUP INC	$0	–	-9,839,275	–	-2.67%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-1,891,331	–	-2.68%	–
WELL	Exit	WELLTOWER INC	$0	–	-1,395,173	–	-2.95%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-388,210	–	-2.99%	–
PEAK	Exit	HEALTHPEAK PROPERTIES INC	$0	–	-2,963,695	–	-3.08%	–
FOR	Exit	FORESTAR GROUP INC	$0	–	-4,681,873	–	-3.18%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-1,783,415	–	-3.19%	–
MAA	Exit	MID-AMER APT CMNTYS INC	$0	–	-725,977	–	-3.23%	–
SBRA	Exit	SABRA HEALTH CARE REIT INC	$0	–	-6,150,349	–	-3.25%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-3,642,002	–	-3.50%	–
SHO	Exit	SUNSTONE HOTEL INVS INC NEW	$0	–	-11,772,597	–	-3.58%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-1,173,651	–	-3.84%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-3,954,840	–	-4.05%	–
MSGS	Exit	MADISON SQUARE GRDN SPRT CORcl a	$0	–	-750,918	–	-4.33%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-1,423,477	–	-4.86%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-2,942,750	–	-5.79%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-1,325,113	–	-7.59%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-6,652,353	–	-8.60%	–

Q3 2020

			Value		Shares		↓ Weighting
AIV	Buy	APARTMENT INVT & MGMT COcl a	$224,317,000	+10.5%	6,652,353	+23.4%	8.60%	+7.4%
AVB	Buy	AVALONBAY CMNTYS INC	$197,892,000	+44.8%	1,325,113	+50.0%	7.59%	+40.7%
EQR	Buy	EQUITY RESIDENTIALsh ben int	$151,051,000	+112.2%	2,942,750	+143.2%	5.79%	+106.2%
CPT	Buy	CAMDEN PPTY TRsh ben int	$126,661,000	+2.8%	1,423,477	+5.4%	4.86%	-0.1%
MSGS	Buy	MADISON SQUARE GRDN SPRT CORcl a	$112,998,000	+15.8%	750,918	+13.0%	4.33%	+12.5%
JBGS	Buy	JBG SMITH PPTYS	$105,752,000	+1.0%	3,954,840	+11.7%	4.05%	-1.8%
HLT	Sell	HILTON WORLDWIDE HLDGS INC	$100,136,000	-42.9%	1,173,651	-50.8%	3.84%	-44.5%
SHO	Buy	SUNSTONE HOTEL INVS INC NEW	$93,474,000	+69.5%	11,772,597	+74.0%	3.58%	+64.7%
DEI	Buy	DOUGLAS EMMETT INC	$91,414,000	+13.3%	3,642,002	+38.3%	3.50%	+10.0%
SBRA	Sell	SABRA HEALTH CARE REIT INC	$84,783,000	-21.5%	6,150,349	-17.8%	3.25%	-23.7%
MAA	Sell	MID-AMER APT CMNTYS INC	$84,177,000	-17.2%	725,977	-18.1%	3.23%	-19.6%
LVS	Sell	LAS VEGAS SANDS CORP	$83,214,000	-5.1%	1,783,415	-7.4%	3.19%	-7.8%
PEAK	Sell	HEALTHPEAK PROPERTIES INC	$80,464,000	-37.3%	2,963,695	-36.4%	3.08%	-39.1%
ESS	Buy	ESSEX PPTY TR INC	$77,949,000	-8.5%	388,210	+4.4%	2.99%	-11.1%
WELL	Buy	WELLTOWER INC	$76,860,000	+45.4%	1,395,173	+36.6%	2.95%	+41.3%
GLPI	New	GAMING & LEISURE PPTYS INC	$69,847,000	–	1,891,331	–	2.68%	–
PGRE	New	PARAMOUNT GROUP INC	$69,662,000	–	9,839,275	–	2.67%	–
HPP	Buy	HUDSON PAC PPTYS INC	$64,602,000	+15.1%	2,945,846	+32.1%	2.48%	+11.8%
WH	Sell	WYNDHAM HOTELS & RESORTS INC	$62,863,000	-33.5%	1,244,805	-43.9%	2.41%	-35.4%
LVS	New	LAS VEGAS SANDS CORPcall	$61,825,000	–	1,325,000	–	2.37%	–
EXPE	New	EXPEDIA GROUP INC	$61,379,000	–	669,422	–	2.35%	–
KRC	Buy	KILROY RLTY CORP	$52,793,000	-8.3%	1,016,027	+3.6%	2.02%	-10.8%
NTST	New	NETSTREIT CORP	$49,464,000	–	2,708,860	–	1.90%	–
HGV	Sell	HILTON GRAND VACATIONS INC	$41,567,000	-17.5%	1,981,245	-23.2%	1.59%	-19.9%
IYR	Sell	ISHARES TRcall	$37,924,000	-53.1%	475,000	-53.7%	1.45%	-54.4%
H	New	HYATT HOTELS CORP	$36,723,000	–	688,075	–	1.41%	–
RHP	Buy	RYMAN HOSPITALITY PPTYS INC	$36,179,000	+50.5%	983,137	+41.5%	1.39%	+46.3%
MGP	New	MGM GROWTH PPTYS LLC	$35,808,000	–	1,279,757	–	1.37%	–
UDR	Buy	UDR INC	$34,894,000	-4.6%	1,070,027	+9.4%	1.34%	-7.2%
AVB	New	AVALONBAY CMNTYS INCcall	$29,868,000	–	200,000	–	1.14%	–
STAY	Sell	EXTENDED STAY AMER INCunit 99/99/9999b	$18,958,000	-66.2%	1,586,406	-68.3%	0.73%	-67.1%
MSGE	Sell	MADISON SQUARE GRDN ENTERTNMcl a	$17,927,000	-60.2%	261,743	-56.4%	0.69%	-61.4%
XHR	New	XENIA HOTELS & RESORTS INC	$9,300,000	–	1,059,221	–	0.36%	–
MAC	Sell	MACERICH CO	$5,441,000	-64.9%	801,263	-53.6%	0.21%	-65.8%
RLJ	New	RLJ LODGING TR	$2,745,000	–	316,970	–	0.10%	–
REXR	Exit	REXFORD INDL RLTY INC	$0	–	-179,586	–	-0.29%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-1,080,716	–	-0.30%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-1,492,300	–	-0.33%	–
TRNO	Exit	TERRENO RLTY CORP	$0	–	-262,679	–	-0.55%	–
BXP	Exit	BOSTON PPTYS LTD PARTNERSHIP	$0	–	-251,506	–	-0.90%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-2,585,000	–	-1.10%	–
MAR	Exit	MARRIOTT INTL INC NEWcl a	$0	–	-362,938	–	-1.23%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-1,230,531	–	-1.34%	–
SEAS	Exit	SEAWORLD ENTMT INC	$0	–	-2,547,671	–	-1.49%	–
FR	Exit	FIRST INDL RLTY TR INC	$0	–	-2,835,504	–	-4.30%	–

Q2 2020

			Value		Shares		↓ Weighting
AIV	New	APARTMENT INVT & MGMT COcl a	$202,916,000	–	5,390,957	–	8.01%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$175,337,000	–	2,387,168	–	6.92%	–
AVB	New	AVALONBAY CMNTYS INC	$136,641,000	–	883,608	–	5.39%	–
PEAK	New	HEALTHPEAK PROPERTIES INC	$128,420,000	–	4,659,638	–	5.07%	–
CPT	New	CAMDEN PPTY TRsh ben int	$123,175,000	–	1,350,305	–	4.86%	–
FR	New	FIRST INDL RLTY TR INC	$108,997,000	–	2,835,504	–	4.30%	–
SBRA	New	SABRA HEALTH CARE REIT INC	$107,957,000	–	7,481,449	–	4.26%	–
JBGS	New	JBG SMITH PPTYS	$104,669,000	–	3,539,699	–	4.13%	–
MAA	New	MID-AMER APT CMNTYS INC	$101,686,000	–	886,768	–	4.01%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$97,596,000	–	664,418	–	3.85%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$94,534,000	–	2,218,076	–	3.73%	–
LVS	New	LAS VEGAS SANDS CORP	$87,714,000	–	1,926,081	–	3.46%	–
ESS	New	ESSEX PPTY TR INC	$85,186,000	–	371,714	–	3.36%	–
IYR	New	ISHARES TRcall	$80,780,000	–	1,025,000	–	3.19%	–
DEI	New	DOUGLAS EMMETT INC	$80,718,000	–	2,632,670	–	3.18%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$71,169,000	–	1,209,942	–	2.81%	–
FOR	New	FORESTAR GROUP INC	$70,603,000	–	4,681,873	–	2.78%	–
KRC	New	KILROY RLTY CORP	$57,550,000	–	980,405	–	2.27%	–
HPP	New	HUDSON PAC PPTYS INC	$56,108,000	–	2,230,032	–	2.21%	–
STAY	New	EXTENDED STAY AMER INCunit 99/99/9999b	$56,061,000	–	5,009,946	–	2.21%	–
SHO	New	SUNSTONE HOTEL INVS INC NEW	$55,139,000	–	6,765,518	–	2.18%	–
WELL	New	WELLTOWER INC	$52,850,000	–	1,021,256	–	2.08%	–
HGV	New	HILTON GRAND VACATIONS INC	$50,412,000	–	2,578,598	–	1.99%	–
MSGE	New	MADISON SQUARE GRDN ENTERTNMcl a	$45,070,000	–	600,937	–	1.78%	–
SEAS	New	SEAWORLD ENTMT INC	$37,731,000	–	2,547,671	–	1.49%	–
UDR	New	UDR INC	$36,558,000	–	978,016	–	1.44%	–
INVH	New	INVITATION HOMES INC	$33,877,000	–	1,230,531	–	1.34%	–
MAR	New	MARRIOTT INTL INC NEWcl a	$31,115,000	–	362,938	–	1.23%	–
FPH	New	FIVE POINT HOLDINGS LLC	$28,919,000	–	6,286,780	–	1.14%	–
HST	New	HOST HOTELS & RESORTS INC	$27,892,000	–	2,585,000	–	1.10%	–
RHP	New	RYMAN HOSPITALITY PPTYS INC	$24,035,000	–	694,657	–	0.95%	–
BXP	New	BOSTON PPTYS LTD PARTNERSHIP	$22,731,000	–	251,506	–	0.90%	–
MAC	New	MACERICH CO	$15,502,000	–	1,728,256	–	0.61%	–
TRNO	New	TERRENO RLTY CORP	$13,827,000	–	262,679	–	0.55%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$8,252,000	–	1,492,300	–	0.33%	–
AZEK	New	AZEK CO INCcl a	$7,965,000	–	250,000	–	0.31%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$7,565,000	–	1,080,716	–	0.30%	–
REXR	New	REXFORD INDL RLTY INC	$7,440,000	–	179,586	–	0.29%	–

Q4 2019

			Value		Shares		↓ Weighting
ALX	Exit	ALEXANDERS INC	$0	–	-13,689	–	-0.12%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUS	$0	–	-340,533	–	-0.35%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-330,000	–	-0.36%	–
PLYA	Exit	PLAYA HOTELS & RESORTS NV	$0	–	-2,344,296	–	-0.48%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-910,000	–	-0.66%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-530,245	–	-0.72%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-1,150,332	–	-0.72%	–
JLL	Exit	JONES LANG LASALLE INC	$0	–	-319,566	–	-1.16%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-1,153,127	–	-1.18%	–
FPH	Exit	FIVE POINT HOLDINGS LLC	$0	–	-6,461,780	–	-1.26%	–
VER	Exit	VEREIT INC	$0	–	-5,250,000	–	-1.34%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-689,901	–	-1.40%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-1,053,032	–	-1.43%	–
RRR	Exit	RED ROCK RESORTS INCcl a	$0	–	-3,012,040	–	-1.60%	–
WLH	Exit	LYON WILLIAM HOMEScl a new	$0	–	-3,187,943	–	-1.69%	–
SBRA	Exit	SABRA HEALTH CARE REIT INC	$0	–	-3,194,989	–	-1.91%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-1,340,000	–	-2.02%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-885,746	–	-2.08%	–
FOR	Exit	FORESTAR GROUP INC	$0	–	-4,681,873	–	-2.23%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-5,123,976	–	-2.31%	–
HPP	Exit	HUDSON PAC PPTYS INC	$0	–	-2,681,496	–	-2.34%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-1,166,853	–	-2.49%	–
LPT	Exit	LIBERTY PPTY TRsh ben int	$0	–	-1,925,997	–	-2.58%	–
PGRE	Exit	PARAMOUNT GROUP INC	$0	–	-8,998,096	–	-3.14%	–
STAY	Exit	EXTENDED STAY AMER INCunit 99/99/9999b	$0	–	-8,859,268	–	-3.38%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-1,457,888	–	-3.54%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-2,714,845	–	-3.96%	–
MSGS	Exit	MADISON SQUARE GARDEN CO NEWcl a	$0	–	-591,977	–	-4.07%	–
DIA	Exit	SPDR DOW JONES INDL AVRG ETFut ser 1	$0	–	-630,859	–	-4.43%	–
OC	Exit	OWENS CORNING NEW	$0	–	-3,233,385	–	-5.33%	–
H	Exit	HYATT HOTELS CORP	$0	–	-2,971,119	–	-5.71%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-800,000	–	-6.20%	–
HGV	Exit	HILTON GRAND VACATIONS INC	$0	–	-7,867,092	–	-6.57%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-5,261,838	–	-8.74%	–
DHI	Exit	D R HORTON INC	$0	–	-9,067,128	–	-12.47%	–

Q3 2019

			Value		Shares		↓ Weighting
DHI	Sell	D R HORTON INC	$477,928,000	-3.6%	9,067,128	-21.1%	12.47%	-16.2%
VNO	Buy	VORNADO RLTY TRsh ben int	$335,021,000	+11.8%	5,261,838	+12.6%	8.74%	-2.8%
SPY	Sell	SPDR S&P 500 ETF TRput	$237,416,000	-10.0%	800,000	-11.1%	6.20%	-21.7%
OC	Buy	OWENS CORNING NEW	$204,350,000	+9.4%	3,233,385	+0.8%	5.33%	-4.9%
DIA	Buy	SPDR DOW JONES INDL AVRG ETFut ser 1	$169,815,000	+448.8%	630,859	+442.0%	4.43%	+377.1%
MSGS	Buy	MADISON SQUARE GARDEN CO NEWcl a	$155,998,000	+1571.3%	591,977	+1675.5%	4.07%	+1353.9%
LEN	Buy	LENNAR CORPcl a	$151,624,000	+100.7%	2,714,845	+74.2%	3.96%	+74.5%
HLT	Buy	HILTON WORLDWIDE HLDGS INC	$135,744,000	+26.7%	1,457,888	+33.0%	3.54%	+10.2%
STAY	Buy	EXTENDED STAY AMER INCunit 99/99/9999b	$129,700,000	+68.9%	8,859,268	+94.8%	3.38%	+46.8%
PGRE	Buy	PARAMOUNT GROUP INC	$120,125,000	+4.8%	8,998,096	+10.0%	3.14%	-8.9%
LPT	Buy	LIBERTY PPTY TRsh ben int	$98,861,000	+166.1%	1,925,997	+159.4%	2.58%	+131.4%
SLG	Buy	SL GREEN RLTY CORP	$95,390,000	+4.4%	1,166,853	+2.6%	2.49%	-9.3%
HPP	Sell	HUDSON PAC PPTYS INC	$89,723,000	-48.5%	2,681,496	-48.8%	2.34%	-55.2%
HST	Buy	HOST HOTELS & RESORTS INC	$88,594,000	+260.2%	5,123,976	+279.6%	2.31%	+213.3%
FOR	Buy	FORESTAR GROUP INC	$85,585,000	+13.0%	4,681,873	+20.9%	2.23%	-1.8%
EXP	Buy	EAGLE MATERIALS INC	$79,726,000	+44.6%	885,746	+48.9%	2.08%	+25.7%
LVS	New	LAS VEGAS SANDS CORP	$77,398,000	–	1,340,000	–	2.02%	–
SBRA	New	SABRA HEALTH CARE REIT INC	$73,357,000	–	3,194,989	–	1.91%	–
WLH	Buy	LYON WILLIAM HOMEScl a new	$64,907,000	+43.5%	3,187,943	+28.4%	1.69%	+24.7%
RRR	Buy	RED ROCK RESORTS INCcl a	$61,159,000	+1064.5%	3,012,040	+1131.8%	1.60%	+910.1%
AIV	Buy	APARTMENT INVT & MGMT COcl a	$54,905,000	+100.4%	1,053,032	+92.6%	1.43%	+74.1%
KRC	New	KILROY RLTY CORP	$53,736,000	–	689,901	–	1.40%	–
VER	New	VEREIT INC	$51,345,000	–	5,250,000	–	1.34%	–
JBGS	Buy	JBG SMITH PPTYS	$45,214,000	+51.5%	1,153,127	+52.0%	1.18%	+31.7%
JLL	Sell	JONES LANG LASALLE INC	$44,439,000	-38.5%	319,566	-37.8%	1.16%	-46.5%
BYD	Buy	BOYD GAMING CORP	$27,550,000	+74.7%	1,150,332	+96.5%	0.72%	+52.0%
WH	Buy	WYNDHAM HOTELS & RESORTS INC	$27,435,000	-4.8%	530,245	+2.5%	0.72%	-17.2%
MGM	Buy	MGM RESORTS INTERNATIONAL	$25,225,000	+45.7%	910,000	+50.2%	0.66%	+26.5%
OHI	Sell	OMEGA HEALTHCARE INVS INC	$13,791,000	-71.4%	330,000	-74.8%	0.36%	-75.1%
FR	Sell	FIRST INDUSTRIAL REALTY TRUS	$13,471,000	-51.1%	340,533	-54.6%	0.35%	-57.5%
ALX	New	ALEXANDERS INC	$4,769,000	–	13,689	–	0.12%	–
PFSI	Exit	PENNYMAC FINL SVCS INC	$0	–	-757,000	–	-0.50%	–
CCL	Exit	CARNIVAL CORPunit 99/99/9999	$0	–	-555,000	–	-0.78%	–
VICI	Exit	VICI PPTYS INC	$0	–	-1,500,000	–	-0.99%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-3,213,443	–	-1.00%	–
UE	Exit	URBAN EDGE PPTYS	$0	–	-2,003,037	–	-1.04%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-1,172,641	–	-1.11%	–
SHO	Exit	SUNSTONE HOTEL INVS INC NEW	$0	–	-2,942,621	–	-1.21%	–
LSI	Exit	LIFE STORAGE INC	$0	–	-564,721	–	-1.61%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-1,811,310	–	-2.32%	–

Q2 2019

			Value		Shares		↓ Weighting
DHI	New	D R HORTON INC	$495,722,000	–	11,493,667	–	14.88%	–
VNO	New	VORNADO RLTY TRsh ben int	$299,625,000	–	4,674,336	–	9.00%	–
SPY	New	SPDR S&P 500 ETF TRput	$263,700,000	–	900,000	–	7.92%	–
HGV	New	HILTON GRAND VACATIONS INC	$250,331,000	–	7,867,092	–	7.52%	–
H	New	HYATT HOTELS CORP	$226,191,000	–	2,971,119	–	6.79%	–
OC	New	OWENS CORNING NEW	$186,728,000	–	3,208,385	–	5.61%	–
HPP	New	HUDSON PAC PPTYS INC	$174,152,000	–	5,234,514	–	5.23%	–
PGRE	New	PARAMOUNT GROUP INC	$114,620,000	–	8,181,308	–	3.44%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$107,121,000	–	1,095,980	–	3.22%	–
SLG	New	SL GREEN RLTY CORP	$91,369,000	–	1,136,853	–	2.74%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$77,270,000	–	1,811,310	–	2.32%	–
STAY	New	EXTENDED STAY AMER INCunit 99/99/9999b	$76,809,000	–	4,547,620	–	2.31%	–
FOR	New	FORESTAR GROUP INC	$75,734,000	–	3,873,873	–	2.27%	–
LEN	New	LENNAR CORPcl a	$75,540,000	–	1,558,812	–	2.27%	–
JLL	New	JONES LANG LASALLE INC	$72,297,000	–	513,873	–	2.17%	–
EXP	New	EAGLE MATERIALS INC	$55,150,000	–	594,935	–	1.66%	–
LSI	New	LIFE STORAGE INC	$53,694,000	–	564,721	–	1.61%	–
FPH	New	FIVE POINT HOLDINGS LLC	$48,593,000	–	6,461,780	–	1.46%	–
OHI	New	OMEGA HEALTHCARE INVS INC	$48,153,000	–	1,310,279	–	1.45%	–
WLH	New	LYON WILLIAM HOMEScl a new	$45,247,000	–	2,482,026	–	1.36%	–
SHO	New	SUNSTONE HOTEL INVS INC NEW	$40,343,000	–	2,942,621	–	1.21%	–
LPT	New	LIBERTY PPTY TRsh ben int	$37,154,000	–	742,494	–	1.12%	–
DRE	New	DUKE REALTY CORP	$37,067,000	–	1,172,641	–	1.11%	–
UE	New	URBAN EDGE PPTYS	$34,713,000	–	2,003,037	–	1.04%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$33,227,000	–	3,213,443	–	1.00%	–
VICI	New	VICI PPTYS INC	$33,060,000	–	1,500,000	–	0.99%	–
DIA	New	SPDR DOW JONES INDL AVRG ETFut ser 1	$30,942,000	–	116,390	–	0.93%	–
JBGS	New	JBG SMITH PPTYS	$29,840,000	–	758,504	–	0.90%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$28,827,000	–	517,163	–	0.86%	–
FR	New	FIRST INDUSTRIAL REALTY TRUS	$27,575,000	–	750,542	–	0.83%	–
AIV	New	APARTMENT INVT & MGMT COcl a	$27,401,000	–	546,714	–	0.82%	–
CCL	New	CARNIVAL CORPunit 99/99/9999	$25,835,000	–	555,000	–	0.78%	–
HST	New	HOST HOTELS & RESORTS INC	$24,597,000	–	1,350,000	–	0.74%	–
PLYA	New	PLAYA HOTELS & RESORTS NV	$18,075,000	–	2,344,296	–	0.54%	–
MGM	New	MGM RESORTS INTERNATIONAL	$17,309,000	–	605,833	–	0.52%	–
PFSI	New	PENNYMAC FINL SVCS INC	$16,790,000	–	757,000	–	0.50%	–
BYD	New	BOYD GAMING CORP	$15,769,000	–	585,332	–	0.47%	–
MSGS	New	MADISON SQUARE GARDEN CO NEWcl a	$9,334,000	–	33,342	–	0.28%	–
RRR	New	RED ROCK RESORTS INCcl a	$5,252,000	–	244,525	–	0.16%	–

Q4 2018

			Value		Shares		↓ Weighting
LENB	Exit	LENNAR CORPcl b	$0	–	-74,258	–	-0.08%	–
PLYA	Exit	PLAYA HOTELS & RESORTS NV	$0	–	-451,029	–	-0.11%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-625,000	–	-0.34%	–
MAC	Exit	MACERICH CO	$0	–	-375,100	–	-0.54%	–
WLH	Exit	LYON WILLIAM HOMEScl a new	$0	–	-1,325,187	–	-0.55%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-431,094	–	-0.67%	–
H	Exit	HYATT HOTELS CORP	$0	–	-333,347	–	-0.69%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-148,609	–	-0.70%	–
PEB	Exit	PEBBLEBROOK HOTEL TR	$0	–	-765,000	–	-0.72%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-702,963	–	-0.73%	–
BEL	Exit	BELMOND LTDcl a	$0	–	-1,788,467	–	-0.85%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-1,317,769	–	-0.90%	–
HPP	Exit	HUDSON PAC PPTYS INC	$0	–	-1,138,340	–	-0.97%	–
FPH	Exit	FIVE POINT HOLDINGS LLC	$0	–	-4,046,380	–	-0.99%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-353,001	–	-1.02%	–
ESRT	Exit	EMPIRE ST RLTY TR INCcl a	$0	–	-2,394,333	–	-1.04%	–
EPRT	Exit	ESSENTIAL PPTYS RLTY TR INC	$0	–	-3,000,000	–	-1.11%	–
DIA	Exit	SPDR DOW JONES INDL AVRG ETFut ser 1	$0	–	-184,550	–	-1.27%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-291,871	–	-1.33%	–
CXP	Exit	COLUMBIA PPTY TR INC	$0	–	-2,355,224	–	-1.45%	–
DHI	Exit	D R HORTON INCcall	$0	–	-1,518,100	–	-1.67%	–
FOR	Exit	FORESTAR GROUP INC	$0	–	-3,617,373	–	-2.00%	–
HGV	Exit	HILTON GRAND VACATIONS INC	$0	–	-2,455,169	–	-2.12%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-2,209,533	–	-2.12%	–
LHO	Exit	LASALLE HOTEL PPTYS	$0	–	-2,410,871	–	-2.17%	–
REXR	Exit	REXFORD INDL RLTY INC	$0	–	-2,665,467	–	-2.22%	–
MHK	Exit	MOHAWK INDS INCcall	$0	–	-500,000	–	-2.28%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-3,372,216	–	-2.45%	–
TMHC	Exit	TAYLOR MORRISON HOME CORPcl a	$0	–	-5,506,993	–	-2.59%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-5,825,425	–	-3.32%	–
PGRE	Exit	PARAMOUNT GROUP INC	$0	–	-9,704,767	–	-3.82%	–
WH	Exit	WYNDHAM HOTELS & RESORTS INC	$0	–	-2,989,252	–	-4.33%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-4,091,171	–	-4.71%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-650,000	–	-4.93%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-2,898,192	–	-5.52%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-4,794,176	–	-5.84%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-24,147,681	–	-6.45%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-5,109,756	–	-10.76%	–
DHI	Exit	D R HORTON INC	$0	–	-13,303,230	–	-14.63%	–

Q3 2018

			Value		Shares		↓ Weighting
DHI	Buy	D R HORTON INC	$561,130,000	+4.0%	13,303,230	+1.1%	14.63%	+23.0%
HLT	Buy	HILTON WORLDWIDE HLDGS INC	$412,766,000	+237.6%	5,109,756	+230.8%	10.76%	+299.1%
CZR	Buy	CAESARS ENTMT CORP	$247,514,000	-1.4%	24,147,681	+3.0%	6.45%	+16.6%
LEN	Sell	LENNAR CORPcl a	$223,840,000	-18.0%	4,794,176	-7.8%	5.84%	-3.1%
VNO	Sell	VORNADO RLTY TRsh ben int	$211,568,000	-19.7%	2,898,192	-18.7%	5.52%	-5.0%
SPY	Sell	SPDR S&P 500 ETF TRput	$188,968,000	-22.6%	650,000	-27.8%	4.93%	-8.5%
AIV	Sell	APARTMENT INVT & MGMT COcl a	$180,543,000	-27.9%	4,091,171	-30.9%	4.71%	-14.7%
WH	Buy	WYNDHAM HOTELS & RESORTS INC	$166,113,000	+110.4%	2,989,252	+122.7%	4.33%	+148.7%
PGRE	Sell	PARAMOUNT GROUP INC	$146,445,000	-33.3%	9,704,767	-32.0%	3.82%	-21.2%
AMH	Sell	AMERICAN HOMES 4 RENTcl a	$127,519,000	-45.8%	5,825,425	-45.1%	3.32%	-35.9%
TMHC	Buy	TAYLOR MORRISON HOME CORPcl a	$99,346,000	+59.2%	5,506,993	+83.4%	2.59%	+88.2%
MGM	New	MGM RESORTS INTERNATIONAL	$94,119,000	–	3,372,216	–	2.45%	–
MHK	New	MOHAWK INDS INCcall	$87,675,000	–	500,000	–	2.28%	–
REXR	Buy	REXFORD INDL RLTY INC	$85,188,000	+9.2%	2,665,467	+7.2%	2.22%	+29.0%
JBGS	Sell	JBG SMITH PPTYS	$81,377,000	-7.4%	2,209,533	-8.3%	2.12%	+9.4%
HGV	New	HILTON GRAND VACATIONS INC	$81,266,000	–	2,455,169	–	2.12%	–
DHI	Sell	D R HORTON INCcall	$64,033,000	-85.2%	1,518,100	-85.6%	1.67%	-82.5%
CXP	Sell	COLUMBIA PPTY TR INC	$55,677,000	-2.6%	2,355,224	-6.5%	1.45%	+15.1%
MHK	Sell	MOHAWK INDS INC	$51,180,000	-67.7%	291,871	-60.5%	1.33%	-61.8%
DIA	Sell	SPDR DOW JONES INDL AVRG ETFut ser 1	$48,795,000	-44.5%	184,550	-49.1%	1.27%	-34.4%
VMC	New	VULCAN MATLS CO	$39,254,000	–	353,001	–	1.02%	–
FPH	Buy	FIVE POINT HOLDINGS LLC	$38,076,000	-7.2%	4,046,380	+10.9%	0.99%	+9.6%
HPP	New	HUDSON PAC PPTYS INC	$37,246,000	–	1,138,340	–	0.97%	–
CCS	New	CENTURY CMNTYS INC	$34,591,000	–	1,317,769	–	0.90%	–
BEL	Buy	BELMOND LTDcl a	$32,640,000	+635.8%	1,788,467	+349.5%	0.85%	+768.4%
MTH	New	MERITAGE HOMES CORP	$28,048,000	–	702,963	–	0.73%	–
PEB	Sell	PEBBLEBROOK HOTEL TR	$27,823,000	-29.1%	765,000	-24.4%	0.72%	-16.2%
AVB	Sell	AVALONBAY CMNTYS INC	$26,921,000	-79.5%	148,609	-80.6%	0.70%	-75.8%
TCO	Sell	TAUBMAN CTRS INC	$25,792,000	-67.0%	431,094	-67.6%	0.67%	-61.0%
WLH	New	LYON WILLIAM HOMEScl a new	$21,057,000	–	1,325,187	–	0.55%	–
MAC	Sell	MACERICH CO	$20,739,000	-28.3%	375,100	-26.3%	0.54%	-15.2%
PLYA	New	PLAYA HOTELS & RESORTS NV	$4,343,000	–	451,029	–	0.11%	–
LENB	New	LENNAR CORPcl b	$2,859,000	–	74,258	–	0.08%	–
NYRT	Exit	NEW YORK REIT INC	$0	–	-710,760	–	-0.29%	–
STAY	Exit	EXTENDED STAY AMER INCunit 99/99/9999b	$0	–	-871,805	–	-0.42%	–
LOW	Exit	LOWES COS INC	$0	–	-208,968	–	-0.44%	–
CHH	Exit	CHOICE HOTELS INTL INC	$0	–	-325,914	–	-0.54%	–
VAC	Exit	MARRIOTT VACATIONS WRLDWDE C	$0	–	-221,743	–	-0.55%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-502,194	–	-0.59%	–
VICI	Exit	VICI PPTYS INC	$0	–	-1,891,894	–	-0.86%	–
HTA	Exit	HEALTHCARE TR AMER INCcl a new	$0	–	-1,901,849	–	-1.13%	–
CCL	Exit	CARNIVAL CORPunit 99/99/9999	$0	–	-895,288	–	-1.13%	–
PLD	Exit	PROLOGIS INC	$0	–	-989,700	–	-1.43%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-774,524	–	-1.72%	–
QCP	Exit	QUALITY CARE PPTYS INC	$0	–	-3,741,624	–	-1.77%	–

Q2 2018

			Value		Shares		↓ Weighting
DHI	New	D R HORTON INC	$539,389,000	–	13,155,838	–	11.89%	–
DHI	New	D R HORTON INCcall	$432,702,000	–	10,553,700	–	9.54%	–
LEN	New	LENNAR CORPcl a	$273,000,000	–	5,200,000	–	6.02%	–
VNO	New	VORNADO RLTY TRsh ben int	$263,433,000	–	3,563,756	–	5.81%	–
CZR	New	CAESARS ENTMT CORP	$250,917,000	–	23,450,216	–	5.53%	–
AIV	New	APARTMENT INVT & MGMT COcl a	$250,312,000	–	5,917,544	–	5.52%	–
SPY	New	SPDR S&P 500 ETF TRput	$244,152,000	–	900,000	–	5.38%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$235,334,000	–	10,610,204	–	5.19%	–
PGRE	New	PARAMOUNT GROUP INC	$219,646,000	–	14,262,747	–	4.84%	–
MHK	New	MOHAWK INDS INC	$158,411,000	–	739,307	–	3.49%	–
AVB	New	AVALONBAY CMNTYS INC	$131,437,000	–	764,656	–	2.90%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$122,267,000	–	1,544,560	–	2.70%	–
DIA	New	SPDR DOW JONES INDL AVRG ETFut ser 1	$87,965,000	–	362,400	–	1.94%	–
JBGS	New	JBG SMITH PPTYS	$87,908,000	–	2,410,412	–	1.94%	–
LHO	New	LASALLE HOTEL PPTYS	$82,524,000	–	2,410,871	–	1.82%	–
QCP	New	QUALITY CARE PPTYS INC	$80,482,000	–	3,741,624	–	1.77%	–
WH	New	WYNDHAM HOTELS & RESORTS INC	$78,968,000	–	1,342,301	–	1.74%	–
TCO	New	TAUBMAN CTRS INC	$78,096,000	–	1,329,075	–	1.72%	–
REXR	New	REXFORD INDL RLTY INC	$78,039,000	–	2,486,100	–	1.72%	–
SLG	New	SL GREEN RLTY CORP	$77,863,000	–	774,524	–	1.72%	–
FOR	New	FORESTAR GROUP INC	$75,060,000	–	3,617,373	–	1.66%	–
PLD	New	PROLOGIS INC	$65,013,000	–	989,700	–	1.43%	–
TMHC	New	TAYLOR MORRISON HOME CORPcl a	$62,403,000	–	3,003,011	–	1.38%	–
CXP	New	COLUMBIA PPTY TR INC	$57,187,000	–	2,518,158	–	1.26%	–
CCL	New	CARNIVAL CORPunit 99/99/9999	$51,309,000	–	895,288	–	1.13%	–
HTA	New	HEALTHCARE TR AMER INCcl a new	$51,274,000	–	1,901,849	–	1.13%	–
FPH	New	FIVE POINT HOLDINGS LLC	$41,031,000	–	3,647,193	–	0.90%	–
ESRT	New	EMPIRE ST RLTY TR INCcl a	$40,943,000	–	2,394,333	–	0.90%	–
EPRT	New	ESSENTIAL PPTYS RLTY TR INC	$40,620,000	–	3,000,000	–	0.90%	–
PEB	New	PEBBLEBROOK HOTEL TR	$39,242,000	–	1,011,389	–	0.86%	–
VICI	New	VICI PPTYS INC	$39,049,000	–	1,891,894	–	0.86%	–
MAC	New	MACERICH CO	$28,944,000	–	509,300	–	0.64%	–
BKI	New	BLACK KNIGHT INC	$26,892,000	–	502,194	–	0.59%	–
H	New	HYATT HOTELS CORP	$25,718,000	–	333,347	–	0.57%	–
VAC	New	MARRIOTT VACATIONS WRLDWDE C	$25,048,000	–	221,743	–	0.55%	–
CHH	New	CHOICE HOTELS INTL INC	$24,639,000	–	325,914	–	0.54%	–
LOW	New	LOWES COS INC	$19,971,000	–	208,968	–	0.44%	–
STAY	New	EXTENDED STAY AMER INCunit 99/99/9999b	$18,840,000	–	871,805	–	0.42%	–
NYRT	New	NEW YORK REIT INC	$12,964,000	–	710,760	–	0.29%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$12,281,000	–	625,000	–	0.27%	–
BEL	New	BELMOND LTDcl a	$4,436,000	–	397,848	–	0.10%	–

Q4 2017

			Value		Shares		↓ Weighting
FOR	Exit	FORESTAR GROUP INC	$0	–	-75,000	–	-0.04%	–
CXP	Exit	COLUMBIA PPTY TR INC	$0	–	-102,996	–	-0.08%	–
CLGX	Exit	CORELOGIC INC	$0	–	-227,156	–	-0.38%	–
ATH	Exit	ATHENE HLDG LTDcl a	$0	–	-300,000	–	-0.58%	–
QCP	Exit	QUALITY CARE PPTYS INC	$0	–	-1,079,713	–	-0.60%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-498,121	–	-0.62%	–
LQ	Exit	LA QUINTA HLDGS INC	$0	–	-1,159,672	–	-0.73%	–
VER	Exit	VEREIT INC	$0	–	-2,769,550	–	-0.83%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-343,300	–	-0.86%	–
FOR	Exit	FORESTAR GROUP INC	$0	–	-2,054,736	–	-1.16%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-398,659	–	-1.77%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-816,965	–	-2.10%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-837,150	–	-2.32%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-995,780	–	-2.37%	–
MSGS	Exit	MADISON SQUARE GARDEN CO NEWcl a	$0	–	-315,268	–	-2.44%	–
WFC	Exit	WELLS FARGO CO NEWcall	$0	–	-1,400,000	–	-2.78%	–
NYRT	Exit	NEW YORK REIT INC	$0	–	-11,225,919	–	-3.18%	–
MAC	Exit	MACERICH CO	$0	–	-1,782,192	–	-3.53%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-14,989,473	–	-4.63%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-3,028,855	–	-5.43%	–
RPAI	Exit	RETAIL PPTYS AMER INCcl a	$0	–	-11,809,601	–	-5.59%	–
DHI	Exit	D R HORTON INCcall	$0	–	-4,353,700	–	-6.27%	–
H	Exit	HYATT HOTELS CORP	$0	–	-3,035,548	–	-6.76%	–
PGRE	Exit	PARAMOUNT GROUP INC	$0	–	-14,606,205	–	-8.43%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-5,928,827	–	-9.38%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-2,740,082	–	-10.01%	–
DHI	Exit	D R HORTON INC	$0	–	-11,887,740	–	-17.12%	–

Q3 2017

			Value		Shares		↓ Weighting
DHI	Buy	D R HORTON INC	$474,677,000	+127.8%	11,887,740	+97.2%	17.12%	+114.1%
SLG	Buy	SL GREEN RLTY CORP	$277,625,000	+53.6%	2,740,082	+60.3%	10.01%	+44.3%
AIV	Sell	APARTMENT INVT & MGMT COcl a	$260,038,000	-5.5%	5,928,827	-7.4%	9.38%	-11.2%
PGRE	Buy	PARAMOUNT GROUP INC	$233,699,000	+2.9%	14,606,205	+2.9%	8.43%	-3.3%
H	Buy	HYATT HOTELS CORP	$187,567,000	+25.4%	3,035,548	+14.1%	6.76%	+17.9%
DHI	New	D R HORTON INCcall	$173,843,000	–	4,353,700	–	6.27%	–
RPAI	Sell	RETAIL PPTYS AMER INCcl a	$155,060,000	-4.4%	11,809,601	-11.1%	5.59%	-10.1%
TCO	Sell	TAUBMAN CTRS INC	$150,534,000	-27.0%	3,028,855	-12.6%	5.43%	-31.4%
SRC	Buy	SPIRIT RLTY CAP INC NEW	$128,460,000	+132.4%	14,989,473	+101.0%	4.63%	+118.4%
MAC	Sell	MACERICH CO	$97,967,000	-19.5%	1,782,192	-14.9%	3.53%	-24.3%
NYRT	New	NEW YORK REIT INC	$88,123,000	–	11,225,919	–	3.18%	–
WFC	New	WELLS FARGO CO NEWcall	$77,210,000	–	1,400,000	–	2.78%	–
MSGS	Sell	MADISON SQUARE GARDEN CO NEWcl a	$67,499,000	-27.5%	315,268	-33.3%	2.44%	-31.8%
EQR	Sell	EQUITY RESIDENTIALsh ben int	$65,652,000	-44.2%	995,780	-44.2%	2.37%	-47.5%
VNO	New	VORNADO RLTY TRsh ben int	$64,360,000	–	837,150	–	2.32%	–
KRC	New	KILROY RLTY CORP	$58,103,000	–	816,965	–	2.10%	–
BXP	Buy	BOSTON PROPERTIES INC	$48,987,000	+115.2%	398,659	+115.5%	1.77%	+102.4%
FOR	Buy	FORESTAR GROUP INC	$32,157,000	+182.7%	2,054,736	+209.8%	1.16%	+166.1%
HLT	Sell	HILTON WORLDWIDE HLDGS INC	$23,842,000	+7.1%	343,300	-4.6%	0.86%	+0.7%
VER	Sell	VEREIT INC	$22,960,000	-85.3%	2,769,550	-85.6%	0.83%	-86.2%
LQ	Sell	LA QUINTA HLDGS INC	$20,294,000	-9.4%	1,159,672	-23.6%	0.73%	-14.9%
JBGS	New	JBG SMITH PPTYS	$17,041,000	–	498,121	–	0.62%	–
QCP	New	QUALITY CARE PPTYS INC	$16,736,000	–	1,079,713	–	0.60%	–
CLGX	Sell	CORELOGIC INC	$10,499,000	-74.8%	227,156	-76.3%	0.38%	-76.3%
CXP	New	COLUMBIA PPTY TR INC	$2,242,000	–	102,996	–	0.08%	–
FOR	New	FORESTAR GROUP INC	$1,190,000	–	75,000	–	0.04%	–
LSI	Exit	LIFE STORAGE INC	$0	–	-296,589	–	-0.84%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-2,389,600	–	-1.34%	–
VNQ	Exit	VANGUARD INDEX FDSput	$0	–	-500,000	–	-1.60%	–
IYR	Exit	ISHARES TRput	$0	–	-700,000	–	-2.14%	–
LOW	Exit	LOWES COS INC	$0	–	-931,487	–	-2.77%	–
FCEA	Exit	FOREST CITY RLTY TR INC	$0	–	-3,494,441	–	-3.24%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,536,100	–	-3.27%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-500,000	–	-4.64%	–

Q2 2017

			Value		Shares		↓ Weighting
AIV	New	APARTMENT INVT & MGMT COcl a	$275,138,000	–	6,403,024	–	10.56%	–
PGRE	New	PARAMOUNT GROUP INC	$227,190,000	–	14,199,372	–	8.72%	–
DHI	New	D R HORTON INC	$208,388,000	–	6,028,000	–	8.00%	–
TCO	New	TAUBMAN CTRS INC	$206,285,000	–	3,464,064	–	7.92%	–
SLG	New	SL GREEN RLTY CORP	$180,796,000	–	1,708,850	–	6.94%	–
RPAI	New	RETAIL PPTYS AMER INCcl a	$162,167,000	–	13,281,470	–	6.22%	–
VER	New	VEREIT INC	$156,428,000	–	19,217,191	–	6.00%	–
H	New	HYATT HOTELS CORP	$149,566,000	–	2,660,844	–	5.74%	–
MAC	New	MACERICH CO	$121,642,000	–	2,095,106	–	4.67%	–
SPY	New	SPDR S&P 500 ETF TRput	$120,900,000	–	500,000	–	4.64%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$117,568,000	–	1,785,935	–	4.51%	–
MSGS	New	MADISON SQUARE GARDEN CO NEWcl a	$93,086,000	–	472,757	–	3.57%	–
WFC	New	WELLS FARGO CO NEW	$85,115,000	–	1,536,100	–	3.27%	–
FCEA	New	FOREST CITY RLTY TR INC	$84,461,000	–	3,494,441	–	3.24%	–
LOW	New	LOWES COS INC	$72,218,000	–	931,487	–	2.77%	–
IYR	New	ISHARES TRput	$55,839,000	–	700,000	–	2.14%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$55,270,000	–	7,458,874	–	2.12%	–
CLGX	New	CORELOGIC INC	$41,665,000	–	960,469	–	1.60%	–
VNQ	New	VANGUARD INDEX FDSput	$41,615,000	–	500,000	–	1.60%	–
RF	New	REGIONS FINL CORP NEW	$34,984,000	–	2,389,600	–	1.34%	–
BXP	New	BOSTON PROPERTIES INC	$22,759,000	–	185,000	–	0.87%	–
LQ	New	LA QUINTA HLDGS INC	$22,405,000	–	1,516,960	–	0.86%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$22,266,000	–	360,000	–	0.85%	–
LSI	New	LIFE STORAGE INC	$21,977,000	–	296,589	–	0.84%	–
ATH	New	ATHENE HLDG LTDcl a	$14,883,000	–	300,000	–	0.57%	–
FOR	New	FORESTAR GROUP INC	$11,374,000	–	663,216	–	0.44%	–

Q4 2016

			Value		Shares		↓ Weighting
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-300,000	–	-0.21%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-137,601	–	-0.22%	–
SGM	Exit	STONEGATE MTG CORP	$0	–	-2,512,225	–	-0.54%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-1,744,300	–	-0.61%	–
CAA	Exit	CALATLANTIC GROUP INC	$0	–	-541,578	–	-0.84%	–
LQ	Exit	LA QUINTA HLDGS INC	$0	–	-1,888,086	–	-0.98%	–
INXN	Exit	INTERXION HOLDING N.V	$0	–	-585,000	–	-0.99%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-118,000	–	-1.52%	–
EQR	Exit	EQUITY RESIDENTIALcall	$0	–	-681,000	–	-2.04%	–
GGP	Exit	GENERAL GROWTH PPTYS INC NEW	$0	–	-1,925,000	–	-2.48%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-2,832,302	–	-2.61%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-1,425,000	–	-2.94%	–
FCEA	Exit	FOREST CITY RLTY TR INC	$0	–	-3,626,850	–	-3.91%	–
H	Exit	HYATT HOTELS CORP	$0	–	-1,864,347	–	-4.28%	–
CCL	Exit	CARNIVAL CORPput	$0	–	-1,900,000	–	-4.33%	–
MSGS	Exit	MADISON SQUARE GARDEN CO NEWcl a	$0	–	-552,284	–	-4.36%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-2,754,747	–	-5.44%	–
A104PS	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-5,576,038	–	-5.96%	–
MAR	Exit	MARRIOTT INTL INC NEWcl a	$0	–	-2,069,745	–	-6.50%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-5,662,503	–	-7.78%	–
PGRE	Exit	PARAMOUNT GROUP INC	$0	–	-10,485,685	–	-8.02%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-2,597,863	–	-9.02%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-959,566	–	-9.97%	–
EQR	Exit	EQUITY RESIDENTIALsh ben int	$0	–	-4,816,413	–	-14.45%	–

Q3 2016

			Value		Shares		↓ Weighting
EQR	Buy	EQUITY RESIDENTIALsh ben int	$309,840,000	+184.6%	4,816,413	+204.7%	14.45%	+183.6%
ESS	Buy	ESSEX PPTY TR INC	$213,695,000	+112.8%	959,566	+118.0%	9.97%	+112.1%
TCO	Sell	TAUBMAN CTRS INC	$193,307,000	-27.2%	2,597,863	-27.5%	9.02%	-27.5%
PGRE	Sell	PARAMOUNT GROUP INC	$171,860,000	-3.2%	10,485,685	-5.9%	8.02%	-3.6%
BXMT	Sell	BLACKSTONE MTG TR INC	$166,761,000	+0.5%	5,662,503	-5.6%	7.78%	+0.1%
MAR	Buy	MARRIOTT INTL INC NEWcl a	$139,356,000	+14.0%	2,069,745	+12.5%	6.50%	+13.6%
A104PS	Sell	HILTON WORLDWIDE HLDGS INC	$127,859,000	+1.4%	5,576,038	-0.4%	5.96%	+1.0%
LEN	Buy	LENNAR CORPcl a	$116,636,000	+20.7%	2,754,747	+31.4%	5.44%	+20.3%
MSGS	Buy	MADISON SQUARE GARDEN CO NEWcl a	$93,562,000	+10.6%	552,284	+12.6%	4.36%	+10.3%
CCL	New	CARNIVAL CORPput	$92,758,000	–	1,900,000	–	4.33%	–
H	Sell	HYATT HOTELS CORP	$91,763,000	-23.2%	1,864,347	-23.4%	4.28%	-23.5%
FCEA	Sell	FOREST CITY RLTY TR INC	$83,889,000	-20.3%	3,626,850	-23.2%	3.91%	-20.6%
WFC	New	WELLS FARGO & CO NEW	$63,099,000	–	1,425,000	–	2.94%	–
BYD	Buy	BOYD GAMING CORP	$56,023,000	+9.3%	2,832,302	+1.7%	2.61%	+9.0%
GGP	New	GENERAL GROWTH PPTYS INC NEW	$53,130,000	–	1,925,000	–	2.48%	–
EQR	New	EQUITY RESIDENTIALcall	$43,809,000	–	681,000	–	2.04%	–
SHW	New	SHERWIN WILLIAMS CO	$32,646,000	–	118,000	–	1.52%	–
INXN	Buy	INTERXION HOLDING N.V	$21,189,000	+101.6%	585,000	+105.3%	0.99%	+100.8%
LQ	Sell	LA QUINTA HLDGS INC	$21,109,000	-40.1%	1,888,086	-38.9%	0.98%	-40.3%
CAA	New	CALATLANTIC GROUP INC	$18,110,000	–	541,578	–	0.84%	–
CZR	New	CAESARS ENTMT CORP	$12,995,000	–	1,744,300	–	0.61%	–
MTH	Sell	MERITAGE HOMES CORP	$4,775,000	-78.7%	137,601	-77.0%	0.22%	-78.7%
MPW	New	MEDICAL PPTYS TRUST INC	$4,431,000	–	300,000	–	0.21%	–
SRAQU	Exit	SILVER RUN ACQUISITION CORPunit 99/99/9999t	$0	–	-400,000	–	-0.19%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-603,176	–	-0.35%	–
FNFV	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-668,972	–	-0.36%	–
DRII	Exit	DIAMOND RESORTS INTL INCput	$0	–	-369,200	–	-0.52%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-1,015,271	–	-0.61%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-1,175,000	–	-0.62%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-960,000	–	-0.90%	–
RY	Exit	ROYAL BK CDA MONTREAL QUEput	$0	–	-500,000	–	-1.38%	–
ITB	Exit	ISHARES TRus home cons etf	$0	–	-1,270,000	–	-1.64%	–
BPOP	Exit	POPULAR INC	$0	–	-1,343,602	–	-1.84%	–
SFR	Exit	COLONY STARWOOD HOMES	$0	–	-1,698,253	–	-2.42%	–
KEY	Exit	KEYCORP NEW	$0	–	-5,215,000	–	-2.70%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-3,098,524	–	-3.84%	–
IYR	Exit	ISHARES TRput	$0	–	-2,000,000	–	-7.71%	–

Q2 2016

			Value		Shares		↓ Weighting
TCO	New	TAUBMAN CTRS INC	$265,698,000	–	3,580,840	–	12.44%	–
PGRE	New	PARAMOUNT GROUP INC	$177,617,000	–	11,142,837	–	8.31%	–
BXMT	New	BLACKSTONE MTG TR INC	$166,011,000	–	5,999,665	–	7.77%	–
IYR	New	ISHARES TRput	$164,780,000	–	2,000,000	–	7.71%	–
A104PS	New	HILTON WORLDWIDE HLDGS INC	$126,118,000	–	5,597,770	–	5.90%	–
MAR	New	MARRIOTT INTL INC NEWcl a	$122,269,000	–	1,839,745	–	5.72%	–
H	New	HYATT HOTELS CORP	$119,546,000	–	2,432,768	–	5.60%	–
EQR	New	EQUITY RESIDENTIALsh ben int	$108,880,000	–	1,580,724	–	5.10%	–
FCEA	New	FOREST CITY RLTY TR INC	$105,313,000	–	4,720,423	–	4.93%	–
ESS	New	ESSEX PPTY TR INC	$100,418,000	–	440,258	–	4.70%	–
LEN	New	LENNAR CORPcl a	$96,621,000	–	2,095,898	–	4.52%	–
MSGS	New	MADISON SQUARE GARDEN CO NEWcl a	$84,579,000	–	490,283	–	3.96%	–
CBRE	New	CBRE GROUP INCcl a	$82,049,000	–	3,098,524	–	3.84%	–
KEY	New	KEYCORP NEW	$57,626,000	–	5,215,000	–	2.70%	–
SFR	New	COLONY STARWOOD HOMES	$51,661,000	–	1,698,253	–	2.42%	–
BYD	New	BOYD GAMING CORP	$51,237,000	–	2,784,605	–	2.40%	–
BPOP	New	POPULAR INC	$39,368,000	–	1,343,602	–	1.84%	–
LQ	New	LA QUINTA HLDGS INC	$35,226,000	–	3,089,999	–	1.65%	–
ITB	New	ISHARES TRus home cons etf	$35,116,000	–	1,270,000	–	1.64%	–
RY	New	ROYAL BK CDA MONTREAL QUEput	$29,545,000	–	500,000	–	1.38%	–
MTH	New	MERITAGE HOMES CORP	$22,423,000	–	597,300	–	1.05%	–
CFG	New	CITIZENS FINL GROUP INC	$19,181,000	–	960,000	–	0.90%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$13,219,000	–	1,175,000	–	0.62%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$12,965,000	–	1,015,271	–	0.61%	–
DRII	New	DIAMOND RESORTS INTL INCput	$11,061,000	–	369,200	–	0.52%	–
INXN	New	INTERXION HOLDING N.V	$10,511,000	–	285,000	–	0.49%	–
SGM	New	STONEGATE MTG CORP	$8,441,000	–	2,512,225	–	0.40%	–
FNFV	New	FIDELITY NATIONAL FINANCIAL	$7,673,000	–	668,972	–	0.36%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$7,534,000	–	603,176	–	0.35%	–
SRAQU	New	SILVER RUN ACQUISITION CORPunit 99/99/9999t	$3,992,000	–	400,000	–	0.19%	–

Q4 2015

			Value		Shares		↓ Weighting
LHO	Exit	LASALLE HOTEL PPTYS	$0	–	-40,800	–	-0.05%	–
HOT	Exit	STARWOOD HOTELS&RESORTS WRLDcall	$0	–	-100,000	–	-0.29%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-590,875	–	-0.41%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-340,410	–	-0.55%	–
FNFV	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-1,141,085	–	-0.58%	–
RPAI	Exit	RETAIL PPTYS AMER INCcl a	$0	–	-1,039,924	–	-0.64%	–
KIM	Exit	KIMCO RLTY CORP	$0	–	-640,001	–	-0.68%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-118,727	–	-0.76%	–
SGM	Exit	STONEGATE MTG CORP	$0	–	-2,512,225	–	-0.78%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-1,143,283	–	-0.80%	–
FPO	Exit	FIRST POTOMAC RLTY TR	$0	–	-1,827,155	–	-0.87%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-3,370,172	–	-1.11%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-852,773	–	-1.14%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-1,655,493	–	-1.17%	–
ARPI	Exit	AMERICAN RESIDENTIAL PPTYS I	$0	–	-1,677,658	–	-1.26%	–
BDN	Exit	BRANDYWINE RLTY TRsh ben int new	$0	–	-2,951,399	–	-1.58%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-309,614	–	-1.59%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-2,601,871	–	-1.75%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-601,340	–	-2.36%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-645,000	–	-2.54%	–
BPOP	Exit	POPULAR INC	$0	–	-1,986,242	–	-2.60%	–
SRG	Exit	SERITAGE GROWTH PPTYScl a	$0	–	-1,629,596	–	-2.63%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-577,400	–	-2.71%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-2,352,369	–	-2.79%	–
SWAY	Exit	STARWOOD WAYPOINT RESIDENTL	$0	–	-3,130,199	–	-3.24%	–
MCD	Exit	MCDONALDS CORP	$0	–	-923,000	–	-3.94%	–
H	Exit	HYATT HOTELS CORP	$0	–	-1,953,691	–	-3.99%	–
DDR	Exit	DDR CORP	$0	–	-6,315,717	–	-4.21%	–
A104PS	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-4,466,200	–	-4.44%	–
HOT	Exit	STARWOOD HOTELS&RESORTS WRLD	$0	–	-1,735,470	–	-5.00%	–
IYR	Exit	ISHARES TRcall	$0	–	-2,000,000	–	-6.16%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-5,999,665	–	-7.14%	–
PGRE	Exit	PARAMOUNT GROUP INC	$0	–	-13,022,827	–	-9.49%	–
FCEA	Exit	FOREST CITY ENTERPRISES INCcl a	$0	–	-10,869,977	–	-9.49%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-3,755,800	–	-11.26%	–

Q3 2015

			Value		Shares		↓ Weighting
TCO	Buy	TAUBMAN CTRS INC	$259,451,000	+40.4%	3,755,800	+41.3%	11.26%	+66.4%
FCEA	Buy	FOREST CITY ENTERPRISES INCcl a	$218,813,000	+30.8%	10,869,977	+43.6%	9.49%	+55.1%
PGRE	Buy	PARAMOUNT GROUP INC	$218,783,000	+40.4%	13,022,827	+43.4%	9.49%	+66.4%
BXMT	Buy	BLACKSTONE MTG TR INC	$164,631,000	+5.8%	5,999,665	+7.3%	7.14%	+25.4%
IYR	Sell	ISHARES TRcall	$141,900,000	-73.5%	2,000,000	-73.3%	6.16%	-68.5%
HOT	Sell	STARWOOD HOTELS&RESORTS WRLD	$115,374,000	-21.9%	1,735,470	-4.7%	5.00%	-7.4%
A104PS	New	HILTON WORLDWIDE HLDGS INC	$102,455,000	–	4,466,200	–	4.44%	–
DDR	Buy	DDR CORP	$97,136,000	+1994.4%	6,315,717	+2005.2%	4.21%	+2378.8%
H	Buy	HYATT HOTELS CORP	$92,019,000	+138.3%	1,953,691	+186.9%	3.99%	+182.5%
MCD	Buy	MCDONALDS CORP	$90,943,000	+6.8%	923,000	+3.0%	3.94%	+26.5%
SWAY	Buy	STARWOOD WAYPOINT RESIDENTL	$74,593,000	+3.1%	3,130,199	+2.8%	3.24%	+22.2%
WY	New	WEYERHAEUSER CO	$64,314,000	–	2,352,369	–	2.79%	–
SLG	New	SL GREEN RLTY CORP	$62,452,000	–	577,400	–	2.71%	–
SRG	New	SERITAGE GROWTH PPTYScl a	$60,702,000	–	1,629,596	–	2.63%	–
BPOP	New	POPULAR INC	$60,044,000	–	1,986,242	–	2.60%	–
KSU	Sell	KANSAS CITY SOUTHERN	$58,618,000	-35.7%	645,000	-35.5%	2.54%	-23.8%
VNO	New	VORNADO RLTY TRsh ben int	$54,373,000	–	601,340	–	2.36%	–
PMT	New	PENNYMAC MTG INVT TR	$40,251,000	–	2,601,871	–	1.75%	–
BXP	New	BOSTON PROPERTIES INC	$36,658,000	–	309,614	–	1.59%	–
BDN	Buy	BRANDYWINE RLTY TRsh ben int new	$36,361,000	+56.7%	2,951,399	+68.9%	1.58%	+85.5%
ARPI	Buy	AMERICAN RESIDENTIAL PPTYS I	$28,973,000	-0.5%	1,677,658	+6.6%	1.26%	+17.9%
BYD	Sell	BOYD GAMING CORP	$26,985,000	-49.5%	1,655,493	-53.7%	1.17%	-40.1%
AL	New	AIR LEASE CORPcl a	$26,368,000	–	852,773	–	1.14%	–
NMIH	Buy	NMI HLDGS INCcl a	$25,613,000	+9.5%	3,370,172	+15.6%	1.11%	+29.8%
FPO	Sell	FIRST POTOMAC RLTY TR	$20,099,000	+4.0%	1,827,155	-2.7%	0.87%	+23.2%
AMH	Sell	AMERICAN HOMES 4 RENTcl a	$18,384,000	-92.2%	1,143,283	-92.2%	0.80%	-90.8%
SGM	Buy	STONEGATE MTG CORP	$17,862,000	-29.1%	2,512,225	+0.4%	0.78%	-15.9%
WHR	New	WHIRLPOOL CORP	$17,484,000	–	118,727	–	0.76%	–
KIM	New	KIMCO RLTY CORP	$15,635,000	–	640,001	–	0.68%	–
RPAI	Buy	RETAIL PPTYS AMER INCcl a	$14,653,000	+6.8%	1,039,924	+5.6%	0.64%	+26.7%
FNFV	Sell	FIDELITY NATIONAL FINANCIAL	$13,374,000	-32.6%	1,141,085	-11.6%	0.58%	-20.2%
AIV	Sell	APARTMENT INVT & MGMT COcl a	$12,602,000	-82.5%	340,410	-82.6%	0.55%	-79.3%
HOT	New	STARWOOD HOTELS&RESORTS WRLDcall	$6,648,000	–	100,000	–	0.29%	–
LHO	New	LASALLE HOTEL PPTYS	$1,158,000	–	40,800	–	0.05%	–
MLCO	Exit	MELCO CROWN ENTMT LTDadr	$0	–	-450,000	–	-0.32%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-1,636,415	–	-0.58%	–
SBY	Exit	SILVER BAY RLTY TR CORP	$0	–	-1,142,354	–	-0.68%	–
DHI	Exit	D R HORTON INC	$0	–	-1,067,500	–	-1.07%	–
WRE	Exit	WASHINGTON REAL ESTATE INVTsh ben int	$0	–	-1,296,158	–	-1.23%	–
PDM	Exit	PIEDMONT OFFICE REALTY TR IN	$0	–	-2,090,460	–	-1.35%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-2,401,491	–	-1.60%	–
M	Exit	MACYS INC	$0	–	-797,218	–	-1.97%	–
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-749,853	–	-2.04%	–
CLI	Exit	MACK CALI RLTY CORP	$0	–	-3,590,631	–	-2.42%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,000,000	–	-7.53%	–

Q2 2015

			Value		Shares		↓ Weighting
IYR	New	ISHARES TRcall	$534,750,000	–	7,500,000	–	19.57%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$236,000,000	–	14,713,240	–	8.64%	–
SPY	New	SPDR S&P 500 ETF TRput	$205,850,000	–	1,000,000	–	7.53%	–
TCO	New	TAUBMAN CTRS INC	$184,788,000	–	2,658,817	–	6.76%	–
FCEA	New	FOREST CITY ENTERPRISES INCcl a	$167,241,000	–	7,567,462	–	6.12%	–
PGRE	New	PARAMOUNT GROUP INC	$155,861,000	–	9,082,826	–	5.70%	–
BXMT	New	BLACKSTONE MTG TR INC	$155,573,000	–	5,592,115	–	5.69%	–
HOT	New	STARWOOD HOTELS&RESORTS WRLD	$147,695,000	–	1,821,377	–	5.41%	–
KSU	New	KANSAS CITY SOUTHERN	$91,200,000	–	1,000,000	–	3.34%	–
MCD	New	MCDONALDS CORP	$85,183,000	–	896,000	–	3.12%	–
SWAY	New	STARWOOD WAYPOINT RESIDENTL	$72,383,000	–	3,046,411	–	2.65%	–
AIV	New	APARTMENT INVT & MGMT COcl a	$72,107,000	–	1,952,536	–	2.64%	–
CLI	New	MACK CALI RLTY CORP	$66,175,000	–	3,590,631	–	2.42%	–
CPT	New	CAMDEN PPTY TRsh ben int	$55,699,000	–	749,853	–	2.04%	–
M	New	MACYS INC	$53,788,000	–	797,218	–	1.97%	–
BYD	New	BOYD GAMING CORP	$53,454,000	–	3,575,536	–	1.96%	–
MGM	New	MGM RESORTS INTERNATIONAL	$43,827,000	–	2,401,491	–	1.60%	–
H	New	HYATT HOTELS CORP	$38,609,000	–	681,057	–	1.41%	–
PDM	New	PIEDMONT OFFICE REALTY TR IN	$36,771,000	–	2,090,460	–	1.35%	–
WRE	New	WASHINGTON REAL ESTATE INVTsh ben int	$33,635,000	–	1,296,158	–	1.23%	–
DHI	New	D R HORTON INC	$29,207,000	–	1,067,500	–	1.07%	–
ARPI	New	AMERICAN RESIDENTIAL PPTYS I	$29,127,000	–	1,574,407	–	1.07%	–
SGM	New	STONEGATE MTG CORP	$25,204,000	–	2,502,898	–	0.92%	–
NMIH	New	NMI HLDGS INCcl a	$23,383,000	–	2,915,537	–	0.86%	–
BDN	New	BRANDYWINE RLTY TRsh ben int new	$23,211,000	–	1,747,800	–	0.85%	–
FNFV	New	FIDELITY NATIONAL FINANCIAL	$19,857,000	–	1,291,085	–	0.73%	–
FPO	New	FIRST POTOMAC RLTY TR	$19,335,000	–	1,877,155	–	0.71%	–
SBY	New	SILVER BAY RLTY TR CORP	$18,609,000	–	1,142,354	–	0.68%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$15,824,000	–	1,636,415	–	0.58%	–
RPAI	New	RETAIL PPTYS AMER INCcl a	$13,721,000	–	984,967	–	0.50%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$10,707,000	–	590,875	–	0.39%	–
MLCO	New	MELCO CROWN ENTMT LTDadr	$8,834,000	–	450,000	–	0.32%	–
DDR	New	DDR CORP	$4,638,000	–	300,000	–	0.17%	–

Q4 2014

			Value		Shares		↓ Weighting
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-65,000	–	-0.10%	–
ESNT	Exit	ESSENT GROUP LTD	$0	–	-182,200	–	-0.27%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-470,000	–	-0.47%	–
HME	Exit	HOME PROPERTIES INC	$0	–	-118,142	–	-0.47%	–
MLCO	Exit	MELCO CROWN ENTMT LTDadr	$0	–	-281,000	–	-0.51%	–
ELLI	Exit	ELLIE MAE INC	$0	–	-306,766	–	-0.69%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-1,451,429	–	-0.86%	–
ODP	Exit	OFFICE DEPOT INC	$0	–	-2,510,000	–	-0.89%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-1,208,067	–	-0.93%	–
WYND	Exit	WYNDHAM WORLDWIDE CORP	$0	–	-169,000	–	-0.94%	–
DRII	Exit	DIAMOND RESORTS INTL INC	$0	–	-670,000	–	-1.05%	–
SBY	Exit	SILVER BAY RLTY TR CORP	$0	–	-974,626	–	-1.09%	–
RLGY	Exit	REALOGY HLDGS CORPcall	$0	–	-500,000	–	-1.28%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-915,706	–	-1.44%	–
CBRE	Exit	CBRE GROUP INCcl a	$0	–	-768,836	–	-1.57%	–
SGM	Exit	STONEGATE MTG CORP	$0	–	-1,843,262	–	-1.65%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-2,468,848	–	-1.73%	–
CSTE	Exit	CAESARSTONE SDOT-YAM LTD	$0	–	-530,000	–	-1.88%	–
PHH	Exit	PHH CORP	$0	–	-1,469,800	–	-2.26%	–
SWAY	Exit	STARWOOD WAYPOINT RESIDENTL	$0	–	-1,342,862	–	-2.40%	–
STAR	Exit	ISTAR FINL INC	$0	–	-2,613,600	–	-2.43%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-4,666,786	–	-2.51%	–
CLNY	Exit	COLONY FINL INC	$0	–	-1,890,000	–	-2.91%	–
LQ	Exit	LA QUINTA HLDGS INC	$0	–	-2,240,821	–	-2.93%	–
ARPI	Exit	AMERICAN RESIDENTIAL PPTYS I	$0	–	-2,952,359	–	-3.73%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-1,720,008	–	-3.77%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-432,717	–	-4.02%	–
J106OPTLDIV	Exit	CBS OUTDOOR AMERS INC	$0	–	-1,979,800	–	-4.08%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-7,102,600	–	-5.36%	–
FCEA	Exit	FOREST CITY ENTERPRISES INCcl a	$0	–	-4,109,179	–	-5.53%	–
HOT	Exit	STARWOOD HOTELS&RESORTS WRLD	$0	–	-1,012,800	–	-5.80%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-3,312,900	–	-6.33%	–
A104PS	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-4,000,000	–	-6.78%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-4,604,151	–	-8.59%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-10,957,972	–	-12.74%	–

Q3 2014

			Value		Shares		↓ Weighting
AMH	Buy	AMERICAN HOMES 4 RENTcl a	$185,080,000	+8.7%	10,957,972	+14.3%	12.74%	+9.2%
BXMT	Buy	BLACKSTONE MTG TR INC	$124,772,000	+0.2%	4,604,151	+7.2%	8.59%	+0.6%
FNF	New	FIDELITY NATIONAL FINANCIAL	$91,900,000	–	3,312,900	–	6.33%	–
HOT	Buy	STARWOOD HOTELS&RESORTS WRLD	$84,275,000	+25.4%	1,012,800	+21.8%	5.80%	+25.9%
FCEA	New	FOREST CITY ENTERPRISES INCcl a	$80,376,000	–	4,109,179	–	5.53%	–
SRC	Sell	SPIRIT RLTY CAP INC NEW	$77,916,000	-32.1%	7,102,600	-29.7%	5.36%	-31.8%
J106OPTLDIV	New	CBS OUTDOOR AMERS INC	$59,275,000	–	1,979,800	–	4.08%	–
MHK	Sell	MOHAWK INDS INC	$58,339,000	-12.2%	432,717	-9.9%	4.02%	-11.9%
AIV	Buy	APARTMENT INVT & MGMT COcl a	$54,731,000	+59.9%	1,720,008	+62.2%	3.77%	+60.5%
ARPI	Buy	AMERICAN RESIDENTIAL PPTYS I	$54,146,000	+14.2%	2,952,359	+16.8%	3.73%	+14.7%
LQ	Sell	LA QUINTA HLDGS INC	$42,553,000	-43.9%	2,240,821	-43.4%	2.93%	-43.7%
CLNY	Buy	COLONY FINL INC	$42,298,000	+549.5%	1,890,000	+574.0%	2.91%	+552.9%
MTG	New	MGIC INVT CORP WIS	$36,448,000	–	4,666,786	–	2.51%	–
STAR	Buy	ISTAR FINL INC	$35,284,000	+203.9%	2,613,600	+237.2%	2.43%	+205.2%
SWAY	Sell	STARWOOD WAYPOINT RESIDENTL	$34,928,000	-54.5%	1,342,862	-54.1%	2.40%	-54.3%
PHH	Buy	PHH CORP	$32,865,000	+162.8%	1,469,800	+170.1%	2.26%	+163.9%
CSTE	Buy	CAESARSTONE SDOT-YAM LTD	$27,390,000	+24.0%	530,000	+17.8%	1.88%	+24.5%
BYD	Buy	BOYD GAMING CORP	$25,083,000	-6.6%	2,468,848	+11.5%	1.73%	-6.2%
CBRE	Sell	CBRE GROUP INCcl a	$22,865,000	-41.2%	768,836	-36.7%	1.57%	-41.0%
MGM	Buy	MGM RESORTS INTERNATIONAL	$20,860,000	+45.4%	915,706	+68.5%	1.44%	+45.9%
RLGY	New	REALOGY HLDGS CORPcall	$18,600,000	–	500,000	–	1.28%	–
SBY	New	SILVER BAY RLTY TR CORP	$15,799,000	–	974,626	–	1.09%	–
DRII	Sell	DIAMOND RESORTS INTL INC	$15,249,000	-48.0%	670,000	-46.9%	1.05%	-47.8%
WYND	Sell	WYNDHAM WORLDWIDE CORP	$13,733,000	-27.5%	169,000	-32.4%	0.94%	-27.2%
PENN	New	PENN NATL GAMING INC	$13,542,000	–	1,208,067	–	0.93%	–
ODP	New	OFFICE DEPOT INC	$12,901,000	–	2,510,000	–	0.89%	–
NMIH	New	NMI HLDGS INCcl a	$12,555,000	–	1,451,429	–	0.86%	–
ELLI	Buy	ELLIE MAE INC	$10,001,000	+47.6%	306,766	+40.9%	0.69%	+48.0%
MLCO	New	MELCO CROWN ENTMT LTDadr	$7,387,000	–	281,000	–	0.51%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$6,886,000	–	470,000	–	0.47%	–
HME	New	HOME PROPERTIES INC	$6,881,000	–	118,142	–	0.47%	–
ESNT	New	ESSENT GROUP LTD	$3,901,000	–	182,200	–	0.27%	–
AMBC	New	AMBAC FINL GROUP INC	$1,437,000	–	65,000	–	0.10%	–
CX	Exit	CEMEX SAB DE CVcall	$0	–	-2,608,700	–	-0.01%	–
BKD	Exit	BROOKDALE SR LIVING INC	$0	–	-390,000	–	-0.89%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-1,799,900	–	-1.63%	–
SGMS	Exit	SCIENTIFIC GAMES CORPcl a	$0	–	-2,204,255	–	-1.68%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-417,551	–	-1.71%	–
ESC	Exit	EMERITUS CORP	$0	–	-838,243	–	-1.82%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-568,600	–	-2.24%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-1,354,855	–	-2.34%	–
CCI	Exit	CROWN CASTLE INTL CORP	$0	–	-605,000	–	-3.08%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-593,000	–	-3.66%	–
MSG	Exit	MADISON SQUARE GARDEN COcl a	$0	–	-1,541,610	–	-6.60%	–

Q2 2014

			Value		Shares		↓ Weighting
AMH	New	AMERICAN HOMES 4 RENTcl a	$170,245,000	–	9,585,839	–	11.67%	–
BXMT	New	BLACKSTONE MTG TR INC	$124,530,000	–	4,294,151	–	8.54%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$114,766,000	–	10,102,600	–	7.87%	–
MSG	New	MADISON SQUARE GARDEN COcl a	$96,274,000	–	1,541,610	–	6.60%	–
A104PS	New	HILTON WORLDWIDE HLDGS INC	$93,200,000	–	4,000,000	–	6.39%	–
SWAY	New	STARWOOD WAYPOINT RESIDENTL	$76,757,000	–	2,928,550	–	5.26%	–
LQ	New	LA QUINTA HLDGS INC	$75,843,000	–	3,962,526	–	5.20%	–
HOT	New	STARWOOD HOTELS&RESORTS WRLD	$67,226,000	–	831,800	–	4.61%	–
MHK	New	MOHAWK INDS INC	$66,472,000	–	480,500	–	4.56%	–
AMT	New	AMERICAN TOWER CORP NEW	$53,358,000	–	593,000	–	3.66%	–
ARPI	New	AMERICAN RESIDENTIAL PPTYS I	$47,406,000	–	2,528,308	–	3.25%	–
CCI	New	CROWN CASTLE INTL CORP	$44,927,000	–	605,000	–	3.08%	–
CBRE	New	CBRE GROUP INCcl a	$38,904,000	–	1,214,236	–	2.67%	–
AIV	New	APARTMENT INVT & MGMT COcl a	$34,229,000	–	1,060,700	–	2.35%	–
PNK	New	PINNACLE ENTMT INC	$34,115,000	–	1,354,855	–	2.34%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$32,655,000	–	568,600	–	2.24%	–
DRII	New	DIAMOND RESORTS INTL INC	$29,337,000	–	1,260,737	–	2.01%	–
BYD	New	BOYD GAMING CORP	$26,852,000	–	2,213,722	–	1.84%	–
ESC	New	EMERITUS CORP	$26,530,000	–	838,243	–	1.82%	–
SGM	New	STONEGATE MTG CORP	$25,714,000	–	1,843,262	–	1.76%	–
TPX	New	TEMPUR SEALY INTL INC	$24,928,000	–	417,551	–	1.71%	–
SGMS	New	SCIENTIFIC GAMES CORPcl a	$24,511,000	–	2,204,255	–	1.68%	–
CX	New	CEMEX SAB DE CVspon adr new	$23,813,000	–	1,799,900	–	1.63%	–
CSTE	New	CAESARSTONE SDOT-YAM LTD	$22,086,000	–	450,000	–	1.51%	–
WYND	New	WYNDHAM WORLDWIDE CORP	$18,930,000	–	250,000	–	1.30%	–
MGM	New	MGM RESORTS INTERNATIONAL	$14,348,000	–	543,500	–	0.98%	–
BKD	New	BROOKDALE SR LIVING INC	$13,003,000	–	390,000	–	0.89%	–
PHH	New	PHH CORP	$12,504,000	–	544,138	–	0.86%	–
STAR	New	ISTAR FINL INC	$11,610,000	–	775,000	–	0.80%	–
ELLI	New	ELLIE MAE INC	$6,776,000	–	217,666	–	0.46%	–
CLNY	New	COLONY FINL INC	$6,512,000	–	280,436	–	0.45%	–
CX	New	CEMEX SAB DE CVcall	$209,000	–	2,608,700	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-237,000	–	-0.34%	–
HPP	Exit	HUDSON PAC PPTYS INC	$0	–	-142,500	–	-0.43%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-239,778	–	-0.70%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-202,000	–	-1.07%	–
PPS	Exit	POST PPTYS INC	$0	–	-182,900	–	-1.28%	–
WRE	Exit	WASHINGTON REAL ESTATE INVTsh ben int	$0	–	-386,299	–	-1.52%	–
SBY	Exit	SILVER BAY RLTY TR CORP	$0	–	-759,944	–	-1.85%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-533,696	–	-2.08%	–
PGEM	Exit	PLY GEM HLDGS INC	$0	–	-1,007,881	–	-2.19%	–
FCEA	Exit	FOREST CITY ENTERPRISES INCcl a	$0	–	-900,000	–	-2.65%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-757,000	–	-2.67%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STOR	$0	–	-600,215	–	-2.96%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-299,300	–	-3.13%	–
EDR	Exit	EDUCATION RLTY TR INC	$0	–	-2,330,352	–	-3.30%	–
OC	Exit	OWENS CORNING NEW	$0	–	-807,314	–	-4.77%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-1,740,929	–	-6.49%	–
ESC	Exit	EMERITUS CORP	$0	–	-2,636,740	–	-7.60%	–
CCI	Exit	CROWN CASTLE INTL CORP	$0	–	-697,500	–	-7.92%	–
H	Exit	HYATT HOTELS CORP	$0	–	-1,384,758	–	-9.25%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-1,509,277	–	-10.09%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-2,599,151	–	-10.18%	–
AAMC	Exit	ALTISOURCE ASSET MGMT CORP	$0	–	-211,634	–	-17.54%	–

Q3 2013

			Value		Shares		↓ Weighting
BXMT	Buy	BLACKSTONE MTG TR INC	$65,473,000	+6.7%	2,599,151	+4.6%	10.18%	-6.1%
RLGY	New	REALOGY HLDGS CORP	$64,929,000	–	1,509,277	–	10.09%	–
H	Buy	HYATT HOTELS CORP	$59,489,000	+22.6%	1,384,758	+15.2%	9.25%	+8.0%
CCI	Buy	CROWN CASTLE INTL CORP	$50,938,000	+56.2%	697,500	+54.8%	7.92%	+37.5%
ESC	Buy	EMERITUS CORP	$48,859,000	+17.7%	2,636,740	+47.2%	7.60%	+3.6%
STWD	New	STARWOOD PPTY TR INC	$41,730,000	–	1,740,929	–	6.49%	–
OC	New	OWENS CORNING NEW	$30,662,000	–	807,314	–	4.77%	–
EDR	New	EDUCATION RLTY TR INC	$21,206,000	–	2,330,352	–	3.30%	–
TCO	Buy	TAUBMAN CTRS INC	$20,146,000	+34.0%	299,300	+49.6%	3.13%	+18.0%
SHOS	Buy	SEARS HOMETOWN & OUTLET STOR	$19,057,000	-10.1%	600,215	+23.8%	2.96%	-20.8%
PMT	Buy	PENNYMAC MTG INVT TR	$17,169,000	+30.4%	757,000	+21.0%	2.67%	+14.7%
FCEA	New	FOREST CITY ENTERPRISES INCcl a	$17,046,000	–	900,000	–	2.65%	–
PGEM	New	PLY GEM HLDGS INC	$14,090,000	–	1,007,881	–	2.19%	–
PNK	Sell	PINNACLE ENTMT INC	$13,369,000	-57.0%	533,696	-66.2%	2.08%	-62.1%
SBY	Buy	SILVER BAY RLTY TR CORP	$11,901,000	+237.0%	759,944	+256.4%	1.85%	+196.5%
WRE	New	WASHINGTON REAL ESTATE INVTsh ben int	$9,762,000	–	386,299	–	1.52%	–
PPS	Sell	POST PPTYS INC	$8,234,000	-80.6%	182,900	-78.7%	1.28%	-82.9%
ELS	New	EQUITY LIFESTYLE PPTYS INC	$6,902,000	–	202,000	–	1.07%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$4,505,000	–	239,778	–	0.70%	–
HPP	New	HUDSON PAC PPTYS INC	$2,772,000	–	142,500	–	0.43%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$2,176,000	–	237,000	–	0.34%	–
T104PS	Exit	AMERICAN RLTY CAP PPTYS INCcall	$0	–	-125,000	–	-0.00%	–
NLY	Exit	ANNALY CAP MGMT INCput	$0	–	-570,000	–	-0.06%	–
ARI	Exit	APOLLO COML REAL EST FIN INC	$0	–	-50,000	–	-0.14%	–
SHO	Exit	SUNSTONE HOTEL INVS INC NEW	$0	–	-146,210	–	-0.31%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGScl a	$0	–	-391,501	–	-0.52%	–
CLI	Exit	MACK CALI RLTY CORP	$0	–	-241,811	–	-1.05%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-700,000	–	-1.27%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-68,500	–	-1.36%	–
AVHI	Exit	AV HOMES INC	$0	–	-436,420	–	-1.37%	–
OEH	Exit	ORIENT-EXPRESS HOTELS LTDcl a	$0	–	-959,157	–	-2.06%	–
SRC	Exit	SPIRIT RLTY CAP INC	$0	–	-670,918	–	-2.10%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-2,370,000	–	-2.54%	–
RESI	Exit	ALTISOURCE RESIDENTIAL CORPcl b	$0	–	-885,150	–	-2.61%	–
BRE	Exit	BRE PROPERTIES INCcl a	$0	–	-299,400	–	-2.64%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-2,977,000	–	-5.56%	–
AHT	Exit	ASHFORD HOSPITALITY TR INC	$0	–	-2,812,207	–	-5.69%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-3,535,559	–	-5.82%	–

Q2 2013

			Value		Shares		↓ Weighting
BXMT	New	BLACKSTONE MTG TR INC	$61,359,000	–	2,484,151	–	10.84%	–
AAMC	New	ALTISOURCE ASSET MANAGEMENT	$57,141,000	–	211,634	–	10.09%	–
H	New	HYATT HOTELS CORP	$48,511,000	–	1,201,950	–	8.57%	–
PPS	New	POST PPTYS INC	$42,466,000	–	858,074	–	7.50%	–
ESC	New	EMERITUS CORP	$41,510,000	–	1,790,758	–	7.33%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$32,951,000	–	3,535,559	–	5.82%	–
CCI	New	CROWN CASTLE INTL CORP	$32,612,000	–	450,500	–	5.76%	–
AHT	New	ASHFORD HOSPITALITY TR INC	$32,200,000	–	2,812,207	–	5.69%	–
CX	New	CEMEX SAB DE CVspon adr new	$31,497,000	–	2,977,000	–	5.56%	–
PNK	New	PINNACLE ENTMT INC	$31,085,000	–	1,580,335	–	5.49%	–
SHOS	New	SEARS HOMETOWN & OUTLET STOR	$21,191,000	–	484,695	–	3.74%	–
TCO	New	TAUBMAN CTRS INC	$15,030,000	–	200,000	–	2.65%	–
BRE	New	BRE PROPERTIES INCcl a	$14,976,000	–	299,400	–	2.64%	–
RESI	New	ALTISOURCE RESIDENTIAL CORPcl b	$14,773,000	–	885,150	–	2.61%	–
MTG	New	MGIC INVT CORP WIS	$14,386,000	–	2,370,000	–	2.54%	–
PMT	New	PENNYMAC MTG INVT TR	$13,171,000	–	625,686	–	2.33%	–
SRC	New	SPIRIT RLTY CAP INC	$11,889,000	–	670,918	–	2.10%	–
OEH	New	ORIENT-EXPRESS HOTELS LTDcl a	$11,663,000	–	959,157	–	2.06%	–
AVHI	New	AV HOMES INC	$7,738,000	–	436,420	–	1.37%	–
MHK	New	MOHAWK INDS INC	$7,706,000	–	68,500	–	1.36%	–
TWO	New	TWO HBRS INVT CORP	$7,175,000	–	700,000	–	1.27%	–
CLI	New	MACK CALI RLTY CORP	$5,922,000	–	241,811	–	1.05%	–
SBY	New	SILVER BAY RLTY TR CORP	$3,531,000	–	213,200	–	0.62%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGScl a	$2,921,000	–	391,501	–	0.52%	–
SHO	New	SUNSTONE HOTEL INVS INC NEW	$1,766,000	–	146,210	–	0.31%	–
ARI	New	APOLLO COML REAL EST FIN INC	$794,000	–	50,000	–	0.14%	–
NLY	New	ANNALY CAP MGMT INCput	$336,000	–	570,000	–	0.06%	–
T104PS	New	AMERICAN RLTY CAP PPTYS INCcall	$6,000	–	125,000	–	0.00%	–

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