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    SEC Form SC 13G/A filed by Clipper Realty Inc. (Amendment)

    7/12/21 12:48:12 PM ET
    $CLPR
    Real Estate Investment Trusts
    Real Estate
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    SC 13G/A 1 clpra4_71221.htm FORWARD MANAGEMENT, LLC clpra4_71221.htm
    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
    SCHEDULE 13G
    Under the Securities Exchange Act of 1934
    (Amendment No. 4)*
    Clipper Realty Inc.
    (Name of Issuer)
    Common Stock
    (Title of Class of Securities)
    18885T306
    (CUSIP Number)
    June 30, 2021
    (Date of Event which Requires Filing of this Statement)
    Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
    [X] Rule 13d-1(b)
    [   ] Rule 13d-1(c)
    [   ] Rule 13d-1(d)
    * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
    The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see Instructions).
    CUSIP No.: 18885T306
           
    1
    NAME OF REPORTING PERSON
    Forward Management, LLC
    I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
    94-3310130
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a) [   ]
    (b) [   ]
    3 SEC USE ONLY
    4
    CITIZENSHIP OR PLACE OF ORGANIZATION
    Delaware
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5
    SOLE VOTING POWER
    735,213
    6
    SHARED VOTING POWER
    7
    SOLE DISPOSITIVE POWER
    735,213
    8
    SHARED DISPOSITIVE POWER
    9
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    735,213
    10
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
    [   ]
    11
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
    4.57%
    12
    TYPE OF REPORTING PERSON
    IA
    CUSIP No.: 18885T306
           
    1
    NAME OF REPORTING PERSON
    Salient Select Income Fund
    I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
    37-1761322
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a) [   ]
    (b) [   ]
    3 SEC USE ONLY
    4
    CITIZENSHIP OR PLACE OF ORGANIZATION
    Delaware
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5
    SOLE VOTING POWER
    679,302
    6
    SHARED VOTING POWER
    7
    SOLE DISPOSITIVE POWER
    679,302
    8
    SHARED DISPOSITIVE POWER
    9
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    679,302
    10
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
    [   ]
    11
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
    4.23%
    12
    TYPE OF REPORTING PERSON
    IV
    CUSIP No.: 18885T306
    ITEM 1(a). NAME OF ISSUER:
    Clipper Realty Inc.
    ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
    4611 12th Avenue, Suite 1L
    Brooklyn, NY 11219
    ITEM 2(a). NAME OF PERSON FILING:
    Forward Management, LLC
    Salient Select Income Fund
    ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
    244 California Street, Suite 200
    San Francisco, CA 94111
    ITEM 2(c). CITIZENSHIP:
    Delaware
    Delaware
    ITEM 2(d). TITLE OF CLASS OF SECURITIES:
    Common Stock
    ITEM 2(e). CUSIP NUMBER:
    18885T306
    ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTION 240.13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS A:
    (a)
    [ ]
    Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78c);
    (b)
    [ ]
    Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c);
    (c)
    [ ]
    Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c);
    (d)
    [X]
    Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8);
    (e)
    [X]
    An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E);
    (f)
    [ ]
    An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F);
    (g)
    [ ]
    A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G);
    (h)
    [ ]
    A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
    (i)
    [ ]
    A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
    (j)
    [ ]
    A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J);
    (k)
    [ ]
    Group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with 240.13d1(b)(1)(ii)(J), please specify the type of institution:
    ITEM 4. OWNERSHIP
    (a) Amount beneficially owned:
    735,213
    (b) Percent of class:
    4.57%
    (c) Number of shares as to which the person has:
    (i) sole power to vote or to direct the vote:
    Forward Management, LLC : 735,213

    Salient Select Income Fund : 679,302
    (ii) shared power to vote or to direct the vote:
    Forward Management, LLC :

    Salient Select Income Fund :
    (iii) sole power to dispose or direct the disposition of:
    Forward Management, LLC : 735,213

    Salient Select Income Fund : 679,302
    (iv) shared power to dispose or to direct the disposition of:
    Forward Management, LLC :

    Salient Select Income Fund :
    ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
    If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [X].
    ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
    ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
    ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
    ITEM 9. NOTICE OF DISSOLUTION OF GROUP:
    ITEM 10. CERTIFICATION:
    By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
    CUSIP No.: 18885T306
    SIGNATURE
    After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
    July 12 2021
    Forward Management, LLC
    By:
    /s/ Paul A. Bachtold
    Name:
    Paul A. Bachtold
    Title:
    Chief Compliance Officer
    July 12 2021
    Salient Select Income Fund
    By:
    /s/ Paul A. Bachtold
    Name:
    Paul A. Bachtold
    Title:
    Chief Compliance Officer
    Attention — Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001).
    CUSIP No.: 18885T306
    Joint Filing Agreement Pursuant to Rule 13d-1
    This agreement is made pursuant to Rule 13d-l(k)(1) under the Securities and Exchange Act of 1934, as amended (the Act) by and among the parties listed below, each referenced to herein as a Joint Filer. The Joint Filers agree that a statement of beneficial ownership as required by Sections 13(g) or 13(d) of the Act and the Rules thereunder may be filed on each of their behalf on Schedule 13G or Schedule 13D, as appropriate, and that said joint filing may thereafter be amended by further joint filings. The Joint Filers state that they each satisfy the requirements for making a joint filing under Rule 13d-1.

    Date: February 10, 2011

    Forward Management, LLC

    By: /s/ Robert S. Naka
    Name: Robert S. Naka
    Title: Senior Vice President, Operations

    Forward Select Income Fund

    By: /s/ Judith M. Rosenberg
    Name: Judith M. Rosenberg
    Title: Chief Compliance Officer
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