Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* StepStone Group Real Estate Holdings LLC	2. Issuer Name and Ticker or Trading Symbol CONDOR HOSPITALITY TRUST, INC. [ CDOR ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle) 4275 EXECUTIVE SQUARE, SUITE 500	3. Date of Earliest Transaction (MM/DD/YYYY) 7/29/2021
(Street) LA JOLLA, CA 92037 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	7/29/2021		M		1269985 ⁽¹⁾	A	$0.00	4184213	I	See Footnote ⁽²⁾

*Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)*
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Series E Cumulative Convertible Preferred Stock	⁽¹⁾	7/29/2021		M			437262	⁽¹⁾	⁽¹⁾	Common Stock	⁽¹⁾	⁽¹⁾	0	I	See Footnote ⁽²⁾

Explanation of Responses:
(1)	Shares of the Issuer's common stock issued pursuant to exercise of put right by SREP III Flight-Investco, L.P to require the Issuer to redeem all 437,262 shares of the Series E Cumulative Convertible Preferred Stock (the "Series E Shares") held by SREP III Flight-Investco, L.P at a value per share equal to 130% of the $10 liquidation preference of the Series E Shares, plus accrued and unpaid dividends, on July 29, 2021, pursuant to the terms of the Series E Shares.
(2)	StepStone Group Real Estate Holdings LLC is the general partner of StepStone Group Real Estate LP, the sole member and investment manager of StepStone REP III (GP), LLC, the general partner of SREP III Flight - Investco L.P., the record holder of the shares. Each of the foregoing entities other than SREP III Flight - Investco, L.P. disclaims beneficial ownership of the Shares of the Issuer's common stock except to the extent of a pecuniary interest therein.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
StepStone Group Real Estate Holdings LLC 4275 EXECUTIVE SQUARE, SUITE 500 LA JOLLA, CA 92037	X	X
SREP III Flight - Investco, L.P. 4275 EXECUTIVE SQUARE, SUITE 500 LA JOLLA, CA 92037	X	X
StepStone REP III (GP), LLC 4275 EXECUTIVE SQUARE, SUITE 500 LA JOLLA, CA 92037	X	X
StepStone Group Real Estate LP 4275 EXECUTIVE SQUARE, SUITE 500 LA JOLLA, CA 92037	X	X

Signatures
StepStone Group Real Estate Holdings LLC, by its partner Brendan MacDonald, /s/ Brendan MacDonald		8/2/2021
^**Signature of Reporting Person		Date
SREP III Flight - Investco, L.P. by its general partner StepStone REP III (GP), LLC, by its partner Brendan MacDonald, /s/ Brendan MacDonald		8/2/2021
^**Signature of Reporting Person		Date
StepStone REP III (GP), LLC by its sole member StepStone Group Real Estate LP, by its general partner StepStone Group Real Estate Holdings, LLC, by its partner Brendan MacDonald, /s/ Brendan MacDonald		8/2/2021
^**Signature of Reporting Person		Date
StepStone Group Real Estate LP, by its general partner StepStone Group Real Estate Holdings, LLC, by its partner Brendan MacDonald, /s/ Brendan MacDonald		8/2/2021
^**Signature of Reporting Person		Date